The Facts of Business Life: What Every Successful Business Owner Knows that You Dont

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Overview

Praise for The Facts of Business Life

"Bill McBean has both the experience and the acute insights to give entrepreneurs the must-know basics in an easy-to-grasp way. He does just that with The Facts of Business Life, which provides an invaluable 'long view' on what it really means to be an entrepreneur. Businesses, like civilizations, have particular life cycles. This is the first business book I know of that is structured around the customary life cycle of a company and the skills required at each juncture. I ...

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Overview

Praise for The Facts of Business Life

"Bill McBean has both the experience and the acute insights to give entrepreneurs the must-know basics in an easy-to-grasp way. He does just that with The Facts of Business Life, which provides an invaluable 'long view' on what it really means to be an entrepreneur. Businesses, like civilizations, have particular life cycles. This is the first business book I know of that is structured around the customary life cycle of a company and the skills required at each juncture. I especially like the author's thoughts on 'building-in' your exit strategy early on."

—Steve Forbes, Chairman and Editor-in-Chief, Forbes Media

"If you're a would-be entrepreneur or a business owner embroiled in the day-to-day business of business, there's not much that speaks to the full life-cycle of what it means—truly means—to be an owner, manager, CEO, and board chairman. That's where Bill McBean comes in."

—From the Foreword by New York Times bestselling author Ken Fisher

"Bill McBean is a classic entrepreneur with 'street smarts,' book smarts, and a tremendous will to win. His success as an athlete, a small businessman, and a highly respected multi-franchise retailer gives him credibility to be heard and valued."

—Mike Maroone, President and COO, AutoNation

"Being in business for yourself is not only a part of the great American dream. I feel it is the best way to work, live, and succeed. Unfortunately, when you start or acquire a new business, it doesn't come with an owner's manual. In The Facts of Business Life, Bill McBean has created a road map and a guide designed to take us all from where we are to where we want to be."

—Jim Stovall, bestselling author of The Ultimate Gift and The Ultimate Financial Plan

"From a banker's perspective, this is a book every business owner should read. The business life-cycle concept alone is worth the price of admission. Bankers will always respond more favorably to clients who can pinpoint their needs, understand their business, market and opportunities. This book shows the client how to do this. The Facts of Business Life is not only a must-read for every business owner, it's a must-read for every banker."

—Blayne Lensen, Vice President of Global Risk Management (ret.), Bank of Nova Scotia (ScotiaBank)

"As a Co-Captain of the 1989 Stanley Cup Champion Calgary Flames, I learned that practice doesn't make perfect, perfect practice makes perfect. The same has held true in my business career. The Facts of Business Life gives you a road map, a plan, a framework to apply to your business so that you employ perfect practice as it relates to your company. The book can be read chronologically or randomly and provides value on the area of focus you wish to zero in on. Read it and win your own championship."

—Jim Peplinski, owner, Jim Peplinski Leasing Inc.; Executive Chairman, Humberview Partners; Vice President of Business Development, Calgary Flames (NHL)

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What People Are Saying

From the Publisher
“Bill McBean has both the experience and the acute insights to give entrepreneurs the must-know basics in an easy-to-grasp way. He does just that with The Facts of Business Life, which provides an invaluable ‘long view’ on what it really means to be an entrepreneur. Businesses, like civilizations, have particular life cycles. This is the first business book I know of that is structured around the customary life cycle of a company and the skills required at each juncture. I especially like the author’s thoughts on ‘building-in’ your exit strategy early on.”—Steve Forbes, Chairman and Editor-in-Chief, Forbes Media

“If you’re a would-be entrepreneur or a business owner embroiled in the day-to-day business of business, there’s not much that speaks to the full life-cycle of what it means—truly means—to be an owner, manager, CEO, and board chairman. That’s where Bill McBean comes in.”—From the Foreword by New York Times bestselling author Ken Fisher

“Bill McBean is a classic entrepreneur with ‘street smarts,’ book smarts, and a tremendous will to win. His success as an athlete, a small businessman, and a highly respected multi?]franchise retailer gives him credibility to be heard and valued.”—Mike Maroone, President and COO, AutoNation

“Being in business for yourself is not only a part of the great American dream. I feel it is the best way to work, live, and succeed. Unfortunately, when you start or acquire a new business, it doesn’t come with an owner’s manual. In The Facts of Business Life, Bill McBean has created a road map and a guide designed to take us all from where we are to where we want to be.”—Jim Stovall, bestselling author of The Ultimate Gift and The Ultimate Financial Plan

“From a banker’s perspective, this is a book every business owner should read. The business lifecycle concept alone is worth the price of admission. Bankers will always respond more favorably to clients who can pinpoint their needs, understand their business, market and opportunities. This book shows the client how to do this. The Facts of Business Life is not only a must-read for every business owner, it’s a must-read for every banker.”—Blayne Lensen, Vice President of Global Risk Management (ret.), Bank of Nova Scotia (ScotiaBank)

“As a Co-Captain of the 1989 Stanley Cup Champion Calgary Flames, I learned that practice doesn’t make perfect, perfect practice makes perfect. The same has held true in my business career. The Facts of Business Life gives you a road map, a plan, a framework to apply to your business so that you employ perfect practice as it relates to your company. The book can be read chronologically or randomly and provides value on the area of focus you wish to zero in on. Read it and win your own championship.”—Jim Peplinski, owner, Jim Peplinski Leasing Inc.; Executive Chairman, Humberview Partners; Vice President of Business Development, Calgary Flames (NHL)

“Who better to talk about business ownership then someone who has done it, lived it, loved it, and left it? The Facts of Business Life is not just a book about how to be successful, it’s a book which challenges some commonly believed entrepreneurial myths, and in my case, rethink my role as a business owner. Bill’s book will surprise some with ‘facts’ such as ‘Protecting Your Assets is Your First Priority’ and what asset protection means and why it’s important; or, his explanation of the ‘War Zone,’ and how all these ‘facts’ work together to create unbelievable success. If this isn’t enough for one book, Bill gives us more, ‘the business life cycle’ it makes so much sense and when you understand it makes my role as an owner so much clearer.”—Gil L’Hommedieu, Founder President and CEO, Net Claims Now

“Bill McBean is the consummate business executive. Just ask the manufacturers he represented so successfully, the competitors from whom he regularly grabbed market share, or the employees who were fiercely loyal to him. But Bill also has an amazing capacity to reflect on his business experiences and convey the lessons he’s taken from those experiences. The Five levels of a business Life Cycle is a perfect example of this. It’s Bill’s concept, simple to understand and makes perfect sense. Two of these Levels, ‘Creating your companies DNA’, and ‘Moving on When it’s time to Go’ are worth the price of a dozen books.”—Fritz Kern, Former SVP and General Manager, U.S. Passenger and Commercial Vehicle Operations, American Isuzu Motors

“Bill is one of the best business owners I’ve ever come across. I think so much of his ability that I seek out his opinion on my own business issues, and have referred some of my best clients to him for his expertise. Every page of The Facts of Business Life has something owners can use in their business, but I particularly found the ‘War Zone and Marketing’ facts to be especially powerful, as is the Levels on DNA Creation, Opportunity and it’s analysis, and Maintaining Success’. This is a great book and the way Bill describes the business ‘life cycle’ concept, was a like a ‘light switch’ being turned on – it made so much else make sense. It will be a wonderful gift to my customers and a great introductory tool for my sales force to pass out to prospective customers. “—Tony Fincannon, CEO and President, Dealer Associates

“What impressed us most about Bill was the clarity he brought to complicated business issues. Bill’s book, The Facts of Business Life, does just this; it discusses the priorities business owner’s need to concentrate on to be successful. The life cycle Bill describes is brilliant and brings clarity to where there was none. His book makes business ownership easy to understand for the rest of us. “—Victor Papazov, Chairman, Bulgarian Stock Exchange, and Irena Komitova, Managing Partner and Publisher, Creative Solutions; Sophia, Bulgaria

“Bill McBean is a self-made businessman. He started with little and turned it into a lot. I’ve been able to closely watch how he takes troubled businesses and turns them into successes, then uses their collective successes to create a competitive advantage in the market place. Bill is a competitor who attacks a market with preparation, skill, and determination. His book is a must read for every business owner because the Seven Facts of Business Life and the Five Levels in an ownership life cycle are the summation of his four decades of experience and success, and a tribute to the great business owners who mentored Bill. Level Five ‘Moving on When it’s Time to Go’ is a must read, because Bill’s exit was as good a one as I’ve ever seen.”—Tony Nolan, Former President and CEO, NCM & Associates

“Bill is a great businessman who delivers a strong message – simply and to the point. The seven Facts of Business Life gives owner’s the priorities they have to concentrate on to be successful and profitable. The Five Levels of a businesses (and/or owner) life cycle is something I’ve never thought about, but makes perfect sense and gives me a structure, or boundaries, to work within as well as a clearer focus on where I am and where my business is headed. When you read the book you quickly recognize why Bill was so successful, and there is no doubt your talking to a business owner who has been where we are, and won the battle. This is simply the best business book I have ever read.”—Dave Resendez, Director, Texas Towing Association

“Many people have common sense, but few people can turn common sense into uncommon success. Bill McBean is one of the few who can. As a successful businessman, Bill has demonstrated an uncanny ability to maintain integrity and honor in both his business and personal life. And because of that, his employees love to work for him, his customers trust to buy from him over and over again, and he endears himself to his friends. His book is a must read and should not be limited to just entrepreneurs, but to individuals who are running any type of organization.”—Jess Cole, Senior Pastor, Christ Point Church, Corpus Christi, Texas

“Understanding the entire realm of business—marketing, sales, costs, employees, and products—is a trait few business owners have. But Bill McBean can not only see the whole picture, he understands the small things as well. And, this is reflected in his book, The Facts of Business Life, particularly in how he describes the Seven Facts and why they are important singularly, and then shows you the real strength of the ‘Facts’- how they work in tandem with each other to create great success. Add this to the description of the five levels of a business life cycle and the result is a source of great knowledge a to business owners large and small. A must read business book.”—Ted Oakley, Director, American Bank

“As a successful, hands on entrepreneur, Bill has done a masterful job of presenting the essential elements for successfully running and growing a business. His presentation is straightforward and compelling, and anyone who owns, manages, or is considering starting a business should grab a highlighter and start reading his book.”—Mike Lewis, CEO, Office Arrow

“Bill has a wonderful business mind, and has an uncanny ability to cut through the “noise,” clearly see a problem or opportunity, and then attack it. His businesses are successes because he is a visionary, a leader, a motivator, a focused manager, and because his employees believe in him. And, when you read his book you’ll know why, Bill see’s the complete macro picture of owning a business and puts it all in an orderly easily understood sensible format.”—Tim Keen, Vice President, Sonic Automotive

“Bill McBean is humble, honest, has a great sense of humor, and is a sincere friend to all of us here at his alma mater. He was and is a hard working professional and a leader amongst his peers. It is little wonder that this former captain of his hockey team is now a captain of his team in the business world. The Facts of Business Life explains how Bill has taken some of the hard lessons sports teaches and uses this knowledge in his business career. Particularly telling is the ‘The War Zone’ business fact which tells about the competitive spirit needed to succeed or ‘the business fact’ concerning the importance of ‘protecting your business assets’, which reminded me of how critical defensive play is to winning and becoming champions. Bill’s book is not just reserved for business owners; it should be read by any manager in every occupation.”—Bill Seymour, Former Athletic Director and Men’s Hockey Coach, University of Saskatchewan

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Product Details

  • ISBN-13: 9781118094969
  • Publisher: Wiley
  • Publication date: 10/9/2012
  • Edition number: 1
  • Pages: 336
  • Sales rank: 783,111
  • Product dimensions: 6.00 (w) x 9.10 (h) x 0.60 (d)

Meet the Author

BILL McBean spent many of his nearly forty years as a successful business owner in the automobile industry where, among many other achievements, he purchased several underperforming dealerships and turned them into a successful business enterprise with yearly sales of more than $160 million. Since selling the company to the world's largest automotive retailer, AutoNation, McBean has been involved in several new businesses, including McBean Partners, an investment and business mentoring company, and Net Claims Now, which provides administrative services and support to the restoration industry.

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Table of Contents

Foreword xi

Acknowledgments xv

Introduction xix

Chapter 1: The Facts of Business Life 1

The Facts 3

The Business Life Cycle 9

Chapter 2: The Five Levels of Business Success 13

Level 1: Ownership and Opportunity 17

Level 2: Creating Your Company’s DNA 22

Level 3: From Survival to Success 27

Level 4: Maintaining Success 32

Level 5: Moving on When It’s Time to Go 37

Chapter 3: Fact 1: If You Don’t Lead, No One Will Follow 45

Level 1: Ownership and Opportunity 50

Level 2: Creating Your Company’s DNA 56

Level 3: From Survival to Success 62

Level 4: Maintaining Success 72

Level 5: Moving on When It’s Time to Go 77

Chapter 4: Fact 2: If You Don’t Control It, You Don’t Own It 87

Level 1: Ownership and Opportunity 89

Level 2: Creating Your Company’s DNA 93

Level 3: From Survival to Success 98

Level 4: Maintaining Success 103

Level 5: Moving on When It’s Time to Go 111

Chapter 5: Fact 3: Protecting Your Company’s Assets Should Be Your First Priority 121

Protecting Tangible and Intangible Assets 125

Protecting Products or Services 126

Protecting People 127

Level 1: Ownership and Opportunity 129

Level 2: Creating Your Company’s DNA 134

Level 3: From Survival to Success 142

Level 4: Maintaining Success 150

Level 5: Moving on When It’s Time to Go 159

Chapter 6: Fact 4: Planning Is About Preparing for the Future, Not Predicting It 167

The Elements of a Proper Business Plan 170

Level 1: Ownership and Opportunity 172

Level 2: Creating Your Company’s DNA 175

Level 3: From Survival to Success 179

Level 4: Maintaining Success 182

Level 5: Moving on When It’s Time to Go 187

Chapter 7: Fact 5: If You Don’t Market Your Business, You Won’t Have One 193

The Elements of Marketing 196

Level 1: Ownership and Opportunity 198

Level 2: Creating Your Company’s DNA 204

Level 3: From Survival to Success 212

Level 4: Maintaining Success 218

Level 5: Moving on When It’s Time to Go 224

Chapter 8: Fact 6: The Marketplace Is a War Zone 235

The Products or Services You Sell 238

How Your Business Operates 240

How Your Business Competes—The “X” Factor 241

Level 1: Ownership and Opportunity 242

Level 2: Creating Your Company’s DNA 250

Level 3: From Survival to Success 256

Level 4: Maintaining Success 264

Level 5: Moving on When It’s Time to Go 272

Chapter 9: Fact 7: You Don’t Just Have to Know the Business You’re In, You Have to Know Business 279

Product 281

People 282

Accounting and Finance 283

You 284

Level 1: Ownership and Opportunity 285

Level 2: Creating Your Company’s DNA 293

Level 3: From Survival to Success 300

Level 4: Maintaining Success 307

Level 5: Moving on When It’s Time to Go 314

Conclusion 323

About the Author 325

Index 327

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Customer Reviews

Average Rating 5
( 13 )
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Sort by: Showing all of 13 Customer Reviews
  • Posted September 30, 2014

    This is a brilliant book regarding the inner workings of the bus

    This is a brilliant book regarding the inner workings of the business world and what it takes to run your establishment effectively. The seven key facts of operating a strong company are brief and concise; the points are excellently explained throughout the book. Bill’s clear-cut approach to business has worked considerably for him and it can work for you too. 

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  • Posted September 29, 2014

    This book was clear and concise, even if you don't own your own

    This book was clear and concise, even if you don't own your own business or plan on ever owning your own business, it gives a very good insight into what business owners (i.e. your boss) are seeking.
    If you can get on the same page as your boss, you will go far in your company. This is a must read for anyone in the business world.

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  • Anonymous

    Posted September 29, 2014

    This book helped me to implement alternative approaches in my bu

    This book helped me to implement alternative approaches in my business while reinforcing and restructuring some of the current methods being used. I feel the book is helpful for new, established, and future entrepreneurs to honestly assess the landscape of what it means to be a successful entrepreneur. I highly recommend this book.

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  • Anonymous

    Posted September 26, 2014

    This book is absolutely fantastic ... I am not currently a busin

    This book is absolutely fantastic ... I am not currently a business owner but have been in the past ... I have plenty of experience in the corporate world from established companies to startups and from failing businesses to successes ... McBean clarifies the entire process step by step ... The information McBean conveys is invaluable ... Coulda, shoulda, woulda read this book almost two decades ago when I was exiting college ... If you want to own a business, buy this book ... If you don't want to own a business, buy this book - because you'll want to work for someone who has read this book ... I have personally recommended The Facts of Business Life to numerous close friends/family ... This is a must-have book ... and that pretty much means, I'm telling the citizens of Amazon that it would be in their best interests to buy and read/listen to this book ... The ONLY gripe I have about the book is that James Earl Jones does not narrate the audiobook ... I hope to meet Bill one day, shake his hand, and thank him for graciously bestowing his knowledge and experience ... Job well done, McBean, job well done.

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  • Anonymous

    Posted September 26, 2014

    Every leader can use a guiding light to keep growing. This book

    Every leader can use a guiding light to keep growing. This book is a yellow beacon for business owners to lead and to keep striving to reach higher goals. Bill McBean speaks from experience as successful business owner. To the point, smooth read. You can tell he has his heart in his businesses. I still have a long way to go. 

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  • Posted September 26, 2014

    It isn't often I find a business book that has something origina

    It isn't often I find a business book that has something original and refreshing to say. The Facts of Business Life is a breath of fresh air in the usually stuffy and stale business book world. The tips, guidance and advice are top notch and easy to follow. This is a must read, or listen, for everyone who is considering owning a business and those who already do. Mr. McBean has a no nonsense approach to business and the background to back up his statements. I am putting this on the shelf next to my 21 Irrefutable Laws of Leadership and 7 Habits of Highly Effective People. I highly recommend you get this book if you are interested in business, success or just doing things a little better.

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  • Anonymous

    Posted September 26, 2014

    One EVERYONE should read, preferably as soon as they're old enou

    One EVERYONE should read, preferably as soon as they're old enough to comprehend it (teenager possibly). Helps you evaluate your goals & priorities in life and determine what kind of person you want to be and how to be successful! Very good info, wish I had purchased this book when it was first published.This book is a great read to keep on track and effectively work through professional and personal challenges.  - Rafael Batista

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  • Anonymous

    Posted December 20, 2013

    I don't read too many books but this one was referred to me by a

    I don't read too many books but this one was referred to me by a friend. As a young first time business owners this really opened my eyes to a lot things I had simply not realized. I made a few changes regarding the way I run my business based on the book and I can already notice the positive effects. Take it from someone who doesn't necessarily read too many books, this one is worth it

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  • Anonymous

    Posted December 20, 2013

    As an avid business reader and owner this book gives you real li

    As an avid business reader and owner this book gives you real life advice on how to be successful under any circumstances.It will guide you through every aspect of owning and running any business. Bill McBean is the consummate businessman and above all great man. Proud to call him my friend.

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  • Anonymous

    Posted December 19, 2013

     I feel that the guidance in this book would keep me away from p

     I feel that the guidance in this book would keep me away from potential mistakes. I found it helpful that each chapter backed up a  fact of business.

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  • Anonymous

    Posted December 19, 2013

    I received this book as a gift from a friend who knew I had aspi

    I received this book as a gift from a friend who knew I had aspirations of starting my own business.  After reading "The Facts of Business Life," I feel like I definitely learned some valuable tips to not only get started, but to be successful as well.

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  • Anonymous

    Posted January 10, 2013

    Every aspiring business owner (and every existing business owner

    Every aspiring business owner (and every existing business owner) should read this book.  It's full of common sense, timeless advice that help you succeed. Buy it, read it and pay attention.  Money and time well spent.

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  • Anonymous

    Posted October 4, 2012

    No text was provided for this review.

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