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Buy A Business Worth Over A Million Dollars-Even If You Just Filed Bankruptcy
Posted by Business on: 2005-12-28 09:34:44
By Art Hamel
If you'd like to know how you can buy a large, multi-million dollar business -- one that pays you a fat, six-figure salary year in, and year out -- and be able to do it even if you have rotten credit with a recent bankruptcy on your record, then this article will show you how.
Listen: People I talk to about buying businesses always hear me rail about how it's actually faster, easier and cheaper for you to buy large businesses (worth a million dollars or more) than small businesses, and that the reason why is because of this thing called investor financing -- as opposed to owner financing, bank financing, government loan financing, etc.
In other words, say you filed bankruptcy last year. If you go out and try to do something under your name, youГўпїЅпїЅre never going to be able to do anything. The business brokers, bankers and other bureaucrats won't touch you with a ten foot pole, especially if you have money problems on your record. But if you walk in with an investor...who is putting up cash...then they won't give a hoot about you or care one iota if you just filed bankruptcy yesterday.
And that's why investor financing is so powerful. However, there are certain criteria an investor bases his decision on before working with you. And if you don't understand these criteria, you're dead in the water as far as getting investor financing.
Luckily, the key thing an investorГўпїЅпїЅs going to want is information on the company. And what youГўпїЅпїЅre going to find is the average investor is spending 99.9% of his time on the business because that is his main thing. And one of the first things he will do is make sure the business you want to buy has a strong management team in place. That way, he isn't all that worried as far as how much management experience or money you do or don't have.
Of course, there are other things investors will need before financing a business for you. But the main thing (besides you having a good business plan) is that the business you want to buy already has a competent management team in place.
Arthur B. Hamel has bought over 200 businesses in the past 50 years, and is a well-known author, consultant, investor, business owner, and dynamic lecturer who has shared the stage with such business greats as Robert Allen of "No Money Down" fame. For the past 20 years Art has taught thousands of people around the world -- even so-called "little guys" with no formal education or money -- how to quickly and easily buy large, multi-million dollar businesses with no credit, banks or prior business experience. He has recently decided to share his unique business-buying secrets and tactics free of charge at: http://arthurhamel.com
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