If you do not get used to making your own decisions when buying a business, you can rest assured that someone will make the wrong ones for you!
In the best of economic times, one can always find reasons to not buy a particular business they may be reviewing. Certainly, for anyone looking for that proverbial “perfect” business to buy (which of course does not exist), this is always the case. So when the overall economy is in a tailspin, it is easier still to convince yourself the business or timing to buy simply is not right. While that is understandable, buyers have to learn to make that decision on their own, and not allow others to unduly influence their decision.
Of course, having good advisors on your team is a crucial component to this process, but far too often I see buyers relying solely on the advice of others. Worse yet, is allowing friends and family members to dictate your decisions and determine your destiny.
Every successful entrepreneur learns early on in their career that making decisions, their own decisions, is absolutely fundamental to their individual business success
. Relying on others for input, information, and advice surely weighs into their decisions, but the true entrepreneur possesses the ability to actually make the decision and execute.
If the results are not as expected, they evaluate why, modify the plan and put the new strategy into action and lead the charge again.
It is very easy to sit on the sidelines of a deal and offer criticisms and opinions. I see this with accountants and attorneys all the time who represent business buyers and sellers. The professionals you hire will generally, but not always, want to protect their own rear ends in addition to yours and therefore may lead you down the path of reasons not to buy a particular business. I have met numerous entrepreneurs who happen to be attorneys and accountants by education, but there are very few practicing accountants and attorneys who are truly entrepreneurs and so they simply do not have the same enterprising blood running through their veins as a prospective business buyer should. My intent is not to bash these groups but rather to have business buyers (and sellers) understand that these professionals have their role in the business buying process but they are not, nor can they become, your decision maker by proxy.
Similarly, prospective business buyers have to realize that friends and family especially will lead the line of naysayers. Most of them simply do not want to see you get hurt. Some, in a perverse way, do not want to see you succeed.
The lesson is clear:
While the majority of professionals you engage and personal parties you talk to about your intentions will have your best interests at heart, their objectives are not necessarily the same as your goals.
Their opinions can be easily tainted and mixed in with their feedback.
The rule is always to seek the advice of true experts in the field and to confer with those close to you who will be impacted by your decision.
But, it is you that has to make the ultimate decision, and you had better get used to making them because as a business owner you will be doing so all day – everyday!
Have a great week. If you want a resource to help you make all the right decisions when buying a business visit www.diomo.com