Aug 31, 2023
Kerry Lutz interviewed David Barnett about his book "Smarter Than a Startup," which advocates for buying an existing business instead of starting a new one. Barnett explains that buying a profitable business reduces risk and provides an incubation base for new ideas. They also discuss the importance of customer service and setting expectations in the property management industry, the pros and cons of franchising, and the challenges of buying and selling businesses in the current economic climate.
Barnett notes that higher interest rates are making it more difficult for buyers to pay top dollar for businesses, and that sellers who are not paying attention to these changes may find that their businesses are worth even less down the road. They conclude by discussing the importance of learning from past experiences and developing oneself in order to succeed in business.