Eric D. Hughey

035 - Mentor Month | Buy instead of build with Dave Swob

035 - Mentor Month | Buy instead of build with Dave Swob

Show overview: In this episode we interview Dave Swob, owner of Summit Exit Advisors. As 10,000 baby boomers retire every day for the next 10 years, it will create an enormous amount of opportunity for millennials in the corporate and entrepreneurial sectors. Those young professionals who have aspirations to start their own business can cut their learning curve and financial risk in half when buying a profitable and operational business, rather than starting one from scratch. Learn more about the advantages of buying a business in this episode.  Dave’s Why: Dave discovered his life’s purpose when God broke his heart while working in his former job and seeing two of his clients go out of business due to unforeseen health circumstances. After praying about it, he realized helping baby boomers exit their businesses was a perfect combination of using his pastor’s heart, entrepreneurial mind, and passion for business.  Is there real opportunity for millennials to buy businesses, instead of starting them from scratch?  Yes, there is MASSIVE opportunity for millennials who want to buy a business. There are 78 million baby boomers. Of those, baby boomers own 5.5 million of the 9 million small and medium size businesses in the United States.  What are the main advantages of buying a business? Millennials can learn from baby boomers and side-step a lot of mistakes and heartache that they would have experienced, had they tried to start a business on their own. There is a ton of value in picking up where baby boomers left off with 30 to 50 years of operating an establishing brand.  What skills are important for millennials to have if they are interested in buying a business? People skills - understand how each generation works and communicates, and be able to mesh various working styles. Baby boomers, Gen-X’ers and Millennials are all working alongside each other in the current workplace.  Leadership skills - be able to lead others well, but also be able to lead yourself well and earn respect from your employees.   Time management  Team building   Businesses are expensive. How can millennials afford to buy them? There are many ways to structure buy-outs. Most commonly used is an owner financing deal. This is done to help the buyer build equity over time, and also helps minimize taxation for both parties.  Where can I find businesses for sale? Get involved with networking groups Connect with merger and acquisition firms, accounts, and CPAs Meet with business brokers Dave’s book recommendations: The Exit Planning Definitive Guide by John Brown: https://www.amazon.com/Exit-Planning-Definitive-John-Brown-ebook/dp/B01B8S016K How to contact Dave: Email: dave@SummitExitAdvisors.com Phone: 913-267-1471 LinkedIn: linkedin.com/in/daveswob Website: summitexitadvisors.com

Duration: 20 min

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