Daniel Peña - Your First 100 Million
About Daniel Peña
 Daniel Peña, Sr. |
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I first came to know about Dan Pena when Willem - one of my Econometric college friends from the Erasmus University Rotterdam - mentioned his name on a Friday night dinner in a Spanish restaurant in Rotterdam, The Netherlands. After his graduation, Willem was already very successful in the banking world and he quickly grow in work experience (and salary!). I was curious about what he was doing and how he learned to become so successful in a short period of time, so I decided to learn more about this guy Dan Pena.
Quickly I discovered that one of Dan's best books titled 'Your First 100 Million', which I've summarized for you here. In my opinion, he's one of the most experienced people in the area of ligitation, a topic area I didn't know much about yet. So feel free to discover if this book is something for you, and see how it matches your current needs for making quantum leaps (with or without the use of ligitation).
Please note that the following is just a personal summary of the book. To really benefit from Dan's teachings, consider buying the book online including all examples and explanations. There is no other shortcut to success than to digg deep into this subject!
-- Mr. Quintus C. Hegie, MSc
P.S. If you need more help on this then Dan Pena's live seminars may be of interest for you.
Summary
Introduction: Your Quantum Leap Advantage
- Always try to go into business with an unfair advantage.
- Most conventional books on how to become a successful entrepreneur are as flat and lifeless as road-kill.
- Make Quantum Leaps (make millions of euros) and do it over and over again!
- Daniel Peña achieved $400 million in market capitalization in just eight short years.
- Don't let anyone tell you, "You can't do that!" Because you can!
- Begin building your own dream.
1. Super Success - Not For The Touchy-Feely
Super success is not for the wishy washy. Victory in business, like war, comes to the toughest son-of-a-bitch in the valley.
- This is a book about making so much money you cannot count it - you've got to weigh it. This is not a book to help you feel better about yourself. And you have to take risks.
- The seminar circuit subculture are perpetuators of the big lie. The personal motivation gurus are mostly frauds! They tell you what your parents already told you (but you refused to accept). But how many of them are multimillionaires?
- Before you buy your next book or tape, consider the author and ask yourself: "Is this guy where I want to be? Is his success story the blueprint I want for my success? And how did he make his money? In the business arena, or selling books and tapes, and putting butts in seminars seats?"
- If you personally knew the very few high performers today, you'd understand they don't give a damn if people like them or not. They do not tell you what you want to hear... instead they tell you the unvarnished truth.
- To achieve a worthwhile goal you must take action that requires you to pay a price in some other area. You have to give up something to get something. But you pay that price.
- Super success is not for everybody. It isn't for most people.
- Dream bigger. Set your goals higher.
- You must take action to change. Change is absolutely essential. Doing the same things over and over, like you've always done them, and expecting different results, is insanity.
- "Motivation gets you started; habit keeps you going."
- Intelligence has nothing to do with super success.
- Risk is necessary to grow.
- If your business is not growing, but running smoothly instead, then it is dying.
- Do not allow failure to destroy your self-confidence. Keep swinging the damn bat!
- "Double your failure rate, son. Double your failure rate."
- To the high performance person, Fear is False Expectations Appearing Real.
- Trying to please everybody is a surefire method for failure. The people you are trying to please don't give a damn. Be indifferent to what others think.
- Trust your primal intuition.
- Make a decision and never look back.
- Avoid conventional wisdom.
2. The Barrio - And The Castle
If you aren't prepared to die for your dreams, you aren't prepared to live for them.
- One of the differences between man and the lower animals is that we humans continue to evolve throughout our lives.
- There are no real friends in the corporate world — only allies of convenience. There are no acts of benevolence — only strategies which advanced one's best interests.
- Begin with expectations of super success.
- Create order from chaos... and make a killing. Find an industry in chaos, going through the agony of cataclysmic change. Bring order to that change, emerge from the battlefield chaos with a company that provides order and leadership, and you'll make a pot of money.
- The beauties of a joint venture: Others people's money... and other people.
- Perception is reality!
3. Conventional Wisdom - The Loser's Crutch
Do business the way it's usally done — if you're satisfied making the usual money the way the usual morons do.
- Conventional wisdom is almost always wrong. Common sense is the biggest alibi of all for screw-ups caused by using conventional wisdom.
- Before you can create and run a super successful company, you have to re-create yourself. You have cleanse your mind of years of conventional wisdom, and in the void that's left build a personal foundation based on all New Rules.
- The first New Rules is an old one: there are no rules.
- It doesn't matter what the morons say. The definition of a moron or a doofus ("doo-fus") is anybody whose advice or attitude would limit your success potential.
- When you operate under New Rules, you don't give a damn if you repeatedly embarrass yourself.
- New Rules also requires new habits and new companions. Make practice of hanging around individuals who were more successful than you.
- New habits begin with developing the habit of decisionmaking. It's a good way to put decision-making in perspective. Ask yourself when making an important decision: "Will anybody die as a result of my decision?"
- Another new habit is to listen to legitimate warnings. Who can give you a legitimate warning? Somebody who's been there.
- Your personal foundation must include a New Rule about risk. Think of it this way — you're not taking a chance — you're giving yourself a chance!
- "I may be wrong — but I'm never in doubt."
- In order to remove Other People's Money from Other People's Pockets to build your dream, you have to build a gold-leafed perception of value around your company.
- Keep your eye on the vision — and you won't see the obstacles. Building your personal foundation includes the newfound ability to focus on the ends — not the means. Assume success. Visualize success as if it were already a reality.
- "A good plan executed right now is better then a perfect plan executed next week."
- The name of the game in business is revenue. Lots of revenue.
- A high performer is passionate! Passion is required because being a super success is fulltime job.
- "As long as you have to think you might as well think big. It takes the same amount of energy."
- The strengh of self-confidence — and self regard.
- The quickest way to begin your quest for super success is — to take action.
- The best way to predict the future is to create it yourself.
4. Getting Comfortable With High Performance
Success can be as frightening as failure. Begin preparing now for the new style and tempo of life that will come with your success.
- Practice makes... comfort (not perfect). Expand your comfort zone.
- Be comfortable in the environment in which super success occurs. Tell yourself that you are going to be super successful. Being a high performance super success is a learned behavior. An easier way to begin getting comfortable with high performance is through visualization.
- "If you don't think about the future, you don't have one."
- In order to clarify your vision in your own mind, write it on a piece of paper. Visualize the details of your future. Focus so clearly that the day your vision becomes reality, you experience déjà vu. And, you don't have to know how you're going there — but you do need to know where you're going.
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The Five Credos of Success:
- Yesterday's dreams are today's realities.
- See your dreams ahead of time now.
- Simulation: Practice within when you're without.
- Act as if there are no limits to your abilities.
- "Enthusiasm" comes from the Greek word "entheos," which means "god within."
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You can benefit from a mastermind group, to the extent the other members have as much to offer as they are willing to take from this relationship.
Requirements for making your mastermind network work:
- Your members bring to the group different areas of expertise.
- Your members share a similar level of experience.
- Your members work in the same general geographic area.
- Your members demonstrate a similar time commitment.
- Don't select or gravitate toward one individual to become chairperson of your group.
- Your participants must have exhibited more traits of success than your peers and contemporaries.
- Exit the group if the growth process falters.
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Mentors are a quantum leap in wisdom.
The value of the mentor is perhaps the most universally acknowledged truth in the business world.
Most successful seniors are only too glad to pass along their experience to younger people seeking the road to success.
Here's how to solicit a mentor relationship:
- A phone call;
- An introduction;
- Maybe an invitation to a lunch (you pay their bill).
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Use the following mental exercise in negotiations.
It works every time.
He gets what he's comfortable with, you get what you want:
- Determine the other party's comfort zone, i.e. what would they accept out of this deal in order to become comfortable with its consummation?
- When you find the perimeters to that zone, you picture it as a box.
- Inside that box are any number of deal possibilities.
- Place your offer at the uppermost limit of the other person's comfort zone, at the very edge of what you feel (s)he will accept.
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Several recommended requisites for selecting a mentor:
- Choose an individual significantly more successful than you are now.
- Seek a senior person you genuinely like and respect.
- Your mentor should have achieved success in the same field of endeavor as your own, although this is not mandatory.
- You and your mentor should share common interests beyond the business milieu.
5. Building Perception To Become Reality
Super success begins with your masterful illusion that it already exists.
- Never underestimate the power of illusion - it is one of the skills of leadership. Within the bounds of law and ethics, illusion is your weapon to build the most advantageous perception you can in the minds of others.
- Perception is reality in any business. Wherever you find perception, it's absolutely vital for you to look beyond the illusions others would have you take as reality.
- You don't get a second chance to make a first impression. But even more important than that first snapshot of you walking in is the consistency of your impression.
- Dress for the occasion - like the super achiever and high performer that you are. You don't want to look like others because you're probably not like them. So position yourself where you believe people will perceive you as being successful.
- Build an assertive posture of strength in doing business in order to gain and hold the initiative.
- Use eye movements to dominate and control a conversation. When others speak, look them squarely in the eye, but then look away when they listen.
- When you walk into the room, you want those morons to know at a glance, in a microsecond, that their lives and destinies are going to radically change forever because you just walked in. You don't want the moron to feel at ease.
- Carry no business card. Instead say: "Have your secretary call my office. They know where to reach me."
- Associate your company with larger companies in what appeares to be equal joint ventures is a key rung in the ladder of our success.
6. Creating Your Dream Team
"The first method for estimating the intelligence of a ruler is to look at the men he has around him." -- Niccolo Machiavelli
- No matter how good you are, you can’t do it alone. Use two levers to pry open the way to super success — Other People's Money (OPM)... and Other People (OP).
- Begin your search for your Dream Team Board of Directors. Contact senior individuals who are rich with experience and wisdom you can call on. All these people, no more than four or five in number, will inevitably “contribute” contacts.
- Select an experienced chairman first, an individual with an established reputation, though not necessarily in your own industry. The rest of your board positions should be filled with individuals from varying backgrounds who share one common quality. All directors must be “lawsuit-aware” (use lawsuits as a tool to do more business).
- The most immediate benefits your board of directors should bring to your Dream Team are credibility and even prestige.
- Don’t even bring compensation up the first or second time you and your prospective director talk. Mention almost as an afterthought you’d like to offer each director 2% to 5% of your company, depending on the extent of their time and participation involved.
- Sit down and write your Mission Statement. Articulate your vision and the overall strategy you intend to pursue in your quest of that vision. Use magic words like: dominate the industry, major force. Also pull together executive profiles of your directors.
- Work exclusively with Big Six companies from the beginning. Turn your contacts at the Big Six companies into moles, until the moment arrives that you have them join your company.
- Seek out a partner for your venture who you can be friends with. This should be an individual whose skills, talents and temperament complement your own, and fill critical gaps in your own range of strengths. If you give seminars you might find that most of your future business partners come from there.
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Guidelines for selecting and hiring the best people:
- They must have real life experience with their skillset.
- They must have a good solid “can do” attitude (more than credentials).
- They must have an appetite for adventure too.
- They must have a great personality.
- They must be able to surprise you.
- They must be committed.
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Run your potential new staff through the Doofus Test.
Put them in a conflict-of-interest bind or time constriction which requires them to make a decision and take action.
This test shows you:
- How they react under emotional pressure;
- how committed they are to you and your agenda.
- Exponential creativity and imagination by your people will accelerate your achievement of exponential and Quantum growth.
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You’re the leader.
You have to take the action and make the decisions.
In fact, you have three jobs - and they’re all outside the office:
- Kissing frogs.
- Your second job as senior executive is to look for expansion opportunities (deals).
- Find Other People's Money.
- The key to effective management for you as the leader is less control, not more control.
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Four rules for dealing with the staff in your organization:
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Pay your people good money, and they’ll do anything.
Employees place three things at the top of their priority list: money, money and money. -
Never reprimand.
One of the biggest reasons for employee mistakes is lack of information. Knowing this, ask them "What was your reasoning behind taking this action?", "What happened as a result of that action that was not in our best interests?" and "What action would you take next time, given the same circumstances?" -
Train one or more employees for your job.
Bring them into a sense of ownership by having them do what the CEO or owner is doing; involve them in the process, so they'll understand, remember and grow. -
Never make decisions for your employees.
Once you give them the information they need, allow them to make their own decisions. Also give them the responsibility and authority to implement their own actions.
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Pay your people good money, and they’ll do anything.
- "It isn't the people you fire who make your life miserable, it's the people you don't."
- However you approach terminations, remember this rule. When you get rid of someone, never, ever give them a hook with which to get back in.
7. 11 Steps That Make The Deal
You can leapfrog to Quantum success, but you still have to do the deal one firm-footed step at a time.
- Step One: Identify the idea.
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Step Two: Investigate.
More specifically, investigate before you invest time, effort and especially money you could more profitably allocate some where else. Investigation is a search for "red flags." When the first red flag pops up, exit immediately. - If you’re thinking about doing a deal, you need to check out two targets — the company, and the individual principals of the company.
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Step Three: Investigate again!
Re-check your sources for details you might have missed. Then if you’re in doubt about your sources, investigate them. -
Step Four: Commitment to the Idea.
Your partners and your top executives should be required to commit themselves publicly to the project at the outset. -
Step Five: The Preliminary Decision
Your Dream Team, including those with questions or uncertainties, buys into the commitment and makes it their own. -
Step Six: Continue Investigation.
Your investigators, whether staff people or an outside firm, should continue their work for as long as your project is a viable one. -
Step Seven: Formulate Your Action Plan.
This is the blueprint that keeps you pointing in the general direction you want to be headed as you proceed through the process of the deal. Your action plan has two steps:- Define Your Desired Outcome.
- Define Your "Pay-Price-to-Action."
- Modify Your Plan As Necessary.
- Share a hope, share a dream — but never share a doubt.
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Step Eight: Establish Your Critical Path.
Chart the critical path, the sequence of events which must fall into place for you to achieve success. Set up an instrument by which to measure your progress toward that success. -
Step Nine: Follow Up.
Don’t take anything or anyone for granted. -
Step Ten: Execution.
At this point, more than any other, you have to lead from the front. -
Step 11: Repeat Steps 1-10.
Return to review evary detail of every step.
8. The Plan With No Escape
The leader who anticipates the failure of a bold plan, and prepares for it... will fail.
- You must act as if there are no limits to your abilities. Plan for and expect success. You must act as if failure is not an option. That means no backup plans
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Utilize two separate elements of company organization:
- Structure describes the organizational makeup of a firm's being — the form and nature of its existence. Structure requires no human thought to continue to exist. Structure comes second.
- Strategy is entirely different, almost the antithesis of Structure. It requires thought to exist. Strategy comes first.
- The ultimate corporate arena for conflict resolution, short of legal action, is the negotiating table. To win a negotiation — and this is key — you have to make the other guys think they want what you've got more than you want what they've got.
- Skillful negotiators are forceful, persistent, and patient.
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Knowledge of your foe is your most powerful weapon.
Control of the physical elements of a negotiation is also crucial.
Do not accept incoming calls and lock the negotiation room.
Have someone make notes of consessions and details of the deal.
In addition, there are five ground rules for you entering a negotiation:
- Suits required.
- My place. There's no place like home.
- My contract. Always volunteer to draw up the contract. Do not give in, not an inch!
- Nobody leaves until the deal is done.
- Everyone necessary for a final, definitive decision must be present at the meeting — or there is no meeting.
- Don't be afraid to walk out. A dramatic exit is a killer because it's always unexpected. When you get outside, keep walking — and never, NEVER look back.
- If you can't agree to that point in the deal, say so. Say: "This proposal is unacceptable to us as it stands. If you can't work with us to solve the impasse, we'll have to break off negotiations." Without a word, you (together with your associates) gather your papers, put them into your briefcase and slam your briefcase shut. Then you look their senior man in the eye and say, "You can reach me through my office." Stand up and walk out.
9. Offering Lenders The Chance To Finance Your Dream
Borrowing money is like having sex with your banker. You both want it, but he needs reassurance of your intentions. And foreplay.
- The two primary jobs of a CEO are to find money — Other People's Money — and to find deals. Grow your business exponentialy instead of arithmically.
- "You don't pussyfoot yourself to Quantum growth."
- The banker wants to be assured you're going to use your loan to create revenue — so both of you benefit from the transaction.
- Start with locating the biggest banks in town and out of town. Also consider contacting newly opened banks because they are most willing to lend you money (a laydown).
- Approach a branch bank institution with local lending approval power instead of centralized loan institutions, so you application for a loan doesn't get lost or that objectively processed.
- Start with contacting the banks where you are least likely to succeed in getting a loan, so you can practice your presentation and story. Give them a call (preferrably by your accountant) and arrange for a lunch meeting - a smart banker will pay it anyways. Shine through that you are interviewing several other banks as well.
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Ask the following questions to your banker:
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What is your personal lending limit? (Secured and unsecured)
Have your loan just under his unsecured (that is, lower) limit. -
Who do I have to go to for an approval on the next level of financing?
Talk with the person who can approve your loan. -
Are you a centralized loan institution that pools loan requests, or a branch-based lender?
Choose for branch-based lenders. -
Is your bank presently in a lending mode, or in a downsizing mode?
Avoid banks that are not in lending mode. -
What type of ventures do you like to make loans on?
Determine if their policies accept loans for your industry, and how these policies can be altered in your favor. -
What was the last deal your bank turned down? (And why?)
Discover what he is looking for in a lending relationship. -
What was the last $5 million deal you did?
Is he comfortable and skilled enough to deal with big loans. -
Can your institution take me to the next level of my Quantum growth?
How much are their assets. -
What is your bank’s policy on “asset lending” versus “cash flow lending?”
Look for an asset-based collateralized loan or a loan based on future cash flow. -
Are you an interstate bank, or do you operate just within this state?
Prefer an intrastate bank (they are less regulated). -
Could you give me some recent examples of companies for which your bank has approved business loans?
You are interviewing him for references. -
Do you anticipate any conflict with your present banking clientele in handling my banking business?
You ask this question to know the personal situation of the banker, and to know the person you are investing time and energy in on building a lending relationship.
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What is your personal lending limit? (Secured and unsecured)
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Remember these two statements about bankers:
- There is more money out there crying to be borrowed than there are people trying to borrow it;
- Bankers want to lend you money, because that’s how they put food on their own table.
- Talk the right vocabulary. Use words like interview, relationship, partnership, long-term, mutually beneficial and capital requirements, accountant. Avoid words like need money and Cee-pee-a.
- Wear a conservative business suit at your meeting with the banker.
- Take to your first meeting absolutely no information on your financials - no business plan. Figure out the (physical) requirements of the business plan you’ll be preparing, custom-made for the eyes of your banker's loan committee.
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Two ways how a banker evaluates a deal when lending money for acquisitions:
- A cash-on-cash rate of return.
- Payback Period.
- The banker has to become comfortable with one fact: You fully intend to pay back the money he’s going to approve.
- Never share a doubt with your banker.
- The rule of thumb is that if you don't have an answer, never try to bullshit your way through it.
10. More Capital Ideas For Financing Your Deal
The business community offers a universe of funding sources — but not one will ever come to you.
- Practice making financial presentations at least twice a week.
- With banks, you start romancing in May for sex by September. Introduce him to your board of advisers, when he asks for it during your golf session. Remember to save your dead drop presentation for the end.
- Your present bank may be your strongest possibility for a loan. If they won't give you an unsecured loan, get a new bank and more all your finances to that new bank.
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Know the types of finance and capital:
- Long Term Debt vs. Short Term Debt
- Secured Debt vs. Unsecured Debt
- Guarantees
- Lines of Credit
- Understand that you make the rules.
- It pays to stay in touch with your banker every two weeks or so.
- Take out a loan and roll it from bank to bank; this rotation of your loan and the act of paying it off will give you a track record as a reliable lender with several banks.
- If you cannot finance through asset lending and cash flow lending, try for what is called receivable financing.
- Equity financing is more advantageous than debt financing, but do not drop your own share below 50% before your Quantum Leap Dream is paying of (so you remain in charge of making your dream come true).
- Venture Capitalists are another source for financing, but from the beginning you must insist that venture capitalists communicate with you clearly and make firm decisions.
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Issuing bonds is another way to get financing, and they come in different varieties:
- Subordinated convertible bonds or debentures
- Royalty bonds
- Zero coupon bonds
- Yet other sources of capital are insurance companies and pension funds, Angels and private foundations.
- When you take your company public you are probably going to lose total control of your dream, but you will leave with lots and lots of cash at the very least.
11. Acquisitions - The Secret Of Quantum Growth
For the high performer, arithmetic growth is unacceptable. Geometric, exponential growth is demanded.
- The only success in life, and especially in business, is that which you can quantify or measure.
- Internal growth is arithmic growth - that is, less growth than you can be. Quantum growth, the kind of warp speed financial performance which grows geometrically, is only achieved through external growth - that is, equity transactions.
- "Money talks and bullshit walks."
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Approach your first business acquisition knowing in advance the three greatest personal hazards you face:
- The depth of personal commitment required.
- The total financial risk involved.
- The degree of stress you must endure.
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Take some quality time to define exactly what business you want to acquire:
- Look for a business in which you already have expertise.
- Do what you like as well.
- You want to make your acquisitions in an industry which is fragmented, and dominated by mom-and-pop companies.
- You want industries that enjoy a 20% to 40% margin.
- Find a niche no one else is consolidating.
- Your acquisition must be something on the order of a large manufacturing firm or distribution business which will catch the eye of investment bankers.
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Next, locate, analyze and compare likely prospects:
- Begin by scanning the "Business Opportunities" sections of your local and regional metropolitan newspapers and The Wall Street Journal.
- Contact local business brokers, and explain exactly, in writing, what you’re looking for.
- The most direct approach is to contact a list of qualified companies directly.
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The first questions they’re going to ask, at least in their own mind, are:
- "Who are you?"
- "How do I know you can run my company the way it should be run?"
- Make the other side part of the transaction, so that his net worth increases. Give him cash and/or stock, or limited time consulting fee.
- If the other party does want to sell, you can acquire (buy) his outstanding loan at the bank. When you take over his debt, you can demand full repayment... and start negotiating. (Make sure your own lending document specifically forbids purchase by a third party.)
- Assume the high road deal initially, but as soon as the other party hints at litigation, start sueing (don't threaten to sue, but sue immediately).
- You want a company which has shown steady increasing profits over at least the past three years. Continuity of operations, and the strength of that continuity to generate increasing profits, is what you’re buying. Accept nothing less in ROI than 20%. You want a company with a broad customer base.
- Do not trust the book numbers, because they are made to perfection. Instead look for red flags - walk away when one pops up. Do some investigation yourself. The deal is either hot — or it’s not. Period!
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The prospective acquisition scenario revolves around listening very well:
- First have dinner with the CEO - and the CEO only.
- Then, preferably the next morning, have breakfast with the company’s Chief Financial Officer or its equivalent.
- Afterward, by prior arrangement, spend the morning talking to employees from several departments.
- Have lunch with a partner in the company, or some other key executive, as you continue to build your picture of the company.
- Finally, try to invite the marketing and sales people, always a gregarious bunch, out for a few drinks after work — on you, of course.
- When you’re satisfied with your investigations, and the deal looks good on paper and feels hot, it’s time to send a letter of intent which spells out the specifics and gives you an option to buy at a certain price. Conclude your letter of intent with a sense of urgency.
12. Your Grand Exit - Dying Or Selling
"Some long for the glories of this world; and some sigh for the Prophet's Paradise to come. Ah, take the cash and let the promise go..." -- Omar Khayyam, The Rubaiyat
- Unless you’re thrown out by your own shareholders, you have two exit strategy options — die or sell.
- The best reason to sell a company is to free up assets and turn equity into lots of cash.
- You as a company owner need to pull money out of the company to pay yourself, so you can begin to enjoy the lifestyle that you and your family have earned. Put the money aside for you and your employees so you can pay deserved bonuses in all business conditions and cycles.
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There are four universally accepted means of valuating a company:
- The Asset Approach based on fair market values
- The Income Capitalization Approach (a.k.a. discounted value of future cash flow)
- The Market Comparison Approach
- The Gross Revenues Approach
- The “Here’s How Much I Want” Approach (not recommended)
- You want to sell your business in a strong (sellers) market. Monitor the waves indicating the strong market — the economy, your industry, your company.
- 'Clean up' (repair, clean, renew, redecorate, etc.) your company before selling to leave the prospective buyer an emotionally right feeling.
- Update your organizational structure and procedures (i.e. salary guidelines, board meeting minutes, job descriptions).
- Assemble a distinguished board of directors, if not already done.
- Design corporate literature (full color brochures describing your business processes to the lay-man).
- Clean up your financials and enter an acquisition with an audit by a “Big Six” firm.
- Strengthen and lengthen contractual agreements with both suppliers and customers.
- Maintain all the data a prospective buyer looks for as evidence of an organized and efficiently run operation.
- Buyers who see a working system of controls in place are more likely to pay a premium for the company.
- Install a transition management team.
- Clean up your lawsuits.
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There are four basic ways you can structure the sale of your business:
- the purchase of your corporate stock for cash and/or other considerations; and you pay taxes on the purchase price;
- the acquisition of your stock in a tax-free exchange of stock;
- the taxable for purchase of all or a portion of corporate assets cash and/or other considerations;
- the acquisition of all or part of your assets in a tax-free exchange of stock.
- The time to begin thinking about your exit strategy is at the beginning of your entrepreneurial experience. Think of your dream company as a stepping stone, not as the end product of your dreaming.
13. Take Action Now! - Or Never
If you take no action to begin your Quantum Leap within 21 hours of finishing this book, you never will!
- Get off your dead ass NOW!
Links
If you liked my personal summary of this book, please consider visiting the following website to learn more about the author and find instructions on how to buy his book online.
- Official website of Daniel Peña
- Why Litigation Is Nothing More Than A Business Tool - 26 Unbreakable Rules of Litigation!
- Dan Pena on Twitter
- Dan Pena on LinkedIn
- Dan Pena on FaceBook
Posted on 10th February 2008 by Quintus Hegie
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...and much more that won't be mentioned yet to not spoill the pleasant suprise!
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