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:

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 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:

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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:

Thanks and I’ll see you next time.

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