Two months again passed and David called and said, “I need to see you today.” He proceeded to tell me about a Car Wash Soap manufacturing company that was suppose to be making $500,000 profit per year. The asking price was $2 Million. David wanted several things from me. He wanted my opinion of the business, he wanted me to help get the price down to a more reasonable amount and he wanted me to verify the income. It took me 30 hours of reviewing the books and talking to the seller to determine that the business was making only $350,000 per year including what was not on the books. The books were made complicated, intentionally so that no one could understand what was going on.
The car parts and auto parts in your car are like that of any other heavy duty machine. They are durable, yes, and they can take a lot of heat; but they need to be checked and updated often enough. That does not mean that you need to be taking in your car once a month for some fine tuning. Think of your car now as a human being. Human beings can go about daily life doing strenuous activities. Here and there, however, they need to drop by the doctor just for a checkup; making sure that nothing could be wrong.
Some salvage yards send customers to look for their own parts and some of them can tell you exactly what they have in stock. If you go to a yard that requires you to find your own replacement parts take along a friend, a tape measure, and a cell phone. There are a lot of junk cars in the big lots and you are going to need to make sure you do not get lost or injured while you are looking through them all. Since you will not know the system the business uses to store these vehicles it will be easy for you to get confused and miss the ones that might contain what you need.
F. B. Aldric, in your book you mention that you went from working in a ford wrecking yard near me, to managing a multi-billion dollar company. Can you tell the readers how you did that?
If you own a vehicle, you know that, it is not only difficult to have a broken car, but also worsened by the fact that it is very hard to get auto parts to replace the bad ones, especially when it comes to the price and availability factors.
You will be surprised at the service you receive from these suppliers. It is impeccable and once you are happy with what you get for the first time, you can forget about buying spare parts that are new forever, just call up your import auto salvage supplier and he will grant your wish.
Almost the final action – after the negotiations and an agreement has been reached, there is one final action that is vital. Your offer is in, but you are not done yet! Due diligence is required. Here you must get documentation on the financial figures you have been given. You want to verify that what you have been told is indeed the case. Get Profit and loss statements, business tax returns and other important documents. If you have been told that a body shop has a contract with the local city to service all their vehicles, or some such story, ask for and see the contract and verify that a valid contract does indeed exist. Part of this final action is ensuring that you have the advise of a competent professional as well.
What do you do in a situation like that? You have a low paying job and you are driving around a 20 year old (at the time) clunker. What are you going to do in order to get that next car paid for? At least to get the initial down payment you might need to sell it.
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