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Category Archives: Business Development

Developing the Ability to Think Like an Entrepreneur

By | Business By The Book, Business Development, Education, Leadership, Venture Academy | No Comments
Developing the Ability to Think Like an Entrepreneur

Q: I have truly enjoyed your Venture Academy series during the past year. It was an incredible investment value. Your personal stories on how you honed your entrepreneurial talents were most interesting. With your experience and understanding, would you suggest apprenticeships, or reading books or a combination — developing talents from example and discussion — as the most effective method of successfully forging dividend-paying business talents and to think more like an entrepreneur? A: I’m glad to hear you have benefitted from the videos. I would recommend both apprenticeships and reading. In terms of reading, I would recommend becoming a…

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Trying to Buy a Retail Store

By | Business By The Book, Business Development, Buying a Business, Investing in Small Businesses, Ownership & Purpose | No Comments
Retail Store

Q: I am negotiating to buy a retail business and would like your advice. I’ve listened to your “Before You Launch Your Business” presentation — which was very good — but I’d like some help thinking through buying this business. The business is a boutique in an upscale part of town that has a very loyal customer base. The owner has relocated out of state and is desperate to sell the business, which is currently being run temporarily by his aged father. I actually know the business fairly well because I sold to the business for years as a manufacturer’s sales…

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Expect Negative Surprises When Acquiring a Business

By | Accounting, Business By The Book, Business Development, Buying a Business, Financial Reporting, Growth Strategy, Investing in Small Businesses, Negotiations, Ownership & Purpose, Selling a Small Business, Valuing a Small Business | No Comments

Some aspiring entrepreneurs will get started by buying an existing small business and many business owners have growth plans that include buying up other businesses to add larger chunks of growth via acquisition (mergers and acquisitions or “M&A” growth as opposed to “organic” growth). And if you are a business owner, you will most likely at some point sell your business. So here’s a few tips to both sides of the transaction… While it may not be statistically significant in terms of all the deals ever done, in my experience of negotiating with roughly 300 prospective sellers, signing approximately 75 letters…

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How to Grow a Home Inspection Business

By | Business By The Book, Business Development, Growth Strategy, Organization & Strategy, Planning, Running a Business, Sales & Marketing | No Comments

Q: I’ve transitioned from being a licensed general and electrical contractor to a certified home inspector. While at first, I sought business from everybody and anybody, I am now trying to position myself as the inspector of choice with a focused group of successful realtors. Finances are still very tight as I am trying to ramp up my business, but I’d like to grow as quickly as possible to grow the top line and bottom line of the business to improve my income. What recommendations do you have to quickly grow my business? A: First of all, your decision to focus on…

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