Question:

I’m a 17 year old high school senior, graduating next June. My goal is to buy a small business after graduation, using some money I’ve saved, some help from my parents, and hopefully some seller financing. What should I be doing now to begin to prepare so I can hopefully be ready to buy a business 9 to 12 months from now Thanks!

Answer:

My first reaction is to tell you to take your money and go to college! However,

being a die hard entrepreneur, I have a world of admiration for you – but we must also be realistic. The chances of obtaining seller financing are close to nil, unless the business is either grossly overpriced, failing, or the owner is your relative.

I do not mean to sound patronizing but it will be very difficult for you to convince any seller to participate in the financing given that you don’t have the benefit of ever operating a business full time, or any post-high school business experience.

If, however, you set some realistic goals and expectations, and use this business as the platform for you to have a phenomenally successful business career, then my advice would be to get into a small, affordable business where you can cut your teeth and learn all of the different facets of running a business through your hard work and in the trenches experience.

I would also urge you to consider taking a business accounting course.

It will pay huge dividends to you in the future.