In this conversation, Rod Robertson discusses the intricacies of entrepreneurship, focusing on the advantages of buying existing businesses over starting new ones. He emphasizes the importance of financial management, understanding cash flow, and having the right advisors. The conversation also touches on the challenges of business ownership, including the need for capital and the impact on personal life. Additionally, Rod shares insights on legal structures for businesses and the pitfalls of partnerships.
takeaways
- Buying an existing business has a higher success rate than starting a new one.
- Social media can reinvigorate a sluggish business.
- Owning a business requires a steady supply of cash.
- Many entrepreneurs underestimate the challenges of business ownership.
- Understanding cash flow is crucial for business success.
- Having good advisors can prevent costly mistakes.
- The first year is critical for business stability.
- Technology changes can significantly impact business viability.
- An LLC is a favorable legal structure for small businesses.
- Personal assets can be at risk when buying a business.
- "You need a lot of cash to run it."
- "The worst thing is a 50-50 partner."
