EFP 89: Entrepreneur Vs. Mini-Mogul Approach (With Ace Chapman)

Justin Cooke

April 10, 2014

AceEntrepreneurs build businesses from scratch – that’s the way they roll, right? Not always…

Starting from scratch can include unnecessary headaches and getting paid pennies before you see any real cash. Good thing that’s not the only approach…

Meet the mini-mogul, the people who are buying websites that are already up and running and growing them into powerhouse businesses.

Introducing Ace Chapman, Master of the Mini-Mogul business Model

Today, we have Ace Chapman to share his insights and some how-to on buying businesses that are already profitable. Of course, we’ll also be digging into the advantages and disadvantages to the mini-mogul approach as compared to starting from scratch.

Afraid you don’t have the cash to buy businesses? Don’t worry, Ace even shares advice on financing options you might not know are available.

Check Out This Week’s Episode Here:

 Direct Download – Right Click, Save As

Topics Discussed This Week Include:

  • Building a business from scratch vs. buying an established business.
  • The grind required when building a new business (and being paid pennies.)
  • Seeing the bigger picture and pivoting.
  • Beating your competition by applying strategies from parallel industries.
  • Doing the hard work that others won’t do.

Mentions:

Quotables:

  • “Buying an existing business and treating it like a startup is one of the most profitable ways to leverage opportunity.” -Ace Chapman – Tweet This!

What do you think? Is the entrepreneur approach for you or do you want to go the way of the mini-mogul? Let us know on SpeakPipe or comment below!

Photo Credit: Gareth Williams via Flickr


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Discussion
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  1. Ian says:

    “You’re an ambulance chaser broker!”

    LoL. This is great.

    So great to hear you two explore this question of the low level entrepreneurship disease. It didn’t occur to me until you where discussing it, but I believe it’s something I suffer from. I’m looking forward to breaking into the higher business process and results phase now. Thanks for the fortification.

    Justin and Joe, I haven’t listened to the show in a long time and you guys just keep getting better. Thanks a bunch and I’m subscribing up now.

    Please let me know if there is anything I can do to support you guys.

    With appreciation,
    Ian

  2. Justin Cooke says:

    Thanks, Darren! Great point – you’ve inspired a massive post (with a checklist if I can add it) that will go into some depth regarding due diligence that I think you’ll find useful.

  3. Great ep with a crap ton of information in it. I’ve been buying established sites recently, with mixed results. I would love for you guys to delve a bit deeper into the due diligence ie elevating metrics e.t.c that should be done, when it comes to buying site.

  4. RJ Cid says:

    This is a great podcast guys! I really admire Ace and what he’s done. I been spending last few years building online marketing knowledge and skills. I would love to have a portfolio of sites, but i also love the idea of being the entrepreneur with my own flagship site. SO much is possible but only 1 thing at a time! I have a site that made $1,500 last year, but its pretty much a self branded blog, i can try to flip that and try to re-invest that capital into a small site. Anywho, favorited this podcast!

    • Justin Cooke says:

      Thanks, RJ!

      I admire Ace too – he’s been involved in a ton of deals, transaction, etc…definitely a hustler when it comes to getting deals done! :-)

      We’ve just flipped a few sites for people last night, actually – Around 35K in total. Sweet!

  5. Ashley Lauren says:

    Great interview Justin. I have heard Ace before but this interview got me really excited about buying a business. Love this side of things.

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