Buying a Business - The Positive Impact

This week, I want to tell you an incredible story of entrepreneurship involving the Washburn family of Talihina, Oklahoma. It is a beacon of success for anyone who is thinking about buying a business.

We received the following letter last month from Tim Washburn. It is one of the most heartfelt notes we have ever read.

“I just wanted you to know you helped save my family's bacon. You may not remember me but I purchased your book "How to Buy a Good Business at a Great Price."  My wife and I have a totally disabled child and therefore Mary couldn't go out and get just any job.  We were not making ends meet and it looked like we were going to have to make some very dismal choices for our family of seven. I told her to give me a month and if I couldn't find anything for her to do at home to make money, then we could look at these less-than-desirable choices.

I read your book from cover to cover in three days and followed the procedures.  In a month and a half we bought an internet coffee business. Mary has been working it and couldn't be happier.  We have the extra income that our family needed and it has lifted her self-esteem immeasurably.

I owe you a huge debt of gratitude because your book gave us an avenue that kept our family together by providing us with an additional resource for income that kept the bacon coming in.

Your book, Richard, really works and I was desperate.  I know that if I had to again buy a business that I could (it was my first attempt at a business transaction and I don't have a business mind).  I simply followed the clearly laid-out procedures and got a business and paid 25% under the asking price.

I hope you read this and remember me and I hope this makes your day.”

Tim Washburn - Coffee, Tea & Spice - Talihina, OK – www.coffeecoffee.com 

My Thoughts:

I know many of our newsletter readers have never owned a business before. So, after having purchased ten of them myself, let me share my overriding business philosophy and a strategy that has made me a lot of money and will serve you well - I promise.

If you make it your company’s mission to really help the people who walk through your doors, then I guarantee that the profits will follow. One of the greatest benefits to owning your own business is the impact you can have on the lives of other people including family, employees, clients, and suppliers.

Customers can easily sense your sincerity and nearly everyone wants to do business with a company that truly cares. This philosophy goes beyond just plain vanilla customer service. It means that you go above and beyond to make certain that your customers love doing business with you. If you can instill that feeling into them, you can’t stop them from buying from you and you will crush the competition.

Tim’s letter proves two things: First, if you have the attitude that you NEED to buy a business and not that you just WANT to buy one, then you are going to accomplish your goals. All too often, people spend far too much time in the business-looking mode, but they’re not in the business-buying mode. They spend all their time searching listings but never get any results. You have to have a roadmap and you have to get out there and meet sellers.

Second, although we receive a constant flow of letters from people that our materials have helped, the impact of our program on the Washburn family validates everything that we do. It goes way beyond the profit – there is nothing more empowering than being able to significantly and there is nothing more empowering that to significantly and positively impact someone’s life.

Take a moment and visit Tim and Mary’s website: www.coffeecoffee.com. They have some incredible tea and coffee products – treat yourself – you deserve it! Or send someone a small gift. I ordered some of their products and they are terrific.

Comments

[websites for sale]

Great feedback and confirmation about your course Richard. I agree - if you operate a business that serves others genuinely you gain the reward of not only the financial success but the meaningfulness and joy of helping others - I enjoy what I do for a living because I help people like you succeed with their goals - selling their website businesses and for the buyers looking for a real quality internet business opportunity.
David Fairley
WebsiteProperties.com

[Dylan Garland]

Great letter Richard - thanks for sharing that! As a fellow business owner I couldn't agree more with your comments, and stories like Tim's are great to hear. In these uncertain economic times it's a great feeling to be in control of your own destiny, and knowing that you're helping people in the process is the icing on the cake. Keep up the great work Richard!

[Rick]

I am trying to determine the value of a retail coffee shop that I am looking to buy. The ownwers discretionary cash flow is $43,000.00. Each of the previous two years discretionary cash flow has been consistent with this year with small growth each year. The market value of the tangible assets is roughly $40,000.00. The shop is located ina an older mall with a Sears and Penneys as the anchor stores. Whats is the best method to value this business?

[Jeff Guinn]

This is so funny, but I read the comments from the CoffeeCoffee.com buyer. The seller is from Columbia, MO. I looked at listing that business several years ago, actually several different times and it had some real problems with it? The seller had presold a lot of coffee and wanted to keep the income and not credit the buyer for what she had sold? It would be very interesting to see how that transaction actually happened.
Jeff Guinn
Certified Business Intermediary
Fellow of the IBBA
Senior Business Analyst
Certified Machinery & Equipment Appraiser
President
LGI Business Brokers
Columbia, MO

[Richard]

From Richard: Thank you all for your great feedback. Isn't it nice to read a heart warming story like this given all the doom and gloom we have to tolerate from the media outlets?

To Jeff Guinn - small world indeed but as you can tell, the Washburns have done magnificently. Tim Washburn is a wonderful man so if your curiosity has the best of you, give him a call and i am sure he will be happy to enlighten you about the deal.

[Edwin]

Thanks for great post. Absolutely very useful and inspired me. great