Jason Donlynny in his late 20’s has recently bought an existing property management company and he has a few remarkable concepts to tell the media. Donlynny appears to have a commerce degree and accounting background to help ease his accounting work for the company and he says “It was a stable business but it hadn’t grown in recent years so there was great potential there” which is significant because if you have a business background you could search and find out how the company did in it’s past years and from there on you can form many decisions for the business. Another one of his concepts is that buying an existing company has more advantages than starting your own because “There is less risk. The phone rings from Day 1 and you have cash flow and profits from Day 1.” Statistics show that 65% of owners don’t know the value of their business and 93% don’t have an exit plan, these are terrifying results and that is why he says that you should keep in mind to ask about the small financials of the business before buying, for example their bank statements, employee contracts and tax returns. Donlynny concludes by saying this time of the year is a great year to buy business because with 1200 baby boomers retiring every day, there is a perfect opportunity to buy businesses from these retiring owners. - Benny Chiang, Chantelle Morzo, Linda Zheng
