In this episode of The Exceptional Business Podcast, we sit down with Tato Corcoran, a recurring guest who brings a wealth of knowledge from her own journey of buying and optimizing businesses. Tato shares her experiences and insights on why buying a business can often be more advantageous than starting one from scratch. We explore common myths, discuss the importance of cash flow, and dive into the invaluable skills learned along the way.
Why Buy Instead of Build?
The episode kicks off with a compelling story about a master plumber who was initially resistant to the idea of buying a business. Through a series of thought-provoking questions, he realized that buying a business could accelerate his growth and help him achieve his goals faster. This story sets the stage for a broader discussion on why buying a business can be less risky and more rewarding than starting from scratch.
Debunking Myths
One of the biggest myths we tackle is the idea that buying a business is riskier than building one. In reality, buying a business often provides immediate cash flow, a built-in customer base, and an existing team. These elements can significantly reduce the risk and time it takes to achieve profitability. Tato and I also discuss the misconception that buying a business means buying a job. While it may require hands-on involvement initially, the skills and insights gained are invaluable and can lead to greater opportunities down the road.
The Importance of Cash Flow
Cash flow is a critical factor when considering buying versus building. Tato shares her personal experience with cash flow challenges and how having a revenue-generating business from day one can make all the difference. We also discuss the advantages of financing options available when buying a business, such as SBA loans and lines of credit, which are often not accessible to startups.
Learning and Growing
Another key takeaway from our conversation is the immense learning opportunity that comes with buying a business. Whether it’s managing a team, optimizing processes, or understanding financials, the skills acquired are transferable to any business endeavor. Tato emphasizes that being deeply involved in the business initially can provide a solid foundation for future growth and success.
Conclusion
Whether you’re an aspiring entrepreneur or a seasoned business owner, this episode offers valuable insights into the world of business acquisition. We explore the benefits, debunk myths, and provide actionable advice for those considering buying a business. If you’re curious about how buying a business can set you on a path to success, tune in to this episode of The Exceptional Business Podcast. Listen now to learn how to leverage your time, skills, and resources to build an exceptional business.
AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!! You can check that out and subscribe to YouTube.
If you want to know more about Tato Corcoran, you may reach out to her at:
- Website: https://www.brandtmarble.com/
- LinkedIn: https://www.linkedin.com/in/tatocorcoran/
- Email: ta*******@***il.com
Connect with Chris Seegers:
Other Resources:
Books: Selling Main Street by Chris Seegers
