Wednesday, November 4, 2009

Bill Bartmann in the News: Bill Bartmann Discusses Bank Failures

The government announces the collapse of another bank nearly every week; sometimes 3 or 4. According to Bill Bartmann, we are amid the worst banking crisis since the Savings & Loan crisis nearly twenty years ago.

Over 75 banks have failed already this year, nearly three times the total last year. Thanks to the Federal Deposit Insurance Corporation, depositors are rarely affected.

Bill Bartmann believes more than 1,000 more banks will fail over the next eighteen months. These failures will cost the FDIC nearly $70 billion through the year 2013 with most of that amount coming by next year.

How does a bank fail?

Though bank closures are usually announced on Friday after the close of business, it is a very lengthy process. Simply put, the government closes a bank when it cannot meet its obligations to depositors and others. Bank failures have increased dramatically as the economic downturn has forced mortgage holders and business owners to default on loans.

The process begins with troubled lenders being placed on the FDIC watch list. At this point, the bank is losing capital at a disturbing rate. There are currently over 300 bans on the watch list; a huge increase from only 50 at the end of 2006.

Bill Bartmann knew about the recent Colonial Bank failure nearly three months before it was announced. “We were offered an opportunity to look at the assets and kick the tires on this used car. We passed on it because it didn’t fit our appetite,” said Bartmann. During the S&L crisis in the late 1980s, Bill Bartmann bought assets from more than 800 failed banks.

When a bank fails, the FDIC attempts to find a suitor for the assets. Often, the agency will hold them and try to unload them later through contractors such as DebtX and First Financial Network or through other structured vehicles.

The FDIC does not actually close the bank; once they are done shopping the bank’s assets, the institution can be closed by the Office of Thrift Supervision, the Office of the Comptroller of the Currency or a state regulator.

Once a bank closes, typically on a Friday after business hours, the FDIC works with the institution to ensure the doors open Monday for depositors to access their money. This is a very busy weekend for the FDIC; they have to get familiar with the operations, work with employees to ensure pay and health benefits, pair up the human resources and IT teams and transfer the account records. “The customer in most cases sees it as a seamless transition, said Bill Bartmann. The next day the customer can go to the bank and his deposits are safe and exactly where they were the day before.”

More Failures to come

Since the FDIC was formed 75 years ago, no depositor has lost money on insured deposits. The agency recently increased their insurance to cover amounts up to $250,000. “That’s a remarkable history given the chaos our country ahs been through,” said Bartmann.

Bill Bartmann credits the FDIC Chairman Sheila Bair with the agency’s performance during the current crisis. “I’ve been married for 36 years. If I wasn’t married to my present wife, I would chase this woman down,” said Bill Bartmann. “She has more courage than any chair of the FDIC to date.”

The FDIC employs 7,000 people in more than 80 field offices; they will likely stay busy in the months ahead as the next wave of bank failures is expected to hit community banks. Bill Bartmann expects to see many more banks fail as commercial real estate loans default and local shops we drive by every day go under.

Bill Bartmann is the author of Bailout Riches: How Everyday Investors Can Make a Fortune Buying Bad Loans for Pennies on the Dollar. The book recently became an Amazon #1 world-wide best-seller. Bill Bartmann has been in every major newspaper and is frequently interviewed on television and radio.

Saturday, May 16, 2009

Bill Bartmann Ammassed a Huge Fortune; Bill Bartmann Lost a Billion Dollars; Bill Bartmann Bounced Back!

I’m no loser Baby, It’s time for somebody to pay me! Motivational Circuit Welcomes Bill Bartmann who shows you how to “milk your losses” and earn money by learning from your failures.

These days you can find Bill Bartmann speaking at day long motivational seminars such as Reno-Sparks Convention Center in Nevada. He has much to share. Bill Bartmann has been well-known in the financial world, and business schools have studied his then-pioneering approaches to raising money. Bill Bartmann's physical presence can be intimidating: He has a compact body, a rough voice, and an almost feral energy. His hands are those of someone who spent his adolescent years brawling. Bill Bartmann wears a tight-fitting shirt and dark suit.

This is Bill Bartmann’s preamble "The secret of success is elegantly simple, like the law of gravity. This is how the world works: You need to be willing to take risks. You don't because you are afraid of failure; you are worried about what people will think. And that's because of low self-esteem. To succeed, you have to raise your self-esteem. He believes that its advice can change lives. Bill explains that this was a major factor of his success that he can offer for why he became a billionaire and some listening to him possibly haven't even come close.

Bill Bartmann 58, made (and lost) his fortune in the debt collection business. His rise and fall brought him to national attention. He has seen both sides of self-esteem. Bill shares, “I’ve lived it”. Bill Bartmann knows about going from poverty, and being a million dollars in debt or being ready for welfare to being one the wealthiest person in America. From being a high-school dropout to going through a significant, some say remarkable, transformation. Like being named a National Entrepreneur of the Year twice, Bill Bartman learned how to change first hand. He has seized opportunities and is among survivors of all kinds who have changed their lives. Bill Bartmann is committed to inspire and train, employees, former executives, sports coaches, entrepreneurs or anyone else wanting to change. To help them find the inspiration and motivation that leads you to action. Motivation, in all its guises is the cornerstone for taking action and making changes. Bill Bartmann thinks he has a big idea that is going to transform his life and yours. A slice of the American Fantasy and dream as it were a peculiarly American belief in reinvention. Bill Bartmann is one of those who have overcome adversity. Bill wants to be one of those who can unlock the big ideas, the supposed secrets of achievement for you. Motivation can be an animating force for everything you want to do. Redemption is big,” In his quest to be a motivational speaker, Bartmann carries around a laminated card in his pocket. On it is typed the following goal: Touch 10 million people in five years. "It's a giant, crazy, ludicrous number," he says. "Can I touch enough people. He is not like Dale Carnegie telling you How to Win Friends & Influence People, or The 7 Habits of Highly Effective People, or even how to be Looking Out for #1. He is about having you see "Failure Is Not Final", but you have to understand the value of being authentic. You have to respect that." Bill feels the one thing everyone needs is self-confidence." Everyone has setbacks but you can prosper in any circumstances, but you have to admit you've failed and stop covering up. You don’t have to be like the guy who chopped off his arm to save his life (Aaron Ralston), but honestly, start thinking “Yes you can” and get out of the Hype you tell yourself. Get yourself motivated to taking action in what you learned from the failure. Life is a traveling carnival, and you have to ask yourself, Why am I an authority? Because it is my life. You don’t know where you’re next Big Idea can come from, what career path will lead to success and fortune. What still unproven action will capture your imagination and lead to that long coveted success

In business, it is the adversity of your own making, learning from failure that has you make personal changes you need to. By anyone's estimation, Bill Bartmann's life has been one of head-swelling highs and depressing lows. Bartmann made his first fortune running a company that manufactured oil pipes. In 1985 the collapse of crude prices left him without any customers and a million dollars in debt. He had started Commercial Financial Services Inc., a year later. Bartmann and his wife, Kathy, who together owned 80% of CFS, made Forbes' list of the 400 wealthiest Americans. In 1997 Forbes magazine estimated the couple to be worth about $1.1 billion. The Tulsa community soon became familiar with his unique swagger. Bill Bartmann traveled with a security detail, didn't join the country club as was expected, and worked in an office with a statue of Don Quixote. He did not fit on conventional lists. In fact his wife Kathy once said, "I don't care if I'm on any lists, if anyone knows me,’’ but Bill and Kathy were getting rich.

A few skeptics wondered at the company's rapid growth; but, in 1994 by many accounts, its revenues had doubled every year! CFS had become the world's largest holder of bad consumer debt; unlike its competitors it owned the debt outright and was trying to collect on some $14.5 billion. He was among the biggest employers in the Tulsa business community. In the summer of 1998, CFS was reckoned to be worth $3 billion.
The Goldman Sachs Group Inc. proposed taking the company public.

Four months later, credit agencies received an anonymous one-page letter accusing CFS of shady dealings. Bartmann was indicted on 57 federal counts of fraud, conspiracy, and money laundering related to an alleged scheme to make the company's collection rate appear higher than it was. After an 89-day trial in 2003, Bill Bartmann was proven 100% innocent and acquitted of all Charges. His partner, Jay L. Jones, pleaded guilty to conspiracy and served 3 1/2 years of a five-year prison term). Jones, a 20% business partner, had formed Dimat without Bill Bartmann's knowledge to purchase and resell bad loans on the side. Jones had convinced Bill to buy his stock at a much reduced rate. But there's one thing all parties seem able to agree on: Bartmann came away from the mess nearly broke. Mike Zarrilli, his former contact at Chase said, “Whatever Bill was doing, it doesn't appear he was doing it to put short-term cash in his pocket." It doesn’t appear that any lack of integrity was shown by Bill Bartmann’s. He suffered along with all the other employees. Bill was facing bankruptcy, Bartmann, 58, had made (and lost) his fortune in the debt collection business. It took Bartmann until 2006 to contend with various civil suits. He and Kathy had to give up 19 acres of their 20-acre estate.
He had to come up with his own affirmation of sorts, and motivate himself to come up with his next Big Idea, his own answer and take action! The wild arcs of his life offered valuable lessons! He looked at his early life and noticed his credibility, as someone who can prosper in any circumstances. In general, he says "I think I am the message, the answer. The one thing everyone needs: self-confidence." A 2001 New Yorker profile described him as having "an uncanny gift for making those who work for him feel that they share in his powers." Bill Bartmann became interested in motivating others. Bill would become a successful motivational speaker. He would inspire others to admit their failures, learn from them, and use them. Bartmann would do what others had done. Bill Bartmann would join the tradition of teaching success with such honored inspirational notable players as; Benjamin Franklin, Robert J. Ringer, Dale Carnegie, Tony Robbins, Stephen R. Covey, and Zig Ziglar Jonathan Black, Donald Trump, George Foreman.
Motivation, in all its guises, could make a difference for people. Bill could offer seminars, workshops, executive coaching, personal coaching consulting, and year long mentor programs that would help people move beyond their failures. One of the disclaimers he has been know to start his seminar with is:
"I'm awkward about this. I haven't set you up for the kill," he says. "I don't want to be a snake-oil salesman. I'm in the motivational, self-help industry. It's an industry that ranks right there with car salesmen. I don't know if I'm any better, any different, but I do know a few things....
Bill Bartmann wants to join you on the road to success. He’s been known to say, if I touch enough people, I'll be a financial success." Bill has been a self made billionaire and is about creating financial success for himself and others. Bill Bartmann has been reported saying, “I've moved from success to significance." If I touch enough people, I'll be a financial success."

Bartmann has also made a decision that all profits from his mentoring program, for which he now charges $797 a month, and his appearances at Get Motivated! Tours (where he is one of dozens alongside George Foreman and Zig Ziglar) and Learning Annex Real Estate and Wealth Expos (where he is one of dozens alongside Donald Trump and Tony Robbins) will go into a foundation called Bill's Brigade. The foundation's aim is to gather 70,000 high school kids in the Texas Stadium in Dallas for a self-esteem revival meeting.

In March, Bartmann found himself in Hollywood, where the idea of him hosting a "Dr. Failure" talk show somehow, wondrously, came up. Bartmann was ready to tell his whole story. "I talk about CFS first.... There is no more compelling story. Kathy said I should quit acting like I'm ashamed. It makes everyone else's problems seem smaller. It gives them permission to tell me about their problems." He came up with a new goal, a new pitch: "To do for failure what Betty Ford did for alcoholism and Susan Komen did for breast cancer."

This article was written by Marcus Maupin, who describes Bill Bartmann as the ultimate underdog/survivor/achiever, overcoming personal circumstances and tragedy to rise to the top enterprise in America. If you want to know how to overcome and come out on top—He’s your man. Bill has left a legacy of stellar accomplishments and overcoming the failures life brings you. Bill’s testimonials and accomplishments reads like a “Who’s Who” list, ranging from Mother Terressa and Bill Crosby to Zig Zieglar.

Wednesday, May 13, 2009

Bill Bartmann Explains Myths of Being in Business for Yourself

There are many elements involved in starting and growing a successful business. There is a process that entrepreneurs must go through in order to meet their goals in business. When considering going into business for your self, understand the facts and the myths.

Bill Bartmann asks; Who's the Boss?

You get to be your own Boss – In a way, you do, but in a way, you don’t. If you are thinking of going into business for yourself just to replace your “jerk” of a boss, think again.

Consider your employees, your customers, your lenders and bankers and your vendors and suppliers. All these people will, in a sense, become your boss. All of them will tell you what you should do, why you should do it and what will happen if you don’t do it. Make your employees happy or they’ll be less productive or quit; make your customers happy or they will buy from someone else; make your loan payments or you will be sued; pay your vendors and suppliers or they will not extend you credit.

There are a lot of people you will have to develop and maintain a good relationship with; there will always be rules to follow.

Bill Bartmann on Freedom

You get Independence and Freedom – You are able to do whatever you want to whenever you want to. This couldn’t be more untrue! You will become very dependent on the success of your business. You may eventually gain some independence and freedom, but at first, be ready for a lot of work. With a 9 – 5 jobs, weekdays, your free time is after 5pm and on weekends. You may find yourself working very long days, including weekends, while you are establishing your business.

Going into business for itself has its advantages and disadvantages; its risks and rewards. You do get to control your own destiny when you operate your own business. Also, going into business for yourself is the only predictable way to get rich. Not everyone is born rich, marries rich, hits the lottery or inherits rich and none of these paths to riches is predictable.

There are certain elements to consider when you are thinking about giving up the job and running your own business.

Are you Right for Business?
Is Business Right for You?
Are your Persistent?
Are you Confident in Yourself?
What will you do?
What type of Business – retail, food, home-based, etc…?
Will you Buy a Business? Buy a franchise?
Will you Start a Business from Scratch?
How is the Market Demand for your Product or Service?

The research and preparation involved in going into business for your self is very time consuming. Educating yourself in business essentials is crucial to your success. Operating your own business is full-time work. You must be ready to make a commitment and to make plenty of sacrifices before you experience the reward that you want and deserve.
Bill Bartmann is a self-made billionaire who has started 7 businesses in 7 different industries. He created the Billionaire Business System, a series of books and seminars that teach you what you need to know about succeeding in any area of business.

Sunday, April 26, 2009

Bill Bartmann Business Resources: Business Consultants

Bill Bartmann advises his students to seek help from other business professionals. When it comes to running a business, many people get it stuck in their heads that they need to be able to make everything work by themselves or they will be a failure. What they often don't realize is that by doing just this they may be dooming their business.

Think about all aspects of life. When you are facing a challenge and you have people who can help you, you ask for help, right? Even back in grade school if you needed help with your homework you could ask a friend, family member or even a teacher to give you a hand.

Running your own business is no different. While you can't expect people to run your business for you, you can be willing to ask them for a little help when you need it.

Bill Bartmann Recommends Networking

Bill Bartmann's tip #1 Network with other business owners and consumers in your market area

Word of mouth is one of the best advertising forms out there, especially if you run a business that is catered to the area where you live. One of the reasons that networking is so positive a form of advertising is that it has a trust factor to it. When someone wants to know a place they can go for a particular product or service and someone you know recommends you, that is much better than seeing an advertisement in a newspaper or on TV. It gives them a recommendation from a person they know. That holds a lot more weight than any advertising you can buy.

Bill Bartmann says Seek Expert Services

Bill Bartmann's tip #2 Utilize the services of the experts around you.

Do you have friends or family members with some sort of special expertise that may be able to help you through or around an obstacle you are facing? Think about all the people you know. Everyone has areas where they are better than others. If some of the people you know have expert skills that can help you and your company, ask them for a helping hand. For example, if you know an accountant who is a good friend, why not talk to them about your company books. There is no use struggling over trying to figure out how to do the books, and possibly messing them up, when someone can help you make sure you do them right the first time.


Bill Bartmann's tip #3 Rehearse Sales Presentations with Family and Friends

If you have to do sales pitches, presentations or other things that are going to need an audience, why not have your family be that audience? Family and friends are a great testing ground for any new presentation that you need to try out for your company. Ask them to really listen and ask any questions or voice any concerns they have. You can use their feedback to make changes and make your presentation better.
Bill Bartmann is a self-made billionaire who has created the Billionaire Business System, a series of books and seminars that teach you what you need to know running a business. Bill Bartmann has provided real business guidance to thousands of entrepreneurs to help them succeed in business, even during tough economic times.

Sunday, April 19, 2009

Bill Bartmann Business Development Tips: Building a Master-Mind Group

The concept of the master-mind group was originally developed and implemented by Napoleon Hill, over 50 years ago. It has been proven to work for many serious entrepreneurs. The idea is to surround yourself with people who know more than you so you can benefit from this collective intelligence as you rise to a whole new level in life and business.

The master-mind group of only 4 or 5 is smaller than your advisory board, and the group is designed for everyone to help each other, where an advisory board is just focused on your business. The master-mind group provides a reciprocal trade of knowledge.

It is lonely at the top; you need a group of people who you can relate to, network with and learn from. Unlike your monthly, one hour meetings with your advisory board, you will meet with your master-mind group quarterly and the meetings will take place over two days at 6-8 hours each.

You will meet at a place completely disconnected from your life and business; this will be a sort of enrichment retreat for all of you. After the meeting, you and your distinguished group can enjoy some recreation, play some golf or have dinner, drinks and conversation.

The purpose of the master-mind group is to have the support of other individuals who are at your level of business, and who may be facing some of the same challenges you are. It is an opportunity to discuss things that you would not discuss at work or home. It is a chance to confide in others who you can trust will offer support and be discreet. What is said at the master-mind meeting stays at the master-mind meeting.

Here are some of the responsibilities and benefits of the master-mind group:

Sharpen skills while sharing business and personal experiences and knowledge
Honesty and loyalty while providing advice and opinions
Experience is our greatest teacher; learn from each others’ shared experiences
Group helps us be accountable, as we hold our employees accountable
Valuable support is provided by other business leaders who know what you don’t know.

A master-mind group is vital to personal and business growth. A master-mind group should provide each other an opportunity for growth, by sharing support, experience and knowledge needed to succeed in business.

Bill Bartmann has quarterly meetings with his master-mind group of like minded people who come together to provide value and to gain value within a group. Surround yourself with others who think like you do; who share similar interests as well as unique skills.

Tuesday, March 17, 2009

Bill Bartmann asks, Is Franchising Right for You?

Franchising is another great path to business ownership, offering a great new opportunity somewhere in the middle of a new business start-up and the purchase of an existing business. Here are the advantages and disadvantages you could experience when buying a franchise.

Advantages of Buying a Franchise

The business is already formed - the planning is done
Reduced risk - the concept has been tested and proven
Turn-Key Operation – the franchisor helps you find and choose a location, hire employees, market yourself, etc…
Standardized Operating Procedures – Training programs in place for all employees from entry level to upper management
Collective Buying Power – 90% of your supplies, inventory, uniforms, etc…are purchased through your franchisor who is buying in bulk and passing savings on to you
Research and Development – the franchisor decides when to introduce new product lines or offer promotional discounts while you focus on operating the business
Supervision and Consulting – The franchisor provides training and supervision while you’re getting established.

The franchisor wants you to succeed; he gets paid royalties based on your success. A good franchisee will provide the training and support you need to ensure you will show succeed and generate a good profit.

Disadvantages of Franchising

Loss of Control – You must do everything exactly as you’re told to do it. You are not authorized to change policies and procedures; you cannot decide when to introduce new products or offer promotional discounts. The franchisor makes all the rules and you must follow them; the franchisor is to you as a boss is to an employee.

Binding Contract – You’re all-in! Franchisees do not operate independently; they all do the same thing, the same way. This consistency is most beneficial to the customers as they know what to expect no matter what location of the franchise they visit, no matter what state, county or city. They know that whatever they order will be the same size, prepared the same way, and packaged the same way.

Franchise Problems become Your Problems: If one franchisee in your particular franchise has a problem, for instance, a lawsuit that becomes nationally known. For example, ABC Chicken, in one location, is sued when a lot of people are sick with food poisoning. The news quickly travels across the US and you find your revenues slipping. No one wants to risk going to ABC Chicken; they don’t even consider that this is likely an isolated occurrence.

Cost Associated – The initial franchise fee, which is the cost of your rights to sell their product, can be anywhere from a few thousand to over $1 Million, depending on the franchise. This fee may not cover other start-up costs, operating capital, the upcoming payroll, beginning inventory and more. You also might be required to purchase or lease a certain location; one that is a prime location in your area; therefore, being sold at a high cost. You may be independently responsible to buy signs, fixtures, etc… as well.

When franchises are operating well, everyone does well. When there are problems, all the franchisees can suffer. Though a lot of the risk potential is reduced, there are still possible risks to consider when deciding to buy a franchise.

Bill Bartmann covers the paths to business ownership and the advantages and disadvantages to each. His online course, Billionaire Business Systems, has guided many entrepreneurs to great success in their business ventures.

Bill Bartmann on Due Diligence Questions to ask when Buying a Business

Entrepreneurs must perform their due diligence before buying an existing business. Be sure to think your way through everything you need to understand before making this commitment.

Why is the business for sale? You must get an answer that you feel is credible. You have the right to be skeptical; do not think you have to accept the first answer you hear.

What is your general perception of the industry? Your intent will be to increase the volume of the business. Has anything happened to have an adverse affect on the demand for your business or service? Think beyond the history and think of the future in the company. Can this business grow?

Is this company one of the better ones in the industry? When you purchase an existing business, you inherit the business, the customers and the reputation; you become what is seen through the eyes of the consumer.

What is the long term outlook for the industry that you are going into? Are they soon to peak and then fall? Where is this industry, in the market trend; are they on the rise or is the demand declining?

Consider competition; what are your competitors doing? Is the level of competition in this field or industry increasing or decreasing in your target market area?

More Due Diligence Work before Making the Final Decision:

Interview some of the customers. Ask for their customer list so you can randomly choose customers from their list, rather than allowing them to give you ones that are likely to say only positive things. You might be required to sign a non-solicitation agreement promising that you will not solicit their customers for your business if you choose not to buy their business.

Are they a member of the Better Business Bureau? If not, chances are there is a reason they don’t want to be. This could well be a big red flag. The Better Business Bureau will provide reports of complaints made against the business. Most businesses will get some complaints; look at how the complaint was handled and if the problem was resolved.

Check with trade associations to see if they have heard anything about the company you’re buying. Find out what they know about the company’s reputation. Chances are, they will only know something if the company is very good or very bad.

Research your Competition

This research takes time and energy, but what you learn will be powerful. Find competitors who have failed and find out why they failed. This information will help you to avoid making the same mistakes. Find some who have been successful and find out why, to get some great tips on being successful yourself.

Financial Due-Diligence

Gather financial information; ask for financial statements, Cash flow Reports, P & L Statements, Balance Sheets, etc…Consult a CPA or expert on analyzing financial data if you are not skilled in accounting. Their opinion as to the financial condition of the company you are considering buying is important to you.

Ask to see their recent tax returns. If they try to tell you they are making more than they are reporting, they are not saying a lot about their character. If they say they’re dishonest with the IRS, who’s to say they’re being honest with their customers and with you? Remember, you are buying the business based on official financial reports, not the extra benefits or income stated by the owner.

Inventory Practices

Understand whether or not there is excessive inventory; this looks like an asset, but could be a liability because now you have inventory which you must sell. Is the inventory obsolete?

What do you believe is the lowest level of inventory you can maintain and still run your business? You must have adequate inventory to meet customer demand, but not so much that you have trouble unloading it. Being able to run on a low level of inventory can be an asset to a business; just-in-time inventory is a business concept where you only have as much as you absolutely need to have on hand at any given time.

Having too much inventory on hand means too much cash is tied up here and the inventory takes up space. Having too little inventory means not being able to fill orders and losing sales.

The Value of Accounts Receivable

Accounts receivable are rarely worth their face value; many are from people who cannot pay; they made the agreement when they were able to meet their obligation, and then things changed. Do not pay 100 cents on the dollar for accounts receivable. The price for the accounts receivable should be discounted according to how long the accounts have been aging.

Your Cash Investment

How much do you need to operate your business? Be careful to be sure you have the money to cover the upcoming overhead, including payroll, accounts payable and all operating expenses for at least the next three months. Expect a revenue dip during the first 90 days of acquiring the business.

Liability Insurance

Assume their liability insurance in case there is a pre-existing situation that may result in future litigation. A new insurance company is only obligated to cover you from the time you purchased the business. If there was a problem before, for example, someone was hurt before you purchased the business, maintaining the same policy with the same company will ensure that you are covered if they should sue. Do not be too quick to change companies even if you can get cheaper insurance; the additional cost of premium is well worth avoiding the risk.

What else should be Included in the Acquisition?

Be sure you get the websites, phone numbers, logos and trademarks that exist within the company. Otherwise, the former owner keeps the phone number and all your customers continue to call them instead of you!

Don’t be Afraid to Hire a Professional Consultant

Buying a business is a huge investment. There are financial and legal issues understand and analyze. No matter how much research you have done and no matter how much you may think you know there are likely things you are not aware of; things you haven’t considered.

Are there any legal issues to be aware of? Pending Litigation? Has there been an audit recently? This information will be shown in the footnotes on the financial statements. A professional knows what to look for and how to find it.

A good professional advisor, such as an attorney or a CPA will help you avoid missing something critical that should be included in the purchase of the business. They are professionals at gleaning financial data and analyzing legal issues that you may have no idea even exist.

You will make the final decision as to whether or not to buy the business, based on your own research and the opinion of one or more professional business consultants. Your due-diligence is your advance preventative medicine; hiring a consultant will save you a great deal of money while preventing you from making a very costly mistake.

Bill Bartmann offers very detailed due-diligence advice in his online course, Billionaire Business Systems. This course covers financial and legal issues of starting, owning and operating a business. To be successful in business and to avoid the most commonly made mistakes and pitfalls of business ownership, check out Bill Bartmann’s course at