6 Biggest Mistakes Entrepreneurs Make When Buying Businesses with Elliott Holland: An EOFire Classic from 2021
Entrepreneurs on Fire
John Lee Dumas
4.8 • 4.1K Ratings
🗓️ 5 January 2025
⏱️ 24 minutes
🧾️ Download transcript
Summary
From the archive: This episode was originally recorded and published in 2021. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL's in these archive episodes are still relevant.
Elliott Holland is a business buying expert. He has a Harvard MBA and almost 15 years experience in acquisitions. His consulting company prevents clients from losing millions buying bad businesses.
Top 3 Value Bombs
1. Be careful in falling in love with sellers too quickly.
2. Never miss an opportunity to build rapport, that's critical to getting deals done.
3. The best time to bring in advisors is 3-6 months after you start your search, or about a month before you get serious about a particular deal.
We Stop You From Buying a Bad Business - GuardianDueDiligence.com
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ThriveTime Show Attend the world's highest rated business growth workshop taught personally by Clay Clark and NOW featuring Rich Dad Poor Dad Author Robert Kiyosaki and Eric Trump at ThrivetimeShow.com/eofire
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Transcript
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| 0:00.0 | Light that spark fire nation. JLD here and welcome to Entrepreneurs on Fire. |
| 0:06.8 | Brought to you by the HubSpot Podcast Network, the audio destination for business professionals |
| 0:11.1 | with great shows like marketing made simple. Today we're pulling a classic episode from the archives |
| 0:15.9 | and we'll be breaking down the six biggest mistakes entrepreneurs make when buying businesses. |
| 0:20.7 | To drop these value bombs, |
| 0:21.6 | I brought to Elliott Holland into Ego Fire Studios. Elliot is a business buying expert. He has a Harvard |
| 0:26.5 | MBA in almost 15 years experience in acquisitions. His consulting company prevents clients from |
| 0:31.0 | losing millions buying bad businesses. In today, Foundation, we'll talk about how to be careful |
| 0:35.8 | falling in love with sellers too quickly, never miss an opportunity to build rapport. That's critical to getting deals done. |
| 0:41.9 | And the best sign to bring advisors in is three to six months after you start your search |
| 0:46.1 | or about a month before you get serious about a particular deal. And so much more. And a big thing |
| 0:50.8 | for sponsoring today's episode goes to Elliot and our sponsors. |
| 0:55.2 | Success Story, |
| 0:56.1 | hosted by Scott D. |
| 0:57.2 | Clary, is brought to you |
| 0:58.3 | by the HubSpot Podcast Network, |
| 1:00.2 | the audio destination |
| 1:01.2 | for business professionals. |
| 1:02.9 | Success story features |
| 1:03.7 | Q&A sessions with successful |
| 1:05.2 | business leaders, |
| 1:06.3 | keynote presentations, |
... |
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