Richard Parker – How to Buy a Good Business for a Great Price

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Summary

• How to Buy a Good Business for a Great PricWHY BUY A BUSINESS AND WHAT TO CONSIDERIn this section we’ll review all of the considerations to be made: the upsides, the downsides, and all of the personal, professional and family considerations that must be factored into your decision.There is only one reason “why” you should buy a business: because you want something better than whatever it is that you are presently doing. Most people spend their whole life “making a living” and completely forget to make any money!There is absolutely no better investment vehicle than owning a good business.

• Not stocks, not bonds, not even owning your own home.

• Whatever it is that you can possibly want in life from a financial and lifestyle perspective can be gained from owning your own business.In this section, you will learn:* Understanding and outlining your reasons for buying.* Why business ownership is the quickest route to riches.* How to form the right attitude to buy that will immediately set your head straight for this project.* Why looking to “buy a job” is the wrong approach.* Learn to buy benefits and the future lifestyle business ownership will bring.* Discussion of the potential financial rewards.* Controlling your own destiny and the challenges to consider.* How to creatively attack any potential business purchase.* Financial considerations you must make.* Learn the 12 things you must do today to get your finances in order to make a purchase.* Why you must realize that there is no such thing as a secure job unless you own the company!* How your past professional career has already prepared you for the risks you may face.* What are the downside possibilities?* How to overcome all obstacles if you’ve never been in business before.* A three-step system that will overcome any lack of experience you may have.* Understanding the objections and situations you will face with family members and how to include, not exclude, them.* The attitude you need if this process is new to you.* Deciding if you are window-shopping or committed to buying.* Why 90% never buy and how their “looking” paralyzes them to make any decisions.* The reasons why your best chances of success are in buying an existing business.* The tax benefits of business ownership.* The pros and cons of looking for something specific and why you must keep an open mind.* How long will it take to buy the “perfect” business?

• (By the way, there’s no such thing. We’ll explain why.)* Ready!

• Learn why others can’t make that final leap and how you will avoid their dismal fate.* Preparation and completion of your Personal Financial Statement (interactive worksheet).THE TEN COMMANDMENTSFundamental to your purchase is determining the most basic of factors: is this a good business?