Out of all of the cities in the world, I live in Seattle. You’re probably wondering why I decided to move up here from Orange County, right? Well as you probably already guessed I didn’t move up here for the weather. Instead, I moved because of the strong community of entrepreneurs and more importantly the knowledge that they were passing over to me.
Here are 7 things I learned from living in Seattle:
1. How to acquire companies
Acquiring companies may seem fun and sexy, but boy it isn’t. I led the acquisition of a business around a year ago and I quickly learned that it is a ton of work. Even if you hire a good law firm to do handle an acquisition, there is a ton of things that you have to do.
With my first acquisition I had a ton of help, but it took roughly 5 months. We had to do things like:
- Analyze bank account statements – if you want to find out how much money a business is really making you can’t just look at a tax filing. You have to look at each line item in a company’s bank account statements.
- Deal with lawyers – although lawyers are smart, they don’t know everything. You can’t just tell a lawyer that you want to acquire a business and call it a day. There are a lot of small details that go into acquisitions such as the terms of the buyout, checking if a company is in good standing, and protecting yourself from potential lawsuits.
- Deal with the other party’s lawyers – in most cases you would hope that the other party has bad lawyers, right? Well when you are acquiring a business, you want the other party to have smart lawyers as it makes things a lot easier. If they don’t, you’ll end up spending a lot of time dealing with the other party’s lawyers.
- Finding business partners– with my first acquisition I needed help, so not only did I have to ask people for advice, but I also had to convince them to put in some money as well.
2. Working with good law firms doesn’t have to be expensive
I used to never work with big named law firms because their hourly rates were so high. When I moved to Seattle successful entrepreneurs didn’t just introduce me to good lawyers, but they taught me how to work with them.
- Work with partners – partners at a law firm can control what they bill you for and what they don’t. If you have a good relationship with a few partners, not only will you get top notch service, but you won’t get nickel and dimed for every little thing.
- Equity goes a long way – if you give a law firm a very small amount of equity in your company you can get them to do creative things like not requiring you to pay your legal fees until your company hits a certain level of profitability, raises a round of financing or you sell your business.
- Rates can be capped – you can bargain with a lawyer and request a capped rate on everything they do for you. Such as you can negotiate a deal where they won’t charge you more than $5000 or $10,000 for a round of financing.
- You control billable hours – when you email a lawyer and ask them to do something for you, at the bottom of the email you can tell them to not spend more than 15 minutes on it. This way you won’t be billed hundreds of dollars for something that should be easy for your lawyer to do.
3. Non-qualified executive compensation plans
Who doesn’t hate paying taxes? But paying taxes doesn’t have to be that bad if you have really good tax attorneys and accountants.
You are probably already familiar with a 401k in which you can shelter money until you are ready to retire. But the problem with 401ks is that there is a $49,000 limit. The cool thing about non-qualified executive compensation plans (NQECP) is that they are like a 401k but better.
- No limits – you can put as much money into a NQECP unlike a 401k.
- Flexible investments – you can use the funds in a NQECP for almost any type of investment. You can invest in real estate, hedge funds, stocks, and even startups.
- Short time periods – you don’t have to wait till you are 60 to start pulling out money from a NQECP. You can setup rules in which you can pull out your money within a short period of time, such as 5 years.
In the end, you will pay taxes on the money in your NQECP, just like you would with your 401k plan. But you can make money on the government’s money through a NQECP because it’s deferred income.
4. It’s hard to make a high return on large sums of money
If you have large sums of money sitting in your bank account, you’ll learn that it’s hard to continually find good investment opportunities. And the last thing you want to do is keep money sitting in your bank account because it isn’t working for you.
Through other entrepreneurs in the Seattle area I have been introduced to the world of finance. You can put your money into stocks and hedge funds, but if you don’t know what you’re doing like me, you can easily lose it. But because I have been lucky enough to build relationships with successful entrepreneurs, they have been able to introduce me to finance guys that on average have been providing 10 to 30 percent yearly returns. And although that may not sound like it’s a lot, if you have a decent amount of cash invested, you can live comfortably just on your yearly returns.
5. There’s more to investing than making money
When you think about investing, what’s the first thing that comes to your mind? The chances are, it’s money. Well making money isn’t the only reason you should invest in business opportunities or people.
- Learning experience – you go to college, conferences, and even networking events to learn. Whether the companies you invest in succeed or fail, you’ll learn a lot. And hopefully that knowledge will come in handy in the future.
- Come along for the ride – when I was trying to acquire a company last year I reached out to a few friends for some money. A lot of them asked me what the money was for and if they liked the opportunity they wrote me a check. But there was one person who just wrote me a check and after he gave it to me he asked me what the money was for. At first I was confused, but later he explained that he was just along for the ride because he trusted me and saw that a lot of his friends were in on the deal.
- It’s fun – investments don’t have to be boring. Not only can you make money, but you can also have fun at the same time. For example if you invest in a club you don’t have to deal with the hard stuff such as the day-to-day operations, yet you get to participate in partying.
6. Most networking events are a waste of time
There’s a new trend that has been going around for the past few years. Networking events are starting to be dominated with “social media experts”. And I could be wrong, but after meeting a handful of these so-called experts, I noticed that many of them didn’t have much money.
So naturally I came to the conclusion that saying you’re a social media expert is just another way of saying you’re broke.
Seattle has a ton of events dominated by these social media experts and many of them are so bad that I just stopped going. Now granted, if I went to them and participated it may have a positive effect on my personal brand… but it won’t help me grow my business.
Fame is overrated and although you may want it, it doesn’t always make your pockets fatter. So if you are going to go to networking events, make sure there is a talented group of people there that are trying to do something productive with their lives. Or at least go to events that have discussions on topics that you want to learn about.
7. Location is everything
If you want to grow as an individual or grow your business, you have to be in the center of where everything is going on. Being an hour or even 30 minutes away isn’t good enough; you have to be in the center.
By being in the center of everything you get included in a lot more things. For example if I never lived in Seattle I wouldn’t be in as many angel investments. Or if I didn’t live right below my mentor (literally), I wouldn’t learn as much as I could from him.
By being in the center your cost of living and running your business will increase, but the revenue growth it can provide will make it worth your while. There are certain times where it is good to be frugal, but this isn’t one of them.
Conclusion
By no means was this post written to convince you to move to Seattle. No matter where you live, you can still grow and advance in life, but it doesn’t hurt if you are around a good group of people.
You have to find the right town for you and your business. For me it wasn’t San Francisco or New York, but it was Seattle. There’s a city out there that is a perfect fit for you… you just have to find it.
This amazing course will teach you, step by step, how to double if not triple your traffic over the next 30 days.
Neil,
As someone who also lives in Washington, I absolutely love the business culture up here. While we do have one of highest (if not still THE highest) number of business closures each year, it is a direct result of more start-ups taking the plunge and trying to do something interesting within their market.
I always get a sense of “you can do it, but be smart about it” type of attitude in Washington. With so many great companies in our back yard (Microsoft, Amazon, Starbucks) it is hard not to feel like the world is at your finger tips.
With that culture comes a large number of bright and motivated minds that are arguably some of the more innovative business thinkers in the world. We all know that Silicon Valley gets the flashy headlines but Seattle is still a force to be reckoned with!
Travis, where did you get that information abotu business closures?
Travis, what is your source for the “highest†closures?
Obviously there are more updates numbers somewhere but here is what my quick Google Search pulled up…
http://www.washingtonpolicy.org/Centers/smallbusiness/policybrief/02_montague_businessclimate.html
Travis, what is your source for the “highest” closures?
Plus not having to pay state income tax is always a plus
Not having to pay any taxes is a plus
Hey Neil – Great advice in #2 regarding dealing with lawyers. Indeed, I saw first-hand at two big law firms in New York City how difficult it is for entrepreneurs to be well-served at a reasonable cost. That’s why I moved out here to California, launched my own law firm and implemented fixed fees (instead of hourly billing). I discuss this issue in detail in my post “It’s Time to Kill the Billable Hour†(http://bit.ly/aljovG).
Keep up the great work!
Cheers,
Scott (@ScottEdWalker)
Exactly Scott… I think else wise it’s a turn off for most entrepreneurship who are especially beginners.
As far as #7 goes, isn’t “virtual” the way of the future? Or, actually, the current status of things now? I’d imagine being “where it’s at” would pretty much mean staying where you’re at; wherever that may be.
That said, I might just be in love with the O.C. to leave just yet. Insular? Maybe but I love it here.
Well being in the right place is important. One thing people forget is off-line marketing… that’s where you go from being good to great.
Neil,
While reading #6 I couldn’t help but think of “the dip”.
Yeah they do cover that don’t they? You just need to choose events carefully.
Neil – On the networking events front, I agree that you have to pick and choose wisely. There is always interesting people you want to meet and hang out with. And then there is the opposite.
I found that here in St. Louis, there was more of the latter. People trying to sell you crap and just non-forward thinkers…so I put together my own based on creating an environment I wanted to hang out in (and now we have done over 20 of ‘em).
Point being, your time is valuable, wherever you live. If you want to hang out with like minded people, choose carefully. If you can’t find something that exists, create your own. Just don’t make it boring
Yes… your time becomes one of the most important assets you have. After you become “busy”, certain events are there just to boost your ego and that really doesn’t do anything for your business obviously.
Very interesting, it goes to show that while electronic communications have moved on leaps and bounds a physical presence is still (and likely always will be) essential to do business.
Your physical presence is important because you want to be around people greater than you. It helps your mindset and ultimately takes your business to new heights.
Electronic communication can never replace physical presence. I think its a common mistake made by many entrepreneurs. As a business you need to give your fullest and virtual attendance is not even close to a quarter.
It’s really a combination of the 2… All of that comes with time, practice, and mistakes.
There is no substitute for a face to face meeting with a really good first impression. If the relationship is pretty much electronic after that it doesn’t matter, because the animal bonding has been done. There is something primal in our nature that also needs satisfying in relationships.
I agree, face to face meeting allows you to have the highest level of interaction.
Neil,
Thanks for the informing post!
I’m 18 years old and I live in New Jersey. I’m pretty active on social websites, and even then, I have trouble finding out about networking events/conferences in the area. I often find myself going to NYC instead.
Do you have any recommendations for those living such non-active areas?
The reason I ask is because you constantly mention that having connections/friendships with the right people has helped you out. So being in a not-so-active area, how do you meet with these people?
In short? Start your own events. When I moved to Ottawa, and there wasn’t something along the lines of the things I enjoyed when I lived in Toronto, I found other people who might’ve been interested and together we got something great started up. I’d advise you do the same.
You can geographically target your Twitter searches to find people in your area, and then it’s really just a matter of reaching out and suggesting you start something local!
Thanks for the suggestions, Brian!
I suppose the only problem I see is that it’s hard to grab the attention of Managers/CEOs. Why should they take you seriously? Why would they take the time out to have a “meetup” with you?
You need to figure out a way to create “value” for them. You need to sell them on you, your ideas, and what you can ultimately do for them. If you have nothing, you need to do the research necessary to figure that out.
That’s a great idea Brian… just take a look at how others are able to successful set up the type of events you need.
You just need to scope them out… or like you said, go to areas every once in a while where they’re abundant.
This post makes me think that people under-leveraging Los Angeles resources.
LA is a fantastic place, but they’re a lot of events that are useless. Plan your time accordingly…. that’s your most valuable asset.
You are absolutely correct: Most networking events are a waste of time.
You meet more people by chance than on these events.
Yes, that’s why you should do your research before you attend these events. Find out where the key players go and only attend those events.
“Fame is overrated and although you may want it, it doesn’t always make your pockets fatter.”
Amen
Also #3 and #6. Great advice.
People want to become rich and famous and when they do, they just want to become rich and NOT famous. It’s an ego thing. Learn to put it in check.
Neil,
Great article. I feel the same way about Austin. Plus no state income taxes is pretty awesome.
It’s always great to be in a place where taxes are low… more money in your pocket is muy bueno
I fully agree with the importance of being in the centre of the action – when it came time recently for the web studio I run to scale to a larger office, one of the key realizations I had when considering staying in our neighborhood was the ease with which I conduct meetings in and around the office (lots of cafes, bars, restaurants and like-minded agencies in our next-to-chinatown location) – a definite plus for developing new business etc…
The convenience of being able to do so helps drastically. The time you save allows you to have more time to help your business grow.
Hey Neil,
It is Brian I just switched up my name if that is alright with you. When you talk about investments earning you 10-30% I feel you have to stress how important it is not to get mixed with the wrong crowd because you know there is a lot of scammers out there.
Neil is one of the scammers dude.
Dude he is running it like the movie “Empire” great movie if you have never watched it.
I haven’t but I’ll be sure to check it out now
There are too many “experts” out there…. so it becomes easier and easier to spot the fakes.
Neil,
Awesome Post – living down here in Portland, I can see why you would move to Seattle – far more “buzz” and opportunity. On #6, I would agree with most all of it but there are some very successful and relevant folks in “social media” – Chris Brogan is one – and he is definitely making money. In fact, he helped start a paid-for forum called Third Tribe Marketing that is for social media types that are not trying to sell crap or push their “expert” views….that forum alone, last I checked is pulling in well over $100,000/month….and Chris isn’t doing too bad either being a social media expert that can demand 22K per talk he gives….
however, generally, you are right…that space is crowded…too crowded!
Yes…. it seems as if everyone is the market expert. You just need to become aware of the phonies and avoid doing what everyone else is doing.
What advice can you offer on how to ‘become aware of the phonies’ and find some really good connections for marketing? Let’s say at various levels of cash-flow; so everything from dead-broke-just-getting-started, to about-to-make-Forbes list. Where should someone look for a good marketing guide?
That’s a VERY big gap to fill that requires years and years of success and failure. It all depends on what you’re planning on doing.
Hi Neil! It’s amazing how relevant all of your content is to my life. I’m about to graduate and I’m not sure where I will be living in 2 and 1/2 months.
I’m well-connected in my hometown but there are only 100,000 people here. Do you think it would be beneficial to move to a larger city to pursue internet entrepreneurship?
I think choosing a location with more like-minded people will be more encouraging and help you create bigger leaps toward your success.
I completely understand the point of your post and the importance of location. But if there are ties that keep you from making a move like that – what would you recommend doing to try to connect regardless of location?
Also, I’m confused with #6, I think I recall reading elsewhere on your blog that the networking aspect is critical to success, how do you jive this seeming contradiction? Are there some events that you recommend and some you don’t?
Thanks for your blog Neil, I’ve been reading it for a while, and finally decided to open up a little and start posting comments.
Find out who is attending the events and then plan your attendances accordingly. It depends on what those ties are. you don’t have to move to Seattle, maybe you can “work” at different locations.
Neil, I really get what you’re saying but moving to Seattle is really hard when you don’t really know anyone. Did you know anyone in Seattle before you moved, or .. ?
What do you think about the business culture in Florida? I find Florida to be very nice. Nice girls, warm weather, nice ocean.
definitely nice girls
Choosing a place where you don’t know anyone is great! It’s uncomfortable and feeling that way will only help you grow.
Real-life networking in my area is difficult. People are so afraid that you are looking for money, not relationships. Even then, they are afraid that you are trying to encroach on their ‘turf’. I am not the only one who has noticed this. i live in the Rio Grande Valley, and though I do want to grow my business, I really want to get out there and meet people like myself!
Then you should schedule random trips to get yourself out there and put yourself in a position where you MUST meet new people.
Hey Neil,
Excellent post, this one resonated with me much more than your last one.
I especially liked the info about the exec comp. plans (better than 401k) and the riff on how networking events are wasteful.
I have trouble finding the value in those kinds of things, but have gone in the past simply because I had friends who were going and pulled me into it. Often I end up leaving early lol.
What’s about the start-up process that you’re learning from these more varied experiences? Please share.
The best thing I learned about the startup process is to stay lean and not spend money when you don’t need to. And don’t create a business based on what you want, but create a business based on what your customers want.
What’s new** about the start-up process that you’re learning from these more varied experiences? Please share.
Nothing new really, just some of the things I mentioned above. I know they seem common sense, but a lot of startups fail to do those two things.
Thanks for the reply Neil, I was just correcting my spelling error. I appreciate how diligent you are with responses though
Thanks Matt… If you take the time to comment, I’ll take the time to respond.
Basically you need like minded people around or am I missing something?
Yes, but you need to be selective with where you go and who you talk to else you’re just wasting time and doing nothing but feeding your ego.
Hi guys,
I have been thinking about relocating for years. But I have to say I never even thought about Seattle. I also want to add that you made some very good keypoints in this blog. Some of it went way over my head. But we are here to learn. Right?
Kind regards,
Sam
X
Yes exactly! It’s definitely something to think about. Do your research before making any drastic decisions, but you can’t go wrong with Seattle.
Neil,
Quite intriguing post! There’s someone you should meet from the Seattle area (if you haven’t already). Her specialty is copywriting for the web and her name is Cathy Goodwin. Just Google her name. She’s an incredibly talented professional and I think Cathy would probably share a lot of your same viewpoints about Seattle. She seems to really love it there!
Melanie
Cool, hopefully I will run into her in the near future. Thanks for passing it along.
Neil! So True! I’m glad I stumbled across your blog through a friend. I live in Seattle as well and I am in the process of selling my first business and what a surprise I am having, as it is taking longer than expected for the dust to settle. It’s almost the same amount of effort it took to start it. And yet I am excited to do it all over again. I’m still a novice at all of this but I know it’s all part of the process of being an entrepreneur. I hope our paths cross one day. Great article.
Gerald
It’s a process… it takes time, energy, and effort. If you stay in this realm for a while, I’m sure our paths will cross.
Completely disagree with #6
but I guess it’s how you spend your time.
If time is really valuable to you and you’re always doing something productive and you don’t find these events productive, then I can see your point.
Maybe its because I’ve never had a bad experience at a networking event or maybe because I just havn’t seen the dark side of it yet.
I have always gained positive results from every event I have ever attended.
The problem with these events is that they only feed your ego. You may look like star amongst your peers, but that only goes so far.
Maybe Im not on the same page as you.
Today I attended an event and got 2 potential job prospects, got introduced to several people who I may want to do business with, and most importantly learned many new things that I didn’t know when I woke up this morning. Still not seeing much of a downside to it.
Thanks for the comment
It varies… some times it could be beneficial while others times it wont.
I agree, most networking events are a waste of time, sometimes you just have to be lucky to find yourself at the right time in the right place. Which brings me to location – it sure is the key, but what about real life versus virtual?
Real life or off-line marketing is vital to making the right connections to go from good to great.
Hey Neil,
You talked about your mentor living below you, how do you go about getting a mentor? Or finding the right one?
Read this: http://www.quicksprout.com/2009/01/06/looking-for-a-mentor-why-not-use-mine/
Neil,
What a power packed post. I found #6 to be most interesting. Sort of had an feeling in this regard, but not enough to do anything about it. Thanks for sharing your perspective on it.
I agree that location and access can have a significant impact on one’s progression in business. Keep them coming.
#6 is very impact full. Your time is vital to your success, don’t take it for granted. Do research before you go the events… in fact qualify them to see if it would be worth it.
This is a really good outlook on seattle. Although i think I will stick to LA. Just as mentioned about seattle, LA is not for everyone.
LA is a great place but there are a lot of events that happen that just waste away your time. Like I mentioned to some of the others, qualify the events you attend.
Neil, Funny you talking about Fame and sucess and how it doesn’t pay the bills, Just that I have looked up to you for a while. I realize it is more what you have done in business and the way you treat people more than you just “being a big deal”
Yes… fame is totally overrated. Usually the loudest one in the room is the softest.
That is so true. I learned that lesson from high school bullies and after school bullies. It applies to true authority figures too. The more powerful, inevitably the more shrewd and quiet they become.
Exactly… so fortunately for you, you’ve gone through the experience and understand it.
I always herd the phrase, God gave you two ears to listen twice as much as you talk.
hahah, couldn’t have said it better myself.
Boy, you’re really missing out – Seattle has nothing on Gaithersburg, Maryland.
lol… you maybe right!
Well i live in seattle my whole life. I live in everett and im sure you know where that is neil.
But yes i was in deca and got to state and faced up some stiff competition. I got number 1 in my area but only finished like 35 in my state lol. Now if the judges woulnt have messed with my score i would have been number 7 and went to nationals.
Business is that way up here. We dont care about networking ot any of that garbage we want to make big money, cashflow ect.
No messing around in the business capital of the world.
It’s all business, I hear ya
Hey Neil,
What are you talking about that Seattle does not have state tax. Which kind of tax are you talking about. I cannot get this info. Are you meaning since you can put it in this fund you do not have to pay taxes now as the 401k gives you a limit.
There is no state income tax in the state of Washington.
Great post, I agree. I think a great addition that might help others would be learning how to outsource. It’s really helped my business. I found a free outsourcing mini coarse and I learned a lot from it. It’s amazing what you can do when you can hire someone for $4 per hour to help you run your business. outsourcing strategies.
Some people who outsource to can be very helpful while others will waste your time and money… just be careful and aware of what you’re having people do.
Outsourcing is very important once your business is growing, but when you are starting the best thing is to do it all on your own and safe some money
Yeah very true, so you should do the research to understand what you’re doing. That way when you do outsource your work, you can have a better idea at directing people.
My, you are going to make many former coworkers happy with this. I will say the P-I was destined to close. The recession, the bottom dropping out of the newspaper market and the conditions at The Seattle Times probably did make what happened inevitable.
Yea, the newspapers need to adapt and change their business model.
Neil, it was a pleasure meeting you a few months ago at a web analytics wednesday event. Are there any events in particular that you would recommend attending in downtown Seattle?
The pleasure was all mine. Send me an email neil @neilpatel.com to remind me.
great.. its like.. its better to live in a jungle to learn about animals than go to a zoo and learn them..
Just click “Attending”, or you can pre-register, or just check back around the end of April for the venue location here on the invite. I can tell this Seattle event will be one of our best and might even become one of the largest. Hope I can make it to the west coast!
Which event are you referring too?
I have seen lots of start-ups wasting a hell lot of money on law firms.And thats primarily because they can not manage them well.. do not know to use resources and tools which are already available on the net or simply cannot apply their common sense. While it is always safe to have lawyers’ opinions on almost everything, I have known lawyers to have stalled any bright ideas which ultimately did do well without any legal hassles.
Well you can’t say that everything is 100% right every time… all we can really go by is the majority of people.
I am about to finish my MBA, and I would like to teach business classes at the undergraduate level. Can I teach an undergrad class in a business subject in which i have no experience.
Sure, you’ll just have to “sell” yourself to the schools you apply for. It all depends on the connections you make and how well you can persuade them.
great.. its like.. its better to live in a jungle to learn about animals than go to a zoo and learn them..
I like that! Submerge yourself in the environment and you’ll learn things a lot quicker.
I was quite interested to know more about the NQECP plan. I tried googling but they all come back to this post. Is this just a deferred income plan where u keep the money in the company account and invest in the name of the company and not pay yourself? Does this help if you have an LLC or is this only applicable to C-Coporations? Can you point me the right direction?
It is actually a lot more complicated than that. I would talk with a tax attorney as I don’t want to give you any wrong information.
I couldn’t agree more about networking events being time wasters. That also goes Business Networking Groups. It seems like a bunch of guys and girls just taking a little time off while their company foots the bill.
lol, sometimes the company foots the bills while other times it doesn’t . If you just want to go to a social even where you talk to people who share something in common, then by all means. Just don’t expect much business to happen there.
I have seen lots of start-ups wasting a hell lot of money on law firms.And thats primarily because they can not manage them well..
It happens… mainly because people don’t take the necessary time to study and do their homework.
It seems with this post you’re now more concerned with bashing the old business model than trying to build up a new one. We all knew it was about money, I think that’s why it stings so much. It stings that seattlepi.com is all that’s left of it, but it’s nice to know it completely didn’t die, it’s just working under a new model that will hopefully do what you intended to do.
Well I guess we’ll find out soon enough hopefully
I don’t understand why there wasn’t a mandatory class when I was in high school that taught us this kind of stuff, I’d think it would be helpful.
I agree, there should of be classes like these offered in high school. It would most definitely help!
If you just want to go to a social even where you talk to people who share something in common, then by all means. Just don’t expect much business to happen there…
Exactly!
in fact i leerned it the hard way , social media experts are not a garanty of learning something useful, wish i had read this before
You just never know what type of person you’ll come across or what they can even offer you in the first place. No worries if you just saw this, at least now you can move forward in the right direction.
Thanks for the great tips Neil, glad you found Seattle, would love to visit it one day.
Send me an email neil @neilpatel.com
oh but what i learned about seattle last time i went is that i actually like rainy places jaja, i wanted to visit since a saw fraizer on tv
lol… yeah it definitely rains here often! You get use to it…
I’ve visited Seattle a few times – can’t say I’ve done so for the same reasons you’re talking about (buying businesses, etc…). It’s a nice place – the people seem friendly and there’s obviously money in the air.
It’s a great area no doubt and yes there is a ton of money in the air so to speak.
Travis, what is your source for the “highest†closures?
I was recently involved in a company acquisition as the small start-up I happened to be working for was purchased so I was privy to some of the work that went into the deal. Neil’s absolutely right. Even with a team of lawyers, it still requires a ton of work and seems to take forever.
Now I really want to visit Seattle
Thank you for sharing this advice. It’s always good to listen to people who have something interesting to say.
It’s definitely a great place to be… you can smell the entrepreneurs in the air!
That means that you can also smell money in the air, no?
And that feeels so good….am I right? 
Absolutely!
I’m surprised that the networking events didn’t pay off as I would expect them to be. Of course, I guess that makes sense because so many people go to these events to push their products and services instead of building relationships and working to solve problems.
I’ve never been to Seattle but I wouldn’t mind going sometime.
It’s a great place to be especially with all the “money” in the air… it’s quite inspiring. Networks pay off, just not all the social media networking events. Try going to networking events for different industries.
While it is always safe to have lawyers’ opinions on almost everything, I have known lawyers to have stalled any bright ideas which ultimately did do well without any legal hassles…
That happens every now and again and it’s just something for you to understand and really let go, you know : /
Hello Neil. Found your site today and already marked it as my favorite, very informative site. I have a question. After reading your article, I am curious, I want to make 10 to 30 percent yearly returns. Can you please enlighten us how to make it happen? Thanks. I promise to reward you.
I think that it all depends on how much do you want your business to work and what are you doing in that regard.
It comes down to your level of commitment.
Past Reputation of company, off course bank statement are the most important. one question is Working with good law firms really doesn’t have to be expensive ? because may it been expensive its my view …
You just need to do your research.
Yes i can understand research is important part and without that no once can predict.
You need to spend some time doing the research otherwise you can end up paying for it in the long run.
Yes you are right buddy. Networking events are just a waste of time. I’ve been attending networking meetings but they didn’t guarantee that their business will last long.
Unfortunately people learn this the long way
Having a lot of comments means a lot of people are reading your articles. Congratulations Neil! Very great articles! I hope you’ll share much much more. Thanks!
I will, so make sure you subscribe!
I feel involvement in any acquisition is important…Managing time efficiently comes into the picture.
That’s the struggle for most entrepreneurs… it’s an art that you’ll need to learn and master. Work on a schedule.
I can tell this Seattle event will be one of our best and might even become one of the largest. Hope I can make it to the west coast!
We would love to see you there!
In 1956, I lived there for around six months. Then when I started to Quack and grow web feet I decided it was back to Colorado. Now I would not live there as it is too infested with Liberals!
And even though I am an Agnostic Atheist Activist, most liberals make me want to puke.
Later!
Neil
“one of the internets most hated”
That’s too bad…. all in all though it really is a great place.
I remember when he was very late, and some moved to seattle and many have not, youve written something that stuck with me. I do not remember the exact word for word, but it was in the sense that you spend with a new business model in hopes you might have something as well as the work would return to engage journalists . It was the best reason I heard to continue to seattle, there was no need of money, that was just a job, or that the bills were paid, it was for the love of journalism and continue it.
That’s what counts… at the end of the day, if you enjoy what you’re doing, you’re happy.
Exactly…good advice. At the end of the day, you find passion in doing what you really love. Excellent comments.
Sometimes you just got to roll up your sleeves and do it.
There is nothing wrong with rolling up your sleeves and getting down and dirty in the trenches with everyone else. And other times it is best just to do it yourself.
I agree, great points!
We are in Seattle and love it. One can really develop a diverse business network here rather quickly =)
I know right
. That’s why for an entrepreneur, it’s the best place to live.
We might be a little bias. We love Seattle too! LOL
-J
7 Things are very necessary for any business but your banking point is very important because if some one don’t know how their bank accounts work and how money works for their profit and lose then he/she unable to run business .
If you don’t know how to manage your money, you’re screwed no matter how much money you make.
Money is not only the main investment we have to invest our mind too
Thanks many for the informative posts! Very detailed to point.
Specially I liked ” There’s more to investing than making money”.
Truly that’s very right, at least to me.
Definitely a good point. There are many life lessons you can learn from investing. Frugality, futility, and intuition to name a few.
I agree for that Seattle has strong community of entrepreneurs. I’ve heard this in my friend who lived in Seattle. And thank you for the great sharing of experienced.
Definitely. It’s a great culture. Glad you found the post useful.
thanks for this post. seattle isa great town but I dont know if I could live there long term. still, its the home of grunge music so that has to count for something!.
Yeah, it has its perks
There is no substitute for a face to face meeting with a really good first impression. There is something primal in our nature that also needs satisfying in relationships.
It was and it will be like that
Thanks for detail post
Not a problem, glad you enjoyed it
I’d like to say to you that I am running Firefox 2.0.0.5 on Windows 7 and your content is curiously right aligned. I deleted my browser cache, however it doesn’t appear to have any sort of result. Without doubt a cross-browser css positioning issue.
Okay, thanks for sharing.
Isn’t the taxation favourable for businesses in the state of Washington?
hey neil,
great information you have shared with us. i liked this post very much.”Most networking events are a waste of time”, this is an interesting point of this post.
Thanks.
Matt
Great post, I agree. I think a great addition that might help others would be learning how to outsource. It’s really helped my business. I found a free outsourcing mini coarse and I learned a lot from it.