Insights from Global Entrepreneurship Week Kansas City Hosts: Mike Walrod
With more than 150 events, it’s hard to choose which Global Entrepreneurship Week events to attend between November 13 – 17! That’s why we asked our event hosts to tell us more about their events and provide some helpful insights. Grab your calendar and get ready to learn:
Mike Walrod with O’Keefe & O’Malley is hosting:
We will take a practical approach and walk you through the process of buying a business. We will use experience taken from real transactions to help attendees gain understanding on best practices and an overall understanding of what to expect.
We are encourage a dialog with our audience to answer questions about the process and help troubleshoot any current challenges they are encountering in their searches.
Here’s just a taste of what you’ll learn:
It’s a journey.
Buying a business starts with your decision to take the leap into ownership. From there, it’s a new journey that will take you into uncharted areas. Finding the right business will take time and effort.
Be patient and persistent.
Many people start the search and soon become disgruntled because it is taking longer than expected. When you encounter this, and you will, be persistent.
Assemble your team.
Unless you are one of the rare people that knows everything about everything, surround yourself with people that will help you with your strategy and decision. This should include an attorney, a CPA and a trusted advisor with transaction experience.
Define your limits.
When you find a potential business to acquire, it’s hard to keep the emotions from overshadowing potential issues. It’s important before you start your search to define your minimum qualifications. If you find your target doesn’t meet your qualifications—walk away.
Buying a business is an exciting experience. It will expose you to a multitude of new opportunities for learning and stretching your environment. It’s important to remember as you go through the journey to have fun and enjoy it. Your ultimate destination is the indoctrination of entrepreneurship as a new business owner. Have fun!