Dave Lukas Chats with Chad Peterson
174: How to Live for a Living with America’s #1 Business Broker, Chad Peterson
This week’s Misfit Entrepreneur is Chad Peterson. Chad has been a serial entrepreneur going back to when he was a kid. He is the founder of Peterson Acquisitions, a business broker that helps people buy and sell businesses through the U.S. and abroad and his been ranked the #1 business broker in the country.
Chad is also the author of multiple best-sellers including From Blue to White: Quit Your J.O.B., A Working Man's Guide to Self-Employment and Swinging Doors.
Chad has done deals of all sizes upwards of $550 million and has a created a unique process that can help any business owner prepare and maximize the value of their business, as well as help them in their next great adventure. I’m excited to have him on today to discuss what he’s learned along his Misfit Entrepreneur journey and the principles he can teach you about buying and selling a business.
As Chad says, he got where he is at by sure determination, will, tenacity, and fire in his belly. He went out and did it. But he had his hard times. He was raised in a tumultuous household – no silver spoon. He realized at an early age that “if it’s meant to be, it’s up to me.”
He started as young kid knocking on doors and did everything from yard work to walking dogs, odd jobs and more. Anything he could do to succeed, he did it. Chad says, that “those customers taught him more about life than the school system or even his parents. Business raised Chad. He’s had multiple successes and multiple failures.
In your book, Blue to White, you open it up by saying that when someone asks you what you do, you tell them, “I live for a living.” Explain that.
What was it that you learned about life from your customers when you were a kid?
At the 11:30 mark, Chad talks about his biggest failure in business with his mortgage business and what he took away from it…
“Where there is no passion, there is no profit.”
At the 16:38 mark, Chad shares how he does, what he does with clients…
How do you do the 2nd part, the discussion around whether someone is psychologically ready to sell their business?
What are things people should be thinking about or doing ahead of time or as they are growing their business to be prepared to sell it?
What are the elements of a great deal? How does someone know that deal that is put together is a good one for them for their business?
Tell us more about the 3 M’s…
What is one thing that you think every entrepreneur should know?
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