Danger in Business Acquistion
Owning or running a small business is particularly difficult, despite the current misconception by the general public.
The prevailing attitude is, “I’ll buy a business so that I can be my own boss and I won’t have to work any more”.
The reality could not be more different.
In buying a business you are probably exchanging the practical freedom of leaving your job behind you for the freedom to keep the profits of the business (if any), and of “never leaving the business (mentally at least)” and, most likely taking on a twenty-four (24) hour/seven (7) day task indefinitely.
Having said that, if you are successful in building a business which creates income for you without you working in it (which should be your aim), as opposed to “buying yourself a salary”, then you will receive automatic profits and virtually unlimited freedom, with the income to indulge that freedom.
This is the secret to owing a business.
You should know how to:-
- Select a business;
- Check that that business is viable;
- Check that you are compatible with it;
- Buy that business safely;
- Set yourself up to protect yourself as best you can from the dangers of owning a business;
- Protect the business;
- Set yourself up for retirement;
Structure and grow the business to provide you with passive income.
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