Best Small Businesses To Own

Top 5 Mistakes Business Buyers Make When Buying A Business

Entrepreneurs who are buying a business tend to get excited and emotional over the prospects of their new opportunity, often forgetting to apply some basic rules which might save them years of pain and suffering. Over the years I have worked with many a number of them and I have seen them make the same mistakes repeatedly. This quick summary should help you avoid some of the more important ones.

Buying A Business Mistake 1. Buying the wrong business

It may not be true. Do what you love and the money may not follow, but I can say, with certainty, that if you buy a business you don’t love, not only will it ruin the business, it can ruin your life. Make sure you have a real passion for whatever it is you’re going to be doing for the next few years. You may be passionate about the product, the customers, or even the marketing or the sales. And of course, make sure the business somehow makes good use of your personal skill set.

Buying A Business Mistake 2. Not doing your due diligence.

Due diligence on a business opportunity goes far beyond the financial statements. Understand the customers, the market, the business reputation and positioning, the vendors, the competitive space, the debt, and a host of other factors. And dig deep. A business may appear to great on the surface, but can have serious problems underneath. An old saying has it that “The Devil is in the details.” Examine them – all of them – before you Make Your final decision.

Buying A Business Mistake 3. Not understanding why the seller is selling.

An owner may say they want to retire, but the real fact is that he is losing his lease. Another says she is simply tired of the business and wants to move on, when in reality a major competitor is coming to town, and she is scared out of her wits. Find out the real reason the business is being sold. You may still decide to go ahead, and that information may help you negotiate a better deal.

Buying A Business Mistake 4. Not having a good contract

Just like when buying a home, there are many points to negotiate besides the price. There are the payment terms, financing, covenants about the property, inventory issues, accounts receivable, debt and other financial encumbrances like liens, intellectual property issues like trademarks, patents and copyright ownership, non-compete clauses, and dozens of other details. While a strong contract won’t save a bad business, a weak one can kill you. Don’t proceed along any lines where major questions are unanswered. And make sure you hire a lawyer familiar with business purchases to review your agreement.

Buying A Business Mistake 5. Not knowing the real business valuation

It’s easy to overpay for a business when you don’t have a proper business valuation. Most business pricing models have two major components: a base, usually revenue or profit, and a multiplier. To get the base you need a clear view of the revenue picture from previous years. Get financial statements and sales journals going back as long as you can – up to five years. Do the same for expenses. Each industry has its own basic model for comparison. Some industries, such as software, focus on revenue or sales while most others focus on earnings, or an adjustment to earnings called EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization.) The multiplier is also industry based, and can range all over the map. The company’s assets and liabilities – both real and contingent – as well as the strength and consistency of cash flow, also affect the price you are willing to pay. It’s a good idea to get a professional evaluation of the company, if only to use as a starting point or bolster your negotiating position.

Here is a sixth mistake that is less obvious to many buyers, yet should actually be the first thing you consider when deciding on a business to purchase

Not having a clear picture of the future

Remember the multiplier I mentioned above? That multiplier is actually the number of years it will take to recoup the price you just paid for the business, assuming it doesn’t grow (or shrink.) Having a clear view of the future – and how much you can impact that future – is the most important information you can have when purchasing a business. If you have to pay 3x earnings, and yet you believe you can double the business in twelve months, that is a good deal. If you have to pay 10x earnings, and you expect 10% growth – it’s going to take a very long time to make any money on the deal.

If you think the industry is going to take off, or you can expand revenues rapidly and flip the business – you may be acquiring in to a gold mine.

Even if it doesn’t work out exactly, you must have some view of the future.

This view includes industry trends, the overall market, regulations, societal changes, technical trends, as well as your ability to grow this particular business through better sales, improved marketing, more products, effective service, documented systems, and increased an capital base. Each of these enhancements can dramatically improve the existing business.

Just because you don’t make these mistakes doesn’t mean you will be successful, but avoiding them will definitely increase the odds in your favor.

About the Author

Paul Lemberg, CEO of Axcelus: Advanced
Business Acceleration
for Entrepreneurs helps entrepreneurs increase revenues, profits and value in the shortest time possible using proven business strategy, time management, business plans, systems and expert advice. Find out more or contact Paul at
www.paullemberg.com
. Paul is available for speaking, conferences, and business consulting.

5 Questions To Ask Before Buying A Business

The Complete Guide to Buying a Business (Paperback) $18.92 “Explains complex yet critical legal and practical details on choosing, investigating, and contracting to buy a business. The new edition includes updated tax laws and regulations”–Provided by publisher.

Buying For Business $70.12 This book is in Used condition

The Complete Guide to Buying a Business [With CDROM] $26.17 Provides an overview of the key steps in buying a business, the key legal issues to consider, and important tax considerations.Offers a variety of approaches for valuing a business, and advice about financing the purchase, structuring the deal, and making it happen. Provides forms and documents for taking ownership.

Essentials of Buying and Selling a Business $3.95 This volume answers questions on (1) what a prospective buyer of a small business should know, and what a seller needs to know before a buy-sell decision is made; (2) where this information can be found; (3) how the collected data can be correlated and interpreted; and (4) how to negotiate a buy-sell transaction.

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Buying Business Services $7.8 Purchasing is a function of growing interest and importance within most companies and organisations. We also live in a society where services are being produced and consumed as never before. This book aims to discuss the procurement of services in the context of the company as a whole, looking at both the integration of purchasing within the companies flow of activities and the system of supply chains which can affect the conditions for purchasing behaviour.

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Buying and Selling a Business $24.71 This book is in New – Excellent condition

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Buying Time $13.12 Waverly Sloan is a down-on-his-luck lawyer. But just when he’s about to hit rock bottom, he stumbles upon a business with the potential to solve all of his problems. In Waverly’s new line of work, he comes to the aid of people in desperate need of cash. But there’s a catch. His clients must be terminally ill and willing to sign over rights to their life insurance policies before they can collect a dime. Waverly then finds investors eager to advance them thousands of dollars–including a hefty broker’s fee for himself–in exchange for a significant return on their investment once the clients take their last breath. The stakes get higher when Waverly brokers the policy of the cancer-stricken wife of Lawrence Erickson, a high-powered lawyer who’s bucking to become the next U.S. Attorney General. When Waverly’s clients start dying sooner than they should, both Waverly and Erickson–who has some skeletons of his own to hide–are unwittingly drawn into a perilous web of greed, blackmail and murder.

Buying & Selling a Business: A Step-By-Step Guide $3.95 A twenty-first-century update to the modern business classic . . . For more than fifteen years, this handy guide has provided entrepreneurs and small business owners with a simple, step-by-step plan for buying or selling a business-without their own special team of lawyers and accountants. Written by leading business attorney Robert Klueger, this up-to-date guide now includes everything you need to know about recent tax law changes, as well as an entirely new chapter on limited liability companies. It answers all your critical questions, covering everything from the valuation of a business through the negotiation stages to closing the deal. Packed with the kind of real-world guidance you can only get from a professional, Buying & Selling a Business, Second Edition shows you how to: * Choose a business that’s right for you * Evaluate the business, determine why the seller is selling, analyze the seller’s operations, and analyze balance sheets, income statements, and cash flow * Negotiate effectively-including negotiating for price, timing, stock and asset agreements, noncompetitive agreements, and more * Buy a franchise-key considerations that make a franchise different * Ensure a hassle-free closing with no surprises

Buying for Business: Insights in Purchasing and Supply Management $36.17 "Buying For Business" provides a simple but comprehensive guide to purchasing and supply. With current literature often academic in focus and unsuited to modern business readers, it offers straightforward and engaging information on the principles and practice of purchasing and supply management that will be of great value to anyone in business who deals with suppliers. Experts Mark Whitehead and Christopher Barrat answer all the key questions facing purchasing in business today, and offer advice on everything from ethics to outsourcing. Diagrams, analysis tools and pro-formas aid understanding, while case studies and bench-marking exercises illustrate and reinforce the learning.

Ultimate Guide to Buying or Selling a Business $3.94 Proven strategies to evaluate, negotiate, and conclude winning transactions Hundreds of thousands of businesses change hands each year. The most successful negotiators understand the perspective and negotiating position of their colleagues around the table. In this invaluable guide, financial valuation expert Ira Nottonson, J.D., shares real-world insights in a straightforward step-by-step process. Using simple, unpretentious language, he examines the financial aspects of a deal from a variety of perspectives. Recognizing the concerns of all parties–buyer, seller, accountant, lawyer, broker, and lender–equals a negotiating advantage. In addition, you will receive: Expert author commentary at the end of every chapter elaborates key pitfalls and opportunities. A valuation concept that every businessperson can understand and utilize is provided. Self-analysis work sheets help you carefully assess your talents and needs. Frequently overlooked, franchise and family succession planning issues are also included.

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Better Business Bureau’s Buying a Franchise $14.96 This book is in New – Excellent condition

The Complete Guide to Buying and Selling a Business $5 This book is in Used condition

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Christianity Incorporated: How Big Business Is Buying the Church $22 “These days “getting religion” is generally considered a rather quaint thing of the past. “Getting spirituality,” on the other hand, is the hottest thing on the market. In fact, corporate-sponsored spiritual salve is becoming the most popular prescription for the overworked and soul-weary employee. But for many Christians, this antidote has become its own epidemic. How is this epidemic infecting the church? How should the church respond as a community of believers?According to authors Michael Budde and Robert Brimlow, the church must resist becoming the “chaplain to capitalism.” In their new book, Christianity Incorporated: How Big Business Is Buying the Church, they remind us that Christ-centered discipleship is fundamentally at odds with consumer capitalist priorities. The church must have a mission and a voice in society that is distinct from, rather than in chorus with, watered-down corporate spirituality. Finally, they turn to the Sermon on the Mount as a reminder of Jesusu2019 attitude toward wealth and spiritual wholeness.Christianity Incorporated is a wake-up call for all Christians. Courageous, current, and accessible, this book will attract the attention of business people, pastors, and lay members of the church.Anyone concerned with pursuing Christian discipleship in a consumer culture will find guidance and insight here.”

Automotive Buying and Leasing $3.95 Written by a professional automotive sales and finance manager, Auto Buying vs Leasing is intended to help you save time and money by providing you with the knowledge and tools needed to negotiate the best deal. What to look for in new and pre-owned vehicles, how to prepare a currently owned vehicle for trade-in, the importance of dealing on price, plus step-by-step examples to take the mystery out of calculating lease or finance payments is just the beginning. By exploring this industry in depth, this book familiarizes you with industry terminology as it guides them through the ins and outs of cash payment, credit, and financing; after-market products, plus post-sale vehicle care and maintenance warranties. Final chapters caution readers about the potentially dark side of the auto business while offering useful advice to ensure a successful, dread-free car-buying experience.

Building Wealth Buying Foreclosures $15.42 "Beginning investors have long assumed that there were a bunch of good books about foreclosure. In fact, there were none. Now, fi nally, there is one good one: John Schaub’s "Building Wealth Buying Foreclosures."" –John T. Reed, author of "How to Buy Real Estate for at Least 20% Below Market Value" Foreclosures are one of the biggest real estate investment opportunities available in today’s market. They also have a compelling benefit–when you buy a property on the brink of foreclosure, you’re solving that problem for the previous owner, and getting a great deal in the process. "Building Wealth Buying Foreclosures" helps you target top properties and get the best deal, with tips on how to avoid scams, insight into the lender’s perspective, and a checklist that helps you keep track of every step of the way. Inside information on how to Target only the right properties to buy Negotiate the best price Get a good deal on a mortgage Make the right offer at the right time Understand the lender’s perspective Make sense of title insurance Decide to rent or sell the property "This is the most practical book on ‘doing well by doing good’ that I have ever read. My only hesitation in recommending it is that I may find myself competing against another investor who has read it because of my recommendation." b>–Dr. Gary North, "Remnant Review " "With foreclosures at an all time high, there’s never been a better opportunity to buy good real estate at a bargain price. John Schaub, my favorite real estate guru for 30 years, shows you how to do it without getting into trouble. This book is a gold mine of how to buy real estate cheaply and profitably. Most other real estate gurus do one or the other, but not both ]" –Mark Skousen, Editor, "Forecasts & Strategies" "John is the master of Real Estate Investing. His books show the reader how to build a successful investment business. "Building Wealth Buying Foreclosures" could not be more timely. This easy to understand and friendly book is a must for anyone desiring to achieve wealth through Real Estate." –Lisa Moren-Bromma, author of "Wise Women in Real Estate" and "Real Estate Investing for The Utterly Confused"

The Fortune Sellers: The Big Business of Buying and Selling Predictions $24.56 An ambitious, intelligent, and very readable guide to understanding our present and our future."-Harry Beckwith, author of Selling the Invisible No one can foretell the future. Or can they? There are many who purport to-and they are making a fortune. From meteorologists to investment advisers, prognosticating professionals are part of a multibillion-dollar industry. No longer merely fortunetellers, they are fortune sellers, offering us a commodity we’re more than eager to buy: the future. In this piercing and provocative expose, business consultant and forecasting expert William Sherden casts an unblinking eye on the booming business of predicting the future, separating fact from fallacy to show us not only how best to use the forecasts we’re given, but how to "select the nuggets of valuable future advice from amongst the $200 billion worth of mostly erroneous future predictions put forth each year.

Buying a California Business: The Ultimate Guide for Savvy Business Buyers $15.25 This book addresses why business buyers in California fail and what they need to do to be successful. The author has worked with thousands of business buyers, both as a California business broker and as a consultant, and he also bought small businesses for himself during his early entrepreneurial years.

Keys to Buying Foreclosed and Bargain Homes Keys to Buying Foreclosed and Bargain Homes $3.95 Barron’s Business Keys have gained deserved reputations as easy-to-read books of sound advice for consumers and non-experts. These brief, fact-filled volumes cut through business and financial jargon and speak to consumers in plain English. They offer information and advice on saving, investing, protecting one’s assets, coping with taxes, and prudent management of personal finances. Updated to reflect the current real estate market, this book presents an informed view of the advantages and potential pitfalls connected with buying foreclosed and bargain properties. Various sources are described including lending institutions, the FHA, the Farmer’s Home Administration, and others. There are valuable tips for buying at auction and for taking advantages of special programs such as urban homesteading.

Technology Acquisition: Buying the Future of Your Business $45.44 Increasingly, companies are choosing to purchase enterprise technology rather than create it in house — but relatively few IT professionals have the skills and experience to oversee such a large investment. Now, there’s a step-by-step, start-to-finish guide to every step of the technology acquisition process: planning, identifying the right technology, choosing the right vendor, negotiations, deployment, and beyond. Expert IT project manager Allen Eskelin presents techniques and skills that can improve ROI on virtually any information technology purchase, from CRM software to network infrastructure. Learn how to identify business needs and establish technology purchasing projects that respond to them; create effective project plans and teams; define proposed solutions; and identify vendors who may have appropriate solutions. Review multiple approaches to researching, evaluating, and selecting vendors; then walk step-by-step through contract negotiation: strategy, tactics, planning, and documentation. Finally, learn how to implement effective processes for developing, testing, deploying, and supporting vendor solutions. Eskelin covers both process and the "people dynamics" that make or break technology acquisition projects.

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Franchising 101: The Complete Guide to Evaluating, Buying and Growing Your Franchise Business $3.95 This new definitive guide provides clear, concise explanations for finding, buying, operating, and growing a successful franchised business from top experts from the "ASBDC" and the "American Association of Franchisees and Dealers" (AAFD). Checklists, forms, worksheets, and easy to follow strategies along with a sample franchise business plan and contract allow readers to discover how to: evaluate a franchise opportunity, develop forecasts and budgets, estimate start up costs, and get financing.

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Not Buying It $4.99 Many of us have tried to call a halt to our spending at one time or another. But what if we decided not to buy anything for a whole year? Obviously, we would need necessities like food and soap, but how would be manage without new clothes, treats, entertainment? Funny, smart and self-deprecating, Not Buying It is a close look at our society’s obsession with shopping and the cold turkey confession of a woman we can all identify with – someone who can’t live without French roast coffee and expensive wool socks, but who has had enough of spending money for the sake of it. Without consumer goods and experiences, Levine and her partner Paul pursue their careers, nurture family relationships and try to keep their sanity and humor intact. Tracking their progress and lapses, she contemplates the meanings of need and desire, scarcity and security, consumerism and citizenship. She asks the big questions – can the economy survive without shopping? Are Q-tips a necessity? A thought-provoking account of the pleasures and perils of the purchase-driven life, Not Buying It will get readers talking about their reliance on the act of buying and the possibility of getting off the merry-go-round.

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Branded: The Buying and Selling of Teenagers $3.95 Generation Y has grown up in an age of the brand, bombarded by name products. In Branded, Alissa Quart illuminates the unsettling new reality of marketing to teenagers, as well as the quieter but no less worrisome forms of teen branding: the teen consultants who work for corporations in exchange for product; the girls obsessed with cosmetic surgery who will do anything to look like women on TV; and those teens simply obsessed with admission into a name-brand college. We also meet the pockets of kids attempting to turn the tables on the cocksure corporations that so cynically strive to manipulate them. Chilling, thought-provoking, even darkly amusing, Branded brings one of the most disturbing and least talked about results of contemporary business and culture to the fore-and ensures that we will never look at today’s youth the same way again.

The Smart Consumer’s Guide to Home Buying $3.95 Buying a home is, in the authors’ words, both a romantic journey and a business venture. For most families, it’s the largest single investment they will ever make. The purpose of this book is to transform home buyers–especially first-time buyers–into smart consumers who can evaluate a property objectively as step number one in deciding whether or not to buy. The authors take their readers by the hand through the maze of mortgage shopping, dealing with real estate agents, and hunting down that perfect dream house. Some of the many questions they help prospective buyers answer are: Consideration of family needs: how many rooms, what kind of neighborhood, access to schools, shopping, and the like Is the home affordable? Considerations include the size of the down payment, the size and type of mortgage, projecting monthly payments, and allowing for unforeseen expenses Making an offer and negotiating with sellers and real estate agents The close, settlement, and escrow Remodeling: adding to a home and making improvements Investment Property: understanding market values Selling a home . . . and much, much more Because this book addresses a national audience, it is necessarily general when making reference to local situations. However, the authors offer practical advice on how readers can find reliable local professional assistance in their quest to purchase a home.

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Buying A Business? 10 Critical Criteria Even Your Accountant And Lawyer Don’t Know. $9.95 Are you looking at buying a business? If so then you need to look at more than what your lawyer and accountant do? This book can save you thousands. This book can help you negotiate the best price for the business because you now know the areas that could cost you money.