Jameson CampAdvising on AI and GTM | 2x Exits

What’s your budget? #buyabusiness #homebusiness #investing

24 May 2024 · 1 min

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In this instructional monologue, the speaker recounts a conversation with his friend Jordan, who wants to quit his job and buy a business but only has $15,000. The speaker advises that the $15K alone is insufficient for a meaningful acquisition, suggesting they raise additional debt and equity to target a $100,000‑$150,000 purchase price. He outlines a criteria sheet covering Jordan’s capital and time commitment, and together they locate a low‑revenue software business on acquire.com that generated $51,000 in the past year. The speaker proposes using cold‑outreach tools such as Hunter.io or ListKit to double that revenue quickly, drawing on his own experience buying and selling similar companies and mentoring over 100 people. He stresses that the decisive factor for success is rigorous follow‑through, recommending that Jordan enlist an accountability partner to keep the plan on track.

Chapters

My boy Jordan has been saying he wants to quit his job as long as I've known him, like 3 years, 4 years of this. And finally, finally, the other day he calls me and says, I'm down, I'm ready to buy a business, but I only have like $15,000. I said, say less, Jordan, let's take a look at what you can do. Okay, so first things first, the $15K, he's either buying a side hustle or we're putting together some debt and equity from other people. Let's put it more in like the $100,000 to $150,000 range for a little biz. But where does he buy it and which one does he buy? Okay, so I put together a little criteria sheet with him and it talks about how much money he has, how much time commitment he has. So with a little searching, we found this business on acquire.com. It's a software business and made $51,000 in the last 12 months. But with like a little work with something like Hunter.io or ListKit, we could do some cold outreach and probably double this revenue in the next few months. And I know this is possible because I bought and sold a few of these little companies myself and have helped over 100 people do the same. But there's one very important step if you want to do this too. Follow through is pretty much everything. So make sure to send this to someone that will keep you accountable and help you follow through.