the MacAngLyn journey:
Canvassing for SMB Cache
December 21, 2023
TODAY’S ISSUE
🧠 OPINION - Get Your Own
🎨 Canvassing for SMB Cache - this week’s progress that you can copy
🌴 Growth - our take-aways that you can use in your business buying journey
🎬️ Resources - books, podcasts, etc. we are using to make us smarter
OPINION - Get Your Own
by: Lyndee Macaskill
He flew through the air. His body a tight ball, knees up to his shoulders, bottom down, feet flat, ready for landing.
Thud! The sound echoed through the room; the floor shook.
He stood up, sighed with delight, and outright chuckled. My one year old dare-devil. Ready for fun and ready to try anything that might accomplish that goal.
He was jumping from our bed, a two and a half foot height to his not even three feet. That would be like me jumping from the top of an upright, standing fan or Angus jumping from well, my head and then landing perfectly on two feet, without breaking anything.
We were walking around our bedroom, organizing. As we stepped over all of Angus’s clothes and shoes we had pulled from the closet and his armoire, we tried not to trip and break anything.
He was taking on a big task… going through his clothes. He wears uniforms to work, so you would think his regular clothes wardrobe would be reasonably small. Somehow, it is at least twice as big as mine.
Boots and soccer cleats from the 90’s, Biking gear from 2000’s, a moleskin coat at least two sizes too big, old concert t-shirts, very old water shoes. All interesting and fun to go through and remember, but useless to him now in his day to day life.
At the end of it, he let go of five full white trash bags. He took them to Goodwill so someone else can find joy in those things. I’m so proud of him for doing the job and then following through with taking it.
I always get stuck there, not taking the bags. Then, I go through them again at a later date. They might come back into my house or I try to keep them to give to someone and then never do.
I get stuck. Then, getting stuck causes more work and more of a burden. More feelings that I have to keep having over and over again. Why is it so hard to let go?
Let go of the past. Let go of fears. Let go of insecurities.
The Bible tells us in Isaiah 43:18-19, “Forget the former things; do not dwell on the past. See, I am doing a new thing! Now it springs up; do you not perceive it? I am making a way in the wilderness and streams in the wasteland.”
Time to let go. One of the best ways I have found to battle those negative thoughts, no matter what they be, is to speak back the word of the Lord. So, when my mind tells me I’m ugly, fat or not good enough, I speak back that I am God’s child, made in His image, good enough for whatever He has laid before me. I am able to speak back with the verses above.
So, when my mind starts to wane, asking the questions, will buying a business actually happen? Maybe I don’t have enough money or don’t have enough time or don’t know enough about finance or don’t feel comfortable enough having all these conversations with so many people about so many intimate financial topics, or maybe I don’t know enough about marketing or the internet or seo or, or, or….. I have words to speak back… “Forget the former things; do not dwell in the past. See I’m doing a new thing! Now it springs up; do you not perceive it?”
I have heard so many different opinions on how to acquire businesses. There are many different ways, seller finance, sba loans, sweat equity, equipment loans, partnering, investing, etc. along with mixtures of them all.
After swaying around, back and forth, listening to these experts give their opinion, I have made mine. Get in the game; it doesn’t matter how; it doesn’t matter how small or how big; it doesn’t matter how you achieve it, but just do it.
Brandon Turner is a millionaire who got his start investing in multi-unit properties. He relates getting your white belt in martial arts to the first major step in a property buying journey.
I am taking this simple analogy and am applying it to the business buying journey, which is similar to buying properties.
The first one is the hardest one to get. Why? Because it is hard to do something that you don’t know, that you are not good at, and that you have to keep trying and failing at.
Also, I’ve come to the conclusion, my own opinion, that getting a home run is pretty much out of the question. Everyone seems to want a home run when buying their first business. I agree that you want to make sure that it doesn’t bankrupt you, that you don’t run out of cash half way through the year, but as long as it seems halfway decent, it can be good enough.
Really, I just want to hit the ball between the bases, even if it doesn’t make it to the pitcher’s mound. At this point, I just want to get my white belt.
Surprisingly enough, forming this type of opinion is a big win in a business buying journey. There are so many ways to go, but by having enough information to form an opinion separate from what others believe is something I can plant my flag in.
Here are a couple of positive take-aways:
- Speak Back to Negative Thoughts - You were made to do this. Speak God’s word into it, and see what happens.
- Let Go of Old Stuff - Throw it away or give it away. Don’t hang onto it, so you have to deal with it, and all the feelings that come with it, again and again.
- Form Your Own Opinion - having enough information to form your own opinion is a big win, a starting point, a direction.
CANVASSING FOR SMB CACHE
Activities we accomplished this week.
📚️ 2 Learning Events with Contrarian Thinking
GROWTH
🌊 Deal Flow Strategy
🧠 Formed an Opinion
⚽️ Get in the game the easiest way you can.
⚾️ It doesn’t matter how bad you suck, as long as you swing and hit something.
📈 Metrics Support Moving
💪 Use metrics to help you realize strengths
😏 and mostly weaknesses (or areas to improve).
RESOURCES
Resources that can help you learn about small and medium business (SMB) buying:
🏘️ Here is a link to Brandon Turner’s website. I have really enjoyed his podcasts from Bigger Pockets and his book called Multi-Family Millionaire which presents a strong strategy for investing in properties.
☠️ But First Coffee YouTuber tells how to do Swedish Death Cleaning. I really like her story about her brother’s jacket.
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