In short
Re-engaging with the idea of buying a business after years of delay, emphasizing that “not the first time” isn’t proof it won’t work later; focus on what’s changed in your why, experience, confidence, and circumstances.
Guest backgrounds
No guests mentioned; the host speaks directly to mentees and references a mentee and another operator (Gabriel).
Key claims
A stronger, more people-centered “why” can drive consistent action; rebuilding an advisory board can accelerate progress; setbacks like deal cancellations or LOIs disappearing aren’t the end of the story.
Notable examples
A mentee shifted from external success goals to building opportunities for employees, then built an advisor board in ~6 weeks. Gabriel had 14 LOIs before COVID; they vanished during shutdowns, but he rebuilt and grew to 68 locations.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOReflecting on Past Attempts
0:45 to 2:36
Discussing the reasons why people may not have pursued business acquisition previously.
“If you're not necessarily the same person you were five years ago, that's particularly true.”
The Importance of Motivation
2:36 to 4:42
Exploring how a stronger motivation can lead to action in business acquisition.
“things you thought were certain will certainly become very uncertain and sometimes suddenly.”
Learning from Setbacks
4:49 to 5:36
Using the example of Gabriel to illustrate resilience in the face of challenges.
“It will show you where you are today, what pieces of the business acquisition process you may be missing, and where you should concentrate your efforts.”
Transcript
Automatic transcript. May contain errors.0:00Let me ask you a question. Are we still talking? And by that I mean, are you still thinking about buying a business? I ask because recently I've heard from several people who worked with me years ago. Some joined group coaching, some were in one of my programs, some bought a course, and then life happened. They didn't buy a business. Maybe they weren't ready. Maybe they didn't feel they knew enough. Maybe their why wasn't strong enough. Maybe the timing wasn't right. Maybe they got discouraged. And in some cases, five or more years went by. Now they're coming back. And I think there's an important lesson in that.
0:41Just because something didn't happen the first time doesn't mean it can't happen the second time. If you're not necessarily the same person you were five years ago, that's particularly true. Your circumstances may have changed. Your financial situation may have changed. Your experience almost certainly have changed. Your confidence may have changed. And perhaps most importantly, your reason for doing it may have changed. I saw this recently with a mentee. The first time around, his why was primarily about external things. What he wanted to have, what he wanted to accomplish, what success might look like.
1:24Bruce Whipple:And there's nothing necessarily wrong with that, but it wasn't strong enough to make him take consistent action. This time, something changed. His why became more about other people, his employees, the kind of company he could build, the opportunities he could create for other people, what he could do with the business rather than simply what the business could do for him. And suddenly his actions changed. One of the things I ask mentees to do is to build their board of advisors. Previously for this mentee, that didn't happen. This time, he built his board in about six weeks. I originally thought, based on the speed at which he was progressing, he'd do it in four, but it turned out to be six.
2:14Bruce Whipple:But the important point isn't whether it took four or six weeks. The important point is that he did it. Something had changed. Now, reengaging doesn't mean everything suddenly becomes easy, because it won't. You will have setbacks. You will hear no. Deals will fall apart. Sellers, they'll change their minds. Financing won't always work. things you thought were certain will certainly become very uncertain and sometimes suddenly. One of the best examples I know is Gabriel. I met Gabriel in August of 2019, and we've worked together ever since. And in full disclosure, I have a piece of his deal. Before COVID, Gabriel had assembled 14 LOIs.
3:05Bruce Whipple:Think about that. 14 signed letters of intent. That is no small accomplishment. Then COVID hit. The businesses shut down, and essentially all 14 of those LOIs disappeared. Now imagine putting in all that work and watching it vanish. Most people would have had a very understandable reaction. And they would have said something like, well, I tried, it didn't work. Maybe this business acquisition thing isn't for me. But Gabriel didn't do that. He went back to work, he rebuilt, he pursued more acquisitions, and today his organization has 68 locations. I suspect he's very glad he didn't decide that one crushing setback was proof that the idea didn't work.
3:56Bruce Whipple:The setback was real, but it wasn't the end of the story. And maybe that's the message for you. If you investigated business acquisition years ago and didn't follow through, don't automatically assume that because you didn't do it then, you can't do it now. Instead, ask yourself a better question. What's different today? Is your why stronger? Are you more experienced? Are you more disciplined. Do you understand yourself better? Are your circumstances different? And do you still want this badly enough to do the work? If the answer is yes, maybe we should start talking again. And I've made it easier to do that.
4:42Bruce Whipple:Go to askbrucewhipple.com. It's completely free. There are 12 questions, and you can complete the assessment in those 12 questions in less than 10 minutes. It will show you where you are today, what pieces of the business acquisition process you may be missing, and where you should concentrate your efforts. You'll also be able to get a copy of my new book. And I use the term book somewhat generously. It's a whopping 29 pages. You can read it in less than an hour. And I've asked the mentees who've read it to give me their honest assessment, good or bad. And so far, the feedback's been very good.
5:25Bruce Whipple:But start with that 12-question assessment at AskBruceWhipple.com. Find out where you are today, not where you were five years ago. Because perhaps the first time wasn't a failure. Perhaps you simply weren't ready yet. and if you're ready now, are we still talking? I hope so. To your success, never ask, never get. I consistently see over and over again how true that is but keep pushing and I look forward to talking with you.
From the publisher
Are We Still Talking?
What if you tried business acquisition years ago and it never happened?
Maybe you bought a course, joined a coaching program, started searching for businesses, or simply decided the timing wasn't right.
That does not necessarily mean business acquisition was the wrong path.
In this episode, I discuss why people often return to business acquisition years later with different experience, stronger motivation, better circumstances, and a much clearer understanding of why they want to own a business.
I also share the story of a mentee whose motivation changed dramatically the second time around and the remarkable story of Gabriel, who had assembled 14 LOIs before COVID caused those opportunities to disappear. Rather than quit, he rebuilt and ultimately created an organization that now has 68 locations.
Setbacks are part of the acquisition process. The question is whether the setback means you should stop or whether you should learn from it and re-engage.
If buying a business is still something you want to accomplish, visit askbrucewhipple.com and take the free 12-question Business Acquisition Readiness Assessment. It takes less than 10 minutes and will help identify where you are strong and where you may need additional knowledge or preparation.
You can also get my new 29-page business acquisition book free through the site.
Maybe you weren't ready then. The real question is whether you're ready now.
To Your Success,
Bruce
