Saturday, December 20, 2014
Top Entrepreneur News

Sat, 20 Dec 2014 20:00:00 -0600

Sales numbers for the latest version of this popular game are down significantly year-over-year. Did investors see this drop coming?

Sat, 20 Dec 2014 18:00:00 -0600

From weird mashups to the pros and cons of franchising, check out the most-read franchise stories of the year.

Sat, 20 Dec 2014 14:00:00 -0600

Keep a customer wanting more from your product.

Fri, 19 Dec 2014 23:30:00 -0600

Recognize your company's approach to clients and the potential pitfalls your business can fall into. Develop a strategy in response.

Fri, 19 Dec 2014 23:00:00 -0600

Each of these companies used big data to get closer to its customers -- and to develop a successful strategy, according to LinkedIn's Russell Glass, author of The Big Data-Driven Business.

Fri, 19 Dec 2014 22:30:00 -0600

When differences crop up between newbies and workplace vets, this can lead to a disconnect in the office. Here's how to gracefully resolve them.

Fri, 19 Dec 2014 22:00:00 -0600

Given that 'combined campaigns' has recently been elevated as one of the most sought after buzzwords of 2015, it is in your interest to be updated.

Fri, 19 Dec 2014 21:56:00 -0600

'I'll try to be on my best behavior,' reads a letter to passengers written by 1-year-old Madeline's mom and dad, 'but I'd like to apologize in advance if I lose my cool, get scared or my ears hurt.'

Fri, 19 Dec 2014 21:47:00 -0600

The National Labor Relations Board is treating McDonald's as a joint employer in more alleged labor violations, to the horror of the franchise industry.

Fri, 19 Dec 2014 21:30:00 -0600

Here is how to ensure you find the right person for the job.

Fri, 19 Dec 2014 21:00:00 -0600

Local business owners are now hot property in Silicon Valley and countless startups are releasing a slew of cloud-based tools targeted towards the SMBs.

Fri, 19 Dec 2014 20:32:00 -0600

Thanks to an ambitious think-tank upstart, the bold billionaire's vision for a Jetson-esque 'fifth mode of transport' is inching closer to reality.

Fri, 19 Dec 2014 20:30:00 -0600

Would you like to become the most memorable person in the room? Who wouldn't? Read on to learn about some of the methods taught by behavioral investigator Vanessa Van Edwards.

Fri, 19 Dec 2014 20:00:00 -0600

A former Chicago Bear recalls the effect of an unfortunate injury. Consider his advice for how to pull yourself out of a funk and reach your full potential.

Fri, 19 Dec 2014 19:30:00 -0600

Creating top-notch content requires a digital asset management system to organize images, videos, slide-decks, infographics, animation and music.

Fri, 19 Dec 2014 19:10:00 -0600

In a bid to lure shoppers away from the Internet and back into brick-and-mortar stores, retailers are giving mannequins a high-tech upgrade.

Fri, 19 Dec 2014 19:00:00 -0600

Reflecting back on his life, serial inventor Stephen Key recalls the importance of having confidence. Trust yourself to make good decisions, he advises. Have the courage to make changes when things don't feel right.

Fri, 19 Dec 2014 18:45:00 -0600

An industry group's survey estimates scammers making returns will cost retailers $3.6 billion this holiday season.

Fri, 19 Dec 2014 18:37:00 -0600

Entitled WIPALL, it also likely festered within the company's computers for months before wiping out all data and crashing the system within a matter of minutes.

Fri, 19 Dec 2014 18:30:00 -0600

Every job is easier with the right tools.

Fri, 19 Dec 2014 18:15:00 -0600

The problem with many plans is that they depend on your changing your life to match what someone else says will work, rather than your understanding yourself well and deciding to budget your time accordingly.

Fri, 19 Dec 2014 18:00:00 -0600

Our experts explain what's right -- and wrong -- about our 3-D Printing fascination.

Fri, 19 Dec 2014 18:00:00 -0600

Goals that seem barely possible with a plan to achieve them have a nearly magical effect on success.

Fri, 19 Dec 2014 17:30:00 -0600

When changing course, the last thing you want to do is set the team off on a wild goose chase or take a situation from bad to worse.

Fri, 19 Dec 2014 17:30:00 -0600

The U.S. officially says the tools and infrastructure used in the attack were similar to previous activity from North Korea.

Fri, 19 Dec 2014 17:16:00 -0600

That's why your follower count just went down.

Fri, 19 Dec 2014 17:12:00 -0600

If you're near a McDonald's in Columbus, Ga., get ready for coupons to start popping up on your iPhone.

Fri, 19 Dec 2014 17:00:00 -0600

A new class of investor with the agility and vision that VCs seem to have lost are investing in hundreds of promising young companies.

Fri, 19 Dec 2014 16:45:00 -0600

Eleven James has applied a membership model to luxury timepieces, and found success a year in.

Fri, 19 Dec 2014 16:30:00 -0600

Being popular or busy for its own sake feel good but don't move the ball forward for you or your company.

Sat, 20 Dec 2014 18:23:00 -0600

In the nineteen-eighties, there were HR fads flying around everywhere. One of the most popular fads from that era was a new kind of job interview process where all the questions start with "Tell me about a time when...." This kind of interviewing is called Behavioral Interviewing. It's a crock, like [...]

Sat, 20 Dec 2014 16:34:00 -0600

The Yankees may have been unwilling to eat the entire $61 million of the rest of A-Rod's massive contract but it certainly appears they're doing everything they can to prepare for his departure.

Sat, 20 Dec 2014 15:37:00 -0600

Christmas is less than a week away, and it's time to make some big purchasing decisions, if you haven't already. Out of every question posed to me by readers (and even Forbes staffers), one comes up more than any other. PS4 or Xbox One? Obviously there are other gaming options this [...]

Fri, 19 Dec 2014 23:47:00 -0600

This week’s Android Circuit highlights a number of stories including Android's market share domination of iOS, details on Android 5.1, the retiring Nexus 5, reviews of the Nexus 6 and the Oppo R5, Android M might take over your car, Samsung looks to mimic Apple Pay, and RAW support for images is arriving in Android.

Fri, 19 Dec 2014 15:00:00 -0600

Research on effective leadership reveals that the easy thing to do is almost never the best thing. Leadership requires time, effort and mindshare. Here are three examples of research-driven “aha’s” that could make us all better leaders.

Thu, 18 Dec 2014 14:54:00 -0600

The agencies I have selected have a clear sense of how much is changing, including the new role of the consumer, the migration away from interruptive messages, and the technologies and platforms that make listening more important than talking. They embrace what’s coming, not what has been.

Wed, 17 Dec 2014 14:59:00 -0600

The U.S. continues its five year slide thanks to an expanded government and new regulations in finance and healthcare.

Mon, 15 Dec 2014 17:59:00 -0600

Exodus: Gods and Kings is not a good movie. The critical consensus seems to be in agreement on that point, to say nothing of the weak word-of-mouth and relatively lukewarm $24 million debut this weekend. The 20th Century Fox release would arguably still could have been a bad motion picture even if [...]

Sat, 13 Dec 2014 17:32:00 -0600

Microsoft has just confirmed that a recent update -- specifically KB 3004394 -- is causing a range of problems and recommends manually uninstalling the patch immediately.

Tue, 09 Dec 2014 15:00:00 -0600

We all know that living under stressful conditions has serious physical and emotional consequences. So why do we have so much trouble taking action to reduce our stress levels and improve our lives? Researchers at Yale University have the answer. They found that intense stress actually reduces the volume of [...]

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 10832 Views :: Article Rating :: Business & Finance

Chaldean entrepreneurs will mostly agree that buying a business is not simple; in fact, it is almost similar to starting a new venture. The struggle of finding a business that matches your capabilities and investigating the business potential to remain profitable is just the beginning.  Buying a business requires the same thoroughness as creating a business plan for starting a business. 

Edward Putrus, owner of West Coast Electrical Warehouse Supplies in Arizona says the ability to make a good business great is different than creating a new business.  Anthony Jurjus, an associate partner in the firm Rosen, Russel, and Silverman Consulting, PLC is a commercial real estate agent and business broker who often helps Chaldeans in finding and buying businesses.  “Anyone buying a business needs to do be careful, have a strategy, be patient, and persistent,” says Jurjus. 

Jurjus suggest Chaldeans follow a 10-step process in guarantying the business they buy is the right one. 

1. Like the start of a business plan, the business for sale must match the personal and financial objectives of the buyer.  It is important that the personal and financial goals are written out before you begin your search. The Business Playbook should include a "target business profile,” listing a set of specific criteria for what you expect, what you are willing to invest, the acceptable level of risk, the minimum expected return, and the time you can devote to learning and managing the business. 

2. It is important that Chaldeans locate business opportunities with the potential to grow and offer an attractive return on investment. Finding these potential opportunities can be difficult.  Places to look include reading classified advertisements, networking in the community, discussing opportunities with business brokers, spreading the word throughout the community that you are looking for a business, and checking industry sources. Resist the temptation to buy the first business that looks good; step back and look at it objectively.

3. Always make an appointment to see the business sellers or brokers for an initial introduction to the opportunity.  Ask that they provide you with brief financial reports, history, price, and reason for sale. This will allow you to know more about the business, how long it has been for sale and the financing adjustments that need to be made.

4. If the information they give looks good and the business seems to be sound, be sure to request for additional meetings to probe for more information. It is important to look at a business at different angles.

5. Review the facility closely to determine how well it has been managed and maintained. For service businesses, talk with the employees and even customers.  You might need to provide the seller a “A letter of intent” that shows you are a serious buyer.  The letter will help encourage the seller to provide more information.  Prepare a checklist of information needed, which should include the following:

  • A complete financial accounting of operations, including all income tax returns and state sales tax forms, for at least the past three years or from the beginning of operations if not established that long. 
  • Listing of all assets to be transferred to the new owner, including item breakdown of all inventory as of the last accounting period.  
  • A statement as to any legal action past or pending against the present operation.  
  • A copy of the business lease or mortgage.  
  • A list of all major suppliers to the business to include names and addresses of those to contact who are familiar with the operation.

6. Upon a satisfactory personal examination of all information received the potential buyer should then visit:

  • An accountant for further interpretation of financial information.
  • The landlord or mortgage holder to inquire about the transfer of the premise to a new owner. In the case of a lease, the expiration date should be discussed and if possible renegotiated to the intentions of the new owner. An on-site review of the facility should be conducted to assure it is in satisfactory condition.
  • Research the future of the market and the location.  Be sure to look into demographic changes, road changes, legislation that might impact the business.  Many business owners sell a business upon learning of some legal or city hardship, hoping the buyer will be unaware of the issue. 
  • Check with vendors that sell to the business to validate the sales reported and an opinion as to the likelihood of future growth of the business.

7. Request permission from the seller to allow you to spend time at the operation observing and surveying customer satisfaction.

8. Determine a fair price to offer for the business. It should be noted, however, that there is no universally accepted formula for determining business worth. Some of the approaches include book value and capitalization-of-earnings approach.

Before you present your offer to the seller, determine what financing arrangements can be made available through a lending institution or the seller.

Present the “Intent to Offer” in writing to the seller and be sure to include the appropriate business clauses such as accuracy of information, lending approval, and confirmation of pending legal actions to name a few.   Always include in the letter that the acceptance of the intent precludes the seller from negotiating with other buyers for some period of time so that the potentially costly efforts to investigate liens, financial information, and market analysis are able to be completed.

Normally, at this point, there will be negotiation. The more information that you have collected and analyzed, the more confident you will be in presenting your case.

As the buyer, you will have to use your best persuasion techniques to convince the seller your offer is fair and the advantages to the seller of accepting the offer. Be prepared to walk away if a major obstacle prevents you from obtaining important objectives. 

9. If an agreement is reached contact an attorney to draw up a suitable sales contract and research state records for any liens against the property for failure to pay a debt.

The contract should be contingent upon examinations of all assets to validate what is represented is true.

10.  Before signing a sales contract, the buyer should be present when a final inventory count of assets, including inventory, is taken.