Entrepreneurialism
Buy A Business Using This Controversial "Rule" And Live A Longer, Healthier, And Richer Life
One of my most controversial business-buying "rules" is to only buy a business where you can be "hands off." It's the cornerstone of everything I taught at my seminars and is something I still follow to the letter today with each business I buy.
However, this always begs the question of, how do you get to the point of being hands off? Don't you have to be there at the beginning to make sure everything is going smoothly after the sale?
My answer: Yes. In the beginning ONLY -- for the first two months, in most cases -? I?m talking to the manager hourly. And I?m coming in almost every day to get familiar with the company. But after that, I don?t get there very often. Ideally, no more than once per year.
Now, look, there?s nothing wrong with being hands on, but if you?d like to have a healthier life,
and maybe own multiple businesses simultaneously, what you should consider doing
is nothing hands on. Let somebody else do it.
In fact, I tell all my mangers right in the beginning, ?Look, I?m a blue collar type guy. As a blue collar type guy, I don?t like to work after five o?clock and I don?t like to work on weekends. If you ever call me at home after five o?clock with a problem you could have solved, I will fire you at nine o?clock tomorrow morning.?
True story, I have never gotten a phone call.
And believe me, these guys love it because they?re getting the run of the company. They don?t have some pain in the butt owner driving them nuts, disturbing the staff and poking his nose into everything.
And besides, the manager has been running the company for five or ten years successfully. What am I going to do? If I don?t show up, the business is going to do a lot better. So I make it a point not to contribute anything. And when you buy a business, you should highly consider doing the same thing.
Arthur B. Hamel has bought over 200 businesses in the past 50 years, and is a well-known author, consultant, investor, business owner, and dynamic lecturer who has shared the stage with such business greats as Robert Allen of "No Money Down" fame. For the past 20 years Art has taught thousands of people around the world -- even so-called "little guys" with no formal education or money -- how to quickly and easily buy large, multi-million dollar businesses with no credit, banks or prior business experience. He has recently decided to share his unique business-buying secrets and tactics free of charge at: http://arthurhamel.com
Art Hamel
Tags: buy a business, buy sell business, Franchise, business, business plan, business opportunitySimilar articles
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If you take money out of your left pocket and put it in your right pocket, you're no richer.
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