In this episode, host Nick explores the critical decisions involved in starting or buying a business. He discusses the importance of having not only the technical skills but also the management expertise needed to run a successful business. Nick covers various pathways to business ownership, including launching a new venture, buying a franchise, or acquiring an existing business. He emphasizes the need for a well-thought-out plan that includes financial projections, understanding industry trends, and thorough due diligence. Nick also offers cautionary advice on potential pitfalls and stresses the importance of leveraging seller financing for protection. Tune in for valuable insights on navigating the journey to business ownership, and don’t forget to subscribe for a chance to win a monthly Visa gift card!

Episode Breakdown:

02:33 Sponsors and Acknowledgements

03:40 Deciding to Start or Buy a Business

04:16 Skills Needed for Business Success

05:20 Financial Planning and Projections

10:26 Exploring Franchise Opportunities

13:35 Buying an Existing Business

18:55 Location and Retail Considerations

20:48 Seller Financing and Leverage

The E-myth revisited: why most small businesses don’t work and what to do about it.

By: Michale E Gerber

https://www.amazon.com/s?k=the+e-+myth+revisited&i=stripbooks&hvadid=598729291625&hvdev=c&hvlocphy=9192016&hvnetw=g&hvqmt=e&hvrand=15219399904089217627&hvtargid=kwd-4013693505&hydadcr=22561_13531225&tag=googhydr-20&ref=pd_sl_3qzh5bci5c_e

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: Podcast@papakyrikoscpa.com