Ep 200: How Jaryd Krause Got Started Buying Online Businesses with William

Jaryd Krause (0:00)

What do you need to know about buying a website business and making money online? Hi, I'm Jaryd Krause. And typically, I'm the host of the buying online businesses podcast. However, today, I have a student, William who comes on and he actually interviews me. He has asked me any questions he wants. I didn't know what the questions were. He's never interviewed somebody before. Don't hold this against him. But he is a comedian.

And he's very good on camera, you'll see and he doesn't present himself very well. So this is a fun podcast episode, we just finished recording it. What we talked about was how I got started in online business, how I removed myself from my plumbing job replaced my income, how I started a few online businesses, and what that journey was like how I got into online businesses and teaching people what we do in BOB a little bit. Some of my most proud moments, he also asked me about my mindset, how I break down problems and a lot of different things with risk versus opportunity in online business and a bunch of things for people that are interested in not just buying online business, but making money online, and aligning themselves to having a more fulfilled life through earning an income online. So I believe this is a valuable episode was fun.

This is episode number 200. So this is our 200th episode. So I thought I'd flip the script and have somebody interview me, because I don't typically get to share some of the things that I have. So this is a very rare case. And we might even do more of these. If you guys think this is valuable. Please, please, please reach out to us. Reply to our email. Let us know in the comments. If you feel this was a valuable podcast episode, and I'd be happy to do more if you'd like it. So enjoy the episode.

William (1:47)

Jaryd, how are you doing?

Jaryd Krause (1:48)

I'm great, William. I'm really good. And how are you?

William (1:51)

Good, man. I'm pumped. I'm pumped to interview you for sure.

Jaryd Krause (1:55)

I'm looking forward to it.

William (1:57)

So let's just get cracking. Let's just get into it. We're going to flip the script on this podcast, because I will be asking Jaryd questions instead of the other way around. So yeah, this is this is going to be a blast. Okay. I was curious. I was thinking about; you're helping a lot of people from your experience. You're helping a lot of people buy online businesses. So how on earth did you start this online buying business journey? What was the first step for Jaryd?

Jaryd Krause (2:25)

so do you mean like, how did I start the BOB business? Or how did I like what?

William (2:31)

I mean to say, what was your first experience in the online? World? How did you get into the internet world?

Jaryd Krause (2:39)

So that's good. That's JC every weekend, you know? So I was a plumber. I think most people know that. And I disliked plumbing. And I wanted to continue to travel. And so what I actually did, and what got me on the online space is I got a camera and I started taking travel photography, and started doing that. And one of my friends, I was living in Egypt at the time, and I was working as a dive master. So I was doing like three scuba dives a day just leading people on guided diets.

It's quite a cool luxury life, but it wasn't really making much money. And I knew I'd have to go back home to plumbing. And he said, you should put your blog, you should put your you know, your photos are quite good. You should put them on a blog. And I just thought now there's no way I'm going to put any part of me online. I don't want any bar of that. And a couple of months later, I was like, Look, I really don't want to go back home and be a plumber.

So I started to try and think about ways I can make money and not have to get a new job every single place that I went. So I just turned to Google and literally typed into Google how to travel the world and make money online. And what popped up was people that were travel blogging, and I thought cool, I love traveling, I want to make an income online. I'm just going to do that. And I started a travel blog. And then from there, I did that for about a year and a half a year. After a year I didn't really start to make much money and this is in 2013 2013 is when I started that blog.

I thought alright, cool. I learned a lot. I learned a lot from those from blogging and you know, SEO meta data and you know, making the blog really good opt ins, advertising revenue wasn't really there wasn't what it is like today and affiliate revenue wasn't great. It was split between so many travel bloggers as everybody became a travel blogger. Everybody was an iPhone became a travel blogger, right? So competition was heavy. And I thought alright, cool. If I actually want to make money online on an E commerce business, people that sell products, they make good money.

That's what I thought. And so I started an E commerce business drop shipping business, and I built it and I realized if you build it, they won't come. And so it's contrary to what most people are taught and the reason nobody came and I found out I can have the best looking website with the best products that do the best service and they're super valuable. People are going to love them, but nobody will buy those products if they don't know your store even exists. So I needed a learn the hard way how to do paid marketing. So I learned paid marketing from that business.

I was a newbie at it. So I struggled. And then that led me to, like, continue plumbing and realize all right, I came across a stat that 90% of all startups fail. I thought if 90% of all startups fail, when I buy something that's past that value, right? Why don't I go out and buy businesses past that 9% failure rate and see if I can do that. And I went into Google and see if I could just stop, you know, typing, you know, buy an online business. And what popped up was flipper and that's where my journey into buying. Businesses started. Online businesses started.

William (5:40)

Holy cow. So you got into the online world, you saw how difficult it was to start a business, then your kind of came across this stat 90% of business, new businesses fail, how can I acquire a business you go to Flippa? That is mind blowing. Because like, when you tell people now you can buy a business? What most people, does that thought even occur to most people when you interact with them?

Jaryd Krause (6:02)

Well, when people ask what I do, it's you have to change depending on who the person is and where they're from. And, you know, you make some judgments on where they're at in their life and what they might or might not know, I will change my answer. But normally, when I tell people, we teach people to buy online businesses, normally they think, Oh, wow, like online, they think of big online businesses.

Most people don't realize like, yeah, you can buy a small online business for $20,000. You know, it doesn't need to be or 20 or $10,000, depending on what smallest to you. Some people are $20,000 site is a big site. So it just, it just depends. Everybody has their own different thoughts about what buying online business looks like. You can buy businesses for 10 mil, 20 mil 100. Mil, and so to answer that question is a tricky one.

William (6:53)

So, okay, so let me ask you this. What was the first business you purchased? It was it was it on Flippa?

Jaryd Krause (6:59)

Yeah, the first business I was on flipper. Yeah, so it was a membership sites where people could pay to access a database of wholesalers and suppliers that they could find and use when they were starting a drop shipping business. So that's the first one that I bought. And that was 15,000. Wow.

William (7:19)

And what, how did that go? How was that experience?

Jaryd Krause (7:24)

it was great. I wanted a membership business because I wanted to, you know, have the past had people that are really paid in income, and may continue the paying an income. So I did my financial due diligence, look at how many subscribers they had actively paying members, and went through that it was a great experience. I learned how to build landing pages and do some marketing for it. And then overall, I realized that I didn't do my research on how relevant them and up to date, the contact list and suppliers were.

So after a while, I realized, like, a few of them were no longer in business, and people were paying for the membership. And then as over time, I neglected it. And realize like cert, you know, people are paying for this, I just sort of shut the thing down. I was just like, look, sorry. Like, it's, you know, I stopped making sales and yeah, just neglected it. Because I went into other bigger businesses. It was a great experience. It's a really good experience.

William (8:26)

Right on right on, I read in your bio. So I read in your bio, I did a little of my own due diligence and great in your bio, quote, my sheer desire to earn a decent and regular passive income from a minimal amount of personal input. pave the path to where I am today, in quote, so you hear a lot about in online about hustle, work harder, work to the max, work your bones off, what is your personal view about all that?

Jaryd Krause (8:55)

That's a such a good question. It's a juicy question. I think you should have a balance. When I started out, I did not have a balance. I was I was working 60 hours a week, I would wake up at 4:30 o'clock in the morning, drive an hour and a half to work, work 10 to 12-hour day drive home. Two hours with the traffic, get home and then I would get on the computer I'd quickly third and get on the computer for hours try to make these small online businesses, these startups work the in hindsight, it was great for me because I learned so much in a short period of time.

It really gave me a good work ethic. When I started building this BOB business. That work ethic was great, but I took it too far to a point that I got, I've just worked so much and I got quite sick. And I got glandular fever, I got glandular fever, turning the Epstein Barr Virus that which made me slow down. So I physically had to slow down. It's easy for somebody that is in a fortunate position that doesn't need to work to just tell somebody that they need to hustle when they've got other life things going on. Every person is different. A lot of people These days, I think as the world evolves, people want more.

And that can be more income, it can be more anything for less effort and less work, when reality is and sometimes a lot of people that start to want to buy an online business, they go cool, I get to skip the whole startup phase. And I just think I'm just going to go to the grocery store and buy a business and it's going to be great. It depends on what you call hustle, everybody's got a different opinion on it. I believe taking aligned action on a few small, a few, they're not small, but a few particular tasks are being important, right. So some people just try to do absolutely everything, run around with it, like a headless chalk.

And I've been there, I used to have multiple businesses and try to make them all work yet. So I think stick one path and be consistent, make sure you do have time to sleep, and eat and good food and you know, the asset, you are the asset, we are the asset. Like if I'm not in a good space, physically, mentally, emotionally, then all the other things start to drop off. And the asset is like me, and I need to protect that.

And so if you overwork sometimes, then you can put yourself in a place where you're eating junk food, because you don't have time to cook, you're not sleeping as much, and you're not in the most stable or emotional state, because you're worried about too many things. So I think there's a good balance, I think the balance is important. I used to be way more on the hustle side. Now it's now I've learned the hard way.

William (11:36)

But you know, what I'm hearing is, you know, you had an experience, and now you've calibrated with time and experience, you've kind of found a new happy medium, and you can't find that without the experience that you went through.

Jaryd Krause (11:48)

I agree. I agree, you can try and find it. But you learn the hardest lessons from your failures. And that was a big failure for me. And I would say for people listening is like, don't have the attitude that like, if you just do a few things here and there, you'll get results, like you need to give it a good, you need to be fully committed, like I have my mindset series, the three C's to achievement. I think it's episode 140.

If people go through that, do you have to go through those phases to actually get results. And it takes some commitment. It takes some work. But if you overextend it, then everything else in your life can fall apart.

William (12:32)

Absolutely. Which leads us to my next question, if you had a billboard, and you could put anything you want on it, Jaryd, either something you think a quote from you or a quote from someone else. What would you put on that billboard?

Jaryd Krause (12:46)

That's a big question. You don't have to pick one, but just see where we're going. I'd be inclined to have something for business. But I'd probably just have something super corny that I'm a big believer in at the moment. And like that is love. I just have like something that would be love. It would just Love; Love is the answer.

I know that's super cliché and super corny, but I'm really into I'm at that stage of my life right now. Like, yeah, a lot of people don't do things out of love, they do things out of a fear. Fear of not having enough money if you're like all this that I think love is the answer. So that's some corny thing that I'd be put on a billboard.

William (13:25)

I don't think that's honestly. I mean, love is powerful. And if you, if that's where you are right now, then that's what's on your billboard, I love it. One thing I've observed is that you are able to clarify a problem, and then pick the necessary actions. Can you walk us a little bit through how you solve problems? And kind of Yes, walk us through how you may be a problem that you've had, and then how you've gone about solving it?

Jaryd Krause (13:54)

It's a really good question, I think for a bit of context for people, just so they know is that William, I've been working with him for a while now Williams gone through has been a graduate of buying a business. And he's been working with me doing some coaching and gets to see this firsthand quite rapidly. The problem solving thing, how it's evolved for me is through travel and through wanting to be better at a beer, be a better plumber, be a better supervisor.

And when you travel, all you're doing is you're solving problems, like you got to work out where you're going to go next, where you're going to stay, where you're going to eat, what activities you're going to do in each place. And then so on and so forth, where you're going to cook, where you're going to wash your clothes, how you're going to dry it, where you're going to dry and all these different things. Now, when it comes to business, I think a lot of people, I like to go like layers deep. I think a lot of people try and look at a problem as like, this is the problem where it's really a symptom.

And I like to ask, is this is that, is that a symptom? And is there something that's underlying that's causing that as a problem? And then I like to go layers deeper and then work out article, if that's the problem is that a perception that you're having? So is it something that's your perceiving is, is in a certain way that could be, for example, you're seeing things in through one lens where you should be looking at it through another lens, which would be would set you up for success rather than set you up for failure. So looking at your perception, looking at the lens, and then knowing if you're even conscious of it, or unconscious of it. So I think the answer really is, first and foremost, we can't do anything unless we become conscious of it, right? Once we become conscious of something, then we can learn how to fix it and overcome it or resolve it.

For example, if somebody doesn't go to the doctor, and they feeling sick, they end up passing away from cancer. The problem was that, you know, they had cancer, and they didn't know they weren't conscious of it. But if they went to the doctor and found out, Hey, I got cancer, and they started treating it, then they can overcome it. So I think it's first becoming conscious of the real problem. And that's asking, you know, is this a symptom? Or is this an underlying issue? And then working that out? And then once you become conscious of it, and start educating yourself on like, what are your options? How should you go about healing or solving this problem? What's the best one for your business for your life? Whatever it is, based on all the education you've done, and then go away and take that align action towards resolving it, if that makes sense at all?

William (16:21)

No, I mean, I'm tracking, I think, if I look at how you deliver value to the board members, how you deliver value via YouTube content, I think a lot of it comes down to you have a very rigorous approach, I guess what I'm getting at is you've solved the same problem over and over, namely, due diligence. So and then you're able to help other people solve the same problem, because you've laid out a very helpful way to do due diligence. So can you define due diligence for us? And then walk us through why it's so important when it comes to buying a business?

Jaryd Krause (16:55)

Yeah, so due diligence is just like, I didn't know what your diligence was, when I first started, I found out what your deal is at, you know, in the beginning, it's like, oh, it's basically just research, like researching an investment. Yeah. So you need to get all the information on the investment. And that's just that raw data. And then you need to make an assessment on what are the risks? What are the growth opportunities? And is this something that somebody is willing to take on?

And why is that so important is because you could invest in something that might not be right for you, you might not have the skills to run, it could be an investment that is subject to risk from external environments that you just don't know about, because you're not conscious of it. Right? It could be like buying a business with cancer. If you don't go away and give it the good checkup and the full overall, then you don't know like, what its problems. That's why it's so important is so people don't go away and buy a dud business. And we've had people on the on the podcast that have not had our help doing due diligence and bought a lemon, not to say that our help is like the be all and end all but they just haven't had the education on like what to look out for, and what are the common traps.

So that's why I believe due diligence is so important is like you just it's best to buy a good business at a fair price and a fair business at a good price, which is a warren buffet quote. Because sometimes people want to just rush in to buy a business and they see there's so much opportunity in this and they go away and buy it but that rip that opportunity is also risk. And when you have too much risk, you've got so much to do to be able to take advantage of that and might turn it into an opportunity in a time period where the external environments like Google or Facebook or whatever might change their algorithms and you haven't yet got to that potential opportunity. So how much risk do you actually take on is a is an important factor to.

William (18:51)

your due diligence then there's the logic to it there's the step by step way of evaluating a business my question is what do you see not the logic of the due diligence but what emotionally or what character trait Do you see trip up people when it comes to due diligence not that they don't understand a knowledge deficiency but what character traits can trip people up when it comes to due diligence doing proper due diligence emotions, and this is why I'm so big on people learning EQ so emotional intelligence, there's lots of books on emotional intelligence EQ look them up guys.

One of which is like almost most members that joined the BOB community they read the obstacle is the way by Ryan Holiday, which is really good book and had helped me with my emotional intelligence. And most like we've heard this before most people buy things why based on emotion, right? And usually it's the emotion that I want to get out of my job. Like that's a huge emotion to not to try and neglect or not have so much energy behind it. And then also there's the emotion of like, like the FOMO we Just where investors get tripped up as well is that somebody else is going to buy this if I don't get onto this right now, and they can put the blinkers on and not see so many of the things that are the risks, they might see the risk, but they don't understand the full gravity of them.

That's where people get tripped up is they become emotional about a deal, or emotional that I've been doing this for x appear X amount of time, and they haven't bought a business. So I just need to make any business work, or I need to make it happen. That's where people trip up is where they become emotional. My gosh, I think we've all we've all experienced that. Like, that's a very common thing to happen. Right? Yeah, definitely. You mentioned FOMO. Where are where are some areas real? Just really quick, like, where are some areas? You see? You hear about? I don't know if, as you're speaking with, you know, colleagues, or anyone, where do you hear something that sounds wonderful that Muse but you know, you do not you do not need to be involved.

Jaryd Krause (21:01)

Suppose that last bit against the news that I don't need to be involved.

William (21:05)

You just know that it's something that hey, that may be good or bad, but I do not need to be involved. Do you have those kinds of opportunities come about? Or? Yeah, just where are those kinds of niches where you hear about, oh, this is great, you should do this, but you know, that you should stay away? Is there an example? Right?

Jaryd Krause (21:24)

Like 90% of the time, we get pitches from like people from all aspects of digital marketing, saying you should be doing this, like, if you want to grow your business, you need to be doing this. Otherwise, you know, you're not, you know, you're not doing it, right. Or you're going to miss out, right, your competitors are going out.

Like, I like to see where somebody's coming from with that they're trying to pitch something to me, and I don't have that fear of missing out, because I'm not trying, I'm not rushing to build wealth, I'm not rushing to get a result, I'm playing a long game, right? Playing long, long term game with long term people. And then I'm actually loving and enjoying the process, if he only listens to me speak and sees what I do, like actually, and people that join the book community, they actually know that I thoroughly enjoy making an impact.

So I'm not in a rush, I'm not in a rush, I'm in a pretty good spot with the emotions of people that are buying businesses, they will see a business and it will, what's common is they'll see it's a niche that they maybe they're not. So maybe they're passionate about it, or they just understand it. And like yes, my partner knows about this niche, and it might be in, I won't give a niche because they might be like this part, this my partner knows a lot about this niche, if any worst case scenario was to happen, like she'd be able to write the blog post, or this, they understand this. So that could be could be how to help with the marketing.

I think that's a bad decision to buy a business. People get emotional about that. Or it could be that, yes, I finally found one that isn't a niche, that's great. I need to I need to buy this as quickly as possible. Because this is my niche. This is like this is the opportunity. This is the opportunity that came up, but you can turn anything into an opportunity. And I like to tell people to not to invest based on opportunity alone, because opportunities in Finland are infinite, right? Sometimes he will go and look for a business like Oh, I could do this to grow it.

And this will be this will be great, this is good opportunity, but there might be neglecting the risks. So I like to tell people to want to buy a business that has minimal risk. And if opportunity is abundant, then you can add so much opportunity to something that's got minimal risk, rather than something that you see so much opportunity in, but you've neglected to see what the risks are. Wow.

William (23:43)

So yeah, it's the opposite. It's surprising to me, because it's the opposite of what you hear everyone talks about opportunity, but you focus on risk in a way and then you'll work on you'll make the opportunity later. But if you if you have minimal risk, then it's almost only upside.

Jaryd Krause (23:59)

Correct. Everything's got upside, everything's, everything's got potential, everything, infinite potential, if you look at these plants, they could just have been growing like at a stable rate for you know, a year two years, but it's got infinite potential. If I want to regrow it then and there's no risk because there's no risk of dying because in a good spot, it's got good sunlight and it gets you know, water every now and then there's no risk there. But it's got infinite opportunity.

If I wanted to grow that a lot quicker, I could report it I could put you know a bunch of really good hormones or Odrick potting mix that would bore and fertilizer to grow the thing and water it more regularly put it in a higher better growth environment with like far more sun. It would just go bananas, but it's got no risk and it's got infinite opportunity. Everything's everything has infinite opportunity. Everything. You me everything we've got.

William (24:56)

to make that the quote for this podcast, everything Do I love that? So here's something else surprising, I've heard you say, and I want you to unpack it for us. It's say there's a risk in a business. How can we turn that risk into an opportunity? In other words, I hear you say, Hey, that's a risk. But that's not necessarily a deal. Deal killer, see where I'm going? Like, can we unpack how do we turn risks and opportunities? Or how do we view risk?

Jaryd Krause (25:20)

Let's talk about content sites. And I can give you sort of two examples. A lot of people sell content sites without 80 expertise, authority and trust. And Google has started to scrutinize sites with a bit more without that don't have much EAT.

One thing is it could be a mass, and it could be a site that makes majority of its revenue from affiliate revenue and has no at and the site has that risk that it could get hit by Google at any time, because it might crawl it, and see that it's trying to dish out and dish out a lot of affiliate products, and reviews, but there's no real authority behind the site, there's a risk that some people could walk away from it. Now, it could be an opportunity, depending on how big the risk is.

Now, that's something that, you know, you would need to be dependent on the site. And I'd be able to how I help people with this, when they're looking at buying sites to weigh up the risks? Like would it be worth it to you? How long would it take you to minimize or at least reduce that risk? But the growth opportunity that's within that risk? Because all risks are opportunities in disguise, of course, but how much risks do you want to take on and how much opportunity to want to take on before the external environment, like I said before, could make those risks really hurt the business.

So how you could resolve this and turn this at risk into an opportunity would be to go away and get authority like build authority, you could reach out to bloggers and have them write content on your site and, you know, tap into some of their authority, you could build backlinks, there's ways that you can do this, I won't get into a full strategy here.

Because this is stuff that we teach in the in the membership, if it's a site that has single source dependency on one page, and most of its traffic, like 15%, or 20% of its traffic is going to one page, that's a huge risk. What if Google directs you know, just loads like that keyword gets hit and it goes down the rankings, what you can do is you can create supporting articles around that put a lot of backlinks to it, you could build so much traffic to that and boost it up, you could make sure that every six months or every three months, that piece of content is up to date.

And fast far surpasses every other article out there for that keyword and your Dr. Or your authority is higher than a lot of other peoples in the space. So it stays up there in the rankings as well. So there's there can be risks, but you can turn those into opportunities as well, by building you know, more content around it more links to it and supporting it. So it's not so reliant on just that that pillar post.

William (27:49)

That's a great example. risks are not deal killers; you know?

Jaryd Krause (27:55)

No, they're not too much risk is the deal killer.

William (28:01)

That's the deal killer. Or if you're unconscious of all these risks, then you're already going to be dead.

Jaryd Krause (28:06)

It's a disaster. Yes, and you don't know how to turn those risks into opportunity.

William (28:10)

I hear that I hear that. Okay. This is more of a personal question. So I was curious about your day. How do you break up your work so that you know what to work on during the day? Is there kind of a just a guiding mantra to help you know how to do the most important things that day? Can you walk us through that just a little bit?

Jaryd Krause (28:31)

I'm just going to put a bit of a disclaimer here. For people. Listening is what my day look like, looks like should not be what your day looks like. Just like somebody else's day should not be what your day looks like. Because, you we, nee you and everybody should. We're all very different. And we all thrive in very different environments. For example, some person like my love to live in a colder environment. Some people like to live in a hot, hotter environment we like to eat different foods with some people can work more, some people can't work as much.

Some people like to work in at different times of the day, evening, mornings, whatever it is. So for me personally, my days are all very different. This is what I like. Personally, I like to have space in my day. Sometimes I'll do two coaching calls a day, maybe one interview usually the start of the day is I wake up, I go for a surf, it's a surf no good I'll meditate or surf and then I'll meditate and then I will get into work my most productive hours are in the morning.

So I get my important tasks first done in the morning and then throughout the day as I get more tired than I might you know do some cooking to break up the day I might meditate again during the day or and in the evenings I don't do much at all I'll read and you know watch surfing videos, basically.

William (29:58)

All right love it. I love that there's not one way, you've got to have some self-awareness to know how, like you best operate.

Jaryd Krause (30:08)

Correct. Sometimes during the days, like, I'll just go play tennis, you know, or I'll go for a skate or if the circuits really good, like, I'm like, Alright, cool, this is going to be better in the afternoon, I'll just go for a surf then. So I'm in a fortunate position that I can do that I've worked. I've worked in a, I've taken a line action for a long period of time that I can I'm in a space where I can do that, every day is very different.

And that, that helps me fill my cup up. Because if I just work an eight-hour day, for five days a week, I get to the weekend, and I'm just like, I'm not there for my friends. Like, I'm not there for my family. I'm not there for what I need most, which is time in the water surfing like, so. Business is a priority to me. Absolutely. But there's other things that come before as well, that I where I need to fill my cup up so I can get to Monday morning and go, Yes, I'm so excited.

And I've got so much more energy, I get to work on these projects in business, and I get to help everybody in this aspect in this dynamic and this way. If I didn't get my time off, I'd be you know, I wouldn't have protected the asset. I would just be a lemon myself.

William (31:22)

Man, I can really be absorbed out and just drive useless lemon at the end of the week.

Jaryd Krause (31:31)

Pretty much. And I've been there like we've all everybody's felt it. It's just, we just need to find out how one hour productive hours are and what's just as important and I've trialed this, right. Like I've worked out like sometimes when I work less, I'll earn more money, because I'm in a better space physically, mentally, and emotionally. The decisions I make are far better decisions than when I'm like, overworked and I'm trying to make things happen. I'm trying to wheel things into existence. No, I love that.

William (31:57)

I love that you have all this wonderful energy you're brimming with abundance mentality. What is one thing you're very proud of that has delivered that is given a lot of value to BOB members. Jaryd Krause (32:09)

When it comes to the BOB community, even outside of like the BOB membership. One thing that I'm pretty proud of is like nobody before me brought out a judicial framework that was a game changer. And we get so many people on our email list that want the doodled framework. And this will be a self-selfish plug guys, check out the deuterons framework go to buying online business.com forward slash free resources and get it but that's one thing I'm super proud of like even people have recorded videos around like, Oh check out you know, Jaryd students framework and taught people how to use the framework in their own videos on YouTube and stuff like that.

So that's been a game changer for people in the membership and even outside the membership. I'm pretty proud of that. And it saved people, millions of dollars made people millions and millions of dollars. I'm pretty proud of pretty proud of that.

William (32:58)

I think that qualifies as something to be proud of. Yeah, I mean, personally, I've used it obviously a lot. And I think why it's powerful like personally why I think it's why it's powerful is that if you have a line by line way of examining a business, then you have clarity and you can you can make progress, and you don't get lost, which is like the enemy of action. Is that what do you what do you think?

Jaryd Krause (33:23)

The it gives you it takes the guesswork out. And I've said this so many times, it takes the guesswork out of buying a business because you open it up and you don't when you're first starting you don't know what information you and data you need to be getting from the business to lay it all out in front of you to be able to go call I've got all the information or the data to make a decision on this as a good business or a bad business.

Obviously, there's some of that you need some people like advice from us in the community to help you like what's good versus bad data. You just know what questions to ask you know even to a point where people literally just copy and paste questions and ask sellers like it's quite funny and I'm like no like you're missing the whole point like people in the in the in the membership know what I'm talking about, on relationships and connection and stuff like that, that. Like it's just skipped so many steps and just jump people straight to like knowing whether to buy a business or not. And it's a phenomenal tool. It really is.

William (34:28)

I wouldn't use it if it wasn't J jarred. What purchase of $100 or less has most positively impacted your life in the last year.

Jaryd Krause (34:39)

$100 or less.

William (34:41)

And you can't choose that behind you.

Jaryd Krause (34:44)

The cactus is not $100 or less.

William (34:47)

I really sprung this on you I apologize.

Jaryd Krause (34:50)

It's all good. I could say a book but not really is it a funny sometimes you think like you buy all these books and you're like are there going to be game changing and there's something The books you read, they're just not you just kind of need to find the right book at the right time in your life, right to be like, boom, that hit home. So it's not a book for me, but probably a water bottle. I bought a yeti water bottle. And it's, it's like a flask and you can you know, I put tea in it. So it keeps me warm after I go for stuff keeps me warm during the day while I drink hot tea. And then if it's really hot here, then I can put cold water in. And it's just it's pretty good. I mean, that's under 100 bucks.

William (35:30)

I love.

Jaryd Krause (35:32)

probably that.

William (35:33)

Okay, let me ask you this. If someone's listening, and they're wondering, should they be looking online to buy a business? Or is that something they should consider? What how can they kind of come to a decision yes or no on whether they should begin the process of looking for buying an online business? If someone's on the sidelines, how can they come to a decision to either move forward? Or keep living life and keep going?

Jaryd Krause (35:56)

That's a great question. Somebody who's thinking about buying a business, but still not sure. I would say get two to three options, and then do your due diligence and the EAPs option and work out what will be the worst case scenario for each of those two or three options versus the best case scenario? And then what would suit you best? And that's how I would make a decision.

William (36:17)

Holy cow. That's genius. I use that as well.

Jaryd Krause (36:22)

Yes, you can use you can use it all.

William (36:25)

I love it. I love it. Jaryd, thank you so much for the time. I've had a blast. And well, we'll see you on the next go round.

Jaryd Krause (36:33)

Thanks, William. Thanks. This has been fun. I'm looking forward to doing more of this. The shorts.