Sunday, February 19, 2017

Would people really want to pay money to buy the life of a busy entrepreneur? How To Sell A Small Business



Today I’m cleaning up from the second blizzard in five days.  Canada is awesome.

I still wanted to take the time to write my weekly e-mail though because being stuck inside has give me the chance to do more work on my latest project.

You know, most small business owners spend all day working in their business managing staff and serving customers.  They don’t get many chances for a break.  If these people suddenly had to sell their business, do you think anyone would be willing to pay money for the privilege of being tied down to a business that required non-stop attention? I’ve seen it too many times.

You see, I've been helping people for years to sell their companies and oftentimes I need to work with them first to make it sellable. This usually means fixing broken business practices, implementing organizational structures, job descriptions and workflow management.

It’s impossible for a business to grow and for the owner to step away if the basic framework of the business as a money-making machine is not built.

That stuff sounds hard and time consuming, but it doesn't have to be.

Over the years I've actually developed a 13-step process to make it easy to systematize a business - even while continuing to manage the day-to-day operations.

It doesn't take a special consultant or a team of professionals. It just requires a plan.

Right now I’ve started recording the modules for my new online course called Build a Business That People Will Want To Buy.  See the introduction module here: https://youtu.be/j2I7dhXp7eo



This program will be helpful to business owners and to new entrepreneurs starting up or those who wish to buy a business some day. 

Right now you can pre-order and get a savings before the course goes live.  Click here to sign up: https://gum.co/smallbizsystems/widereleaseoffer

If you’re really looking forward to this information and you’d like to join me and others in a live session you can sign yourself up for my March 30th event in Moncton, NB here: https://www.eventbrite.ca/e/build-a-business-that-people-will-want-to-buy-live-moncton-nb-tickets-31835795722

Look to the left of this blog post... sign yourself up so you get my new videos and posts each week before everyone else!

I’m coming to Saint John, NB on March 1st and April 10 in Mississauga, ON.  Seats are already filling up.  Find all my live events here: http://davidbarnett.eventbrite.ca .   

The Centre for Entrepreneur Education and Development in Halifax will be having me do two workshops in Halifax, NS on April 10.  Visit https://ceed.ca/calendar/ for more info.


Thanks and I’ll see you next time.

Sunday, February 12, 2017

27-Year-Old Want to Buy a Business from a Baby Boomer- How To Buy a Business.



I received an e-mail from Vincent, a 27-year-old go-getter who wants to know what he needs to do to buy a business from a retiring baby boomer.

Some of my advice isn’t very sexy…

Live below your means and save money.  Most first-time buyers need down payments and have to pay closing costs and this money almost always comes from savings.

Build your credit.  Learn to use credit wisely and qualify for larger and larger facilities personally.  You may need to use the credit when you make your deal.  Perhaps buy a house if it makes sense for you.

Choose the right industry.  You need to pick an industry with a many potential target companies.
I’ve got these and a few more points in this video I recorded the other day.  Watch it here: https://youtu.be/SAIiek5ZQz4 



Most importantly though for Vincent, learn what you’re doing before you go looking for a deal!
Learn how to buy a business at www.BusinessBuyerAdvantage.com where you can access tons of information and enroll in my online course.

In fact, it’s such a great value that it really should be shipped in one of those Wal-Mart ‘Great Value’ packages.  (The course works out to about $20/hr. and comes with a 30-day money-back guarantee!)  You can see how my whole buyer system works in this video from a few weeks ago: https://youtu.be/ooixMSaFf6Y

Please remember to like and share this article, it’s the only way the people who run the internet have of knowing if the content is any good or not. The more you share, the more likely someone who needs this information will be able to find it.

Go to www.DavidCBarnett.com and sign up for my weekly e-mail to receive my videos three days before they go public as well as other exclusive offers. Easy unsubscribe at any time as I use MailChimp.

I’m coming to Saint John, NB on March 1st.  Seats are already filling up.  Find all my live events here: http://davidbarnett.eventbrite.ca .    The Centre for Entrepreneur Education and Development in Halifax will be having me do two workshops in Halifax, NS on April 10.  Visit www.CEEED.ca for more info.

Thanks and I’ll see you next time.

Monday, February 6, 2017

Build a Business That People Will Want To Buy- Pre-order online or register for March 30



I've talked about small business systems before, now you can learn how I help my clients build easier to run and more profitable businesses.


My new online course is now available for pre-order here: https://gum.co/smallbizsystems


If you'd like to see me do it live, I'm now offering a March 30, 2017 session in Moncton, NB.

Early pricing discounts are available right now.  Learn more and register here:


Sunday, February 5, 2017

Top 5 Tips for Small Business Success- Small Business Management



Top 5 Tips for Small Business Success

I’ve served as a small business finance broker, a business broker and have been working for years as a small business consultant.

I’ve seen a lot of financial statements and seen and a lot of people be successful and have spectacular failures in their businesses.

I was recently asked by Fundera.com to summarize what I thought were 5 keys to small business success.  Fundera is a marketplace where all kinds of different small business finance sources come together to help finance small businesses.  Here they are:




1.      Know your gross margin and make sure it’s right.  Too often small business people don’t know what their margin should be.  This leads to a failure to increase prices when costs go up and a failure to build in all the costs of doing business. 

2.      Have a good record keeping system and reconcile quickly each month.  Even if you know what your margins should be, if you’re waiting for your accountant to prepare financial statements months after your year-end, you’re too late.  You need to be able to know for certain if you’re hitting your margins each month.  If your business has a lot of inventory, this can mean counting inventory EVERY MONTH.  Otherwise, you won’t know your cost of goods sold and you won’t know your margin.

3.      Understanding the difference between debt and equity on your INCOME STATEMENT.  Debt and equity are usually found on your balance sheet but they can also be hiding on your income statement.  Hire a new worker and you need to pay them each and every hour whether or not they’re productive.  It’s like borrowing from a bank, you need to pay them back.  Commissioned salespeople only get paid when they produce.  That’s like having a partner in the business without actually making them a partner.

4.      Getting the most return with the least investment. It always amazes me how small business people will get themselves into debt to purchase vehicles, machinery, buildings, etc.  Big businesses know that you deploy your capital where it gets the biggest rate of return and use leverage as much as possible.  Leverage doesn’t have to be debt!  When you lease property, you’re leveraging the landlord’s capital.  When you rent a truck, you’re leveraging the rental company’s capital.  If you can’t make money serving clients with leased and rented gear, what makes you think you can deliver those things yourself to your own business at a lower cost? 

5.      Understand your customer journey. Many small business people fail to appreciate the ‘journey’ their customers go through from the time they decide they need a product or service until the time they’re finished shopping.  When I was a corporate employee, I didn’t eat at restaurants who wouldn’t accept AMEX.  Why? Because my employer had given me an AMEX to pay expenses.  If a fantastic restauranteur didn’t accept the card, it meant that I had to pay with my own money, submit an expense claim with receipts, mail it in, wait for weeks for a cheque to come in the mail, then stop by an ATM to deposit the cheque.  Alternatively, a restaurant who took my AMEX didn’t cause me any grief.  Too many chefs are worried about the food and forget that they may actually be selling relief from hunger and paperwork.

My biggest tip for success though in small business is not to start one. Get a profitable business with customers and staff on your first day by buying an already successful company.

Learn how to buy a business at www.BusinessBuyerAdvantage.com where you can access tons of information and enroll in my online course.

In fact, it’s such a great value I may increase the price again shortly.  (The course works out to about $20/hr. and comes with a 30-day money-back guarantee!)  You can see how my whole buyer system works in this video from a few weeks ago: https://youtu.be/ooixMSaFf6Y

Please remember to like and share this article, it’s the only way the people who run the internet have of knowing if the content is any good or not. The more you share, the more likely someone who needs this information will be able to find it.

Sign up to my mailing list.  There should be a form to the left or click here: http://eepurl.com/brqqjb

I’m coming to Saint John, NB on March 1st.  Seats are already filling up.  Find all my live events here: http://davidbarnett.eventbrite.ca

Thanks and I’ll see you next time.



Sunday, January 29, 2017

Business Mastermind Group vs. The Ice Storm! - Planning helps you achieve success.



Thinking about what I want to achieve and making plans to get there have always been critical to my success.

This past weekend, I did a two-day retreat with my business mastermind group.  We reviewed our goals from 2016 and made new ones for 2017.  We then meet monthly all year to keep each other on track.

When I returned from my Charlottetown seminars on Tuesday night the city had no power. Me and my kids have been comfortable, however, for the last two days because I had set personal goals relating to preparedness in the past. 

I have heat and hot water while most of my neighbours do not.

There are some things that I’ve got planned in my business for 2017 that will be exciting for some of you on this list.  I’m going to be turning some of my books into audiobooks and I’m making a new online course.  Watch the video to learn more: https://youtu.be/Rs-QMHtIIf0



Learn how to buy a business at www.BusinessBuyerAdvantage.com where you can access tons of information and enroll in my online course.

In fact, it’s such a great value I may increase the price again shortly.  (The course works out to about $20/hr. and comes with a 30-day money-back guarantee!)  You can see how my whole buyer system works in this video from four weeks ago: https://youtu.be/ooixMSaFf6Y

Please remember to like and share this article, it’s the only way the people who run the internet have of knowing if the content is any good or not. The more you share, the more likely someone who needs this information will be able to find it.

Look just to the left of this post and sign up for my weekly e-mail to receive my videos three days before they go public as well as other exclusive offers. Easy unsubscribe at any time as I use MailChimp.

I’m coming to Saint John, NB on March 1st.  Seats are already filling up.  Find all my live events here: http://davidbarnett.eventbrite.ca

Thanks and I’ll see you next time.



March 1, 2017 Saint John, NB- Learn to Buy or Sell a Business Successfully


Image result for saint john, nb

March 2017 Saint John, NB workshop dates announced.


3-Time Best-Selling small business author and former business broker David Barnett will be in Saint John, NB on March 1, 2017 presenting two information-packed workshops:

1. 1:00PM- How to Get Out of My Business.  An exit-planning workshop for business owners who anticipate selling or transferring their business to a new owner in the coming years. This is not a boring talk about tax issues.  

This session teaches you what you need to know and shows you what to expect with case studies and real-life examples that Barnett has worked on.

Learn what your business may be worth, what buyers are looking for and what the business sale process entails.

2. 6:00PM– How to Successfully Buy an Existing, Profitable Business. This workshop is for the business owner who wants to expand via acquisition or the wantrapreneur who is interested in getting into business while avoiding the risk involved in starting a new enterprise.

Participants will learn:
-Why it is necessary to be in business to build real wealth
-How to find businesses for sale
-How businesses are valued
-How to make offers
-How to spot a bad deal a mile away
-How to structure a deal
-How small business financing really works

If you want to make a change in your life, you need to act.  Register today.

Thursday, January 26, 2017

David talks to Jon Sanchez about small business and how they employ capital

The-Jon-Sanchez-Show_finalKOH

I had the pleasure of being on the Jon Sanchez show Wednesday talking about small business to his Reno Nevada audience.  Great talk check it out here: