What’s The Real Reason You Want To Sell Your Business?
Welcome to lesson # 4 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.”
What is The Real Reason You Want to Sell Your Business?
In your questioning process, you need to sneak in the following question and the timing is important. “What is the real reason that you want to sell your business?” Obviously by this time you have or you haven’t built a good rapport. Now you’ll really find out if you have a motivated Seller!
He will give you one of the reasons that we discussed in an earlier lesson . Whatever the reason, stress that this is one of your strongest skills. If he has management employee issues, tell him managing employees is your strong skill. Whatever his pain or fear, that is your strength. You must understand the seller’s position, but don’t agree with it. If you have made it this far in your information gathering, you should try to get three years profit and loss statements. If you don’t quite feel comfortable, mention that you will need to pickup these financials in order to be able to assess the asking price.
(In one of my lesson I will show you how to evaluate a businesses worth). Again, I like to get the financials on my first meeting. You won’t get them if you don’t ask. As soon as you have received his financials, go home and analyze all the information that you have collected.
Dave’s Top Ten Hurdles You Must Overcome To Own Your Own Business
10. In-action Is doing nothing. In-action guarantees failure of a life, not Living your dreams
9. Myths. You need your own money to make money. Debt is bad. You must have experience to buy or start your own business. You must have a fat bank account.
8. Impatience ? Be impatient for reaching your goal. Unreasonable? Stubborn? Let it become your determination.
7. Attitudes. I will until
6. Failure is a new beginning. Understand that failure is part of the process. Be daring, Be different, Be unreasonable!
5. Discouragement A self fulfilling prophecy. If you think you can, You can. If you say I can’t do something, you don’t spend any time on it, therefore you can’t.
4. Negativity Make the leap. Friends and family mean well and They will find more reasons why it won’t work. When you have the I’ve had enough mind set you prepare yourself to take risks and to make the leap.
3. Procrastination Excuses come easy. We always have reasons for putting off our dream into the future. If you really want to own your Own business, you’re biggest enemy is procrastination.
2. Comfort Zone Our comfort zone is all the things we have done often enough to feel Comfortable doing again. Whenever we face something new it falls outside of our comfort zone. Expand your comfort zone through discomfort.
1. Fear Walk right up to it and face it! It’s the hardest thing to do, but it’s the only thing to be done. The farther you run from it, the farther you run from your dream. Fear of failure will guarantee failure.
Be prepared to be stretched. When we commit to a goal outside of our comfort zone, one thing’s for certain, we’re going to be given a lot of opportunity for growth. One other thing is certain, we are not going to be able to choose all those opportunities for growth. Our choice is either grow or die. If we choose growth, we will grow and we’ll always wish there were more comfortable ways of doing it. Of course you will experience many of the top ten hurdles in your process of acquiring your first business, I still do even after owning nine different businesses. The solution? Plan to be stretched and to be uncomfortable. Understand that it’s a necessary part of the process. Learn to be comfortable with discomfort. The first step is knowing that you will be and the willingness to be uncomfortable. The final step is turning the top ten hurdles into positive counterparts. Learn to see these hurdles as excitement and energy for personal change.
Remember to find the real reason the Seller wants to sell. This will give you the path you want to go down. This will influence your negotiating more than anything else.
I remember when I bought my first business. I was at a networking luncheon and I over heard that Bill was getting a divorce, ah my ears perked up. I knew it was a good little business and that Bill’s wife actually ran the business. So I approached bill about buying the business. ( I will continue with this story in a later lesson, this is my angel story)
This Week’s Assignment
1. The fear factor. Do something this week that you fear, overcome it, face it head on. This is good practice. Get out of your comfort zone.
2. Remember. Patience, Persistence and Perseverance. These are your best friends and you are going to need them.
3. This one of my favorites. Myths You need your own money to make money. Debt is bad. You must have experience to buy or start your own business. You must have a fat bank account. Wrong! Lock up your checkbook, you won’t need it.
See you next week,
Hold on Tight to Your Dream,
P.S. Don’t forget the personalized coaching positions that are available at www.whowantstobetheboss.com/coaching.html
Coming Up Next…
Lesson # 7: “How I Started My First Business”
You don’t want to miss this lesson! I will walk you through how I made the landlord pay for all of my lease hold improvements to my new restaurant and actually have money left over, that went into my pocket. I actually did this technique more than once. Stay tuned. You can do the same thing I did and you can do it today! Actually the bad economy is in your favor.