Tuesday, July 28, 2015
Top Entrepreneur News

Tue, 28 Jul 2015 13:00:00 -0500

Put in the effort to make them feel like "part of the family."

Tue, 28 Jul 2015 12:45:00 -0500

These common formats can seriously increase your content's shareability.

Tue, 28 Jul 2015 12:30:00 -0500

If you want to be great at something, learn from the experts. When it comes to startups, the experts are in the tech industry.

Tue, 28 Jul 2015 12:00:00 -0500

Changing human behavior is often considered to be one of the hardest things to do in business and in life. Yet, there is a very reliable way that human behavior changes over the long-term.

Tue, 28 Jul 2015 11:30:00 -0500

Whether you're looking to achieve your first major success or you've got many under your belt already, here are some great tips I've learned along my own path.

Tue, 28 Jul 2015 11:00:00 -0500

Success, happiness and money are intertwined but seldom interchangeable.

Tue, 28 Jul 2015 10:30:00 -0500

You must live a life where you cross lines and push limits. You must commit to and demand to create success in your personal life and business.

Mon, 27 Jul 2015 22:30:00 -0500

Did you ever think "generosity" would be the goal of a good meeting? It is now.

Mon, 27 Jul 2015 22:00:00 -0500

Parents make great employees and cultivating an environment that is supportive of them is not only easy but a no-brainer from a business standpoint.

Mon, 27 Jul 2015 21:30:00 -0500

Over the last few years, personal branding has gone on from being an additional responsibility to one of the top priorities in marketing a business.

Mon, 27 Jul 2015 21:17:00 -0500

When your social media presence is an integral part of your livelihood, it's important to know what you can do to protect yourself.

Mon, 27 Jul 2015 21:10:00 -0500

Michael Streko was caught after reportedly asking children for drugs. His son was found unharmed.

Mon, 27 Jul 2015 21:00:00 -0500

It's not making money. It revolves around something that, if you're smart, you're already doing every day.

Mon, 27 Jul 2015 20:30:00 -0500

Interns have a legal right to take something of value from their experiences. Like a much better chance of getting a real job.

Mon, 27 Jul 2015 20:18:26 -0500

'While we got certain things right, we made a few choices that, in hindsight, we've needed to rethink.'

Tue, 28 Jul 2015 11:10:00 -0500

The general perception of life insurance agents – based on surveys – is that the opportunities for life insurance agents are diminishing. In many respects, this is indeed accurate. However, for those experienced and technically proficient life insurance agents, there are significant new business opportunities that a large percentage of [...]

Tue, 28 Jul 2015 04:25:00 -0500

In Southeast Asia’s most tempting market without legal casinos, Thai gaming opponents hold the best cards.

Mon, 27 Jul 2015 20:49:00 -0500

About three years ago, I wrote the book, The Coming China Crisis, which predicted the sequence, such as record debt, mal-investments, excessive debt-financed speculation in real estate, 64 million empty condominiums, a credit crunch followed by a credit crisis, and then a crash. Furthermore, the book said this crisis would [...]

Mon, 27 Jul 2015 20:46:00 -0500

Founded in 2006, Wix has been helping all types of business owners around the world create and customize world-class websites for free. The company now has over 68 million users in 190 countries as well as a team of 1,000 talented individuals that span the globe, including Israel, the United [...]

Mon, 27 Jul 2015 17:23:00 -0500

The investment banking analyst was terribly unhappy at work. She wasn’t getting the kind of interesting assignments she had in the past. On the work she did get, her boss micromanaged her, telling her she had to do things over when she thought she’d done a good job the first [...]

Mon, 27 Jul 2015 14:59:00 -0500

It all started at the perfume counter. Kari Warberg Block was living in Western North Dakota, dating her farmer boyfriend, and selling fragrances at the local department cosmetics counter. "Every evening I would come home with a headache from being around the perfume," says Block, who never wore the stuff she sold. However, [...]

Mon, 27 Jul 2015 14:11:00 -0500

I have this technology artifact near my desk. It was called the AOL Mobile Communicator, a small blue plastic device for instant messaging and email that was made by Research in Motion (now Blackberry). AOLers, as we called ourselves in the 00s, played with them incessantly. I often made colleagues [...]

Mon, 27 Jul 2015 10:00:00 -0500

Google's Nexus and Samsung Galaxy devices are amongst 950 million Android phones said to contain the "worst" ever vulnerabilities for the world's most popular mobile operating system. Manufacturers have been urged to make haste in fixing the flaws, though there's little information on when users will be protected.

Mon, 27 Jul 2015 03:04:00 -0500

You know you’re on a roll when the prime minister of your country takes a break from the duties of leading 1.2 billion people to brag on Twitter about meeting you. You know you’re hotter than hot when the Times of India calls you ‘The New Salman Khan Of The Film [...]

Sat, 25 Jul 2015 17:10:00 -0500

Microsoft's controversial update policy has its first victims.

Wed, 22 Jul 2015 06:22:00 -0500

Do you want to keep your best employees? The answer is obvious: of course you do! Then why do you still have stupid HR policies in place -- policies that can only drive your best employees straight into your competitors' arms?

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 12018 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.