Acquiring a new business is definitely a process that requires careful attention. You can’t do this on the spur of the moment, and then expect things to run perfectly, if you haven’t been cautious in the process. Sure, you could undeniably be lucky enough to do things perfectly without thinking about it, but the truth is that you really don’t want to leave things up to chance this way, and that you want to be much more vigilant during the whole process, aiming at doing the very best thing for yourself.
Perhaps this could help: https://www.nerdwallet.com/business/loans/learn/buying-an-existing-business
Anyway, the good news is that you absolutely don’t have to go through any of this alone. Quite on the contrary, what you can do is get the right professionals on your side, and then let them do all the hard work on your behalf, presenting you with great potential deals, and helping you not only negotiate, but also close the deal and complete the entire integration process when the time comes to do that. I am talking about working with an M&A advisory firm, and there is absolutely no doubt in my mind that you understand the importance and the benefits of doing that, as opposed to doing things all alone.
Now, while you do understand the importance of hiring the right professionals, chances are that you may not be sure about how to actually do that. To be even more precise, you may find yourself concerned about making certain mistakes in this process, which is absolutely a legitimate concern. After all, if you don’t know how to do this successfully, making mistakes certainly becomes a realistic possibility – one that you would much rather avoid.
Of course, the good thing is that you can avoid those mistakes. And, the way towards doing that consists of you first getting familiar with those potential mistakes that you could actually wind up making here. Once you get familiar with the potential mistakes, you will have a much easier time avoiding them, because you’ll keep them in mind, and you’ll be careful in your choosing process. Without any more ado, thus, let us now list some of those common mistakes that people tend to make here, all with the effort of helping you not make them yourself.
1. Rushing Into It
First things first, you should never rush into making a choice here. I know that, when you decide to buy a business, you will probably be all excited about it, and ready to do it as soon as possible. And, while I get that, the truth is that you absolutely shouldn’t rush into things, and that you should, instead, take your time to carefully research the different advisory firms you are considering, because the quality of the ultimate deal you’ll get is sure to depend on this.
2. Assuming That All Firms Are the Same
Now, here is a mistake that is closely connected to the one above. And, together, they often lead to people making the wrong choices. In short, I am referring to the idea of you assuming that all M&A advisory firms are pretty much the same, and that you can get the same quality services from everyone. This simply isn’t the case, which further underlines the importance of doing proper research instead of making random decisions and then hoping for the best.
3. Not Checking Industry Experience
Now, while you will remember to do the necessary research, or at least I am hoping that you will, chances are that you may be a bit confused about how to actually do that successfully, and about what it is that you should check. And, well, one of the things you should never forget to do is check industry experience. Thus, when you come across Regalis Capital or any other potential advisory firm, you should remember to check how experienced they are in your particular industry. Working with a firm that understands your industry means increasing your chances of actually getting an amazing deal.
4. Ignoring Reputation
Moving on, the next thing you should never do is ignore the actual reputation of the advisory firms you are considering. A lot of people either fail to check the reputation, or ignore it upon checking it, and you absolutely shouldn’t do any of those things. Meaning, thus, that you should spend some time inspecting that reputation in detail, so that you can ultimately make the right choice and partner up with a highly reliable company.
How can you check that reputation, though? Well, it is quite easy. All you have to do is find and read some reviews that have been written about particular advisory firms by their previous clients. Those are sure to give you a better idea about what it is that you can expect from particular professionals, and that should undeniably help you make your choice.
5. Choosing Based on the Fees Alone
Another thing you should never do here is make your choice based on the fees alone. It is completely normal for different M&A advisory firms to charge different fees for their services. And, it is also completely normal for you to want to get fair fees for those services. Yet, that doesn’t mean that you should just hire the lowest bidder and be done with it. So, do compare the prices, but keep all the other important factors in mind as well.
6. Not Assessing Communication
Not assessing the quality of communication can also result in you making the wrong decision here. So, instead of failing to do this, I would advise you to get in touch with potential candidates and ask any questions you may have, aiming at not only getting answers to important questions, but also assessing the quality of the communication between you and the potential professionals. The idea here is for you to hire those experts that are ready to answer your questions, that are straightforward and respectful, as well as quite transparent with the important info you need.
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More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($75) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $75 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($400/$1200) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $400/$1200 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $75 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
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