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The Art of Passive Income Podcast

Mark Podolsky (AKA The Land Geek) and Scott Todd from scotttodd.net are successful land investors, land investing coaches and committed to helping you break out of solo-economic dependency. Discover why Land Investing is The Best Passive Income Model (no physical inventory, a one-time sale, recurring revenue, a built-in incentive for the buyer to continue paying, and low competition). Learn about strategies, skills and helpful tips that will help you grow your Passive Income through Land Investing and other passive models.
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Nov 3, 2016

In today’s episode of The Art of Passive Income, Mark and Scott talk to Ace Chapman, website Ace Chapman. Ace is in the business of buying businesses. Ace is an expert when it comes to buying established businesses. In the business for 17 years now, he knows what to look for and what to stay away from.

In college, on a scholarship studying political science to become an attorney, Ace fell into this business. He had reached out to some guys who owned a company for software that he was using. He discovered that were letting it go and after doing the math, he figured it was a great deal. He closed his very first deal at the age of 19.

A few things to consider when buying an existing business:

  • Get into a business that's already making money.
  • How long has it been in business?
  • Does it have systems and people already in place to run it?

When buying a business you have to dig deep into due diligence and it's crucial that you see yourself as being in the business of buying a business.

Do you have what it takes? Listen in to find out.

 

TIPS OF THE WEEK

Mark: Learn more about Ace, go to his website Ace Chapman 

Scott: Read Ace's book, The Ace Formula: How to Buy a Business

Ace: Go to BizBuySell and learn from the people that have already built great businesses.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

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