In this episode of Resilient Resilient Entrepreneurs Podcast, we discuss buying and selling businesses with Josh Levine, CEO of Private Market Labs.

Josh shares insights into the personal motivations behind buying a business, emphasising the search for purpose and independence. He discusses his own journey from corporate work to entrepreneurship, driven by a desire for more engaging challenges.

He reflects on the emotional aspect of selling a business, discussing the importance of trust and interpersonal connections in the decision-making process.

Takeaways

• 2024 is predicted to be the best year to buy a small business due to economic conditions and the increasing number of retiring business owners.
• Buying an existing business can provide flexibility, ownership, and a proven track record of success.
• It is important to have industry knowledge and expertise when buying a business, although some industries may require specific licenses or experience.
• Finding a business that aligns with your interests and expertise can increase the chances of success.
• The process of buying a business can take several months and involves due diligence, negotiation, and building trust with the seller.
• Private market labs use AI to organize and analyze data, making it easier for buyers to find businesses that match their criteria.
• Selling a business requires preparation, including having books in order and building a strong management team.
• Private market labs primarily focus on the US market, but there are opportunities for business buying and selling globally.
• Resilience is crucial for entrepreneurs, and it is important to separate one's self-worth from the success or failure of the business.

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