Approaching your first business owner can seem terrifying. Discover how James overcame his fear, approached his former boss, and successfully acquired a highly profitable, 244-year-old recession-proof business.
Even with 20 years of commercial experience, James was highly apprehensive about approaching his acquisition target. He wanted a bulletproof, recession-resistant business and remembered a local funeral firm he had worked for two decades prior.
The owner was an old family friend, but James was plagued by the fear of his offer being rejected. Encouraged by his wife, he finally took the plunge. He booked a haircut nearby and asked his former boss for a casual coffee.
During the meeting, James politely asked for first refusal on the business whenever the owner decided to retire. To his absolute surprise, the 62-year-old owner replied immediately that he was ready to sell right now.
"I was polite; I was professional. I was not aggressive; that is not my nature. It was a genuine question. In the next breath, he said, 'I think I am ready now.'"
The due diligence phase took nearly five months as both parties raced to beat a Chancellor budget deadline regarding Entrepreneurs Tax Relief.
Despite an incredibly smooth handover process, the deal almost collapsed at the 11th hour. Just before completion, the owner called James with severe last-minute doubts about parting with his historic family business.
James stayed completely calm. He reassured the seller that these nerves were entirely normal and successfully talked him off the ledge. The share sale went through without another hitch. James became the very first owner outside the founding family to hold the keys since 1777.
Months of Due Diligence
Year Business Founded
Years of Family Ownership
Upon taking over the £950,000 turnover business, James immediately interviewed the existing staff to build a collaborative action plan. Within three months, they executed over 100 operational improvements.
When the COVID-19 pandemic severely restricted traditional funeral services and slashed their primary revenue streams, James aggressively pivoted. He began renting out their idle fleet of premium limousines to competing independent funeral directors.
This B2B strategy was so successful that one of those very competitors recently approached James to ask if he would buy their business too. James is now aggressively building a dominant portfolio of independent operators across Kent.
Operational improvements in first 3 months
B2B limousine rentals to competitors
Building dominant portfolio across Kent
Competitors now approaching him to sell
How to buy a profitable business without risking your own cash in less than 180 days!
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