Kosi Stobbs owns Property Owl Group of Companies and is in the business of buying businesses. His advice to other entrepreneurs in a post-COVID world helps to set them up for success when another global hardship happens.
Business buyer Kosi Stobbs is a first-generation Canadian's success story, and he's made it his mission to help other aspiring entrepreneurs along the way. His company, Property Owl Group of Companies, is in the business of buying businesses. He then transforms those accumulated business into financial powerhouses.
In between buying new businesses and acquiring new companies, Stobbs has also built a real estate portfolio valued over $50 million, was named Canada’s Top 40 under 40 and Vancouver’s Forty under 40 in 2020, and is now the author of his first book F$CK BROKE: Let's Get Rich.
Kosi Stobbs wrote this millionaires manifesto, F$CK BROKE: Let's Get Rich, as a way for him to use his business buying experience to mentor others in an era of entrepreneurial emergence. The book is a must read for anyone looking to break the barriers of limitless success and join Stobbs at the top of ample affluence.
Over the past year, Stobbs has been very aware of the financial hardships COVID-19 caused. Economies across the globe were negatively affected and he believes that small and medium-sized businesses took the biggest hit. As a business buyer himself, he knows that hardships don't just come with global catastrophes, and he believes that all companies should be prepared for when the economy takes another hit.
Here are Kosi Stobbs top three tips for companies when preparing for hardship.
1. Have six to nine months of cash reserves.
Cash reserves are critical to any business, no matter the industry or level of success you've seen. They allow for companies to avoid taking on loan debt and make for a more financially stable business model.
These cash reserves are stored in a separate account from any daily cash flow so they can only be used when a business is in trouble.
After buying multiple businesses, Stobbs knows, first hand, that cash reserves are necessary.
2. Simplify any operations of your business model.
Your business should always be running at its optimal efficiency, which essentially means that it's functioning as simply and productivity as it can. If there are things that can be cut, simplified, shortened, or made more efficient, they should be. When an emergency, a global pandemic, or even when business just isn't as good as it normally is, your business model should have a little "give" during that time.
As a business buyer, one priority that Stobbs has with Property Owl Group of Companies is to always simplify, simplify, simplify.
3. Have a plan for slow business.
Businesses need to be ready for low points. Essentially, if you fail to prepare, you prepare to fail. Business should always prepare to fail. The worst thing that could happen in a company is if they think it'll be business as usual forever.
Kosi Stobbs is a first-generation Canadian and business buyer who made a name for himself by saving, investing, and spending his money wisely. He's now focused on helping others do the same. Whether it's by buying and transforming a business or mentoring entrepreneurs through his new book F$CK BROKE: Let's Get Rich, Stobbs is committed to sharing his wealth with the world.
To contact him directly, you can visit his website: www.kosistobbs.com.
