When business reports look too appealing… >>> Let me double-check |
Dear business owner
Are you going to buy an asset… that is NOT worth it?
Take a look at this inspiring story.
A good friend of mine asked me for advice:
“I want to buy a Hotel in Luzern… but the price seems crazy!”
Sure, Luzern is a nice city. A tourist area in Switzerland. Having a hotel there can be a great investment.
I proposed him to verify the business accounting. I traveled on site… to identify possible discrepancies.
The general manager of the Hotel turned red, and looked at me as if I was a witch or something…
Here’s why.
I was sitting in a comfortable chair, in the lovely lobby, full of 1900’s paintings, “Art Deco” style. Looking at the Hotel’s General Manager, with the financial reports on my laptop.
I just asked:
“I guess you hire a lot of Extras in summer?”
Surprised by this question, he looked embarrassed:
“Yes a lot of Extras.”
My friend told me:
“How in the world did you know about the Extras? You only took one look at the financial reports…”
I replied:
“Well, I’ve been making accounting for various industries. There are THINGS that I know.”
“I’ve detected that the amount of wages and the social insurance do not match. This is not the correct ratio. The only explanation: workers not declared or Extras…”
I guess I was a bit too close to the truth…
So I advised my client not to buy this hotel and look for other opportunities.
Don’t buy a business with bad ratios. Avoid any fiscal problem.
If you need to double-check, I’m ready to help.
Magali MALVAREZ
– Corporate Structure Architect –
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