The first thing Nadir Jiddou will tell you before buying a business?
Do your homework.
And the homework Nadir advises for buyers is very introspective.
“Know what you’re good at and know what you want to do before you make this commitment.”
At the end of the day, he says, you’re buying the job – so make sure you will want to do it fully and whole-heartedly.
Then, find the right people willing to dig in and do the hard work.
After all, this is no easy feat.
“If it were so easy, we would all be billionaires like Elon Musk going to the moon.”
With solid support, intense effort, and preparation that includes knowing your strengths and weaknesses, Nadir predicts that the business you buy will be successful.
Buyers Beware: Know Yourself and the Risks
Buying a business is equal parts risk and hard work. Nadir has seen many buyers enter business sales thinking it’s just a matter of putting others in charge and collecting a check but that only accounts for the risk.
Hard work, planning, and preparation need to come first, he advises.
“It’s simple and doable; it’s just not easy.”
He says that jumping in without doing homework on yourself first is vital, but he admits that being spontaneous also has advantages.
“Some people like me don’t think about it too much; I just do it. This has worked out great for me, but it doesn’t work out that way for everyone.”
The difference is, he says, goes back to knowing who you are and calculating how much risk and effort you are willing to take on.
Nadir Knows About Calculated Risks
Michigan Business Broker founder Nadir Jiddou has been buying and selling businesses for more than 18 years in Michigan, and it all started with a risk he was willing to take while at Wayne State.
“I went to Wayne State for engineering … my dad was an engineer, and I was good at math and science and all that fun stuff, but it just wasn’t for me.”
When he was a sophomore, a cousin asked if he wanted to buy a pizza place with him. He jumped at the opportunity to use his calculating brain as an entrepreneur.
It’s the kind of “calculated risk” Nadir considers vital today to successful business ownership. That and hard work is something he’s very familiar with.
“It’s OK to take a risk if you do it knowing what can happen, but not being scared of doing it.”
Nadir ended up running five Cottage Inns, starting a fish and chicken restaurant, as well as running an assisted living facility when he discovered he could share his success story with others.
“Really, I was just looking for another business for myself, and a friend of mine had a brokerage. I went to work for him for a little bit and saw what it was like being a business broker,” he said.
Nadir created Michigan Business Broker and has continued to build it for the last seven years, selling his businesses to focus on helping others buy and sell their own ventures.
These calculated risks have paid off for him and for Michigan business sellers and buyers.
At Michigan Business Broker, we have the experience and skills to ensure you have everything you need to succeed as a business buyer or seller.
Call us at (248) 220-3274 or look at the business listings we currently have to see what might fit you.