333: Buy Existing Money-Producing Businesses to Shortcut Your Path to Passive Income with Portfolio Shark Ace Chapman

Ace Chapman from Portfolio Sharks is an expert when it comes to buying existing businesses, and he wants you to build that portfolio of income-producing websites. Listen in as he reveals his criteria for purchasing a business and how he creates monthly income with very little hassle.

Quotes:                                                                                                                                   

“I'm a strong believer that everyone's main source of income will eventually disappear. Even if you build a blue-chip Fortune 500 company, those things will go away.” – Ace Chapman

“If you can get all your money back and earn a 100% return on something within a couple of years, that greatly diminishes your risk.” – Ace Chapman

“The greatest thing is being able to do something you love, and that's why I feel fortunate to be able to do this every single day.” – Ace Chapman

Takeaways:

02:59 Diversifying business investments reduces risk and increases potential returns.

12:56 Look for businesses with consistent income and strong systems that can run without constant owner intervention.

17:17 Buying an established business can be faster and smarter than starting from scratch.

20:24 Always conduct thorough due diligence before purchasing any business.

24:06 Structure business deals to protect your capital by involving the seller in the risk.

Resources

Podcast: Play in new window | Download (Duration: 34:14 — 31.3MB) | Embed

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Filed in: Archive 2: 2017 • Interview • Podcast

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