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The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!)
book

The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!)

by Ken Fisher, Lara W. Hoffmans
November 2009
Beginner to intermediate content levelBeginner to intermediate
256 pages
10h 55m
English
Wiley
Content preview from The Ten Roads to Riches: The Ways the Wealthy Got There (And How You Can Too!)
Build a firm to sell or
to endure. Both are
lucrative.
6 The Ten Roads to Riches
to extremes.
One
gown can
run
$20,000 and up, with
hug
e profit
mar
gins.
Thi
s takes a convincin g, innovative brand
-tough
to do!
BUILT
TO
SELL
OR
BUILT
TO
LAST?
Third
key question
-wh
at are your future plans? Is this firm one
you'd like to make last for generations?
Or
is it one you want to
build, grow, sell, and walk away from? Either is fine.
Ther
e's
noth-
ing wrong with building a business you don 't want to run forever.
Some folks w
ant
a legacy.
Oth
ers just want to cash in.
Th
e average
founder wo
n't
want to do what it takes to create a legacy. But l
ot
s of
f
ounder
s have the stuff
to
build a business and sell it for $5 million ,
$20 million, even $500 million, and move on .
Up
to you!
Bu
ilt
to
Se
ll
Building to sell is easier. Succession managem
ent
is less of an issue.
You find some enticing
product
hole or improvem
ent
.
Th
en you
think like a buy
er-
"Wh
at would make so
meo
ne w
ant
to buy me
out?" Answer: profits or profit potential. Also, your business must
be transfer
able-which
means you must be replaceable. Building
to sell may make you wealthy
but
generally doesn't create mega-
wealth- and
that
's fine. R
ememb
er those
Na
ntucket N ectars c
om-
mer
cials? "H i,
I'm
Tom. And
I'm
Tom. We're juice guys."
Th
e
"two Toms" started serving homemade juice to tourists from their
little
boat
in
Nantu
cket in 1989. In 2002,
Cadbury
Schweppes envi-
sioned huge profit
pot
enti al, selling a
bur ...
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Publisher Resources

ISBN: 9780470481554Purchase book