How to Fund the Search | Let's Buy a Business

Heyo,

I’ve had a lot of conversations with searchers lately about how to fund the search. This is for self-funded searchers, which is the majority of searchers.

You need money coming in during the search or you run out of time. It can take 3 months to 3+ years to find an acquisition.

I did consulting for a company needing a GTM sales strategy.

I consulted others for an exit. (I had previously sold several businesses)

I also did a bunch of random side hustles that don’t scale. These are unsexy unless coming from Garv V but they work.

Consulting

This is one of my favorites.

Start with what you know. Start with WHO you know.

What were you doing before? What W2’s did you have?

Consulting is high per hour and should be sub 20 hours a week. If it’s too much, it will interfere with your search.

How do you get a contract?

Start before you need it. Start now. It is so much easier to win a consulting contract when you don’t need it and when it’s from a referral. Hands down.

Let’s assume you already have identified something that you know more than 90% of the population.

Contact former clients, and former co-workers (missed opp here usually). Friends from school.

What does the company look like that needs your services? What size are they where they need you but don’t need or can’t afford a full time person.

This consulting can also look like going part time for a former employer. No shame in a W2.

A friend of mine learned Salesforce on the job, posted on upwork to get his first client. Then it was word of mouth till eventually it was enough to replace his salary without putting in 40 hours a week.

Side Hustles

This is not a side hustle newsletter but there are so many creative ways to earn $200-1000 on a Saturday. Follow Nick Loper Side Hustle Nation for ideas.

Reduce Your Burn

This is not about making more money but about spending less. This will require some sacrifices in most cases.

You need to know exactly what is coming in and what is going out during this earning valley.

Cut your burn. Extend your runway.

You have to make money and spend less.

We’re doing a live session on this in the community.

Best,

Ryan, Monica and The Let's Buy a business Team.