Unsuccessful agents rely too heavily on their words to make the sale happen. Imagine how slow everything would be and how much “donkey work” we’d still be doing. Do the same for next week and the week after that.
It goes without saying that starting or buying a business during a recession may not be the smartest thing to do. However, history would suggest you are wrong. Some of our strongest and most successful companies started during a recession. For example, Hewlett Packard started out of a garage during the Great Depression.
And listen, it’s great, too. I can’t complain about a thing about the Internet. But at the end of the day, it has taken away the actual excitement of buying a CD, and listening to all of the tracks, and understanding what the artist is about.
In the book, the authors discuss a real-life founder who promised all eleven children the primary leadership role in the company. But unlike the contrived soap opera plot, it didn’t work out so handily. It’s no coincidence that my favorite soap opera revolves around a family business!
What you want to do now is begin setting up your team. This is not something you want to skimp on. These are the professionals you are going to have to employ to get things going, experts whose opinions you will want to use. Your team will be able to see things that you cannot, because of its areas of expertise and because of its familiarity with the city. Your team members will be people in the industry and who have contact with the industry–such as lawyers, accountants and brokers.
But you know what, this is probably part of what made you such a prolific virtuoso player. You couldn’t fake it. You had to actually that perfectly, as what we hear when listening to those ELP albums.
Invest in the proceeds of your sale wisely, with preliminary planning. Consult a good tax accountant, and wealth manager early, and plan your children’s inheritance, your future wealth, and charitable giving wisely. Like in any good soap opera, long lost cousins, will want you to “invest” in their schemes.
Don’t let succession plans take on soap opera proportions. Reading this book can help mitigate the emotions involved in selling any family-owned business, and give needed financial, legal, and investment advice, as well.