Acquisition Aces - Issue  #8 - Read Time - 3.5 minutes

A Simple Mindset Shift That Makes Success Inevitable

One of the most popular series of all time was The West Wing.  It aired for 7 seasons from September 22, 1999, to May 14, 2006.  The show is ranked at the 10 spot on The Writers Guild of America’s 101 Best-Written TV Series list.  Yes, the show is overtly political at times (OK, all the time but it is a show about the White House).  However, given the time it was on TV, the messaging is much less polarized than it would be if it aired now.  It almost seems outdated and quaint at times.

What is not out of style is the mindset of the main character, President Josiah Edward "Jed" Bartlet, played by Martin Sheen.  The role was originally meant to be only an intermittent guest starring gig, but Sheen’s performance in the early episodes changed the entire gravity of the show.  His presence anchored the series week in and week out for the entire run.

Regardless of what you think about the show, there is a huge mindset lesson from how Sheen's character shrugs off adversity.  No matter what happens, he does not dwell on the past.  He only focuses on moving forward.  The line of dialogue “what’s next” signals to all of the other characters that it is time to stop feeling bad and start acting.  Here is a compilation of every time the line is used in the show:

This approach is handy when dealing with the volatility of your first time acquiring a business.

Process Thinking Is A Requirement For Boring Business Acquisitions

Contrary to what all the gurus are telling you, buying boring businesses is not a “get rich quick” strategy.  A lot of people go into the acquisition game thinking they are going to find the perfect deal, close it, and then do the same thing again in quick succession.  Although I have seen this happen, it is the exception, not the rule.

It is much more likely that you are going to have your first, second, and maybe even third deal fall through.  There is no scenario where you do zero work, and have deals magically fall into your lap.  In order to be successful you must commit to the journey.  Otherwise, the highs and lows will take you out of the game when things don’t go your way.

The good news is when you do the necessary work and close your first deal you know it’s not luck.  Your confidence will grow astronomically.  You don’t have to catch lightning in a bottle.  You just need to be persistent.  Instead of looking at wins and losses, you change your mindset to learn the process.  Do the process long enough and you will acquire your first business.

Every Lesson Makes You Stronger

The hardest part is going from zero to one.  This means that the bulk of the learning curve is before the first close.  If you can come to grips with this idea, then you won’t get discouraged when things don’t go your way.  Each deal that falls through is a required stepping stone on the way to the win.

I don’t know how many deals you are going to have to try and close before you own your first business.  I do know that the number is not zero.  If you don’t put yourself out there and get going, your life will not change.  A lot of business acquisition is handling your own emotions.  

It is not that people with business portfolios are special.  I can tell you from first-hand experience.  They are not.  The winners in this game just outlasted everyone else.  They paid the price to learn the required lessons.  Here is the silver lining.  It gets easier after your first deal, especially on the funding side.  If you position yourself correctly, the bank will finance your subsequent deals at 100%.  Sounds too good to be true?  It’s not.  Your first business can be the track record and collateral that allows you to max out profits on your subsequent businesses.  I have students doing this exact thing right now.  It takes consistent effort, but it is definitely worth it.

Immerse Yourself In The Process

What’s next?  Here are some things you can do to learn how to shorten the process and close your first deal as fast as possible:

• Look at deals every single day.  Even if you don’t have the financing set up yet, you learn what a typical deal looks look.

• Do research every day.  Be agnostic about the type of business you want to buy and look at all types of enterprises.  When you don’t have your own business to run, use that time to learn about how others are running theirs.

• Get personal coaching.  I am hosting another Acquisition Ace Masterclass where I break everything down for you live.  You can register for it here:  Acquisition Ace Masterclass Registration

• Consume Acquisition Ace content.  This one goes without saying.  Here is how one of my students was able to go from zero to one and buy a business with a 264k profit in his first year. 

The sooner you start the process, the sooner you will be closing your first deal.  Commit to the process.  If you say “What’s next?” enough times, it is inevitable that you will get to where you want to go.  You will be an Acquisition Ace in no time.

PS - Coaching compresses timeframes. If you want help finding the perfect deal for you, book a time on my calendar here to explore becoming an Acquisition Ace: Calendar

If you feel that you are constantly working "in" the business instead of "on" the business and feel that your goal of financial freedom has led you to a prison of your own design.

You are not alone, I used to be there as well.

I have 5 companies and counting and work less than 20 hours a week on them - COMBINED.

It is not rocket science and I can help you do the same for your business.

Choose a time on my Calendar and we will get to it.

Onward,

Ben

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