Sunday, January 15, 2017

Stephane visits the banker. How can he prepare to ask for a business purchase loan?



How many at-bats can you get with your banker? Better be prepared!

This week’s question comes from Stephane who wants to know how best to prepare for speaking to a banker about a business acquisition loan.

It’s much like everything else in life, there’s preparation, then lots of practice.

This means studying your forecasts and the subject business and industry.  Reading and learning lots.  Maybe a speech to your cat on the topic.

If you’re setting yourself up for life as a business owner, then you should have people around you to help ‘play banker’ and get you ready.  If not, then a membership application to the Kiwanis, Rotary or another club may be in order.

When it comes time to speak to your first banker though, many people haven’t thought of this preparation trick that I’ve used for years.  I made a video to tell you all about it.  Watch here: https://youtu.be/RZt7rOhLrWo



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, I often tease and poke fun at people who claim to want to buy a business who seem unwilling to invest a few hours into learning how to do it correctly.  I mean, come on, seriously?  (The course works out to less than $20/hr. and comes with a 30 day money-back guarantee!)  You can see how my whole buyer system works in this video from two 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 e-mail list on the left of the screen. Easy unsubscribe at any time as I use MailChimp.

I’m coming to Charlottetown, Prince Edward Island in January 2017 and 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 8, 2017

Chris Buys a Construction Company - Watch out for this Hazard- How To Buy a Business



My first viewer question of 2017 is from Chris who plans to buy the construction company he currently works in. 

I still need more questions for my weekly e-mails so if there’s anything you’d like to ask, please put it in the comments or send me an e-mail.

Chris and his boss have decided to wait until February to begin their discussions since this is when business will be slower and he and the owner will have more time.

Chris is busy doing research about how he could improve the business after he is the owner.  He wanted to ask what kinds of things he should be doing.

Having lots of ideas about how you’re going to improve a business you’re going to buy is a great idea.  I’ve often said that the future is the reason why you want to buy a business; to improve it and make it more valuable.

There are certain dangers, however, in getting excited about a business that isn’t quite yours yet.  Learn my concerns in this video I made: https://youtu.be/wowZG3yFqLk



My biggest piece of advice for anyone who wants to buy a business is to learn how such deals are done.  Many people think they know what to expect but after doing a few dozen transactions myself and advising on over a hundred more I can tell you that most people are unprepared.

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, I often question the seriousness of people who claim to want to buy a business who seem unwilling to invest a few hours into learning how to do it correctly.  (The course works out to less than $20/hr.)  You can see how my whole buyer system works in this video from last week: 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 Charlottetown, Prince Edward Island in January 2017 and 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 1, 2017

How can I help this UK couple buy a business?



I received a wonderful e-mail from a UK couple asking for my help to buy some businesses.
Hi David 

I am based in the UK and have been watching your videos over the past 3 months and must say you are the most authentic trainer that I have come across 

I am keen to develop my business of buying companies flipping some and keeping some to build a portfolio 

I currently run a catering company with my wife and we would like to build a portfolio of companies around this business focused on Events Management - I also have experience in the Pharmaceutical Industry and would like to explore opportunities in that sector as well. 

I would be grateful if you can let me know how best you can help me in my Journey 

It always feels great to read that my work is appreciated.

In fact, it’s for people like this UK couple that I created my Business Buyer Advantage program over two years ago. 

It takes my day-long workshop and makes it into an online course that students can study at their leisure.

It’s also an incredible value.  Let me show you how by watching this video: https://youtu.be/ooixMSaFf6Y



In fact, I often question the seriousness of people who claim to want to buy a business who seem unwilling to invest a few hours into actually learning how to do it correctly.  (The course works out to less than $20/hr)

You can check it out for yourself at www.BusinessBuyerAdvantage.com

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 yourself up to my weekly e-mail list and get these videos a week before anyone else. Sign up to the left.

I’m coming to Charlottetown, Prince Edward Island in January 2017 and Saint John, NB in March.  Seats are already filling up.  Find all my live events here: http://davidbarnett.eventbrite.ca

Thanks and I’ll see you next time.



Sunday, December 25, 2016

12 Days of Small Business Mis-Management. Don't make these small business mistakes




I met Heer Pasha on LinkedIn and we had a fun exchange about why small businesses often fail.  It soon developed into a list and so we’re happy to present:

12 Days of Christmas Small Business MIS-Management

  1. Managing by cash and not seeing accruing liabilities
  2. Not understanding cash flow
  3. Not charting the workflow of their business function
  4. Lack of attention to administrative tasks
  5. Acting like a Princess or Prince… workers are not subjects
  6. No job descriptions. Who is accountable for what?


….and 6 more that will make you shake your head, but you’ll have to watch the video here: https://youtu.be/A9KhBUfBhx4



The video is a little longer than my usual, but hey, what were you going to do after you open all your gifts anyways?
Happy Holidays

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.

Forward this e-mail to someone you know who's 'into business stuff' so they can sign themselves up.

I’m coming to Charlottetown, Prince Edward Island in January 2017.  Seats are already filling up.  Find all my live events here: http://davidbarnett.eventbrite.ca

Thanks and I’ll see you next time.


Sunday, December 18, 2016

Should my business have 100 or 1,000,000 shares? How do Shares work?



Over the last two weeks I’ve had two different clients who were somewhat confused about how shares work in a corporation.  Both were small business owners.

One owner was trying to pass the family business on to their children.  They asked me how to ‘transfer their shares’ from the established corporation to the new corporations of their children.  Can one do this?

The other client was a pair of entrepreneurs who wanted to bring on a third partner and have his investment go into the company.  They weren’t sure how to accomplish this. 

I taught them how they could achieve their goals by splitting their existing shares and have the corporation issue new shares to the new partner.

Not sure what I’m talking about?  Learn how to use a corporation’s shares to make your deals in this video: https://youtu.be/1EjKjSAd1F8



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.

If you would like to hear from me weekly before anyone else, you can sign yourself up at www.DavidCBarnett.com 

I’m coming to Charlottetown, Prince Edward Island in January 2017.  Seats are already filling up.  Find all my live events here: http://davidbarnett.eventbrite.ca

Thanks and I’ll see you next time. 

Sunday, December 11, 2016

Stoopid Rules of Thumb. The Story of the 5X Accountant. How To Sell a Business



Yes, I know how to spell ‘stupid,’ please don’t e-mail me.

I’m cranky and sore and upset.  I’ve got a cold and an ear infection. 

What makes me more cranky and upset is when I hear the same poor advice about rules of thumb for pricing small businesses being passed around again and again and again.

This week I tell the story of the old accountant who told me once in a workshop, ‘Businesses sell for 5 times their cash flow.  Those with real estate sell, those without don’t.’

Simplistic rules of thumb like this one guarantee only one thing… mistakes are being made and it’s costing someone dearly.

I explain why those with real estate sell, those without don’t in this video and the answer will make you sick to your stomach if you happen to be a business owner who could have fallen victim to this kind of advice.  Watch it here: https://youtu.be/ck_AmnOIzDE



If you own a business and will want to sell one day, you need to educate yourself about how this process works and give yourself time to get ready.

Learn what’s involved in selling your small business.  Take my 3 hour online course at www.HowToGetOutOfMyBusiness.com or buy my Amazon best-selling book; How To Sell My Own Business.  Available from Amazon.com or Amazon.ca  



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.

If you would like to hear from me weekly before anyone else, you can sign yourself up at www.DavidCBarnett.com 

I’m coming to Charlottetown, Prince Edward Island in January 2017.  My live events always fill up fast.  Find all my live events here: http://davidbarnett.eventbrite.ca


Thanks and I’ll see you next time. 

Friday, December 9, 2016

Jan 24, 2017 Charlottetown, PEI- Learn to Buy or Sell a Business Successfully


Image result for charlottetown pei

January 2017 Charlottetown, PEI workshop dates announced.


3-Time Best-Selling small business author and former business broker David Barnett will be in Charlottetown on January 24, 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.