SHOULD YOU BE BUYING A BUSINESS?

Dash

EPISODE 47

BME-Podcast-Post-Title

ABOUT THE SHOW

Dash

Buying a business can be a challenge at the best of times. But when you add blind emotion into the mix it can be a disaster. We share the story of Barry and Angela this week who had a life long dream of owning their own business. Angela, a full-time teacher on a great steady salary, Barry an electrician who had been on the tools all his life since leaving school.

They dreamed of becoming their own bosses and take back control of their lives and financial freedom. In this episode, you will hear Barry and Angela’s story and the process we went through to make their ultimate decision.

WHAT YOU'LL LEARN

Dash
  • The difference between dreams and reality when it comes to deciding if you should be buying a business.
  • The importance of keeping emotion out of the business buying process
  • Why doing your homework and proper planning before financially committing to buying a business is critical to achieving your goals.

EPISODE TRANSCRIPT

Dash

Jason Skinner: You’re on Episode 47 of The Business Made Easy Podcast. How are you doing,
Mia?
Mia: Fantastic. Thanks, Jason.
Mia: You’re on The Business Made Easy Podcast, where we make business easy. Here’s you
host, Jason Skinner.
Jason: G’day. G’day and welcome to the Business Made Easy podcast where we make business
easy. Jason here again for another week of the podcast that is all about helping you to navigate
business and grow your business giving you a better business, better profit and better life as a
result. That’s what we’re all about here at the Business Made Easy podcast.
Thanks so much for joining me. We’ve got a fantastic episode today. Today, we are actually
going to go through a live case study. By a live study, it’s a case study about a couple that I
helped recently. I have changed their names and some of the details of the actual business just
to protect their innocence and confidentiality. But nonetheless, it is a very factual situation and
it’s a very common situation that I come across in business all the time and it’s something that I
want to uh, help you with too.
It might be something that will help you if you’re faced with the same situation as Barry and
Angela where today um, when we go through this story. But just before I do, go through uh,
their story and- and how we worked through it, uh, if you have a question in business that you
want to be answered to. Something that’s been driving you crazy or you just don’t know the
answer to or where to even look for something, uh, that’s gonna help you grow your business
or might be a struggle that’s keeping you up at night or something you’re having trouble with
and you know there’s a problem there, feel free to ask me that question totally free of charge
over businessmadeeasypodcast.com. If you go over to businessmadeeasypodcast.com, hit the
red record button there and ask that question, I will answer that question for you on the show
and just as a thank you for uh, for asking the question and getting involved, I’ll happily send you
a Business Made Easy, Too Easy t-shirt totally free of charge in the mail as well. So it’s a great
gift there for getting in there and, and asking your question. Asking questions are great
because if you’ve got a problem, chances are that nine hundred other people have probably got
the same problem out there that you’ll be helping them with as well by getting the question
answered.
So go over there to businessmadeeasybroadcast.com, hit the red record button. If you don’t
feel comfortable asking an audio question or recording an audio question, you can actually just
email me the question you’ve got at [email protected] and I can answer
that for you there as well. So two great ways to great your problems solved and answers to
your questions.
So alrighty, let’s get into today’s episode, Barry and Angela. Now I’ll give you a little bit of
background on Barry and Angela, a lovely couple. They’ve been clients of mine for some time so
I was aware of this situation prior to them coming in. But just to give you a bit of background
information. Angela was a school teacher or- or is a school teacher and Barry, an electrician and
uh, so normal every day husband and wife couple. They have two young teenage girls growing
up and- and healthy and at high school, so everything was good there. Angela earned her
teaching salary, she’s earning, she’s been earning about $85,000 a year and Barry he’s, as an
electrician, earning $75,000 a year. So not a bad income, $160,000 income coming into the
family home. They’re paying off a home. They’d been married since they’re sort of early to mid
20’s so have always been savers and working hard and diligently, you know, they don’t sort of
spend money frivolously. There were no problems in that area but yeah, basic, steady
employment, Monday to Friday job.
Income paycheck there every fortnight in Angela’s case and Barry was weekly and I mean they
could have holidays, etc, when they wanted to in the school holidays uh, Angela enjoyed thethe semestral break so they could get a, a few more extra holidays so she- she was enjoying
that and- and um, Barry had his standard four weeks holidays a year. But he had a very – his
employer’s been very flexible too, if ever he wanted to take trips.
So really if you look at their situation, married, steady income, salary coming in Monday to
Friday job. And you know, comfortable holidays and happy healthy family. Teenage daughters,
how – they’re in their mid level of high school so approximately you know, four- four years left I
guess of schooling for them that- that the guys are gonna pay for. The only thing of Barry and
me – um, Barry and me – Barry and Angela, is that they also uh, having a superannuation look
after. So their 401K plans – for those of- of you listening in the US, um, a steadily growing each
year as well.
So their retirement savings are being looked after. I guess if you look at their situation, um, you
know that they’re home I think at that time when I- when I spoke to them, uh, was about seven
hundred fifty – worth about $750,000 and they didn’t really have much more to pay off. I think
there are a $180,000 left to pay off the home. So nice equity position there in the home and I
guess I could understand that they’re looking for- for that next step in their life. I can see their
girls growing and not far off leaving home and they’ve been working – Barry’s been on the sort
of tools since leaving school doing his apprenticeship, etcetera. So life is really under control
for them, to be honest. Um, health wise, they’re all good as there’s- there’s no stress at all uh,
but they got this itch. This, um,
(6:00)
I guess that they’re- they’re wanting that- that next stage of their life getting to their
mid-thirties and- and just wanting to really start branching out into doing something else and
they’ve spoken about it at length of times you know, looking for I guess, having their own
business or having their own freedom. More freedom or more, I guess, lifting that income
restriction that they’re on because it’s sort of wanting to make sure they’ve got enough,
enough in retirement and- and life is good you know. It continues to be good for them so, so it’s
a problem, I have to say, I come across this all the time. And it’s not so much a problem. It’s a
common scenario I guess that you see in- in life is that- that you know people do get to that
stage where they’ve been working for somebody for some time and they wanna start their own
business or they wanna buy their own business because of the- the perceived – and I use that
word, perceived benefits that- that brings with it and- and there are benefits. But the perceived
benefits, most commonly are freedom, uh, more freedom, escaping the nine to five, escaping
the you know, constant repetitive sort of grudge of going to work, having to go to work all the
time. And the other big benefit is that, there’s no limit to your earning capacity. There’s, there’s
no — I mean with the salary, you- you have to – you know that’s the boss says, that’s what you
get and that’s what you get because it also gonna work within the numbers. And uh, so I can
understand where, where they were coming from in thinking this and- and so and they felt that
they could run a business themselves. They felt totally capable of running a business. Michael
Gerber interestingly in his – this is an epic book for anyone who’s looking to- to start a business
or going to business, it’s called The E-Myth. So it’s Michael Gerber, The E-Myth and I’ll put a
link to that in the show notes for you,
(8:00)
but uh, Michael Gerber in his book calls this the entrepreneurial itch. It’s this – you get this itch
that you, you’re wanna go out there and set the world on fire and have your own business and
own freedom and own lifestyle and he- he can do it better. You know, he can do it better than
anyone that’s- that’s walked to the business plan before you.
And that’s where exactly where Barry and Angela where at this time and to make matters
worse for them was that, they’re on a family barbecue and talking to some good friends and
they were just expressing their want and desire I guess, to dream. To one day have their own
business and this friend that they were talking to, says, “Oh, other good friends of ours are
selling their business.” The husband’s in poor health or his health getting worse and they’re
really looking to get out of the business because they’ve been in it for a few years now and just
to look after his health, they wanna focus on that and get out of the business.
Well, Barry and Angela sort of asked like more inquiry at that time and were just like,”Oh that
sounds like us.” That’s too good to be true, you know? So they went home after the barbecue
and they were discussing you know, what was going you know, What was -oh geez, let’s find out
more about it and- and it’d be good if this worked out because you know, we could probably get
it at a bargain price given that they wanna get out, you know? There’s sort of this pressure for
them to get out. They’re honest to get out. It just really seem like, because also the other factor
with this from was a franchise business too. So they knew that they didn’t really have to bring
any expertise, so like a lot of the hard work’s done. You know when you’re starting a business
from scratch, you don’t have all those systems and processes and uh, all that industry
knowledge necessarily at hand. So you know this- this looks good for them and they could sort
of transition into it and just sort of matter of just learning the system.
(10:00)
So that sort of had a more appeal to it as well and so after sort of mulling it over that night
when they got home from the barbecue, Barry and Angela said,”Well, let’s- let’s find out more
about it. Angela was on school holidays for the- for the coming weeks so, so she had time in her
hands. And that very next morning – and I remember talking to Barry about this – he, you know,
I was asking him about it and, and he said, “I got up that Monday morning and I just, I just felt
different.” You know I had spring in my step like I could – I was off to work, it’s just same but it
seemed like there was light at the end of the tunnel when I- when I, um, when I went to work
because I knew Angela was gonna be home finding all the good information about this business
that we could probably buy um, you know and, and really start working in achieving, achieving
our goals.
And that’s where they were. They were, they were of full optimism. This was gonna be like thethe um, opportunity of a lifetime. Just so, just so coincidental that they were at the barbecue
and a friend of a friend was needing to sell their franchise business. And I guess, that’s probably
one of the very first things um, before we get into the facts to this, further uh, that’s probably
one of the first takeaways that you should probably think about is that, um, there are a million
and one uh, of these situations of people wanting to sell their business or friends of friends
selling their businesses or great opportunities that are, are there to present themselves to. So I
guess just keep that in mind um, because somebody says to you at a barbecue or someone like
that or explain, you know, present something to you, just try and not – I guess curb that emotion
and excitement for a bit and just- just take in the facts coz I’m a firm believer that when we get
heightened the excitement our hearing diminishes and we close ourselves off to all the facts
and only hear what we want to hear. Hear the things that are going to support that uh,
excitement that we’re- we’re building up because naturally as humans we want to be excited.
We want to be happy um, so those, those um, you know, the negative things quite often get
muffled and- and muted and or not even um, don’t even surface in our reckoning when wewhen we hear this opportunity so that’s the first point.
But back to Angela and Barry um, Barry’s off at work Monday morning. Angela’s up bright and
early, she’s got a spring in her step too and she can’t wait to find out more about this business
opportunity that’s presented itself. So she makes some inquiries to the friends of the friends
who are selling the business and running the business and she compiles, I guess or does her a
list of facts that she could tell Barry about when he got home from work. And that was
basically, her off for the day. She was gonna find out and that’s what she did.
She went around and found out exactly what it was that this business was all about and what
she found was the following and I’ll go through it sort of in a point form. So apologies for that
but it’s probably easier to go through it in a point form and basically, what she learned was it- it
was an established business and it was a cake and coffee franchise. So basically one of those
franchises that you walk into in the shopping centers, etc and everything is laid out nicely.
Doesn’t matter which shopping center you go to which franchise, all the cakes are gonna be the
same. All the coffees gonna be the same, etc. So it’s pretty well a sausage machine type
franchise business. This one was located in a popular retail shopping center so you know, one of
those big retail type complexes and the thing with those shopping centers is that they generally
operate every day of the year except for Christmas day and probably Easter Sunday.
(14:00)
There maybe, one or two other days but this one in particular is open pretty much all year
round. The biggest – the existing business was being operated by husband and wife team and
uh, as I said earlier, the husband had been ill uh, with poor health so, so you know their sort of
focus has been, uh, sort of looking after him and- and they’re really wanting to get out of the
business to reduce any stress and strain on him. The operating hours of the business were
Monday to Friday at 7 a.m. to 5:30 p.m. and then Saturday, 8 a.m. to 5 p.m. then Sunday 9 a.m.
to 4:30 p.m. So that’s everyday of the week, seven days a year, um, that this business is going to
be 7 a.m. to 5:30 p.m. uh, Monday to Friday as I say and then yes, Saturday and Sunday trading
as well. Now, what uh, really like uh, what lead to Angela up was that, this business was turning
over $9,000 a week on average and it was doing so without the full focus of the current
business owners um, because the husband’s ill health, poor health. Um, they were just I guess
doing the bare minimum in the business to make it viable and- and just keep the wheels ticking
over until like they’d get someone to buy the business and take it off their hands. So they were,
not in a distress situation so they weren’t under any duress or strain or anything like that but
they were keen and eager to sell the business because they didn’t want to um, they didn’t
wanna be there and have that uh, weight hanging over their head anymore and any potential
things that could go wrong with that. So that was- that was um, I guess of interest- interest to
Angela because um, she- she could see opportunity there which was quite right and so you
know, this- this
(16:00)
if they’re not working it properly then chances are that there’s more opportunity that can be
explored. The other thing that particularly uh, appeal to Angela was that she didn’t have to
have any prior knowledge of making cakes or coffee. Uh, remember she’s a school teacher andand uh, Barry is an electrician. They don’t have to have any prior uh, skills and knowledge about
um, making coffee or cakes or- or running this type of business because the franchisor does
provide um, I think it was about three weeks or- or more training to, um, to any potential new
people coming in. So the franchisor was open to this business being sold and bringing in new
fresh blood to uh, reinvigorate the- the business and um, relieve the previous owners. Then
other important points out of this were that there were five staff, existing staff in the business
as well. So there was staff there to keep the business ticking along and help- help do the serving
and uh, cooking, etcetera. And being in a shopping center, it is always important to know or
being in any rented premises, important to know where the lease – what the lease terms of thethe uh, property because um, that’s important from the point of view. Imagine if you board a
business tomorrow and um, and you sign over the lease and you wake up that it’s only got one
year to go and then after one year, you may not have a premises to operate out or where you
may have to relocate so which can obviously be expensive. So um, this business had quite a- a
long uh, term left on its lease. It had three more- three more, five-year options to go on it so
that was really good. It was a good positive for them as well. So when Barry got home from
work, basically, Angela was armed with all this, all this knowledge. She was ready to go. She
was- she was excited by what she’d learned during the day.
(18:00)
Um, most importantly, um, the asking price seemed to be quite reasonable of the business. So
looking to sell the business for $250,000 and um, and you know, that they felt that- that wasthat was quite reasonable given that um, given that the people wanted to get out of then. It was
turning over $9,000 a- a week. So, from their point of view, that was- that was pretty good.
Now, Barry got home from work obviously, they have sat down and had a chat about it and
that’s when they thought, “Alright, we better get on and see Jason tomorrow and or as soon as
we can and- and- and- and- and get the wheels moving on this or we’ll make sure and see what.”
Basically they wanted my opinion on, on what I thought about uh, what they all planning to do.
And so they came in to see me armed with all this paper work and um, by- by the – it was a few
days later but by the um, time they’d come in to see me, they’d also been able to get a copy of
the previous trading figures of the business. So uh, you know, we always try and ask for the tax
lodged figures if we can when we get these businesses because we wanna know that the
information provided on those statements is in line with what’s been lodged with the relative
uh, tax officials as well. So, but they’d- they’d brought in the last few years trading and uh, this is
where we went from there. So we basically met and we went through all the- all the details
etcetera that um, uh, Angela had collected and just been through with you and we then had to
start the process of analyzing really what this business was all about and what it did mean?
Now, you’ve got to be very careful in this situations because Barry and Angela are, as I said
earlier, they are in the heightened excitement level. They are – this is a goer for them because
they have never – this is an opportunity for them to achieve their goals, their um,
(20:00)
uh, I guess their goal of more time or more free time and um, more money. More freedom of
money, you know? That the opportunity to make more money and that’s always my starting
point when I- when I sit down with- with um, people in the situation. I always wanna get to the
bottom of why? Why is this important to you right now? What does this mean for you and- and
what is it that we’re trying to achieve here? Because that’s actually the end goal. It doesn’t
matter whether you – it doesn’t matter what you do, on any day, shape of form whatever you,
whatever it is you do, you really wanna understand why is it you’re doing what you’re doing? Or
why you wanna embark on this process? Because if what you’re doing is not going to achieve it,
then we’ve got a problem. You’re gonna to be working and working to achieve something that
can never be achieved or potentially is never gonna achieve what you’re trying to do. And when
we look at this – and before we even get into numbers – if we just look at um, firstly, Barry and
Angela haven’t been in business before um, so they don’t have a clear understanding of the ins
and outs of managing stuff. What that- what that involves and the time that’s involved with
that. They don’t understand, they didn’t understand I guess the um, the level of work involved
in running a business outside of just running a business on the day to day basis. So you know,
you’ve got, all of a sudden you’re responsible for doing the book work. Making sure the books
are done. Yes, you can get a bookkeeper but you are responsible for making sure your books
are done. You’re responsible for ordering or making sure that the cash flow is running properly.
Make sure the staff are being paid properly. Make sure the superannuation is being paid.
There’s a lot of new responsibilities that come in to being a business owner and this often get
overlooked and misunderstood. So um,
(22:00)
that was the first point we call, we sort of looked at the time involved and when I looked at the
operating hours of this business, yes, um, Barry is sort of starting at 7 a.m. every morning now
in his existing role but he’s home by 4:30 of an afternoon, every afternoon and he switches off,
that’s it. So- so he does his hours but he’s home and totally free to do whatever he wants from
that point on. He also has his weekends free but this business operates from 8 a.m. to 5 p.m.
Saturday and Sundays at 9 to 4:30 p.m. and likewise Angela has her weekends off and her- her
teaching hours sort of like 8:30 till only goes about 4 o’clock or something like that. Again,
when gets home, she’s finished for the day. She might have some marking to do or some
additional work but it’s certainly not a committed, ah not a- a compulsory uh, ongoing everyday
um, scenario. So that was the first thing to sort of talk about and discuss with them. The
consequences of actually buying a business or starting a business is what are you signing up for
and- and- and how does that align with your goal. Your goal is to have more freedom and more
time yet we seem to be taking on a signing up for, um for something bigger and- and something
more onerous and something more jail sentence like. So we- we- we discussed that but we’d
certainly, we didn’t make a decision around that. We’d just — I just made them aware of- of- of
that- that area. We then moved down to the numbers and sort of what the business was
actually doing in terms of turnover? And what became apparent was that, although the
business was turning over $9,000 a week, on average, the actual taxable net profits or the- the
– after all the expenses are paid so by the time you paid
(24:00)
your cakes and your coffees and you paid your rent and you paid for your, for um, your staff and
wages and stationery and internet and insurances and all those costs were paid, the business
was making a net profit of $68,000. So, and this is where it gets really very difficult because a
lot of people just focus on the- the top line of um,”Look, it’s- it’s selling this you now? We’ve got
to making money for selling if we’re selling this.” But one of the things with the business of this
nature is that it’s um, the rents are usually quite high in those shopping centers. They can be
very, very high and the terms of those shopping centers are that you need to be open certain
hours. You can’t just choose um, to close that day because you wanna have a, uh, a bit of an
extra um, holiday. So that was a consideration. Um, we had to look at – we had to look at that
but when I looked at that number of $68,00, that’s actually quiet low and because if you think
about this, they’re going to pay – if we’re just go through the facts of this. Barry and Angela are
going to pay $250,000 for a business now that they are going to run and it’s going to require
more of their time than they currently um, having to spend now, uh, to generate a profit of
$68,000 before tax. Once you pay tax on that and let’s just work, you know, just to say, a third
of that goes on tax, you’re down to you know, just under $50,000 of net profit after tax. Now,
they currently owned in a gross situation a hundred and sixty uh, thousand dollars a year and
they’re home by 4:30 at the latest every day and they’re getting all the holidays and their
superannuation is paid for and they got steady employment every week and they haven’t got to
worry of staffing and- and all the other costs, landlords, cash flow, all those things to worry
about. And this the- this is the difficult discussion that I had to have with them. We worked
through the numbers from the – and I guess that’s the anyway, it can help someone to- to see
this and is to go through the logical numbers of uh, black and white numbers of what’s actually
happening here and take that emotion out of the scenario because if you sit at home and just
focus on the emotion of the situation, they would have been in there and buying this business.
They would have uh, signed up for the- the terms of the lease. They would have signed up for
the franchise agreement which by the way means that every time they were buying their
products and services, they had to buy them off from the franchisor. Even if they could buy
them cheapest somewhere else, they had to buy the products and services of the franchise and
that’s- that there’s, you know restrictions and like strain around this. But they could not get
passed the fact that, A.) This represented an opportunity. An opportunity to grow something
that’s already distressed and they could do it better than the previous owners because they
weren’t ill or didn’t have ill health. They were gonna together and now are fresh eyes looking at
it, etcetera, but when I pointed out and I haven’t got to how they’re gonna pay for it yet. But
when we got to- we got work through the numbers and I just said to them, “You are getting
$250,000 and throwing it at a job that is actually paying you less yet requiring more from you
(28:00)
then uh, what- what- what- what’s your currently getting and it- it was working totally opposite
to their goals of more freedom and more money. This was taking freedom and costing them
money. So it just could not have been- could not have been worse and this is always the difficult
trade off. As entrepreneurs, we get passionate about whatever idea or whatever vision or
dream we have that sometimes that we can – not sometimes but more times than not, lose
focus of the- the- the numbers and the actual logic of the dollars and sense of it and at the end
of the day emotion and- and business, emotion and business are just a dangerous mix. They just
should not mix together because it does shut off you listening to- to these things. Now we had a
quite a lengthy meeting and again I haven’t got on to how they, they’ve got planning to pay for
yet. We had quite a lengthy meeting um, around this topic and, and Angela of- of most, waswas the most emotional about it because she- she just wanted, you know, she just really
wanted this and- and I can see- see the opportunities. So we- we – I’ve got um, it’s a bit hard to
show you on podcast but I’ve got large white boards in my, in uh, in my office and- and I’ve got –
I use large white boards when I’m doing my video consulting as well. My uh, digital consulting
but um, yeah we- we went through the numbers and I broke it out so I could see and explain it.
They were getting it but then we got down to how are you going to – I see they’re all – you know,
what are the plans if we do, let’s just say, we do proceed, what other plans to- to pay for it? Andand they’ve got plenty of equity in their home, as I said, earlier and basically, that we’re going to
go withdraw the money of their home, as I said earlier and basically, that were going to and
redraw the money of their home, the $250,000 and used it to buy- buy this business. And like if
you think of that then, they’ve got to repay that money so out of that sixty eight thousand
(30:00)
dollars uh, profit, let’s just say, they, they turn around they make a hundred thousand. They
grow it, they get in there and they grow it up to like a $100,000. By the time they pay tax on
that, um, and that hundred first that hundred thousand is not a hundred and sixty that they
were earning but by the time that they pay tax on that, then they’ve got to pay the loan. They
really, that they’ve really just buying a really low- low paying job and I- I really struggle to get,
to get decision plus they were then putting their home at risk and now putting um, and you
know unlocking themselves into a lease which was putting further potential on the- on the, um,
on the business. Again, when we look through the terms of the lease um, there’s all sort of
clauses in there but one of the- the quite common clauses in there is, shopping center leases is
that- that they always have the right to move you and- and require you to a shop fit out at- at
any point in time. So they want you to um, improve the shop, the look of your shop because
they’re improving the shopping center, uh, that they have the power to- to uh, request that
you- you know refit at your shop as well and store-front etc. So a lot of consequences around
just buying a business like this and that’s I guess where we got to know. Happy story in the end,
um, Angela and Barry were very, very appreciative of the help um, and- and- and the
understanding and the learning about that. But I guess my- my big take away for you and the
big lessons I guess out of this episode are that, just because uh, you want to doesn’t mean you
should. And I guess I’ll repeat that, just because you want to doesn’t mean you should and that
means um, emotionally, you may really, really wanted something. You may really see that,
(32:00)
that’s the- the, gonna be the, you know, the dream come true but you really need to take the
emotion out of the situation in business and really look at the- the black and whites and the
numbers and do the math and- and- and look at it objectively. And get somebody third party
that is not emotionally attached and I guess that’s where they were thankful for myself coz I’m
not emotionally attached and I can break things down into the logical steps for them to show
them the realities of what they’re- they’re talking about. And the- and the- and the last big take
away of this episode is emotion and business are a terrible combination and should never be
mixed. Um, you know, it- it’s just, if you make things on an emotional decision basis um, nine
times out of ten, it will be contradicted to what’s business logic and you know you should
always seek the, I guess the clarification from a third party. If you haven’t or an independent
party, talk to someone independent outside that emotional situation to make that, before you
make that decision. And uh, if I can ever help you in that regard, you’re always welcome to
reach out to me at [email protected] and I’m certainly happy to help you
with that. But yes, just if you really find yourself in an emotional situation in business or you
may want to start or buy a business and you’re not sure whether it’s the right business you’re
really need to um, get that third party independent advice before um, signing on the dotted
line. Um, as I said, great outcome for um, Barry and Angela, they realized that what they do
have is actually not that bad and they’re now actually looking at other alternatives whether or
not they start sort of a sideline business that can sort of give them some- some um,
independence without the large financial commitment as well. So they’re- they’re happily uh,
working on that and I’m working on that with them at the moment but yeah, I just thought it
was a great lesson and a great- great – and as I say, something that comes up all the time and
(34:00)
far too regularly in business um, and in, in my line of work that uh, I would hate you to make the
same mistakes as well so that’s what we’re all about. So alrighty, that’s all I’ve got time for
today.
I hope you enjoyed today’s episode. If you did enjoy today’s episode or you’ve got feedback on
today’s episode, please drop me a line at [email protected] or you can
always join our free Facebook group which is over at
businessmadeeasypodcast.com/community.
And if you go over there I’m working with them over there, lots of entrepreneurs over there
talking about great things in business and um, sharing ideas and wins and um, and- and
struggles and trials helping each other as well.
So check that out at businessmadeeasypodcast.com/community and uh, I’ll see you there.
Alrighty, well, that’s all I’ve got time for this week. Here’s to your success and uh, until next
week. Take us out. Mia. All the best, bye.
Mia: You’ve been listening to the Business Made Easy podcast, where we make business easy.

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Dash

The E-Myth, Michael Gerber dispels the myths surrounding starting your own business and shows how commonplace assumptions can get in the way of running a business. He walks you through the steps in the life of a business from entrepreneurial infancy, through adolescent growing pains, to the mature entrepreneurial perspective, the guiding light of all businesses that succeed. He then shows how to apply the lessons of franchising to any business whether or not it is a franchise. 

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