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By Richard Parker, President of The
Business For Sale Buyer Resource Center™ and author
of the most widely used reference resource and strategy
guide for buying a business for sale - How To Buy A Good Business At A Great
Price©
The Best Gift You Can Ever Buy For Yourself:
A Business of Your Own!
It's amazing how we see an immediate increase in
our business right after the December holidays and the
day after every long weekend. The former may be many
"New Year's Resolutioners" as I call them,
and the latter is because most people dread the thought
of going back to their job after an extended weekend. So,
let's pretend it's the holidays right now, and
sing to yourself: "All I want for Christmas is
a…. business of my own…"
If you have any desire to be in business for yourself,
then now's the time to make your move! In fact, there
has never been a better time to take that step. So this
year, buy yourself the greatest gift of all - a business
of your own!
Over the past year, I've met and spoken with
thousands of people worldwide who have reached the point
where they've said: "enough is enough!"
Most hate their jobs. They are terribly uncertain about
the future. They're tired of busting their butt with
little or no thanks and they've finally realized that
controlling their own destiny is what they truly want
from their career.
The market itself for would-be entrepreneurs is
exploding, regardless of what the so-called
"experts" may say about the economy. In prior
times, when mass layoffs took place, displaced workers
simply adopted the strategy of looking for another job.
Unfortunately, jobs are not plentiful today. If
you've spent anytime looking for a job, you know how
frustrating, humiliating and time-consuming the process
can be, with no results.
If you are one of the lucky ones to still be employed,
instead of waiting around for your company to let you go
because they had one bad quarter and now want to save
their way ahead at your expense, take control of your
future and fire your boss!! This is going to be YOUR
year!
I can assure you from my own personal experience that,
if you have the desire to be your own boss, it's
something that is within your reach. Moreover, with a few
right moves, you'll accomplish your goal within six
months or so.
The Best Investment You Will Ever Make
When buying a business, you can and should expect to
make at least 25%-33% return on your cash investment.
Plus, you will have the opportunity to produce a steady
personal cash flow, and you'll be building value that
will pay you handsomely when the day arrives to sell the
business.
Many people wrongly believe that acquiring a business
is a risky investment. Personally, I think that putting
your fate in someone else's hands has a heck of a lot
more risk to it. While there is some inherent risk buying
a business, much, if not all, can be eliminated simply by
doing your research beforehand on any business you
consider purchasing.
Do Something
It's funny, but "The New Year's
Resolutioners" are typically people who said the
same thing last year and most probably will do so again
next holiday season. My father-in-law has a better name
for them: he calls them: "gonnas"…
they're 'gonna' do this, they're
'gonna' do that, yet another year passes and they
do nothing.
Don't join that crowd; it's a one-way ticket
nowhere. You can set everything in place to right now and
with a few simple steps, you'll be on your way:
| Step
One: |
Educate Yourself - no matter what type of career
you have, nothing you've ever done has prepared
you for this process. Even if you're in charge of
corporate acquisitions, you're now playing with
your money and future and it's a whole different
mindset. Many people wrongly confuse their confidence
to run a business with their inexperience to buy a
good business. As such, devour as much information as
possible about buying a business. Personally, I am
biased about how you can become a business-buying
expert so please excuse this shameless plug for my
course How To Buy A Good Business At A Great
Price© which you can review at http://www.diomo.com. Truthfully,
it's an incredible tool, so check it out.
Regardless, you must get educated! |
| Step
Two: |
Take the time to properly assess your strengths
and weaknesses. Take an honest inventory of yourself.
Your goal is to buy the right business. The guiding
principal is this: "whatever it is that you do
best must be the single most important driving factor
of any business you consider purchasing."
Don't try to be something you're not.
It's fine to learn a new skill when you're
working for someone, on their dime, but not at your
expense. |
| Step
Three: |
Put together your "laundry list" of
what you want in a business. Be specific. Don't
say: "I want it to make a lot of money."
Rather, identify the characteristics it must have.
For me it's simple. Any business I buy must be:
sales/marketing-driven, contain an element of
exclusivity (either in product or territory), have
high margins as I don't want/like to sell a
product or service based on price,) and there must be
demand for the product or service the business offers
(creating demand is way too expensive). Assemble your
five-point list, and do stray from it. This must be
the litmus test that you put every business through.
If any business does not subscribe to your rules -
don't buy it! |
| Step
Four: |
Get the word out - you may not want to tell your
boss, but let everyone else in your circle know your
plans. This serves two purposes: it will generate
leads, and it will put a little pressure on you to
make it happen. |
| Step
Five: |
Set timeline: sticking to a timeline is critical.
Each year seems to go faster than the last one.
Don't allow yourself to be in the same position
next year. Six months from today you should be in
your own business. Take a blank sheet of paper and
write on it with a big black marker, "I'm
buying a business within 12 months of ____
(today's date). Post it in a place where you will
see it every morning, and, if possible, throughout
each day. I would even suggest that you make it the
personalized message on your cellular phone, PDA or
daily agenda. |
| Step
Six: |
Above all, get into the game. Search
businesses-for-sale listings. The bizbuysell website
is an ideal place to conduct your search. Don't
get overly analytical in the early stages. Arrange
meetings at potential businesses. Don't be afraid
to make offers. |
| Step
Seven: |
Enjoy your success! |
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About the Author
Richard Parker is President of Diomo
Corporation - The Business Buyer Resource Center ™
(www.diomo.com ) and Diomo Solutions,
LLC (www.diomosolutions.com) He is the
author of How To Buy A Good Business At A Great
Price© a 600 plus page how to strategy guide
geared for anyone thinking about buying a business. His
materials are used by prospective business buyers in over
50 countries. Mr. Parker's articles, syndicated
columns and other "how to" guides have been
published extensively online and in various print media
He is also one of the most successful business brokers in
The United States, assisting both buyers and sellers. Mr.
Parker has personally purchased ten small businesses
since 1990. Email
your comments to Richard or visit his
website
This article is © Copyright 2005-2006 by Richard
Parker and may not be reproduced in any format whatsoever
without prior written consent of the author.
The recommendations of reading, reference materials or
links mentioned, are for general informational purposes
only. The materials are intended as a public service and
are not a substitute for obtaining professional advice
from a qualified firm, person or corporation. Consult the
appropriate professional advisor for complete and
up-to-the-minute information. These materials do not
constitute the rendering of any legal or professional
services.
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