Finding The One
Finding The One
What is your purpose? What line of work should you be doing so that you can play your part in the betterment of mankind? So that you can leave a legacy worthy of your time spent here. Many of us are drawn away from corporate life, and working for “The Man” to go out on our own, start a little business or purchase an existing one (which can be a lot easier). But which one?
Choosing The One follows a universal 5 step process. It is the same with dating, finding the perfect house, the ideal anything. It always involves research, attraction, exploration, “ideating”, more research, risk, evaluation, risk, and commitment. A life partner, just like a business, involves exploration, investment of time, considering all of the what-ifs, omens, etc. In the same way that there are generally thought to be 5 stages of dating and you don’t get to marriage without a journey through all 5, so too there are 5 astoundingly similar phases of choosing a business. This website explores those 5 phases. (more…)
Just like in dating, when you find yourself attracted to something, it terribly exciting.You see nothing but sunny days and massive profit ahead. Birds are singing, butterflies fluttering about, it’s rarely how life is, but in phase 1 this is the giddy, unrealistic, purely romantic IDEA of owning a business.
Eagerly, we begin to explore the possibilities. And at this point, all we see is upside.
Selling A Service or a Product? We had initially thought maybe one would be preferable to the other, but you’re being pulled in this direction and it feels magical and right!
The Price? Well, it could be done, with the right planets in alignment, or maybe it’s completely do-able and that adds allure to unimaginable potential of this opportunity!
Location? Yup! It’s a bit of a commute, but it could work. No, really and the drive would be a great time to catch up podcasts, there are audio books. I once thought I could learn German during my two hour commute across New York City, from New Jersey to Long Island, when I took on a 10 month FMLA fill-in gig. Fantastic job, with a huge budget, great people, it was an extraordinary opportunity. Two hours each way.The German lasted maybe a week or two. Mainly I listened to Imus (more…)
A Flower Shop. A Bed and Breakfast. A Bakery. We all know someone who has those dreamed of owning a little business such as these and had a rude awakening.
<<The couple are now back in a Manhattan apartment. Mr. Brown is still a therapist, while Ms. Mulraney-Brown trained for and started a business as an animal behaviorist. It’s not exactly a dream field for her, but she’s no longer holding career expectations to the high standard she sought at Rose Cottage. “Falling in love with the idea of what owning a B&B will be like is like getting a crush on a picture of someone you’ve never met,” she says. “You’re just projecting.”>>
From a Wall Street Journal Article on The Dream – and Reality – of Running a Bed and Breakfast
Phase 2 builds on the attraction you felt in Phase 1 and develops into an infatuation that brings with it unsettling uncertainty. This feeds the infatuation, making your initial giddiness feel mightier and important.
We might think of this phase as starting to second guess ourselves. This does not mean that (more…)
In phase two, things were rosy but worrying. There was some teetering, but now in Phase 3 we start to look hard at what a commitment might look like. Where the dating folks, at this stage, make a mutual decision to be in a committed, exclusive relationship, so we as potential business buyers, begin Due Diligence.
You are still attracted to the business, you are still excited by the possibilities but now you get real.
You make an offer and discuss terms that are consistent with the current marketplace. It is a contingent offer. Just like with buying a house, you have not had a chance to do inspections yet. You make the offer, negotiate the terms and then head into Due Diligence where you will negotiate some more. Ernest money is put down, just like buying anything else, and so long as you’ve negotiated the contract well, your contingency offer becomes mutually acceptable and non-binding.
Now is the time to you get to pull back the curtain and take a look at (more…)
Time to evaluate all you’ve discovered in Phase 3.
In stage four, we begin to experience real intimacy. We feel relaxed enough to let down our guard and share ourselves more deeply than before. Without an understanding of how men and women react differently to intimacy, it is possible to mistakenly conclude that we are just too different to proceed. This is the time to experience the best in ourselves and our partner, as we also become acquainted with the less flattering sides of our personalities.
once you have reached a decision to move head, and all the terms have been renegotiated and worked through, the contingency is removed from your offer. You meet with the landlord of the business you want to purchase and determine how to assign the lease. If you have to negotiate a new lease, maybe you can do better? After all, there is a track record in place.
In most transactions, the lien search is done now. Like the title search in a residential home purchase. It would seem late in the process, but perhaps other stumbling blocks topple a deal so frequently that it is just not worth doing it until you get to this phase. (more…)
Git ‘Er Done!
Phase 5 is doing the deal. Just like an “engagement“, it is the time to celebrate a new chapter. You have made the determination that you have found a great business to buy, and you are ready to move forward toward a lifetime of entrepreneurial bliss. Where young couples spend this time planning a wedding, ideating their future together and deepening the experience of their relationship joyfully, happily, peacefully, and lovingly, now you have to do the same thing.
You need to plan how you will make a success of this business, and how you will make the future fully rewarding. What can you change and how much do you have to accept and work around? What changes are sustainable?
You head into The Closing and of course, now, finally, the real work begins.
Most transactions come with (more…)