Merry Christmas everyone! I have officially published over 200 posts on this blog! No interviews tomorrow, but I will share one here on X-mas Eve.
Check out this interview with James White of https://jamestimothywhite.com/
1. What got you interested in buying and selling businesses? Share your story.
I stated a business at age 12 with just a twenty dollar snow shovel, by the time I was 16, I had already hired both my parents and my brother. At age 18, I started to invest money with a stock broker and made money off those investments and that’s when I stared to think, “I can do this too”. I think I was 20 when I just did it, I sold my business to my father, took the cash, hired a lawyer, did some research and then started by first capital firm, which lead to some very challenging times but gave me the ability and experience to see help others buy and sell business which is what I love to do today.
2. What are some of the biggest challenges you see when it comes to buying an existing business?
There are several. The main challenge is the “mom and pop” issue. They build a business, make money, and then think, lets sell…the only issues is they are the business! By the way, that term is not just related to very small businesses, I would call even $20 Million dollar business mom and pop as the company depends on the survival of the owner!
3. What has been your favorite business venture out of everything you have done?
I would say by M & A days of the Frankfurt Stock Exchange, we like to call them the “Louis Vuitton days of the Frankfurt” – the company was making lots of money, we were blessed to travel through Europe and meet some very interesting people – one being a very powerful head of state in the Middle East.
4. What are 2 or 3 tips you can provide when it comes to debt management?
Don’t buy a debt management company as your first M & A deal, It’s cost me millions of dollars, a heart-attack and was the downfall of my empire in 2010 (it’s has since rebounded stronger). The key to debt management is only do short-term loans 12 months or less, never sign personal guarantees, and always think “do I REALLY need this or do I just WANT it.
5. What are your future plans for 2015 and beyond?
I have so many exciting things planned for 2015. In January I will be turning 30, by February, I will be a licensed real estate broker in the State of Florida. March my new book will be coming out which is also going to coincide with my “American Dream” world tour in a dozen counties with the purpose of promoting the E-2 Investor Visa and our loan program designed to lend them 100% of the money necessary to purchase a US based business and qualify them for the visa – It’s very exciting and rewarding personally and professionally at the same time.
