FINANCIAL ENDGAMES for BUSINESS
[a thread]
In the game of chess, the endgame is to get the opponent into a checkmate position. When speaking about business I hear a lot of people say chess, not checkers, but do you know what the endgames are in business?
#30DaysOfThreads
[a thread]
In the game of chess, the endgame is to get the opponent into a checkmate position. When speaking about business I hear a lot of people say chess, not checkers, but do you know what the endgames are in business?
#30DaysOfThreads
Business in general has one of three endgames.
- Selling The Business
- Selling a Piece of the Business
- Holding on to The Business
When you're starting a business you should start with the end in mind & then reverse engineer the building process from there.
- Selling The Business
- Selling a Piece of the Business
- Holding on to The Business
When you're starting a business you should start with the end in mind & then reverse engineer the building process from there.
Too many business owners that I speak with have started their business without thinking about the end in mind.
Yes a business CAN make you money. But have you thought about HOW MUCH money you want it to make you? And have you thought about how?(Hold your answers)
Let's continue
Yes a business CAN make you money. But have you thought about HOW MUCH money you want it to make you? And have you thought about how?(Hold your answers)
Let's continue
SETTING UP A BUSINESS TO SELL
You want to focus on the systems as soon as possible. Document an systematize EVERYTHING. @ROUGEWEALTH @WhutTheHale
As soon as the business can operate without you, and you have everything documented is as soon as you can "complete" the sale.
You want to focus on the systems as soon as possible. Document an systematize EVERYTHING. @ROUGEWEALTH @WhutTheHale
As soon as the business can operate without you, and you have everything documented is as soon as you can "complete" the sale.
I'm not telling you to become a business broker...but if you want to eventually sell your business you NEED to understand how selling it works, because only then you'll understand how to increase the value of your business.
BUILDING AND HOLDING ON TO A BUSINESS
This is arguably my favorite endgames in business.
Maybe because I fall in love with the things and people I build, who knows.
But a part of it is definitely because it gives you the most options to make money...let talk about a few:
This is arguably my favorite endgames in business.
Maybe because I fall in love with the things and people I build, who knows.
But a part of it is definitely because it gives you the most options to make money...let talk about a few:
Ways you can make (more) money from a business you own:
- Turn it into a CASH MACHINE by increasing margins, cutting costs, streamlining systems, etc
- Build steady revenue to access a Long Term Line of CREDIT to INVEST
- DO BOTH
OR you can buy & sell pieces of your business...
- Turn it into a CASH MACHINE by increasing margins, cutting costs, streamlining systems, etc
- Build steady revenue to access a Long Term Line of CREDIT to INVEST
- DO BOTH
OR you can buy & sell pieces of your business...
This is where things get interesting because there are SO MANY ways to buy & sell pieces of your business...
Ex:
Buy/Sell Stocks for Corps
Purchase/Sales of Membership Interests for LLCs
Buying In and Out of a Partnership
Assignment of Contract (aka wholesaling)
and more...
Ex:
Buy/Sell Stocks for Corps
Purchase/Sales of Membership Interests for LLCs
Buying In and Out of a Partnership
Assignment of Contract (aka wholesaling)
and more...
...now I want you to notice that I've been tweeting about Financial Endgames of a Business without talking about money.
Why?
Because I didn't want to anchor your idea of how much you should make to a # I choose. Only you can decide.
BUT you should be away of a few things...
Why?
Because I didn't want to anchor your idea of how much you should make to a # I choose. Only you can decide.
BUT you should be away of a few things...
There are 7 Things that you SHOULD do when starting a business to give you the MOST OPTIONS for your ENDGAME when you start a business.
If you're interested to know what they are, join my email list here: bit.ly/BigBankOus
The e-mail is going out at today at 6PM EST
If you're interested to know what they are, join my email list here: bit.ly/BigBankOus
The e-mail is going out at today at 6PM EST
If you enjoyed the thread go give it a RT
50RT and I’m going live on IG to answer questions
100RT and I’ll write a 5000 word blog post on this topic and release it this weekend.
50RT and I’m going live on IG to answer questions
100RT and I’ll write a 5000 word blog post on this topic and release it this weekend.
