Business Owners, how did you start?

[ironworks]

Sometimes I think it is more important what goes on in the office then whole rest of the business. If that ain't right, Nothing will ever be right.

[ErikLS2]

Originally Posted by Flash68

Did that business broker even own a business? Some car salesmen know very little about cars.

I've dealt with some business brokers before and boy oh boy....

You're exactly right. Since I was thinking about buying a business he was the guy I talked to since he was very well versed in how to value a business i.e. assets, goodwill, blue sky, etc. I never bought the business, based mainly on his advice. The seller claimed nothing on his tax return because he ran his kids go kart gig through it. SBA guy at the bank saw that and all he said was, "we have a saying in this business, you don't get paid twice" If you already have a business or are starting one, there are people at SCORE that know about that stuff too. They will put you with the best person they have for what you are trying to do.

[ErikLS2]

I would also add to the great points Greg already made that it's all about the customer, without them you have nothing. I took the customer service principles that get pounded into my head working for Lexus and applied them to an apartment property I own in a lower income part of town. I give them a decent, clean crime free place to live, fix things right away when they break, even painted it colors that I hate but they would like (primarily hispanic tenants) so it feels like home to them. The result? A full house, never have to advertise and have a list of people waiting to move in when a unit becomes available.

If you want to know what to not do, just read some of the recent complaints about several vendors lately.