Tuesday, June 2, 2015
Top Entrepreneur News

Tue, 02 Jun 2015 19:00:00 -0500

If you're thinking about starting your own microbrewery, this industry overview offers a look at the history, culture and future of this business so you can decide whether to jump in.

Tue, 02 Jun 2015 18:45:00 -0500

You're going to like the way you app.

Tue, 02 Jun 2015 18:30:00 -0500

Learn to tell when you've reached that point of "take this job and shove it."

Tue, 02 Jun 2015 18:15:00 -0500

These recommendations bring business and entertainment directly to our ears.

Tue, 02 Jun 2015 18:00:00 -0500

There's a new generation of people out there. Your company needs to learn how to communicate with them.

Tue, 02 Jun 2015 18:00:00 -0500

MakeSpace is thinking outside the box when it comes to storage.

Tue, 02 Jun 2015 17:45:00 -0500

A year after Apple first announced it, you can finally buy products based on HomeKit

Tue, 02 Jun 2015 17:30:00 -0500

When was the last time you really had a good, solid conversation with your kids?

Tue, 02 Jun 2015 17:22:00 -0500

Talk about driving a point home.

Tue, 02 Jun 2015 17:15:00 -0500

A look at how much space you can get for $5,000 a month in these major U.S. cities.

Tue, 02 Jun 2015 17:03:00 -0500

The most wonderful day of the year for doughnut lovers is nearly upon us. Where will you get your sweet treat?

Tue, 02 Jun 2015 17:00:00 -0500

Physical clutter turns into mental clutter. Don't let it affect your productivity.

Tue, 02 Jun 2015 16:45:00 -0500

When starting your business unbounded optimism is essential but keep it in check when making forecasts.

Tue, 02 Jun 2015 16:33:00 -0500

The company will announce a new music streaming service at its Worldwide Developers Conference on Monday.

Tue, 02 Jun 2015 16:30:00 -0500

A big problem with the gender gap in entrepreneurship is the nagging feeling that men are better suited for it.

Tue, 02 Jun 2015 15:05:00 -0500

There have been so many leaks and teasers over the last couple years, false, true, and somewhere in between, that the slow, inevitable push towards an actual announcement has been agonizing at times. But it's coming. Bethesda just put a Fallout-style countdown timer on its website (thats fallout.bethsoft.com, for anyone [...]

Tue, 02 Jun 2015 15:03:00 -0500

This has been a year of firsts for me, gaming-wise. Namely, I’m diving into series or genres I’ve never normally stepped foot in as they haven’t really been my “thing.” First, I devoured Bloodborne after quitting several Souls games early on, generally annoyed with the difficulty of Miyazaki’s games. And [...]

Tue, 02 Jun 2015 14:13:00 -0500

When emotional intelligence (EQ) first appeared to the masses, it served as the missing link in a peculiar finding: people with average IQs outperform those with the highest IQs 70% of the time. This anomaly threw a massive wrench into the broadly held assumption that IQ was the sole source [...]

Tue, 02 Jun 2015 13:35:00 -0500

You come to the office on Monday morning, and after running through your email inbox, you realize that you only have a couple of minutes until your first meeting. It might be your weekly sales meeting, project meeting, operations, human resources, business development, or perhaps a monthly board or quarterly advisory meeting. [...]

Tue, 02 Jun 2015 12:30:00 -0500

Five startups are announcing the launch of the very first HomeKit-certified devices today. HomeKit is Apple's standard for how third-party smart home gadgets connect in iOS. These five HomeKit-compliant devices include: Ecobee's $250 WiFi-connected thermostat. Elgato's line of sensors that collect data on air quality, humidity, air pressure, temperature as well as energy and [...]

Tue, 02 Jun 2015 04:36:00 -0500

Following last year’s inaugural Under 30 Summit, this is the number one question I’ve been asked: how are you going to top that? A fair question, when you feature everything from Malala Yousafzai’s first chat since winning the Nobel Peace Prize to Monica Lewinsky’s first public speech ever. From a [...]

Mon, 01 Jun 2015 17:28:00 -0500

Where do members of the millennial generation most want to work right now? According to a new survey by an organization called the National Society of High School Scholars (NSHSS), health care companies are the most sought after employers, taking seven of the top 25 slots out of a list [...]

Mon, 01 Jun 2015 12:44:00 -0500

Religious freedom is one thing, but the First Church of Cannabis? Now that Lois Lerner is gone, is the IRS confusing communion with commune?

Sun, 31 May 2015 22:39:00 -0500

Ciara is joining the ranks of hip hop artist-turned-ad model for Roberto Cavalli's Fall-Winter 2015 line.

Thu, 28 May 2015 13:07:00 -0500

Miki Agrawal is out to change how the world thinks about women's periods. In an age when women have made enormous strides in everything from workplace and academic equality, comfort in demanding what we want in bed and access to birth control and abortions - we still squirm when talking about [...]

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 11753 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.