Lance Hood:               What are some of the top buzzwords that people are using to sound like an expert?

Richard Parker:           Well let me tell you there's a couple great buzzwords. What is the DSO which means Day Sales Outstanding which is the modern day buzzword for accounts receivable. Or how long does it take your customers to pay you?

                                    What are capital requirement of the business? What are the trailing 12 months revenues or profits?

                                    I mean those are all great buzzwords but you know what? The truth is it's great to know these buzzwords but it's really much better to know what the heck you're talking about.

                                    So I wouldn't suggest that anyone learns the buzzwords without learning what they really mean because you're going to put yourself in a situation where you're gong to present yourself as someone who really doesn't know what they're talking about. Take the time to learn what's involved. It's not overwhelming. The numbers and related to financial statements, it's real easy to digest and understand, and don't try to fool anyone.

                                    In other words, become an expert for real. Plus if you impress the seller you're going to have them eating out of your hands. So while it's great to know the buzzwords they shouldn't be at the expense of saying, "Well I'm going to know these buzzwords and I'm going to try to portray myself as an expert." Because anybody who knows what they're talking about is going to eat you up for lunch and then you'll look like an idiot.

                                    So just take a little bit of time, learn what's involved and then you could talk intelligently with anybody.