Ep 16 – The Business Of Buying Businesses Online With David Barnett
Barnett loves to say that it took him 10 years to un-learn what he was taught in business school. University had trained him to be a middle-manager in big enterprises, he was totally unprepared for the realities of small business. Barnett regularly consults with professionals and banks on business and asset values. Presently he works as a private transaction advisor with people around the world who are buying or selling a business. Barnett is our featured guest for the episode s he speaks on the business of buying businesses online.
Favorite Quote – You can ignore reality biy you can’t ignore the consequence of reality – Ayn Rand
The purpose of a business is to put money in your pocket.
A business is where people, place and capital work together to produce a cash flow.
People are the employees and customers that you do with.
Place is where you meet to do the business and it can be a shop or a domain name.
Capital can be money that you use to start the business or your intellectual idea.
If you earn an amount of money less than you would pay yourself, then you aren’t in business, you are doing a hobby.
Speculative venture is when you do something in the hope that you will find something.
Links Mentioned In The Episode