This course is for the professional entrepreneur who is considering purchasing or selling a practice. The principles apply to any business.
The course consists of seven videos plus an introductory video. There are a few articles that help reinforce the points made in the videos.
After taking the course, the student will be much better at thinking like an entrepreneur and have a basic understanding of how to value a business. My intent is to take the mystery out of the process so that it is simple and sensible.
This video applies to the value of anything. No matter what you are buying or selling the information in this video will help you think about it from the standpoint of benefits.
Here are some examples of anticipated benefits.
In this video, I cover a mistake made by most people that adds at least tens if not hundreds of thousands of dollars to the value of a business - inappropriately.
We want financial information. Start with the basics - tax records.
Payback and cap rate, two ways of evaluating a cash stream in this video.
Some assets like real estate and major equipment can be valued like the business overall using payback or cap rate. Others will be valued at market rate.
Think about the systems the business has in place.
Don't be fooled by these two ratios. They might not be too meaningful.
If you are considering starting your own business, there are a lot of decisions to make. I know how you feel. I've practiced chiropractic for over 30 years. I remember what it felt like to get started. I had a MBA before going to chiropractic college and still didn't know the basics I needed to succeed in healthcare. I had a mentor that I visited almost weekly. The world has changed a lot since then, but I've found that a business mindset and business basics are essential.
In 2006, my son started a construction business. Again, the principles of business are the same. It doesn't matter what business you are thinking of starting, knowing the principles of business will improve your odds of success.
The Professional's Guide to Business Basics is the first course for entrepreneurs. One of my profs in the MBA program told us that the program was not designed to make us accounting, marketing, legal, or finance professionals, but would give us the vocabulary and skills necessary when talking with those professionals.
That is my goal with this course. I want you to have the basic business
vocabulary you need. I'll also give you a couple of videos that can save
you thousands of dollars in finance charges and legal fees. This is all
real world stuff and not just something some college prof made up to fill a 50 minute class.
Thinking of buying or selling a business? Buying a business is the fastest way to become profitable. In the MBA program, I took a course called The Capital Budgeting Decision. It was about how to compare different investments. That is really what you are doing when you buy a business.
The Professional's Guide to Practice Valuation will give you the basics of practice valuation. I created the class for doctors, but the principles are the same no matter what type of business you are considering. I've helped chiropractic colleagues. I helped my CPA get out of accounting and buy a business. In fact, I bought a practice myself using the information I give you in this course.
Over a decade ago, I became a Realtor. When I took the coursework to become a broker, I learned the process of evaluating a business opportunity. It was the same as I learned in the MBA program. I'm giving you that process in a concise, easy to understand course. If you're buying or selling a business, this course could save you thousands of dollars. I bought a practice with an asking price of well over $100,000 for $50,000. A client bought a practice someone else valued at $300,000 for $10,000. My CPA friend turned down several businesses that weren't worth anything.
Napoleon Hill interviewed the 50 wealthiest men in the world and developed his philosophy of personal achievement. His book, Think and Grow Rich has been translated into multiple languages and has been a best seller around the world. He said that the only thing we've been given complete control over is our mind. That fact is evidence that while controlling our mind we are closest to our Creator.
The Professional's Guide to Ascendancy teaches how to recognize the spiritual part of yourself. You'll learn to program and control your brain and thoughts using a technique I've used for over 20 years. You'll learn how to recognize thoughts that are inspirational or limiting and how to take control. You'll experience programming your brain to find opportunities and people to help you achieve your goals. I draw from my science background and three years with IBM to give you analogies that help you operate your brain. You'll learn why so many people fail to meet their goals and how you can meet yours.
In addition to my education and work experience, I have been married since 1978. My wife and I have four grown children and one grandson. I enjoy hunting, fishing, crabbing, boating, and camping.