How to qualify professional advisors to help you pull your wagon
Welcome to lesson # 10 Who Wants To Be The Boss? I’m excited to have you as a valued member of our 6-month training program and am looking forward to seeing your own “business” “come to life” over the next few weeks and months.
Before we begin with this lesson, there are three important things that I need to mention to you…
1) Time Released Bonuses Every Throughout of The Program. You’ll automatically receive a FREE bonus as an active Who Wants To Be The Boss? subscriber. This will appear in your inbox approximately every 90 days or sooner and will include accessories and training materials to further streamline your time for you. Additionally, there are some built-in “surprises” (coaching, etc.) along the way at unspecified intervals. And, finally, there is a “graduation” bonus at the completion of your 6 month training that is literally worth more than the entire year’s subscription dues … so look for that on graduation day.
2) What’s In Store The First Few Months. I want to give you just a quick look at what we’ll be covering during the first few lessons in your training…
The first month will be the basic steps involved in getting things up and running (don’t fret veterans, I’ve got some “gold nuggets” in these preliminary lessons for you!) and the next month will be advanced strategies for expanding and improving the foundation of your new business.
3) Why You Should Never Cancel. There are many reasons why you should stick with your membership (it’s great training, if you keep quitting one thing and going to another you’ll never get anywhere, even if you don’t use it all now you can archive it to use later, etc.) (I also suggest you get a 3 ring binder and print and save each lesson) but there is an all-important reason that I have to warn you about from the beginning. Each of your lessons is sequential and delivered by autoresponder. That means, if you decide to cancel and rejoin at some point in the future, you’ll have to start all over again with the very
Note: Remember, I teach you “How to start or buy a business with no money down” “Lock up your check book, you won’t need it.”
How to qualify professional advisors to help you pull your wagon
You will need to have a good attorney and accountant on your team, right from the start. Any entrepreneur who doesn’t have a trusted attorney looking over his shoulder is a fool. Almost every wannabe, that I have talked to, including myself, started out with the idea that they didn’t need or want to pay fees for these professionals to do things they felt they could do for themselves.
But, you will learn very quickly that the fees you pay now are often the best investment you could make. Now let’s cover the job description of your attorney. His job is to interpret laws; write or review contracts and offer to purchase agreements, help you decide if you should incorporate and how to keep proper records.
He will make sure state and federal government reports are filed on time keep you out of trouble, and especially out of jail. Plus, other tasks you specifically assign to him. Usually I don’t want my attorney to negotiate any part of the deal that I am working on. Here’s why.
The advisors to both the Seller and the buyer are frequently the major cause of a business not being sold. If you let them get involved in the negotiating, the attorneys too often see themselves in the role of getting the best deal for their clients instead of the deal that you and the Seller have already worked out.
If both sides are trying to get the best deal, the deal will never happen. Usually there are no two best deals in the same transaction. Once you and the Seller have agreed on price and terms, the attorneys and accountants have to be told by the Seller and the Buyer that they want to do this deal. They only want solutions to issues, not strategies to get the best of the other person.
When you are dealing to buy a business, it’s always you and the Seller doing the negotiating. I never, never, ever never sit down to negotiate anything unless the person or persons sitting across the table with me can make all the decisions, that’s an absolute! If all decision makers are not present, just listen and commit to nothing.
Here’s why. Think about it for a minute. Let’s say you meet with someone for an hour, and then you try to explain it to your spouse or a partner. You will leave out 90 % of what was said. Always insist on meeting and negotiating on your turf, your attorney’s office or a mutual place, with all decision-makers present.
Shop for the right attorney. What you want is someone with business experience to help you while you grow your business. It might be tempting to hire a brother-in law attorney whose specialty is something other than business. Don’t waste your time and money.
Go to the best you can afford. You wouldn’t go to an eye doctor to fix your foot, so don’t go to an attorney that specializes in divorces and expect him to know business. You want the attorney who spends his days representing businesses. I want a tiger; young but not too young, successful but not too successful, smart enough, mean enough and someone who can play hardball when and if you need him to. You’ll probably find him in a small firm or practicing by himself.
How do you find your tiger? Find one involved in the community. Spend some time at the courthouse. Talk with court clerks and get their opinion about who is the best tiger in town. They see most of them and know who fights like hell for their clients. When you do find your attorney and decide this is the person that you want to work with, get all the cards face up on the table. Have him tell you flat out what his fees are up front. If you want him to help pull your wagon, don’t try to chisel or lie to him or give him a hard time.
The most important advisor to your new business is your accountant, even more important to the unreasonable buyer because of the leverage buying strategies. Be careful in your selection. The same rules apply to your accountant as applied to your attorney.
Don’t chisel or give him false information or give him a hard time. If the numbers don’t come up the way you think they should, remember, he’s the messenger. He is simply reporting what has happened in your business. He is not responsible for managing and running your business. So, when bad numbers come up, get together with him and see what can be done to improve the numbers.
Don’t just limit your accountant to preparing quarterly and year-end tax returns. This limits you to only having a tax preparer. It’s not the way to grow your new business. What you do need is help in budgeting, cash flow and profit and loss statements, expense analysis, product, labor and service costing, numbers to tell you where you’ve been, where you’re going and how you’re going to get there. He should offer to set you up on software that will match what he uses, such as Quick Books, a very good software for small business.
So choose your attorney and your accountant well and you will have a team to help you pull your wagon. You can’t afford to have a yes person. They must be able to stand up to you and fight for financial decisions they believe are right.
This Week’s Assignment
Get out and meet people!. Talk with your friends. Network at your organizations you belong to. Eventually the cream will come to the top. Names of these professionals will start popping up. Usually you can get a free consultation. All you have to do is ask.
Thanks for being with me this far. Hang in there, it’s only going to get better!
Hold on tight to your dreams
Coming Up Next…
Lesson #11: “How Much is the Business Worth?” This is actually part one of two part lesson. If you are thinking of purchasing a business or some day you might want to sell a business, you don’t want to miss either one of these lessons.
Part two I show you how to evaluate the business. How much is the business worth?