1. Never start a business, always buy one.
2. About 80% of businesses are sold through networks and not business listings.
3. Look for a distressed seller of a good business.
4. Look at 10 businesses simultaneously, not just one, to find the right deal.
5. The average valuation for most small and medium-size businesses is only 2X earnings.
6. Psychology is 80% of buying a small business. Many sellers are more concerned with legacy than money.
- Carl Allen, "How to Make Money by Buying an Established, Profitable Business Using None of Your Own Money," The James Altucher Show