this newsletter is written as a general dialogue as regards to “Due Diligence”. it's miles for informational functions and no longer meant to be a definitive guiding principle for your specific state of affairs. You must consult the correct specialists with regard for your specific transaction or state of affairs. in addition, this text is in no way advocating, suggesting or implying that anyone engages in any kind fraudulent sports in anyway. those are certainly the matters a buyer must be privy to whilst doing due diligence in client a commercial enterprise.
You spent months locating the right enterprise. the vendor says that you can't pass through what the tax return shows however the business is making a number of cash, and he can show it. Your inspection of the earnings and loss statement shows that sales were increasing slightly within the previous few years. maximum critical, and the fine news of all is; the fee is right! Does it sound too exact to be real? i'm sorry to inform you this, it in all likelihood is.
I suppose it turned into Benjamin Franklin who stated, “A fool and his cash are soon parted.” Mr. Franklin need to have known a lot of business customers. when buying home equipment that smash in a month, it costs you some greenbacks. whilst you go to a change meet and are cheated due to the fact the solid gold watch is sincerely gold plated, it fees you a few hundred dollars. when a used vehicle salesman cheats you, via promoting you a lemon, wherein the speedometer has been became again 100,000 miles, it charges you some thousand dollars. Getting cheated buying a commercial enterprise can value you many heaps to hundreds of heaps of greenbacks. The best investment or purchase that I realize of wherein you could be cheated out of extra money is in the vicinity of actual estate. real estate fraud can runs into the loads of hundreds of thousands of dollars and does. you'll be bowled over at all the people between 1875 and 1950 who saw commercials for top real property in Florida and acquired swamp land. What about prime Louisiana seashore front with Alligators dwelling outside your front door? i've written a series of articles on fraud and it keeps getting bigger and larger.
i am hoping that the point is made. in no way buy a commercial enterprise on someone’s phrase. virtually, you should in no way buy something on a person’s word. affirm everything, believe nothing and remember that you're still going to discover things, after the close of escrow, which goes to marvel you. A comparable instance is one recognised by way of every agency. A group of workers worked for a company for 4 months and complained to the non-public officer that the job became just too difficult. He stored complaining that he wanted greater training and lower quotas. You feel sorry for him. You communicate to him and communicate to him about it. You concentrate and consider all of the excuses he offers you for poor manufacturing. sooner or later he stop, blaming you for some thing that you did, this simply before you had been going to surrender and hearth him. then you started out to take over the paintings of finishing his incomplete initiatives. you're stunned, as you always re, at what he did wrong and what he had covered up, that he changed into not doing. that is what occurs whilst you buy a enterprise. You find out all the actions that the seller, now not his personnel, had stopped doing, from the day that he decided to promote the organization.
Many groups are doing properly. once in a while the proprietors have personal matters happening of their home lifestyles. sometimes they have clinical issues. many times the business is not doing well and the seller is annoyed. it is very common for a dealer to work hard to build his commercial enterprise, but due to many reasons, it doesn’t produce what the seller wants. He gets annoyed and sooner or later he offers up. that is usually the day he calls that enterprise broking he met and asks the huge query. How long will it take you to get me out of this place? In his mind, he is long gone. He just counts the days until he bodily walks out.
Have I scared you? correct. there may be a plus side. it's miles worth all the grief which you go through to shop for a business whilst you get in to the drivers seat, put all the advertising moves into area and begin riding your personal business.
In 2000 I had a client purchase a car wash soap manufacturing commercial enterprise for $2 Million bucks. the vendor swore it was making $500,000 profit according to yr. Due Diligence confirmed it changed into handiest making $three hundred,000. while offered with the auditors document, the vendor claimed the audit was wrong. The buyer offered the employer, knowing he changed into overpaying for the commercial enterprise. Why? He had completed his studies at the manufacturing department and income department. He went out on the deliveries with the drivers, and met clients. He determined that he should double the sales and earnings within 12 months. After he offered the enterprise he found two matters to be genuine. The income turned into $300,000, as my audit observed. He may want to double the income and profit within one year, and did. the vendor tried to screw the buyer, but in the long run, justice was served. the vendor screwed himself extra than he screwed the client by now not jogging his commercial enterprise effectively. If he had he could of bought it for loads more than $2 Million dollars.
adequate, sufficient with the fun tales for now. lets get right down to the details of what to search for while doing “Due Diligence.”
Due Diligence defined:
The phrase consists of words. “Due” which the dictionary defines as “proper or good enough” and Diligence, which is defined as “degree of care or caution expected of someone. specifically as a party to an agreement.” caution: is the watchword in this definition.
economic Statements – What to look for:
upload Backs:
If you got the enterprise via a business broking you ought to have obtained the commercial enterprise financial statement with a separate worksheet displaying adjustments to the ones statements. those changes show the owner’s benefits acquired from the business except the earnings and profits he receives. those also can be defined as private costs that want to be introduced returned to the earnings. Depreciation, earning taxes, interest rate are add backs that aren't personal. non-public includes such things as circle of relatives car expenses, proprietor life insurance, proprietor health insurance, commercial enterprise enjoyment that changed into no longer in reality spent on customers, business trips now not honestly for business, domestic office prices, family mobile telephones and much tons more.
Make the seller show you the info on some or all of those prices to confirm that they may be surely non-public and no longer in reality enterprise fees that shouldn’t be brought back to earnings. Spend time asking distinct questions with the general ledger in the front of you. undergo man or woman expenses and what they mean, until you completely understand what is being delivered lower back and why.
stock:
inventory of resale merchandise should be checked for two motives. One is you need to pay for it. Be cautious, you do not need to buy products that is antique, worthless and no longer saleable anymore. most effective pay for current marketable product. The price you are assume to te pay for the stock is the seller’s price. The price for old sluggish stock is negotiable. continually spot test the price and remember the products indexed at the inventory list. Do human beings positioned down that there's 3 of an object when there are simplest ? Of path, mainly when they think nobody goes to be checking them out. evaluating expenses from buy invoices is the way you take a look at prices. You can't test every object towards the real fee however you could do 5% of the objects. pick out at random, no longer by way of any idea made with the aid of the seller or others. in case you do no longer recognize how marketable the inventory is that you are shopping for, rent an professional, from that industry. Your broking need to be able that will help you in locating a person. Do no longer be reasonably-priced, and think you do not need to spend the cash on an professional adviser. i'm able to take a lunch guess that they will pay for them selves usually over.
the second one cause for checking stock is if a supplier doesn’t take stock as a minimum yearly and adjust his stock fee in his accounting facts, correctly, the profit figure you are receiving will not be correct. probably, the higher value of goods offered, the lower the income. some business proprietors lessen the stock fee on the books, deliberately, to a lower fee on the way to make the business show a higher cost of goods bought, which then creates a smaller taxable earnings. if they do this 12 months after year, the profit may additionally or may not be correct for the contemporary year. it would take a CPA to determine this one out for you, in case you do no longer have a historical past in retail.
device price:
next factor to check on the financials is the real, modern-day price of the gadget you're shopping for with the commercial enterprise. The balance sheet would possibly, if it suggests all of the gadget the employer owns, give you the fee of the device when it become purchased. in case you are shopping for belongings as opposed to coins waft, the gadget valuation will become extra vital. nobody desires to overpay for used device. additionally test that the gadget works and is sincerely being used in preference to sitting behind the building with other junk.
coins income:
If all earnings is being said, take a look at income extent sports that you have determined against the each day statistics for the duration of your “Due Diligence” to look if the quantity corresponds to what turned into stated final year in the same month. in case you see income of $500 in step with day however the vendor shows sales of $1,000 in step with day, you want to discover why. some clever consumers sit within the business all day, watch the income and observe the sports of the body of workers. This works if the vendor isn't setting on a full fledge manufacturing fraud for you the buyer.
Fraud:
How does a seller defraud a buyer on cutting-edge sales pastime tiers? dealers who hold poor data or no records, commonly, endorse the buyer doing a fifteen-day visible inspection. This enables but it's miles very dangerous to rely solely on physical inspections by myself due to the fact the seller can still defraud the buyer. right here is the most famous of the testimonies i have heard through the years.
vendor owns a dry purifier. The customer and dealer have opened escrow and the deal is situation to a 15-day physical statement period. the vendor doesn’t need the buyer to discover that enterprise quantity could be very slow. the vendor tells all his friends to convey their dry
cleaning in to the store for a two-week length, at no charge. they carry within the apparel, get it cleaned, pick out it up and pay for it. Later the enterprise proprietor meets the customers and reimburses all of them for the value of their dry cleaning. The day after escrow closes all that commercial enterprise visitors stops. think it in no way takes place? The same is proper of restaurants. dealer tells all his pals to bring all of their pals in for a free meal. customers pay the bill and a while later or at home, the commercial enterprise proprietor reimburses all of the customers for the value of their meals.
real time sellers spends operating:
decide what number of hours the seller surely works. you're shopping for an profits flow based totally on a known quantity of hours of labor. ensure the seller isn’t working 80 hours and telling you he is best running 40 hours, in keeping with week. I had an absentee fast food owner inform the customers and me that he labored part time - 5 hours in step with week. closer inspection confirmed he was operating 25 hours according to week. One auto repair supplier, we’ll name him Bob, stated he in no way turned into on the business, because he had a second complete time activity. Inspection determined he turned into working 30 hours a week (four plus hours each night, and eight hours on Saturdays).
find out what task features the vendor does:
Get a listing of capabilities that the vendor does. Is considered one of them bookkeeping? from time to time the spouse does the books component time and that is in no way said. once more you can find the proprietor does the bookkeeping, at domestic, every night, for a further hour. In an vehicle repair store, you could discover the owner is doing vehicle body repair paintings, for my part, on Saturdays, that's paintings which you, as a consumer, will by no means be capable of replica. You want to make certain how to do every job feature that the vendor does or examine them. The time to discover what technical expertise you want to need to take over the commercial enterprise is whilst you are doing all of your research, now not the day after escrow closes.
Verification of things that aren't on the economic Statements:
it's miles a common prevalence that agencies do no longer file all of their profits on their financial statements. sure, that is proper. Many human beings do no longer, in reality, record the truth on their tax returns. In fact, while i'm speakme approximately small retail or carrier groups that address the public directly, I discover it's miles over ninety%. “Will the humans with an honest set of books, please depart the auditorium. There are golf carts outdoor waiting to chauffer you domestic. You do no longer need to listen this.”
The stability of this newsletter will talk how a customer would possibly do their “Due Diligence” for different styles of businesses. those sorts of corporations include restaurants, vehicle repair shops; real property offerings contractors, non-actual property repair/ services, and retail stores.
restaurants- Non-Franchise:
eating places compose over 25% of all companies on the market. This isn't due to the fact they all pass broke, as the SBA reports. it is because 28% of all retail companies are meals carrier or meals income. it's far the most important segment of the consumer market. because it's miles a retail purchaser enterprise, it offers in 33% coins. every unbiased-non-franchise food carrier enterprise i've been into suggests zero income on the books. some even cross overboard and display a tax loss. it is due to the fact they do simple tax making plans that does not require an MBA degree to parent out. If the business doesn’t display all of its coins, or any of its cash, the costs will same the reported income. This by myself makes it appealing to many customers. we are able to now not talk the moral problems of this attitude; it is what it's far. What we've to discuss is how do you, the customer, can prove that the enterprise is making a profit? And if it's miles, how an awful lot?
restaurants come in two categories. 1. speedy meals-counter sales. 2. sit down down. rapid food restaurants have computerized coins registers that record the income into its pc, which has a reminiscence. This memory has each day totals going returned to the beginning of the computer’s history. most owners near out their coins registers at the end of the day and print out the tape of each day’s activities. this doesn't robotically wipe out the statistics for the day. The laptop does, i'm instructed, have a delete button on it permitting the owner to wipe out the overall reminiscence within the laptop, within the event of an audit. i've additionally been told, but do no longer consider, that an electrical blackout can wipe out the reminiscence inside the laptop and that is why one dealer said he couldn’t give me access to this information.
If we're speaking approximately a sit down eating place income data, you can use the each day order price ticket, which might be then imputed into the laptop. This offers three resources: tickets, computer and daily tape totals.
while this statistics isn't available, for any reason, an skilled restaurant consultant can inform you the income sports simply by using inspecting the eating place and counting the quantity of clients ingesting at 4 key instances in a day, and on numerous key days in line with week. Then the representative can figures out what the common sales price tag amount is. With this facts like magic the consultant is aware of the gross income determine, for the 12 months.
A double take a look at technique for restaurant experts is to then look at the food purchases and its charges and can verify that it fits the actual income figures. One representative that was employed to review a Johnny Rocket eating place for $7,000 did the audit and put together a advertising application for the buyer. The advertising software included transport and catering. each of which do now not generally show up on the automated coins register.
restaurants - Franchise:
you would imagine that franchise restaurants facts would be very correct due to the fact the franchise agency receives a percent of the gross profits. the larger ones join up to the person franchise and recognize what is going on quicker then the owner. As said above, the only sales that can be made and now not declared to the computer are catering or shipping orders, which may be completed with out ringing them up.
some franchises do now not hook as much as the character franchise computer systems and do not do audits often. This permits the franchise to record reduced earnings to the enterprise and the IRS. In case both comes to audit, they press the delete button on the computer. in case you as a client can get get entry to to the pc you recognize the numbers are accurate even though they're now not complete. it's miles impossible for the personnel or the owner to exchange the pc statistics. The facts can best be deleted. again catering and take out might not be at the computer. theft from employees can simplest be in the shape of one. personnel that provide loose food to pals. 2. personnel not ringing up an order, that is tough whilst agencies placed up symptoms pronouncing, “if you do not get a receipt, your order is loose.”
some sellers are so paranoid of the IRS, they're now not willing to expose everyone their private facts or pc tapes for worry that the buyer will be an IRS agent. My personal opinion, and what I recommendation dealers to do, is to get their books felony and honest and hire themselves a exquisite CPA, like Donald Trump, and use each prison trick inside the book. Martha Stewart didn’t go to jail for interior trading. They got her on lying. There are felony methods to avoid taxes so that fraud isn't important. if you cannot find a right accountant, i'm able to advise one.
in case you ask a person "Are you a government worker or IRS agent?" and they lie to you; that is probably taken into consideration entrapment and a great possible defense in court docket. but, I ask you. Is it really worth the grief?
The normal motion of sellers, in this example, is to require that the consumer take the commercial enterprise primarily based on the recorded data and guess as to how worthwhile the region certainly is. this is a totally difficult state of affairs for the agents and buyers, considering sellers do now not fee their commercial enterprise based on these mentioned numbers however base their fee on the real numbers.
i am hoping that is of some assist to you in doing due diligence on a eating place you might be interested by buying.
automobile repair shops:
car restore shops are almost as bad as restaurants with regards to below-declaring coins. The everyday procedure for most, i have run across, is to claim best the exams and credit score card fees. The cash they put into their pocket. the good component, in doing audits is that almost each this sort of owners continues their work orders-invoices. those are kept in monthly manila folders and placed into a drawer or report cabinet. They never inform you that they maintain those statistics, however they do. They even tell me, because the broker, that every one backup documents had been destroyed, but they may be no longer. when I insist that they can't sell their enterprise with out presenting these invoices, they tell me in their lifestyles. With the income invoices an audit of earnings becomes easy. because the sellers preserve them in a manila folder with the aid of months, you most effective have to choose month-to-month folders at random and overall the actual invoices. Then evaluate them to what the “nation Board of Equalization” record says and calculate what number of the full become declared. in case you try this for a few months, a sample will increase. some sellers have even run a calculator tape of the month’s sports and/or written it in a private ledger. you can test the actual bill tapes against the personal ledger data to verify the personal ledger statistics is correct.
actual estate offerings/repairs Contractors:
actual property carrier contractors consist of new creation general contractors and sub-contractors, contractors that come to your private home to offer repairs on your private home (plumbers, heating and air-conditioning contractors, gardeners, landscapers, termite corporations, roofers, carpet cleaners, cupboard re-modelers, carpet/drapery shops, tile stores, pool service vendors, pool set up contractors, landscapers, etc.) those contractors, if the proprietor does the work himself, do now not hold their task tickets-invoices after they're paid for their offerings, in cash. If the organization has service guys, then the proprietor is commonly the dispatcher or other administrative individual. In this case seller, most in all likelihood, could have stored all of his invoices, if you want to be capable of appearance up previous records records of their clients. They won't have recorded the income on their statistics however they may have the primary information. Theses information may in a complete mess, however the data do exist. in the event that they do no longer, then purchase the enterprise primarily based on what the vendor can prove to you, or what you can fairly estimate primarily based on how many of the business you believe you studied is coins. What they're most effective going to show to you is the total of assessments and credit score card fees, that's what the seller has declared on the tax go back.
Non actual estate repair/ services:
Non real estate restore/provider companies include things like huge and small appliance maintenance, barbershops/hair salons, nail shops, rub down parlors, health clubs, pet grooming, wedding photographers, and film theaters. these businesses normally do no longer even write up a ticket so until a crucial coins sign up is used for recording profits there will be no document in any respect. again this is like a eating place with coins sign up tapes. If the work is achieved at the patron’s vicinity, then you definately take a look at the serviceman’s truck time table. in case you only have some paintings statistics, from some paintings carried out within the field, you may decide what the average restore dollar quantity is and then if you calculate how many calls are made on a mean day, you best ought to multiply the two numbers.
If we're talking about hair salons, nail shops or barber stores we are able to acquire statistics approximately how many chairs there are, how many chairs are rented on a weekly bases and what lease the proprietor is gathering. If the technician is not paying lease then they are on a commission split. in case you recognize the condominium income and the income split you are nicely in your manner to figuring out the actual profit of this sort of enterprise. recollect to ignore the profits of the owner because you as a hairdresser or non-hairdresser proprietor could not get the profits of the old owner. The antique proprietor will probable rent space from you so you handiest add every other rented chair to the earnings.
Retail shops:
A retail shop is a store that carries an inventory of merchandise that they resale. once in a while they provide installation, which then might put them into the carrier organisation in place of a retail keep. the primary difference is that they promote a product rather than a carrier. This consists of the whole lot from domestic Depot, puppy shops, apparel shops, gift shops, supermarkets, vitamin stores, and signal stores. Retail shops have coins registers and day by day tapes in their sales. this is dealt with similarly to a eating place and ought to be audited inside the identical manner. (See eating place segment Above) similarly to the coins check in information, you furthermore may have buy facts, which may be studied to determine the cost of the products as a percent of the promoting charge. With this relationship-percentage of fee to sale rate regarded you can calculate either the value of products sold or gross income if you have both first of all. a few smart owners buy some merchandise for cash for you to save you a tax auditor from catching them by way of the usage of this identical way. If the seller does this, he'll admit it to you, in case you ask.
while All Else Fails With a Retail enterprise:
The best manner to shield your self is disclosure so you have grounds to sue for fraud. Make the vendor positioned the actual income numbers, price of products percentage and any other data you are given and can not record down on a bit of paper after which have the vendor sign and date the paper. If after the close of escrow you find the seller lied to you, the record will give you grounds to sue for fraud or misrepresentation. The essential issue is have the ability to expose a decide in writing what the purchaser told you and to have the ability to reveal that he did this in writing. If the seller advised you but by no means did it in writing you can not prove it. “If it isn’t written, it isn’t so”
medical Professions and Non clinical experts:
specialists are a form of provider commercial enterprise; except they fee a higher hourly price and they should hold affected person/patron documents. the general public pay their experts by way of credit score card or test, due to the fact these prices are normally tax deductible as medical or economic advice. If the vendor doesn’t claim all the earnings, ask what again up facts there are. clients usually get receipts for services and payments. There are records, find them and you will have all the earnings.
when all else fails in Figuring cash earnings:
if you have observed all of the sooner recommendation on documenting coins profits and they in fact do no longer have documentation, you are in massive trouble. you may have reached the end of your rope. you now have choice left. 1. walk away. 2. if you still want to shop for this commercial enterprise I only have one ultimate idea. It is not idiot evidence however it's far a technique. coins seems to be about 30%-35% of general sales. you could make this assumption to give you a real overall. upload 50% to the sales showing on the books, this amount is from credit score cards and check income. This isn't always an actual technological know-how; it's miles only a close estimate. coins income ought to truly be everywhere among 25% or 35%. I in no way figured it that close.
cash costs Verification:
when you think about unrecorded cash transactions we typically think about undeclared earnings. Undeclared income is the largest category, but now not the simplest one. the other is coins fee not deducted at the books. the largest expense item in this category is cash payroll.
Unrecorded cash Payroll:
In an try to lessen the payroll cost, commercial enterprise owners can pay some of their group of workers’s payroll in coins. Why would they try this? Workman’s reimbursement insurance, FICA Taxes-employer and worker element - Federal and kingdom income Taxes. Any accountant would scream at his client “you are lacking out on a prison tax deduction.” permit me provide an explanation for why a person could forego the tax write off through paying cash expenses.
when you pay an worker $a hundred.00 in line with day, at the books, the worker gets about $70.00 net on his check. in case you deliver him $eighty.00 in coins, he's glad. He doesn’t should worry about going right into a higher tax bracket.
The organisation has to pay approx 10% to cover the employers FICA and other Federal employment taxes. You, as organization additionally have the workman’s reimbursement insurance top rate. If we are speaking automobile restore mechanics repayment coverage by myself fees 15%. If we are talking new actual property construction people we can be speaking a price price between 25% as much as 120%. A roof repairer’s repayment top rate is greater than his gross revenue. shall we look what payroll taxes price for a everyday employee. the car mechanic coverage rate of 25% is brought to the ten% Federal charges plus the wages deliver us an cost that equals one hundred thirty five% of the wages. This comes out with the enterprise paying $a hundred thirty five.00 and the worker receiving $70.00. there's a lack of $65.00 in line with day in step with employee. some employers could alternatively store the $sixty five.00 and no longer get the earnings tax deduction for the cost. additionally with all the unrecorded coins the commercial enterprise suggests, it isn’t vital to have a loss at the books, when you consider that there is no want for greater deductions to lower taxes. The commercial enterprise is already not paying any taxes.
due to the fact there's a hazard that an worker is probably injured and document a declare below workman’s compensation coverage, it's far common among small organizations to show part of the wages on the books and the stability in coins. this means that an worker earning $40,000 in keeping with 12 months would possibly have $18,000 recorded on a W-2 shape, growing a completely low federal tax charge or no tax due at all. because the worker is being paid a part of his wages on the books if he is injured on the task he is completely insured for injuries with country Workman’s repayment Fund, nation incapacity funds, nation unemployment insurance and all Social security blessings. A win-win for organisation and employee, although no longer for the government. As a consumer you should determine all this out, and regulate the charges consequently.
Unrecorded working fees:
because owners are amassing a lot cash, they want an area to spend it. if you make a first-rate buy, you can't simply stroll in and pay coins for a vehicle. The IRS might be notified of this cash transaction. owners with a number of coins pays for all maintenance, gardeners and the whole thing for the home that costs much less than $10,000, in cash. Why $10,000? this is the recording cut off that a supplier or bank is required to document whilst receiving price range in cash. If a commercial enterprise owner nonetheless has an excessive amount of coins, dealers will start purchasing enterprise fees. They begin with the prices where a service guy gives a discount for cash. i discovered eating places that were paying for the hood cleaning service in cash, partially due to the fact they were given a discount for paying in cash. via asking the perfect questions, you may discover what is being paid in cash.
Unrecorded hard work:
because we are speakme small businesses, the wife is available in to the commercial enterprise full or component time. one of the children may additionally are available in to paintings element time. You should be aware of those employees who might also or may not be paid. this is any other form of cash payroll. if you have to replace those humans with paid personnel, those expenses need to be calculated in to the adjusted income and loss calculation. .
once in a while the family member is being paid some wages however now not complete market fee. The adjustment continues to be wished but in this situation only by using the difference between actual payroll and the truthful marketplace payroll quantity.
end:
it's miles a tough life while you own your personal business; you work lengthy hours. Many people experience that is better than the alternative, that is to paintings for someone else, pay high taxes, never understand if you will be laid off and after years of hard paintings, never have whatever to expose for all of it.
in case you are going to buy a commercial enterprise with your tough earned cash, you want to make certain you get what you paid for. Many human beings accept as true with it's far all proper to cheat the taxman however in any other case are very honest residents. Others experience it is all proper to reasonably-priced any bad sucker that comes alongside. Don’t be a sucker, do your due diligence and get what you paid for.
Then build your new commercial enterprise into something you could be pleased with and revel in. while constructing your new business make a factor to examine the whole lot you can approximately Tax planning, tax avoidance and decreasing taxes legally. I started in university mastering approximately the tax codes, and there are so many ways to save taxes legally, you would by no means consider it. you'll sleep better at night time, I promise you. Then 10-20 years from now while you want to sell your enterprise, you could ask pinnacle greenback and get it. This because a purchaser can do a easy due diligence and recognise that your business is doing precisely what your books say you are doing.
DO YOUR DUE DILIGENCE and buying your personal business may be a pleasant and worthwhile experience!
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