Buy A Business Using This Controversial "Rule" And Live A Longer, Healthier, And Richer Li
One of my most controversial business-buying "rules" is to only buy a business where you can be "hands off." It's the cornerstone of everything I taught at my seminars and is something I still follow to the letter today with each business I buy.
However, this always begs the question of, how do you get to the point of being hands off? Don't you have to be there at the beginning to make sure everything is going smoothly after the sale?
My answer: Yes. In the beginning ONLY -- for the first two months, in most cases -- I'm talking to the manager hourly. And I'm coming in almost every day to get familiar with the company. But after that, I don't get there very often. Ideally, no more than once per year.
Now, look, there's nothing wrong with being hands on, but if you'd like to have a healthier life,
and maybe own multiple businesses simultaneously, what you should consider doing
is nothing hands on. Let somebody else do it.
In fact, I tell all my mangers right in the beginning, "Look, I'm a blue collar type guy. As a blue collar type guy, I don't like to work after five o'clock and I don't like to work on weekends. If you ever call me at home after five o'clock with a problem you could have solved, I will fire you at nine o'clock tomorrow morning."
True story, I have never gotten a phone call.
And believe me, these guys love it because they're getting the run of the company. They don't have some pain in the butt owner driving them nuts, disturbing the staff and poking his nose into everything.
And besides, the manager has been running the company for five or ten years successfully. What am I going to do? If I don't show up, the business is going to do a lot better. So I make it a point not to contribute anything. And when you buy a business, you should highly consider doing the same thing.
About Fordham & Associates, Inc.
Fordham & Associates is a business advisory and consulting firm that helps companies, entrepreneurs and investors. Companies monopolize their market, execute what's next, raise capital, go public, and execute turnaround. Fordham has provided solutions to 1200 companies in the United States. Fordham provides you with an assessment, free of charge. For more information, you can reach them at 949-200-7648 or e-mail at Fordhamassociates@yahoo.com
Contact: Simon Green, 949-200-7648
Fordhamassociates@yahoo.com
However, this always begs the question of, how do you get to the point of being hands off? Don't you have to be there at the beginning to make sure everything is going smoothly after the sale?
My answer: Yes. In the beginning ONLY -- for the first two months, in most cases -- I'm talking to the manager hourly. And I'm coming in almost every day to get familiar with the company. But after that, I don't get there very often. Ideally, no more than once per year.
Now, look, there's nothing wrong with being hands on, but if you'd like to have a healthier life,
and maybe own multiple businesses simultaneously, what you should consider doing
is nothing hands on. Let somebody else do it.
In fact, I tell all my mangers right in the beginning, "Look, I'm a blue collar type guy. As a blue collar type guy, I don't like to work after five o'clock and I don't like to work on weekends. If you ever call me at home after five o'clock with a problem you could have solved, I will fire you at nine o'clock tomorrow morning."
True story, I have never gotten a phone call.
And believe me, these guys love it because they're getting the run of the company. They don't have some pain in the butt owner driving them nuts, disturbing the staff and poking his nose into everything.
And besides, the manager has been running the company for five or ten years successfully. What am I going to do? If I don't show up, the business is going to do a lot better. So I make it a point not to contribute anything. And when you buy a business, you should highly consider doing the same thing.
About Fordham & Associates, Inc.
Fordham & Associates is a business advisory and consulting firm that helps companies, entrepreneurs and investors. Companies monopolize their market, execute what's next, raise capital, go public, and execute turnaround. Fordham has provided solutions to 1200 companies in the United States. Fordham provides you with an assessment, free of charge. For more information, you can reach them at 949-200-7648 or e-mail at Fordhamassociates@yahoo.com
Contact: Simon Green, 949-200-7648
Fordhamassociates@yahoo.com
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