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The Story About Bob

Does This Story About Bob Sound Familiar To You, Or Anyone You Might Know?

Bob is a 54 years old and 35 lb. overweight.

He has 3 children from his first wife and has helped raise 2 more with his 2nd wife’s kids.
Out of them all, 1 has a career, 1 just enlisted the military, 1 just went to college, and the other 2 are floundering. They just got out of High School, are unmotivated and floundering. He hopes they get jobs soon because he is tired of feeding them.

Bob’s wife Sally is about 40lb. overweight as well, and recently she got diabetes.
She works part time in the local Subway slinging mayonnaise on sandwiches for a little extra money.

She had a good job with a local attorney until she got diabetes. When she was out for medical issues, her boss hired a young blond to fill in. The scumbag laid her off and is now getting divorced.

Bob and the wife had once dreamt of retiring to Florida, but they are coming to the cold hard realization that their retirement dreams are slipping away.

He used to think he could quit at 65 or 67, but as it now stands, he has serious doubts. It’s beginning to look like he is going to have to work for the rest of his life.

http://www.mybudget360.com/new-american-retirement-plan-retirement-savings-predict-retirement-age-life-expectancy/

  • The divorce from his first wife 10 years ago set him back
  • Raising step kids with a 1/2 deadbeat dad slowed the retirement saving.
  • The dot com bubble obliterated his 401k and it never came back.
  • The Real Estate correction wiped-out the equity in the house, not that is was that much, but it was something.
  • Property taxes and insurance go up every year and its hard enough keeping them current!
  • Credit card debit is manageable, but high. However, the credit ratios are high so his scores are low and he is paying high interest charges on everything.
  • The house needs work and he can’t sell it for much more than he owes unless he fixes it up. However, he lacks the cash to do anything so he is stuck in a bit of a “Catch 22” situation.

As for the job, The overtime he used to get vanished with the economic collapse and Pay raises and Christmas bonuses went out the window too.

Heck – he’s just happy to have a job because most of the competition went out of business, or moved to China and half of his friends lost their jobs.

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February 14, 2018

6 Things To Consider Before Starting Your Own Business — Web Chronicles

When you’re getting ready to start a small business, there’s lots to consider, from proof of concept to production costs. It’s important to ask yourself if you have everything in place to succeed. Here are six things to keep in mind when starting your own business. Make sure you’re cut out to be an entrepreneur […]

via 6 Things To Consider Before Starting Your Own Business — Web Chronicles

February 14, 2018

What To Look For When Buying a Business

what to look for when buying a business

What To Look For When You Want To Buy a Business, Improve it and Sell It For A Profit.

When you decide to begin looking for a business, You Need to Know What To Look For.

If you don’t, you run the risk of being taken advantage of, getting ripped off, losing a bunch of

money, and really having a bad experience

Below is a list of 8 things you need to know so you can quickly determine whether or not the business is worthy of your time to look at any further.

“What To Look For Buying A Business”

1. Does the business have repeat customers?
Does it survive despite itself? 
Is the business making money despite current operations?
Does it have repeat business and customers?Repeat customers are a big deal – because it equals profits.

It means whatever they are selling, people like it and at a quick glance, you will probably see a little marketing savvy, you can make the business explode.

Has it survived for a while despite poor service and bad attitudes from its owners and employees?

If so, you have a winner and all you need to do is get in there, change a few things and watch the money start pouring in.

2. Does it Generate Cash Flow?
Buy businesses for cash flow, and leave the real estate to real estate investors. You’re looking for cash flow not depreciation.

However, if the business you are looking at has real estate attached, you might be able to do a “Vertical Breakup” and sell off the real estate to an investor, raise cash and then fix the business and sell it separately.

3. Can It Be Run With Low Skills?
You’re looking for a simple business that sells things people want to buy – and are buying. Most entrepreneurs don’t want a professional practice such as an accounting firm, a law practice, or any business that requires huge investments of highly technical training or skills to run it.

Can you imagine being the boss of a bunch of attorneys or accountants and you don’t have a degree in it? With the ego’s involved, you would be asking for problems.

4. How Are The Sales And Marketing Efforts? 
Poor marketing is a good sign of and excellent opportunity.Most business owners are completely clueless about marketing because they are too busy working in the business all day and focused on surviving.

You need to implement marketing systems to get the phone ringing and sales always increase with a ringing phone!

One would think this is common sense, but once you begin looking, you will see it is quite common there is little or no marketing going on in most business that go up for sale.

It is one of the first things the seller cuts back on way before they come to the decision to sell. (It is also where you will find the “Off-Balance-Sheet-Assets” I teach my students and coaching members about and where to look).

5. Can The Business Be Run By a Jockey?
Can you easily train a manager to go in and run the systems you put in place? Can you move one of employees into management?

Chances are, there are one or more employees that know a lot more about the business than you do and they would be thrilled to share their ideas with you and “show their stuff.”

When you put good people in management, good things happen. It gives you the ability to devote more time on marketing and promotions, which is paramount to increasing sales so you can make more money.

6. Does It Have A Big Upside?
Look at the numbers. How much is the current owner pulling out of the business with salary and other seller owner benefits?

Is it a business that is making $3,000 per month and can rapidly be increased to $10,000 per month?

The ABOD (Annual Business Operating Data) I developed is a quick and easy way to run through the numbers so you can quickly determine exactly how much the seller is pulling out of the company.

It also automatically identifies the ratio of expenses so you can compare them to industry norms so you can prioritize needed operational changes.
The ABOD is a “Must-Have” Tool.

7. Is It A Fair Deal?
Don’t fall in love with the business. Fall in love with the deal.

Remember- your make money when you buy, then you increase the profit and create cash flow while you own, and you “Cash-Out” when you sell.
There are more deals out there than you can possibly imagine and every single day more business owners wake up and decide to sell their business for one reason or another.

All you need to do is fine one, negotiate a “Fair and Reasonable” price and a win/win scenario that benefits both you and the seller.

You get a good deal, and the sellers gets out owning a business they are tired of running for whatever reason.

 

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Would you like to learn how to buy a business so you can become an entrepreneur and experience the personal freedoms of being in business for yourself?
I can show you how to buy businesses even if you have zero experience and no idea where to start.

To learn more, please feel free to Contact Me.

February 11, 2018

20 Questions To Ask When Looking At a Business To Buy

Business Questions

It doesn’t matter whether you are buying or selling a business, the 20 Business Questions listed below are going to come up.

For Business Buyers, if you don’t ask the 20 Business Questions , the bank will ask them and you will need to get answers anyway, so you might as well get them now.

Besides ……. you’re going to want to know them anyway. Otherwise, it makes no sense for you to buy one, because you won’t be in business very long.

For Business Sellers, the buyer is going to ask at least 19 of the 20 Business Questions at some point, so you might as well put the answers together ahead of time.

For Business Brokers, if you get answers to these Business Questions BEFORE you begin marketing the business, you will have a tool to make a great marketing piece, be able to intelligently answer potential buyer questions, and look brilliant over the competition because 99.7% of them have no idea what they are doing or why they are doing it.

business questions

Lets Get Into It ….

  1. Provide a brief description of what your business does.
  1. Describe your market.
    1. What types of customers do you serve?
    2. Where are they located geographically?
  1. List your primary customers.
    • What terms do you provide to customers?
    • What collection policies do you have in place?
    • Provide a brief description of any special relationship between your company and its customers?
    • Are there any concentrations of 10% or more in the customer base?
    • How often do they frequent the business
    • What is the annual value of a typical customer?
    • What is the lifetime value of a typical customers?
    • What is the average age of your customers?
    • What is the average income of your customers?
  1. Who are your primary vendors?
    • What terms do vendors provide to you?
    • Provide a brief description of any special relationship between your company and its vendors.
  1. Who are your primary competitors?
    • What makes your business superior to the competition?
  1. Provide a brief description of your marketing approach.
    • How do you sell your product / service?
    • What is your competitive advantage?
  1. How many sales tickets does the business book in a year?
    • What is the average size of a ticket?
    • Describe your pricing policy.
    • Is there any seasonality in the business?
    • Do you maintain a monthly sales graph identifying seasonal income swings?
  1. Describe your industry trends
    • Is your industry increasing or decreasing
    • What other opportunities are there from within the industry
    • What are the upcoming headwinds?
  1. Describe your company’s revenue trends.
    • What is the impetus for increases / decreases over the past 3+ years?
  1. Describe your company’s profit trends.
    • What is the stimulus for increases / decreases over the past 3+ years?
  1. How many employees do you have?
    • What is their average wage?
    • Any Key employees and what is their role?
    • How many are expected to stay on with the new ownership?
  1. Explain any non-recurring or unusual items that have affected your business over the past 3+ years.
  1. What are the primary business risks in your industry?
  1. Describe your management team.
    • What is your succession plan (who takes over in an emergency)?
  1. Describe any seasonality in your business.
  1. What capital expenditures do you expect in the next 2-3 years?
    • How will they be financed?
  1. What is your business website?
  1. From where, specifically, will the down payment (equity injection) for this project come from, and how much from each of the sources/accounts?
  1. Are you or your business involved in any pending lawsuits?
  1. Who holds the special licensing (if any) for your business?

There you have it ….. 20 Business Questions you need to get answers to before you buy a business.

The questions are going to come up anyway, so why not get the answers to them ahead of time.

>>> CONTACT US <<<<
if you need a little guidance and assistance.

February 10, 2018

The Book That Changed My Life

rich dad poor dad

Have You Read It?

In 1995, everything changed for me.

I read a book that changed my life.
It made me quit the commercial fishing business and go in a completely different direction.

FYI: Commercial fishing is called a business but in reality, it is a JOB. You don’t make money if the boat isn’t working, and the only way to keep it on the high seas is to be on it.

Here’s what happened:
I’m working like a dog – my boat comes in on Sunday morning and leaves again in Sunday afternoon – I’m offshore one week and on-shore the next.

I was making a nice living for my family, and they had all of the “Toys”.
Vacations, Nice Clothes, Fancy Sneakers, New Bikes and Surfboards, etc.

However, I was working like a dog!

The week I was home, I’d be doing paperwork, selling fish, arranging for boat repairs, and recovering from working 20 hours per day for the 7 days offshore.

…. and at 35, I had already had a hip replacement.
I was burt-out.

On one of my trips to Price Club for the next weeks supplies, I happen to walk by the book table they have in the middle of the store and came across a book titled:“Rich Dad, Poor Dad.

I’ll never forget that day, because it changed my life!

So I pick it up and began flipping through the pages, when I see something that stops me dead in my tracks.

 

I see THIS illustration:

 

And it hit me:
I’m in the upper left corner, the “E” corner!

I’m exchanging time for money. Admitted, I’m making good money, but I’m in the wrong quadrant!

 

In the book, Robert Kiyosaki suggests that that you follow a structured approach to get to “The Promised Land”:

  • You go from “Employed” to “Self Employed”…
  • Then from “Self Employed” to “Business Owner”…

And then from “Business Owner” to “Investor” where your money works for you

Well – I was in the E section because I had to WORK.

Now, you need to know THIS about me:

I make decisions pretty quickly –  I don’t sit around long.

So I decided right then and there I was going to change whatever needed changing so I could go from “E” to “B.”

I had already lost my a$$ in stocks and commodities, so I decided to stick with businesses and real estate.

And for me, that meant owning businesses that would pay me to own them.

Anyhow… I decide right then and there what I wanted.

In 1995, much to the surprise of my entire family, I Quit the Fishing Business and became a businessman.

I built and sold a couple construction companies, developed land, had rental properties, bought and built a few real estate companies, etc.

Each one of them I got to a point where they paid me to stay away.
(The last Two I sold to International Franchises).

I LOVE doing this stuff and I can help you do it too.

Would you like to learn a bit more about how you can go about buying and investing in businesses without anyone calling you, I encourage you to Click the Blue Button below and get the FREE Report I created.

buy build and sell businesses

After you read the report, if you are so inclined, feel free to contact me and we can discuss it.

 

February 9, 2018

5 Quick Business Buying Questions

5 Business Buying Questions You Can Ask, or See For Yourself in Less Than 2 Minutes …. And They Can Make You Rich!

How You Can Become a Jedi Master in Business and Leave The At Home Start-Ups in the Dust.

The past few years have been quite profitable for entrepreneurs with an eye for turning around existing businesses, and it’s going to get better for those of us looking to buy fix and flip businesses.

According to statistics, the next 15 years, the baby-boomer’s will be retiring in-mass.
Many of them are business owners and they will be selling and this will produce an enormous amount of business buying opportunities.

Given the current anti-business, lack of entrepreneurial teachings in the school system, and the anti-business atmosphere in the current political system, there will be less and less people looking to go into business for themselves, and more and more people simply looking for jobs.

This is great news for the entrepreneur because there are plenty and will be an increase in business opportunities to choose from, and plenty of well educated people looking to work for a paycheck.

The advantages of buying an existing business and increasing revenue are, in my opinion, the quickest and easiest way of attaining financial freedom and independence.

Unless you are a JEDI master with computers or the Internet like Frank Kern, you are much better off buying an existing business than you are at starting one on your own anyway.

Frank Kern - Internet Jedi Master

Frank Kern – Internet Jedi Master

I’m going to share with you the strategy I use and the 5 Business Buying Questions you can ask and get answers to in less than 2 minutes so you can quickly evaluate a business and save lots of time when looking.

  • You want the answers to be YES to each of the questions.
  • If you get a single NO, you might what to re-consider your choice –
  • If you get two NO’s, move on immediately.
  1. Does the Business Survive in Spite of Itself?
    This means, does the business seem to be making money? It has survived for a while, and continues to, despite poor service, shoddy presentation, bad attitudes from its owners and team or general chaos and disarray. It is still making even a little bit of money?
  2. Does The Business Generate Cash Flow as Compared To Being Asset Intensive?
    Buy businesses for cash flow, and leave assets to property investing. Be wary of any business with large asset investments. You’re looking for cash flow. Worry about depreciation later. All of the business greats worried about business and cash flow first – once they were making the big bucks they needed someplace to park the money so they bought real estate.
    Don’t try to re-invent the wheel – follow the path of the most successful businessmen in the world. Go for the cash.
    They left breadcrumbs for that reason! Success Leaves Clues!

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February 7, 2018

Starting a Business From Scratch

Starting a Business From Scratch is Insane

Unless You Have a Book of Business From Your Current Job and Can Take It With You.

When most people think of starting a business, they have an idea and a dream to build a company from the ground up.Kiyosaki - Rich Dad Books

Unless, you have a current book of business you and take with you when you quit your current job, I believe it is Complete and Utter Insanity.

Especially if you have a family to support.

We have all heard of Mark Zuckerberg of Facebook, and Steve Jobs of Apple and Michael Dell of Dell Computers, but lets not forget they were single and their parents were supporting them.

  • Steve Jobs lived at home with no living expenses and worked out of the garage.
  • Mark Zuckerberg was a college kid living off mom and dads tuition payments.
  • Michael Dell was a college kid living off mom and dads tuition also.

NONE ONE OF THEM had a family to support, nor did they have to worry about where the next meal was coming from.Continue reading

February 5, 2018

How To Get Rich Flipping Businesses

Buying a Business is Not Childs Play -
Done Right, Fortunes Can Be Made.  Done Wrong and Dreams Get Shattered, Families Break Apart, and 
Fortunes Can Be Completely Lost.

I’m currently looking for a few select people who want to learn how to flip a business.

I can mentor and teach you how to buy a business the right Homes Buying Homes Class resized (Small)way so you can experience the personal freedoms and rewards of being business owners and live the American dream.

If you are one of those people, who want to Learn How To Flip a Business, I will personally work with you one-on-one, and coach, teach, and mentor you to buy a profitable – ongoing business so you can begin living the lifestyle you want as a business owner and quite possibly retire rich someday.

More information About My PRIVATE Coaching Program and learning “How To Flip a Business” can be found by clicking the link below.

>> Private Coaching Program <<<

If You Want To Learn How To Flip a Business or Become a Business Owner and Live An Abundant, Fulfilling Life, I Can Help You …  

The *Secret Weapon* How To Flip a Business

What I learned early in my business career is that every single business in the world, no matter how big or small, and regardless of what they sell, all share FIVE Fundamental Elements of Success, and every business failure comes from losing TWO or THREE of them.

I call it my *Secret Weapon* because it allows me to quickly evaluate a business within minutes and identify those businesses with all the right things wrong with them.

It also helps me almost immediately identify the weak points and turn a struggling business into a cash machine in a matter of a few days instead of months or years.

For anyone looking to get into a business, knowing the Five Fundamentals is of paramount
importance because it slashes risk.

You will learn the *Secret Weapon* early on in the process so you can quickly evaluate and identify those businesses with all the right things wrong with them just like I do.

Easy as it may sound, you can’t get information like this in a school, and I seriously doubt anyone who actually knows and understands the Fundamentals will share them with you. In fact, every time I bring up a conversation about the Five Fundamentals with other successful entrepreneurs, they give me the ‘deer-in-the-headlights-look” so I simply change the conversation.

I Am Committed to
“Pulling Back The Curtain”
And Revealing EVERYTHING I KNOW.

How To Flip a Business

To learn more about How to Flip a Business, >> Click Here <<

February 5, 2018

Why You Should Consider Buying an Existing Business

Building your own business is hard work.

That’s why many entrepreneurs choose to Buy an Existing Business rather than starting from scratch.

But how can you avoid sinking all your resources into a business that is sure to fail?Trump on business

  • What should you look for?
  • What should you avoid?

Even Business Mogul Donald Trump says you should buy an existing business instead of starting one.

The advantages of buying an existing business instead of starting one are numerous with the most obvious one being it saves you time.

  • Suppose you want to start a retail business. It may take months for you to build an adequate inventory.
  • Opening your own restaurant means creating your own recipes and menus;
  • Building a manufacturing business from scratch can take years.

When you Buy an Existing Business, the “dirty work” has already been done for you.

Continue reading

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