Wednesday, January 28, 2015
Top Entrepreneur News

Wed, 28 Jan 2015 13:46:46 -0600

Are their drivers independent contractors or employees?

Wed, 28 Jan 2015 13:30:00 -0600

There has been a paradigm shift in what is important to protect at compaines.

Wed, 28 Jan 2015 13:12:01 -0600

The tech giant's quarterly results smashed Wall Street expectations.

Wed, 28 Jan 2015 13:00:00 -0600

You can pair the perfect wine, pay for your meal and more -- right from your phone.

Wed, 28 Jan 2015 12:30:00 -0600

Top tips from the author of 'Design Your Life.'

Wed, 28 Jan 2015 12:30:00 -0600

When Bill Aicklen became a WORKOUT ANYTIME franchisee, he refused to be a distant owner.

Wed, 28 Jan 2015 12:00:00 -0600

Employees using their mobile devices for work is an efficiency boon but also a constant risk that requires systematic management.

Wed, 28 Jan 2015 00:00:00 -0600

Through paid media, business owners can realize a regular stream of site visitors, expanded consumer awareness and customer leads.

Tue, 27 Jan 2015 23:30:00 -0600

The fate of startups could eventually be tied to their ability to respect not only customers, partners and employees but also the broader interests of society.

Tue, 27 Jan 2015 23:30:00 -0600

Entrepreneurs launch businesses for lofty reasons but stay in business by grappling with the nitty-gritty.

Tue, 27 Jan 2015 23:17:00 -0600

During the company's earnings call, the CEO said development of the smartwatch is on track.

Tue, 27 Jan 2015 23:00:00 -0600

Having an interest is good, but it won't get you very far. The same goes for the people who work for you.

Tue, 27 Jan 2015 22:30:00 -0600

No sports car can take you back to your youth but you can leverage your unique past for a better future.

Tue, 27 Jan 2015 22:00:00 -0600

Utilizing cycle-time reduction can hit the trifecta of improvements.

Tue, 27 Jan 2015 21:56:00 -0600

The tax-free spinoff is a response to shareholder pressure.

Tue, 27 Jan 2015 21:30:00 -0600

By using the correct data, companies can provide more personalized, more targeted content to create strong, lasting engagement.

Tue, 27 Jan 2015 21:15:00 -0600

Students studying at home with tech tools during storms learn important skills. Companies can also encourage working outside the office to avoid lost productivity in inclement weather.

Tue, 27 Jan 2015 21:00:00 -0600

If your process has lost its way, employees will be on edge and your company will see barely any benefits from reviews.

Tue, 27 Jan 2015 20:30:00 -0600

The sales process is finding out who the buyer is, what they want to buy, why they want to buy it and what you can do to fulfill that want.

Tue, 27 Jan 2015 20:15:00 -0600

At your business, aim for the type of intimacy offered at a neighborhood coffee shop or bar where everyone knows your name.

Tue, 27 Jan 2015 20:09:26 -0600

After years of fiercely protecting its content, the NFL has reached a deal with YouTube to distribute game previews, highlights, recaps and more.

Tue, 27 Jan 2015 20:00:00 -0600

Technology makes it easier to communicate but getting press can be tough. Here are pointers on how to break through the clutter and stand out.

Tue, 27 Jan 2015 19:45:00 -0600

Somebody trashing your company online is hurtful and infuriating but responding that way makes the situation worse.

Tue, 27 Jan 2015 19:35:00 -0600

Calling all introverts, extroverts, and everything in between: here's what your Myers-Briggs type says about what kind of job suits you best.

Tue, 27 Jan 2015 19:30:00 -0600

A business plan pro reveals his best tips for developing a management section that shows readers exactly why your business will succeed.

Tue, 27 Jan 2015 19:15:00 -0600

Here's a roundup of the best things to avoid to achieve work results and better peace of mind. Discover growth through subtraction.

Tue, 27 Jan 2015 19:00:00 -0600

Whatever your goal may be, it's imperative that you learn how to keep your focus engaged.

Tue, 27 Jan 2015 18:53:00 -0600

Doctors at a New York-based research institute are combining 3-D printed cartilage with living cells to manufacture trachea replacements.

Tue, 27 Jan 2015 18:45:00 -0600

Most people don't realize how they sound to others.

Tue, 27 Jan 2015 18:30:00 -0600

A one-stop networking tool called shows people their email recipients' social-media updates in one sidebar.

Wed, 28 Jan 2015 12:04:00 -0600

I heard it over dinner at a friend's house. I talked about it on a call with a scientist. I discussed it while waiting for public health officials to issue an update on the measles outbreak. The same murmured question, the same growing fear. What happens if a child dies because some [...]

Wed, 28 Jan 2015 11:33:00 -0600

Raking in $18 billion in three months, Apple tops a handful of oil and gas companies to become biggest quarterly earner of all time.

Wed, 28 Jan 2015 10:00:00 -0600

'Dying Light' makes a good first impression with tight mechanics and stunning graphics.

Wed, 28 Jan 2015 03:13:00 -0600

If Russian banks are restricted from SWIFT, it will serve to worsen investor sentiment already at all-time lows.

Tue, 27 Jan 2015 15:20:00 -0600

It takes more time, unique tools and special training to fix aluminum car parts. Plus, the labor rate is twice as high. And don't get me started on the $900 tail lamp.

Tue, 27 Jan 2015 15:00:00 -0600

In today's workplace, potential distractions are everywhere. By strategically approaching your day, you can avoid interruptions and accomplish more than you thought possible. Here are six tips to boost your productivity.

Tue, 27 Jan 2015 14:33:00 -0600

Too many people succumb to the mistaken belief that being likeable comes from natural, unteachable traits that belong only to a lucky few—the good looking, the fiercely social, and the incredibly talented. It’s easy to fall prey to this misconception. In reality, being likeable is under your control, and it’s [...]

Tue, 27 Jan 2015 13:47:00 -0600

By Sonya Stinson Drew Brees has a Super Bowl MVP award and a name sports reporters usually pair with the phrase “future Hall of Famer.” But as a student at Purdue University, becoming a football star was the furthest thing from his mind. “I never thought that football would ever take me [...]

Tue, 27 Jan 2015 13:05:00 -0600

Where do you go to find new content, whether it’s for entertainment (hello, memes), meaningful information that helps you understand a topic better, or just easy-to-digest news nuggets that make you sound hipper at happy hour? For most people, the go-to platforms are Facebook and Twitter—but that has been true [...]

Tue, 27 Jan 2015 13:00:00 -0600

The earning potential for physician assistants, the bright career outlook and the number of job listings right now combine to make it the No. 1 job on a new list of the “best” jobs in America for 2015, put out by Glassdoor, a jobs website where users post salary information and company reviews.

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 11024 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.