In this week’s Dirty Secrets of Small Business ™ Jack Mencini and Adam Sonnhalter of Maximum Value Partners discuss how do small business owners find a company to buy.
They refer to their 7 Keys to Success. Two of those keys: Leadership and Marketing Plan come into focus when you are looking to buy a company. What kind of company do you want to buy. How big is the company? What industries? What is the financial picture? Adam advises owners to just go out there and start looking. Searching for what appeals to you.
Do you want to be there all the time to run the company? Would a storage company work? How about a ladder company? How about an ice cream store in warmer months?
Looking for a company with a pre-conceived notion of what you want in a small business is to look and engage and be open to the possibilities of everything that is out there. Ask yourself one simple question: If they gave you the company you are looking at…. would you take that challenge and stretch your mind that far? Can you see yourself running this company?
You can find a company with little or no money down and Jack and Adam have coached small business owners on how to do just that. Buying a company right is a skill that can be accomplished relatively easily.
For more advice on how to buy a small business with little or no money down… call Jack and Adam at (877) 849-0670 or email firstname.lastname@example.org
On this episode of Dirty Secrets of Small Business ™, the dirty secret of the week is that just because you are good at your product or service does not mean that you will be good as a business owner.
The book – The E-Myth…in that book Sara makes great pies. During the week she is doing everything but making great pies. Her best vendor for apples had problems with the the apples, her employee was sick, she hand to handle the books…. Sara had to handle all this other stuff too and she never got to making the pies.
If your big desire is to produce that product or service, maybe being the owner is not the right position for you.
There are 3 circles to owning the business… every organization has 3 components to it: A Product or Service (starts out easy) but as the business grows … there are more Product/ Services (first circle), and what owners neglect is that in the next circle is you have to be an expert in Marketing to get Sales and the third circle is Administration and having the right employees. These 3 circles working together, make up every business and are a part of every small business owners responsibility.
Producing a good product or service is only one of the circles. As a small business owner, you want to work “on” the business rather than “in” the business. How good are you at all the 3 cirlces?
Call in to talk to Jack and Adam, every Monday from noon- 1 pm (EST) on 440-946-9468.