Brit Foshee is a real estate investor, small business owner, entrepreneur, and business consultant.
Have you ever considered buying a business but were terrified of paying more than the business is worth? Have you ever wondered what you can do to help ensure that a business you buy today will generate the numbers promised by the previous owner?Well, today’s guest answers both those questions, helping us to minimize our financial risk when buying a small business!Brit Foshee—real estate investor and small business owner—walks us through the process he used to buy his first five landscaping companies, how he consolidated them into one big company to increase their value, and how he did it all with minimal financial risk. And he tells us how we can do the same thing if we decide we want to go the route of buying a small business.Brit tells us how he finds the businesses he buys, how he evaluates them, how he recruits partners to run them, and most importantly, how he gets the owners to all but guarantee their financial success. And for you real estate investors out there, you’ll be amazed at how similar buying a business is to buying real estate!And make sure you listen for Brit’s recommendations on using “claw backs”—a way to literally guarantee that a business owner doesn’t misrepresent the numbers when selling you a business.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:Brit's story from buying a property to buying businessesHow people underestimate what it takes to get a business off the groundHow he finds available businesses on the marketSimilarities between his business model and buying real estateHow a business with $1M in revenue is likely sustainable without the ownerWhy he made a partner a part-ownerCome work "with me" vs. come work "for me"Why he recommends the owner financing route when buying a businessHow he reduces expenses and increases income right after buyingWhy he thinks employees are #1The top mistake owners makeAnd SO much more!Links from the ShowBiggerPockets Real Estate PodcastBRRRR StrategyBizBuySellCraigslistBiggerPockets Business Podcast 37: Choosing the Right Niche—Follow a Business Startup Journey From Day 1 with J ScottCheck the full show notes here: http://biggerpockets.com/bizshow40
Summary: Anthony chats with Brit Foshee, an experienced entrepreneur with a demonstrated history investing in both real estate and small business with an emphasis on multifamily assets. Tune in as Brit walks us through how he started with $8,000 just after the housing crisis to reach the real estate success he currently has now. Covered Topics: How to Pay No Tax on Property Gains Buying Properties: Home or Investment Closing Times Negotiations Creativity in Financing Distressed Sells How Buyers Should Negotiate Takeaways: ALWAYS do your own due diligence. Adjusting prices is subjective and you literally can negotiate on everything. The key to negotiations is to try meet people’s needs and then present yours to them, too. Link and Resources: Zillow and Redfin – Real estate platforms Brit recommends Thanks for listening. Go to anthonyspark.com for full show notes. Join my free weekly newsletter for regular updates in your inbox. Or follow me on: Twitter Instagram Facebook LinkedIn
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Creator Details

Location
Fort Myers, Florida, United States of America
Episode Count
2
Podcast Count
2
Total Airtime
1 hour, 20 minutes
PCID
Podchaser Creator ID logo 155448