Buying A Good Business Is Like Winning An Oscar

Except for football and hockey season with my beloved Buffalo Bills or Montreal Canadiens, I do not watch any television. However, I always make an exception and religiously watch the Academy Awards, because I find them incredibly uplifting.

Sure there is all the flash and glamour, but that does nothing for me. Instead, I am always blown away by the absolute passion shown by all of the participants and specifically the nominees and winners that are truly the behind-the-scenes people in the movie business. These include the folks who have dedicated their lives to editing, costume work, and especially those who take on causes and bring them to life through documentaries and short stories.

These are not big budget films. Their creators almost always work against incredible odds, with little or no money, and somehow bring a fascinating story to life that needs to be told.

It is astonishing to me how many of these people note that they had the bug to make movies from an early age. They are not driven by fame, or money, but instead by a passion for their craft. Most have overcome incredible odds, and it is heartwarming to see them share the spotlight with the stars for on this night, they are as big as any Hollywood legend.

I get the same great feeling when I receive letter from our clients, or hear great stories about enterprising individuals who despite large odds, have managed to buy a business, or build one to great success. It is testimony to the notion that with persistence, greatness can be achieved, and that determination, focus, and a relentless pursuit of one’s goals do in fact bring happy endings.

Conversely, I get terribly frustrated listening to business buyers gripe and moan about all that is wrong with the business-buying process. You can in life, or in business, always identify the obstacles and allow them to derail your plans. You cannot guess your way to success. Shortcuts do not work. Success doesn’t just “happen”. There are numerous variations to the theme but ultimately, it all boils down to that one often used expression: “you make your own luck”.

Successful business buyers are those that have dedicated the time to hone their craft. They have practiced and prepared in advance. They educate themselves. Buying a business is like any other initiative that requires time. You practice in advance, so you can put your skills to action at game time. When buying a business this means understanding the process from beginning to end, and honing your skills so that you put yourself in a position to recognize and pounce on an opportunity when it surfaces.

We are in difficult economic times right now. It would be easy to find plenty of reasons not to pursue your goal. But that strategy will only lead to disappointment and mediocrity. If you want to have an Oscar-winning business career, be prepared to deal with all the setbacks but never take your eyes off the prize. When you are standing on the stage of success, the journey never seems too long. When you do not achieve your goals, you always look back on an eternity of regret.

Stay focused – it is worth it!

Comments

[Kara]

Richard,

Somehow, your columns are always what I need to hear at that moment. "When you are standing on the stage of success, the journey never seems too long."

Thanks for being a positive voice in the chorus of negativity.

[Hugh Elliot]

And yet, the pathetic lack of professionalism by both sellers and brokers is a serious deterrent. It takes forever to get really basic information and sometimes it is just flat inaccurate.

Due diligence is expensive and time consuming so one wants to have a good feel for the business before engaging in that process. The purpose of due diligence is to seek out problems that are opportunities and problems that are deal breakers.

One should be serious about buying before engaging in such a process.

I don't buy pigs in pokes and neither should anyone else.

[Dan Wilkens]

Your comments concerning the "passion" of hollywood participants scares the living hell out of me-about you.
Dan Wilkens

[naresh]

The Oscars are more than just glitz, glamour, and gripping movies,” said Jennifer Openshaw, President of WeSeed and author of The Millionaire Zone (Hyperion). “So don’t fret if your favorite celeb didn’t win. Instead, let’s keep the fun alive by looking at how everyday Americans can turn Oscar winners into money moves at WeSeed that will make them smarter investors and stock buyers.”

WeSeed is a new site designed to help real people turn what they know and love — the clothes they wear, the food they eat, the movies they watch — into stock ideas. The site features a proprietary WeSearch tool that delivers personalized stock suggestions.

http://business.bizoppjunction.com

naresh