Afleveringen
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Host: Jonathan Jay
Format: Live panel Q&A β Riverside Studios, Hammersmith
Guests: Seven Inner Circle members
OverviewTwo big topics dominate this episode. First, the Inner Circle share exactly how they're deploying AI β not in theory, but in practice, right now. Then the conversation shifts to business partnerships: what makes them work, what makes them fail, and two cautionary tales from panellists who learned the hard way.
AI in PracticeThe panel go well beyond buzzwords. One member is building private internal large language models to train salespeople rather than replace them β capturing every call to create an expert system. Another has automated six hours of compliance work per client into seconds: call recorded, transcript uploaded, CRM populated, recommendation letters generated, all without human input. A third used Claude to sift 200 job applications down to a ranked shortlist and hired the top candidate. Practical tools mentioned include Otter, Fireflies, and Crisp (for analysing discovery calls). The panel's warning: AI will tell you what you want to hear β always interrogate the output.
Business Partnerships β the Honest VersionThe panel are candid. Partnerships almost always end, and rarely cleanly. One consistent failure mode: one partner outworks the other and resentment builds. The advice β never go 50/50, always have a majority partner, write a thorough shareholders' agreement (not a Β£750 cut-price version), include a 'bad leaver' clause, and build in a fair buyout mechanism where the person making the offer doesn't get to choose whether they're buying or selling.
Jonathan's Partnership StoryJonathan shares a personal case study: a business growing to Β£200,000 a week in sales, two indicative offers (one at Β£21.5m), that collapsed when his partner refused the non-compete clause, withdrew his contacts, and then demanded Β£10.5m for a stake in a business now in freefall. The legal bill alone was Β£50,000. The lesson: never skimp on the shareholders' agreement.
Key Takeawaysβ’ Use AI as a thinking partner β feed it your challenges and let it build your plan.
β’ Automate the admin, free the humans β AI should handle low-value tasks, not replace relationships.
β’ Never go 50/50 β someone must have the casting vote.
β’ Spend properly on your shareholders' agreement β it is the cheapest insurance you'll ever buy.
β’ Build in a buyout mechanism from day one β and agree the exit strategy before you start.
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Host: Jonathan Jay
Format: Live panel Q&A β Riverside Studios, Hammersmith
Guests: Seven Inner Circle members
OverviewThe Inner Circle panel at Riverside Studios tackle one of the most important questions in business acquisition: how do you remain a strategic investor after buying a business, rather than sliding back into day-to-day operations? The episode also covers sector selection for first-time buyers, and how transferable skills apply across industries.
Stay at the Top of the QuadrantThe panel are unanimous: go in as an investor from day one, not an owner or operator. Getting sucked into running the business is a slippery slope β one panellist warns that 18 months later you can find yourself the accidental Operations Director. Your highest-value task is strategy and growth, not delivery. Buy a platform business with an existing management team, so you can step back immediately.
Choosing Your First SectorFor a former military officer in the audience wondering where to start, the panel's advice is practical: begin by eliminating sectors you won't touch, then follow the private equity money. Subscribe to deal flow newsletters, look for fragmented industries with proven trade and PE buyers, and pick something close to home geographically for your first acquisition. One panellist chose barbershops purely for the cash flow model β no debtors, daily revenue β and used the income to fund school fees and a car. Another built a hands-off holiday let portfolio using other people's money, taking just 15 minutes a week to manage.
Mindset Shifts After Five YearsAsked what they've learned about themselves, the panel give rapid-fire answers: resilience is everything; stop exchanging time for money; you are more capable than you believe. The biggest identity shift for several panellists has been moving from 'business owner' to 'acquisitions entrepreneur' β a reframe that changes how others see you and how you see yourself.
Key Takeawaysβ’ Buy a platform business β one that runs without you from day one.
β’ Follow the PE money β if private equity is active in a sector, there's a proven exit waiting.
β’ Geography matters for your first deal β keep it local and manageable.
β’ Cash flow businesses beat debtors β recurring, upfront revenue reduces risk.
β’ Community accelerates everything β you can't do this as well alone.
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Zijn er afleveringen die ontbreken?
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From First Deal to Big Exits: What Real Dealmakers Are Doing Differently
Host: Jonathan Jay
Format: Live panel Q&A β Riverside Studios, Hammersmith
Guests: Seven Inner Circle members
OverviewSeven of Jonathan Jay's Inner Circle members β experienced business acquirers β answer unscripted questions from a live audience. This episode focuses on exit strategies, building deal confidence, and how to get a first acquisition over the line.
Exit StrategyThe panel agree: start with the end in mind, but hold the number loosely. One member is building a Β£25m technology group by 55, with a Β£100m goal by 60 β but stresses the journey matters more than the figure. Another runs multiple buy-and-build projects in parallel, generating a new exit every 3β6 months and ultimately targeting a move into private equity. The consensus: build like you're selling, even if you never plan to.
Confidence & CompetenceBusiness skills are transferable β sector experience is helpful, not essential. The panel recommend starting with your own supply chain, where trust is already established. Find an accountability partner more productive than you, and lean on your community: you don't need all the answers, you just need people who do.
When Letters Don't WorkOne audience member sent 30,000 letters and got just 10 responses β all broker-listed at inflated prices. The panel's diagnosis: check the letter against the proven template, iterate in smaller batches, and never dismiss a broker-listed seller. Reignite their original motivation, get in front of them face to face, and help them see the deal on the table today is more valuable than a higher number that may never arrive.
Key Takeawaysβ’ Your exit goal will evolve β treat it as a waypoint, not a destination.
β’ Sector experience isn't required β core business skills transfer everywhere.
β’ Your supply chain is your best first target β the seller already knows and trusts you.
β’ Meet sellers face to face β a phone call alone won't close a deal.
β’ Follow the system precisely β one small deviation can kill your response rate.
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We continue our live panel discussion, recorded at Riverside Studios in Hammersmith, with Jonathan and his inner circle group of experienced dealmakers.
This isn't about tactics, it's about mindset. Because the real challenge in business acquisition isn't finding deals, it's what's happening in your head.
Most people think success in acquisitions comes down to:
β’ The right sector
β’ The right deal
β’ The right timing
But the truth? You are the biggest variable in the entire process.
Your thinking. Your habits. Your willingness to let go.
This episode explores what changes when you stop working in the business⦠and start thinking like an acquirer.
Why business buying is a mental game first
β’ Your mindset shapes how you negotiate, source deals, and make decisions
β’ Confidence and self-perception matter more than technical knowledge
β’ The biggest breakthroughs come from changing how you think, not what you do
The founder trap (and how to escape it)
Β· Why building from scratch can cost you years of time, stress, and missed opportunities
Β· How acquisitions can accelerate growth instantly
Β· The hard truth: many founders realise too late they took the long route
How to stop being the bottleneck in your own business
Β· Why your name is probably in every box on the org chart
Β· The cost of holding onto control
Β· Practical ways to step back and build a leadership team
One powerful idea: If you're not doing the one thing you're world-class at, you're losing money.
The mindset shift around delegation
Β· Why letting go feels uncomfortable (and often irrational)
Β· The real reason you resist paying others to do tasks
Β· How to value your time properly
A simple but confronting example: If your time is worth Β£500+ per hour, why are you doing Β£120/hour tasks?
Building a business that runs without you
Β· How experienced dealmakers structure their time
Β· Why some owners are almost invisible inside their own companies
Β· The difference between owning a business and running one
Fear vs ego: what's really holding you back?
Β· Why most people don't delegate (and it's not what they think)
Β· The hidden fear of losing control and not knowing how to recover
Β· How self-awareness becomes a competitive advantage
What happens when you lose everything
One of the most powerful moments in this episode: A dealmaker shares how they lost everything⦠And rebuilt it all in just 64 days.
The lesson?
Skills and mindset are more valuable than money.
Once you know how to create value, you can do it again.
Why your peer group matters more than you think
Β· The difference between personal friends and professional peers
Β· How being around the right people stretches your thinking
Β· Why growth often requires changing your environment
The long-term game: hunter vs hunted
Β· Why acquisitions allow you to leverage years of someone else's work
Β· How to build a group of businesses strategically
· When to switch from buying⦠to becoming the asset others want
Key takeaway
You don't build wealth by working harder inside a business.
You build it by:
β’ Letting go
β’ Thinking bigger
β’ Leveraging people, systems, and acquisitions
And most importantly⦠Becoming a different person in the process.
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What's it really like to buy a business? Not the Instagram version. Not the "Lamborghinis and Dubai" version. The real version.
In this episode, Jonathan brings together a panel of experienced dealmakers at Riverside Studios, all of whom have completed multiple acquisitions across sectors including property, construction, accountancy, engineering, and more.
What follows is one of the most honest conversations you'll hear about business buying.
Behind the Scenes: Real Deals, Real Numbers
This isn't theory. These are people who have actually done it:
11 deals in 5 years £17M group revenue £26M in acquisitions underway Multiple buy-and-build strategies across sectorsAnd yet, despite the success⦠every single one of them has faced setbacks, stress, and deals falling apart.
The Truth: Deals Fall Apart (Often at the Last Minute)
One of the clearest messages from this episode:
Expect things to go wrong.
You'll hear examples like:
Deals collapsing on the day of signing Sellers changing their mind at the last minute Lawyers slowing everything down Weeks (or months) of work disappearing overnightOne dealmaker shares how they:
Rebranded a business Built a website Spent Β£15,000 preparingβ¦only for the seller to walk away at the final moment
This is normal.
The Emotional Reality
Buying a business isn't just strategic, it's emotional.
High highs when deals progress Low lows when they fall apart Constant uncertaintyAs one dealmaker puts it: It's a rollercoaster. Expect to strike out more than you succeed.
If you're not prepared for that, it will catch you out.
Seller Problems You Don't Expect
Even after completion, challenges don't stop. Real examples from the episode include:
Sellers sabotaging the business after selling Negative reviews being posted by the former owner Directors staying on and disrupting operations Internal conflict damaging performanceThese are rarely talked about, but they happen.
How to Protect Yourself
The panel shares practical ways to reduce risk:
Avoid keeping sellers as directors unless absolutely necessary Use deferred consideration tied to performance Structure agreements so sellers are incentivised to help, not hinder Use clear consultancy agreements instead of vague ongoing roles Define responsibilities and expectations upfrontThe key idea:
Alignment matters more than goodwill.
Deal Flow: The Numbers Game No One Warns You About
Another reality check:
Finding the right deal takes volume.
Thousands of letters Hundreds of conversations Single-digit response ratesEven then:
Most responses won't lead to deals Many opportunities won't stack up Persistence is essentialBut there's nuance:
Some deals happen quickly Others take years Luck plays a roleThe only constant is this:
You need to keep going.
Persistence vs Stubbornness
This episode draws an important distinction:
Persistence = keep moving forward Stubbornness = repeating what doesn't workSuccessful dealmakers:
Learn from failed deals Adjust their approach Delegate and outsource Focus on higher-value activityThey don't just "try harder"
They get smarter
Why Most Business Owners Stay Stuck
A powerful theme emerges:
Most business owners:
Grow slowly Stay in their comfort zone Chase small improvementsWhile dealmakers:
Think bigger Use acquisition to scale faster Double or triple revenue through dealsThe difference isn't intelligence.
It's mindset.
The Hidden Barrier: Your Own Thinking
One of the most striking insights:
Your growth is limited by what you believe is possible.
Many people unconsciously cap their success They return to familiar "safe" levels They self-sabotage without realisingTo grow, you have to:
Redefine what "normal" looks like Push beyond your current identity Think at a different levelKey Takeaways
If you're considering buying a business, take this seriously:
1. It's not glamorous
Ignore what you see online. This is hard work.
2. Deals will fall apart
Build resilience. Expect setbacks.
3. Sellers can become problems
Structure deals to protect yourself.
4. Volume matters
More conversations = more opportunities.
5. Learn and adapt
Don't repeat the same mistakes.
6. Think bigger
Acquisition is a faster path than organic growth.
7. Your mindset sets the ceiling
If you don't change how you think, nothing else changes.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & Review
If you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
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What happens when you stop thinking like an employeeβ¦ and start thinking like a dealmaker? In this week's episode, Jonathan talks with Pete, a Masterminder who has gone from earning Β£50k a year to co-owning a group of businesses generating Β£6 million in revenue β all within just a few years. οΏΌ Pete's journey started as an apprentice engineer. β’ One day a week at college β’ Meeting a future business partner β’ Years of working for other people β’ A growing frustration that there had to be something more The opportunity came when they explored buying the business his partner worked in. But the deal dragged on for two years. Nothing happened. Everything changed when Pete discovered Jonathan's approach. Within 6β7 months, the deal was done. The biggest shift? Confidence. Once you realise you can do it, everything changes. Pete highlights a critical lesson most beginners miss: Never rely on one deal. Instead: β’ Send out letters consistently β’ Build multiple conversations β’ Create choice and comparison Because the moment you only have one option, you become a motivated buyer. And that's when bad decisions happen. The Reality of Distressed Deals One of the acquisitions was a distressed "Β£1 deal". On paper, it looked like an opportunity. In reality? β’ Key staff left early β’ Critical knowledge disappeared β’ Supplier issues surfaced β’ Unexpected Β£500k liabilities appeared It was fixed, and became profitable. But the lesson is clear: Distressed deals are not easy wins. Peter sees the biggest learning curve as people. Not finance. Not strategy. Not deal structure. People. Key Takeaways from This Episode Take action - Waiting doesn't get deals done. Don't get emotionally attached to one deal - There are always other opportunities. Don't negotiate yourself out of a deal - Sometimes "good enough" is better than perfect. Build deal flow - Options give you power. Surround yourself with the right people - You can't do this alone.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
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Buying a business isn't just about finding the right opportunity. It's about structuring the deal in a way that works for everyone involved.
In this week's episode of Business Buying Strategies, Jonathan hands the microphone to his dealmaking partner Martin, who shares insights from a live webinar with Dealmakers clients.
Martin has been directly involved in hundreds of acquisitions and is currently negotiating multiple deals himself. In this session he explains how real deals are structured, how negotiations actually unfold, and what funding strategies are working in today's market.
This episode is packed with practical advice drawn from real negotiations happening right now.
What You'll Learn in This Episode Why negotiation skills matter more than clever deal structuresMany new dealmakers become fascinated by complex deal structures. But Martin explains that the structure itself is rarely the difficult part. The real skill lies in negotiating terms that work for both sides.
Successful negotiators focus on three outcomes:
β’ Getting the business cheaper
β’ Getting better payment terms
β’ Getting more value for the same price
When you negotiate with these principles in mind, both sides feel they've achieved a good outcome.
Why deal structure can change a business's value dramaticallyOne of the most striking insights from the episode is how the same business can be valued very differently depending on the deal structure.
Martin shares a real example where four potential deal structures valued the same business between Β£1.2 million and Β£3 million. Nothing about the business itself changed. Only the structure of the deal.
Ironically, the structure with the highest valuation turned out to be the best deal for the buyer because it produced significantly stronger annual cashflow.
It's a powerful reminder that:
Price alone never tells the full story.
Why preparation matters β but expecting the unexpected matters moreMany first-time buyers believe they need to be perfectly prepared before approaching a seller. Martin explains why this mindset can hold you back. In real negotiations, unexpected moments happen constantly.
He shares a story about visiting a potential acquisition target and discoveringβmid-conversationβthat the seller spoke Danish, which unexpectedly became a useful rapport-building moment.
The lesson? You cannot prepare for every possible outcome. But you can stay flexible and genuine.
The difference between objections and buying questionsA key negotiation skill is recognising the difference between:
An objection
and
A buying question
Often when sellers raise concerns, they are not rejecting the deal. They are simply participating in the buying process. For example, when a seller asks:
"How do I know you'll actually pay me the deferred payments in the future?"
This is usually a buying question rather than resistance.
Martin explains how to respond by:
β’ Sharing your long-term vision for the business
β’ Explaining why reputation matters for future acquisitions
β’ Highlighting legal protections within the deal
Handled correctly, these moments can build trust rather than derail negotiations.
The most common funding options used in acquisitionsFunding a deal doesn't always require traditional bank loans. Martin outlines several financing options frequently used in acquisitions:
Invoice Finance
One of the easiest and most flexible funding sources, especially for B2B businesses.
Asset Finance
Funding secured against equipment, machinery or vehicles within the business.
Bridging Finance
Often used when property assets are involved.
Cashflow Lending
Possible but generally riskier because it relies solely on the borrower's ability to repay.
Interestingly, Martin's preference is often no external finance at all, using seller-funded structures instead.
These can dramatically reduce risk for the buyer.
The danger of majority share purchasesAnother important insight relates to buying majority stakes instead of full ownership.
Martin warns that shared ownership can lead to serious problems if the relationship between directors breaks down.
Whenever possible, buying 100% of the business is usually the cleaner and safer option.
If a minority stake remains, it's essential to agree upfront how future exits will be handled.
How to handle seller concerns about deferred paymentsOne of the most common objections sellers raise is concern about receiving payments years into the future.
Martin explains how to reassure sellers by emphasising:
β’ Your long-term strategy for the business
β’ The reputational damage of failing to honour agreements
β’ Legal protections within the share purchase agreement
β’ The mutual incentives to make the business succeed
When positioned correctly, deferred payments become a shared success model, not a risk.
Key TakeawayThe biggest misconception about buying businesses is that deals depend on complicated financial engineering.
In reality, successful acquisitions come down to three things:
β’ Strong negotiation skills
β’ Smart deal structures
β’ Clear alignment between buyer and seller
Master these, and opportunities open up quickly.
If you want to understand how real deals are negotiated and funded in today's market, this episode is essential listening.
Expect practical advice, honest insights, and real-world examples from the front lines of dealmaking.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
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What Kind of Business Should I Buy?
If you're thinking about buying a business, this is the question that determines everything. Not how to fund it. Not how to structure it. Not even how to find it.
But what kind of business should you buy?
In this week's episode, Jonathan Jay answers the foundational question every serious dealmaker must get right and explains why choosing the wrong business is the fastest way to sabotage your future success .
Start With the End in Mind
Jonathan opens with a principle borrowed from Stephen Covey: Begin with the end in mind.
Before you even look at sectors or valuations, you need clarity on your outcome. Are you:
Escaping corporate life? Growing your existing business? Building a group to sell for seven or eight figures?Each goal demands a completely different acquisition strategy.
If you want to replace your salary, Jonathan challenges you to aim higher than feels comfortable. If you want to scale your current company, acquisition is the fastest way to move the needle. If you want generational wealth, buy-and-build might be your path.
But the type of business you buy must match the outcome you want.
Why Most First-Time Buyers Aim Too Low
One of the most controversial sections of this episode? Size.
Jonathan argues that most first-time buyers go too small β and pay the price. Businesses making under Β£100,000 net profit often:
Depend too heavily on the owner Lack proper management accounts Have fragile teams Leave no room for post-acquisition wobbleInstead, he shares what he looks for:
At least Β£1m revenue At least Β£200k net profit Stable margins (15β25%+) Strong management in place Recurring or repeat revenueThe effort required to buy a Β£200k profit business is not ten times harder than buying a Β£20k one. But the impact on your life absolutely is.
The Three Core Acquisition Paths
Jonathan breaks down three common strategies:
Escape the Day Job: Buy a business that produces serious income β ideally 10x your salary.
Grow an Existing Business: Acquire competitors, suppliers, complementary businesses, or geographic expansions.
Buy-and-Build: Acquire smaller businesses at lower multiples, combine them, and sell the larger group at a higher multiple.
He explains:
What fragmented markets are Why M&A activity above you matters How multiple arbitrage works Why strong management becomes critical at scaleAnd importantly β why one deal can change your life.
The Worst Types of Businesses to Buy
Jonathan doesn't hold back here. Avoid:
Owner-dependent businesses Fad businesses Highly volatile or "spiky" profit businesses Overleveraged acquisitions Companies reliant on family members Businesses where relationships walk out the door with the sellerHe also explains why buying too small can mean buying yourself a job.
And that's not what this is about.
Funding, Risk and Structure
This episode also covers:
Why over-leveraging kills deals Why working capital matters more than most buyers realise Why your first deal is the most important Why corporate structure must be set up properly Why personal guarantees should be limited and containedJonathan's position is clear:
Deal number one sets the foundation for everything that follows.
Get it right, and you build momentum. Get it wrong, and you may never do deal two.
The Big Takeaway
Buying a business isn't just about buying something. It's about buying the right thing.
With:
The right margins The right management The right structure The right funding And the right strategic fit for your long-term goalClarity at the beginning prevents regret later.
Listen Now
If you're serious about buying a business in 2026 β or even just thinking about it β this episode gives you the strategic filter you need before you start looking at opportunities.
Listen now and make sure your first deal is the right one.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
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In this special episode, you're invited to listen in on a live panel from one of Jonathan Jay's recent Mastermind events β featuring experienced Inner Circle members who have collectively bought dozens of businesses.
This is real talk from real dealmakers.
They've battled through first deals, discovered unexpected sectors, failed forward, negotiated smart structures β and now they're here to share what actually works.
Expect candid insights, live questions from the audience, and stories that will challenge the way you think about dealmaking.
In this panel episode, you'll hear:
β Why some people close deals after 9 letters β and others need 9,000
β The Domino's Pizza flyer analogy that explains seller timing
β How one letter arriving on a seller's birthday triggered a deal
β What not to do if you want to avoid buying yourself a job
β Why having a "sector" might not matter as much as you think
β The power of being the deal maker not the operator
β How one member grew to Β£20M in revenue through targeted acquisitions
β The truth about tax structures, holding companies and when to keep it simple
β The hidden benefits of buying a business β including instant access to teams, clients, and new energy
You'll also learn what separates the dabblers from the doers β and why mindset, patience, and smart support systems make all the difference.
Whether you're planning your first deal or your next ten, this behind-the-scenes panel offers valuable takeaways, practical strategies, and straight-talking wisdom.
Listen now and learn what experienced dealmakers wish they'd known at the start.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
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In the second part of our special two-part highlights series, Jonathan Jay dives into more of the most impactful, practical, and inspiring moments from the 2025 season of Business Buying Strategies.
Whether you're brand new to acquisitions or have a few deals under your belt, this curated episode brings together essential wisdom from trusted voices in the Dealmakers community.
Here's what you'll hear:1. The Legal Pitfalls First-Time Buyers Must Avoid
Top M&A lawyer John Andrews shares critical advice for getting your structure right from day one.
You'll learn:
Why a shareholders' agreement is vital β and when to draft one How share classes, company articles, and director agreements protect you long term What to expect (and budget) for legal fees How to choose the right lawyer β and why experience matters more than cost2. The Real Skills Behind Closing a Deal
Master negotiator Martin, a Dealmakers Circle member, delivers a no-nonsense mindset and negotiation masterclass.
He breaks down:
Why confidence (not cash) is your most powerful asset How to handle questions you don't know the answer to β without losing credibility What to say when a seller gives you an unrealistic price How deal fees, PGs, and over-leverage can ruin a good deal β and how to protect yourself3. Coffee with Jonathan β Real Q&A with Aspiring Buyers
Join Jonathan as he answers live questions from attendees during one of his informal "Coffee Morning" Zooms.
Topics include:
How to set up the right holding company and deal structure Why boards of directors are unnecessary distractions for most first-time buyers The truth about debt, due diligence, and using ChatGPT for business advice How to protect your existing businesses when you start acquiring others4. Jonathan's Live Seminar β No Money Downβ¦ Explained
Get an insider listen to a live seminar where Jonathan walks business owners through:
How to buy a profitable business without risking personal funds The difference between deal flow and deal completion How to use real estate to complement your acquisition strategy The 36-month "Buy, Build, Exit" roadmap β and why it starts nowYou'll also hear Jonathan's own backstory β including the deal that changed his life, the competitor he bought (and shut down), and what buying 48 businesses during a pandemic really taught him.
π§ Whether you're looking for clarity, inspiration, or a practical edge β this episode is packed with the real-world knowledge you need to succeed.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
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Kicking off the new year in style, this special episode of Business Buying Strategies brings you the best, boldest, and most instructive stories from the podcast in 2025.
You'll hear from real dealmakersβordinary people doing extraordinary thingsβwho followed Jonathan Jay's proven acquisition strategies and transformed their lives. Whether you're starting from scratch or already own a business, this episode will help you understand how growth through acquisition really works.
What You'll Learn in This Episode
How complete beginners have bought businesses without risking their own cash Real examples of smart deal structures (including 100% deferred payments, sale and leasebacks, and profit shares) Why business brokers are often best avoidedβand how to source deals direct The mindset shift that separates hesitant entrepreneurs from decisive dealmakers Lessons from multiple industries: manufacturing, beauty, PR, accountancy, care, construction, and moreFeatured Dealmakers & Their Stories
Danny : Bought his first manufacturing business in 2020 using a sale-and-leaseback strategyβwithout upfront cash.
Since then, he's continued acquiring, including a steel stockist business sourced via a broker, proving there are exceptions to every rule. His deals are a masterclass in positioning, rapport-building, and creative funding structures.
Cara: Started with a single beauty salon turning over Β£180k. Now owns nine salons generating over Β£2 millionβin just 18 months. Her story is a testament to bold action, clear negotiation, and using Jonathan's direct letter strategy to source off-market deals.
Simon: Built a successful PR firm through five low-risk acquisitions (plus two media businesses). Did every deal with no upfront paymentβjust structured earn-outs and profit shares. Proves that asset-light businesses can still be bought without debt or risk.
Martin: Went from sceptic to super-dealmakerβbuying two businesses in the final week of December. Now a key member of the Dealmakers training team, Martin specialises in smart structuring, negotiation, and financingβhighlighting the power of taking fast action.
Richard: Shares powerful insights from 125+ investments across three decades. From growing up in the Australian care system to early retirement at 34, Richard reflects on the power of resilience, backing the right people, and learning from failure. This extended segment offers wisdom for anyone thinking about buying, building, or backing a business.
David: Built a Β£20m revenue care group from a spare bedroom startup via 17 acquisitions in just a few years. Started by taking over a struggling friend's company, then pounced when two corporates exited the market. Now a blueprint for how to scale fast in a regulated, people-heavy sector.
John: Grew a Β£6m group of six construction-sector businesses by combining organic growth with smart acquisitionsβsome funded using the target company's own cash. Emphasises the power of accountability, having a group strategy, and executing consistently.
Neil: Started 2020 with three clients and two months of savings. Now runs a 600+ client accountancy practicegenerating over Β£1 million annually. His first acquisitionβa micro-fee bankβgave him the confidence to grow faster through acquisition.
Key Takeaways
You don't need money to buy a businessβjust the right strategy and structure. It's never the wrong time to act. Deals happened on Christmas Eve and New Year's Eve. Good sellers aren't looking for the highest bidder. They're looking for a safe pair of hands. Confidence grows through action. One deal is often the gateway to dozens more.This is one of the most inspiring and educational episodes we've ever released. Whether you're new to acquisitions or already making deals, you'll walk away with new insightsβand renewed motivation.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
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This week on Business Buying Strategies, we return to the behind-the-scenes recording of a live seminar where Jonathan Jay walks an audience of ambitious entrepreneurs through his proven approach to buying and growing businesses without using their own cash.
Whether you're just getting started or you've tried the "DIY" route with limited results, this is a must-listen for anyone who wants a safer, smarter way to buy businesses.
Jonathan breaks down:
β Why confidence matters more than cash β and how to build it
β What a leveraged buyout (LBO) really means in practical terms
β How to buy using seller finance, asset finance, invoice finance, and even the target business's own cash
β Why he refuses to let clients sign personal guarantees β and what to do instead
β The truth about "no money down" deals β and why that term is misleading
β How to structure a deal that reduces risk and gets the seller paid
β Why most "rookie buyers" fail to get past deal sourcing β and how to go all the way to completionYou'll also learn about the concept of the "deal jigsaw" β Jonathan's approach to combining multiple finance methods into one seamless, no-risk deal structure.
Plus:
How to pay yourself a deal fee at completion
Why seller credibility is everything β and what to watch out for
The 21-step roadmap Jonathan teaches to take you from ambition to acquisition
How to secure exclusivity with sellers (and push away the competition)
What to say during discovery calls and face-to-face meetings to maintain control of the process
And why the best deals come from off-market businesses, not brokers
Whether you're looking to make your first acquisition or scale through multiple deals, this episode delivers the strategic clarity most buyers never get.
π Listen now and discover how to build your acquisition game plan β without putting your personal finances on the line.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
Resources Mentioned:
Business Buying Toolkit β Free Download
Upcoming Deal Club Events
3-Day Foundation Programme
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This week on Business Buying Strategies, we bring you something different β a behind-the-scenes recording of a live seminar where Jonathan Jay walks an audience of ambitious entrepreneurs through his proven approach to buying and growing businesses without using their own cash.
If you've ever thought, "Surely this can't be possible?" β this episode will challenge everything you think you know about business growth, retirement planning, and personal freedom.
Here's what you'll learn:
Why acquisitions can fast-track your business goals more effectively than organic growth The single deal that changed Jonathan's life β and how one deal could change yours too The timeline and mindset needed to buy, build and exit a business in just 36 months How to create your own "capital event" every year β even if you've never bought a business before Different acquisition strategies (competitor, supply chain, sector expansion, buy-and-build) How to buy property as part of your deal β and use it as a long-term wealth engine Why most people overpay β and how to avoid the #1 mistake new dealmakers make Why buying a business is not the same as buying yourself a job (unless you do it wrong) Jonathan's honest take on distressed businesses, franchises, and due diligence risks How to build a bulletproof acquisition plan β and position yourself as a credible buyer from day oneWhether you're a first-time buyer, a business owner looking to scale, or someone seeking a smarter path to retirement, this episode is packed with practical insight and inspiring case studies.
You'll also hear:
β What to say when sellers ask, "Why do you want to buy my business?"
β How to negotiate like a professional β and avoid paying more than you should
β Why systems, marketing know-how and Trade Mastermind strategies give you an edge
β The importance of aligning deal structure with your goals, personality, and strengths"You are one deal away from everything you want."
Jonathan's message is clear β but the strategy has to be right.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
Resources Mentioned:
Business Buying Toolkit β Free Download
Upcoming Deal Club Events
3-Day Foundation Programme
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In this special episode of Business Buying Strategies, Jonathan Jay pulls back the curtain on a pivotal moment in every dealmaker's journey β the point where you stop watching from the sidelines and take real, tangible action.
And if you've been listening to the podcast for a while but still haven't bought your first business, this episode might just change everything.
Here's what you'll discover:
β The biggest mindset shift that separates action-takers from "armchair" dealmakers
β Why trying to piece together internet advice is like cooking with three celebrity chefs β and why it doesn't work
β The real reason sending letters to business owners is outdated (and what to do instead)
β Why getting stuck in the deal sourcing phase is costing you time, energy, and opportunities
β How one dealmaker added Β£9M in turnover and Β£1.4M in profit β in just 7 months
β The hidden power of vendor finance (and how it can benefit both buyer and seller)
β Why buying a business transforms you β not just your incomeYou'll also hear inspiring real-life stories from past Mastermind clients β including:
A primary school teacher turned Β£9M dealmaker
A beautician who went from Β£180K to a 7-salon, Β£2M business group
A dealmaker who earned Β£300K upfront on day one β without spending his own money
Plus, Jonathan reveals a limited-time opportunity to attend the 3-day Foundation Programme in December β live and in person β for just Β£1.
This is more than a podcast episode. It's your personal invitation to go from listener to action-taker⦠to business buyer.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
Resources Mentioned:
Business Buying Toolkit β Free Download
Upcoming Deal Club Events
3-Day Foundation Programme
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In this week's episode of Business Buying Strategies, you're invited to sit in on one of Jonathan Jay's live "Coffee with Jonathan" sessions β where he fields rapid-fire questions from aspiring dealmakers and delivers straight-talking, practical answers.
From metaphors that make sense to advice that saves you from million-pound mistakes, this episode is packed with real insights, real examples, and real momentum.
Here's what you'll learn this week:
The Spaghetti Analogy That Could Change Your Approach Forever
Discover why Jonathan says business buying is like choosing between wet spaghetti and dry spaghetti β and how following a clear, step-by-step system can cut years off your learning curve.
Why Small Deals Can Be Big Mistakes
Find out why buying a tiny business is often riskier than going bigger β and why revenue comfort zones might be holding you back.
Can You Really Buy a Business If You're Broke?
Jonathan explains why financial difficulties don't disqualify you β and how some of his most successful clients started with nothing but a plan.
What If You've Never Bought a Business Before?
Learn exactly what to say, do, and show to build credibility as a first-time buyer β even if sellers do their due diligence on you.
Why Business Brokers May Not Be Your Best Bet
Jonathan shares why none of his 1,000+ successful clients have done deals through brokers β and what you should be doing instead.
Overseas Acquisitions, Asset vs Share Purchases, Leveraged Buyouts & More
This session covers it all β including how to structure smart deals, whether you need industry experience, and how to stay motivated during a multi-year buy-and-build plan.
Whether you're taking your first steps, feeling stuck, or trying to figure out your next move β this episode offers the clarity you need to move forward with confidence.
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
Resources Mentioned:
Business Buying Toolkit β Free Download
Upcoming Deal Club Events
3-Day Foundation Programme
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In this special short episode of Business Buying Strategies, Jonathan reveals what really happens at his live Business-Buying Foundation Course β and why it's become one of the most transformative events for first-time business buyers.
Jonathan explains why he created the Foundation Programme for those who are tired of endless webinars and ready to learn in person β surrounded by like-minded people who are serious about taking action. Over three immersive days, attendees get clarity, confidence, and a proven process for buying their first (or next) business.
In this episode, you'll discover:
Why so many people fail at acquisition simply because they lack a system.
How the Foundation Programme helps you define your goals and work backwards to the right deal strategy.
The hands-on structure that turns theory into action through live exercises and real case studies.
How interactive sessions, guest experts, and networking dinners create a powerful learning environment.
Why this event isn't just about knowledge β it's about self-belief.
Jonathan also shares details of the next Foundation Programme, happening 2β4 December at the stunning Wokefield Park Estate near Reading. Places are limited to just 30β40 attendees to keep the experience personal and focused.
π Find out more and book your place now at dealmakers.co.uk/foundation
If you've ever thought about buying a business but haven't taken the first step β this could be the event that changes everything.
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In this straight-talking solo episode, Jonathan Jay reveals the 14 most common mistakes first-time business buyers make β and how you can avoid them.
After a decade of mentoring hundreds of entrepreneurs through their first (and second, third, even 20th) acquisition, Jonathan has seen the same mistakes crop up again and again. Some cost people time. Others cost them tens β even hundreds β of thousands of pounds. And a few can cost them everything.
Whether you're just starting out, stuck in analysis paralysis, or partway through a deal, this episode will give you clarity, confidence and practical tips to avoid painful pitfalls and accelerate your journey to a successful business acquisition.
In This Episode, You'll Discover:Why getting your information from random internet sources is a fast-track to failure
The dangers of mixing advice from YouTube, blogs and podcasts β and why you need a single, structured approach
Why deal sourcing is easy β but getting deals over the line is what actually matters
The myth of sending out letters β and the smarter, modern ways to generate deal flow
The critical mistakes buyers make when valuing a business β and how overpaying can sink your deal
Why "buying a business for Β£1" is not the shortcut you think it is β and what to do instead
How to build credibility with sellers β even if you've never bought a business before
The terrifying reality of personal guarantees β and how to avoid them
Why relying on YouTube or Google to find your deal team is a massive mistake
The hidden danger of "saving money" by skipping proper due diligence
Why small deals can be more trouble than they're worth β and what profit level to aim for
The truth about broker sites, proof of funds, and why off-market deals win
The #1 reason most people never buy a business β and how to make sure you're not one of them
If you're serious about buying a business β and avoiding the mistakes Jonathan outlines β book a free Clarity Call with one of his team:
π dealmakers.co.uk/clarity
You'll get 15 minutes of expert insight to help you decide which next step is right for you β whether that's attending a Deal Club evening, joining the 3-day Foundation Programme, or stepping straight into the Mastermind.
Subscribe & ReviewIf you enjoyed this episode, please subscribe and leave a review. It helps more future dealmakers discover the show β and succeed in their first business acquisition.
Resources Mentioned:
Business Buying Toolkit β Free Download
Upcoming Deal Club Events
3-Day Foundation Programme
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This week, we take you behind the scenes of one of Jonathan Jay's exclusive Zoom coffee mornings β a live, unscripted Q&A session where aspiring business buyers put their real-world questions directly to one of the UK's most experienced dealmakers.
No slides. No fluff. Just straight-talking, practical answers from Jonathan on everything from company structure and personal guarantees to due diligence, PGs, investor myths, tax efficiency, and how to avoid wasting months of your life chasing the wrong advice.
Highlights include:
β Do you need a Board of Directors? (Spoiler: probably not)
β The 3 essentials to protect yourself in a deal: Structure, no PGs, and due diligence
β The truth about "cash-free, debt-free" sales
β Why most sellers have never heard of these terms β and why that helps you
β Should you integrate or isolate a newly acquired business?
β How long should deferred payments last β and what's changed post-Covid?
β What to do when a seller refuses to show financials
β How to break the "motivated buyer" mindset and regain leverage
β Can you really buy a business in the UK as a foreign national? (Yes β and here's how)
Jonathan also shares powerful real-world stories from Mastermind clients β including a primary school teacher who closed a Β£1M profit deal in a new industry β proving that background and credentials matter less than mindset and method.
Thinking of Buying a Business?
If you've been listening to the podcast, watching the YouTube videos, and reading the books β but still feel stuck on what to do next β it's time to move forward.
Book your free Clarity Call now:
Get personalised advice and find the right path for your goals β whether that's Deal Club, the Foundation Programme, or the full Mastermind experience.
β dealmakers.co.uk/clarity
Don't forget your FREE Business Buying Toolkit:
Packed with cheat sheets, templates and video training to help you find, fund and close your next deal.
β dealmakerspodcast.co.uk
Want to meet Jonathan in person?
New dates for the Business-Buying Foundation Programme and Deal Club Live events are now live.
β dealmakers.co.uk/foundation
β dealmakers.co.uk/deal-club-live-events
Listen now:
Business Buying Strategies Podcast
Available on Spotify, Apple Podcasts, and all major platforms. -
In this week's episode, Jonathan Jay introduces Inner Circle member Martin, one of the sharpest negotiators in the business buying world. What follows is a complete masterclass on negotiation β packed with practical insights, real-world stories, and strategies you can put into action right away.
Martin pulls back the curtain on how to approach deals with confidence, credibility, and control. From mindset techniques to financial structuring, from role-playing negotiations to managing seller expectations, this session is full of wisdom you won't find on YouTube.
What you'll learn in this episode:Mindset first: Why self-belief is the foundation of every successful deal β and how to build it.
Confidence counts: How to position yourself as the "safe pair of hands" sellers are looking for.
The art of control: Why asking great questions is the fastest way to take charge of a negotiation.
Truth over bluffing: Why admitting "I don't know" can actually increase your credibility.
Sales skills matter: Why selling is at the heart of deal-making, and how to improve fast.
Smart financing: Understanding the difference between asset finance and invoice finance β and why cash flow trumps profit in the early stages.
Avoiding rookie errors: The dangers of making offers without knowing the numbers.
Spotting skeletons: A simple but powerful line to uncover hidden problems before lawyers get involved.
Creative structures: How to handle sellers who overvalue their businesses β and still get the deal.
Emotional buy-in: Why every seller makes decisions with their heart before their head.
Why listen?If you're serious about buying businesses, this episode will give you the tools to negotiate with confidence and close deals that others would walk away from. Martin's energy, storytelling, and practical frameworks make this one of the most valuable sessions we've ever shared.
π Subscribe to Business Buying Strategies so you never miss an episode.
π Connect with Jonathan Jay on LinkedIn for more resources, tips, and insights.
Links & Resources Mentioned
Book a Clarity Call (free, no obligation) β dealmakers.co.uk/clarity Jonathan's YouTube Channel β youtube.com/@JonathanJayDealmaker Subscribe to the Business Buying Strategies Podcast archive β dealmakerspodcast.co.ukIf you enjoyed this Q&A format and want Jonathan to do more, let him know by leaving a comment or review!
And if you're serious about buying your first (or next) business, book your free clarity call today: dealmakers.co.uk/clarity
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In this week's episode, Jonathan sits down with his long-term legal partner, John Andrews, for a masterclass on the legal do's and don'ts of buying a business.
With over 250 deals completed for Dealmakers clients and three decades of M&A experience, John shares the essential legal knowledge every buyer needs β especially if you're serious about avoiding costly mistakes.
Whether you're preparing for your first deal or scaling up your acquisition strategy, this episode gives you the legal edge to navigate deals with confidence.
What You'll Learn in This Episode:
Why a Shareholders' Agreement is Crucial β and why skipping it can cost you dearly later How to Choose the Right Lawyer β and why not all solicitors are qualified to handle M&A What Goes into a Share Purchase Agreement (SPA) β and the key clauses that protect you The Three Types of Due Diligence β and how each one helps avoid nasty surprises The True Cost of Legal Work β from fixed fees to due diligence and abortive deal risks Asset Purchase vs. Share Purchase β the pros, cons, and tax implications of each What to Expect During the Completion Process β and why most deals are now done digitally The Most Common Legal Mistakes Buyers Make β and how to avoid them How to Avoid Overpaying or Becoming a "Motivated Buyer" β and stay in control of negotiations Why a Strong Legal Team on Both Sides Speeds Up the Deal β and can save you thousandsIf you've ever wondered what your lawyer should really be doing for you β or how to make sure your deal doesn't unravel at the last minute β this episode pulls back the curtain on the legal side of business buying.
π§ Listen now and get legally savvy:
π Listen on Spotify
π Find all episodes at dealmakers.co.uk
Links & Resources Mentioned
Book a Clarity Call (free, no obligation) β dealmakers.co.uk/clarity Jonathan's YouTube Channel β youtube.com/@JonathanJayDealmaker Subscribe to the Business Buying Strategies Podcast archive β dealmakerspodcast.co.ukIf you enjoyed this Q&A format and want Jonathan to do more, let him know by leaving a comment or review!
And if you're serious about buying your first (or next) business, book your free clarity call today: dealmakers.co.uk/clarity
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