About This Blog

This blog is edited by Richard Parker, the President and Founder of Diomo Corporation and a world renowned expert on buying and selling businesses. He is the author of six comprehensive programs on buying businesses including the best-selling How To Buy A Good Business At A Great Price© series and has had over 100 articles published. Richard is also a highly sought after intermediary and recipient of the Business Brokers of Florida Top Dollar Producer having sold the highest volume of business in the State of Florida. Since 1990 he has purchased ten businesses and has started several more. As President and Founder of Diomo Corporation, his materials and live seminars have helped thousands of prospective small business buyers in over 70 countries realize their dream of business ownership. He is also on the Trump University faculty for Entrepreneurship.

This blog is Richard's exclusive space to rant and rave to the BizQuest audience of buyers and sellers on whatever subject tickles his fancy, but he promises to include at least an occasional posting having something to do with buying or selling businesses.

He hopes that you will also take advantage of the "Ask The Expert" aspect of this blog by sending him your questions. All reasonable questions can expect to receive a personal response from Richard and the better ones will be posted on this blog - don't worry, your name will not be included in the posting.

You can send Richard your questions or otherwise contact him by visiting the Diomo Corporation website and clicking on "Contact".

« When You Buy or Sell a Business An Effective Training Period Benefits Everyone | Main | How to Value a Business for Sale »

Comments

Bob Peterson

Richard,

I have read with interest many of your columns and admire your ability to make complex topics clear and interesting.

I have also contributed articles from time to time, so I know how much energy it takes. My writing is, I am sure, much more painful than yours, but I try.

Thanks for your comments about Memorial Day. We have much to thank for our Canadian partners during that time. It is well for us to put some perspective on the carnage of that time--the upcoming June 6 (D-Day) in particular.

I tell my kids: nearly 5,000 lives have been lost in Iraq and Afghanistan. Those are people who would have contributed greatly, they are missed by loved ones and we must honor their sacrifice.

My generation, Viet Nam, saw 50,000 die. But the WWII generation had 500,000 US deaths. Every family was affected.

It is interesting and appalling to me that the numbers increase by a factor of 10. Each generation has made it better for the next.

But, then, consider the Russian and Chinese casualties that are just estimates, but run to as many as 20 million. No wonder the Russians and Chinese were hard to get along with during the Cold War.

Our lives are so much more protected today, we just can't let go of our commitment to the next generations to protect our way of life and our safety. The evil of Hitler/Stalin/the Japanese Imperialists cannot be allowed to regenerate. And come back, it will, if given the chance.

Thanks for the inspiring words.

Bob Peterson
info@nbbcompany.com

Steven Swartz

I am currently in the process of purchasing a business, However the current owner is unwilling to provide me with any financial detail until I sign the contract because he wants to know I will be obligated to purchase the business after the due dilligance period of 15 days. Is this a normal situation? Further, He has agreed to certain terms such as 3 days training before settlement and 60 days by phone after but doesn't seem willing to put any of this in the contract. What should I do?

Avigail Teumim

Hello Bob,
From reading Richard's articles and from knowing people very well...
Don't sign.
If someone doesn't want to tell you everything or commit to training, there is a good reason. They hate it and want out. If they don't want to share the books, 99% chance it don't look good.
3 days of training is not normal unless it's a hot dog stand. You will probably need 2 weeks of training and a month of owner availability.
And yes EVERYTHING should be in the contract, no hand shake deals in this day and age.
Good luck, I hope you find the right deal for you!
Avigail

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.