By Michael Smorenburg
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Additional info for Business buyerʼs kit: everything you need to know to find, buy, and finance a business for $500,000 or less
Running a business full-time will require various degrees of expertise in many areas, including: Marketing. Finance. Legal issues. Management. Public relations. Of course, all of these skills can be bought at a price when you hire specialists, but this costs money and will reduce profits. Be Honest with Yourself When you weigh your abilities against the requirements of running a particular business, it is an entirely private process and one that need not Page 40 be made public. Nevertheless, if you are not completely honest with yourself about the reality of what you are capable of versus what running a business will require, your lack of forthrightness has the potential to create negative and lasting consequences for you and your familyas well as for the employees you inherit and their families.
It will lead you to the most favorable result speedily and within the confines of your personal resources. Business Buyer's Kit is unique because it applies the proven principles of marketing to the business acquisition process. It teaches you how to take your personal aptitude and determination and, through a formalized process, match it to the supply of opportunities. What are Your Chances of Success? The answer is simple: Statistics indicate that of America's 18 million businesses, there are approximately three-and-a-half million that, at any one time, could potentially be for sale.
How will your skills affect the overall operation (both positively and negatively)? Do you have the level of skill required to keep it ticking? You will not do yourself any service by imagining that you possess key skills. This would be a dangerous notion if you don't actually have those skills. Profitability diminishes when you are forced to hire others who do genuinely possess required skills that you do not possess. What Key Areas of Skill are You Missing? Running a business full-time will require various degrees of expertise in many areas, including: Marketing.
Business buyerʼs kit: everything you need to know to find, buy, and finance a business for $500,000 or less by Michael Smorenburg