IT'S BUSINESS TIME WITH MIKE WEINSTEIN

How do you go from no money to owning your own business?

Mar 3, 2016, 4:31 PM | Updated: Mar 4, 2016, 1:27 pm

(StockSnap Photo)...

(StockSnap Photo)

(StockSnap Photo)

This week on It’s Business Time, Bob Glovitz, co-owner of Sierra Auction, joined us to talk about auctions and entrepreneurship.

However, before discussing his successful business, he gave a step-by-step illustration on how someone with the entrepreneur mindset can go from having no money to owning his or her own business.

Sierra Auction is Arizona’s largest public auction house, with locations in Phoenix and Tucson. From guns to jewelry to cars to booze, this is the place for people who like to buy stuff at great prices. It is also a collector’s paradise.

The part I enjoyed most during my conversation with Bob was his deep passion for entrepreneurship. As we continued to talk business, his success and entrepreneurship, Bob provided some great insight regarding how the young person, who has the right mindset, can go from having nothing in the bank to becoming their own boss.

Bob said that the best thing a young person can do is to find a business owner of a small to medium-sized business, who might be closing in on retirement. Apply for a position and make it very clear that you are looking to work really hard and want to learn everything about the business from the owner.

Then, as the business owner’s retirement approaches, you might be able to make a play on the business. In many cases, the company may not generate a large enough profit for lucrative cash sale, thereby giving the would-be entrepreneur the opportunity to acquire the business using seller financing.

Following this plan, you could find yourself owning your own business with little or no money down.

What a phenomenal idea for the would-be entrepreneur. I only wish I would have thought about it after I left college.

Mike (Winey of Mike & Winey) is the host of It’s Business Time with Mike Weinstein, heard on Saturday afternoons from 2-3 p.m. on KTAR News 92.3 FM. You can follow Mike on Facebook, Twitter and LinkedIn.

It's Business Time with Mike Weinstein

(Public Domain Photo)...

Michael 'Winey' Weinstein

There’s investing, then there’s investing with environmental, social factors in mind

There's investing, and then there's investing in companies that are doing the heavy lifting on environmental and social policies.

7 years ago

(StockSnap Photo)...

Michael 'Winey' Weinstein

Get hired, stay hired: Four ways to ensure you always have a job

Just by practicing four habits, you will elevate yourself above your competitors. You will never have a difficult time finding and keeping a job.

8 years ago

Michael 'Winey' Weinstein

Some quick tips to protect your Google identity

Your Google identity reflects what appears in the search engine results page when someone “Googles” your name. Here's how to protect it.

8 years ago

(StockSnap Photo)...

Michael 'Winey' Weinstein

Business owner has two big words for entrepreneurs: ‘Don’t stop’

The owner of a successful real estate company has two simple -- but hugely important -- words for entrepreneurs: "Don't give up."

8 years ago

(StockSnap Photo)...

Michael 'Winey' Weinstein

Business coach says owners need to concentrate on these three things

Business coaches are a dime a dozen, but on this week’s show, I had a great one named Adam Kipnes of The 1495 Group.

8 years ago

(Arizona Capitol Museum Facebook Photo)...

Michael 'Winey' Weinstein

Campaign transparency: Show me the donors

Whether or not the outcry represents the true voice of the average voter, the state of Arizona is about to have the demand for campaign transparency met.

8 years ago

Sponsored Articles

...

Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

...

Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.

How do you go from no money to owning your own business?