A marketer turned entrepreneur explains why following your passion is key to finding the right business to buy. Read DoYeti’s CEO story!
After a year-long search and evaluating over a hundred businesses, Derek Delost found DotYeti, a graphic design platform where companies can access an entire creative team in exchange for a fee.
“I wasn't really sure what I wanted to do, so the search process was very long.”
Inspired by the book Buy Then Build by Walker Deibel, Derek created a ‘mission statement’ that allowed him to narrow down his search.
“I wanted a business with really strong established processes and management a great team in place so I could leverage my past experience and focus on growth. because I knew those were not my strengths. So, understanding that my strengths were sales and marketing brought me to look at a broad range of businesses and really figure out what I wanted to focus on.”
He considered his competitive advantage, but he also had another factor to think about: passion.
“I'm gonna be doing this all day every day. I have to enjoy it. If I enjoy what I'm doing and I know how to do it, I think innately I'm gonna be more successful,” said Derek.
“And then another big part of it is just trusting your instinct, you know, and if something kind of feels right or doesn't feel right”.
Although Derek’s choice had a ‘mystical’ halo, he didn’t leave anything to chance, especially because his family depended on him. One of his biggest fears before buying the business was leaving the security of a paycheck behind.
“I looked at every single way that I could de-risk the acquisition, and Boopos was a big part of that.”
A large portion of Derek’s upfront investment was on a team of people who knew what they were doing in terms of business acquisitions.
“There was a lot at stake and I went through a whole other process to get through that fear and take that leap. I did a ton of research and I surrounded myself with the best people I could find in terms of lawyers. I hired a business coach, I hired an accountant.
“People who I could trust to walk with me through the process and make sure I wasn't missing anything.”
Besides surrounding himself with expert advice and doing due diligence, Derek considers that patience was key to finding the perfect business to buy.
“I think you have to be patient. When you're acquiring a business, you have to really wait for the right one that's gonna fit for you; there's no real roadmap. Everybody has to find their own kind of way”.
When finding advice on what businesses to buy you’ll usually find tips on what to look for in the financial statements. However, evaluating the sellers might be as relevant as doing the financial due diligence.
“It was really important to me to have good chemistry with the sellers. The founders themselves were fantastic, they were awesome, which is a large part of why the deal got done. They were super transparent through the whole process and very accommodating to all my questions.
“They've really really helped facilitate the transition with the team, specifically the first 30 days”.
Derek Delost's journey highlights the importance of doing the research and waiting patiently for the best deal, which should also be one that aligns with your passion and skills. In part, Derek credits Boopos with helping him de-risk the process.
Learn how Boopos can help you find your next business to buy and support you in every step, from sourcing deals to negotiating and closing the sale. Get qualified!
