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REVIEW of Money 40
Allow Enough, Then Some
...and don't get caught out at the final reckoning

Many ordinary people get the urge to work for themselves. Having their own business may have been on the wish list for a long time; and when the opportunity does arise to make it happen, enthusiasm often clouds judgement. The full article is about a couple that decided to take the plunge.

The business was an established restaurant on a busy suburban thoroughfare. It was up for sale and seemed too good to pass up; at the time, that was. Much juggling of finances including negotiating a second mortgage secured the deal; and, prior to taking over from the previous owners, the lucky couple thought they had sufficient cash to handle contingencies. Although they might have been aware that any new business venture is unlikely to make a profit for the first two years; they were confident they could weather any lean period and pull through.

What they hadn't bargained on was the reluctance of previous customers to trust the new owners; plus their inability to keep the few diners they did have happy for the duration. Along with the breakdown of equipment; staff reductions to cut costs; and suppliers stopping their credit; all took a toll and the business eventually had to be sold - at a loss, of course. It was a disaster waiting to happen; and all because there wasn't enough surplus cash to cater for rainy days to come.

To read the complete article or download the PDF of Money 40 click here

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