When buying a business:

1. Keep your day job

It's easy to think all will go as planned.

But if you're buying small ie. <$1M revenue, throw all expectations away.

Having a salary will help cover any cash flow issues in the first few months while you're figuring out the business.

2. Don't rush the process

Yes, I bought a business in an industry I did not have prior experience, 3 months after starting my search.

But, do your due diligence.

Luckily I'm running a business that isn't difficult to understand.

Rushing into your first, third, or hundredth acquisition will lead to mistakes more often than you'd like.

Take your time.

Know exactly what you're getting yourself into.

The business will likely be there when and if you're ready to buy.

3. Outline your long-term plan

I often chat with searchers who are evaluating deals solely from a financial standpoint and have no idea how they would approach or grow the business.

I'm all for buying something without direct experience but at the very least, have a rough plan for the first 12 months of ownership.

I identified early on that I would never franchise or sell my first acquisition.

I plan to grow and hold forever.

So my growth strategy and day-to-day look a lot different than someone acquiring with the intent to sell in###-###-#### months.

Look...

This game isn't easy but it's worth every penny and minute.