#348 The Reality of Buying a Business — What No One Tells You

What's it really like to buy a business? Not the Instagram version. Not the "Lamborghinis and Dubai" version. The real version. In this episode, Jonathan brings together a panel of experienced dealmakers at Riverside Studios, all of whom have completed multiple acquisitions across sectors including property, construction, accountancy, engineering, and more.  What follows is one of the most honest conversations you'll hear about business buying. Behind the Scenes: Real Deals, Real Numbers This isn't theory. These are people who have actually done it: 11 deals in 5 years £17M group revenue £26M in acquisitions underway Multiple buy-and-build strategies across sectors And yet, despite the success… every single one of them has faced setbacks, stress, and deals falling apart. The Truth: Deals Fall Apart (Often at the Last Minute) One of the clearest messages from this episode: Expect things to go wrong. You'll hear examples like: Deals collapsing on the day of signing Sellers changing their mind at the last minute Lawyers slowing everything down Weeks (or months) of work disappearing overnight One dealmaker shares how they: Rebranded a business Built a website Spent £15,000 preparing …only for the seller to walk away at the final moment This is normal. The Emotional Reality Buying a business isn't just strategic, it's emotional. High highs when deals progress Low lows when they fall apart Constant uncertainty As one dealmaker puts it: It's a rollercoaster. Expect to strike out more than you succeed.  If you're not prepared for that, it will catch you out. Seller Problems You Don't Expect Even after completion, challenges don't stop. Real examples from the episode include: Sellers sabotaging the business after selling Negative reviews being posted by the former owner Directors staying on and disrupting operations Internal conflict damaging performance These are rarely talked about, but they happen.   How to Protect Yourself The panel shares practical ways to reduce risk: Avoid keeping sellers as directors unless absolutely necessary Use deferred consideration tied to performance Structure agreements so sellers are incentivised to help, not hinder Use clear consultancy agreements instead of vague ongoing roles Define responsibilities and expectations upfront The key idea: Alignment matters more than goodwill.   Deal Flow: The Numbers Game No One Warns You About Another reality check: Finding the right deal takes volume. Thousands of letters Hundreds of conversations Single-digit response rates Even then: Most responses won't lead to deals Many opportunities won't stack up Persistence is essential But there's nuance: Some deals happen quickly Others take years Luck plays a role The only constant is this: You need to keep going.   Persistence vs Stubbornness Thi