Buy a Business and Become Rich

Something to be very aware of when buying a business is the product / employee relationships. A perfect example of this is a company that for a while had an expert software developer and after completing a 3rd training software left the company shortly thereafter. This last developed software

WHAT? It's OK to stretch the truth a bit in a job interview! Did you really say that? I will never think of you or the Trump organization quite the same if that is your mentality.

Michael, I agree to buy business and become rich. In fact, buy business is like you want to marry someone. Marriage cannot work if there is no chemistry. Same thing with buy business, if there is no chemistry of customer to buy product of the business, then you waste your money! And you only dream to become rich! My outlook is make sure the business is worth and there is market of that business. And to create market, I need more wings to cover the market.

Come on Mr. Cooper, please don't try to be so high and mighty. Yes, indeed it is okay to stretch the truth a bit. We always put our best foot forward and yes, sometimes that involves, not lying, but elaborating on the truth. Sometimes that does involve "stretching" in order to get your point across.

I read your informative article on buying businesses and was very happy to see that you recommend owner-financing as a requirement for any purchase. I have always wondered why anyone would buy a privately held business with no liquidity for all cash up-front.

Several brokers who recommend these "all cash" businesses will tell you that the businesses have already been approved for SBA-backed loans. The only scenario where an all cash transaction would make sense is if the business is heavy on assets (e.g. machinery, equipment, etc) and the purchase price is equal to the re-sale value of those assets.

Otherwise, probably no more than 20% cash should ever be paid up-front. It is even better to use a very small amount of cash (say 5%) with a series of balloon payments, at agreed-upon time periods, after the closing.

ow Do I get Financing to buy a bussines. Findong a bussones It's not a problem how i buy it its the problem.
Can anyone can give me a tip?

Trump University is a good business idea but forget using internet business models unless they are filling your coffers with cash. Make it free and make it good! When people make money they are thankful. Look at Stanford. People write checks for $25 million dollars just to be associated with the alums. Phil Knight gave them $100 mill for a new B School. People always give money to places that helped them make money and would over pay for a service after that service delivered on its promise. I would guess only a few companies actually make billions in cash from from doing something online. You have the money, just copy what they do and improve it. Granted your initial audience is probably get rich quick sucker types. Forget them unless they are filling your bank accounts with cash from services and products. Cut them out now. It looks like it scales but they are like teenagers...fickle. Eventually, as word gets out, intelligent, serious people say this guy is soemtimes a little eccentric for show, but he has made a great deal of money. Worst case scenario he has great connections and best case he has experience and will actually share his war stories and money making conquests.
What people want to do is duplicate the success of Donald Trump. Why sell them a lie, if the dream can be a reality. Do you like being sucker punched? Like I said you don't need the money, you need the humanitarian capital Bill Gates is collecting. The charismatic Capital Bill Clinton collected. So, tell me you how to get to the NEXT LEVEL. Don't drop me a bunch of CD's. Give me some credibility with rich people and companies that have and make money. Tell me what I need to do to get to the deal table if I don't have a big checkbook. How did you do it?

I want to play in the game of monster markets.

This article should have a little more breadth. If is is a teaser to get me to do something... you paid someone too much today! As you see the internet is half sess pool, half quality information. Build a Stanford online. Give away what they get people to pay $250,000 for.... connections, a seat at the deal table, inexperienced player credits, less work, high quality lifestyle, if I know you your already at third base, interview is just to shake your hand you already have the job in Silicon Valley.

Mr. Trump: I am impressed that you are providing education to people who want to improve their lives specifically buying and building a business. I agree with the concept whole heartedly. I also think that many people need help after they buy the business....to know how to market the product/service and manage it! Something that is not mentioned in the free report about buying a business is to "use a professional business advisor". Finding a good business, analyzing the financials and handling due diligence, negotiating the terms and arranging financing is not for the faint of heart....or the inexperienced. And lawyers and CPA's generally aren't the ones who will help you put together a "win-win" negotiation. I agree you can learn to do those things and go it alone but it takes years to perfect those skills and if someone wants to buy a business in the next 6 months, those skills will not be up to par. Are you getting into the business of "business brokerage" or just providing education to hopeful entrepreneurs? I started my own business advisory and financing firm 2 years ago (after spending 23 years in commercial banking). I continue to learn new things every day about business owners and the "art" of buying and selling businesses. Some days I think it would have been easier to buy an existing print shop.....

I too was taken aback

Has anyone bought a Franchise? If so, any tips? Also, can someone advise if the bulk candy or snack machine vending machines are a good business to chase after? thanks

Laurie:
If you are interested in buying a franchise be sure to contact the Franchisor and get a copy of the UFOC (Uniform Franchise Offering Circular) and study it! Look at the history, longevity, financial condition, lawsuits, etc. (all detailed in the UFOC). Talk to current franchisee owners and ask them how the franchisor treats them. Do they get support? Is it all they thought it would be? I have sold and financed many franchises. Typically, franchises work because you are getting a "ready made" system and don't have to build it from scratch. It can save years (and dollars) to utilize someone else's proven system. Just make sure the system really works!! This is no different than buying an existing business. Any successful business has built a "system" for getting and keeping customers, managing the work flow, etc. A good book to read for new entrepeneurs is "The E-Myth"

I am going to go off on a tangent with this - instead of addressing buying a business.

Wow, did I read this right? "It's OK to stretch the truth a bit in a job interview, but ..."

I know I have to market myself, but if I present myself as more than I am, won't I lose my job when it is discovered? I believe very few organizations will overlook intentionally misleading information on resume's or in interviews. Anyway, if I present my experience as something more than it is, that will raise the expectations of my employer, and if the experience was on paper only, the employer will be disappointed when I can't deliver. Then, I will hear those famous words "You're Fired"!

When representing yourself, I think honesty is always the best policy - even if it hurts a little.

Mr. Trump,
Thank you for your support of Ms. California. America is so fortunate to have a man of you stature stand up for the right of Americans to express thier opinion, despite what the "supposed leadership" dictates. Leadership is more than a position. It is taking a postition and having the fortitude to stand for it.
Again, Thank you,
Cindy Nelson, APN
Advanced Practice Nurse
Hot Springs, AR