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3 Financial resources
Be prepared to demonstrate your financial resources (or creative financing know-how) to purchase the business. But don't show the seller your entire net worth. Just show that you have sufficient capital for the down payment and working capital the business will need when it changes hands.
4 Definition of an acceptable business
You must have a definitive description of the type(s) of business(es) that are acceptable to you. Include several industries, a revenue range, the number of employees, location, salary you expect and your target ROI. Your advisors can help you be realistic!
5 Impression
You don’t get a second chance to make a first impression. Your grooming, dress and communication must make a favorable impression.
Few businesses are sold for all cash; most sellers carry some financing on the sale of their business. This means the seller is making a financial investment in your future business success. If you're not successful, you may not have the means to repay the seller.
Make certain you know the seller’s character and integrity. Check these to evaluate a company or person:
? Credit history
? Past/pending litigation
? Customer complaints
The purchase of a business can, and should, be an exciting adventure. It should result in you obtaining a profitable business from which you make a good living, enjoy a high quality of life, and build your net worth.
You can accomplish all of these goals if you approach this adventure in a businesslike manner, utilize the services of an experienced team of professionals, thoroughly investigate, and keep in mind that this is business -- not an emotional decision.
Steven Beal, MBA, CGA, CFA, is the Principal of Beal Business Growth Consultants. www.BealConsultants.ca Steven is a business advisor to small and midsize businesses and to business buyers.
Four mistakes that will kill your financing chances
Your business plan can make a real impression on potential funders. Make sure it's a good one.
Avoid these mistakes and get off to a positive start.
1. Don't simply follow a template
While you can find many good guides to creating a business plan, different factors are more important within different industries. A template for a capital intensive industry such as manufacturing might not be appropriate for your business. Even worse, it might make you look out of your depth.
2. Don't talk in general terms about your industry
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