Action Step 45: Interview Lawyers Concentrate on those with experience in your industry Contact the state bar and review info on each attorney Interview potential candidates looking for someone you can get along with Discuss fees and costs upfront It may be expensive but there is no substitute for good legal help

Action Step 46: Consider a Virtual Organization & Consider Outsourcing Make a list of people & firms who might assist your efforts Research prospective sources & explore costs Explore joint ventures & strategic alliances

Action Step 47: Interview Questions Understand what is lawful and unlawful All inquiries should be directly job-related Adjust questions to fit job specifications, your industy and the work situation Make a list of the questions you want to ask Prepare a short introduction to your firm and the job to present to prospective employees What steps will you take to share your passion for the business?

Action Step 48: Brainstorm Your Ideal Team What does your business need that you cannot provide yourself? Who can fill those needs? Who can balance your skills? When meeting someone new consider how they could fit in your business Keep looking with new eyes Make a list of potential team members and decide what it will take to have them join your team

Action Step 49: Who's in Charge? Time to Impress Your Business Plan Reader Investors are often more interested in the founders than in the Business Plan Present the balance and diversity of your founding team Write short strong bios for each member of your team Write complete resumes for each major member of your team Write several paragraphs explaining the roles of consultants and strategic partners

Action Step 50: Protect Your Venture 1. Network your way to a business insurance broker and/or your trade association 2. Read information online that focuses on your industry & make a list of questions 3. Review your insurance needs with your broker 4. Discover the cost of insuring your business for the first year & how insurance needs and costs will change as you grow

Action Step 51: Tax and Exit Strategy Planning Review the tax material provided in the text Make a list & print out tax forms you need Read through IRS Guides Make a list of questions - contact the IRS or your accountant for the answers Review Action Steps 1-5 in Chapter 1 & make appropriate changes Begin to develop your formal exit strategy for your final Business Plan

Action Step 52: Access Ethical Positions & Design Your Venture's Code of Conduct Respond to questions in Ethical Issues for Entrepreneurs Have potential partners complete the questionnaire Identify problems & how you will work them out Do you want to be in business with your potential partners? Discuss the Ethical Principles for Entrepreneurs & look for areas of agreement and disagreement How will you solve ethical disagreements with partners? Review The Seven Step Path to Better Decisions How would your ethical decision making change if you followed the steps? Develop your firm's code of conduct

Action Step 53: Spread the Word Contact people to let them know you want to purchase a business Lay out your parameters & ask those you contact to help spread the word Select 3 or 4 avenues to locate desirable businesses for sale Locate 3 businesses and interview the owners Summarize your thoughts after each visit Leave you checkbook at home when you visit Your goal at this point is to explore opportunities, not purchase

Action Step 54: Study a Business from the Outside Tells you if you should go inside Make sure the business fits the framework of your industry overview Diagram the area checking out life-cycle, traffic flow, access, parking & employee pool Take photos of the exterior of a retail business Talk with & analyze neighbors Interview customers to see what they like Check with local authorities

Action Step 55: Study a Business from the Inside Enables you to determine its real worth See what it would be like to own it You are ready to examine hard data Make an appointment to take a serious look Review in advance & have questions ready Do not allow anyone to rush you Leave your checkbook at home

Action Step 56: Probe the Depths of Good Will & Ill Will Are there products will you never buy again? Places of business you won't patronize? Make a list along with the reasons why Ask friends about feelings of businesses they patronize - take notes Study the lists - what are the common components of ill will? Is there a remedy? Learn everything you can about the good will & ill will of the company you want to buy Think about ill will when the sellers wants you to pay for good will & put $$ to the goodwill that exists