Avoid Scams When Buying a Business | How to Buy a Business, Business Broker
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- Опубликовано: 28 май 2024
- Learn to buy a business: www.BusinessBuyerAdvantage.com
Learn to sell your business: www.HowToSellMyOwnBusiness.com
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Have you ever had that sinking feeling in your stomach when you realize that you’ve made a big mistake or someone has taken advantage of you?
It happens.
Sometimes we make a mistake. Sometimes we buy something on sale that can’t be returned and it doesn’t fit. Sometimes we pay money for something that ends up being garbage.
It’s quite different, however, when we realize that someone has taken advantage of us.
Unfortunately, I have had many occasions where I’ve shown people that they’ve been taken advantage of and it’s not pleasant. Often it leads to anger and a feeling of defeat- ‘How could I have let this happen to me?’
A viewer asked me to help show how people can avoid scams when buying a business. I put this video together to review the most common ones that I’ve seen over the years.
Please like and share and post to groups, etc so that others can avoid these costly traps. Watch it here: • Avoid Scams When Buyin...
Want to buy a business in the next year? Join the 2018 Buy a Successful Business Accelerator Program: www.investlocalbook.com/p/2018... (Still spots left as some successful appliants haven't paid their registration fee yet.)
or join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal. They’re taking my online course at www.BusinessBuyerAdvantage.com
Do you have a business to sell? Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.
FREE- Download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)
Thank you and I’ll see you next time.
Thanks David. Good advice, useful information clearly explained. I am soon going to buy your 'Franchise Warnings' book as part of my continuing study of business and related topics.
Thanks Victor. Please help out by leaving a review on Amazon after you read it. It helps a lot.
Way to go! Luv luv your vids!
Thanks Johnathan, keep the questions coming.
David, I’ve contacted roughly 5 different brokers about 5 diff businesses for sale, and they all refuse to talk to me at all unless I deposit $5-10k in good faith to “show them I’m serious”. Are all of these scammers, or could this just be the way they do it in America?
Well, I can tell you I talk to people all day long all over America and you’re the first person who’s told me of this kind of experience. I see you’re in Houston, I have several buying clients in your city who’ve been dealing with brokers and none have been asked for money before an accepted offer. I’d love to know more about the types and sizes of businesses you’re inquiring on, could you connect with me at dbarnett (at) alpatlantic.com
This was super useful. Super useful. Worth every minute. I’ll suscribe.
Good to have you on board Javier.
By the way, thank you very much for this video.
You're very welcome!
This info was very good
Thanks Molten, I'm glad I could help.
Very good content. You got a new subscriber
Thanks Ronald!
Awesome..
Thanks Silver. Don't miss any new videos by signing up to my email list at www.DavidCBarnettList.com
Good video
Thanks Sp!
Love the new beard!
I seriously wish I’d have found your channel before I got scammed
What happened? do you mind sharing?
Great video David! Thanks a lot! One question, is the seller bound to pay commissions to the broker? That wasn't clear for me. Thanks again!
Normally, the seller has a commission agreement with the seller before the business is ever advertised for sale.
You awaking knowledge
Thanks Jean. Don't forget to like and share videos you enjoy. It helps others to find them. And you may enjoy my email list. I send things out all the time www.DavidCBarnettList.com Cheers
David
Shouldn't the buyer ask to see sellers' tax return or 10-K?
Yes they should. A 10-K is an SEC document. I wouldn't expect many small businesses to have this.
I wanted to get a gas station when I'm older and I still dont fully understand how stuff like inventory would work, since I'm the owner would I have to be the one to order new inventory and products or can someone else do it like the manager?
It all depends on whether you set up the systems to properly train those employees. Some suppliers will even order for you and stock your shelves in some cases.
David I'm going to buy my first business this year do you offer consulting to help with the purchase process?
Yes, that's what I do all day long. Just call or email me. My contact details are at the blog site www.DavidCBarnett.com Cheers.
Did you buy the business? How did it go? Would like to learn from your experience as well as I am thinking about doing the same in FL.
Yeah did you buy the business? how is it going so far. Would love some insight from your experience. How much did you pay for it? was it a cash purchase or SBA loan. If SBA, what % down did you put? Were the finances of the business after you took over, in line with what was shown during due diligence?
Are you an absentee owner or balls deep running the business on a daily basis?
Any of these questions you answer will be much appreciated.
Thanks.
Is there specific business brokers for buying Digital assets? Like Ecommerce sites or just any Business that is web based? Or is it all the same.
There are definitely some brokerages that are focused on online businesses. Check out the Buying Online Businesses podcast with Jared Krause to learn about some of these.
Do I need to hire my own broker as the buyer? The seller's broker represents the seller, not the buyer, is that correct? What is the typical buying practice in the US? I'm from the Netherlands.
No, you don't need a broker. It's not like real estate. You find a business for sale and then use a team of people to help you analyze it. Lawyer, accountant, or other business advisors like me.
I keep getting this question though so I'm adding it to the list.
I am looking to hire a company akin to yours to actually fully audit any business that I would like to buy. & ultimately tell me if this business is a yea or nea..
Hi if you would like to buy a business you can visit www.BusinessBuyerAdvantage.com or you can
Book a call with me at www.CallDavidBarnett.com
Hey David, I've recently decided to buy a business and contacted an agent who has very very cheap listings on his website but when I decided to check his profile on Finra (Brokers check) nothing comes up for him and his firm? I am not sure if you know Finra but it's a website where people check their brokers to see if they're legit. Why do you think this is?
It's because he's likely a business broker or real estate agent and finra is for stock brokers. Try checking the state or provincial real estate licensing body to see if he's listed, if he's not, then you need to find out if there is any licensing requirement in your jurisdiction for business brokers. Some places have none.
Hey is Gordon Bizar a scammer? I like the idea of his program but seems fishy that I can’t find anything about him online.
He once invited me to be an affiliate to help him sell his program in exchange for a commission. I asked for access to his program and went in to see what it was all about. I declined to become his affiliate after seeing what he was teaching.
I wish I’d found your channel sooner
Tell your friends.
Hello I would like to buy a business but I have less then a thousand could you give me some advise ?
Yes, keep saving until you have three months of living expenses. Then start a new, separate savings account and build it up to several tens of thousands of dollars or get some partners who believe in you enough to put down real cash. Buying a business when you're barely over broke is not realistic.
What do you think about hotels as a business to buy?
I'd want to make sure it had recovered from the pandemic first, otherwise you'll need cash to finance losses over and above your investment to buy it. Financing may also be a problem right now.
You don't need a broker just like you don't need a Real Estate Agent.
Right! have you seen this video?: ruclips.net/video/-rDGosvwpwg/видео.html
I like your older stuff more than the recent stuff - maybe time to rehash these old videos with updates scams and pitfalls
I really make them based on stuff people send in. Comment with some requests and we'll see what I can do.
Please put your self promotion at the end of each video.....it’s torture to have to listen the same pitch on every single video, over and over again ......there is a reason you have so few views......
No. This channel is an advertising medium for my business. If I could not make a living doing this, there would be no videos as I’d be busy selling beanie babies on eBay or something.
There are few views because relatively few people are interested in the topic AND because the channel is not monetized, there is no incentive for click farm fraud to inflate the statistics.
R u kidding? There are tons of people interested in the topic. try this experiment for 6 months.......make great videos filled with great content and at the END of the video say "if you would like to see the products and services that I have to offer then click the link below.....have a great day!" @@DavidCBarnett
Someone hasn’t figured out how to use the fast forward button