Buying a $3m Candle Manufacturer That Had No Books
Acquiring Minds
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Creating a Spreadsheet for Profit and Loss (P&L)
The chapter discusses the process of creating a spreadsheet that represents the profit and loss (P&L) of a business for the past three years. It highlights the challenges and tremendous amount of work involved, including manually inputting data for around 100 hours. The importance of having a detailed P&L for a confident understanding of the business's finances is emphasized.
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