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This book is part of the Rich Dad advisor family. This is a How To: on Buying and Selling a Business. As part of the Rich Dad religious doctrine the goal is to create wealth. One perfect way to do that is straight through a business. Business's, by far have the most potential for wealth creation than any other means. Once your firm is successful then you can hold your money in Real Estate. Garrett dives into more details and I will share my personal stories of success and ass chaffing's as well.

Why is this foremost to me? As you may know, I ask this request as if I am sitting in your shoes. Am I investing my time in studying or burning 6 minutes on crap? So with that enlightening religious doctrine here is why this book is important.

1. Businesses create wealth - Have you ever heard of Domino's Pizza? The traditional founder of that firm was an orphan by the name of Tom Monahan. The patrimony continues with Domino's being in every major country in the world. The number of wealth and economic value created is vast.

2. Businesses fail - You need to get educated on real world pitfalls because the odds are against you when you start a firm from scratch. 90% of Businesses fail in the first 5 years and 90% of the 10% fail in the next 5 years. Without financial education, you will get your ass kicked.

Why Buy a Business?
1. Cash Flow - A successful firm generates monthly cash flow. As you know, cash flow is everything. Think about blood in your body. When it stops flowing, you die. The same holds true in business. Strong cash flow allows you to blend the firm value and create more growth.

2. Opm - There is nothing good than creating an infinite return. When you sell something for 0,000 and make a big behalf that is great but when your buyer sees a 0,000 savings from your contribution that is even better.

3. Ope /Opt- regularly when you start out in business, it is in the S - Quadrant of the cash flow quadrant. This means you have effectively created yourself a job. Where the real growth comes in is when you can recruit and lead habitancy behind your cause. Once that happens then you learn to multiply your associates effectiveness because you are leveraging Ope & Opt (Other people's expertise and time)

4. Tax Advantaged - With a business, you are able to create income, pay all your expenses and then pay your taxes. The government sets it up this way because they know that firm is the key to a successful economy. If you are an worker then you create income, pay your taxes and then pay your expenses. There is at least a 30% disagreement in the two approaches. That is a big blend deal over time.

As you can see, a firm affords many benefits. I will highlight some of the tools that Garrett outlines in the book and then go off on a tangent and talk about separate firm ideas and why some businesses are much good than others.

How to Buy and Sell a firm is packed with great information. This assuredly is a How To so I suggest you read it if you are buying or selling a company. For the sake of time, I will touch on three areas.

1. Team- Your team and the depth of your bench will dictate your success. Do not be pennywise and pound foolish with stuff. You need a good Cpa, Lawyer and coach. If you look at the best football teams, they have strength, stamina and tactical coaches for every position on the field. They have to work together to win the Super Bowl. The organization with the best Team will always achieve more than the one super star with an army of pawns. Think of Team as Together everybody Achieves More.

2. Agreements- These are very foremost when buying and selling a business. Things like Nda's, Confidentiality and Non-Competition agreements are significant in the estimation stages of any firm venture. Once a deal is in progress then you want to be customary with Asset purchase Agreements, Stock Buy Back agreements and Consulting Agreements. These all make a disagreement on how you structure the deal and influence taxes for both parties. Another information you want when you Buy a firm is a execution clause. I purchased a firm and looked at the maintenance wage and offered a fair price. Come to find out the man I was dealing with was not honest with the numbers. In the first three months, half the wage was Not realized and because I did Not put a execution clause in the agreement, I received everything but the kiss. Needless to say I had to bust my ass to break even on the deal and then grow it.

One bad deal like this can cause a ton of stress and problems so Get Educated!!!!!! I rather have you learn from my mistakes instead of production them.

3. Financials- These are a business's narrative card. You need to be able to read financial statements and dig into the areas and ask a Ton of questions. This is foremost because financial shenanigans can be incommunicable assuredly well in a pretty financial statement. Cases in point, Enron, Tyco, WorldCom and I.O.U.S.A!!!!

There are separate types of businesses and some are stronger than others. Warren Buffett is a big believer in easy businesses. He rather have a great firm that can ensue with average administration then a assuredly hard firm that needs a magician to make it work. This is why he invests in food associates like Sees Candy and Dairy Queen and Not in car associates like Gm. There are two differentiators here. One is moat which is competing benefit and the other is capital investment. Every other year, car associates have to plow all their speculation into the next car model. Dairy Queen plainly needs to spend in more cash producing assets or give the money to their owners. If you are seeing to go into business, spend some time on firm types. I will profile more of these in future tutorials.

Real World Examples

1. If you hate paying too much for something then you will hate my two stories. There is an old saying in poker that if you don't know who the idiot at the table is then you are the idiot. Well in two cases, I assuredly screwed up in purchasing businesses. The first firm I purchased was 15 years ago (I am still paying it.) The mistakes I made here were several:

1. I did not get a real valuation of the company.
2. I had no idea how to read financial statements.
3. There was a real estate component to the deal and I did not value that.
4. I was way too excited to get the deal done - emotional bliss can lead to intellectual bankruptcy.
5. I was the tuna negotiating with sharks. All of these things were my fault. My second fiasco was the deal I talked about earlier where I did not put a execution clause in the contract. This was a huge debacle. These were my two highlighted Dumb Ass moments. They were both My Fault!!!!

2. I never like to end a present on a bad note so I will profile some good stuff. I purchased an Ip (Intellectual Property) firm for 10% of revenue. This is unheard of in the software world. This deal came out of the blue and the team we acquired is excellent. The chapter here is that if you are seeing to buy a company, call on assuredly large associates that are spinning off divisions. The best deals I have ever gotten are from big publicly traded associates that need to get assets off the books at the end of a quarter. I have done this twice and it is like buying dollars for $.10 cents. Think about it. If you have a firm that does a billion dollars in revenue, do they care if they sell a firm for ,000 or 0,000? Not really, this does not even make a blip on their financial statements. If I can present any advice, it would be to look for these types of opportunities. These can make you feel like a Magnificent Genius but real world firm has a way of punching you right I the forehead so never keep your head in the clouds.

There is a ton of great resources in Garrett's book. I suggest very the Appendix sections if you are buying or selling your business. Another key differentiators as well would be to approach a big company. The number of money you will pay or receive is night and day. If somebody wants me to buy their business, I am going to negotiate hard on the price but if they go to a large company, an extra zero means nothing to them. Keep this in mind.

I hope you have found this short video overview useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as minute as 21 days. One thing you can take away from this book is ask questions. This is probably the best advice because the area the book covers generates questions. Also, trust your gut. If something seems to go to be true then it is.