Buying a small business is the fastest way to become a millionaire.Anyone can do it.6 steps to buy your first business (and make $1,000,000):Step 1: Market Research.Go to "bizbuysell(dot)com."You'll find 1,000s of listings and start to notice some patterns.They'll mention:Cashflow (profit after expenses).SDE (Seller Discretionary Income).FF&E (Furniture, Fixtures, and Equipment).Revenue (money coming into the business).EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization).A few important terms to know. Mess around with the filters to match your:• Location• Price range• Ideal cashflowGet comfortable looking at the listings to see what you might like. Step 2: Engage With Lenders.You need to ask yourself:"How will I fund this acquisition?"Will I use:• My own money?• An investor?• A bank? There are many ways to get the deal done.I prefer to buy the business with little to $0 down.I teach my students the same.Step 3: Start Making Calls.Don't get discouraged at this point in the process.• Phone calls• Meetings• ZoomsThings still may not work out.That's okay. Take a ton of notes and keep going till you find a business.Once you have:• The reason they're selling• 3 years of tax returns• P&L statementsConsult a professional for due diligence.Sellers can fluff the numbers.And remember:NEVER become emotionally attached to a deal. Step 4: Make Your Offer.Take the average SDE (owner's total profit) from the last 3 years.Multiply that number by a 2x - 4x multiple depending on business condition.Round down your answer.Make the offer. The seller accepts.Congrats! Step 5: Structure The Purchase.What's better than buying a business with none of our own money? (answer = not much)For the sake of this example, let's use Bob's money.Bob wants to invest in a business and he loves your deal.You tell Bob that if he provides the 10% downpayment, he'll get 15% equity in the business.It's a win-win-win-win. Here's how:Win #1: Bob gets an amazing return.Win #2: The business can still grow.Win #3: You delegate daily tasks.Win #4: You can keep the rest.Then you repeat. Step 6: Due Diligence.This is by far the most critical part of the business buying process.Do this:• Hire an accountant• Talk to the employees• Find a like-minded owner• Check out their social mediaFinal Step: Exhale & Close.You just bought your first business!Note: Anyone can do this, all you need to do is get started.I love this game...Interested? DM me to get started.