Borderless Podcast

For this podcast I interviewed Ty Crandall who is an internationally known speaker, author, and business credit and financing expert. He is the CEO at Credit Suitewhere he oversees the biggest business credit coaching operation in the United States.

Many entrepreneurs are not as aware of business credit as they should be. Business credit works almost exactly like personal credit but is based on your companies EIN (Tax ID) number instead of your personal Social Security Number. Getting credit through your business has many benefits. In fact, almost all businesses today are run with business credit and not using it will disadvantage you greatly. Business credit is available to non-US citizens and can be built in all countries where you can incorporate.

During the interview we thoroughly go over most of the important things you need to know when building business credit.

Click the below to get the free e-book How to Build Credit through Your EIN That is Not Linked to Your SSN

Send me the free e-book

Show notes:

What is Business Credit? (1:40)
How you can get business credit without a personal credit check (4:10)
Should all businesses start building credit as soon as possible? (7:00)
How non-US citizens can use business credit. (13:00)
The right kind of business entities for building business credit (15:45)
Setting up the right address, phone number, website, e-mail address, references, bank accounts to build credibility. (17:20)
What are the differences between virtual offices. (21:25)
What are the first steps to start building your business credit. (23:48)
How it normally takes to build your credit. (27:12)
The differences between business and personal credit. (31:05)
Do you have to continuously maintain your credit score. (32:20)
At what point in the business life is it time to start building credit. (35:20)
What happens if you cannot pay the money back. (37:00)
Shelf corporations (40:05)
Things to think about when naming your business (42:00)
Credit repair (45:20)
Crowdfunding (49:50)

Direct download: Ep_103.mp3
Category:general -- posted at: 1:04pm EST

In 2007, Mark qualified for welfare and started his online business from a computer at the public library (because he couldn’t afford his own). Using YouTube & Google Pay Per Click, he began to sell affiliate products. Today, nearly $20 million dollars of his own info-products have been sold.  In this episode Mark gives some priceless gems of wisdom for those that want to start their own online business. Get ready to take pay attention to guy normally charges $50,000 - $100,000 for private consultations. 

Show notes:
Mark’s Entrepreneurial past (4:50)
His first big break (10:44)
Is the age of information products over? (16:13)
How to find the place that you need to be (25:35)
What you need to have success with an online business (32:35)
The Great Lemonade Crusade (39:10)
The new age of information gamification (42:55)
How to approach pricing (53:22)
Mark’s advice to new entrepreneurs (58:45)

Direct download: Project.mp3
Category:general -- posted at: 12:39pm EST

Show Notes:

  • Ace’s background and why prefers online businesses over traditional businesses. (5:00)
  • The growth of the online business market. (9:15)
  • Can non-tech savvy people invest in online businesses. (13:30)
  • How to do deals with no money down. (16:30)
  • Why Ace does not start businesses. (20:00)
  • Thinking about selling the business when you buy. (24:40)
  • How to find high quality deals (28:30)
  • Tips on networking (33:00)
  • Ace’s best advice for aspiring entrepreneurs  (35:20)

In this episode I spoke with Ace Chapman from acechapman.com. He is a pioneer in the online business investment market and co-hosts The Web Equity Show with past Borderless Podcast guest Justin Cooke. If you are considering getting into the online business investment space you absolutely have to listen to their show as it maps out the process from start to finish.

I randomly ran into Ace while walking down the street in Medellin. It was great meeting and hanging out with him for a few days.

Ace bought his first business when he was 19, tried his hand at the stock market, worked in corporate America, built his own million dollar real estate business and has owned retail stores. All of that has gotten him to the strategy today of buying and selling online business in what he calls a “mini-mogul” strategy. 

Online business is a quickly growing asset class that is mostly overlooked. They have advantages that traditional businesses do not such as lower overhead, the ability to hire a location independent workforce, and strategic tax advantages only to name a few.

Not only that but you are participating in a market that is growing fast with no signs of slowing down. In the last 10 years, the number of people using the Internet has grown by 600%. It’s estimated that there are more than three billion people now with access to the Internet. 

These numbers are only growing. It’s estimated that by 2020, there will be five billion people online. In the United States alone, the market for just eBooks was worth $270 million in 2008. By 2014, that had already grown to $5.69 billion. If you do the math, that averages to over 250% growth per year. 

So as you can see it would make sense to theoretically “buy real estate” in such a market.

Believe it or not it is possible to do deals with no money down. During the podcast Ace walks us through some of the recent online business acquisitions that he has made in such a way. There are great take-away’s there for structuring online or offline deals. He says it is helpful to look at structuring deals as an art which takes practice rather than a technical skill that scientifically applied.

Ace also does not believe in starting businesses. He finds that the money, time and energy that one must invest in a start-up is not worth the risk. He finds it to be a better idea to buy existing successful businesses that have already run the gauntlet and proven themselves.

As soon as he buys a business he begins thinking about who would be interested in buying it later on. He sees to types of buyers.

  1. Financial buyers: People that buy strictly on current cashflow of the business
  2. Strategic buyers: People that buy because they think that they can greatly improve the current value of the business.

There are usually more opportunities with the strategic buyers, whether you are on the buying or selling side. These opportunities usually take some time to build up moral between the parties involved and get the deal ready.

One of the biggest part of this strategy is deal flow. Ace talks about how to find these high quality deals by finding the right places to network with the people you need to talk to.

I hope you enjoy the podcast!

Show Notes:

  • Ace’s background and why prefers online businesses over traditional businesses. (5:00)
  • The growth of the online business market. (9:15)
  • Can non-tech savvy people invest in online businesses. (13:30)
  • How to do deals with no money down. (16:30)
  • Why Ace does not start businesses. (20:00)
  • Thinking about selling the business when you buy. (24:40)
  • How to find high quality deals (28:30)
  • Tips on networking (33:00)
  • Ace’s best advice for aspiring entrepreneurs  (35:20)
Direct download: Ep_102.mp3
Category:general -- posted at: 2:27pm EST

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