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Thrivetime Show | Business School without the BS

Business | When Is It Time to Buy Another Business? - Ask Clay Anything

Thrivetime Show | Business School without the BS

Clay Clark

Business, Entrepreneurship

4.71.5K Ratings

🗓️ 4 April 2023

⏱️ 31 minutes

🧾️ Download transcript

Summary

Transcript

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0:00.0

Make sure you never miss a broadcast by signing up for the Thrive Time Show podcast and back to a show that's cooler than the other side of the pillow.

0:13.0

It's the Thrive Time Business Coach Show.

0:30.0

Alright Thrive Nation, welcome back to the Thrive Time Show on your radio and podcast download.

0:49.0

And on this short but super effective podcast, we're answering the questions directly from Mr. Preston.

0:56.0

Now Mr. Preston, my understanding is that you have a company that is doing well in Colorado Springs and you want to know how to take your company to the next level because you've been in the flooring business for 20 years.

1:10.0

And you started your own business four years ago and you do 90% of your business is residential.

1:17.0

10% is commercial and you sub out pretty much the entire process.

1:22.0

And you're wanting to know, okay, I want two tracks and see this is where I want to have you kind of lock in here mentally.

1:28.0

You know what, I'm going to get out the key and I'm going to lock this thing in.

1:31.0

Preston wants you to lock in on these two tracks.

1:35.0

Track one.

1:37.0

Track one.

1:38.0

You want to keep your traditional growth track and just keep that consistent because you're already growing at a nice rate.

1:45.0

But the second track is that you want to set up a business to buy additional flooring companies because eventually you'd like to travel and to speak and to teach people what you know.

1:58.0

You want to grow from $2.75 million in sales to $3.5 million in sales.

2:04.0

So you have a track number one.

2:06.0

You already have a successful growing company but you want to set up a second track to buy businesses.

2:12.0

You want to buy additional flooring companies.

2:14.0

So I want to spend the majority of our time focusing on that track because your coach will walk you through the specific steps.

2:23.0

But I really want to tap into Z's wisdom on this concept of buying businesses.

2:27.0

Now, Z, before we do that, Eric Chup, get a hot take.

2:30.0

Yeah, I just want to throw in a little thing for as we're considering.

...

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