THE DECISION TO BUY A BUSINESS….

AUTHOR

Bruce Coudrey

Of all the ways in which we can become financially independent and successful, owning a business is the only real means to acquire significant wealth. More effective than property, shares, gambling, or working as an employee – owning a business is the most rewarding, most satisfying and immediate means to creating wealth. The decision to buy (or start) a business is one of the most important decisions ever undertaken. The importance of this decision warrants the most careful planning, attention to detail, and professional consultation.

TIP - GET THE BEST POSSIBLE ADVICE!

Once you’ve bought a business, you can’t give it back if you don’t like it, or if it’s not right for you. It’s not like buying a car, there isn’t any warrantee, and there is no instruction manual. So when you decide to buy a business you need to get good advice and guidance from experienced, caring, professionals before making the commitment. Be prepared to listen to the advice that is given to you, and be prepared to implement that advice. It’s a fact of life that you get what you pay for, and this is absolutely true in this case. Don’t try to save a few dollars by either not seeking professional assistance, or by choosing an advisor simply because they are the cheapest. Take the time to seek out the advisor that you feel most confident with. Someone that you feel really listens and understands your position, your goals, and your requirements.

It can take a long time to find the right group of people but it is essential that you take the time, and seek-out, and put together the right team. The most successful business owners in the world will tell you the same thing – surround yourself with good people.  Do not settle for second best. Don’t stick with a professional advisor just because they have been with your family for years, or because they are a friend or relative – use them because they are the best.

You will need to put together a team of advisors which includes:

1. A solicitor or lawyer

2. An accountant

3. A financial planner/superannuation consultant

4. A financier

5. A marketing advisor, or business planner.

6. A business coach

Remember to put the best team together. Think of it like putting together a cricket team, or a football team - you are the selector. Have high standards, and expect total attention from these people. You are their client, so expect them to look after you properly…………It will make a huge difference.