If you want to buy and own a business of your own, but are holding back because you think you don't have enough "experience" and that you need a bunch of Mickey Mouse business degrees and certifications before doing it, then this article will prove you're ready now, and that you CAN do it. Regardless of your education level and lack of real-world experience.
Listen: It all comes down to buying a big business worth at least a million dollars. Why? Because if you buy a business big enough where the manager(s) is getting a fat salary and knows all the "ins and outs" of the company, then there is really little or no reason for you to show up. In fact, the staff would much rather you be out having fun and goofing off, and staying out of their way.
But, you may be wondering, what if something does happen, and the management calls you in a panic one night about a problem and you don't know what to do?
Two things:
First of all -- and you can do this exact same thing -- I simply tell the managers to make the decisions on their own. For example, one of the first conversations I have with my managers goes something like this:
I ask them, Do you have a quarter?
They always say, Yes."
Take your quarter out.
Okay.
Everytime you want to make a decision, and youre not really sure of it, I want you to take your quarter out and flip it.
Okay.
Then I ask, "When you flip the coin, how often will you be right?
They always say, Fifty percent.
Good. I have this quarter that I flip also. But I'm only right thirty percent of the time. So why the hell would you call me if youre right more often than I am?
Bottom line: After I tell these stories it doesn't take long for them to get the message that I sincerely want them to run the business. And it will be the same with you, I promise.
Now, the second thing is, if something earth-shattering really does happen (chances are it won't), and if you buy a business using investor financing, you simply pick up the phone and tell your investors about the problem. Believe me, they will find the answers you're looking for and help you out of the problem. They are not going to roll over and let their investment crash and burn. But really, this happens so infrequently it'll be amazing if it happens at all. |
