The Facts of Business Life: What Every Successful Business Owner Knows that You Don’t

Praise for The Facts of Business Life

"Bill McBean has both the experience and the acute insights to give entrepreneurs the must–know basics in an easy–to–grasp way. He does just that with The Facts of Business Life, which provides an invaluable ′long view′ on what it really means to be an entrepreneur. Businesses, like civilizations, have particular life cycles. This is the first business book I know of that is structured around the customary life cycle of a company and the skills required at each juncture. I especially like the author′s thoughts on ′building–in′ your exit strategy early on."

Steve Forbes, Chairman and Editor–in–Chief, Forbes Media

"If you′re a would–be entrepreneur or a business owner embroiled in the day–to–day business of business, there′s not much that speaks to the full life–cycle of what it means truly means to be an owner, manager, CEO, and board chairman. That′s where Bill McBean comes in."

From the Foreword by New York Times bestselling author Ken Fisher

"Bill McBean is a classic entrepreneur with ′street smarts,′ book smarts, and a tremendous will to win. His success as an athlete, a small businessman, and a highly respected multi–franchise retailer gives him credibility to be heard and valued."

Mike Maroone, President and COO, AutoNation

"Being in business for yourself is not only a part of the great American dream. I feel it is the best way to work, live, and succeed. Unfortunately, when you start or acquire a new business, it doesn′t come with an owner′s manual. In The Facts of Business Life, Bill McBean has created a road map and a guide designed to take us all from where we are to where we want to be."

Jim Stovall, bestselling author of The Ultimate Gift and The Ultimate Financial Plan

"From a banker′s perspective, this is a book every business owner should read. The business life–cycle concept alone is worth the price of admission. Bankers will always respond more favorably to clients who can pinpoint their needs, understand their business, market and opportunities. This book shows the client how to do this. The Facts of Business Life is not only a must–read for every business owner, it′s a must–read for every banker."

Blayne Lensen, Vice President of Global Risk Management (ret.), Bank of Nova Scotia (ScotiaBank)

"As a Co–Captain of the 1989 Stanley Cup Champion Calgary Flames, I learned that practice doesn′t make perfect, perfect practice makes perfect. The same has held true in my business career. The Facts of Business Life gives you a road map, a plan, a framework to apply to your business so that you employ perfect practice as it relates to your company. The book can be read chronologically or randomly and provides value on the area of focus you wish to zero in on. Read it and win your own championship."

Jim Peplinski, owner, Jim Peplinski Leasing Inc.; Executive Chairman, Humberview Partners; Vice President of Business Development, Calgary Flames (NHL)

Foreword xi

Acknowledgments xv

Introduction xix

Chapter 1: The Facts of Business Life 1

The Facts 3

The Business Life Cycle 9

Chapter 2: The Five Levels of Business Success 13

Level 1: Ownership and Opportunity 17

Level 2: Creating Your Company s DNA 22

Level 3: From Survival to Success 27

Level 4: Maintaining Success 32

Level 5: Moving on When It s Time to Go 37

Chapter 3: Fact 1: If You Don t Lead, No One Will Follow 45

Level 1: Ownership and Opportunity 50

Level 2: Creating Your Company s DNA 56

Level 3: From Survival to Success 62

Level 4: Maintaining Success 72

Level 5: Moving on When It s Time to Go 77

Chapter 4: Fact 2: If You Don t Control It, You Don t Own It 87

Level 1: Ownership and Opportunity 89

Level 2: Creating Your Company s DNA 93

Level 3: From Survival to Success 98

Level 4: Maintaining Success 103

Level 5: Moving on When It s Time to Go 111

Chapter 5: Fact 3: Protecting Your Company s Assets Should Be Your First Priority 121

Protecting Tangible and Intangible Assets 125

Protecting Products or Services 126

Protecting People 127

Level 1: Ownership and Opportunity 129

Level 2: Creating Your Company s DNA 134

Level 3: From Survival to Success 142

Level 4: Maintaining Success 150

Level 5: Moving on When It s Time to Go 159

Chapter 6: Fact 4: Planning Is About Preparing for the Future, Not Predicting It 167

The Elements of a Proper Business Plan 170

Level 1: Ownership and Opportunity 172

Level 2: Creating Your Company s DNA 175

Level 3: From Survival to Success 179

Level 4: Maintaining Success 182

Level 5: Moving on When It s Time to Go 187

Chapter 7: Fact 5: If You Don t Market Your Business, You Won t Have One 193

The Elements of Marketing 196

Level 1: Ownership and Opportunity 198

Level 2: Creating Your Company s DNA 204

Level 3: From Survival to Success 212

Level 4: Maintaining Success 218

Level 5: Moving on When It s Time to Go 224

Chapter 8: Fact 6: The Marketplace Is a War Zone 235

The Products or Services You Sell 238

How Your Business Operates 240

How Your Business Competes The X Factor 241

Level 1: Ownership and Opportunity 242

Level 2: Creating Your Company s DNA 250

Level 3: From Survival to Success 256

Level 4: Maintaining Success 264

Level 5: Moving on When It s Time to Go 272

Chapter 9: Fact 7: You Don t Just Have to Know the Business You re In, You Have to Know Business 279

Product 281

People 282

Accounting and Finance 283

You 284

Level 1: Ownership and Opportunity 285

Level 2: Creating Your Company s DNA 293

Level 3: From Survival to Success 300

Level 4: Maintaining Success 307

Level 5: Moving on When It s Time to Go 314

Conclusion 323

About the Author 325

Index 327

BILL McBean spent many of his nearly forty years as a successful business owner in the automobile industry where, among many other achievements, he purchased several underperforming dealerships and turned them into a successful business enterprise with yearly sales of more than $160 million. Since selling the company to the world′s largest automotive retailer, AutoNation, McBean has been involved in several new businesses, including McBean Partners, an investment and business mentoring company, and Net Claims Now, which provides administrative services and support to the restoration industry.