James explains the difference between selling an investment and selling a business: a real business runs without its owner and has a capable management team. Buyers pay little for businesses without strong management, often buying the opportunity to fix underperforming assets instead.
There's those on the other side that may be at the point of their career, their life, where they're thinking of potentially selling. How would somebody go about starting to value their business? Whether it's, you know, short term rentals, hospitality or just anything. If I came to you and say, right, James, I'm looking to potentially sell my business, what's that little bit of advice that you would go, right, go away. And this is how you would value it?
Are you selling the investment? If you're selling one property that generates income, that's an investment. But if you're selling a business, it needs to be a commercially profitable enterprise that works without you in it. So who are the management team? So if you're looking to sell to us and there's two opportunities, we either pay nothing for something or something for something. And most of the time we pay nothing for something because there's no decent management team and we're just buying in an opportunity. And when we're buying in an opportunity, we want to be as frugal and as efficient as possible, and then we use our effort and energy to turn the thing around.
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