Ep 272: Acquiring A Business For 6 Figures Earning $3,000+ Passive Income with Tim [Case Study]

Jaryd Krause:

What does it actually take to acquire an online business?

Hi, I'm Jaryd Krause. I'm the host of the Buying Online Businesses Podcast. And today, I'm speaking with Tim, who is a BOB program member. He also did some one-on-one coaching with me. He was in the construction industry but bought an online business, and today we share his story.

Tim shares so many valuable things about what his challenges were in buying a business, what his challenges were before he decided to make money online, in terms of the environment, and the people that were supporting him or not supporting him in his life.

We talk about the things that he went through during due diligence, what challenges he went through, and how he overcame those. We talk about the process by which we learn.

We talk about the acquisition itself: what it was listed for, how much he bought it for, how he valued the business, as well as what the business is making per month, the multiple that he bought it for, and all that sort of stuff. Also, the niche, the industry.

Then we go on to talk about mindset. Of course, you and I know I love to talk about mindset. If you're listening to this, that's the biggest component of being successful, and we talk in depth about that.

There's so much value in this podcast episode. The last nuggets of advice that Tim leaves in this podcast episode are absolutely gold, so make sure you stay to the end.

Before we dive into the pod, of course, we're talking about buying a business. Don't go away and do this by yourself. Go away and get my DD Framework. It's what I've used, what Tim's used, and what a lot of our clients have used to go away and buy a business.

It takes the guesswork out of buying a business. It's made people a lot of money and saved them a lot of money as well. So get that at buyingonlinebusinesses.com/freeresources. Let's dive into the pod.

What's up? This is Jaryd and I am thrilled to have you here. Before we dive into the show, I want to remind you that for a limited time, you can get one-on-one voice note mentoring with me to help you buy and grow your online business.

I'm opening up just a few slots of voice note coaching to give you one-to-one access to me via Coachvox. You'll tell me your goals and challenges and we'll work through them together.

I'll ask questions, I'll tell you what I think, and we'll get you ticking boxes and achieving your online income goals. You can message me anytime and I'll respond within 48 hours.

Right now, you can get 20% off by using the coupon code JARYD. That’s J-A-R-Y-D. And I'll drop the link in the show notes so you can find out more. Until then, let's get on with the episode.

Tim, hello! It's been a long time since we had this discussion or this chat. Thanks for being open to jumping on, coming on the podcast and sharing your experience.

Tim:

Yeah, no problem. Thanks for having me. Hopefully, I can provide a little bit of value to the newcomers and get some information from the pod. So I'm excited to share.

Jaryd Krause:

I have no doubt. So first and foremost, why buy an online business? How did you discover this? How did you come to the conclusion that you wanted to buy an online business, I guess?

Tim:

Yeah, so the million-dollar question. It's not a far cry from a lot of other people's goals—freedom, having the ability to just pick up and go and have an income, whether you like to travel or whatever you want to do.

But for me personally, it was more, I would say, I'm a single guy, so I can try to travel whenever I want to, and I always yearn for that kind of being able to just live in a location and not be hindered by income.

Most of the time, you're traveling to either third-world countries or places that aren't as prominent as the US. So you're not going to actually get a job in those countries and do well. So earning an income from dollars is crucial.

That was really kind of my focus. I've been an employee my whole life. I've always wanted to kind of own a business, but what held me back was having a brick-and-mortar store where you have to be in a fixed location. You really can't travel with that. And there's a lot of work that goes into that.

So I just started to Google how to make money online and the rest is history. So that's kind of how it started.

Jaryd Krause:

Yeah, cool. Cool. Awesome. And when you first joined, just for people, it's so interesting, because everybody's journey is very, very different. And a lot of people think, “I'm going to achieve this sort of goal or buy a business within a certain time frame.”

And the time frame is just the worst metric to use. You know because I talk about this in the Buying Online Businesses course and all the mindset training and stuff like that. It really stuffs people up.

And if people aren't going to use my course or go away and do it themselves, which I beg you not to, not for the sake of you having to join the course, but just so you don't get taken advantage of,.

Please know that you shouldn't set yourself up to fail by setting a time frame. Because everybody's life is different, situations are different. Like you said, Tim, you're a single guy, so you typically get a bit more time than most people. I know that when you're acquiring this business, you're not doing much work.

And yeah, how long did it take you, roughly? So since joining BOB, from the course to the acquisition, how long did it take you to get to the point where you closed on a deal?

Tim:

Yeah, so it took me a while to get through the course. It took me probably a year and exactly three months from the time that I purchased a business to make a few offers on other ones. They didn't work out.

But the course for me, I mean, was extremely difficult as far as the information laid out was concerned, and I'm a systems learner. But it was just to stay focused because you get that initial excitement about it.

And first, you have to go through all the people who are possibly scams. And I come from a family where everything's a scam. You don't trust anyone. So just to go online and take an online course was a leap of faith. I was like, “Wow, does this work or not?”

Because I would talk to my friends and my family, and they'd be like, “What are you doing?” You can't even share. You’re really better off not sharing any of that information with people with that mindset because they'll just create negativity around you.

So I didn't really want to share a lot of that information with my friends and family because they just had no clue, and they would always be like, "Man, you are; aren't you scared about scams and stuff?"

So anyway, after finding your content online, doing due diligence and making sure that you're a legit guy and everything checked out, I purchased a course.

And from that time on, I would start and then work would get in the way, and then I'd kind of go off in a couple of weeks here and there. So it took a while for me to grasp the information. So, yeah, it was a long time. I know some people will do it very fast.

Like I said, well, I hadn't been really computer-savvy. I use a computer to shop or buy stuff online. And I really didn't even know how to copy and paste on a computer, so I was really green. I mean, I was really green. So, I mean, I think part of that has inhibited me from achieving it faster than some other people.

Jaryd Krause:

I think you bring up such a valid point. I think it's good to share that you're doing things with your life where you're going to take these steps or you're going to go on this journey with people that are actually supportive of you, but you’re conscious that some of the people in your life aren't supportive of you.

And even still, I shouldn't say that they're not supportive of you. Sometimes they want the best for you, but they can also put their fears on you in terms of trying to protect you.

And this is really one to bring up, not just for people to get over the fear or join the course or buy a business, but in general, I've noticed that in my life, even my parents are the most supportive people for me because they don't want any harm to happen to me, right?

They love me. They want no harm to happen to me. So they can be protective and with that protectiveness, they can put their fears on me, which can hold me back as well.

I'll give you an example. Literally, it's my dad's birthday today. Call dad and say, "Happy birthday" to him. And he's like, "Are you still buying this commercial property?" Because I'm buying an investment at the moment in commercial property.

I said, “Yeah.” He said, “Okay, I've been reading this stuff in the news. It's probably not the best time to buy a commercial property.”

And I said to dad, “Look, man, I hear that you've read that, and I accept that and thank you for letting me know. I'm still going to buy a property because there's markets within markets. They're probably talking about a general area. They're probably talking about one asset type. There's so many different nuances to it. But so thanks for letting me know.”

But I know that he's just mentioning that because he doesn't want me to lose my money. He doesn't want me to be taken advantage of. He doesn't want me to make a mistake.

But the reality is that I need to go on this journey. And if I make a mistake, it's actually really good for me because I'm going to learn from it versus bubble wrap me and me not making a mistake.

So I think the mindset around sharing too much with the wrong people can hold you back because they can put their fears on you.

And I did the same. I bought two businesses. I own two businesses and I was working in construction like you have as well, Tim. And from these two businesses I owned, some of the guys at work would say, “Oh, how are those businesses going?”

I had two bad weeks; that was not bad, but just wasn't as good as what all-time highs were. And they all just said, “Oh, I see you've been ripped off. You've been taken advantage of. You've stuffed up here. It's never going to work.”

And you're like, “Oh, man.” And at that time, my mindset wasn't as solid and strong as it is now. And that can cause you to make decisions differently. So I'm glad that you brought that up. It's really, really good to hear.

Tim:

100% to touch base on that. My dad was asking me, “What about this AI? I hear this AI is going to destroy all these websites. You may want to reconsider this thing.” And I was laughing about it because he really didn't know much about it or really dove into the details of it.

But yeah, there's a concern. But, like you said, as a parent, you can't be an enabler. Your child's got to grow up; they have to make their own decisions. And that's the job of the parent—to prepare you for those situations. If you don't take risks in life, you will never reach your full potential. You'll never know what you're capable of.

So it's kind of you appreciate that they're looking out for you, but at the same time, you're grown, and you have to take the risk and it's just how it goes, but you got to appreciate the parents, right?

Jaryd Krause:

Yeah, my first business. I didn't tell a soul that I was buying the first business. My second business, I told my dad, and dad was like, “No, you can't buy this business. No way.”

He went through due diligence with me and everything. And he's like, “No, you cannot buy this business.” I bought it. And it was probably the best investment I had made up until that day.

Yeah, it's interesting. It's just good for us to talk about this and air it. So people are conscious of how some people can be super supportive and some people may not.

Where I live now, everybody's an entrepreneur and everybody is genuinely rooting for you to be successful Compared to some other parts of the world, or where you may live, being successful can make other people feel inferior about themselves.

So in a sense, I know that in Australia, this happens; it's called tall poppy syndrome. They'll try to protect you or some people don't want to see you succeed because it will make them not feel as happy about how they are or where they're at in their life.

So something to consider when you're going down the path is that it's a major hurdle to achieving fire, right? Financial independence, retire early and make money online.

I still say today, and I was on another podcast interview earlier, that one of the greatest things I've ever achieved up until now is replacing my income. It was probably the hardest task.

So, yeah, good on you for buying a business team. What other challenges did you face in the acquisition, maybe through due diligence or any of that? What's up until you buy your business? What other challenges did you face that would be interesting for people to be aware of too?

Tim:

Oh, challenges life-wise or when it pertains to online business. The biggest challenge is fear. Fear is a powerful, powerful thing. And when you grow up and that is instilled in you to be fearful of things at a young age, don't take risks. It is a catalyst for everything in your life.

So you tend to go towards things that are more secure, that you're comfortable with, and that you stay comfortable with. It's just a very horrible way to grow up, I think.

And it's a very difficult thing to get away from because once it's ingrained in you, it's this self-perpetuating thought process in your mind where you want to do something, but then it's just the voice in your head, the good and bad angel on the shoulder, so to speak.

So that was a big challenge personally in my life with the work situation. But when it comes down to buying online businesses, I think the biggest struggle for me was due diligence. The ability to look at businesses and just compare them.

It sounds kind of simple, but the only way to really get good at that is to do, I mean, multiple. And some people can pick it up with 10, five, some people, 40, or 50. And the more you do, obviously, the better you get at it. But it's torturous.

I mean, even though you have the framework, it's so structured and it's a step-by-step thing, just going through it, and you start on something and then you're like, “Oh, this sucks,” and you got to start all the way over.

But the one thing to think about and focus on is that people forget about the journey—that it's the end game, the destination. Really, I mean, it sounds cliche because a lot of people say it all the time, but it's just true. If you can embrace the suck, that's where the growth comes from.

From the simplest task, just taking that step, in the first module, we're going through the mindset course. I mean, just the smallest little things—we'll build on them ourselves.

So if people think it's easy, this is not easy. It's not easy. I don't care. Those guys in the group that are very skilled and technical and stuff, and they'll buy sites, and next thing you know, Google will smash them. They humble you.

So it's not an easy thing to do, but I think you have to pay attention to the small steps and focus more on the journey than your destination.

I think people kind of get into that. I know when I started, I was like, “Okay, the more money I have to spend on a business, the more monthly net revenue I'm going to have.” So freedom, right? Wow, snap your fingers, wave the magic wand, and bam. Okay, maybe it's a six-figure business. Okay, that's what I'm going to do.

And it doesn't work that way. Anything that's easy to do is not respected. So this is a difficult thing to do, and you need the proper people and the community around you. And it is a challenge. So you have to be up for it.

Jaryd Krause:

Yeah, absolutely. I'm so glad that you shared that it's not easy. It's a challenge. It's a simple process, right? Do the course, learn how to do due diligence, do it multiple times and then find the right one eventually and buy it. Simple process. But in reality, the actionable steps, there's a lot to it.

And imagine this, though, Tim. Imagine if you had joined, found a business and bought the first business you looked at. Imagine how much worry and fear you would have now owning that business versus you doing DD on maybe 30 or 40 businesses.

Imagine how much harder it would be for you to be the business operator if you bought the first one versus looking at so many other businesses.

People don't see or understand that the process that you go through is setting you up for success to know the market, understand how these businesses work, know what to do next and have the confidence to pull the trigger. What they want is the business, but what they actually need is the process that gets them there.

So, yeah, imagine if you had bought the first business you looked at.

Tim:

There's no way. And especially now that the landscape has just changed completely with all the Google updates, in a way, I'm grateful that it took me that long to purchase a business because I got to see the ugly side.

Everything was rainbows and butterflies for so long. And you look at everything online and everyone's making all this money and they're just posting all this content and getting traffic to their site and revenues coming in. So I'm like, “Man, it seems too good to be true. This can't happen this way.”

So when the updates come and a lot of sites are getting hammered, it kind of humbles you and gets you back to reality. Okay, you can lose. This is a risk. You can lose all of your money. There are people's sites that have been indexed. Google's just gone in; it's just bam, you're gone.

And it's interesting because a lot of people come from real estate to this space as well. When you buy property, obviously you have to run the numbers and make sure there’s cash flowing or whatever you're doing, flipping or whatnot.

But at the end of the day, if you don't have cash flow, you still have the property; you have a tangible thing that, if the market's down, you could hold, and eventually it'll come back. History has shown that. But if your site goes to zero, that's a done deal.

So you really have to understand the risks as well. There's a great return in this industry, but there's also a big risk. You have to take that into consideration.

So I'm grateful that I got to experience that I didn't get a business and waited so long to get a business. I wouldn't have seen that in the marketplace. So I'm kind of glad it took that long.

Jaryd Krause:

Absolutely. Absolutely. So what are some of the things that you learned through due diligence that were pretty valuable? Maybe two or three things that you learned through due diligence that you'd love to share with people and that you think it's important for them to know when they're moving into doing DD.

Tim:

So, yeah, obviously, a clean P&L. Basically, you're making sure that all the numbers are correlated, or you can make sure that they are valid, and you're checking out the buybacks and how to negotiate for them because sellers like to stick those in there.

And I think the seller is really, really crucial, especially someone like me who's never operated a business. A seller that has skin in the game, and maybe a passion project that they really want to see you succeed with the site is crucial too. I had a great experience with my seller, and he was able to kind of guide me through a lot, which was helpful.

So I think those are probably the top things to look for as far as when you're doing D&D. I'm sure there are multiple, but those are the top three that stick out for me.

Also, I hadn’t stuck to my goals and guidelines. They obviously changed over the course of time because you have to change for the market. So I think being flexible is also a good thing. And I think those are probably the top things that kind of stick out in my mind.

Jaryd Krause:

Yeah. I love that you mentioned the flexibility because I've had people come in and say they want to buy this sort of business for this sort of price that's operating this way, but they can't find it and it doesn't exist.

And so they think, “Oh, this is a crap space. I'm not going to invest,” but they've missed out on so many other opportunities with other investments. And they went away and got frustrated with the industry. You don't understand. You've got to meet the market as well.

It's the same for every investment. If you are wanting to buy Bitcoin for $150 today in 2024, when we're recording, and that's your expectation, that's your investment criteria.

Well, of course you're going to be pissed off and stressed out and not buy or acquire it, but you're going to miss out on it wherever it is. Now maybe it's around $70. You're going to miss out on that bit that goes from $70 to $200 or $300 or $70 to $100 or whatever it is. You're going to miss out on the opportunity because you're not meeting the market.

I'm not shouting to the rooftops that I'm a huge advocate of Bitcoin, but it's just an example. Not to say that Bitcoin's bad. I have a little bit of it in my portfolio.

First, I want to ask, so how did your investment criteria change? And then let's talk about numbers. And then I've got a couple other questions for you around advice and stuff.

Tim:

Yeah. So I think the most difficult part for newcomers is deciding what niche and what kind of site to use. Obviously, e-comm, SaaS—there's so many. So that's where you start. And for me, obviously, you preach content sites and that was one of them.

Jaryd Krause:

I did preach content sites. There's new information.

Tim:

Because of it. Back then, now there's new information.

Jaryd Krause:

Well, the environment changes, right? It's like one time you might be—

Tim:

Yeah, totally. So, I mean, speaking from when I started, a little year and a half ago, that was kind of the introduction into the online business world, and content sites made sense. I mean, it just fits the bill.

So from that point, you decide the niche. And I struggle with that because I'm like, “I want to find something that I'm interested in,” because you always kind of look at people who are very successful, and it only seems like they found their passion and that's what they do. They find that and then they just put everything into that.

And in a way, that's true. But also, in a way, you have to kind of, I don't know, reframe your passion. So what I did was take a closer look at the business by taking something from the baby steps and growing it. What was the growth potential? Rather than looking at it, “Well, do I really want to write about puppies?” and something, blogging about that kind of stuff.

It was more focused on, okay, how do I find a business that I can grow and that has more potential? It was more focused on the potential—the growth for me—than the actual niche, if that makes sense.

Jaryd Krause:

I'm so glad you mentioned that too. Because the biggest thing that drives people back is the perception or the conditioning that you need to buy something that you're passionate about.

And I've told this story before where I used to hate my job, but to get me through the job until I was able to retire from it, I found a part of the job that I was passionate about, which made going through the job fun and good until I was able to quit.

But this is the thing, there are so many successful people who sell particular products they have zero care for in their own personal lives. It doesn't light them up. But what lights them up is maybe marketing, or what lights them up is copywriting, or what lights them up is operations—being an operation manager or being a CEO, right?

I bought a business before—suits. I don't care for suits, right? I don't care. I wear suits when I wear suits, and I enjoy wearing them, but I don't need to wear suits all the time. It's not something that I love and am super passionate about. But the business crushed it. That's what got me out of my job. So that's an important story to share.

So awesome. Congrats on the acquisition. You found something not particularly niche that you're like, “Yes, this is going to be my whole life and my whole personality now,” but you like the business model, right? So why did you choose this business? How much did you acquire it for? And what was it making per month?

Tim:

Yeah, so my original offer was around $150,000 with about $30,000 in capital to improve the business. This was a site in the entertainment/educational niche. And for the site, I think it was asking around $142,000. It was definitely new, which was very, very scary for me.

The site was about a half old, but the income was basically solid for eight months. It wasn't a solid 12-month income. So he was pricing it three ways: obviously, three months, six months, and a year multiple.

So it was kind of a weird situation because what I liked, though, was that on the P&L he had put everything—all the initial costs in there—so I got to see the growth from day one, and he didn't hide any of those costs.

And the site was growing during that time, the whole period, even through the most recent helpful content updates. So it gave me a little more confidence. But ideally, as I'd wanted, my guideline was at least a year of revenue.

So the revenue based on six months was generating somewhere around $3,300 a month in that revenue. So, basically, I kind of split that, and I wound up purchasing the site for, I think, about $3,000. I wound up purchasing the site.

My goal was to basically get the site with the SEO guys and just create a content plan and a growth strategy, even though the previous owner had a great content plan and he had done a lot of keyword research, so a lot of that came with the business.

And so, yeah, that was kind of like how things played out. But in hindsight, it was unsettling because I wish I had a little more information and a little more track record. I kind of rolled the dice with that one a little bit. I took a little more risk than I wanted.

Jaryd Krause:

Well, I mean, we've got to remember as well that, at the time of acquiring this one, a Google update had happened, and a lot of sites had been severely affected by it, but this site had not been affected by that update. So it was pretty attractive, right? And did you say how much it was making on average per month?

Tim:

It was around $3,300 in net revenue.

Jaryd Krause:

Yeah. And so what multiple did you end up buying it for?

Tim:

So I was at 34 multiples.

Jaryd Krause:

Yeah, cool. And I think because this business we found off-market as we are selling businesses to you guys in the group, it's part of what we do. And we found an off-market deal.

And this one was a pretty good deal because there were not many of those businesses that had not been affected by the Google updates, and there was a bit of competition in this one. I know that there were a bunch of other people who bid on this one but did not get it, and you did.

I guess what you feel helped you get this business across the line with a bunch of other competition—that is, obviously, pretty savvy buyers. I'm being biased, but being trained by us?

Tim:

Absolutely. And they were more savvy than I was. So a lot of people had a little hesitation because it was such a young, young business. So I think that was part of it.

So what the seller did was another thing that gave me confidence. It was an in-house business. So I felt a little more confident because it was an off-market deal. It wasn't with Empire Flippers or the community. And a lot of people had looked at it, and I respect everyone in the group, and I think everyone's great, and they do great due diligence.

So I was like, “Well, all these people are really interested in it.” And then the seller had put kind of a timeline on it, which was kind of like, “Oh, shit, put up or shut up,” because it was smart on his part from being a seller. “Okay, I want everyone who's serious about this.”

So, basically, it kind of pushed me, and I had made offers on a couple of other businesses that didn't go through. So I just said, “You know what? I'm just throwing an offer out there,” a simple, clean offer because I was a cash buyer.

And that's kind of what the seller was looking for. I think he didn't really want to do a payout. So to be honest, I think it was just luck. It was just the timing that what he was looking for was what I was providing—a cash offer.

I think I put in the contract that I need a month of kind help and email to support the transition. And he was more than happy to do that. He actually gave me even more. He recorded some video, showing me how to run the site, which was helpful because I got to go back and review the video on how to use Webflow as a platform and how to upload to CMS and stuff like that.

I don't know. I can't say I believe in luck, but it was timing. I think it was just timing. And so there's real magic to it.

Jaryd Krause:

Yeah, I do like this really good explanation of luck that I learned from a book. Roger Hamilton is the author. Luck stands for location, understanding, connection, and knowledge.

And being in the right place at the right time and location, understanding the deal, having the connections, and also having the knowledge to execute and make an offer that's suitable for the seller. You definitely got lucky, right?

So I think it's a huge component of all the components of over a year of you doing the work, looking at the market, the businesses, and knowing what's a good deal and a bad deal.

You went through and saw that, okay, there was a bunch that was selling that I'd missed out on that were good. I obviously need to meet the market and give the people what they're after. And we did just that. I mean, a 34 multiple is a pretty damn good multiple in that environment for a business that had not been affected by the update.

As we do, we try to list these businesses at the fairest price because we're not in this for just—we like money. We like making money. We're a business, of course. I'm not going to hide the fact that money's important, but we just like to do the right thing by the market and not overinflate it.

Now, I want to ask for advice. You and I had been working together and doing coaching for a bit to get this business going.

How important was that to the role? And you can say it didn't help at all, if you like, as well. Say whatever you like; be completely open and honest. But what role did that play in you acquiring the business and how did that either help you or not help you?

Tim:

For me, coming from my background growing up, I really didn't have a mentor in my life, someone that would actually guide me in a certain direction.

So I think having you reached out to you is important because, in the beginning, I did everything on my own and I kind of hit some roadblocks and did the one-on-one coaching because I admired you from your story.

We kind of had similar stories about being in the industry. And I just really thought you were the guy, and I was like, “Man, I've never had a mentor,” but if I have one, I want to reach out to Jaryd and see if you can kind of get me on that path and essentially still hone me to take action on stuff also.

So I reached out because I really knew that having a mentor—the Facebook group—is really great, but I needed a little extra help. So just having your guidance was crucial.

And when you're dropping six figures on a business that you've never even heard of, it's great to have people in your corner who know it and can answer the questions you have. And every time I had a question, you answered it. And after I got off the calls with you, I always felt like, Okay, great. I'm going in the right direction. It was kind of just a reassurance in a way.

I mean, some people have that built confidence that they've been doing this for a while. But, like I said, I didn't have any of this. I've been an employee my whole life. I mean, just collecting a paycheck.

So having your support was absolutely crucial. And I recommend that if someone's in my situation, they absolutely reach out and connect with you and just have you in their corner, because it's priceless.

Jaryd Krause:

Thank you. I've really enjoyed working with you and we are very similar people with very similar backgrounds and similar stories. And yeah, it's been a pleasure on my end to connect with you and work with you. So thank you so much. And I'm glad that, yeah, we finally made an acquisition for you.

Do you have any parting words for people who are looking to buy a business?

Tim:

Be patient and get out of your emotions. I see a lot of people just getting wrapped up in their feelings. You've got to separate the emotional aspects of business. You can't get emotional. That is the biggest takeaway. You cannot get emotional.

And you can't put a timeframe on this. I did it myself in the beginning. I really was like, “Okay, six months. I have the cash, Jaryd.” I got the cash. I could just buy this business, and bam, I'm making four or five grand in net revenue a month. It's just posting some articles. And I'll be in Indonesia, Bali, seeing you next month.

It doesn't work that way. Be patient, go through the modules, go back if you need to, and really get obsessed with the process. Get obsessed with the process, and you’ll succeed. But in itself, that's difficult.

Just focus; go through the mindset, no matter how ridiculous it seems. You have to set your mind right for this because this is not an easy task. It's a journey. And it's just something you have to stick to and be consistent with.

You're never going to get results if you don't stay consistent. And I fell off a bunch of times. And that's the key. If you can just get through the material and stay consistent, whatever you have to do, write down your daily tasks and what you're going to do. That's the key takeaway.

And you'll succeed. I mean, it's the grind. You have to put the work in. And just be patient. I mean, that's it. I mean, it sounds simple, but it's actually difficult. So for everyone out there, good luck.

Jaryd Krause:

Yeah. Thanks, man. It's funny; hey, people have heard me say this so many times. You just have to do the work and say what you've said. I couldn't have said it any better.

And it's like, “Yeah, yeah, yeah, I get that. I get that. I get that. But what's the secret? What's the secret? How do I actually buy a business? How do I actually replace my income? How do I actually do this?” and then looking for something else that they haven't heard before. The reality is that you know what to do. Just do the work.

Tim:

To take it one step further, the secret is to figure out a way to stay focused, whatever that is. If that's writing things down and checking them off as tasks, then that's what you have to do.

I have a focus problem. I've grown up with a focus problem. I get distracted by a lot of different things. And in order to succeed at staying focused, you have to have a tangible, short-term goal.

If you're going to come home after work, put it on your calendar. You're going to spend two hours going through the modules, and you're not going to stop. No distractions; just sit there and then get your little calendar and check it off. You did that. And then there's your win for the day. Then the next day, the same thing.

As you continually do that, it will be like compound interest, right? You just continue to focus on that. And that, for me, was the way that I was able to—because people throw these words out, well, how? Shit gets in the way. Life happens. You have to get back to what your vision is and what your main goal is.

So if you can take all the noise outside, whether you've got family, kids crying, whatever, and get that timeframe, even if it's an hour or 45 minutes, just devote that 45 minutes or hour, whatever it is that you can give, and just be focused in that time, you will succeed. You'll do it. So that's kind of one step to that, if that helps anybody.

Jaryd Krause:

That helps hugely. It’s funny that people are like, “Yeah, if I buy a business, it's going to change my life.” It's typically not the business that's going to change your life; it's this process that you go through.

Because, like you said, Tim, you don't want to become a business owner, right? You want to become the person that you need to be to build the character to become a business owner.

And this process is the initiation, and the compounding that you get from that is what's going to set you up for success in the future of the compounding of where you're at right now, Tim.

The process you went through can be and may actually be more valuable than the business you actually bought and it's going to be the steppingstone to the next route. So I'm really excited to see where you go in the next year or two. And yeah, congrats on what you've achieved so far.

Tim:

Yeah, I'm excited. I'm excited because there was a big step just to take the risk. So that was the big step, just to take the risk to get out of the mindset of worrying about failure and all that other crap. Just taking the risk was a big jump for me.

So I'm starting at literally the point of just taking the risk. And I mean, now the really difficult part comes. So it's almost going to be easier to buy. Yeah, the next part is going to be even harder than finding the business. But you're aware of that, so just roll with the punches.

Jaryd Krause:

Yeah. And look at the person you become after starting this new journey. It's exciting. So, yeah, again, Tim, thank you so much for coming on and sharing. I really do appreciate your time.

Tim:

No, thanks, Jaryd, for having me. And once again, I appreciate what you do and the value you provide to the group. It's a great service that you have. So thank you.

Jaryd Krause:

Thank you so much.

Hey, YouTube watchers, if you thought that video was good, you should check out this video here on the 2 Best Types of Websites Beginners Should Buy. Or check out my playlist on How I Made My First $100k Buying Websites and how to do due diligence. Check it out. It's an awesome playlist. You'll enjoy it.