Thank you for sharing your experiences and volunteering to respond to questions.
So, in the world of B2B please outline how you do your due diligence on companies you are intending to work with or have targeted.
I am in the midst of a new B2B venture and would appreciate hearing your strategy, as in the past got taken in by a crook and sincerely wish to avoid that again!
Also, would like to know how you manage payments. Using the commodity examuple, i.e. you're ntending to source in Mexico then sell in the US, what does the timeline and transaction look like. I'm at the beginning of a similar deal, whereby I've sourced a product, found a buyer, now need to pay for the product and then get paid by the buyer. The goal in my case is to have an overnight transaction whereby the buyer pays upfront, I pay the seller and keep a %. Not sure of the timing though...
Last question, what baseline do you use when considering deals; a certain % to do any deal or do you do an analysis and determine that if you can't make x amount then it's not worth the hassle.
Cheers.
Something I have hit on before on this forum is to jump in to something with both feet. For me one thing led to another thing led to another thing and so on. But this chain reaction would have never started if I didn't just start something.
I don't really do much of a profile or anything on these companies. I am a firm believer that you can fully trust someone if you don't have to trust them. Make provisions so that you can always keep them honest. I do easy memorandums of understanding with a lot of companies and people. Laying out in simple language the deals we discuss. On larger things I have learned recently that ESCROW is invaluable... It holds the money safely until agreed upon criteria is met. They even have 3 way broker escrows too. They work out well even if you don't get terms.
I will never say no to money as long as my time is free. My criteria is this... If I can completely pull my time out eventually and still operate it is a business I'm willing to go into.
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