In this episode: a different path to financial independence, buying a business that already works, finding a deal that fits your life, building freedom over time with Tim Delaney

Download my free FI Life Jumpstart (https://mindfulfire.org/start) exercise.

Episode Summary

What if you could reach financial independence sooner through buying an existing cash-flowing business? Tim Delaney joins Adam to explore buying an established small business as an alternative path to FI. They discuss finding a business that fits your life, assessing its financials, and planning for the work that comes after the sale.

Guest Bio

Tim Delaney owns a wine and liquor store near Buffalo, hosts Business Buying for Financial Independence, and runs a mastermind for aspiring business buyers.

Resources & Books Mentioned

• FI Life Jumpstart (https://mindfulfire.org/start)
• Tim’s Buyer’s Profile Assessment (https://powerofbiz.com/mindfulfire)
• BizBuySell (https://www.bizbuysell.com)
• Business Buying for Financial Independence podcast (https://powerofbiz.com/podcast)

Guest Contact Information

• Website and buyer’s profile: powerofbiz.com/mindfulfire (https://powerofbiz.com/mindfulfire?utm_source=mindfufire.org&utm_medium=referral&utm_campaign=podcast-with-adam)
• Instagram: https://www.instagram.com/timtdelaney/?hl=en
• Threads: https://www.threads.com/@timtdelaney

Key Takeaways

• Why buying an existing business could offer a different path to financial independence, and how Tim gradually stepped back from his store.
• What a near-purchase of two donut shops reveals about choosing a business that fits the life you want.
• Why a listing’s cash-flow number may not be your paycheck once seller add-backs and debt payments enter the picture.
• How to find a first deal, build trust with the seller, and get the right people to help you evaluate it.