10 Minute Deals

How James used a chance conversation to acquire a business founded in 1777 — and why buying beats starting every time. GUEST James — Serial acquirer in the funeral profession and Deal Makers Academy mentor. EPISODE SUMMARY James had been quietly learning the acquisition process through Deal Makers Academy when a casual remark to a 62-year-old business owner sparked an unexpected deal. His story spans multiple acquisitions in the funeral profession, including a remarkable purchase of a business founded in 1777, and a creative "undercover" strategy that involved hiring out limousines to competitors to scout acquisition targets. James also reflects honestly on the realities of starting a new business versus buying an existing one. KEY TAKEAWAYS ▸  Being one or two steps ahead of the seller in knowledge is all you need — you don't have to be the finished article. ▸  Buying an existing business gives you instant infrastructure: staff, clients, phone numbers, bank accounts and reputation. ▸  Starting a new business from scratch can take a decade just to break even; an acquisition shortens that dramatically. ▸  Going 'undercover' — in James's case, as a limo driver — is a legitimate deal-sourcing strategy to understand a market from the inside. ▸  Deal structure can go beyond price: James paid the full asking price on one deal and was later invited to the seller's diamond wedding anniversary. ▸  Commercial mortgages against the property element of a deal, plus cash in the business at completion, can make a deal largely self-financing. DEAL HIGHLIGHT James acquired a funeral business that included a converted house and a large premises. He raised a commercial mortgage against the property, used cash already in the business to fund another acquisition, and repaid a director's loan — meaning more money went back into the bank on day one than he paid out. "You've got the clients, the customers, the families — and in our profession, people come back to us generation after generation." Learn more: www.dealmakers.co.uk

Danny reveals how he acquired nearly £900k worth of manufacturing businesses without spending a penny of his own money. GUEST Danny — Manufacturing business acquirer with three no-money-down deals completed. EPISODE SUMMARY Danny has bought multiple manufacturing businesses using creative deal structures that required no personal capital. His first acquisition involved separating the property from the business, selling the real estate to a property investor on day one, then paying for the business itself out of its own profits over four years. His second deal mirrored this structure, with the property acquired via commercial mortgage and cash from business one. A third deal came through an unexpected referral when a previous deal collapsed. KEY TAKEAWAYS ▸  Splitting property from the business in a deal and selling the property to an investor on day one can fund the cash element sellers need — with no money down. ▸  The balance of consideration (the business value) can be deferred over four to five years, paid from the profits the business itself generates. ▸  Buying alongside a broker is possible, but insist on dealing directly with the sellers — the best deals are done over a cup of tea. ▸  Build a commercial property portfolio alongside your business acquisition portfolio: one gives you cash flow, the other gives you capital growth. ▸  A collapsed deal can itself become a deal-sourcing opportunity — Danny's third acquisition came directly from a candidate he'd interviewed to run a different business. ▸  Recovery loans and leverage against debtor books are legitimate funding mechanisms for day-one consideration. DEAL HIGHLIGHT Deal one: total consideration ~£900k, 0% from Danny's personal funds. The property (the majority of the price) was sold to an investor on day one; the business element was deferred over four years, funded by the business's own profits. "Of course you can. It is just those people don't know how to do it — so they tell you that it can't be done because they don't know any different." Learn more: www.dealmakers.co.uk

Martin's ambitious roll-up strategy for accountancy firms includes a unique model where he charges businesses to help them become worth buying. GUEST Martin — Entrepreneur building a £400m financial services group through accountancy acquisitions. EPISODE SUMMARY Martin came to Jonathan Jay's course as a sceptic and left ready to move fast. Within days of finishing, he had acquired his first accountancy firm — and a second between Christmas and New Year. His strategy has since evolved into a sophisticated pipeline model: for businesses that want more than he can fairly pay, Martin charges a monthly consulting fee and takes an option to buy in three years, helping them reach the value they're seeking while generating referral income along the way. KEY TAKEAWAYS ▸  Speed of action after learning the process is a hallmark of successful acquirers — Martin had two deals done within a week of finishing the course. ▸  Buying your own accountant can be a dual win: you get a great business model AND recruit the MD you wanted. ▸  For businesses priced far above what they're worth, an option-to-purchase combined with paid consultancy creates a win-win: the seller gets help, you get referral income and a pipeline deal. ▸  Accountants typically value their own businesses on gross recurring fees (0.8–1.5x turnover) rather than profit multiples — understand this going in. ▸  Integrating mortgage, insurance and pension referrals into acquired accounting firms is where the real profit sits. ▸  A business that's been consulted and developed before acquisition arrives de-risked, with transition work already done. DEAL HIGHLIGHT Martin has built a pipeline of 14 businesses he is actively preparing for acquisition, charging them monthly consultancy fees while holding an option to buy at a pre-agreed price — creating income today and a de-risked acquisition tomorrow. "What if we just start buying up accountants? How hard can it be?" Learn more: www.dealmakers.co.uk

Simon grew his PR agency from £1.5m to a multi-million group by acquiring seven businesses — with no debt, no loans and no risk to the family home. GUEST Simon — Founder of Jargon PR; has completed seven acquisitions in PR and media. EPISODE SUMMARY Simon had built Jargon PR organically over 10 years to £1.5 million in fees before discovering business acquisition. Since then he has completed seven deals — five PR agencies and two media businesses — all structured with no upfront payment and all self-financing. His second acquisition also served as a geographic expansion into Manchester, using the acquired team's local roots to establish credibility in the market. KEY TAKEAWAYS ▸  A profit-share over 12 months (with no upfront payment) is a viable structure for a micro acquisition — and one the seller may actually prefer if they just want to retire cleanly. ▸  You do not need fixed assets to do no-money-down deals — in service businesses, the 'assets' are the people and the client relationships. ▸  Acquisition can be used strategically to enter a new geography, not just to add revenue. ▸  Staff concerns are consistently more important than client concerns post-acquisition — clients rarely notice, staff always do. ▸  Seemingly small things — payroll date, expenses policy, mobile phones — matter enormously to the team you've just taken on. ▸  Put yourself in the seller's shoes: find out what they actually want, then work backwards from that. DEAL HIGHLIGHT First deal: a PR agency doing £100k/year in fees, acquired on a 12-month profit-share of 10% — no upfront payment, no debt. Two staff members and most clients are still with Jargon PR today. "You can only ever sell your business once — so just tell me what you're looking for and we can work from that." Learn more: www.dealmakers.co.uk

Neil turned a redundancy and just two months of savings into a thriving accountancy business — then used acquisition to prove the model could scale. GUEST Neil — Founder of an accountancy practice; has completed two acquisitions and is building a scalable group. EPISODE SUMMARY After multiple redundancies and with only two months of cash in the bank, Neil set up his accountancy practice and grew it organically to around £350k turnover. A chance LinkedIn message from a sole trader looking to exit led to Neil's first acquisition — a micro deal that served as proof of concept. His second, larger deal came two years later and brought with it a qualified CTA, enabling Neil to restructure his management team and free himself from technical work. KEY TAKEAWAYS ▸  Starting with a micro acquisition is a legitimate strategy — the proof of concept is as valuable as the revenue it adds. ▸  Monthly recurring revenue (direct debit-based) gives you a much clearer picture of what you're really buying. ▸  Acquiring outside your local area is entirely possible — Neil's first acquisition was in Bournemouth, far from his base. ▸  Half upfront, half after 12 months with clawback is a sensible structure for a small deal where client retention is the key risk. ▸  Acquiring a CTA (chartered tax advisor) as part of a deal can solve a management layer problem and free the business owner to step back. ▸  Intangible value — Google reviews, referrals, untapped upsell potential — often isn't on the deal sheet but is real. DEAL HIGHLIGHT First acquisition: a small fee bank in Bournemouth, structured as 50% upfront and 50% after 12 months with a clawback clause. Most clients were retained; Neil has since grown revenue from that client base above what the deal projected. "If I can do it for three or four clients, why can't I do it for 30 or 40?" Learn more: www.dealmakers.co.uk

Stephen lives in France, works in the UK — and has completed four acquisitions of digital and creative agencies, two mergers, and one disposal. GUEST Stephen — Former COO; now building a UK digital and creative agency group from his base in France. EPISODE SUMMARY Stephen's acquisition journey began when he left a COO role at a $6m US business and discovered Jonathan Jay's webinar. Based in France, he has since completed four UK acquisitions in the digital marketing and creative agency space — sending out batches of letters, building a pipeline of 30–40 conversations, and completing his first deal with a distressed business owner. He reflects candidly on the difference between a distressed owner and a distressed business, and on the value of in-person mastermind events. KEY TAKEAWAYS ▸  You do not need to live near the businesses you buy — Stephen operates entirely remotely from France. ▸  Sending letters in batches of 1,000 and following up consistently is the core of deal origination. ▸  The first call is the hardest; after six conversations, confidence builds naturally. ▸  There is an important distinction between a distressed owner (whose business may be healthy) and a distressed business — the former is a much better deal. ▸  Walking away from a deal at heads of terms is entirely valid — Stephen did it on his first serious conversation. ▸  In-person mastermind events deliver disproportionate value: the peer network, shared experience and real-time problem-solving accelerate progress significantly. DEAL HIGHLIGHT Stephen's first completed acquisition was a distressed business with a distressed owner. He structured it to limit downside: bought for £1, knowing the worst case was simply walking away and shutting it down — ensuring no significant capital was at risk. "When I decided to leave, I came across a webinar of yours and I'm like, oh, this is possible — didn't even realise there was an option." Learn more: www.dealmakers.co.uk

Rob pivoted from British food shops to coffee shops and completed two deals within two months of joining the programme — with more in the pipeline. GUEST Rob — Canada-based acquirer targeting independent coffee shops across Ontario and the US northeast. EPISODE SUMMARY Based in Canada, Rob initially planned to acquire British food shops serving the expat community before pivoting to independent coffee shops after listening to a podcast episode featuring John Richardson. Within two months of joining the Fast Track programme, he had signed heads of terms on two deals and had a third imminent. His story is a masterclass in following the process, staying disciplined on the 30-minute initial call, and understanding your own valuation logic before you walk into a negotiation. KEY TAKEAWAYS ▸  Pivoting your target sector based on new information (such as a podcast) is smart, not indecisive. ▸  750 letters generated five to six enquiries per day — and they were still coming in weeks later. ▸  Discipline on the 30-minute initial call is critical: it signals professionalism and filters out time-wasters on both sides. ▸  Know your valuation multiple before you enter any conversation — Rob uses 1–1.5x for standard sites and up to 3x for strategic locations. ▸  Sellers who can't produce financials rarely have a real business to sell. ▸  The lease is often more complex than the purchase agreement — always request it early, especially if there's a mortgage on the property. DEAL HIGHLIGHT Rob's first deal seller — who had run the coffee shop since 2005 — wanted to return to bookkeeping. Rob offered her a separate bookkeeping role across his growing portfolio, turning the acquisition into a long-term operational relationship. "Stick to the process. Be confident. Do your homework. And be persistent." Learn more: www.dealmakers.co.uk

John has bought three businesses in a year — including a hotel and golf club from administrators and a software company in six hours. GUEST John Graves — Serial acquirer with three deals in 12 months, specialising in distressed and administrator opportunities. EPISODE SUMMARY John's approach to acquisitions is defined by speed, volume and decisiveness. He signs NDAs daily and reviews at least five opportunities a week. His standout deals include a distressed hotel and golf club bought from administrators (with seven broken toilets on day one), which he refinanced within a week to pull most of his money back out; and a software company acquired in a six-hour process — at the price of a family car — alongside fellow mastermind member Steven. KEY TAKEAWAYS ▸  Volume of deal flow is everything: signing an NDA every day means you can be highly selective about what you pursue. ▸  When you have too many inbound leads to handle well, switch off outbound marketing temporarily rather than give any deal poor attention. ▸  Administration deals move fast — offer on Wednesday, accepted Thursday, completed the following Thursday. Be credible and be ready. ▸  Buying assets (not shares) from an administrator means HMRC liabilities and other debts stay behind — you get the business free and clear. ▸  Leases are a hidden cash-flow trap: 10 separate equipment leases can become 10 monthly payments that compound and crush trading cash flow. ▸  Asset refinancing after acquisition can return most or all of your initial investment within days, freeing capital for the next deal. DEAL HIGHLIGHT The hotel and golf club: bought from administrators with an offer on day two, completed in seven days. Refinanced the assets within a week of completion and recovered most of the purchase price — then used that cash to complete a second deal within 30 days. "Stop the procrastination and get those deals in — it's about volume and it's about mass marketing." Learn more: www.dealmakers.co.uk

Jo's first acquisition — a freehold property plus a client book, funded entirely by the seller at 2% above base rate over 20 years — remains the most remarkable deal in this series. GUEST Jo — Founder of Bell's Accountants; has completed five acquisitions in the accountancy sector. EPISODE SUMMARY Jo started Bell's Accountants 13 years ago and quickly realised her job was to win business, not do the work. Her first acquisition happened by accident — a referral through a mutual contact led to a meeting with an elderly practice owner who wanted someone to look after his clients and team, not a big cheque. He offered to lend Jo the £500,000 consideration himself, repayable at 2% above base rate over 20 years, secured against the freehold property. To date she has completed five acquisitions, all low-risk, deferred structures. KEY TAKEAWAYS ▸  Not all sellers want a lump sum — some simply want a trustworthy buyer who will look after their clients and staff, and a steady income stream. ▸  Seller financing — where the seller lends you the consideration — is a real and powerful mechanism, and can come with very favourable terms. ▸  Looking after the staff in an accountancy acquisition isn't just ethical — it's commercially essential, because the clients' loyalty belongs to the people, not the firm name. ▸  The buyer, not the seller, typically drives the process post-heads-of-terms: be ready to lead on timelines, TUPE, client communication and systems migration. ▸  Acquiring practices at a lower multiple, then digitalising and systematising them, increases the multiple at resale — the same logic as property renovation. ▸  Trust is the deal. In many owner-managed businesses, the seller won't proceed until they believe in the buyer as a person. DEAL HIGHLIGHT A freehold property plus accounting practice, total consideration £500,000, funded 100% by the seller at 2% above base rate, repayable over 20 years — with the seller contractually preventing early repayment because he wanted the monthly income, not a lump sum. "He said: would you mind if you effectively borrowed the money from me? Rather than going to the bank, just pay me off over the next 20 years." Learn more: www.dealmakers.co.uk

Graham acquired McGill's — a 440-person Scottish construction business — out of administration in 2019, proving that credibility, speed and clear thinking can unlock the biggest opportunities. GUEST Graham Carling — Entrepreneur and deal maker; acquired McGill's Group, a Scottish Top 500 construction company, out of administration in 2019. EPISODE SUMMARY Graham had identified McGill's 18 months before it went into administration and made an approach that went nowhere — until the day it collapsed. By extraordinary coincidence he was sitting in the same hotel when the administrators arrived. Over the following six weeks he negotiated a deal, was named preferred bidder and completed in mid-March 2019. He replaced the entire board, had a new leadership team ready before completion, and within 12 months had turned the business around. KEY TAKEAWAYS ▸  Tracking a business you want to buy — even if nothing happens immediately — means you're positioned when circumstances change. ▸  Administration deals require you to be a credible buyer: the administrator has fiduciary duties and will not compromise their process for an unproven acquirer. ▸  When value is clear, decisions are easy — this principle cuts through the noise of other people's doubts and opinions. ▸  Replacing the leadership team that oversaw the failure is often an early, necessary decision; but it requires having new leadership ready before completion. ▸  The faster you move in an administration, the more value you preserve — every day of delay devalues the business further. ▸  Buying assets (not shares) allows you to leave liabilities behind and start fresh, even in a high-profile, complex situation. DEAL HIGHLIGHT McGill's went into administration on 1 February 2019. Graham was named preferred bidder by the end of February and completed on 13 March 2019 — a six-week window to conduct limited legal due diligence on a 440-person, £45m-turnover business. "When value is clear, decisions are easy — that keeps me on the straight and narrow from the noise of other people's opinions." Learn more: www.dealmakers.co.uk