Would you ever buy another business?
A new growth opportunity and why I think it's a great opportunity right now.
Here’s an interesting opportunity I’m spending more time thinking about, and maybe in the future, applying to our biz.
It’s also an opportunity that I think is riper than ever for any entrepreneur, solopreneur or anything in between, especially if you’re looking to grow your business or uncover new revenue streams.
And that, my friends, is growth through acquisition.
I know what you’re thinking: “but Josh, how the heck am I going to afford acquiring big fancy companies?”
First of all, keep in mind that these days you can acquire companies of any shape and size. Obviously we see the headlines in the news of Megacorp A acquiring Megacorp B for 22.5 billion dollars.
But what you might not read about is the people buying and selling much smaller companies, for anything from $500 to $5 million or more.
Second, there are more companies to buy and more places to find them than ever before. Especially with the rise in tech, no-code, building in public, AI, solopreneurship and other serious trends, there are more people starting businesses, side hustles, projects, products, newsletters, communities, and G-d knows what else.
And you know what happens to a lot of them? They flop, or the founders give up, or sunset the product, or want to move on for a variety of reasons.
So they list their business or product for sale on websites like Flippa, Bizbuysell, etc. Think of them as Ebay for businesses. There’s a wide range now depending on the type of business, industry, model, you name it, and there are certainly many more businesses for sale and marketplaces listing them than ever before.
So maybe you’re looking for a new revenue stream, or additional product to cross-sell to current clients, or maybe you want to build a business but don’t have any ideas and would rather buy one that already has a product/service/revenue.
All pretty good opportunities to start looking…
Let me know if you have any questions about it, and I’ll be sharing more about how and why we’re thinking about it too.
Have a great day,
- Josh Schachnow
Canadian immigration lawyer, CEO at Visto.ai
If you’re looking for more, definitely check out:
If you’re in Canadian immigration, my tech platform, Visto, helps Canadian immigration firms prep and file applications much quicker.
If you’re looking for tools to help you grow your personal brand online, make sure to check out my roster of online tools and platforms here.
My friend Tanner created this amazing free guide that will help you get more out of your existing Facebook Ads. One of them talks about leveraging customer data through micro tests. Grab the PDF here.