Don't Be Joe the Plumber- Naive is No Way to Buy a Business

Joe the Plumber- is he famous now, or infamous. Actually the question I have is whether or not he's actually even a plumber. For that matter, rumor has it that his boss isn't even a licensed plumber.

Anyway, the real reason for this post is to show you how NOT to go about buying a business whether or not it's your boss's business you want to buy from him/her or an entirely different one.

This Joe the Plumber guy probably thinks he can actually get a loan to buy the business. Not going to happen for several reasons including the odds are his boss keeps very bad records and the fact that Joe isn't even a licensed plumber trying to buyout his boss to become a 1 man show. Even with a plumbing license, he is immediately hindering his income because he will now be a 1 man show. Odds are he will end up over paying.

What's the point of doing that?

That said, at least he understands that he doesn't know enough about the business side to actually buy this business at this time. According to various interviews, he knows that being a plumber and operating the business are 2 different skills he needs unless he brings in a partner that is an actual business operations person. This is extremely important for any business buyer to grasp.

The bottom line is that Joe the Plumber and you have 1 thing in common: You both need to be completely prepared to buy a business from all angles before you even start looking.

To help you out, at least visit the business-buying-help.com site and go through each page. It's a great start. Then get on the tips list if you haven't done so already. Lastly, get the whole slew of easy to understand and use tools in the toolkit to have in your arsenal as you tackle your business buying endeavors.


To Your Business Buying Success-

The Business Buying Guru