The Importance Of Perseverance In Acquisition Entrepreneurship

What You’ll Learn
  • Why perseverance is so important when buying a business
  • Why the investment Committee is valuable even if they don't approve of your deal
  • How teamwork can help you get through the difficult times

Much of the content we share comes from people who have gone through our training and closed on a business. These are Acquisition Entrepreneurs (AEs) who have gone through the entire process and accomplished the ultimate goal of buying a company.

But success isn’t only measured when someone closes on a business. Each step of the process brings unique challenges that can cause setbacks and disappointments. That’s why we measure success by people’s ability to get back up again after falling.

This perseverance is one of the most important qualities in any Acquisition Entrepreneur. These are the types of AEs that we love to work with.

Jeremy and Jason are that type of Acquisition Entrepreneur.

Check out our full interview with the pair here. We discuss how they found Acquira, what they’ve taken away from the training, and why getting up and trying again is so important for finding the right deal. 

The two met while working in the superyacht industry and quickly realized that they made a good team. As they explain, they both decided they wanted a more stable life away from the open seas.

“It's very hard to have a family and to have relationships because we travel quite a bit,” explains Jeremy. “We're usually gone for extended periods of time. So for us, we were always talking about other options and investments and stuff like that. So we started talking about different options, we looked at a few franchise opportunities, we looked at real estate, we looked at the typical things that people look at.”

Initially, the pair decided to pursue a franchise business. Luckily, they realized the franchise model wasn’t a good fit for them and they backed out at just the right time.

“We ended up pulling out of a franchise deal at the last minute. We felt that we weren't going down the right road. We felt we weren't using our capital efficiently,” says Jason. “So we paused the whole thing and got very lucky with the timing of that because shortly after that, COVID hit.” 

The Investment Committee

Shortly after, Jason came across Acquira on social media and began to check out our offering. But even that process made the pair realize that they had a lot to learn. After going through all of Acquira’s training and creating and iterating on their investment thesis, they were able to present a deal to the Investment Committee.

Unfortunately, that deal didn’t work out and the team had to start the discovery process again for a new business. But they kept a positive attitude despite the setbacks and are preparing to present another deal to the Investment Committee soon.

“We had a couple of different things we worked on and you spend a lot of time doing this. And not to say that we fall in love with it by any means, but you do tend to have some kind of favoritism towards it [and hope] that it works out. And then when it dies it's hard to just start back to square one,” Jeremy explains. 

“I think Daniel told me this,” he continues, “That it's better for a deal to fall through than buy a bad business.”

That it's better for a deal to fall through than buy a bad business.

On Teamwork

Business acquisition can often be a lonely road. But throughout their business buying journey, Jason and Jeremy have been able to rely on one another when times get tough.

After all, poring over business listings on broker websites, deciding which businesses to investigate further and analyzing those deals, making an offer, and then the negotiation process – each of these stages seems much less daunting if you have someone to go through it with you. Choosing a business partner isn’t always easy, but Jason and Jeremy have found a relationship that works.

“We've been working together for a number of years now and we've had a great relationship,” says Jason. “If I can't get to something, I can rely on Jeremy to get to it, and vice versa. So having the teamwork there I think has prevented things from just stalling completely.”

“And I think that we both each have our strengths and not necessarily weaknesses, but I may be better at one thing than Jason is and vice versa,” Jeremy agrees. “So I think we kind of complement each other in that way.”

“I Get Knocked Down, But I Get Up Again”

Going through the training and the process is important. It’s how we learn everything that it takes to acquire a business. But it’s just as important to not let the failures get you down. To get back up when you get knocked down.

“I say one thing that we have learned is that – going through all the numbers, the financials, doing the investment thesis, and all of that – even if it doesn't work out in the end, it’s still good practice and you become more proficient every single time you do it,” says Jeremy.”

Conclusion

Jeremy and Jason’s story is by no means unique. The business buying journey can be difficult and most Acquisition Entrepreneurs will experience setbacks at some point.

Acquira was built around the concept that this entire process can be easier, and we’re here to help Acquisition Entrepreneurs realize their goals of business ownership. The first step in that pursuit is the Accelerator Program. The Accelerator is designed to help Acquisition Entrepreneurs find and close on a business within half the time and at half the cost as it would take them to do it on their own.

Apply for the Accelerator now to get started or schedule a call with one of our representatives to learn more about how we can help you on your business buying journey.

Key Takeaways

  • Having a good, reliable partner can make the business buying journey easier, but make sure you pick the right one.
  • Just because you don’t get a deal through the Investment Committee doesn’t mean it’s the end of your business buying journey.
  • Even if it doesn’t work out in the end, each step of the process will make you more proficient in your search.
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