Monday, September 22, 2014
Top Entrepreneur News

Mon, 22 Sep 2014 12:00:00 -0500

As a leader, being indispensable can make employees better, they drive revenue and maintain a sense of optimism around the office.

Mon, 22 Sep 2014 11:30:00 -0500

What athletes need to endure the brutal winnowing process on their way to the pros is just what it takes to launch and grow a business.

Mon, 22 Sep 2014 11:30:00 -0500

JDog Junk Removal has one big prerequisite for every potential franchisee: they must be a military veteran.

Mon, 22 Sep 2014 11:00:00 -0500

We set goals. We plan milestones for our progress. Basically, we try to predict the future. But there can be more value in evaluating the past. Here's why.

Mon, 22 Sep 2014 10:00:00 -0500

While minor grammar mishaps won't get you into too much trouble, other proofreading errors can be both humiliating and costly.

Sun, 21 Sep 2014 19:00:00 -0500

The art of being an entrepreneur owes much to performance.

Sun, 21 Sep 2014 16:00:00 -0500

Some of the most influential business books are available for next to nothing (or even nothing) in the Amazon Kindle store.

Sat, 20 Sep 2014 16:00:00 -0500

The hoards have begun gathering ahead of the iPhone 6 release tomorrow. Here's a look.

Fri, 19 Sep 2014 23:00:00 -0500

These game changers have the right skills, the right process and the right heart.

Fri, 19 Sep 2014 22:00:00 -0500

People and money are the two constants regardless of what a company sells. Keeping tabs on the comings and goings of both is indispensable.

Fri, 19 Sep 2014 21:47:00 -0500

The millionaire real-estate mogul doesn’t let dyslexia hold her back. She uses it to fuel her famously feisty entrepreneurial fire.

Fri, 19 Sep 2014 21:45:00 -0500

Don't panic but respond appropriately and respectfully. Follow these practices to help stave off IRS scrutiny.

Fri, 19 Sep 2014 21:34:00 -0500

In a talk at Columbia University, the PayPal co-founder and venture capitalist discussed why startups need to go 'beyond professionalism.' But that may be the problem.

Fri, 19 Sep 2014 21:30:00 -0500

These programs are a gift and can be adapted to fit your needs at a low cost.

Fri, 19 Sep 2014 21:00:00 -0500

Utilizing social-media data in your content-marketing efforts can provide a fresh and creative twist to online advertising.

Fri, 19 Sep 2014 20:45:00 -0500

Innovation in an industry like construction can pose a challenge to entrepreneurs. Here's how to break through.

Fri, 19 Sep 2014 20:30:00 -0500

No matter how much training or talent you have on your team, engagement is one of the most powerful tools any team member and business can have.

Fri, 19 Sep 2014 20:18:00 -0500

Animal rights activists released a graphic video showing workers whipping, kicking and punching cows at a farm responsible for the cheese at Domino's, Pizza Hut and Papa John's.

Fri, 19 Sep 2014 20:14:00 -0500

In trying to mute the criticism of the NFL's response to abuse cases, commissioner Roger Goodell showed surprisingly bad judgment.

Fri, 19 Sep 2014 20:00:00 -0500

The photo-centric social media platform is well suited for reaching younger customers who define what the larger audience seeks from content marketing.

Fri, 19 Sep 2014 19:45:00 -0500

Engaged employees might be more prone to offer just the right touch to customers, boosting satisfaction all round. Consider job rotation as a workplace enhancement.

Fri, 19 Sep 2014 19:30:00 -0500

When we teach our children the value and fragility of their personal reputation they learn who they are, regardless of what others think.

Fri, 19 Sep 2014 19:15:00 -0500

Even as technology makes it easier to connect, communication is disjointed. Fake friendships abound. Nonetheless, genuine ties can be forged in business and leisure.

Fri, 19 Sep 2014 19:00:00 -0500

Chances are you’re not maximizing one of the easiest routes to communicate vital information to your customers.

Fri, 19 Sep 2014 19:00:00 -0500

As content has become the currency of the modern sales professional, there’s a content format that’s proving incredibly valuable for those who want to stand out.

Fri, 19 Sep 2014 18:51:00 -0500

Initially priced at $68, shares of the Chinese tech titan opened at $92.70 this morning in what is officially the largest U.S.-based IPO of all time.

Fri, 19 Sep 2014 18:30:00 -0500

A patient, systematic program to improve your underperformers is the quickest and least expensive way to improve company results.

Fri, 19 Sep 2014 18:19:20 -0500

The line of people out front of Apple's flagship store was completely ridiculous.

Fri, 19 Sep 2014 18:00:00 -0500

Implementing strong client boundaries helps keep everyone focused.

Fri, 19 Sep 2014 17:45:00 -0500

Many companies are investing in Facebook campaigns despite changes to its organic reach.

Fri, 19 Sep 2014 17:30:00 -0500

The creation of innovative products and processes is much too important to companies and entire economies to be left to chance.

Fri, 19 Sep 2014 17:30:00 -0500

See the life of Apple's innovative, brilliant founder in a picture timeline.

Fri, 19 Sep 2014 17:23:00 -0500

The lone visionary is the ideal of entrepreneurial mythology but one of the world's largest tech companies has done notably well with bifurcated leadership.

Fri, 19 Sep 2014 17:00:00 -0500

Most entrepreneurs have lots of ideas but few of them are able to successfully execute that one idea that makes all the difference.

Fri, 19 Sep 2014 16:30:00 -0500

Your business might be small, but its look and feel doesn’t have to be. Hiring outside help is quick and effective.

Fri, 19 Sep 2014 16:15:00 -0500

The site's most popular stars are being paid to produce new content as other channels seek to court them.

Fri, 19 Sep 2014 16:08:00 -0500

The popular photo-sharing platform will no longer shut down.

Fri, 19 Sep 2014 16:00:00 -0500

It’s important for leaders to set the 'organizational guardrails' that foster a single, uniformed direction.

Fri, 19 Sep 2014 15:54:00 -0500

Home Depot's cyberattack put 56 million credit cards at risk, significantly more than Target's breach.

Fri, 19 Sep 2014 15:30:00 -0500

It's not so much what the best marketers know but how they view the elements of the campaign.

Fri, 19 Sep 2014 15:04:00 -0500

With the announcement of Larry Ellison's stepping down, here are three tips for companies considering having co-ceos.

Fri, 19 Sep 2014 15:00:00 -0500

How does any entrepreneur know what ventures to pursue, and which ones are best left behind?

Fri, 19 Sep 2014 15:00:00 -0500

Empire-building lessons from one of the world's most entrepreneurial chefs.

Fri, 19 Sep 2014 14:30:00 -0500

If you thought you needed more charismatic friends to have a social-maven driving your sales, think again.

Fri, 19 Sep 2014 14:15:00 -0500

RocketSpace CEO and founder Duncan Logan shares how space and one’s peers impact a company’s final product.

Fri, 19 Sep 2014 14:15:00 -0500

Clear out the mental clutter and the day’s distractions to focus on what you think is important.

Fri, 19 Sep 2014 14:00:00 -0500

With traditional retailers merging and ecommerce startups growing quickly, this particular industry isn't getting much sleep these days.

Fri, 19 Sep 2014 13:30:00 -0500

According to estimates, the country is second to Silicon Valley for new companies. Here are three things that may be driving that.

Fri, 19 Sep 2014 13:19:00 -0500

This new social network makes sure you’re rubbing virtual elbows with people as well-to-do as you are. The cost to join: $9,000.

Fri, 19 Sep 2014 13:00:00 -0500

The recently-deceased comedian taught a brilliant lesson about personal branding that we should all take to heart.

Fri, 19 Sep 2014 13:00:00 -0500

Check out the news business owners need to know for the week that was.

Fri, 19 Sep 2014 12:30:00 -0500

If you aspire to be a successful entrepreneur, the only way you're going to achieve that is by focusing on one thing and doing it better than anyone else.

Fri, 19 Sep 2014 12:00:00 -0500

I was always aggressive and relentless -- until a series of Zen-like moments helped me move to a different level that changed how I operated.

Fri, 19 Sep 2014 11:30:00 -0500

Looking for a way to support her six kids as a single mom, Nusha Pelicano discovered Orange Leaf Frozen Yogurt by chance.

Thu, 18 Sep 2014 23:00:00 -0500

AdWords is such a powerful advertising medium that people think they can't get it wrong. That's a serious error.

Thu, 18 Sep 2014 22:30:00 -0500

You’re only as good as the number of people using and, more importantly, paying for what you built.

Thu, 18 Sep 2014 22:00:00 -0500

Why get a personal secretary when your smartphone can organize your day, your minutes, your business trips and even your clutter?

Thu, 18 Sep 2014 21:30:00 -0500

The best way to tell somebody how to do better is to begin by telling them what they are doing well.

Thu, 18 Sep 2014 21:21:00 -0500

For this billionaire entrepreneur, work is the breakfast of champions.

Thu, 18 Sep 2014 21:15:00 -0500

A real estate executive realizes that by finding a perch to work inside each of her company's branch offices, she can be more effective and build more productive relationships.

Thu, 18 Sep 2014 21:00:00 -0500

The non-profit, along with businesses, can utilize three secrets of customer-relationship management software to effectively follow up on leads.

Thu, 18 Sep 2014 20:33:00 -0500

Virtual reality, take me away. Because overpriced in-flight cocktails and noise-cancelling headphones aren’t enough anymore.

Thu, 18 Sep 2014 20:33:00 -0500

The company's co-founder will move to the board of directors. Two co-CEOs have been named to replace him.

Thu, 18 Sep 2014 20:30:00 -0500

One entrepreneur explains how she was able to get the perfect URL for her startup and what lessons she learned along the way.

Thu, 18 Sep 2014 20:14:00 -0500

…But it sure makes life easier, the self-made billionaire says. Why? With it comes freedom.

Thu, 18 Sep 2014 20:00:00 -0500

Recreate the rhythms of your long years of schooling to succeed in the marathon of building your business.

Thu, 18 Sep 2014 20:00:00 -0500

Advance your company’s legacy by transforming it. Tread carefully with key constituency groups.

Thu, 18 Sep 2014 19:54:00 -0500

Americans are obsessed with their Internet, which makes it sting all the worse that the companies that provide Internet are expensive, unresponsive and because of their relative monopoly, in no hurry to improve their operations.

Thu, 18 Sep 2014 19:45:00 -0500

The high stakes make this type of transaction entirely unique. Know how to proceed wisely.

Thu, 18 Sep 2014 19:30:00 -0500

Sticky social situations can unglue the surest business deal. Here’s how to make sure they don’t.

Thu, 18 Sep 2014 19:15:00 -0500

The Amazon founder's Blue Origin aerospace outfit will develop rocket engines for the United Launch Alliance -- a joint venture between Lockheed Martin and Boeing that creates spacecraft for the U.S. government.

Thu, 18 Sep 2014 19:15:00 -0500

Prompt everyone to contribute their ideas to have a richer harvest.

Thu, 18 Sep 2014 19:00:00 -0500

It can be stressful when you have to make important decisions regarding your business. But to get ahead of the game, it is a necessity.

Thu, 18 Sep 2014 18:56:00 -0500

The online retailer reportedly outbid Google and two other companies that had their eye on the new and valuable generic top-level domain.

Thu, 18 Sep 2014 18:45:00 -0500

Here's to a broader, more generous definition of the oft-used career term.

Thu, 18 Sep 2014 18:39:00 -0500

Next month, the city will start charging renters a 14 percent occupancy tax on behalf of its hosts.

Thu, 18 Sep 2014 18:30:00 -0500

As the leader, barking orders, stealing the spotlight and enforcing your own agenda isn't the way to get employees excited about working with you.

Thu, 18 Sep 2014 18:15:00 -0500

You may never hop out of morning with a smile plastered on your face, but you can make it a bit easier.

Thu, 18 Sep 2014 18:15:00 -0500

Our experts explain how positioning yourself as an expert can help maximize your site for search.

Thu, 18 Sep 2014 18:00:00 -0500

Pay-per-click marketing is fraught with confusion, mistakes and a lot of wasted cash. But when you get it right, PPC can be indispensable. Here’s some insight and some tips.

Thu, 18 Sep 2014 17:48:00 -0500

Vietnamese sandwich concept Banh Shop promises to change its logo after Vietnamese-Americans called out Taco Bell's parent company for the red star design.

Thu, 18 Sep 2014 17:30:00 -0500

If accepted into an program, it means mentorship, classes and training from those who have been there and done that.

Thu, 18 Sep 2014 17:05:00 -0500

Digital sales are on the decline in the country, while CD sales are still going strong.

Thu, 18 Sep 2014 17:00:00 -0500

You might not know it right now, but once you discover it, it’s time to take on your quest.

Thu, 18 Sep 2014 16:53:00 -0500

As Apple continues to investigate its own high-profile hack, CEO Tim Cook wrote an open letter to customers assuring their private data is safe.

Thu, 18 Sep 2014 16:33:00 -0500

The vast record of information stored on Apple devices will only be available to users who possess a four-digit passcode.

Thu, 18 Sep 2014 16:30:00 -0500

You've most likely encountered them while conducting business: Those who just talk without taking actions. Here are some tips to deal with them.

Thu, 18 Sep 2014 16:12:00 -0500

Included are two devices under $100 as well as an all-new operating system, called 'Sangria.'

Thu, 18 Sep 2014 16:00:00 -0500

Think proven concept, not big brand, when buying a franchise.

Thu, 18 Sep 2014 15:52:00 -0500

Venture capitalist Peter Thiel's recent comments about marijuana use at Twitter underscore a more widespread problem.

Thu, 18 Sep 2014 15:40:00 -0500

The new functionality will allow users to deepen their connection with funders, in addition to giving them a way to keep raising money, the company says.

Thu, 18 Sep 2014 15:30:00 -0500

New product and service concepts are stifled by the process of taking them to market. If you can prove a demand, however, the next steps become much less intimidating.

Thu, 18 Sep 2014 15:00:00 -0500

Entrepreneurs need to be stoic about the long odds against a new business thriving but it's also true that the greatest successes of our time started small.

Thu, 18 Sep 2014 15:00:00 -0500

A new book highlights how executive presence and gravitas can bridge the gap between performance and success.

Thu, 18 Sep 2014 14:45:00 -0500

For extraordinary results, test, measure, tweak. Don't stop.

Thu, 18 Sep 2014 14:00:00 -0500

It is nearly rude not to examine all the social-media clues we glean about people with whom a good relationship is important.

Thu, 18 Sep 2014 13:30:00 -0500

A silent drag on many organizations is employees who feel disconnected from company decision making and inhibited bringing problems to light.

Thu, 18 Sep 2014 12:30:00 -0500

It starts with changing your mindset, then following through with consistent action.

Thu, 18 Sep 2014 12:00:00 -0500

A recent Gallup poll proclaimed that social media marketing has little effect on whether people buy products, but it may not tell the whole story.

Thu, 18 Sep 2014 11:30:00 -0500

When Nathan Coombs retired from the military, DreamMaker Bath and Kitchen's company culture convinced him that the franchise was the right fit.

Mon, 22 Sep 2014 06:43:00 -0500

While there are similarities between Apple's current stock price high and two years ago there are some key differences.

Mon, 22 Sep 2014 05:52:00 -0500

It seems that expectations have ratcheted down for the first weekend of iPhone 6 sales which could create a situation Apple beats them.

Mon, 22 Sep 2014 03:00:00 -0500

This is not a typical comparison of Apple products or features compared to Google, but it is a comparison of the underlying operating systems ‒ and even more specifically how these relate to enterprise healthcare. Unlike consumer health and fitness, enterprise healthcare applications are typically ones that are licensed (or owned) by the healthcare facility, [...]

Sun, 21 Sep 2014 22:32:00 -0500

The planet’s biggest store should be hearing footsteps at the moment.

Sun, 21 Sep 2014 12:13:00 -0500

After some real-world usage, it's already clear that life with a phablet brings compromises. iPhone users accustomed to one-handed use of their device will find the iPhone 6 Plus nearly impossible to manipulate without placing both hands on it. If you're ready to make that move, the 6 Plus is gorgeous and might be the perfect smartphone for you. Otherwise, you might be like me.

Sun, 21 Sep 2014 12:12:00 -0500

This time, when Samsung accuses Apple of copying, it has a point. And it's about time Apple got dragged in the phablet era. The iPhone 6 Plus is gorgeous and a worthy entrant into the fastest-growing segment of the mobile market. That there were no phablets before the Galaxy Note invented the segment three years ago is history. Samsung motivated Apple to up its game and the result is outstanding.

Thu, 18 Sep 2014 20:29:00 -0500

Are most entrepreneurs reckless risk seekers hungry to bet their life savings on an untested venture? Are they driven by the same motivations that spur high-stakes gamblers to place million-dollar bets on the roulette wheel? Quite the contrary, says a new paper by John Morgan, a professor of entrepreneurship studies [...]

Wed, 17 Sep 2014 20:53:00 -0500

Visit almost any anti-GMO website and you will find alarming headlines about the alleged dangers of GMO foods. They kill pigs, cows and sheep on farms and in lab studies! Humans are next! "Monsanto’s GMO Feed Creates Horrific Physical Ailments in Animals," screams a typical article, in AlterNet, a popular anti-GMO site. It [...]

Mon, 15 Sep 2014 20:20:00 -0500

You want your business to grow (more leads, more sales, more traffic) - and you realize SEO is a great strategy. Which means it's time to hire an SEO firm right? Unfortunately, many companies don’t know the first thing about SEO, which leaves them open and vulnerable to being taken [...]

Mon, 15 Sep 2014 15:31:00 -0500

VideoEver wanted to help design a NASCAR race car? Now you can, thanks to Farmers Insurance. By visiting DesignThe5.com, NASCAR fans will be able to vote on key elements of Kasey Kahne’s 2015 No. 5 Farmers Insurance Chevrolet SS, including the paint lines, base color, TV panel text and accent [...]

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 10387 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.