In this episode of Before You Buy or Sell a Business, host Jared Johnson interviews August Felker, an entrepreneur with experience in buying and selling businesses, particularly insurance brokerages. August shares his journey from starting a search fund to acquiring his first business, the challenges he faced during the negotiation process, and the emotions he experienced as a seller. He also discusses his transition into supporting others in the acquisition process and provides insights into the importance of insurance diligence when buying a business. Key Takeaways: • Starting a search fund allows aspiring entrepreneurs to buy an existing business and become an entrepreneur without starting from scratch. • The negotiation process when buying a business can be emotional, and it's important to be prepared for the different waves of emotions that come with it. • Building a relationship with the seller is crucial, both during the negotiation process and after the sale, to ensure a smooth transition and ongoing success. • Conducting insurance diligence before buying a business is essential to identify any coverage problems or surprises that may arise after the acquisition. • Cold calling and building relationships with potential sellers can be an effective way to find proprietary deals and stand out from competitors. ______________________________________________________________________ In this episode: 00:00:00 | Introduction 00:01:10 | August Felker discusses his background and experience in buying businesses 00:03:04 | What is a Search Fund? 00:06:05 | August Felker on finding and acquiring his first business 00:14:07 | Deciding to sell 00:16:38 | Advice for sellers 00:20:11 | Transition from a traditional search fund model to a self-funded model 00:25:10 | Consider the seller's needs to stand out as a buyer 00:31:08 | Insurance is often at the bottom of the client's list, but they still have to deal with it 00:37:04 | August Felker on what motivates him 00:39:09:02 Closing remarks ______________________________________________________________________ DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer. ______________________________________________________________________