2017 Small Business Selling Disaster Stories. Don't Let this Happen When You Sell. How To sell your small business

Let’s end the year with some funny stories of people trying to sell their business.

Some may not seem so funny if you’ve made these mistakes.  Hopefully, if you watch my videos you won’t be doing any of these unfortunate things.

From over-valuations to mishandled private information to the misunderstanding of a little word, here are three stories of botched small business sales from 2017…

Watch the video: https://youtu.be/32Fn_QUTElE

Stop missing my videos and other news. Get on my mailing list and choose what interests you. http://eepurl.com/brqqjb

Take advantage of the FREE Toronto ticket offer:

1. Buy the online business systems course at http://www.EasySmallBizSystems.com 

2. and the exit planning course at http://www.HowToGetOutOfMyBusiness.com 

3. and let me know at dbarnett@alpatlantic.com and tell me if you want a real or virtual ticket in May.  Offer is done on Jan 31, 2018.

Don’t want the online courses but want to see me in #Toronto May 2018?  Register today. (Virtual Attendance Options Available)

Thank you and I’ll see you next time.

What Small Business Owners should be asking Santa for Xmas this year…

Did you make your list for Santa yet?

In preparation for my appearance on the Jon Sanchez show for listeners in Reno, Nevada I put together this smallbiz Xmas wish list.

It’s an awesome list of the things to sort out in your business to be better off in 2018.

Unfortunately, Jon mostly wanted to talk about the Trump Tax changes so the good entrepreneurs of Reno didn’t hear the whole list!

You can. Just watch me tell you all about it here: https://youtu.be/gQ1ozYSvPLs

Stop missing my videos and other news. Get on my mailing list and choose what interests you. http://eepurl.com/brqqjb

Learn to buy a business at http://www.BusinessBuyerAdvantage.com

Learn to sell a business at http://www.HowToSellMyOwnBusiness.com

Get your business organized at http://www.EasySmallBizSystems.com

I’ll be in #Toronto May 2018 to help you get your business organized, easier to run and ready for maximum value.  Amazing guest offers and early registration discounts are in effect but are LIMITED.  Register today. (Virtual Attendance Options Available)

Thank you and I’ll see you next time.

David talks Man Talk with the Men of Abundance

I had a blast talking about masculinity and business with the Men of Abundance.

J's Business Buying Disaster- How to Buy a Business- Businesses for Sale

One of my YouTube viewers bought a business earlier this year and will soon likely be going #bankrupt.

He wrote me a couple of weeks ago:

David, 

I used to watch your videos a lot about a year ago when I was contemplating buying a business.

I should have bought your course and that is one of my biggest regret. Now I am in a big hole with [business] that I purchased.

The deal was bad for me. Now I am not making any money.

I'd like to have a phone call with you and see what my options are.

J.

I took the time to give J. a call and discuss what happened. There were a bunch of problems with the business and the way in which he was 'shepherded' through the buying process.

Many of the people he thought were working for his interests were not. He will now have to figure out how to grow fast with no further investment or start making plans for going under.

Learn more about what happened by watching this video: https://youtu.be/-CF-b7QdctQ

Stop missing my videos and other news. Get on my mailing list and choose what interests you. http://eepurl.com/brqqjb

Join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com Some are learning how to get ahead of brokers with my Prepare to Buy a Business: The Next Step.  Also on the same site.

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.  While you’re there… download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

Thank you and I’ll see you next time.

Dave Negri and I discuss Buying and Selling contractor businesses.

Can a person with bad credit get a loan? -How To Buy a Business.

Can a person or business get a loan if they have bad credit?

This week I take a look at a question posed on Quora.com about how a person with a poor credit score can get a loan.

The ensuing discussion is about the 5 C’s of lending and they apply equally to personal and business borrowing.  Do you know what the 5 C’s are?

If you think you’ll need a loan one day or if you’ve read my book Invest Local and you want to become a lender then I think you’ll enjoy this one.

Improve your character now by watching the video here: https://youtu.be/UQ4yhKBVnzI

Stop missing my videos and other news. Get on my mailing list and choose what interests you. http://eepurl.com/brqqjb

Join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com Some are learning how to get ahead of brokers with my Prepare to Buy a Business: The Next Step.  Also on the same site.

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.  While you’re there… download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

Thank you and I’ll see you next time.

Mitch Russo and I talk about the consulting business and how I help people buy and sell businesses.

Listen as Mitch and I discuss my business and buyers and sellers of businesses.

How and Why can a shareholder's ownership become watered-down? Share Dilution

Remember that scene in The Social Network when one of Mark Zuckerberg’s original partners found out that the shares that were once like 30% of FaceBook had suddenly become like 2% of FaceBook?  How does that happen?

In the movie, Zuckerberg is made to look like an opportunist who took advantage of his former partner.  In many businesses, dilution of an ownership position happens by design and with purpose.

In fact, all the greatest companies you know have had shareholders dilute their positions over time to facilitate the incoming capital that they needed to grow. 

This week I answer a question about how share dilution can happen in a small business and why it can be something that the founding shareholders may wish to happen.  It’s a follow up question to the video I did last year about how many shares a small business should have which you can find here: http://www.investlocalbook.com/2016/12/over-last-two-weeks-ive-had.html

Watch the video before if becomes too watered-down: (ha!) https://youtu.be/FtogXYXCC1s

Stop missing my videos and other news. Get on my mailing list and choose what interests you. http://eepurl.com/brqqjb

Join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com Some are learning how to get ahead of brokers with my Prepare to Buy a Business: The Next Step.  Also on the same site.

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.  While you’re there… download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

Thank you and I’ll see you next time.

How can 3 partners treat the one who has to quit his job fairly? -Startup with 3 founders, one salary.

Partnerships; it makes one think of comraderie, solidarity, marriage even.

So often people get a great idea and decide to form a partnership (or become shareholders in a corporation together) in order to make the great startup story happen once again.

Here’s the problem though, what if the different founders are being asked to contribute at different levels? 

What if someone is being asked to put their personal income on the line by quitting a job and going to work full-time in this new venture?

How do we reconcile the different contributions?

It all has to do with the hats we wear.

Watch as I answer this week’s question from someone on Quora.com who is in the middle of this very dilemma: https://youtu.be/4IJE6GsAkys

Join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com Some are learning how to get ahead of brokers with my Prepare to Buy a Business: The Next Step.  Also on the same site.

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.

FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

I’m coming to Halifax, NS December 4 to teach my Succession Planning Workshop and my How to Buy an Existing Business Workshop.  It would be great to see you there.

Thank you and I’ll see you next time.

I speak to Shahara Wright about how to build a business that will sell...

Shahara and I swap stories and discuss how you can build a business that will sell one day.

Visit Shahara's site: http://www.theceoeffect.net

How I convinced 8 out of 9 people to invest in my new business- How to attract investors.

Still running short on cash for a business acquisition or expansion?

A few weeks ago, I made a video about attracting private equity investors into your business. You can find it here: http://www.investlocalbook.com/2017/10/selling-shares-stock-in-your-small.html

I received a message from a YouTube viewer asking how he can make his deals more attractive to potential investors.

It basically comes down to one question: What are you going to do with the money?

In this video I tell the story of how I raised over $80,000 with only 9 phone calls to build a mini-storage business.  The secret to my success was twofold, who I am and what I was going to use the money for.

Check it out here: https://youtu.be/rIK4wV4VBEo

Join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com Some are learning how to get ahead of brokers with my Prepare to Buy a Business: The Next Step.  Also on the same site.

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.

FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

I’m coming to Halifax, NS December 4 to teach my Succession Planning Workshop and my How to Buy an Existing Business Workshop.  It would be great to see you there.

Thank you and I’ll see you next time.

Total CEO Vinny Fischer and I talk about selling your own business.

I had a chance to speak with Vinny Fischer about selling your own business... check out the interview:

Catch more of Vinny's interviews here: http://thetotalceo.com/show/ 

Own a Retail Store and Want to Sell? How To Sell a Business

Are you a retail store owner?

A viewer sent me a link to this article and asked me about one of the items in the list.

They wanted to know why the author was a proponent of telling everyone the business is for sale while I spend so much time telling people to keep things confidential.

Let’s review the article and I’ll tell you what I think about each of the points in this video about the common mistakes people make when selling a retail business: https://youtu.be/zS_wG67FenE

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.

FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

Join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com Some are learning how to get ahead of brokers with my Prepare to Buy a Business: The Next Step.  Also on the same site.

I’m coming to Halifax, NS December 4 to teach my Succession Planning Workshop and my How to Buy an Existing Business Workshop.  It would be great to see you there.

Thank you and I’ll see you next time.

What if you know you’re right and everyone else seems wrong?- How To Buy a Business.

Remember that Twilight Zone episode where the whole world went crazy except for the main character?

Sometimes it may feel that the world is crazy when you know what you’re doing and everyone else does NOT.

This week I tell the story of two clients who are looking to buy a business and everywhere they turn they find overpriced businesses that are poorly presented by incompetent brokers.

They’re actually worried that they are the ones who are crazy.

In their exasperation they asked me, ‘Don’t business brokers need to have at least a rudimentary knowledge of accounting?’  You may not believe my answer.

Watch and learn my response in this video: https://youtu.be/PSB_lBnnNJs

Join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com Some are learning how to get ahead of brokers with my Prepare to Buy a Business: The Next Step.  Also on the same site.

I’m coming to Halifax, NS December 4 to teach my Succession Planning Workshop and my How to Buy an Existing Business Workshop.  It would be great to see you there.

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.

FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

Thank you and I’ll see you next time.

Selling Shares (Stock) in your Small Business- How to Buy a Business

So, do you dream to going to the Dragon’s Den or Shark Tank to get some billionaire to put money into your business?

For most everyday people, it may be possible to sell stock in their company or as part of financing a business acquisition, but it won’t be like what you see on TV.

I’ve seen lots of people bring on new shareholders or equity financial partners to do a deal.

What makes real Main St. deals different from what you see on TV is the motivation and expectation of the investor.

Watch this video I made about how to position your deal to get someone to buy stock in your newly acquired business: https://youtu.be/gfsDDmOmxjc

Want to buy a business in the next year? Join the 2018 Buy a Successful Business Accelerator Program: http://www.investlocalbook.com/p/2018-group.html (Still spots left as some successful applicants haven't paid their registration fee yet.)

-or- join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com

I’m coming to Halifax, NS December 4 to teach my Succession Planning Workshop and my How to Buy an Existing Business Workshop.  It would be great to see you there.

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.

FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

Thank you and I’ll see you next time.

Avoid Scams When Buying a Business — How To Buy a Business

Have you ever had that sinking feeling in your stomach when you realize that you’ve made a big mistake or someone has taken advantage of you?

It happens. 

Sometimes we make a mistake.  Sometimes we buy something on sale that can’t be returned and it doesn’t fit.  Sometimes we pay money for something that ends up being garbage.

It’s quite different, however, when we realize that someone has taken advantage of us.

Unfortunately, I have had many occasions where I’ve shown people that they’ve been taken advantage of and it’s not pleasant.  Often it leads to anger and a feeling of defeat- ‘How could I have let this happen to me?’

A viewer asked me to help show how people can avoid scams when buying a business.  I put this video together to review the most common ones that I’ve seen over the years. 

Please like and share and post to groups, etc so that others can avoid these costly traps.  Watch it here: https://youtu.be/p8fDN2QkgoQ

Want to buy a business in the next year? Join the 2018 Buy a Successful Business Accelerator Program: http://www.investlocalbook.com/p/2018-group.html (Still spots left as some successful appliants haven't paid their registration fee yet.)

-or- join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.

FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

Thank you and I’ll see you next time.

John Lim and I discuss business purchase as a way to leave a corporate job and my own struggles.

Find it here:

https://www.bemovingforward.com/post/mf-139-david-c-barnett-reveals-a-smart-blueprint-for-leaving-corporate-america

If you're interested in hearing my 'back story' of how I ended up on the internet helping people buy and sell businesses, this is the listen for you.

John's audience are people planning to move forward through a change and I discuss the changes I had to adapt to in my career.

Small Business Systems with Byron Ingraham.

I talk business systems with Byron.  www.EasySmallBizSystems.com 

Listen to "203 Creating Business Processes With David Barnett" on Spreaker.

Who’s Counting the Inventory in that Business you’re Buying and why it Matters- How to Buy a Business

Who doesn’t love coming in after hours and counting all the stuff on the shelf?

Unfortunately, most people who own businesses hate doing inventory.

It’s so distasteful that an entire industry has sprung up to do it for people.. these businesses are populated mostly by moles and other nocturnal creatures since inventory counting is mostly done overnight.

One local office here where I live hosts a team of inventory counters who assemble at dusk, ride a bus together to their temporary haunt, then scurry and scratch their way through mountains of precious goods.  You can almost hear them saying.. ‘oooh my precious!’

Of course, if a small business owner wants to avoid the effort and cost of counting inventory, they can just make up the numbers.  And many do just that!

Then there are the other, more treacherous reasons for making up inventory figures.

So what does this mean for someone trying to buy a business?  What hazard does poor inventory counting create to the investigative small business buyer?

Watch this video as I explain the relationship between inventory and COGS and why it’s so important and what you can do if it’s all messed up: https://youtu.be/6KVAKRjTUtY

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.

Want to buy a business in the next year? Join the 2018 Buy a Successful Business Accelerator Program: http://www.investlocalbook.com/p/2018-group.html (Still spots left as some successful appliants haven't paid their registration fee yet.)

-or- join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com

FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

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.

Thank you and I’ll see you next time.

John Lagoudakis and I discuss buying and selling businesses online.

John and I discuss the buying and selling of online businesses.  Listen to his story as he describes an online business being destroyed by a change over at Google.  Interesting.

Why aren't millenials buying Baby Boomer's Main St. Businesses? Zombies.

Hallowe’en is just around the corner so I thought it would be fitting to discuss Zombie Businesses again.

A zombie business is one which is full of dead capital.  Wealth that is generating no return for it’s owner.

This week my video discusses an article that asks if Millenials will be taking over the Main St. businesses of the Baby Boomers.

Well, not if they’re undead.

Watch as I explain what’s wrong with this hardware store in Massachusetts:  https://youtu.be/uCSTCS2z3tk

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you avoid being the owner of a Zombie Business.

Want to buy a business in the next year? Join the 2018 Buy a Successful Business Accelerator Program: http://www.investlocalbook.com/p/2018-group.html

FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

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.

This fall I’ll be in Moncton, NYC & Toronto.  Find out more and sign up at http://davidbarnett.eventbrite.com

Thank you and I’ll see you next time.