Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

From Doctor to Entrepreneur: Andrew's Journey to Acquiring His First Business

29 Feb 2024 · 1 min

Watch on YouTube

0:43

A short excerpt from a YouTube video in which Andrew (Ndubuisi 'Andy' Egwim) describes completing the purchase of a heavy goods vehicle (HGV) MOT and service centre expected to complete in March. He states the business has annual turnover of about £1.5 million, net cash profit of about £250–300k, and that the site is worth about £600k; the seller is exiting after a health scare and wants to travel.

Questions this video answers

March (year not specified).

A heavy goods vehicle (HGV) MOT and service centre.

About £1.5 million.

About £250,000–£300,000.

About £600,000.

Chapters

So at the minute, I've got, I've got one business that I've got the share purchase agreement done, the deal is done, the lawyers are doing their thing, and then that we should complete on that business in March. That business is a heavy goods vehicle, MOT and service center. Wow. The rough numbers for you, it turns about one and a half million, does about 250 to 300 grand net, net cash profit. It's on a site and the site is worth about 600 grand. The owner's out of health scare, wants to travel the world with his new partner. So that is with this deal is I'm buying the site, whatever it's valued at, which is likely to be six.