Obama and McCain Would Make Awful Business Buyers

I cannot help but notice how both presidential candidates possess the worst possible traits that any buyer can have during the business buying process.

There is no doubt that in order to successfully complete the business buying process, a buyer needs a healthy combination of attitude and aptitude.

Regarding the latter, there’s no shortcut – if you don’t prepare properly and educate yourself, the chances of you buying a good business are almost nil.

Attitude-wise, it is really simple. There will be setbacks and challenges. Having the right information will hurdle most, but remaining persistent is the key.

Business buyers fall into three main attitude categories and I have been blown away by the similarities between two of these categories and the two men bidding to become the next President of the United States.

Buyer Type One: “The Obama Buyer” - This is the buyer who is ready to change everything. No matter what business they review; they see only problems. They identify all of the areas that the seller is doing wrong, and believe their plans to change it all is going to work. They may not even have any prior related experience, but their “know it all” attitudes prevail. Often times these buyers never get to the finish line. They haven’t invented a business yet that meets their criteria. The big problem with these folks is that while change is good, until you really understand the business from the inside, you have no clue what you should be changing. And so, when you are evaluating businesses it is okay to identify potential areas to change, but ultimately, the best thing you can do when you first buy a business is to not change anything major.

Buyer Type Two: “The McCain Buyer” – This is the guy who has spent a career in the corporate world (i.e. Washington). His reality is made up of personal assistants, inter-office memos, feasibility studies, office politics, focus groups, meetings to set up meetings, and the constant carrot to move up the corporate ladder.

When The McCain Buyer gets exposed to the real world of small business, he usually freezes. He too finds fault with the lack of sophistication, planning, and systems. The good McCain buyer sees this as an opportunity. If he can bring some of his big business savvy to Main Street, the results can be excellent. However, he often fails because he simply cannot come to grips with having to get busy and produce measurable results every day.

Buyer Type Three: “The Blue Collar Buyer” – He is the type who knows there’s no substitute for hard work, either before you buy a business or once you become the boss. He has a plan, an instruction manual that he will follow during the buying process. He knows that his success hinges upon him being a knowledgeable buyer. He looks at a business and sees the positives and negatives.  He is not looking for a perfect business. All he wants is a good, solid business which he can sustain and grow. He wants a fair deal. His plan is to get into the business, roll up his sleeves, dirty his hands, and learn it inside out. Then, after he feels like he has the guts of the business in his belly, he can begin to test some new initiatives, make some appropriate changes, tailor more savvy improvements, and build the business.

So here’s the lesson: It is very easy to look from the outside at any business for sale and see all the faults. It doesn’t take a genius to identify all the things the seller is doing wrong. But it does take know-how to identify a business for sale that while not perfect, can be the ideal platform for your future and one that you can, over time, improve and grow.

By the way, here’s a great article to learn what to do after you buy a business:
http://www.diomo.com/the-first-steps-after-you-buy-a-business.html

Comments

[Brian G]

You hit the nail on the head. So whom should we vote for - the bigger gambler who hopes that he will come smelling like roses or the guy who proposes doing nothing at all?

[mike fehling]

good information-shorter version: buyer needs to identify "good unchangeables" and identify "bad changeables"

[Don Wilson]

I am the blue collar buyer. Just completed my third business purchase and now have plans to expand it from one location to 10 over the next 5 years! Richard, what we need is a blue collar president with some business savvy to operate the government like a profitable business. Rule #1 don't spend more than you take in!!!

[websites for sale]

Good analogy Richard - it would be great to have a third party candidate - perhaps 5 or 6 parties to offer a real change - one that is less easily manipulated and controlled either way the vote swings. Just like making a choice to buy a business - there are plenty of options and easy to spot and separate the wheat from the Chaffe - choosing between the best of two un-ideal choices is no motivation to make a purchase in business - if only we could emulate this in politics!

That said, I think Obama offers far more intelligence and opportunity with less ties(???) to the establishment than the crusty Mccain who says one thing and contradicts himself constantly creating all sorts of havoc for his handlers when he is not scripted!

[Businesses for sale]

Never thought of it that way. But what type of buyer would Hillary Clinton have been? Although not my choice of candidate, I think she would make a decent buyer. She is quite measured and seems to have the right advice when it counts.

[Small Business Internet Marketing]

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