Q. Are there good coin-laundries out there?
A. Oh yes! But they are rarely for sale – especially at a fair price.
Q. Why don’t you offer DVD’s?
A. Much too difficult to update. Written material, however, is very easily updated. In fact, I’ve updated mine some 20 times over the last twelve years.
Q. At what point should I become a client?
A. Prior to attending meetings with sellers or brokers; for if you present as half-learned, you’ll get worked over – that’s just the way the business world is.
Q. I’ve contacted several other “consultants” and it turns out they are usually business brokers. Is this some kind of “bait and switch”….and what exactly, is your opinion of business brokers?
A. Please click here:
Q. Should I consider purchasing a business with identified problems?
A. Perhaps. It depends upon both the nature of the identified problem(s) and the mindset and abilities of the prospective buyer. For example: Are you to be an investor, a speculator, or somewhere between the two? Generally speaking, speculators buy into an identified problem, and investors buy a ready-made significant return on investment. The key is to purchase something that is in harmony with both your mindset and your abilities. Unfortunately, it is very common for an erstwhile investor to belatedly discover that he or she has purchased a problem situation – thus inadvertently becoming both a speculator and a victim who overpaid for what they got.
Q. You deal with a lot of buyers. Have you recognized any recurring characteristics relative to successful speculators as compared to successful investors?
A. Successful speculators seem always to know two things: a very good idea of what they are going to do to improve the business, together with a reasonably accurate approximation of what it will cost. Successful investors, on the other hand, seem never to wear rose colored glasses.
Q. How about recurring similarities?
A. Only one. The successful of any category always take a thorough and well informed look before they leap – that is to say: they are not dismissive of risk; they apply “risk analysis” to the proposal.
Q. What do you mean by “risk analysis”?
A. I mean discovering and evaluating where you might stand to lose – and for that you need an experienced guide.
Q. Do you offer legal representation for the purchasers of other types of business?
A. Yes, I do – provided the business is located in N.Y. State. Please contact my office for details – and please ask for an explanation as to how you can keep your legal fees to a minimum. A note to my readers: Of course, many of the points I make throughout this site are applicable to not only coin-laundries, but to small business ventures in general. My motive is not solely to obtain clients for myself, but also to give back a little by offering some basics that are calculated to discourage credulity in business. Too many people incur considerable financial harm through business ventures gone bad. Such losses lead to lifestyle downgrades which can erode relationships, be disruptive of family life, and even serve as a precursor to divorce In almost every instance of failure, the cause can be summed up in one sentence: Failure to correctly identify and evaluate the risks.
In any event: If I have helped you, or if you have found something that is of interest to you – and especially if you feel that it may be of interest to others, I encourage you to “link”. Be it a forum, your blog, or your site, please publish a “link” to this site.
Moreover, please feel free to email me with any questions or thoughts you have regarding my site: firstname.lastname@example.org
Thank-you, Gary Ruff