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Jim Straw and the most beautiful woman in the world.
First, I love what Michael has done at Hard to Find Seminars and his other site, and I've listened to many of the interviews. Art Hamel is a genius in his own right. And he proves my old friend Jim Straw's point about...
Who is the most beautiful woman in the world? question.
The answer is totally SUBJECTIVE. Depends on what any given person thinks beautiful IS. Right?
Same goes for business. My brother and Tiny both had a tow truck business, which I could never do. If you've read about the Cuckoo Clock, you see I'm not good with my hands.
A power tool in my hands is usually followed with a call to 911. See?
Art Hamel proffers his opinion. I would agree there is a lot of slop and mess, FOR ME, in what he teaches. INVENTORY?
Lack of product put Gary Halbert in Fed. prison, his supply chain was broken. So, from an absentee stand point, why would I even bother to put the waders on and venture into that swamp...filled with gators,
when I can stay on dry land and feast on the low hanging fruit?
I know MANY people who operate the LOWLY "dime a dozen" service and retail business, and do very well for themselves.
Get to know Sherman Hunter, read as much as you can...and take his survey. It may shed some light. Although I think I could create a better survey, and I usually do on the phone asking questions...
the answer to the question:
What is an Ideal distressed business to acquire as a suitcase business?
from MY perspective (and I can't speak for Sherman, but I think he might agree)...
is the one which BEST SUITS YOU.
So, it begins with an understanding of YOURSELF.
What aptitudes and attitudes you bring to the game.
I have ZERO ability with building things, making music (which I deeply regret) and dealing with people who waste time.
But that is me. Therefore, I wouldn't spend hours trying to learn to play guitar, it would be fruitless...but if there were a profitable music store for sale, and the owner is retiring...
I'm "good enough" at analyzing the books to be able to conclude whether or not it could be added to the mix, but, you won't find me in the store trying to sell you a flute, cause I couldn't tell you the difference between a flute and a piccolo.
The most beautiful woman? Why, it is my "current" girlfriend, of course!
PS A part of Sherman's strategy is to be able to look at and analyze a business opportunity from a spreadsheet...profit and loss statement, same as you see the sharks in the tank ask about sales and
VALUATION. They know at the first question, which question comes next.
One of the best of the ideal (best looking women) suitcase takeovers is Stored Value IP, as our friend Ryan McGrath spoke of some time back...in his "resurrecting" of an out of print book.
That, or get the rights to the PRINCE catalog, there seems to be some iffiness about who owns it NOW?
But, I like to look at established businesses with a Senior Owner, who wants someone else to have the fun he/she has had for decades. They are very open to ideas.
There is no right, wrong, THIS way or THAT way absolutes.
what YOU bring along.