Buying a Business for Retirement Income with David Barnett
November 01, 2021
On today's show, I talk with David Barnett, who is an expert in buying and selling business. I wanted to come at the conversation from the angle of buying a business as an income generating asset in retirement. He had a lot of wisdom to share. We cover:
- How did David become an expert in buying and selling "main street" businesses?
- Should you buy or sell a business in retirement?
- Aligning your business venture to your interests
- Why buying a business and being "hands-off" is an unrealistic expectation
- Don't be fooled by the promise of buying an "absent-owner" business
- There is a lot more to owning a self-serve car wash than just collecting quarters
- What are the most important things to think about when buying a main street business
- Why do you need to make a proper cash flow projection
- Three components of the typical financing for main street business transactions
- Red flags when buying a business
- How Seller Financing can help foster a successful transition
- The fragile nature of businesses
- Does the goodwill of a business reside with the business or the owner?
Connect with David
The Invest Smarter Podcast has a new website! Go to www.investsmarterpod.com to check it out. You can subscribe to our newsletter right from there and get our eBook, "Successfully Navigating the Market Cycle.
Connect with David DeWitt
If you received any value from this podcast, please leave us a 5-star review on Apple!