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6. If you've been refused because you don't specifically meet an agency's requirements, look for partners who do meet the requirements and apply together.
7. When you do succeed with a particular agency, maintain the relationship. Once you've had some funding, you have a better chance than ever of getting more. You can turn a small initial grant or loan into substantial financing down the road.
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Business Buying Don’ts
14 common mistakes and how you can avoid them to get the right business
Owning a business can be one of the most financially and emotionally rewarding experiences of your life – or it can become your worst nightmare. Business buyers naturally proceed with a healthy dose of scepticism. They believe there's more to know than they're being told – and they're right.
We've learned what to do, and what not to do, based on years of hard experience advising business buyers and sellers. Avoid these 14 Business Buying Don’ts™, and you'll buy the right company the right way – and you'll enjoy the kind of wonderful lifestyle rarely available through working for somebody else.
1. 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.
2. Don’t proceed without a team. Buying a business is a team effort. Your team provides you with essential information and connections that you lack. Assemble your support team before you begin your search for a business to buy. Don't rely on the seller’s or business broker’s advisory team. A buyer who does not select the right team of advisors to promote a win-win deal will have one or more deal killers. This means you can lose opportunities that wiser buyers enjoy.
3. Don’t begin without acquisition criteria. Criteria include business type, size, age, location, customer and product diversification, degree of competition, working hours and travel requirement, etc. A safe and profitable business acquisition pays the owner fair salary/benefits, earns enough profit for the business to pay for itself, provides a decent return on investment and sells for more than its purchase price.
4. Don’t buy a job. Why assume all the risks and headaches of business ownership if you can’t earn substantially more than you can from working for someone else? A good business acquisition pays you a salary and benefits at least equal to what the business would pay a manager. In addition, the business’ net profit provides a good return on your investment. Anything less is a dumb deal.
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