Comments on: Mistaken Identity Leads to Good Advice (or so I’d like to think)

By: Dave Ozment

Dave Ozment — Fri, 24 Apr 2009 21:02:53 +0000

Good points… we should all have goals in place – see my Goal Setting series – and such a purchase of financial move should align itself with our goals. If it has never been a long term goal or dream to own a business then that should flavor my discussion beyond even the mathematics.

Great point to add to this discussion!
Thanks for sharing!
Dave

By: gishfarm

gishfarm — Fri, 24 Apr 2009 16:09:51 +0000

Sounds like good advice.

I would add that it is important for us to understand our motivations for making our decisions. If they are buying the business because it they are hoping it will give them financial freedom they make a different decision than if they are buying it to help out a friend. The goal or motivation for making a decision needs to line up with the anticipated results. (anticipated meaning planned based on some facts, not ‘hoped-for’ results…)

Once you have your goal planned you can begin getting the results you want. Whether that means buying the business to grow yourself, buying it to have someone else manage, buying it to flip and resell quickly, or using it as a loss. Or not buying it at all…

By: Dave Ozment

Dave Ozment — Thu, 09 Apr 2009 00:31:09 +0000

Thanks Stephen! Hey, I hope I get tons more questions like this. I enjoy helping folks and they make for fun posts!

By: Stephen - Rat Race Trap

Stephen - Rat Race Trap — Thu, 09 Apr 2009 00:24:57 +0000

Great story. Thanks for sharing it. I have no idea what I would have done.

Stephen – Rat Race Trap’s last blog post..To Think or Not to Think – Your Fundamental Life Decision

By: MLDina

MLDina — Wed, 08 Apr 2009 19:14:22 +0000

That’s a great idea! Could almost be a completely new blog. I’ll keep an eye out for it.

By: The Almost Millionaire

The Almost Millionaire — Wed, 08 Apr 2009 17:36:03 +0000

What an extremely funny and interesting way to gain a new fan to your site. Do unto others as you would have them do unto you... Very cool! The Almost Millionaire’s last blog post..Pure Michigan

By: Dave Ozment

Dave Ozment — Wed, 08 Apr 2009 03:33:42 +0000

Thanks Sandy…. this is exactly why I decided to turn this situation into an article… I wanted others to weigh in and offer their insights. I hope these folks (and others) are ‘lurking’ and can glean wisdom from the experiences of others.

Thanks!
Dave

By: Sandy

Sandy — Wed, 08 Apr 2009 03:16:09 +0000

Great stuff! i think you did a wonderful job. My gut was SCREAMING "please don't do it". I got into most of my debt from a failed business. If they don't have at least 1.5 years of money on hand to run the business aand their household then they are wasting their time. No bank is giving business loans right now and tapping into home equity is the WORST thing that they could do if they are barely making it. Anyway good answer. Sandy’s last blog post..Why You Should Have A Plan B

By: Dave Ozment

Dave Ozment — Tue, 07 Apr 2009 20:43:19 +0000

Thanks Dina. I appreciate your comments. Yeah, I’d love to hear the outcome to this situation…. I enjoyed thinking through the issue and offering my thoughts. Perhaps as I collect additional questions (directed to me on purpose) I’ll make this a recurring feature!

Thanks!
Dave

By: MLDina

MLDina — Tue, 07 Apr 2009 20:34:59 +0000

You provided some great advice, I don’t think I would have approached it differently at all. Let us know what the outcome is, if the family chooses to share.