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Screw The Stock Market


Mar 23, 2022

Have you ever considered buying a business instead of starting a new one? Believe it or not, you can have great benefits by obtaining an existing business. In this episode, we have a deep conversation with Jeff Evenson in regards to acquisition entrepreneurship and the distinction between start-ups and businesses that are already running and generating cash.  

Jeff has been a multiple business owner since 2008 and has successfully launched, purchased, and scaled several multi-million-dollar companies. He's also experienced virtually every good and bad element of business, including start-up, rapid expansion, purchase, sale, and franchise. His professional background began with 3 years in the US Army, followed by over 25 years of experience owning or working in companies with annual sales revenue from $500K to over $10B as an owner, operator, manager, analyst, and all of the above. Today, Jeff invests in or buys companies, to scale them up and retain them with all exit options considered in the process.

Let’s jump into how to buy a business! 

[00:01 - 09:20] Opening Segment 

  • Jeff shares his background and work 
    • Growing up in St.Louis
    • Being part of the US Army for 3 years
    • How he learned to use financial statements
    • His experience acquiring his first business
    • Coaching people to help them accelerate and optimize small businesses

[09:21 -26:50] Buy a Business with Jeff Evenson

  • How Jeff was able to get a fair deal on his first business acquisition
    • Contact an external person with a business background
  • Jeff explains how a seller note works 
  • The main SBA (Small Business Administration) loan requirements
    • The transactions have to 100% ownership by the business
    • The seller cannot be involved in the business after the sell
    • Evaluate the basic skill to run a business
  • Why it is better to work with small banking institutions
    • They are more flexible and willing to build relationships with clients

[26:51 -46:20] Buying a Business vs Starting a Business

  • Make sure the business you buy is stable, sustainable for the future, and implement a good operating system.
  • Jeff’s tips to consider when evaluating the value of a business
    • Educate yourself
    • Research about deals in different industries to understand what they look for
    • Analyze the economic machine
  • Take a chance to invest with Alex and his team by signing up for Legado Investor’s Club
  • The benefits of buying a business vs starting a business
    • Create generational wealth and get a functioning business

[46:21 - 52:22] Closing Segment

Want to connect with Jeff Evenson? Follow him on LinkedIn. If you have any questions, you can reach him at jeffrey.n.evenson@gmail.com or 314.221.0305. Head to The Lions Pride where they help small business owners accelerate their businesses, optimize their lives, and get a better understanding of themselves

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Tweetable Quotes: 

Find a banker that you can really build a relationship with. Banks are going to give you free advice because they want to have a deal done and they are going to help you. ” - Jeff Evenson

“You wanna be visionary and help people understand they are part of something bigger than themselves” - Jeff Evenson

I believe the way you build generational wealth is through business ownership.” - Jeff Evenson