Tag: Worst

The Single Worst Mistake You Can Make When Buying A Business

Okay, so you’ve spent several months shopping around for a business to buy.

You have your financing lined up.

The numbers look excellent.

Everything seems profitable, and everything is perfect.

Except for one thing.

And that is…unless you’ve bought a business with a system in place that literally “runs itself” — whether or not you show up every day — all you’ve done is buy yourself a glorified job.

A job where you will probably make (if you measure your income per hour) less than most of your employees.

A job that will likely cause you an enormous amount of stress, anxiety and pressure every single day of the week — including weekends.

Why do I say this?

Because that is what happens many times when someone buys a business without the proper systems already installed.

You see, the key to buying a business is making sure you buy one that works on its own, whether you are there or not.

I like the way best selling author Robert Kiyosaki explains it in his book, “Rich Dad, Poor Dad.”

He defines the ideal business as the kind where you can go away for a year (or longer) and come back to find your business stronger than when you left.

In other words, the “machine” that runs your business should be so fine-tuned your presence is almost an interference. Where you actually make more money when you’re out playing golf or goofing off with your kids at Disney Land.

Of course, this begs the question of how exactly do you find businesses like that, especially for sale?

That’s a good question.

Luckily, the answer is pretty simple:

And that is don’t even bother looking at a business that is not worth at least a million dollars.

In fact, the bigger the business the better.

Why?

Two reasons:

1.) First of all, if you use private investors, it’s easier to get financing for these kinds of businesses.

Frankly, you will find it MUCH easier to get financing from investors (as opposed to a bank, for example) because they are always looking for good deals.

And if you can show them the business makes sense, many investors will jump on board with you in a heartbeat.

2.) And secondly, if you have a large, multi-million dollar business, you will have more than enough money to pay an experienced manager to “run” everything for you.

In fact, if you find a good business running on all cylinders — where everything has been profitable for at least five years straight — you should do whatever it takes to keep the current management in there and stay as far away from the office as possible.

After all, if the manager has been running things smoothly and profitably without you before, then there is no reason why it shouldn’t keep running smoothly and profitably whether you show up or not.

Anyway, the bottom line is this:

The worst mistake you can make when buying a business is buying one that is dependent on you being there.

If you want to really enjoy owning a business (and basically just cash a check for a living) then buy a business that has a fine-tuned system that runs and grows itself — without you having to be there.

Do You Know the Worst Times of the Day For Giving a Presentation?

If you have been invited to speak to a group of people and plan to talk for 30 – 40 minutes or even longer, it is important to understand that different hours of the day will result in different responses from your audience. 2 notoriously bad hours for a lengthy presentation are late morning, the hour preceding lunch, and late afternoon, the final hour before the end of the workday. In both situations, it is not easy to keep your audience’s attention.

Your body definitely goes through time rhythms throughout the day in which there are hours when you are more alert and hours when you are tired or fatigued. Whereas speaking at 7 am is tough because many people are still trying to wake up, the evening hours are usually good, especially for those in business who are accustomed to attending meetings and other organizational events after dinner.

Where your presentation is held is also another consideration. If you are going to be speaking in Las Vegas, for example, the morning hours will probably mean low attendance, so it would be wise to schedule your presentation for sometime in the afternoon in the city that never sleeps. In Atlantic City, on the other hand, morning hours would work well because many of those attending workshops, seminars, and conventions in this coastal city are coming from surrounding states or from within New Jersey. Bear in mind that Las Vegas’ tourists or conventioneers are coming from all over the country or even further and will be staying overnight. Atlantic City’s traffic is different than Las Vegas in that the conventions in this seaside city, because they are more localized, often mean that many in attendance may or may not be staying overnight.

What also must be kept in mind is whether you are the only speaker or whether you are one of many on the roster. Giving a persuasive or informative presentation to a group of people who have just listened to a comedian may not be the smartest move. Speaking before the comedian, for example, would be a better spot for you.

While you may not have the opportunity to choose the time for your presentation, much will also depend on your topic and the type of audience to whom you will be speaking. If you are going to give a presentation on maintaining a healthy heart to a group of retirees, it would be wise to avoid the evening hours. Keeping some of these seniors awake after their dinner with a serious presentation on heart healthcare could prove much more challenging than if you were to speak to them in the morning.

If, for example, you have been invited to speak to a women’s business group that meets the first Monday evening of the month, then your time has been scheduled. If, on the other hand, the hour has some flexibility, ask your host about the audience and discuss with this individual what they feel would be the best time for you to speak.

Planning your presentation at an optimal hour or in a good time slot may not always be possible. Should you be invited to speak at an hour in which your audience may not be as alert as you would like, it is doubly important to speak with enthusiasm, with excitement, and with passion to keep their attention on you. If you know they are going to be tired, wake them up!

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