Wednesday, March 20, 2019

I bet my retirement that this business will succeed!



Is it better to borrow money when buying or starting a business or is it best just to use your retirement funds?

I’m surprised at how often people ask me this.

Maybe there are a lot of people out there with entrepreneurial dreams and fat retirement plans.

I’ve got news for all of them though.  Whether you borrow from a bank or your retirement plan, you’re still borrowing.

If you don’t believe that, maybe this week’s video can help show you the folly of your ways.

I answer the question, ‘does it make sense to use retirement funds to fund your small business?’

Watch the video here: https://youtu.be/37t2lK1lZ_w



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

Get an Audible subscription and listen to my book 21 Stupid Things People do When Trying to buy a Business: Learn how to Avoid These Awful Novice Mistakes.

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

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

#entrepreneurship #smallbiz #business #businessbroker #retirement

Sunday, March 17, 2019

Not your average St. Patrick's Day message.

My neighbour decorates his 3-car garage with an Irish flag for St. Patrick's Day.  
Do you think he's just lucky to have a place like that?


Luck of the Irish

Happy St. Patrick’s Day.

I hope you enjoy the Luck of the Irish.

Have you ever wondered where an expression like that comes from?

Stereotypes and clich├ęs seem to form around a wee bit of evidence, or at least some observable trends.

So, is it possible that an entire nation is so full of lucky people that they’ve become linked to the idea of luckiness?

I think I can give you some idea of where this notion comes from.  You see, I live directly across the Atlantic from Ireland.

While I can’t see the emerald isle from here, I can see its effects all around me.

In my life, I’ve spend a lot of time in Miramichi and Saint John, New Brunswick.  Both places were big landing spots for the Irish diaspora for well over a hundred years.

In fact, it’s common to hear a young man today in Miramichi refer to his close buddies as ‘the lads.’

That’s pretty Irish, yet nary a leprechaun in sight!

When you walk around Saint John (Canada’s oldest incorporated city) you see block after block of beautiful stone buildings and an amazing city market whose roof is built as an inverted ship hull.

The carpenters of the day were mostly building ships and figured an upside-down hull should work just as well to keep water out.

Then there were railroads and thousands and thousands of acres of cleared land for newly established farms.

And of course, those big Irish Catholic Churches that stretch up, up and up with a million little details that still make people stop and look today.

There is ample evidence that the Irish were ready to be lucky, especially if you subscribe to my definition of luck. (copied from more famous people, of course)

Luck is when preparation meets opportunity.

For millions of Irish, being prepared meant being willing to do a lot of hard work.

And as the evidence demonstrates- Irish people have a lot of experience doing hard work.

Imagine if someone gave you an acreage of forest land and told you that you now had the opportunity to make a farm and home of your own.   Would you know where to start?

They did.

So, what do opportunities look like in 2019 and how can we get prepared to meet them?

Because forest land is rarely being handed out these days.

Opportunity comes at us today in the form of information.

Preparation is done so that we know how to act on the information to our benefit.

Listen to this...

‘I heard that John is headed to Florida, I think he’s looking for a condo to buy because he might retire soon.  I’m not sure what he’s doing with his business.’

‘Did you hear? Norm is in the hospital.  His wife must be going crazy down at the business by herself.’

‘Do you realize that Pedro used to have three crews working for him?  Now he spends a lot of time at the bar.  I don’t think he’s really interested in his business anymore.’

‘I heard that Jennifer is dating a guy out in California.  It seems to be getting serious, but I don’t see how she could move there while taking care of her spa business.’

What would you do if you heard one of these utterances?

Would you have the tools to seize the opportunity?

I can help you get prepared.

Come learn about the training and coaching I can offer you.

Cheers and have a green beer for me.

Dave

PS. The financial forecasting program is now in week #3 and is going strong. Learn more and sign up over here.

Wednesday, March 13, 2019

There are risks in talking to a buyer who may not be real!


Questions, Questions, Quora!

This week our question comes from a stranger who posted it over at Quora.com.

He asks, ‘How do I know if a buyer is serious about buying my business?’

Great question and an important one since talking to a buyer is risky in a lot of ways.

This week I delve into the question and give a strategy for quickly determining if someone is worth your time.

Also--- look for new videos on Wednesdays as I’m changing up my schedule a little bit.

Watch the video of our chat here: https://youtu.be/-Gbnj7Chxxs



Learn how to sell your business at https://www.HowToSellMyOwnBusiness.com

Get an Audible subscription and listen to my book How to Sell My Own Business: A Guide to selling your own business without paying a broker’s commission for FREE.

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

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

#entrepreneurship #smallbiz #business #MandA #businessbroker 

Tuesday, March 12, 2019

My winter vacation is over. :( Here's what people on the email list have been enjoying..

The last 13 days.

Hi,

Over the last 13 days I've been sending out links to the email subscribers of old videos of mine with comments about what I thought when they were new or how I feel about them now.

If you didn't receive them, it's because you're not on the email list.  Join at www.DavidCBarnettList.com

I try to only send out emails to the people they may be relevant to so be sure you check the right areas of interest for you.

Cheers

Dave
  1. Road to Gold is paved with Macaroni. https://youtu.be/BXDHF5dYbWo Feb 27
  2. Paving Contractor vs. the Drug Dealers https://youtu.be/tI32pOdd2bs Feb 28
  3. Industrial Age Thinking = Opportunity https://youtu.be/ZJgNWU-sxeQ Mar 1
  4. Why the right asking price is critical in selling a business https://youtu.be/CuiJUenzEzc Mar 2
  5. City Zoning Rules distract business owner. https://youtu.be/lwORvoJ_xeY  March 3
  6. Franchise fees are the cost of selling to you. https://youtu.be/7eYi5-HA5wcMarch 4
  7. Pizzeria Franchise Inferno https://youtu.be/-a1LH4i07k0 March 5
  8. Finding equity- balance sheet ratios. https://youtu.be/ght8EGLLqGE March 6
  9. Retiring entrepreneur turns business into annuity. https://youtu.be/rkdB8eLl6Xw March 7
  10. Local business failures-Take money off the table. https://youtu.be/jNzpxEyFE_w March 8
  11. Bye Bye Birdie- Challenges of highly niched businesses. https://youtu.be/BWjyzEC4pt0 March 9
  12. Does debt make a business more volatile? https://youtu.be/YH8WzjkDU-AMarch 10
  13. Buy a business on a credit card? https://youtu.be/LE_Lyx9eOI0 March 11

Saskatoon wakes up to David telling a negotiation story...






This month one of my articles was featured in the Saskatoon Chamber of Commerce Magazine; Business Voice.

If you'd like to read it and others I wrote then just check out my FREE business finance articles here: https://gum.co/gCXjx/Free

Friday, February 22, 2019

Industry-Leading direct response email marketer tells SmallBiz Buyers team about hidden customer email lists.


Hi,


The Business Buyer Adventure group now has representation from 5 states and 3 continents!

Watch this video to see what's been going on in the group.

Remember, each and every month more and more content is added to The Business Buyer Adventure and so the value keeps going up but the subscription price you pay remains the same!

This past month, we had Mike Finger come on to talk to us about seller mindset.  Mike built and sold a business, then bought and sold two more.

He lets us in on the differences between buyers and builders of businesses when the time comes to sell.  You can listen to this conversation right now when you join the group.

For March we have Ben Settle.

Ben has been working in the field of email marketing for decades and he’s learned from the best.  In fact, he’s the guy that I’ve been learning some of my email skills from.

Oftentimes, businesses have information on customers that they’re not taking advantage of.

I asked Ben in our March Expert Call if he thought this information could represent a hidden asset in these potential acquisition targets.

His answer might surprise you.

Join today and learn what he has to say when his interview goes live in March.

Watch the complete update video here: https://youtu.be/Vlv5uxRFZjo

Join the group.  Meet others like you.

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

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

Thursday, February 21, 2019

Cash Flow Forecasting and Business Plan Writing program now LIVE


The new Small Business Cash Flow Forecasting and Business Plan Writing Program.

Hi,
In case you missed it, on Friday I did a live webcast and introduced the new cash flow forecasting program that I'm building along with weekly input from the founding students.

If you'd like to join us, sign up here: https://gum.co/smallbizforecasting

What do the first videos look like?

Well I introduce you to 5 businesses.  3 are new start ups and 2 are existing businesses.

Each has business has a story to highlight different difficulties in doing up cash flows and business plans.  The idea is to show you how to make a mathematical model for any business you might come across.

This first week is all about setting up the sales forecasts.

Next week we'll get into costs.

Each week there is new material and you have an opportunity to submit feedback to make the course better and help fill any gaps.

Founders get in at a special price of only $99.

Be sure to create a Gumroad account so you can easily sign in each week for the new modules.

Sign up today and join us on building this important aspect of your entrepreneurial skills.

https://gum.co/smallbizforecasting

Cheers

Dave

Friday, February 15, 2019

Sohit the college student seeks advice about getting into business quickly



Are you sitting in Economics 101 and just itching to begin your entrepreneurial journey?

This week, one of my college  viewers, Sohit, writes to ask me what he can do to get started right away to get into business.

It’s an interesting case.  Sohit needs to focus on his studies but is there an opportunity for him?
What kind of opportunity?

Watch as I give Sohit advice that I don’t often share.

Also—an important piece of advice for young people who are part of today’s college crowd.

Watch the amazingly awesome video presented here in Beard-o-Vision HD. The latest in video technology.: https://youtu.be/IgGKAT7BFUw



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

Get an Audible subscription and listen to my book Franchise Warnings: What you Really Need to Know Before you Buy for FREE.

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 #college #business

Saturday, February 9, 2019

Super-hero sidekick spotted at one of my workshops.

Hi,

As you likely know from my fun and numerous e-mails, last week I did a live presentation of my small business systems course called Build a Business That People Will Want to Buy.

An interested and engaged crowd gathered in the hotel meeting room to hear me speak.

Attendees included:

(Names have been altered to protect the reputations of attendees and increase the enjoyment of readers..)
  • Cal, the cunning corporate counsel
  • Orville FettersBy, the office furniture baron
  • Lobster-trap Larry
  • Francis the foundation framer
  • … his lovely wife Fanny
  • -AND- Boy Wonder.  Bat-man’s famous side kick; Robin.
It’s the first time I’ve had a super-hero sidekick attend one of my conferences.

It was easy to recognize him even without his mask and costume:
  • Youthful teenaged appearance. 
  • Zest for crime-fighting disguised as an interest in business.
  • An optimistic energy that held no bounds for the future.
He told me that his father had bought the ticket (which means that Bat-Man likely subscribes to my emails.)

Seriously, it was a big deal for me because ever since I started doing such workshops MANY years ago… over 10, in fact, I’ve always offered a ‘youth’ ticket special for attendees under the age of 25.

This is the first time in a decade that someone has actually stepped up and taken advantage of the offer.

It was interesting to have the young man in the crowd.

I was interested in his feedback.  There were so many questions…
  • Do you think this material will help you in your entrepreneurial adventures?
  • Did you understand the power of setting up these systems vs trying to run your business using super-human wits?
  • Do you think I should be on Instagram?
His enthusiasm was unbridled.

‘I’m graduating high school in a few weeks,’ he said, ‘and I’ve never been taught anything at all like this.   -About how to make a business work like a machine without the owner there telling everyone what to do.   I just thought small business owners were there all day being the boss.’

And so it is with most people.  Visions of owning a business means visions of being the boss.

When the true goal should be being the owner.

Learn how to make a small business work for you by getting it ready for sale.  Invest some time in learning how you can easily bring business systems into any SME.

I promise: It’s easy, doesn’t take a lot of time, and you can do it.

Sign up and learn how you can Build a Business That People Will Want to Buy.

Cheers

Dave

Friday, February 8, 2019

Small business customer and client contracts and service agreements



Do you use the right paperwork with your customers or clients?

Braden works with small business owners all over the US and gives us some insight into the trouble and fixes regarding engagements.

The advice is practical no matter where in the world you are.

What does a good client contract need?

What’s wrong with what many businesses use?

I even tell a funny story about how I changed a contract before signing it without the other party realizing it.  It’s good.

Seriously, it’s not boring.

Watch the video of our chat here: https://youtu.be/UNhSD1R7JH4



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

Get an Audible subscription and listen to my book How to Sell My Own Business: A Guide to selling your own business without paying a broker’s commission for FREE.

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

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

#entrepreneurship #smallbiz #business #contract #legal

Monday, February 4, 2019

How affiliate deals work -AND- why you should get this FREE book now.


Hi everyone,

Ever since I achieved a few thousand subscribers on YouTube, I've been getting offers to help sell other people's stuff.

It's called 'affiliate marketing' and basically it works like this...

Because you like my stuff and have grown to trust what I say, then you'll feel comfortable paying money to buy something that I somehow endorse.

I don't like it.

It doesn't seem right to me and that's why I delete all of these.

Except, I received one a few weeks ago that was different.

It was different because I actually do endorse the product. 

The offer is simple.  Just sign up and receive a FREE copy of Josh Turner's book, which is confusingly titled; Booked.

It will show you how to use LinkedIn better.

It worked for me which is why I wanted to pass this offer along to you.

Now, Josh doesn't earn a living by giving away things for free.

If you sign up for this, they'll try to sell you some other program which I haven't done before.

Since Josh has been in business for years, I'm guessing that his other stuff is likely good and valuable, but I can't endorse something I haven't personally done.

Here's what I'd like to do for you though to clear my conscience.  Because, if you buy Josh's program, I'll be paid an affiliate commission of a couple hundred bucks.

****If you buy his program and you send me a proof of purchase and I can match it to my back-end report, I'll give you free access to my online course How To Do Local Investing Deals from A-Z, which has a retail value of approximately what Josh pays his affiliates.

So, 

Click here now and get a FREE copy of this valuable book.

Do it now as the offer is only good for a few days.

Cheers

Dave

Friday, February 1, 2019

Jasmin joins me to discuss her experience helping to finance worker co-op conversions


Did you see the video I did two weeks ago talking about worker co-ops?

If not, you can find it here: https://youtu.be/a1rkbTVS-iw



That video prompted Jasmin to reach out to me to share her experience working with a community development lender whose aim is to finance the creation of worker co-ops.

Jasmin’s background is in finance.  She wanted to make sure the buyers in these deals, the workers, got into a good deal that made sense.

Jasmin shared some of her time with me to explain what problems and issues kept coming up when she went in to do analysis and due-diligence.

Watch as we discuss some of the deals and her experiences with the sellers and brokers trying to transfer small businesses into worker co-ops.

I also share a little of my experience in doing successful transfers to employees as traditional buyers.

Watch the video of our chat here: https://youtu.be/fJ6rsHmPLZQ



Learn how to sell your business at https://www.HowToSellMyOwnBusiness.com

Get an Audible subscription and listen to my book How to Sell My Own Business: A Guide to selling your own business without paying a broker’s commission for FREE.

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

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

#entrepreneurship #smallbiz #business #MandA #businessbroker #co-op

Friday, January 25, 2019

Explain Business Equity and the Assumptions of TVs Shark Tank



Have you got your bathing suit on?

This week I get a question from YouTube viewer on da track who asks, ‘What does equity in a business mean?  The Shark Tank guys are always saying they’ll pay $X for X% of the equity?!?’
Super-Duper question.

In today’s video, I talk about what equity is on a balance sheet and why that number rarely matches what people say the equity is worth.

We’ll also discuss some of the assumptions that lie under the choppy surface of show’s like Shark Tank and Dragon’s Den.

Grab your flippers, let’s dive in with the sharks here: https://youtu.be/3VFXadgoLQ8



Learn how to buy a business and avoid start up risk: https://www.BusinessBuyerAdvantage.com

Get an Audible Subscription and listen to my book, 21 Stupid things people do when trying to buy a business, for FREE.

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

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

#entrepreneurship #smallbiz #business #MandA #businessbroker

Sunday, January 20, 2019

Who uses Gillette razors? Biff or Marty McFly?

Hey there,

Have you seen the new controversial Gillette ad?

Lots of people are talking about it.

I had to check it out.  You can find it on YouTube here: https://youtu.be/koPmuEyP3a0 
If you read the comments or notice news coverage, you'll see that lots of people are really excited or angry about this ad.

When I first watched it, I didn't think it was anti-masculine at all. 

I thought it came across as anti-meathead.

Remember Biff from Back to the Future?  The bully who was always chasing after Marty McFly?  That's my idea of a meathead.

Nobody likes Biff.  Not even me. 

One commentator on YouTube described the video as '3rd wave feminist propaganda seeking not to achieve equality but rather to change the behavior of men.'

Well, I can tell you that since David was a little boy, men have been telling me not to bully, fight, pick on girls or, generally, be a dick.

Most men already try to teach boys to be gentlemen - Otherwise, we'd be living in a crazy Mad Max world and I'd have an awesome homemade dune buggy, a cool gun and a wolf companion that I tamed from the wilderness.

So that's not quite it.

Let me tell you what the video is really about... Desperation.

This is a commercial- the creators are trying to sell razor blades.

I didn't see the ad until I started seeing comments about it on my Twitter feed.

Because I don't watch TV.

...and that's a problem for major consumer brands like Gillette and their owners Proctor and Gamble.

How do you sell mass-market products in a world where it's getting harder and harder to talk to everyone all at once?

I don't have that problem. 

I speak to you directly.

We have a relationship. 

I run a small business.

Regardless of whether you're a Biff, a Marty McFly or a #metoo victim, do you know what you need?  Likely some of these things:
  • tires for your car
  • a new haircut
  • a pepperoni pizza delivered late at night
  • a limo ride for your daughter's prom night
  • siding for your new garage
  • someone to fix your pipes
  • a crew of guys to pave your driveway
Proctor and Gamble can't sell you any of this stuff.

Get it?  Small business has just as much opportunity to reach their target market as the big guys now.

They need to take bigger and bigger risks to cut through the static.  They risk losing customers in the attempt to reach just a few more.

Take control of your own future. 

Buy a business of your own that already makes you money on day #1.

Especially if you work for Gillette. ;)

Sign up for my online course, Business Buyer Advantage, and let me show you how you can avoid risk by buying an already successful business.

It's step #2 over at https://www.BusinessBuyerAdvantage.com



Cheers

dave

Friday, January 18, 2019

3-time business-seller spills the beans in the February Business Buyer Adventure expert call.


Hi,

The Business Buyer Adventure group now has representation from 5 states and 3 continents!

Watch this video to see what's been going on in the group.

Remember, each and every month more and more content is added to The Business Buyer Adventure and so the value keeps going up but the subscription price you pay remains the same!

One of the neat features of the group is that each and every month I get an expert to contribute who can comment either on the process of buying a business or on some skill that will help you once you buy your business.

This month, I had 20+ year LMI franchisee Paul Hindelang come and talk about goal setting to get 2019 off on the right foot.

For February, we have 3-time business seller Mike Finger who will give us an insight into the crazy minds of people selling a business and he'll contrast his feelings from the first sale to those that followed.

Watch here: https://youtu.be/TgDyUZ8rKo8 



Join the group.  Meet others like you.

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

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

Friday, January 11, 2019

Worker Co-ops. Another way to exit a business?


Well, let’s keep 2019 going with new things.

This week I explore a new (to me) way of exiting a business.  Sell it to your employees via forming a worker co-operative.

I know very little about co-ops outside of the credit union, insurance companies and grocery stores that I see when driving around.

Finn Mauritzen of www.fashion-worker.com joins me for a discussion on the different types of co-ops and how business owners can use this as a vehicle for exiting a business.

Of course, I asked some important questions like:

  • ·         If everyone is an owner, how does someone get fired?
  • ·         Do the managers earn more?
  • ·         Can a worker/owner sell his portion to someone else?
  • ·         Etc.


It was a great and informative conversation and I know you’ll learn something new as well.

Watch the video of our chat here: https://youtu.be/a1rkbTVS-iw



Learn how to sell your business at https://www.HowToSellMyOwnBusiness.com

Get an Audible subscription and listen to my book How to Sell My Own Business: A Guide to selling your own business without paying a broker’s commission for FREE.

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

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

#entrepreneurship #smallbiz #business #MandA #businessbroker #co-op