Let’s discuss why you should buy out your competition.
This strategy takes time but you can literally double the size of your company by implementing it correctly. And because the process is repeatable, you can increase the size of your Internet business exponentially in just a few years.
Although it may take three to six months to complete the first acquisition, I know from two decades of experience as an Internet lawyer that purchasing a competitor is one of the most powerful methods you can use to build your company.
And believe it or not, it’s easier than most people think to acquire another business.
Fortunately, many entrepreneurs have New Puppy Syndrome. This means they get easily bored with what they’ve created and go look for something new to do rather than building the Internet company they’ve already founded.
This means you’ll find plenty of opportunities out there to buy direct competitors and even e-commerce companies that offer complementary products and services.
A properly structured letter of intent (LOI) will give you time to perform due diligence before inking the deal with the legal paperwork prepared by your Internet lawyer.