Friday, September 13, 2019

Have you ever thought of leaving corporate to start your own business?

GOING SOLO

While I don't advocate starting a new business for established people with kids and bills, I sort of did that.

Host David Shriner-Cahn wanted to ask me a few questions about that experience.

You can find it and more interviews in his new podcast- Going Solo.

Wednesday, September 11, 2019

Adam P sells the family bakery in Wisconsin. How to Sell a Small Business.



Meet Adam P.  He just sold his family’s bakery in Wisconsin.

Buying and selling privately held businesses is a very private thing.

The terms of the deal are often a secret FOREVER.

While we don’t talk numbers, Adam was willing to come on the show to describe the journey he and I took to sell his family bakery.

This is an example of how things should go when sellers are properly positioned and prepared to meet the questions of buyers.

Pay particular attention to how the relationship evolved between the two of them and how this affected the bank’s decisions.

Watch the video, I’m sure you’ll enjoy the discussion: https://youtu.be/_4R4iio6bK8



Learn how to sell a business at https://www.HowToGetOutofMyBusiness.com
Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com   

#entrepreneurship #smallbiz #familybiz #bakery #bizforsale

Wednesday, September 4, 2019

September- Adventure is more of what you want- Small Business


September brings back to school AND changes to the Business Buyer Adventure group coaching program.

I made some changes to the program to reflect the different needs of members.  I had two goals:
  • Make it more accessible for new members who want to try it out.
  • Give one-on-one time for people who want greater access to me.


Learn all about what’s going on in the update video: https://youtu.be/sptC5J2S3Qg 



Join the group.  Meet others like you who want to take action to buy a successful business.

Participate in our group calls and learn from other member’s deals.

Sign up here:
https://gum.co/BizBuyerAdventure  

Tuesday, September 3, 2019

Easy guide to DavidCBarnett.com products and services

I sometimes get questions about what course is right for each person.

Here is a 'map' I made of your journey to buy, run and then sell a business.

It shows which books, courses and programs are for you at which stage.

Download a clickable pdf here: https://gum.co/DCBProductMap/free

Wednesday, August 28, 2019

Being cheap. Sell you biz with no lawyer.


Paul wants to know how to sell a business with no lawyer!


I get it Paul.

Lawyers cost money.

But there is a way to reduce your costs while still getting their valuable advice.

Listen and I’ll tell you how…

Oh, and escrow companies are only used in certain states.  Oftentimes the lawyers (or you) just do the closing yourself.

Watch the video, I’m sure you’ll enjoy the discussion: https://youtu.be/wBroDZFO_cI



Learn how to sell a business at https://www.HowToGetOutofMyBusiness.com

Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com   

#entrepreneurship #smallbiz #lawyer

Friday, August 23, 2019

Maybe think about what your life should be like?

I had a great talk with Linsi about business and systems and then a big-picture conversation broke out about planning a life that will be awesome.


Listen to the episode here:






Wednesday, August 21, 2019

Where do you find good employees?


Where do you find good employees?


Ron wants to know.

I’ve gathered an expert panel including my buddy Rick who has over 65 employees in his restaurant businesses and career coach Betty Kempa.

Watch the video, I’m sure you’ll enjoy the discussion: https://youtu.be/bBUt8nj7Nuc 



Learn how to buy a successful business at https://www.BusinessBuyerAdvantage.com

Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com   

#entrepreneurship #smallbiz #business #HR #hiring

Wednesday, August 14, 2019

Finding the right Business if you've only ever been an employee




How do you know what kind of business to buy if you’ve only ever been an employee?

Martin sends us this question.

He wants to be a business owner but is unsure what kind of business to buy.

I’ve gathered an expert panel including my buddy Rick whose made big changes in his own business life and career coach Betty Kempa.

Watch the video, I’m sure you’ll enjoy the discussion: https://youtu.be/-QbauTxAqrY



Learn how to buy a successful business at https://www.BusinessBuyerAdvantage.com

Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com   

#entrepreneurship #smallbiz #business

Wednesday, August 7, 2019

Removing the Mental Barriers to Success



Removing Mental Limits to Success

Nick Egan uses his study of Buddhism to help show readers how the issues and obstacles of business may be within our own minds.

This is the stuff he uses every day with his coaching clients to help them achieve growth.

I enjoyed reading Shift.

Many of the ideas are not new to me but a refresher is always welcome.

My big takeaway… we colour our world with ‘stories’ or mental programs that we carry with us and rarely challenge.

Also, I learned about meditation and it seems that I may already be doing this in my own way… maybe you are too.

Get a copy of the book here: https://amzn.to/2Sw2tTI (yes, it’s an affiliate link)

Watch the video, I’m sure you’ll enjoy the discussion: https://youtu.be/gBbMbsU7Swg



Learn how to buy a successful business at https://www.BusinessBuyerAdvantage.com

Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com   

#entrepreneurship #smallbiz #business #meditate #buddhism #coaching

Wednesday, July 31, 2019

Summer report- 4 Businesses under LOI.



I hope you’re not too hot this summer.

The people in the Business Buyer Adventure group sure are.

Lots of activity going on including four businesses under LOI- An active entertainment business, a pet shop, an online business and a language business.

I must tell you though, there are some changes coming to this group program in September.

Namely the monthly billing option will likely be disappearing and I’m introducing tiers of membership.

Learn all about what’s going on in the update video: https://youtu.be/9lON2B4dJZQ 



Join the group.  Meet others like you who want to take action to buy a successful business.

Participate in our group calls and learn from other member’s deals.

Sign up here:
https://gum.co/BizBuyerAdventure 

Wednesday, July 24, 2019

Top Factors to watch when you’re running a business


Eric wants to know the top things to watch when tracking a business’ performance.

The best place to watch your business is from the financial statements!

You need to have the right data at the right time.

Otherwise you don’t know if you have a pricing, purchasing or overhead problem.

It’s the biggest problem I see in most small businesses.

Watch as I share some insights from my experience with some sample financials: 
https://youtu.be/9jpNizbGibk



Learn how to buy a successful business at https://www.BusinessBuyerAdvantage.com

Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com   


#entrepreneurship #smallbiz #business #margin #grossprofit #financials #overhead

Wednesday, July 17, 2019

Small Business Struggles and Testing Markets



How to tell if a business is struggling AND how to test if there is a market for a business.

This week I answer two questions from Eric:

Can you tell if a business is having trouble just from a visit?

How can you test the market for a business?

I explain one of the signs I look for in a business that shows they’re short of cash.

The answer to the second is to make a sale before you invest in anything else.

Watch as I share some insights from my experience: https://youtu.be/-QQyx_F4RTg



Learn how to buy a successful business at https://www.BusinessBuyerAdvantage.com
Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: 

#entrepreneurship #smallbiz #business #market #sales #failure

Wednesday, July 10, 2019

How hard is it to find comparable transaction data when buying a business?



It’s pretty easy.

You just open your wallet and pay to access a private transaction database.

BUT- then you have to know how to deal with the bits of data you’ll find in there.

AND- that’s the problem.

See what I say about the issues here: https://youtu.be/ANKKqemYCTs



Learn how to buy a successful business at https://www.BusinessBuyerAdvantage.com

Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com   

#entrepreneurship #smallbiz #business #comparables #sampletx #buyabiz

Thursday, July 4, 2019

Can you stack those napkins as high as Carnegie's notes?

Carnegie’s Seller Notes

Happy 4th of July.

I thought I’d help my American friends celebrate Independence Day by relating a story about a famous American industrialist and how he sold his business entirely on a note… well, a whole stack of them.

Andrew Carnegie was born in Scotland and went to the US when he was 12 with his parents. (Barnett is a Scottish name too, FYI)

He was industrious and eventually became an investor, stock promoter and the owner of Carnegie Steel in Pittsburgh.

In 1901, JP Morgan (whose bank still bears his name) decided to roll up all the big American steel companies into one big company.

It was to be called US Steel.

He thought he could cut costs by eliminating duplication and reduce the price to consumers while raising wages and making it nearly impossible for anyone else to get into business.

Maybe it was the inspiration for the game Monopoly?

The sale price of Carnegie Steel was $303,450,000.

That would be USD$7.8 Billion dollars in 2019 money.

By the time of the sale, there were other share holders so Carnegie didn’t receive the entire amount. 

The purchase price for his shares was $225.64 million.

Now, here’s where the story gets interesting and where most people fall asleep or fail to grasp the significance…

He was paid entirely in $100,000 5%, 50-year gold bonds.

What does that mean?

It means he financed the entire sale and allowed JP Morgan to write him a cheque for 2.5% of the balance twice each year for 50 years with the original principle amount to be paid in 1951.

That’s a $5,600,000 cheque twice each year. No principle was paid down.

If the buyer failed to make that interest payment, or ‘coupon’ as it was called, they’d have to come up with enough gold to settle the debt.

At $20/oz, that would be 5,000 troy ounces of gold for each piece of paper. (US dollars were fixed to gold back then)

Since it was 1901, of course, all of these paper notes were delivered to the seller. 

Likely, they’d come by train because the bank that Carnegie used to store them had to build a special vault to house the pieces of paper.

That’s a lot of paper!

Carnegie would have been able to sell some of the bonds to diversify his wealth, but the fact remains… he financed the sale of his steel mill and then went on to become a great philanthropist.

Which means three things:
  1. You don’t necessarily need all the money saved up to buy a great business.
  2. It’s easier to be generous if you’ve enjoyed a life of business success.
  3. You can sell your business to someone who doesn’t have all the money if you believe they are the right person with the right plan.
Happy 4th of July.

To learn more about buying a business check out https://www.BusinessBuyerAdvantage.com

And to learn about selling your business, visit https://www.HowToSellMyOwnBusiness.com

Cheers! and don’t stand too close to me when you light those fireworks.
 

Dave

Wednesday, July 3, 2019

Big Loans for Small Businesses. Is 90% SBA financing a good idea?


Is borrowing 90% of the purchase price of a business a good idea?

Currently, American entrepreneurs are able to put only 5% down and borrow 90% from a bank and 5% from the seller to buy a business.

This is a lot of borrowing.  Otherwise known as leverage.

Is borrowing $19 for every $1 of your own money put into an acquisition a good idea?

Does it matter WHO you borrow money from?

I answer these questions and more from a viewer who worries about the risk of a big bank loan.

Check out the conversation here: https://youtu.be/-ocQGY2LuGE



Here is the video I mention about a 90% financing disaster: https://youtu.be/-CF-b7QdctQ



Learn how to buy a successful business at https://www.BusinessBuyerAdvantage.com

Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: 

#entrepreneurship #smallbiz #business #sba #financing #businessfinancing #businessloan

Wednesday, June 26, 2019

2019 June adventure update. More about Online Businesses



June/July brings even more talk of buying online businesses.

What an exciting month.

We’ve got new members.

We’ve got members buying businesses in another country.

We’ve got members re-engaging with sellers that broke off talks.

We’ve got a new member who has already sold a business.

We’ve got an expert guest call with a leadership coach who has been researching the what it takes mentally to make the move from being in the corporate world to being an entrepreneur..

-and-

We’ve got online business buying expert Jaryd Krause coming back in July for a one-hour in depth call about buying businesses.

If you missed Jaryd’s appearance on the general YouTube channel you can see it here.

Learn all about what’s going on in the update video: https://youtu.be/welJUela4vo 



Join the group.  Meet others like you who want to take action to buy a successful business.

Participate in our group calls and learn from other member’s deals.

Sign up here:
https://gum.co/BizBuyerAdventure 

Wednesday, June 19, 2019

Spot the signs of Entrepreneurial Burnout


Dreading the start of another day.

Do you ever cringe at the day ahead of you when you wake up in the morning?

Do you dread the ring of your phone?

Do you feel like you give all you have and it just doesn’t seem worth it?

Maybe you’re burning out!

This week I speak to entrepreneurial burnout and momentum coach Linsi Brownson who gives us some great insights into this problem among business owners.

If you own a business or will one day, this conversation will be valuable to you.

Check out the conversation here: https://youtu.be/QLnPsOqXa20



Learn how to get systems into your smallbiz here: https://www.EasySmallBizSystems.com

Learn how to buy a successful business at https://www.BusinessBuyerAdvantage.com

Book a call with me at https://www.clarity.fm/davidbarnett  

Stop missing my videos and other news. Join my email list here: https://www.DavidCBarnettList.com   

#entrepreneurship #smallbiz #business #burnout #momentum