Episode 549

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Published on:

1st May 2024

Changing Your Future With Acquisitional Wealth with Josh Tolley

How can you, as an entrepreneur, take your first steps toward buying and selling businesses? 

Do you agree, like my guest, that most businesses should never be owned longer than six years? 

In this episode, Bill Gallagher talks with Josh Tolley, an expert in flipping businesses. Josh is the chairman of a business brokerage company that buys, builds, operates, and sells companies in finance, spirits, birthing centers, professional sports, and other industries. 

Key topics that Bill and Josh explore in this episode: 


- Josh shares insights from his recent book, Acquisition of Wealth, on creating life-changing prosperity.


- The importance of perseverance and learning from failures in acquiring business success.


- Saving vs. investing for wealth, with a focus on business ownership. 


- Why saving your way to wealth can become like chasing a moving target.


- The power of buying businesses for profit over real estate.


- Buying vs starting a business. 


- The distinction between small business owners and entrepreneurs. 


- Why buying an existing business is often more efficient than starting one from scratch.


- Flipping businesses, using  Warren Buffett as an example. 


- Warren Buffett invests in companies, keeps profits for himself.


- Acquiring a 20-year-old business with a skilled employee as CEO can yield higher returns than starting a new venture.


- Flipping businesses every 5-7 years is more profitable than holding onto one.


- Equity gained from flipping a business can be used to buy a more valuable business.


- Josh advises against listening to “Instagram experts” who recommend buying, say, a laundromat or car wash. 


- Common mistakes business owners make when selling their companies. 


- Business owners often lack a clear exit strategy, leading to problems when it's time to sell.


- Entrepreneurs must set up their businesses to run without them. 


- Entrepreneurs struggle with identity issues when their businesses fail or they sell them.


Thanks to Josh Tolley for being on the show! 


Learn more about Josh: https://www.joshtolley.com 


Get Josh’s book: Acquisitional Wealth: The Fastest, Most Proven Way to Create Life-Changing Prosperity: https://amzn.to/3UbD560 


Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth. 


Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop 


Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall/


Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach 


Visit https://ScalingUp.com to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business growth. 

 

Did you enjoy today’s episode? If so, then please leave a review! Help other business leaders discover the Scaling Up Business Podcast so they, too, can benefit from the ideas shared in these podcasts.


Subscribe via Spotify: https://spoti.fi/3PGhWPJ


Subscribe via Apple Podcasts: https://apple.co/3PKe00u


Bill on Facebook: https://www.facebook.com/billgall/ 


Bill on Twitter/X: https://twitter.com/billgall 


This episode was produced by Story On Media & Marketing: https://www.successwithstories.com

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About the Podcast

Scaling Up Business with Bill Gallagher
Do you dream of an easier way to scale and grow your business? Do you wish you didn’t have to work so hard and put in as many hours? Do you find growth too slow, or hard to sustain?

This podcast—Scaling Up Business with Bill Gallagher—can help you achieve and maintain the growth you want.

A message from your host: “I’ve been in your shoes as a founder, CEO, and executive leader. I’ve coached and trained many leaders just like you over more than 15 years to grow their businesses successfully and profitably. But more than that, I’ve helped give them their time and sanity back. My core strength is making the growth process easier, faster, and way more fun.”

A dynamic thought leader, Bill talks with fascinating and brilliant guests each week, including visionary CEOs, trailblazing entrepreneurs, best-selling authors, renowned business strategists, and more.

Broadly, each episode focuses on one of the four major decision areas every entrepreneur and company must get right: People, Strategy, Execution, and Cash. More specifically, the show explores topics such as:

* Business Growth & Scaling.
* Customer Experience & Marketing.
* Innovation & Differentiation.
* Leadership Development.
* Delegation & Accountability.
* Vision & Strategy.
* Team Dynamics.
* Hiring & Talent Management.
* Company Culture.
* Employee Engagement.
* Crisis Management.
* Effective Communication.
* Influence & Persuasion.
* Business Strategies.

Running a business is ultimately about freedom. Subscribe to this podcast to learn how leaders like you can get your organizations moving in sync, create something significant, and still enjoy the ride. Subscribe if you want to elevate your business to unprecedented heights by tuning in to a masterclass in business excellence.

For information on Bill Gallagher’s coaching and training programs, and Scaling Up Workshops, visit www.ScalingCoach.com

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William Gallagher