What Is The Biggest Piece of Advice You Can Give Small Business Owners?

One of the biggest things I see business owners do when they know they should buy commercial real estate is, they understand how this is such an impactful wealth creation strategy, but they hesitate. They hesitate because, like anything worth doing, it’s gonna take a little bit of work. They’re going to have to dig through their files. They’re going to have to get me three years of business and personal tax returns. They’re probably going to have to work with a commercial real estate broker to find a property. For them, it’s not going to happen overnight and it doesn’t happen like that for most folks, so there’s a bit of effort involved. Some people miss out on this significant opportunity because they just don’t want to go through it. They don’t want to take the time and energy this is going to require to do that, and it’s a huge regret. I once spoke at a daycare conference in front of daycare owners from all over the country. I spoke about how a daycare owner can create wealth for their daycare business separate and apart from doing any tweaks to the underlying business.  I had a woman come up to me at the end and she said she’d been paying rent for over nine years at over $8,000 a year. She said, “Tell me how much of a property I could own by now had I bought a piece of property to put my daycare business in.” We did the calculations and she asked for it so I gave her the answer but boy, she was floored. I guess the happy ending of the story is within 12 months, she had purchased a commercial property for her daycare from me. I had financed it for her and started the process–better late than never. Today is when people should start, but at least, in that case, we eventually got her there and it helped her a lot. I think people have to start today. It’s not as difficult of a process if you work with the right people. If you work with a specialist like us, it’s not as difficult as they may think in their head. It’s a lot easier than what they’ve imagined it’s going to be. 

Leave a Reply

Your email address will not be published. Required fields are marked *