Own Your Future
Straight Talk about How to Buy a Business and Build Your Future
by
Book Cover & Preview Text
Preface
I have seen many would-be entrepreneurs look for a business to buy without success. Some get very close and never close a deal; others never get beyond the looking stage; and many never really get started. In working with buyers who successfully bought businesses and countless buyers who did not, I found all had one thing in common—they had no idea how to go about buying a business. The fearless dove in thinking they would figure it out along the way, the methodical did their research and then moved forward, and far too many just got stuck or lost along the way.
While a number of books have been written about buying a business, I have found that none dig into the real how-to aspect, leaving the reader wondering where to start and what to do next. I have written this book with the new entrepreneur and first-time buyer in mind. It is intended to be a hands-on guide to get you started on your journey and guide you along your way to the successful purchase of your first business.
Introduction (excerpt)
Owning your own business is rewarding both financially and personally. Buying a business is a challenging undertaking and a journey through territory you are likely unfamiliar with. My goal in this book is to provide you with a map to chart your course and the tools to navigate through this unfamiliar territory.
I have written this book as a hands-on guide for you to use in your search for a business. I recommend you read the entire text before you start your search and then refer to the chapters covering what you are involved in as you progress through your search and eventual purchase. The chapters follow your progress from preparing to start your search, to making an offer, to closing, and to becoming an owner...
Chapter 1: Why Buy a Business? (excerpts)
Why buy a business? Everyone has his or her own reasons for buying a business. Many buyers are from the corporate workforce looking to replace a corporate job that was lost or is at risk, or to get out of an unfulfilling job. Others are looking for supplemental income or a business to replace the business they recently sold. Some just think it would be fun to own their own business and are fulfilling a lifelong dream. Some are driven by social causes and are social entrepreneurs with a desire to make money while doing a good thing, while others are intensely competitive and driven by a need to succeed. All entrepreneurs are driven by different motives, have their own unique ambitions, and their own view of what their business will be and how it will run. What they each have in common is that they are ambitious, driven, and fiercely independent.
Of course in addition to the personal reasons and satisfaction of owning a business, there are also great financial rewards from owning a business. Naturally you will receive income from operating the business. In addition, as you grow your business, the value of the business will increase, and when you sell it, you will benefit from your effort and investment. Unlike a job where you get paid every couple of weeks and when the money is gone that’s it, owning a business allows you to build equity, the value of your investment in the business. When you sell it, you will get a nice bonus for your hard work and investment by converting that equity into cash. Later in chapter 21, “Exit Strategy,” I will discuss how to develop an exit strategy to prepare to sell your business in the future and how to maximize the value of your business.
Why are you thinking about buying a business? Are you fully committed to this? Are you ready for the challenges, work, and risks? Are you ready to take action? If you truly are committed to this, ready to get off the sidelines and jump in the game, and prepared for the challenges, then read on and let’s get to it so you can Own Your Future!
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About the Book
"Rarely do you come across a book that provides hands on practical advice in every chapter. Bill's real life experiences as an entrepreneur, CEO, and business broker leave the reader with a blueprint for business acquisitions. Ivory tower theory is not going to go a long way in an acquisition, one needs to get down in the trenches as Bill explains chapter by chapter.”
—Karl Fava, Principal, Business Financial Consultants
“Bill’s polished style of writing reflects a common sense approach to buyer and seller concerns through the acquisition and divestiture process. A must read for first-time buyers and sellers of privately held businesses.”
—Glenn Haddad, Corporate Trainer and Business Intermediary
“I couldn’t recommend a more salient primer for persons interested in purchasing a business. Bill Grunau distills the complexities of the purchase and sale of businesses into a plain English and common sense-format that will allow inexperienced buyers or sellers to confidently spot and navigate potential minefields in the transaction. Undoubtedly, the book can allow its reader to make better decisions—ones that will lead to successful results, profitability and peace of mind!”
—Thomas Lombardi, Founding Partner, Palmer, Lombardi, Donohue Law Firm
Learn the ins and outs of buying privately held businesses and take the first step to accomplishing your dreams and becoming a success in Own Your Future.
William Grunau, a corporate executive and entrepreneur with decades of experience, explains how you, too, can become your own boss. In this comprehensive guide on owning your own future, you’ll learn:
- How to finance an acquisition with Small Business Administration financing;
- How to use your 401K or IRA funds to buy a business without penalties or taxes;
- How to write offers;
- How to conduct due diligence;
- How to develop a 100-day and first-year plan;
- How to develop an exit strategy;
- And much more!
Whether you are ready to search for the right business, obtain financing, or determine the value of what you want to buy, Grunau carefully guides you every step of the way. It’s time to stop sitting on your hands; it’s time to Own Your Future.
About the Author
Bill Grunau's experience includes both small business and big business. He has worked on all three sides of M&A and business sale transactions, buyer, seller and intermediary; which gives him the unique experience and perspective of seeing the deal from both sides of the table, including the middle. Bill's experience as a senior executive includes successfully turning around troubled companies, launching new product lines, as well as global business experience including Asia and Europe.
Bill’s career started early, working as a teen in a variety of jobs from restaurants to a construction lineman, joining the Army at eighteen and serving three years in the Signal Corps; an unlikely beginning for an eventual corporate executive and CEO. His corporate career has run the gamut from engineer, to Vice President, and CEO positions of high tech companies. Bill has been a CEO of privately held high tech companies as well as a senior executive of publicly traded companies; consequently he has a unique perspective and understanding of both small business and big business.
Bill and his wife Cerisa opened a VR Business Brokers franchise office in Orange County California and he now works at the VR Global Headquarters in Fort Lauderdale Florida.
You can visit Bill’s blog at www.mybusinessbroker.com