Chapter 15 - Basic Business Buyer Education
On a daily basis, the M&A sector, which includes Buyers looking for acquisitions, is focused on the activities of acquiring a business as if this were some kind of end in itself. However, often the day eventually comes when an acquisition actually happens and now it is time to run the business…as an Owner. In this chapter, we wanted to outline several skills we think are important for the new Owner of the business should have. Much of this can be learned through online courses, books, seminars and/or with specialised consultants with a little bit of effort. But the key is that whatever skills you don’t have will need to be learned somewhere, so education will be essential. Even if you are employing people in these areas, you will want to understand them well enough to ‘Direct & Lead’ and make intelligent decisions on strategy and resource allocation. Basic Accounting - It is critical as a business owner to be able to understand Profit/Loss, Balance Sheet and how they relate to cash flow. These are the fundamental tools for managing, valuing and doing tax planning. Without a working knowledge of these reports, an owner finds himself at the mercy of outside advisors for decision making, which rarely works well.
130
Made with FlippingBook - professional solution for displaying marketing and sales documents online