Episode 47 - Should I Be Buying A Business?
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.
When we consider buying a business, I'm a firm believer that the shear excitement diminishes our hearing, closes us off from the facts & lets us only hear what we want to hear... - Jason Skinner
What You'll Learn In This Episode
Jason talks us through a real case scenario highlighting the difference between dreams and reality when it comes to deciding if you should be buying a business.
You will learn the importance of keeping emotion out of the business buying process and why doing your homework and proper planning before financially committing to buying a business is critical to achieving your goals.
Links & Resources Mentioned In The Show
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. Finally, Gerber draws the vital, often overlooked distinction between working on your business and working in your business.
Download A Transcript Of The Show
Jason: 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.
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