Thank you for sharing there are some good lessons in there.
I read a book called buy then build and it talks about the opportunities of buying existing businesses because the boomer generation is retiring and they own the most businesses so there is potentially a huge opportunity. But you are right there are risks with it as well and the relationship based part is an excellent point.
I don't know what country you are in, so I have to use UK based frame work, but some tips for buying businesses.
Don't be afraid to buy a company making losses, they can be offset at a later date against profits you will hopefully make.
In the UK, we have a system called pre-pack, it is a method of buying the assets, but not the liabilities of a failed company, this can be very useful and a very economical way of acquiring a company.
https://www.begbies-traynorgroup.com/pre-pack-administration
Up till Covid, I was a tech investor and owned an incubator which invested in over 300 private companies and I have invested in a further 26 public companies.
I decided a long time ago to blog about my life as an investor to give founders an understanding of investors. This blog still exists and you are welcome to read the articles on my website (scroll past the Bitcoin book bit). Also, you'll see my evolution as a Bitcoiner, again feel free to ignore those articles.
Thanks Mike. I will look through when I have some free time
