David, I’ve contacted roughly 5 different brokers about 5 diff businesses for sale, and they all refuse to talk to me at all unless I deposit $5-10k in good faith to “show them I’m serious”. Are all of these scammers, or could this just be the way they do it in America?
@DavidCBarnett5 жыл бұрын
Well, I can tell you I talk to people all day long all over America and you’re the first person who’s told me of this kind of experience. I see you’re in Houston, I have several buying clients in your city who’ve been dealing with brokers and none have been asked for money before an accepted offer. I’d love to know more about the types and sizes of businesses you’re inquiring on, could you connect with me at dbarnett (at) alpatlantic.com
@victor75305 жыл бұрын
Thanks David. Good advice, useful information clearly explained. I am soon going to buy your 'Franchise Warnings' book as part of my continuing study of business and related topics.
@DavidCBarnett5 жыл бұрын
Thanks Victor. Please help out by leaving a review on Amazon after you read it. It helps a lot.
@kenho-tingwong43468 ай бұрын
By the way, thank you very much for this video.
@DavidCBarnett8 ай бұрын
You're very welcome!
@JavierBonillaC3 жыл бұрын
This was super useful. Super useful. Worth every minute. I’ll suscribe.
@DavidCBarnett3 жыл бұрын
Good to have you on board Javier.
@frankiemorris1031 Жыл бұрын
I seriously wish I’d have found your channel before I got scammed
@DavidCBarnett Жыл бұрын
What happened? do you mind sharing?
@Shawk955 жыл бұрын
David Shouldn't the buyer ask to see sellers' tax return or 10-K?
@DavidCBarnett5 жыл бұрын
Yes they should. A 10-K is an SEC document. I wouldn't expect many small businesses to have this.
@CgrLaw20093 жыл бұрын
Great video David! Thanks a lot! One question, is the seller bound to pay commissions to the broker? That wasn't clear for me. Thanks again!
@DavidCBarnett3 жыл бұрын
Normally, the seller has a commission agreement with the seller before the business is ever advertised for sale.
@moltenpros5 жыл бұрын
This info was very good
@DavidCBarnett5 жыл бұрын
Thanks Molten, I'm glad I could help.
@elicohen50735 жыл бұрын
David I'm going to buy my first business this year do you offer consulting to help with the purchase process?
@DavidCBarnett5 жыл бұрын
Yes, that's what I do all day long. Just call or email me. My contact details are at the blog site www.DavidCBarnett.com Cheers.
@simsonguerrier96564 жыл бұрын
Did you buy the business? How did it go? Would like to learn from your experience as well as I am thinking about doing the same in FL.
@vjay66672 жыл бұрын
Yeah did you buy the business? how is it going so far. Would love some insight from your experience. How much did you pay for it? was it a cash purchase or SBA loan. If SBA, what % down did you put? Were the finances of the business after you took over, in line with what was shown during due diligence? Are you an absentee owner or balls deep running the business on a daily basis? Any of these questions you answer will be much appreciated. Thanks.
@jeanclouivil78934 жыл бұрын
You awaking knowledge
@DavidCBarnett4 жыл бұрын
Thanks Jean. Don't forget to like and share videos you enjoy. It helps others to find them. And you may enjoy my email list. I send things out all the time www.DavidCBarnettList.com Cheers
@dragonbot20385 жыл бұрын
Awesome..
@DavidCBarnett5 жыл бұрын
Thanks Silver. Don't miss any new videos by signing up to my email list at www.DavidCBarnettList.com
@peachyboi6992 жыл бұрын
I wanted to get a gas station when I'm older and I still dont fully understand how stuff like inventory would work, since I'm the owner would I have to be the one to order new inventory and products or can someone else do it like the manager?
@DavidCBarnett2 жыл бұрын
It all depends on whether you set up the systems to properly train those employees. Some suppliers will even order for you and stock your shelves in some cases.
@rightright65824 жыл бұрын
Good video
@DavidCBarnett4 жыл бұрын
Thanks Sp!
@youngatnaruto3 жыл бұрын
Is there specific business brokers for buying Digital assets? Like Ecommerce sites or just any Business that is web based? Or is it all the same.
@DavidCBarnett3 жыл бұрын
There are definitely some brokerages that are focused on online businesses. Check out the Buying Online Businesses podcast with Jared Krause to learn about some of these.
@jonathantran86226 жыл бұрын
Way to go! Luv luv your vids!
@DavidCBarnett6 жыл бұрын
Thanks Johnathan, keep the questions coming.
@kenho-tingwong43468 ай бұрын
Do I need to hire my own broker as the buyer? The seller's broker represents the seller, not the buyer, is that correct? What is the typical buying practice in the US? I'm from the Netherlands.
@DavidCBarnett8 ай бұрын
No, you don't need a broker. It's not like real estate. You find a business for sale and then use a team of people to help you analyze it. Lawyer, accountant, or other business advisors like me. I keep getting this question though so I'm adding it to the list.
@filmaker2564 жыл бұрын
You don't need a broker just like you don't need a Real Estate Agent.
@DavidCBarnett4 жыл бұрын
Right! have you seen this video?: kzfaq.info/get/bejne/Y9h0etKk293Up5s.html
@BruceLeeroy343 ай бұрын
Hey is Gordon Bizar a scammer? I like the idea of his program but seems fishy that I can’t find anything about him online.
@DavidCBarnett2 ай бұрын
He once invited me to be an affiliate to help him sell his program in exchange for a commission. I asked for access to his program and went in to see what it was all about. I declined to become his affiliate after seeing what he was teaching.
@BruceLeeroy342 ай бұрын
@@DavidCBarnett Thank you for the info. I was quoted $128,000 to join his program and already decided not to do it, but your insight helps.
@princeppatel182 жыл бұрын
Hey David, I've recently decided to buy a business and contacted an agent who has very very cheap listings on his website but when I decided to check his profile on Finra (Brokers check) nothing comes up for him and his firm? I am not sure if you know Finra but it's a website where people check their brokers to see if they're legit. Why do you think this is?
@DavidCBarnett2 жыл бұрын
It's because he's likely a business broker or real estate agent and finra is for stock brokers. Try checking the state or provincial real estate licensing body to see if he's listed, if he's not, then you need to find out if there is any licensing requirement in your jurisdiction for business brokers. Some places have none.
@frankiemorris1031 Жыл бұрын
I wish I’d found your channel sooner
@DavidCBarnett Жыл бұрын
Tell your friends.
@LukeAvedon6 жыл бұрын
Love the new beard!
@kalebbillig34729 ай бұрын
I like your older stuff more than the recent stuff - maybe time to rehash these old videos with updates scams and pitfalls
@DavidCBarnett9 ай бұрын
I really make them based on stuff people send in. Comment with some requests and we'll see what I can do.
@ronaldboodram64663 жыл бұрын
Very good content. You got a new subscriber
@DavidCBarnett3 жыл бұрын
Thanks Ronald!
@black122122 жыл бұрын
I am looking to hire a company akin to yours to actually fully audit any business that I would like to buy. & ultimately tell me if this business is a yea or nea..
@DavidCBarnett2 жыл бұрын
Hi if you would like to buy a business you can visit www.BusinessBuyerAdvantage.com or you can Book a call with me at www.CallDavidBarnett.com
@SenorJuan20233 жыл бұрын
What do you think about hotels as a business to buy?
@DavidCBarnett3 жыл бұрын
I'd want to make sure it had recovered from the pandemic first, otherwise you'll need cash to finance losses over and above your investment to buy it. Financing may also be a problem right now.
@luan76644 жыл бұрын
Hello I would like to buy a business but I have less then a thousand could you give me some advise ?
@DavidCBarnett4 жыл бұрын
Yes, keep saving until you have three months of living expenses. Then start a new, separate savings account and build it up to several tens of thousands of dollars or get some partners who believe in you enough to put down real cash. Buying a business when you're barely over broke is not realistic.
@101xaplax1015 жыл бұрын
Please put your self promotion at the end of each video.....it’s torture to have to listen the same pitch on every single video, over and over again ......there is a reason you have so few views......
@DavidCBarnett5 жыл бұрын
No. This channel is an advertising medium for my business. If I could not make a living doing this, there would be no videos as I’d be busy selling beanie babies on eBay or something. There are few views because relatively few people are interested in the topic AND because the channel is not monetized, there is no incentive for click farm fraud to inflate the statistics.
@101xaplax1015 жыл бұрын
R u kidding? There are tons of people interested in the topic. try this experiment for 6 months.......make great videos filled with great content and at the END of the video say "if you would like to see the products and services that I have to offer then click the link below.....have a great day!" @@DavidCBarnett
@troyhebert58372 жыл бұрын
Someone hasn’t figured out how to use the fast forward button