Heads up, you know darned well that you have to do something with your money. Something besides enjoying your weekends and getting your hands on the latest electronic gadget. That something, as you have probably already figured out is about getting up close and personal with the world of investments.
Something most rags-to riches stories have in common is that a good budget is always needed to help anyone achieve financial security. If you want to significantly improve your credit, you have to learn how to pace your spending and increase your savings.
As we move towards the close on the sale of a Refrigerated Motor Carrier it comes to mind the various issues that can occur during the contract / due diligence period and how to avoid them in the future:
a. Negotiate your LOI closely and with detail, as much detail as can reasonably be put into the document. This closes the gap between LOI terms and contract / due diligence.
b. If at all possible get a schedule in place for the due diligence period. Keeping everyone on track and targeting a hard date.
c. Extended closes rarely close. A long closing period, one that is greater that 90 days is often a sign of a reluctant buyer. Tight fast closes with everyone on task are the best unless there are legal and regulatory filings to be completed.
d. Stay in the “Loop”, intermediaries are sometimes cut out of the contract process, This often leads to un wanted surprises such as a “blown deal” or a fee cut at close to the banker.
e. KNOW YOUR CLIENT! Spend extra time in the due diligence so you understand each line item of the financial statements and the schedules behind thme. Beware of unspoken non-finance issues as transitioning off of a family run company.