Looking for sources of information on business buying and operations

[shaddbarr]

A little back ground on me first. automotive and diesel master tech with a huge range of mechanical experience. currently I am a instructor at a technical institute. I am a military veteran also. I have worked for some of the best and worst shops out there. in the best shops, I picked the brains off the owners a lot. In the worst shops I just observed the incorrect practices not to do. Since deciding to become a business owner I have picked up a second job to pay off all my debt except mortgage to put me in a better spot.

In the mean time I want to educate my self a lot more to better prepare for this under taking. I have decided it would be better to purchase an existing business instead of opening one from scratch. the following is a list of some of the information I am looking for sources on (I.e. a book, video, or personal experience).

1. When I purchase a business I know I can hire an accountant to review the financials (and I will), but I would like to be able to look at the books and be able to see if profits and losses are legit, charge offs, and anything else dealing with the financial information when dealing with an automotive shop.

2. Advertising when dealing a small business. I know what worked for some of the shops I have worked for in the past but it doesn't mean it will work for me, so I would like to read up on the different types of effective advertising.

3. Small business management when it comes to payroll, taxes, and legal ramifications that comes with a small business.

4. Any book dealing with running an automotive shop in general.

5. Any information that will be beneficial to me to prepare to apply for a small business loan.

I have considered taking an online degree course for small business management for some of this information. I have heard this looks better on myself when applying for a loan. does anybody have any experience with these online degree places? I am posting this on a couple of forums to get different opinions on it so sorry if it looks familiar.

[vangogh]

Welcome to the forum shaddbarr . Sorry no one responded to your questions yet, but it sometimes gets a little quiet over the weekend.

I doubt you'll find all the information you're looking for in one or even a handful of books. Not that books won't help, but some of what you're looking to know is only going to come through experience. My point is to understand you won't have all the answers before making a decision.

I apologize, because I don't have specific book recommendations for you, but I know the information you want is out there. For example I went to Amazon and searched for "how to run an automotive business" and found 35 books. Some aren't going to be what you're looking for. You'll probably need more than one book on some of the topics you mentioned. For example advertising, or marketing in general, is something you'll have to learn each and every day. There's not going to be a specific way to market and advertise an auto shop. Much of what you have to do is try something, measure how effective it is or isn't, and then decide if you should do more of the same or less. When it comes to learning accounting, odds are you're going to have to trust the accountant you hire, but a general book or two about accounting for small business will probably be enough to help you know if the person you hire is telling the truth or making things up.

Hope something in there helps. Mostly I wanted to reply so your thread would become active again. Hopefully others behind me will have more specific advice about which books you might like.