David C. Barnett
speaker
164 appearances
1 recordings
1 series
first heard Nov 2024
last heard Nov 2024
David C. Barnett’s voice in public audio — every appearance, attributed to the second.
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Appearances
Tells a story to the next restaurant. Oh, do you know they have a new owner over there? Right. And then like the word spreads through the grapevine. And so how do you make yourself visible? Well, you know, people will go to business brokers to make themselves visible to these intermediaries. But you can also just make yourself visible by networking within an industry.
und die Leute wissen, was ihre Intention ist. Die Geschäftsführer kosten Geld, die Verkäufer zahlen ihnen eine Kommission. Und die Wertproposition, die ein Geschäftsführer zu diesen Verkäufern bietet, ist, dass sie sagen, wenn du dein Geschäft durch mich verkaufst, werde ich vielleicht mehr als einen Verkäufer finden, der für dein Geschäft kämpft und den Preis erhöht. Und das ist der Grund,
I will be able to earn my commission. You'll get an overall higher price. So if your plan for buying a business is to look at BizBuySell and talk to brokers, just understand where you are in that ecosystem. Yes, you're having a lot of the work taken care of for you. And if it's a good business broker, then the seller's expectations should be properly set.
The package will be put together to help you, you know, die Möglichkeit relativ schnell zu triagieren, um zu sehen, ob du es kaufen willst oder nicht. Aber du wirst wahrscheinlich mehr bezahlen, als wenn du eine Beziehung kreierst und diese Gespräche vorher hättest. Und ich sage immer Leuten als Verkäufer, dass dein einzigartiges Wachstum nicht ein Deal macht.
Und so musst du wissen, was für dich Sinn macht und wissen, wann es Sinn macht, ein Deal nicht zu machen.
Yeah, so you want to ask yourself, who are these people? So once you've identified an industry, if you say, I'm interested in machine shops in upstate New York with a certain revenue and employee range. Dann kannst du sie sehr einfach identifizieren. Speziell, du kannst eine Liste erstellen.
Sobald du eine Liste erstellst, kannst du dann anfangen, Namen darzustellen, wie wer diese Unternehmen besitzt. Oder sind sie eine Branche einer großen Firma? Richtig. Das wird wahrscheinlich nicht perspektivisch zu mir verkaufen. Und so kreiert man eine Liste, man kann dann direkt an die Leute anrufen, man kann sie anrufen, man kann sie an LinkedIn anrufen, etc.
Aber man kann auch, was ich als Value Chain Play bezeichne, also alle diese Maschinenhäuser kaufen Equipment von ein paar verschiedenen Dealer von Equipment, die Salespeople haben. So I remember I once had a guy who wanted to buy a sprinkler service and repair and installation business in New Jersey. And I asked him, I said, how many different brands of this equipment are out there?
He was like, there's three big brands. I said, great. Every one of those brands has some kind of distributor or sales rep covering New Jersey. Find out who the individual people are that go calling on all these people. Because if you can create relationships with those 3D sales people, they know everybody. So now you're talking about networking with the people who know the people.
My father-in-law runs an auto repair business. And when he wants to hire a new mechanic, he does not post a job at anywhere. What he does is he tells the Snap-on tool guy. He says, I need to hire a new tech. Because once every six or eight weeks, that Snap-on guy talks to every tech in the city. As they circulate, visiting all the different shops.
Und die Techniker kennen die Reputationen der Techniker. Und er hat schon lange mit meinem Vater-in-Lau gearbeitet und er wird nicht einen Dutt übergeben. Er wird die Nachrichten mit jemandem teilen, der er weiß, dass er gut aussehen wird, wenn dieser Referent durchkommt. Es sind nur diese einfachen kleinen Dinge, die die meisten nicht wissen.
So everyone gets all wound up in the busy work of starting a business. They want to find out how to get an EIN number or how they register their name with the state and all that kind of stuff. Don't do any of that.
Okay, don't do any of that because I've seen people waste weeks and weeks and weeks of their time on a website and logo design and making sure they've got some form filed with the government. What you want to do is you want to create the most basic of, you know, product information or service information things, which is usually a PDF. And then you want to make a sale.
So you want to figure out what do I think people want and then who might be the one who's going to buy this. You create some kind of document or whatever and then you reach out to the person you think wants to buy it and then you try to make a sale. And you talk with them and you have a conversation and you get their feedback. And if they say, yeah, I want to buy 10. You go, well, great.
I'm glad that you like to buy 10 of mine. Can you tell me how I compare to my competitors? Oh, you're half the price. Well, there might be something you forgot about. if you're offering the service for half the price of the competitors, right?
Or if they say, no, I can't buy from you because in our industry we can only buy from people that have been approved by our insurance provider because of the way we handle hazardous materials or whatever. And you go, oh, I had no idea these conditions existed in this industry. I better figure out how I'm going to deal with the insurance stuff, right? And again...
You don't know what you don't know. And the way that you're going to learn is by having these conversations by the people who are going to be able to make the decisions. And sometimes, you know, if you can, you want to leverage conversations. What I find amazing is that people will often get advice from people who they really should not be asking for advice.
So they have a business idea and then they ask their neighbor about it, who's a postman. Nothing against postal workers. But they just, they don't have the right background. But here's the thing, Charles, is they will not use their personal network in the way it could be useful.
Something like Auto Repair has such diversified ownership across the world that chances are there's someone on your Facebook network who either has worked in the industry or maybe their cousin, brother, neighbor, etc. has, and they can introduce you, right? And most people in the world, if you reach out to them and say, hey, I'm thinking about getting into a business.
I want to learn more about it. I heard you had some experience. Would you mind getting on the phone with me for 20 or 30 minutes just to talk about it? Most people are interested in being helpful. Most people would not mind that.
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