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How do you go from no money to owning your own business?

(StockSnap Photo)

This week on It’s Business Time, Bob Glovitz, co-owner of Sierra Auction, joined us to talk about auctions and entrepreneurship.

However, before discussing his successful business, he gave a step-by-step illustration on how someone with the entrepreneur mindset can go from having no money to owning his or her own business.

Sierra Auction is Arizona’s largest public auction house, with locations in Phoenix and Tucson. From guns to jewelry to cars to booze, this is the place for people who like to buy stuff at great prices. It is also a collector’s paradise.

The part I enjoyed most during my conversation with Bob was his deep passion for entrepreneurship. As we continued to talk business, his success and entrepreneurship, Bob provided some great insight regarding how the young person, who has the right mindset, can go from having nothing in the bank to becoming their own boss.

Bob said that the best thing a young person can do is to find a business owner of a small to medium-sized business, who might be closing in on retirement. Apply for a position and make it very clear that you are looking to work really hard and want to learn everything about the business from the owner.

Then, as the business owner’s retirement approaches, you might be able to make a play on the business. In many cases, the company may not generate a large enough profit for lucrative cash sale, thereby giving the would-be entrepreneur the opportunity to acquire the business using seller financing.

Following this plan, you could find yourself owning your own business with little or no money down.

What a phenomenal idea for the would-be entrepreneur. I only wish I would have thought about it after I left college.

Mike (Winey of Mike & Winey) is the host of It’s Business Time with Mike Weinstein, heard on Saturday afternoons from 2-3 p.m. on KTAR News 92.3 FM. You can follow Mike on Facebook, Twitter and LinkedIn.