Saturday, March 30, 2019

Easy way to buy Multiple Businesses Quickly and Create Massive Personal Wealth

Great question from my website.

-Will I be able to buy several businesses in short order and build great wealth quickly with your methods?

It was an interesting question.

It came from the https://www.BusinessBuyerAdvantage.com website feedback form.

What would be someone’s motivation for wanting to buy several businesses quickly and do I actually teach a special method that is truly my own?

I think I know where this chap has been. 

His question has been framed by the marketing of someone who promises quick wealth through a special business acquisition method that they promise can be repeated many times over by anyone regardless of setbacks or track record.

Let’s break this down and do some critical thinking.

One of the popular myths that I’ve seen used to lure people into expensively-priced business buyer programs has been the idea that there are a lot of businesses for sale that are really profitable and they need new owners.

Then the idea that there are not enough people out there with the knowledge of HOW to buy them is tossed into the mix.

Does that make sense?

People have been buying and selling businesses for a long time.  There is a whole industry built up around it.

It’s true that there is a lot of ignorance, bad advice, etc. out there but the way to buy a business has pretty much been hammered out with some variations.

That’s what I teach people in my programs.  How the deals to buy SMEs are actually done. 

Many people are surprised.  Most students learn a lot of new information.

But for every buyer who goes through my program, there are already many in the marketplace with similar knowledge.

A lack of buyers understanding the HOW is certainly not what keeps 80% of small businesses listed for sale from being purchased.

Don’t forget that businesses listed for sale are only a small portion of those that go up for sale since most sellers normally want to avoid business brokers and their commission charges.

Think about that.

If you owned a great business and you needed to get out, you’d likely try to find a buyer on your own, wouldn’t you?

That’s exactly what happens.

Many of the businesses listed for sale don’t sell because they suck.

They don’t earn enough money, or the sellers are asking so much that a buyer can’t earn any return on his investment.

I think this is where the idea of buying several businesses comes from. 

The notion of owning a group of businesses is exciting and if you can’t find one that earns enough you just keep buying more. 

Like a guy who invests in real estate and buys himself several dozen duplexes over the years instead of one big 50-unit building.

The strategy is also one that is employed by private equity groups who have teams of professional business investors and analysts and who have millions of dollars at their disposal.

Is that you?

Would it not be easier to simply buy and manage one business that met all of your investing criteria and allowed you to achieve your personal financial goals?

It sounds simpler to me. 

Starting with a plan to buy several businesses assumes that the first one will be in some way deficient. 

Why would you plan to buy a business like that?

So, the HOW of buying a business really needs to be tied together with the HOW of finding a business BEFORE it goes up for sale.

AND, we need to be looking for the right one.

These are the things that I cover in Business Buyer Advantage and my Business Buyer Adventure coaching group.

You know what else?

Signing up for any of this will not allow a loser to instantly become a big-wheel business tycoon.

Before anyone can get into the game of buying a successful business, they need to win the game in their own head.

That’s something I can’t help you with.

Don’t believe that someone can fix all your problems with a few thousand dollars of online training.

If your self-image is already one of a successful businessperson and you want to buy a profitable business, then I can help you with strategy and knowledge.

Start over at https://www.BusinessBuyerAdvantage.com
 
 


PS. The Financial Forecasting and Business Plan Writing program is also really useful for future successful business leaders. Learn more and sign up over here.

Wednesday, March 27, 2019

Winter Blues don't infect these bold business buyers.



Hi,

There’s been a lot going on this winter in the Business Buyer Adventure group. 

This past week we learned about some of the different ways a deal can get derailed and how you can get it back on track if a seller is getting cold feet.

Our Adventure calls are getting more and more live participants.  Members are adding value to the conversation by sharing thoughts and opinions with each other.

And these are not just random ideas-

Every member of the group is an achiever in their own domain, and about half of them already own businesses!

Watch the complete update video here: https://youtu.be/pshoxQAXht8 



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 

Also, find out what’s been going on in the Cash Flow Forecasting and Business Plan Writing Course. 

If you are ever going to have to make a presentation to investors or lenders one day, this program is for you… also if you just want to see if your expansion or new idea is even feasible.


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