The Business Building Process 10
Rules to Follow When Buying a Business;
1. Never be in a hurry to buy. When you want things fast, you always pay more.
2. Much of the profit is made at the time you buy the company therefore do a through financial analysis of the business so you don't over pay.
3. Never fall in love with the business. It is just an investment designed to generate cash. You never invest in a bond that paid a poor rate of return, just because you liked the name nd the look of the certificate.
Being coached at this level is a business owner's reward for the hard work and perseverance and determination it takes to progress beyond the first 5 stages.
It is important to note that you start a business to sell it. This is where any business owner makes their money. It is, in essence, a business owners' RRSP. If, over the years, you have not structured and grown your business properly you will not have many interested buyers and the simple law of supply and demand tells you that you will not sell your business for what it potentially could have been worth.
1. Never be in a hurry to buy. When you want things fast, you always pay more.
2. Much of the profit is made at the time you buy the company therefore do a through financial analysis of the business so you don't over pay.
3. Never fall in love with the business. It is just an investment designed to generate cash. You never invest in a bond that paid a poor rate of return, just because you liked the name nd the look of the certificate.
Being coached at this level is a business owner's reward for the hard work and perseverance and determination it takes to progress beyond the first 5 stages.
It is important to note that you start a business to sell it. This is where any business owner makes their money. It is, in essence, a business owners' RRSP. If, over the years, you have not structured and grown your business properly you will not have many interested buyers and the simple law of supply and demand tells you that you will not sell your business for what it potentially could have been worth.
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