Buying a Recession Proof Business

Most new businesses fail within the first year; many even fail within the first six months. James wanted a recession proof business, and the quote that kept coming to mind was, "The Only Two Certainties In Life Are Death And Taxes".

Although his experience with tax was limited to paying the Inland Revenue, he did have some experience working at a funeral business that was established in 1777 — making it one of the oldest independent funeral businesses in the country.

After meeting with the owner for a catch-up, he plucked up the courage to ask if he could have "first refusal" should he ever consider selling it. Seemingly the owner had already been considering his exit strategy, as he responded quickly with "I think I'm ready now."

What You'll Learn

• Why buying a business is so much easier than starting a new one — especially in an industry with centuries of heritage
• How James financed the deal to acquire one of the oldest funeral businesses in the country
• Why a monthly repayment for deferred consideration is a bad idea — and what to do instead
• How he intends to speed up the scaling process and the benefits of finding and nurturing the right staff