Post Meeting

                                                  After First Meeting

You are sitting there with all the information, books, records, and answers that you requested. It is now time to write a business plan. There are several very positive benefits to writing a business plan at this point:

1.      It allows you to organize all the information into a single comprehensive document. In the process, it will also help you identify any additional information you need to know.

2.      If the business plan looks weak, chances are the deal will not work out financially for you. It is better to realize it now than after pouring thousands of dollars and years of your time and effort into the business.

3.      Having a business plan will open up financing options like bank loans, SBA financing, and Schedule D financing. (See our “Guide to Raising Capital.”)

4.       It will focus your attention on exactly what this business is worth to you. (In the long run, this alone can save you a tremendous amount of time, effort, and money.) Remember, the cost of the business is not just the purchase price, but also the years of effort you put into trying to make it successful.