How William Went From Running an Agency To Buying Companies
William is going to share with you how he went from running an agency to buying companies. Moreover, he is going to cover the steps that he took to build an 8 figure business.
Many successful business owners want to leave a legacy behind them. They know that they cannot live forever and are always looking for ways to extend the life of their businesses. There is a point in any business where the founder has to get out of the business because of many reasons like illness or old age. Those people want their company to sustain. If they do not have children, they are willing to sell the business to someone else.
That was how William bought his business without a closing payment. He used this to his advantage. Every year William had to pay the CEO a big amount of money. William did not need to use any of his personal cash to make his business work. First, he makes the money with the business and then at the end of the year, he pays the former CEO.
After the CEO sold his business to William, this person started traveling to Asia to see the world in a different perspective.
William did not feel ready in the beginning, because this was a very big deal. The company had loans and William signed a contract that said that he is responsible for anything that happens to the business. If the company goes bankrupt, the bank would take everything William has. However, William knew that this was one chance of a lifetime and after a certain period, he realized that he had the confidence and skills to take over the business.
William managed to increase the cash flow of the company dramatically and grow it organically.
William did not want to deal with low level decisions in his company. He learned the spectrum of unimportant tasks that he was occupied with. He wanted to work on the business and not in the business. There are many managers of big companies that claim how busy they are, but in fact, the work that they do has nothing to do with the long term success of the company.
Right now, William thinks that running a company is pretty easy. Growing a company from day 1 can be hard, because you have to come up with all those strategies and processes, but once you have the right people and processes in place, then you can build a successful company easily.