Building Your Team, Due-Diligence, and Franchises

Question 1

What professionals are good to have on your deal team?

Answer 1

1. Lawyer
2. Accountant
3. Business Broker
4. Real Estate Appraiser
5. Machinery and Equipment Appraiser
6. Building Inspector
7. Engineers/Technicians/Mechanics/etc.

Question 2

What must you keep in mind regarding your deal team?

Answer 2

If they knew everything, they wouldn’t be doing specific jobs. You must be in charge.

Question 3

How are the professionals on your deal team paid?

Answer 3

Accountants prepare tax returns.
Lawyers make contracts.
Bankers fill loan applications.
Business brokers get paid when you buy.

Question 4

Why do you need a deal team?

Answer 4

You need to build a qualified team of people
who work for you and represent your
interests to prevent you from buying a lemon.
A seasoned team can save you and everyone involved in the deal’s time.