Personal message from Keith Cunningham:
The hardest thing you can do in business is to start one from scratch. It’s MUCH easier to find a good one, buy it and build it up.
Why? Because when you’re starting from scratch, what you have is an airplane with a bunch of parts all over the runway. You have to somehow assemble all these parts, make sure that nothing is going to fall off, fill it with fuel and then take off.
That is exceptionally difficult to do.
Yes, you can make a lot of money doing that but boy is it risky.
Personally, I buy businesses. That’s what I do. And you can put together an excellent deal with only a small amount of your own money… if you know what you are doing.
I like existing businesses because they’ve got revenue. They’ve got profits. They’ve got a brand. They’ve got customers. They also have employees, systems, an employee manual. Everything is already there. This is a plane at 40,000 feet and all I’ve got to do is slip into the cockpit and take a good business and make it great.
That’s why next month in Austin, TX I’m teaching a course on how to buy a business. You will find it extremely comprehensive.
I will teach you how to find, analyze, evaluate, value, negotiate, do the due diligence (a 10-page check list), finance, structure, bridge the price gap and have a good return on your investment (which would require very little if any of your own money). This is after you have paid all the bills and repaid the debt.
I have used this technique for the last 20 years to build my net worth. I will teach you all the tricks I know, plus you will leave with a 3-inch, three-ring binder of information for your reference.
Interestingly, the timing to buy a good business is perfect given the financial upheaval and economic problems most people are encountering today.