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The Entrepreneurs Guide Series
How To Evaluate And Profit From A
Business Opportunity
By: Art Consoli
How To Evaluate And Profit From A
Business Opportunity
By: Art Consoli
Evaluating And Profiting From A Business Opportunity #1
Entrepreneurs Need To Know Themselves #2
Entrepreneurs Will Find The Necessary Resources #3
Defining The Opportunity Makes Entrepreneurs Successful #4
Entrepreneurs Start Businesses And Buy Existing Businesses #5
Entrepreneurs Understand How Opportunities Make Money #6
Entrepreneurs Understand The Information Provided About An Opportunity #7
Entrepreneurs Understand The Competition #8
Entrepreneurs Buy A Business With One Eye On Selling It #9
Entrepreneurs Know How To Use Professional Advisors #10
Entrepreneurs Control The Opportunity #11
Entrepreneurs Know The Value Of Leverage #12
Entrepreneurs Know How To Capitalize Their Business #13
Entrepreneurs Know How To Use Financial Information #14
Entrepreneurs Know Profits And Cash Are Different #15
Entrepreneurs Know People Make It Happen #16
Entrepreneurs Pay Themselves What They Are Worth #17
Entrepreneurs Know The Difference Between Marketing And Sales #18
Entrepreneurs Know Fixed Costs Will Eat Them Alive #19
Entrepreneurs Know There Are Opportunities Within Opportunities #20
Entrepreneurs Need To Know Themselves #2
Entrepreneurs Will Find The Necessary Resources #3
Defining The Opportunity Makes Entrepreneurs Successful #4
Entrepreneurs Start Businesses And Buy Existing Businesses #5
Entrepreneurs Understand How Opportunities Make Money #6
Entrepreneurs Understand The Information Provided About An Opportunity #7
Entrepreneurs Understand The Competition #8
Entrepreneurs Buy A Business With One Eye On Selling It #9
Entrepreneurs Know How To Use Professional Advisors #10
Entrepreneurs Control The Opportunity #11
Entrepreneurs Know The Value Of Leverage #12
Entrepreneurs Know How To Capitalize Their Business #13
Entrepreneurs Know How To Use Financial Information #14
Entrepreneurs Know Profits And Cash Are Different #15
Entrepreneurs Know People Make It Happen #16
Entrepreneurs Pay Themselves What They Are Worth #17
Entrepreneurs Know The Difference Between Marketing And Sales #18
Entrepreneurs Know Fixed Costs Will Eat Them Alive #19
Entrepreneurs Know There Are Opportunities Within Opportunities #20
Entrepreneurs Know How To Use Professional Advisors
The Entrepreneurs Guide Part 10
The first time a person starts looking for an opportunity they become immediately confronted with professional help.
By: Art Consoli
The Entrepreneurs Guide Part 10
The first time a person starts looking for an opportunity they become immediately confronted with professional help.
By: Art Consoli
Besides those who make direct contact, well-intentioned friends will provide names of brokers, CPAs, business consultants, and lawyers, all of which, they insist, must be contacted before you, (the person who is looking for a business) make all sorts of horrible mistakes. I do not advocate that this should be your first act.
Certainly each of these professionals can help -- and depending on your background, some more than others. But think about what you have to do to pursue your goal of finding a business. Know yourself, understand your resources, start to focus on the type of business that suits you, begin looking to see what's available, and these are just a few of the items that you now have on your check list.
Do you really want to make another to do list with the names and contact information of professionals you should talk to? Such a list could become very large, very quickly because everybody you know knows somebody and whoever they know is the best or at least they think so. But are they the best? And how much time do you want to spend trying to determine who is the best?
I regard all professionals as tools for me to use to accomplish specific tasks. For me the best way to decide if a professional is one I want to use is to first, decide if I want them in my life as a human being and then second, give them specific questions so I can gauge their answers and compare them to others I might be considering. Both take time.
How do you come up with the questions? By getting involved with a situation that provides issues about which you need help. This approach also provides you with opportunities to try to understand more about what you are doing. This is a new thing for you, looking for a business -- you should want to learn all you can about it. The more you probe, the more you make inquiries from different perspectives, the more businesses you look at, the more business owners or their agents you talk to, the more you learn. The more you learn, the more complex the questions you can't answer become -- and then when you ask a professional those questions the more you challenge them. This is where you should spend your time.
As an example of how this works in real life let me tell you about a situation in which I was involved. I was helping several high-tech engineers take their part-time development activities to a more formal structured and higher level of business. Working under one fellow's Sub S Corp, they developed a module for use in an instrument produced by a multi-million dollar company.
That company was so pleased with their work that it wanted to invest several hundred thousand dollars with them and acquire a minority interest in their business. I advised them to form a C Corp, which would be owned by the multi-million dollar company, and the Sub S Corp. As the 2005 tax return for the Sub S Corp had not yet been filed, I advised them to restructure its ownership so that all of the engineers would be shareholders. I knew that the Sub S Corp had no value as of December 31st, 2005 and so advised them to do the transfer as of a date in 2005. This would permit the owner of the Sub S Corp to sell the shares to each for a minimal amount.
Page 2
Art Consoli's unique background and skills allow him to speak and write about how someone with limited experience can do a self-evaluation which will let him decide which business opportunity is best, how to evaluate opportunities and gain control over the one which offers the greatest potential and then manage that business to success. Readers of his book call and write to tell him how much his book has helped their lives and improved their business. The author can be reached at www.businessstrategyartconsoli.com.
Certainly each of these professionals can help -- and depending on your background, some more than others. But think about what you have to do to pursue your goal of finding a business. Know yourself, understand your resources, start to focus on the type of business that suits you, begin looking to see what's available, and these are just a few of the items that you now have on your check list.
Do you really want to make another to do list with the names and contact information of professionals you should talk to? Such a list could become very large, very quickly because everybody you know knows somebody and whoever they know is the best or at least they think so. But are they the best? And how much time do you want to spend trying to determine who is the best?
I regard all professionals as tools for me to use to accomplish specific tasks. For me the best way to decide if a professional is one I want to use is to first, decide if I want them in my life as a human being and then second, give them specific questions so I can gauge their answers and compare them to others I might be considering. Both take time.
How do you come up with the questions? By getting involved with a situation that provides issues about which you need help. This approach also provides you with opportunities to try to understand more about what you are doing. This is a new thing for you, looking for a business -- you should want to learn all you can about it. The more you probe, the more you make inquiries from different perspectives, the more businesses you look at, the more business owners or their agents you talk to, the more you learn. The more you learn, the more complex the questions you can't answer become -- and then when you ask a professional those questions the more you challenge them. This is where you should spend your time.
As an example of how this works in real life let me tell you about a situation in which I was involved. I was helping several high-tech engineers take their part-time development activities to a more formal structured and higher level of business. Working under one fellow's Sub S Corp, they developed a module for use in an instrument produced by a multi-million dollar company.
That company was so pleased with their work that it wanted to invest several hundred thousand dollars with them and acquire a minority interest in their business. I advised them to form a C Corp, which would be owned by the multi-million dollar company, and the Sub S Corp. As the 2005 tax return for the Sub S Corp had not yet been filed, I advised them to restructure its ownership so that all of the engineers would be shareholders. I knew that the Sub S Corp had no value as of December 31st, 2005 and so advised them to do the transfer as of a date in 2005. This would permit the owner of the Sub S Corp to sell the shares to each for a minimal amount.
Page 2
Art Consoli's unique background and skills allow him to speak and write about how someone with limited experience can do a self-evaluation which will let him decide which business opportunity is best, how to evaluate opportunities and gain control over the one which offers the greatest potential and then manage that business to success. Readers of his book call and write to tell him how much his book has helped their lives and improved their business. The author can be reached at www.businessstrategyartconsoli.com.