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Money, People, Deal

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for almost any price. Cash investors will line up for a good deal and will compete for a great deal if they know it’s a winner.

5)

People are interchangeable and so is the entrepreneur running the business. Entrepreneurs are part of the people team and must build a good team and management style to run the business effectively. Entrepreneurs who develop a brand over time can become nearly impossible to replace.

6)

The deal drives the whole game and is the king of the three pieces. The deal is the piece you should seek first (in my opinion). You can always sell it to another investor if you can’t pull it off. I love buying deals from investors who want to pass or cannot close.

Too many novice investors try to raise money without a team or a proper deal. In my opinion, this is absolutely the wrong approach.

The easiest way to play the game of Money, People, Deal is to:

1)

Find a deal first, get it under contract with an escape clause, and allow yourself a due diligence period (or another condition) to delay your contract.

2)

While the deal is tied up, begin assembling the team required to execute the deal.