Key Business Buyer Issues

Years ago I read Napoleon Hill’s 1937 classic “Think and Grow Rich” and a well worn copy has sat on my desk for close to 20 years now.

I pick it up and flip though it periodically and I have made it a habit to bring it along on every business trip. It makes for great airplane reading (I’ve found that my time on an airplane to be some of the best time for me to think about business and personal matters with great clarity).

There have been a series on additional versions over the years but if you’ve never read the original, get a copy; it’s well worth reading it cover to cover.

Every single self-help book that has been published since this classic is, in my opinion, a variation of all the themes that Hill pegged brilliantly 70 years ago.

If you want to read some interesting comments for people who read this material check out:

Hill identifies fifteen character traits that are critical to and common amongst the great business leaders of that period including Andrew Carnegie, Charles Schwab, Henry Ford, Thomas Edison and others.

What’s truly amazing is that if these folks were substituted with today’s great business leaders, the commonalities would still hold true.

One of the fifteen key attributes is what Hill terms the “Power of The Master Mind” and how you can effectively multiply your brain power by surrounding yourself with people that bring different strengths to the table.

It’s the ultimate corporate chart in some respects but it goes further than that. What I learned from it years back, and still leverage today, is to surround myself with people that are not only smarter than I am (not too difficult) but who bring specific knowledge to any situation.

This is critically important during the process of buying a business. You are going to need great advisors; not good ones. Don’t try to save a few bucks when engaging accountants, attorneys or advisors. Hire the best possible people you can afford and spend a few bucks on the necessary resources. While friends and family may offer you sincere free advice, there’s no substitute for great input from experienced advisors.

Your entire success in the buying process and in your business will ultimately come down to hard work and know how. You’d have to be out of your mind to make a decision of this magnitude without the right information or right team at your side.

There’s no shortcut or quick fix pill in any business endeavor. This is especially true when buying a business. Pay for good help – it’s worth it!

Devour as much information as you can – you’ll need it!


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