New Program to Help You Buy a Small Business

Hi,

As you may realize, I put together a year-long group coaching program to help people execute on the actual work involved in finding and buying a business at the end of 2017.

Some of the things I learned about that were:

1. People wanted the flexibility to start the group program whenever they wanted.

2. People didn't like the fixed length of the program.

3. People did like the fact that they would be working with other buyers.

4. People did like the fact that they would get more time with me and an inside look at their deals and those of the group members.

Here's what I've done...

I'm launching a new program called Business Buyer Adventure.

Watch me talk about it here: https://youtu.be/6MfXMWUP7_w

Get it? It's like an expedition or mission to use the talents and skills taught in Business Buyer Advantage and we go on this journey together.

One of the cornerstones of the Business Buyer Adventure program is The Next Step Preparation program.

Basically, The Next Step materials allow new members to catch up before joining our hunting party in the jungle.  

So, this new program incorporates this long-established self-coaching prep program within it and once you've done that, you can join the group accountability calls to keep you on track with the actions you need for success.

Now, here's what's important to you as a person who may wish to buy a business:

1. There is a 'founder special' for people who join the Adventure program in its' first few weeks.

2. This is a great deal since the regular price of the program is only USD$147/mo which is my hourly one-on-one consulting rate and you'll enjoy several hours of new content each month.

If you lock in this special deal, the price you pay now will continue FOREVER.  Even if you stay in for years.  The discount you're offered here today can even be compounded on the annual purchase which further reduces the cost of joining.

If you decide to join the Adventure, then use this link to buy it as it will give a special price in the first two weeks.

Learn More--Click it now to go to the product page where you can see a video which describes all the different information and community features of Business Buyer Adventure.

https://gum.co/BizBuyerAdventure/Launchdeal

Stephane visits the banker. How can he prepare to ask for a business purchase loan?

How many at-bats can you get with your banker? Better be prepared!

This week’s question comes from Stephane who wants to know how best to prepare for speaking to a banker about a business acquisition loan.

It’s much like everything else in life, there’s preparation, then lots of practice.

This means studying your forecasts and the subject business and industry.  Reading and learning lots.  Maybe a speech to your cat on the topic.

If you’re setting yourself up for life as a business owner, then you should have people around you to help ‘play banker’ and get you ready.  If not, then a membership application to the Kiwanis, Rotary or another club may be in order.

When it comes time to speak to your first banker though, many people haven’t thought of this preparation trick that I’ve used for years.  I made a video to tell you all about it.  Watch here: https://youtu.be/RZt7rOhLrWo

Learn how to buy a business at www.BusinessBuyerAdvantage.com where you can access tons of information and enroll in my online course.

In fact, I often tease and poke fun at people who claim to want to buy a business who seem unwilling to invest a few hours into learning how to do it correctly.  I mean, come on, seriously?  (The course works out to less than $20/hr. and comes with a 30 day money-back guarantee!)  You can see how my whole buyer system works in this video from two weeks ago: https://youtu.be/ooixMSaFf6Y

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.

Sign up to my e-mail list on the left of the screen. Easy unsubscribe at any time as I use MailChimp.

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: http://davidbarnett.eventbrite.ca

Thanks and I’ll see you next time.

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: https://youtu.be/wowZG3yFqLk

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 www.BusinessBuyerAdvantage.com 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: https://youtu.be/ooixMSaFf6Y

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.

Go to www.DavidCBarnett.com and sign up for my weekly e-mail to receive my videos three days before they go public as well as other exclusive offers. Easy unsubscribe at any time as I use MailChimp.

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: http://davidbarnett.eventbrite.ca

Thanks and I’ll see you next time.

Why do some business sellers make you WAIT so long for info? How to Buy a Business - David C Barnett

Why does the seller make me WAIT so long for information?

I got a call from a client the other day.  He’s been trying to decide if he wants to pursue a business that is rumoured to be for sale.

I say ‘rumoured’ because it certainly doesn’t seem like it’s for sale.  The owner says he wants to sell, he speaks highly of the business and its potential, but he just won’t hand over the information the buyer is asking for; the latest financial statements.

What on Earth is going on? I explain the possibilities in this video: https://youtu.be/BwNY7cpSZhI

The first thing that is obvious is that this seller hasn’t read my best-selling book; How to Sell MyOwn Business. If he had, he would know that you never go out looking for buyers and talk with them before you’re completely prepared to answer all their questions and you’ve got your ‘package’ together. 

Putting together Confidential Business Profiles is part of what I do for my clients.

From the seller’s perspective here’s what may be going on:

1. There may have been a pressing emotional or personal need which pushed the owner to decide to sell and this need may no longer be so aggravating.
2. If the business is profitable, then the longer the seller delays the sale, the more money they make in the interim.
3. There may be some pressing business needs that require their attention in the present, selling the business may actually be a ‘side project’ and doesn’t get the proper attention.
4. Outside advisors or service providers like accountants may not be available because of workloads or vacations.

Let’s be clear, any delays caused by the seller are not good for the deal. They upset the buyer and buyers can be hard to find.

One of the hazards of this scenario is that the more a buyer follows up and ‘chases’ the seller, the more the seller may begin to think that the buyer is in love with the business.

This can cause them to believe they can get more money for the business.  As a buyer, this is bad.

So stop it.  Stop following up, emailing and calling the seller continuously.  Slow down. Look at other businesses.

One of the problems from a buyer’s point of view is that they may be imagining themselves as the owner.  They start to get excited and REALLY want to buy the business NOW. 

This is called Buyer Fever and it’s a very dangerous illness.  It can cost people hundreds of thousands of dollars in over-payments when it leads them to make bad deals and not do proper due-diligence.

If you’d like help to buy or sell a business, call me at (506) 381-8416 or visit www.HowToSellMyOwnBusiness.com or www.BusinessBuyerAdvantage.com

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.

If you would like to hear from me weekly before anyone else, you can sign yourself up just to the left of this post.

Do you live in Toronto or the Maritimes?  I’ve got workshops coming up for Toronto in September on buying and selling businesses and in October-December in the Maritimes.  Book now http://davidbarnett.eventbrite.ca

If you’d like to learn how to create high returns by making local private lending deals, check out http://www.LocalInvestingCourse.com The Local Investing Academy starts in September. 

Thanks and I’ll see you next time.

How to push your business' 'self-destruct' button... You can ruin everything really fast! David C Barnett

How to Sell a Business – Keeping it a secret

One of the most distinct aspects of the market for small businesses is that it is a secret one.  The worst thing that a business owner can do is publicize the fact that their business is for sale.

Telling people that you want to sell your business is like pushing the ‘business self-destruct’ button.

If any of the following stakeholder groups finds out that a business is for sale, the business could be ruined and all that an owner has worked for could be destroyed:

• ·         Employees
• ·         Customers
• ·         Suppliers
• ·         Lenders
• ·         Competitors

I explain why secrecy is so important for each group in this NEW video: https://youtu.be/m0wWErgtlM0

I also explain what business for sale really means to 95% of the population.

Let me give you a little info on each one:

Employees: If they think change is coming, they may bail.  The best employees always have available opportunities with competitors.

Customers: If you deliver in the future or people rely on a warranty, they won`t have any faith in your future if they find out you’re for sale.

Suppliers: If these guys think there`s something wrong say `goodbye` to your trade credit.

Lenders: I’ve had more than one client have their credit line cut when their banker found out they were for sale.  I explain why in the video.

Competitors:  These guys will use anything they can to steal business.  News that a business is for sale will help them sew doubt in the minds of prospects.

If you want to learn how I help my clients advertise their business for sale confidentially, check out www.HowToSellMyOwnBusiness.com

There are plenty of FREE resources there to help you begin planning your transition out of your business.

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.

If you would like to hear from me weekly before anyone else, you can sign yourself up at www.DavidCBarnett.com 

Do you live in Toronto?  I’ve got three workshops coming up for Toronto in September.  Book now to get summer special ticket pricing.  http://davidbarnett.eventbrite.ca Some sessions have fewer than 20 seats left. Learn more about these workshops in this video: https://youtu.be/l2T3pwr9lkw

Thanks and I’ll see you next time.