There are many businesses that stay in business despite themselves. I’ve run across several business owners who continue to do the same work every year yet show little for it.
A common example an accountant told me about was realtors. Now, I am not attacking realtors or the profession. I know of several times a realtor has helped a house sale to turn out more profitable for the seller than if they would have done a FSBO (For Sale By Owner).
Getting back to my point, here….
There are some realtors this accountant serves who, after the income is added up and the expenses were tallied for tax purposes, the realtor lost money (at least based on the documentation they had provided the accountant).
And there are many businesses like this as well. Whether it is from poor accounting practices or an attempt to hide income from the taxman, I cannot say (it’s not my business). But through these practices as well as overlooking the assets they have within their business they don’t look at, they do much more poorly than they should.
Which leaves windfall profits as well as additional sources of income laying around, to be picked up by others.
Here’s a good example. About 15 years ago, I seriously considered purchasing a small auto parts business. They served a niche of car collectors exclusively which removed them from carrying inventory like Toyota starters and BMW water pumps. In fact, there are about 12 similar businesses serving this niche in the entire world.
So that makes the business pretty attractive and interesting, as it was easily marketable as something different (both to the public as well as their client base).
I knew the business owner since he had opened the business about the time I went to college.
During this early days, he purchased several brand new engines – new engines without any serial number… But over 35 years, this entrepreneur still had several of the engines on his shelf.
After that amount of time, a good inventory manager would consider those engines to be worthy of scrap. Still, my friend the parts dealer, was awaiting that illusive engine buyer ready to fork over 10s of thousands for a factory original, no-serial-number engine.
These engines were a massive overlooked asset which could have easily brought in cash and plenty of it.
That’s what I do.
I find those overlooked assets within your business and turn them into a bonanza in profits or a torrent of additional cash.
In fact, I was speaking with a semi-retired guy who made millions during 2000-2007 and within a couple of minutes of telling me of a current situation he was experiencing with a couple of his clients, I told him of one of his bonanza profits he has overlooked for years.
Maybe I could do the same for your small or medium sized business…
You can contact me HERE
