Episode 310: Systematizing businesses with Michael Frew

Links:Michaelfrew.comSummaryMichael Frew encourages people to use their skills to purchase an already working business rather than building one from scratch. He emphasizes the importance of systematizing businesses to free up time for new opportunities and constantly looking for ways to improve and optimize workflows. Samuel Knickerbocker recommends using Michael's free resources before seeking mentorship and mentions Michael's role in running a portfolio investment company as a potential topic of discussion.Key Points• Michael believes it's easier to buy something than build it and encourages people to use their skills to purchase an already working business (0:58)• Michael discovered the idea of acquiring businesses instead of building them, which fit well with his skill set as an operator rather than an entrepreneur (5:57)• For the past decade, Michael has been acquiring projects and businesses that he finds fun to run and has built a successful career doing so (7:39)• Samuel Knickerbocker notes that many people ask themselves too late in life if their current career is what they really want, and Michael encourages people to start planning for a more fulfilling career path. (8:38)• Samuel asks Michael how he found the confidence to start his own business, and Michael shares that he started small with a five-figure Amazon affiliate site to understand the world of running a business and see if he enjoyed it (12:27)• Samuel and Michael discuss the benefits of software as a service (SaaS) businesses, including scalability and lower overhead costs compared to brick and mortar businesses (18:41)• Michael Frew discusses the revenue and customer stickiness of SaaS businesses, and how they can be sold for high multiples (22:54)• Michael Frew explains the advantages of acquiring an existing SaaS business rather than starting one from scratch, including skipping the hard part of setting it up and buying momentum (24:40)• Michael Frew and Samuel Knickerbocker discuss the mindset of buyers and sellers in acquisitions, and how it's important for the buyer to understand the seller's passion for their project (30:52)• Michael emphasizes the importance of selling to someone who cares about the project and its...