411 - Do You Really Know Where You Are in the Business Acquisition Process?

0:00Hi, I'm Bruce Whipple and this is the Business Acquisition Podcast. Today I want to ask you a very direct question. Do you really know where you are in the business acquisition process? Most aspiring business acquirers know some things. They may understand prospecting. They may know how to speak with a seller. They may have studied financial statements, seller financing, due diligence, or deal structure. but knowing a few parts of the process is not the same as being prepared to acquire a business. Your effectiveness is often determined by the gaps you have not identified. If you were taking a long trip, you would not begin by asking only where you wanted to go.

0:48You would also need to know where you are starting from. Business acquisition is no different. Before you decide what to study, practice, or improve, you need an honest assessment of where you are today. I created a simple way to do that. Go to askbrucewhipple.com and take the 12-question multiple choice business acquisition assessment. Again, askbrucewhipple.com. It takes less than 10 minutes. Once you complete it, you will receive a score showing where you currently stand. More importantly, it will help identify the areas in which you may need additional knowledge, preparation, or action.

1:34Bruce Whipple:Your score is not a judgment of your potential. It is a snapshot of your current preparation. A low score doesn't mean you cannot become a successful business acquirer, and a high score does not guarantee that you will acquire a business. The value is in identifying the gaps. Once you know what is missing, you can begin doing something about it. One of the biggest mistakes I see is that people continue studying the subjects they already enjoy or understand. Someone who enjoys financial analysis may continue studying financial statements while avoiding seller conversations. Someone who is comfortable speaking with sellers may neglect due diligence, financing, or deal structure.

2:23Bruce Whipple:That may feel productive, but it does not create a well-rounded business acquirer. You must work on the areas where you are the weakest, not simply the areas where you are the most comfortable. After completing the assessment at askbriswipple.com, you will also learn how to receive a free online copy of my book, Becoming a Successful Business Acquirer, Why Every Step Matters. The book will help you understand how the different parts of the acquisition process fit together and why each step matters, and it does. I also think it's very important to learn from people who have been there and done that.

3:10Bruce Whipple:And I encourage you to study the people who have already produced exceptional results. If you go to BruceWhipplePantheon.com and watch the three interviews with members of the Bruce Whipple Pantheon, these are by real world examples from some of the most successful mentees. As you watch the interviews, don't concentrate only on the business they acquired or the financial results they achieved. Pay attention to how they approach the process. What did they do consistently? How did they respond when something did not work? What mistakes did they avoid? What did they learn? How did they handle rejection, uncertainty, and setbacks?

3:59Bruce Whipple:And every one of them had those. Most importantly, what were they willing to do that other people were not willing to do? You should not expect to copy everyone else's exact path. Every acquisition is different. But you can learn from behaviors and disciplines and decisions that repeatedly produce results. So what's the question you need to answer? If you are serious about acquiring a business, but are unwilling to spend less than 10 minutes identifying the gaps, you should ask yourself why that is. If you're unwilling to invest the time to study three of my most successful mentees, again, you should ask yourself why.

4:45Bruce Whipple:That's not a criticism. It's a diagnostic question. Acquiring a business requires time, discipline, preparation, and honest self-evaluation. If you avoid those things now, the acquisition process will expose them later when the consequences are much greater. So what's the bottom line? You do not need to know everything before you begin. But you do need to know what you know and what you do not know and what you must do next. Start with those two actions. Go to askbrucewhipple.com and take the 12-question assessment. Then go to brucewhipplepantheon.com and watch the three Pantheon interviews. Go ahead and identify your gaps.

5:37Bruce Whipple:Study people who have achieved what you want to achieve. then turn what you learn into focused action. There is no substitution for that. And as I've said thousands of times, never ask, never get, and keep pushing. I hope that helps. And I hope that you do go to askbrusewhipple.com, take that test, and then also look at the interviews at brusewhipplepantheon.com.