Bixby, OK

Entrepreneurs must perform their due diligence before buying an existing business

Tulsa, OK - Bill Bartmann, Business Coach, continues his lecture series by teaching students how to do their due-diligence as they think their way through everything they need to understand before making the commitment to buy a business.

The first due diligence question to ask is ‘Why is the business for sale?' Bill Bartmann said, "You must get an answer that you feel is credible; you have the right to be skeptical. Do not think you have to accept the first answer you hear."

The next due diligence question to ask is ‘What is your general perception of the industry?' Bill Bartmann said, "Your intent will be to increase the volume of the business. Has anything happened to have an adverse affect on the demand for your product or service? Think beyond the history and think of the future of the company. Can this business grow?"

Another good question is ‘Is this company one of the better ones in the industry?' Bill Bartmann explained, "When you purchase an existing business, you inherit the business, the customers and their reputation; you become what is seen through the eyes of the consumer."

Bill Bartmann also advised the students to determine the long-term outlook for the industry they are going into, whether the business is soon to peak and then fall; where the industry is in the market trend and if they are on the rise or if the market demand is declining. "Consider the competition; what are your competitors doing? Is the level of competition in this field or industry increasing or decreasing in your target market area?"

Bill Bartmann covered more due-diligence work to do before making the final decision to purchase the business. He suggested interviewing some of the customers. "Ask for their customer list so you can randomly choose customers rather than allowing them to give you ones that are likely to say only positive things," said Bartmann. "You might be required to sign a non-solicitation agreement promising that you will not approach their customers for your business if you choose not to buy their business."

Bill Bartmann advised the students to check to see if they are a member of the Better Business Bureau and to check with trade associations to see if they have heard anything about the company they are considering purchasing. Bartmann also said to analyze financial reports and ask about inventory practices. "Don't be afraid to hire a professional business consultant, accountant or attorney. The fee for their services is little compared to your savings if they should find problems that you would otherwise miss."

As the lecture concluded, Bill Bartmann said, "Be sure you get the websites, phone numbers, logos and trademarks that exist within the company. Otherwise, the former owner keeps the phone number and all your customers continue to call them instead of you! Remember, your due-diligence is your advance preventative medicine; be thorough when investigating a business to save yourself from making a very costly mistake."

Bill Bartmann has over 40 years experience in business; he has bought, sold and built businesses from the ground, up. Read Bill Bartmann's blog to learn more about doing your due-diligence when buying an existing business, http://billbartmannbuyingabusiness.blogspot.com/

If you were trying to bait a catfish into hopping onto your hook, you probably would want to make sure you are using the bait that is the most tempting and produces the most results right?!....Using a certain bait for catfish isn't necassarily the same bait you would use to catch a cod.

How well do you know what you are trying to catch? And if you had your line dangling in the water next to someone who was trying to catch the same fish, how would you be better than them. What about your bait would be more enticing? It just takes a little effort, maybe some research and an observant heart to the needs of those we want to catch. What might be a "selling point" (bait) for you, may not be something someone else is looking for.

How impressed would you be if you went to take a car for a test drive and when you got back the sales person already had the exact model in the color you wanted, washed and detailed and ready for you to take just by PAYING ATTENTION to you and listening to what you wanted???......Lets face it, its hard to let go of our own perspective sometimes and just see things through someone else's.

Lets go the extra mile to make sure people feel important and well taken care of, think it through before you jump into it. Don't just offer to be offering, present your offering as something they have always dreamed of. Lets be THAT observant, its the only thing that will set you apart from the chump standing next to you trying to reel in YOUR fish!!!

Imagine you had a friend who had lost a hundred pounds in the course of a year, they worked out and ate right and took all the steps to move forward to getting healthy. Then imagine after they reached their goal weight they decided to celebrate by buying a 100 lb bar bell, they bought special straps for the bar bell so they could carry it around on their back all day and everyday. Sounds crazy doesn't it? How many people actually do this with everything else in life, emotionally and mentally, business and personal? Who wants be one of those people?

When you carry around dead weight, it makes every other task more challenging than what it should be. Focusing mentally on anything productive is hard to do when your mind has things in the back trying to push their way forward. Dead weight can come in many forms, whether its thoughts or clouded emotions, sometimes it can even come in the form of another human being. People who are not focusing and moving forward with you are DEAD WEIGHT. Have you ever known one of those people who at first, just seemed to need a genuine helping hand but later you find out thats what the whole relationship consists of, you carrying them...the whole way.

When we are on the road to success, our generousity is not a free ride, sluff off the dead weight because those who want to go with you will be at your side and not on your shoulders.

It can be a challenge to stay positive when we are constantly reminded of things that could be or can go wrong. Even watching tv can be a challenge with the media's perspective. Some of the things we hear could potentially send some people into "panic overdrive". It is wise to be prepared, but there is a huge difference between 'being prepared' and 'dwelling on the worst case scenario'.

Our reactions can actually change a situation for better or worse. When you dread something happening, you are thinking about it negatively and in a sense almost making it happen. Its like when you fear it, you are experiencing the emotion you would have if it was actually happening, why go through all that when you don't have to. Some people, at the first sign of possible bad weather, they are ready to panic and change location, when all they really need to do is just throw an umbrella in the trunk and start thinking about what they are going to do on the next sunny day.

Staying positive can be a challenge at first, but make it a habit so it becomes a way of life. One very easy and simple way to make an adjustment is, tomorrow, try to go through the whole day just maintaining a smile on your face, no matter what and see how differently things could turn out. The reactions you get from people will alter your day. In the atmosphere of life if someone has to set the mood, it might as well be us!!

I just found out that the new Spirit Bank Event Center is getting ready to open its doors soon in Bixby , Oklahoma . The concerts for this fall have just been announced so construction crews are in a hurry to finish by the deadline.

Concert performances for this fall will include Uncle Kracker, Kutless, and Michael Smith.

It's great to have a new events center in town but there has been a bit of talk about the new event center competing with the Mabee Center and the BOK Arena for entertainment acts. Everything should workout though. The Spirit Bank Event Center will host the 66rs basketball games, while the Mabee Center will host the ORU Eagles basketball games. So far it doesn't look to me like they are in competition. The Spirit Bank will be the smallest venue of three venues with a capacity of 4,000 people. The Mabee holds 10,000 people and the BOK Arena holds 18,000 people.

Other events on schedule for Spirit Bank are basketball tournaments, gymnastics and wrestling competitions, hunting and fishing shows, and bridal fairs. Spirit Bank is set to open with its first event in September.