Using Business Acquisitions to Build the Life You Want with Ace Chapman [Ep.128]

<p><span style="font-weight: 400;">Success is not final. This is particularly true in business where failure is all too common. </span></p> <p><span style="font-weight: 400;">It’s an entrepreneur's mindset and their ability to recognize failure as a necessary stepping stone to success that helps them overcome the challenges they may face.</span></p> <p><span style="font-weight: 400;">Ace Chapman experienced this first-hand. He bought his first business for $70K and successfully grew it to where he was receiving 7-figure purchase offers from interested buyers. Then the business collapsed as a result of the dot-com crash. </span></p> <p><span style="font-weight: 400;">He was ready to brand himself a failure when a mentor reminded him that simply owning a business isn’t the endgame. Businesses are disposable assets that you can leverage to build wealth and your ideal lifestyle. </span></p> <p><span style="font-weight: 400;">This revelation ignited Ace’s passion for buying businesses, and 20 years later he has been involved in more than 200 acquisitions. </span></p> <p><span style="font-weight: 400;">In this episode, Ace sheds light on his entrepreneurial journey and explains why your business should always be for sale. According to Ace, </span></p> <blockquote> <p><em><span style="font-weight: 400;">“There are two ways to approach a business. You can give your life to the business or the business can give you life. </span></em></p> <p><em><span style="font-weight: 400;">Instead of thinking of your business as your legacy, think of it as a tool. Your business should always be for sale because it’s really just inventory. It’s a means to an end that you can use to create the life you want.”</span></em></p> </blockquote> <p><span style="font-weight: 400;">Ace goes on to explain how he pairs online and offline business acquisitions to leverage the unique strengths of each asset and how he tackles buying businesses in unfamiliar industries. </span></p> <p><span style="font-weight: 400;">We also discuss why Ace chose to cr