I Bought a $1,000,000+ A Year Business for $5,600.
(No, that's not a typo)
Hey it's Erin, your teacher 👋
I always hated the idea of working for someone else.
So I went $200,000 in debt to attend a top 10 US business school.
But they never taught me the two most important lessons for business owners.
As a result I played the game on HARD MODE for almost 12 years
I tried vending machines, ATM's, arcade games, then opened 3 hookah lounges, and a chain of float studios, I even launched an ebook.
The truth is MOST business owners work incredibly long days and weeks with very little profit.
Most businesses take 3-4 years to get profitable
and take ALL of your time to stay that way...
I chose BAD business models and paid the price.
At 31 with $190,000 in debt I knew there had to be a better way.
I worshipped the book "The 4-Hour Work Week" and learned choosing the right business model is 10-100x more important than how hard you work.
But I didn't want money for its' own sake.
I wanted the freedom to spend my time how I wanted on things like Health. Relationships. Happiness.
So I decided to buy a great business instead of building one.
I found a great business with 91% margins
A Chain of Gourmet Popcorn Shops with 17 locations in 5 countries.
It was a business I had looked up to for years called Kukuruza Gourmet Popcorn.
I knew I could never afford it, but I reached out with the perfect cold email and the owner agreed to meet with me.
That night I devoured EVERY major book on negotiation and put every trick and technique I could remember into practice.
- mirroring his words
- asking calibrated questions
- making him feel comfortable talking to me.
It literally felt like waving a magic wand, and just like the books said, he began to reveal GAME CHANGING information.
As I utilized the negotiation techniques,
the truth came gushing out of him like like a firehose.
- There was a big divorce happening between the owners
- They had been trying to sell for 9 months with NO bites.
- They owed almost $270,000 to the Bank.
- Most importantly, the owner lived in California full time and needed to sell this business FAST.
I used all this information to negotiate the price down like crazy, following the exact framework I had assembled from the books.
What happened next was incredible...
3 weeks later, I bought the whole $1,000,000+ business for 97% off the asking price.
I got obsessed and started using this framework to negotiate down everything in my life.
We negotiated down the $270,000 Kukuruza owed to the bank to just $6,100.
After buying the company, we found out they owed $32,000 to the government and I promptly negotiated it down to zero.
Someone offered me $100 for a domain, 3 weeks later I sold it to them for $26,000.
What's the point of telling you all this? Is it to brag and tell you I'm the best?
NO. It's to show you the 10-100x power you can unlock by becoming a great negotiator.
Let me save you 12 years and $200,000
#1 Choosing the right business model is 10-100x more important than how hard you work.
In the first 30 days we changed Kukuruza's prices, simplified the menu and ran a sale that earned us 5x what we paid for the company!
This wouldn't have been possible if we had overpayed.
#2 You Don't Actually Know How to Negotiate
The FBI's Proven process completely flipped what I thought about negotiation on it's head and now I regularly get 60-80% off.
Almost everyone thinks they are a great negotiator, even though they have NO Formal Training. (99% of people actually suck at it, including you)
I've watched thousands of people overpay by hundreds of thousands (sometimes millions) when buying a business.
This is essential reading for any business buyer...
Learning to negotiate is like waving a magic wand and getting exactly what you want.
- What I realized is that being great at negotiating pays more per minute than any other skill on earth...
- Almost everyone thinks they are a great negotiator, even though they have NO training.
-
This is a HUGE Blind Spot, you can get ahead of 99% of them in literally a matter of hours!
The best way to learn fast, and accelerate your journey is by joining Hancock, our private group of business buyers and sellers. I lay it all out, step-by-step, in 7 videos so you can learn it in about 2.5 hours.
But first, let me help you avoid the two biggest mistakes most business buyers make:
It's Actually Pretty Easy - To Avoid the 2 Most Expensive Mistakes All Beginner Business Buyers Make
#1 The "Sexy" Business Model Trap
95% Failure Rate
I call this the Sexy Business Model trap, but it's so much more.
- The “Why is my Restaurant Failing Starter Pack"
- The “Struggling Small Business Owner Classic"
- The “All My Time is Spent in my Business Protocol"
You get what I’m saying. You Need to Pick a Great Business Model.
(I'll Help you Below)
#2 Overpaying for a Good Business
4X The Cost
Paying List Price for a local business doesn't make sense...
You Need To Negotiate
The #1 Determinate of Your Business Purchase being a Success is Not Overpaying.
Knowing the right things to say, can save you Hundreds of Thousands.
That's why Negotiation is the highest paid skill per minute.
(I'll Help you Below)
As Promised... Here is the "Perfect" Cold Email I send to business owners I want to buy.
Notice I am not trying to close the deal on day 1.
I want to get them to open the email, reciprocate contact and get them comfortable with the idea of talking to us about their business.