Buying a Business for Retirement Income with David Barnett

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?

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