Buying Cash-Flowing Businesses Is Not Passive (And That’s the Point)

As real estate becomes harder to underwrite and operate, more investors are looking at cash-flowing businesses as an alternative. On this week’s Vyzer Weekly Call, we unpack why that shift makes sense, and where it quietly breaks down.

This was not a pitch for buying laundromats or rolling up HVAC companies. It was a grounded conversation about operator risk, deal structure, execution mistakes, and the difference between owning an asset and running a business.

If you’re considering business acquisitions, either actively or passively, this session is about separating durable opportunity from narrative-driven hype.

Highlights
Why a cash-flowing business is fundamentally different from real estate
The hidden risk most investors miss when chasing “stable income”
What actually makes a first acquisition successful
How deal structure reduces risk more than leverage ever will
Active vs passive business investing, where the line really is

Guest: Jay Borgana
Business acquisition operator, investor, and advisor

Jay has spent more than 25 years in business transformation, acquisitions, and operations. His background spans banking, middle-market acquisitions, turnarounds, and scaling operating businesses, including growing and exiting a company that reached $350M in revenue. Today, he focuses on acquiring and rolling up small to mid-sized businesses and advising others doing the same.

Contact: jaybourgana@gmail.com


Timestamps
00:00 – Why investors are looking beyond real estate
06:00 – Businesses vs real estate, where risk really lives
14:00 – What makes a good first acquisition
22:00 – Deal structure, seller financing, and earnouts
31:00 – Roll-ups, multiple expansion, and reality
38:00 – Passive business investing, what still matters
45:00 – Open discussion and investor Q&A

Who this is for
Investors exploring alternatives to real estate
LPs curious about business acquisitions or search funds
Operators thinking about buying their first company

Who this is not for
Anyone looking for a “hands-off” income shortcut
Deal chasers focused only on IRR headlines
Viewers expecting step-by-step acquisition tactics

Watch / Listen
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