(Continued from page 9)

you must enlist other professionals. It will be expensive, but the investment you make will lead to a greater payoff. Doesn't that sound like something you've said before? It's good advice.What? You still think you can do it yourself? Consider the following:
Emotions: Even though you may be the kind of person who is skilled at keeping emotions in check, when it comes to your little slice of the American pie, you're bound to be emotional.

     Judgment: There is no way you can see your own business objectively. Either the limitations of your business are too deeply etched in your soul and you underprice, or your expectations far exceed what the economics of your business will support. Either way, you're wasting time, money and opportunity.

    Time: How much free time do you have? If you're like most business owners, you work 40 to 70 hours in a typical week. Why? Because your business needs you, of course. So where are you going to find the hundreds of hours that it can take to complete a successful business sale transaction? Now is not the time to let business performance slip. You should focus on increasing revenues and profits and delegate the time-consuming business sale tasks to a good intermediary

"After the troops have crossed the bridge, bum it," ordered the battalion commander.
"But that's our only way out!" shouted a shocked lieutenant.
"Yes, bum the bridge," insisted the commander. "Our only option will be to defeat the enemy."

Sometimes, if the job is really tough, the only way to ensure success is by making it the only option.

Assuming ownership of a new business is one of those tough, scary-as-heck jobs. It's tough for the business buyer. It's also tough for the seller, employees, vendors, customers, et al. Nobody's comfortable with change. In a business purchase-sale transaction, if you don't bum the bridge, retreat will be the more likely result.

least resistance makes crooked rivers and crooked men." Buying a business is not easy. Neither is selling one. An often-discussed and occasionally attempted "path of least resistance" is to "let the buyer work in the business for a while." That way, the buyer can get more comfortable with what he is buying and the seller doesn't have to immediately and abruptly begin life absent the "owner" title. This is a natural "middle ground." But it does not work.

I know, your situation is different. So go ahead. But be prepared to waste a lot of time and energy. Or worse.

Buyers unwilling to take the plunge either don't have the money or don't have the guts. Or they could have other plans altogether. Take the case of Paul West. He owned a company, and finally found a buyer -- Kelly -- who was willing to pay a fair price. He was also a very nice person. Kelly did have money - quite a bit -- but dam it if by a strange quirk he could not get his hands on it just yet. His explanation made sense, so it was decided that Kelly would work in
the business until his money became available. All the better, it seemed.  Four months into the arangement, Kelly failed to show up for work. Turns out he had embezzled cash, credit cards and other valuables. Another lesson here: If the buyer is offering more than others, there may be a good reason.

Yes. Maybe your situation will be different. But take it from a guy who has spent years putting buyers and sellers together.

The business purchase-sale transaction is one that is tough for all involved. I don't recommend that you first dip in your big toe. Wait until you're good and ready. Then take off all your clothes and dive in.

10