We want to keep you focused on what is important and not go back to old bad behaviors of ignoring money. Today we are going to talk a lot about what you do when you make money. Most people need money rules and to decide where you want to put your money.
This episode is called “The Most Indiscriminate Crash.” The reason it is indiscriminate is that it is not age-sensitive. The world will witness the greatest transfer of wealth possibly EVER SEEN during the next 10-12 months, and you need to be ready to take advantage. It doesn’t matter where you are in the world there are so many ways you can enter into the market.
I talk about how to decide what type of business you want to buy, questions you need to ask to evaluate a business, and how to approach the current owner. Real estate has for sale signs and the MLS, but that is not true with businesses. You have to approach the current owner and I talk about how to do this and exactly what to say.“The decisions now are how much more money can you make and where do you want to put it.” -Loral Langemeier Click To Tweet
- [00:50] What have you been doing that is new around your money plans?
- [02:05] Making money is not a one-time event. It needs to become a daily behavior.
- [03:33] March 17th was the largest crash since 1929 that we have ever seen in the stock market.
- [04:15] The decisions now are how much more money can you make and where do you want to put it.
- [05:23] May is going to be one of the riskiest months to make these money decisions.
- [07:24] We are going to talk about the break-even points of a business opening.
- [09:05] Who do you want to be in all this? Who do you want to be on the other side of this?
- [11:08] Everything is on sale and it is going to get more and more on sale.
- [11:32] Loral shares a list of questions that are critical to ask if you are deciding whether to buy a company or not.
- [13:38] Think about the types of businesses that are going to have the cash flow you want.
- [15:45] Her #1 negotiating conversation is “Yes is going to be the answer so now let’s talk about how it’s going to work.”
- [17:02] Without the real estate, I wouldn’t become a tenant. I want to be a tenant in my own place.
- [17:32] Not knowing how to do it is never the consideration. You will hire people to do it that actually know what they are doing and you will find the money if the deal is right.
- [19:34] Does the current owner want to sell the business?
- [21:12] You want to be thinking about how does the money flow.
- [22:06] Real estate has for sale signs and the MLS, but that is not true with businesses.
- [24:03] The lawyers you need to be using are business lawyers that have actually owned and operated entrepreneurial businesses.
- [24:29] Loral shares more evaluation questions when looking to buy a business.
- [27:12] It is really important to look at the business database.
- [28:19] You can get a lot of new runway with an endorsed database.
- [30:56] A big question is how many customers does the business serve on a regular basis and what has the decline been because of COVID.