New book contains over 400 tips and warnings for a winning edge when buying a small or midsize business.
Ted J. Leverette, The Original Business Buyer Advocate and founder and president of "Partner" On-Call Network shares this insight with readers of his newest book: "Business Buying Dos, Don'ts and Strategies."
Owning a business can be one of the most financially and emotionally rewarding experiences of your life or it can become your worst nightmare. When you buy the right company the right way you enjoy a wonderful lifestyle, one that is rarely available through working for somebody else.
Business buyers naturally proceed with a healthy dose of skepticism. They believe there is more than they are being told by business sellers, brokers, advisors, employees, customers, suppliers, landlords and sources of financing - and they are right.
Don't die from buyer fever. "Death" from business buyer fever occurs when a buyer wants a particular business so badly that common sense goes out the window. Even people who know what to do sometimes do the wrong thing, especially if they have a bad case of buyer fever.
Don't think asking price has anything to do with value. The seller's asking price is not the benchmark from which a wise business buyer makes an offer to purchase. Successful business buyers make their initial offer from the perspective of an independent, competent business valuation.
Don't join the crowd. Corporate downsizing creates a horde of unemployed, inexperienced business buyers, many of whom are desperate to buy themselves a job. They congregate around advertised and broker-listed businesses because these are the easiest ones to find. Few of these people know how to buy a company. They're a major threat to you because they naively bid up the price and down payment. They create a seller's market!
See the webpage, "Business Buying Don'ts," at the "Partner" On-Call Network website to get a preview copy of Ted J. Leverette's new book: "Business Buying Dos, Don'ts and Strategies ™"