Buying a business sounds like the move. Be your own boss. Generate income. Maybe even step back and let it run. But most people walk into the process not knowing what they don't know, and that gap can cost them.

This episode of Fearless Money Talks brings in David Koch, senior wealth advisor and director of portfolio management at Halbert Hargrove, for a candid conversation about what smart business buyers do before they sign anything.

David walks through what he looks for when a client comes to him with a deal on the table and it goes well beyond the numbers. There's a question he recommends asking every seller that sounds like small talk but can tell you how dependent the business is on one person. There's a reason he assumes the books are ugly until proven otherwise. And there's a cost you should probably pay before spending millions that buyers may skip because it feels expensive.

The conversation also covers customer concentration risk, what ”passive income” looks like in practice versus in theory, how roll-ups work, and ways to structure a deal so the seller doesn't vanish the moment the wire hits.

If you've ever thought seriously about buying a business or you're already in the middle of it, this episode can help with what you look for.

Connect with us! 

• Kelli Kiemle on LinkedIn
• Brian Spinelli on LinkedIn
• David Koch on LinkedIn
• Halbert Hargrove Website