Tuesday, September 30, 2014
Top Entrepreneur News

Mon, 29 Sep 2014 22:30:00 -0500

Learn this essential way to focus your efforts for the management challenges ahead.

Mon, 29 Sep 2014 22:00:00 -0500

Public relations firms are offering DIY courses in marketing to businesses that cannot otherwise afford their services.

Mon, 29 Sep 2014 21:30:00 -0500

Expect things to be done differently in the human resources as millennials move into management.

Mon, 29 Sep 2014 21:00:00 -0500

The prevalence of smart phones as a shopping tool means brick-and-mortar businesses need a website that meets consumer expectations.

Mon, 29 Sep 2014 20:58:00 -0500

The multifaceted Japanese tech giant is not letting a failed bid for T-Mobile stand in the way of its quest to become the biggest company in the world.

Mon, 29 Sep 2014 20:30:00 -0500

How does a new boss learn to step ahead boldly without becoming burdened by the fear of making a mistake? Read some lessons from a former general manager at age 24.

Mon, 29 Sep 2014 20:00:00 -0500

Road warriors can avoid fatigue and jet lag with these tips. Rest affects how you look, feel and perform, making it a sound investment.

Mon, 29 Sep 2014 20:00:00 -0500

People happily moving through life with ease aren't dealing with less stress or fewer challenges. It's how they view what we all see.

Mon, 29 Sep 2014 19:37:44 -0500

Got a parking ticket? This new app disputes your tickets so you don’t have to.

Mon, 29 Sep 2014 19:30:00 -0500

Businesses are increasingly seeing the utility of enterprise services tailored to their needs, creating opportunity for nimble entrepreneurs.

Mon, 29 Sep 2014 19:15:00 -0500

A former English teacher from Hangzhou, China, fashions one of the world's most valuable companies with an unorthodox philosophy in 15 years.

Mon, 29 Sep 2014 19:00:00 -0500

Since we all want to portray ourselves as cool, intelligent, strong, charismatic and interested in others, learning tactics to make a great first impression is critical.

Mon, 29 Sep 2014 18:39:00 -0500

JAB Holding is taking the bagel company Einstein Noah private for the price of $20.25 per share.

Mon, 29 Sep 2014 18:30:00 -0500

To revive a brand and put the company back on the right track, take the time to assess strengths and weaknesses, understand the brand’s value to customers and communicate that story consistently.

Mon, 29 Sep 2014 18:30:00 -0500

For our 'If I Knew Then, What I Know Now' series, serial entrepreneur Steve Blank discusses the importance of following your passion, the importance of family and the legacy he hopes to leave behind for future entrepreneurs.

Mon, 29 Sep 2014 18:00:00 -0500

Even though virtual assistants are meant to make an entrepreneur's life easier, founders can make mistakes working with them -- causing more headaches than good.

Mon, 29 Sep 2014 17:33:00 -0500

The software company's first Manhattan store will be located at 677 Fifth Avenue, a few blocks south blocks from Apple's flagship store.

Mon, 29 Sep 2014 17:32:00 -0500

'Share a Coke,' in which bottles were personalized with popular names as well as terms of endearment, is credited with increasing Coca-Cola sales for the first time in over a decade.

Mon, 29 Sep 2014 17:30:00 -0500

To ensure your long-term viability, put a consistent program in place to increase your 'likes.'

Mon, 29 Sep 2014 17:00:00 -0500

Stats don’t lie. They just might not be telling the story you expect.

Mon, 29 Sep 2014 16:45:00 -0500

BetterWorks, which just raised a $15.5 million Series A round, merges the concepts of game mechanics and the quantified self to motivate and manage employees' goals.

Mon, 29 Sep 2014 16:30:00 -0500

Eliminate ineffective practices and replace them with strategic, content-focused tactics. Readers will appreciate these.

Mon, 29 Sep 2014 16:14:00 -0500

Just when we were saying our first hello to Ello, it said goodbye. Here's why. And, yes, the buzzing ad-free social magnet is back up and running.

Mon, 29 Sep 2014 16:00:00 -0500

Writing well is part habit, part knowledge and part giving a damn.

Mon, 29 Sep 2014 15:30:00 -0500

If you’re an entrepreneur and you want to become more efficient, productive, and successful, take a look at this list of tools

Mon, 29 Sep 2014 15:15:00 -0500

The founder of lifestyle site Preserve explains why she isn’t letting detractors drag her down.

Mon, 29 Sep 2014 15:00:00 -0500

Business is the ultimate sport, so learn what it takes to create lasting success.

Mon, 29 Sep 2014 14:30:00 -0500

While it’s easy to blame an unsatisfying final product on the designer, it’s up to the client to communicate effectively, give their designer all the tools they need to succeed and ensure that the best product is delivered.

Mon, 29 Sep 2014 14:00:00 -0500

Greatness is being good as a person, not just being good just at what you do.

Mon, 29 Sep 2014 13:30:00 -0500

It's easy to get lost in the here and now, but planning for what comes next is crucial to your business's success.

Mon, 29 Sep 2014 13:12:00 -0500

Rent the Runway, Bonobos and Birchbox all found success in being online-only and are now expanding offline. Their founders say there are benefits to having a foot in both courts at once.

Mon, 29 Sep 2014 13:00:00 -0500

Experts explain why your phone is keeping you from accomplishing what you want and need to do.

Mon, 29 Sep 2014 13:00:00 -0500

Even if you truly derive great pleasure from your work, you need to have some downtime.

Mon, 29 Sep 2014 12:30:00 -0500

Sometimes being brutally honest has the happy result of realizing, even if you can improve. you are smart, you work hard, you can do this.

Mon, 29 Sep 2014 12:00:00 -0500

What criteria can you use to determine if you have been with the same company too long? And to know it's time to do something new?

Mon, 29 Sep 2014 11:30:00 -0500

Dulce Cuevas has worked nearly every position possible at Liberty Tax: translator, bilingual tax preparer, tax school instructor, manager and finally multi-unit franchisee.

Sun, 28 Sep 2014 18:00:00 -0500

Want a hotel reservation in a jiffy or need to fly out of town in two hours? Fire up these applications on your smartphone.

Sun, 28 Sep 2014 16:00:00 -0500

There's no denying the network was launched, at least partially, in reaction to all the data Facebook collects on its users. But don't expect the nascent company to really threaten Facebook's dominance.

Sun, 28 Sep 2014 14:30:00 -0500

Some talented and skilled individuals succeed in their area of expertise but create all kinds of problems due to their distorted view of themselves and others.

Sat, 27 Sep 2014 18:00:00 -0500

Sure, the iPhone 6 just came out. But let's be honest. It's far from perfect.

Sat, 27 Sep 2014 16:00:00 -0500

It can be hard. But it’s a necessary evil.

Fri, 26 Sep 2014 21:30:00 -0500

With so many websites powered by WordPress, supercharge yours with these powerful plugins.

Fri, 26 Sep 2014 21:00:00 -0500

The saying, 'Imitation is the sincerest form of flattery' just doesn't fly when dealing with trademarks.

Fri, 26 Sep 2014 20:42:00 -0500

Among our favorites? A task manger that gamifies your accomplishments and a background music player that incorporates neuroscience.

Fri, 26 Sep 2014 20:30:00 -0500

We need to rethink how we teach children if we are to graduate adults who can fill the available jobs and grow the economy larger.

Fri, 26 Sep 2014 20:00:00 -0500

Just because you have employees all across the globe, doesn't mean you can't still have company culture.

Fri, 26 Sep 2014 19:30:00 -0500

Join us for an exciting hangout this September 30 where experts will weigh in on what you need to know before you set your website live.

Fri, 26 Sep 2014 19:30:00 -0500

Although many flock to the Golden State, some may be unaware of these restrictions on how businesses can operate.

Fri, 26 Sep 2014 19:15:00 -0500

As of Monday, Pimco’s founder will be working for Janus Capital, his former competitor, on a recently launched bond fund.

Fri, 26 Sep 2014 19:13:00 -0500

The outspoken Shark Tank star is anything but bullish on Bitcoin.

Fri, 26 Sep 2014 19:00:00 -0500

Fundamental critical thinking is essential in business, and life, but is seldom seen on a college curriculum. Happily, it's something you can figure out.

Fri, 26 Sep 2014 18:33:00 -0500

'I'm terrified of heights,' says 19-year-old Anna Bezuglova, 'but for Alphatise, I’m willing to take the plunge.'

Fri, 26 Sep 2014 18:30:00 -0500

Asking people for money is tough. But some are learning how to do it and starting businesses as a result.

Fri, 26 Sep 2014 18:00:00 -0500

Working without a salary for equity might feel like pitching in at your neighbor's barn raising but the government doesn't see it that way.

Fri, 26 Sep 2014 17:30:00 -0500

Wondering why that well-intentioned initiative won't get off the ground? Maybe some of these factors are at play.

Fri, 26 Sep 2014 17:00:00 -0500

You don't want the clients that are hard sells.

Fri, 26 Sep 2014 16:48:00 -0500

Former PIMCO chief Mohamed El-Erian, who reportedly earned $100 million in 2011 alone, said he prioritized the wrong things, so he quit his job to focus on parenthood.

Fri, 26 Sep 2014 16:30:00 -0500

How often have you heard the line, 'My salespeople can’t close.' Here is how to fix this issue.

Fri, 26 Sep 2014 16:25:00 -0500

In making vast troves of smartphone data only available to each device's owner, the FBI argues, a critical crime-solving tool has been compromised.

Fri, 26 Sep 2014 16:00:00 -0500

The images you choose image can make the difference between someone clicking on a post or passing it up completely.

Fri, 26 Sep 2014 15:43:00 -0500

Social media platforms are doubling as ecommerce platforms that deliver instant gratification in the form of instant in-feed purchases.

Fri, 26 Sep 2014 15:33:00 -0500

BlaBlaCar is like Uber for long-distance trips, and this week it just launched in its 13th country.

Fri, 26 Sep 2014 15:00:00 -0500

To keep prices low and be able to expand its model, this farm-to-table eatery will have to continue to reinvent the restaurant supply chain.

Fri, 26 Sep 2014 14:42:52 -0500

If you're an entrepreneur, it's critical to find a tax preparer who understands the tax implications of owning a small business as well as your particular needs in order to establish a beneficial relationship.

Fri, 26 Sep 2014 14:35:00 -0500

Good news for cat lovers: a cat sanctuary and tea house is trying to open in NYC, if it can raise $65,000 in startup funds.

Fri, 26 Sep 2014 14:30:00 -0500

While the holiday season is an exciting time for entrepreneurs, the one major obstacle small-business owners will face is competing with the almighty Amazon.

Fri, 26 Sep 2014 14:17:00 -0500

Celebrate International Coffee Day – yes, apparently that is a thing – by reading some fun facts about the most beautiful beverage of them all.

Fri, 26 Sep 2014 14:00:00 -0500

There is a lot to learn about this wildly popular online advertising medium.

Fri, 26 Sep 2014 13:30:00 -0500

Make certain your business is always pretty as a picture and you won't worry what potential customers see when they look online to decide if they'll visit.

Fri, 26 Sep 2014 13:30:00 -0500

Here are your top weekly headlines from Entrepreneur.com.

Fri, 26 Sep 2014 13:00:00 -0500

To get the best picture of your website's performance, regularly check these reports – and make sure you’re using them the right way.

Fri, 26 Sep 2014 12:30:00 -0500

Ask investors for more than you think you need, because you're probably optimistic, and spend slower than you planned, because you're a realist.

Fri, 26 Sep 2014 12:00:00 -0500

Candor among talented teams is no small feat, but executives across industries will tell you that it is the universal gold standard.

Fri, 26 Sep 2014 11:30:00 -0500

Imagine a company where every weekend is three days and no one ever interrupts your work to discuss your progress.

Fri, 26 Sep 2014 11:00:00 -0500

You drive performance. You drive results. You drive your business. But what does the vehicle you drive say about you?

Thu, 25 Sep 2014 22:30:00 -0500

Businesses can cultivate close relationships with their clientele. It just requires time and effort.

Thu, 25 Sep 2014 22:00:00 -0500

Set up a routine and fly through the more mundane tasks so you can focus your attention on mission-critical endeavors.

Thu, 25 Sep 2014 21:30:00 -0500

Companies that thing document management systems are still too expensive don't know how much paper files cost.

Thu, 25 Sep 2014 21:00:00 -0500

One of the greatest points of distinction between top sales performers and everyone else is average sale size. Here is how to increase your sales deals.

Thu, 25 Sep 2014 21:00:00 -0500

Falling down and pulling yourself back up only makes you more kickass at business and in life, the Shark Tank star says.

Thu, 25 Sep 2014 20:30:00 -0500

Employees see only the number on their paychecks but your bottom line is pinched much harder than just that.

Thu, 25 Sep 2014 20:00:00 -0500

By implementing these simple steps, entrepreneurs can stay on the forefront of the social-media sphere while also growing their following across social channels.

Thu, 25 Sep 2014 19:30:00 -0500

Finding a brand advocate who's well-known and with a tremendous following can give your startup a tremendous lift.

Thu, 25 Sep 2014 19:00:00 -0500

Ensure your business meetings aren't a complete waste of time by implementing these 10 tips.

Thu, 25 Sep 2014 18:39:00 -0500

If you don’t come clean, you might not come away with investors' money, the celebrity branding expert says.

Thu, 25 Sep 2014 18:30:00 -0500

While fine dining visits were up 3 percent from last year, quick-service restaurants fell flat.

Thu, 25 Sep 2014 18:30:00 -0500

The better you and your website know your customer, the more likely you are to offer what they are interested in buying.

Thu, 25 Sep 2014 18:00:00 -0500

If a client isn't responding to your emails, what do you do? Consider picking up the phone, or perhaps, revising your work.

Thu, 25 Sep 2014 17:36:00 -0500

German delivery firm DHL will use drones to deliver medical supplies to a small island.

Thu, 25 Sep 2014 17:30:00 -0500

The Dumb Ways to Die ads in Australia, like the ALS Ice Bucket Challenge, show that public service campaigns have a lot to teach about marketing.

Thu, 25 Sep 2014 17:00:00 -0500

While entrepreneurship can be challenging, it can also be extremely rewarding. For our series The Grind, a founder discusses why he is happy he chose to launch a startup – and why he'd do it all over again.

Thu, 25 Sep 2014 16:30:00 -0500

If it all sounds familiar by number six, stop reading and get busy on LinkedIn.

Thu, 25 Sep 2014 16:27:00 -0500

A couple of inventors in San Francisco built a 'Human Hamster Wheel' desk in 24 hours. You have to see it to believe it.

Thu, 25 Sep 2014 16:10:00 -0500

A new security flaw has been uncovered that could impact everything from your personal Mac computer to enormous company servers.

Thu, 25 Sep 2014 16:00:00 -0500

Let’s get down to the basics.

Thu, 25 Sep 2014 15:40:00 -0500

By registering your business name and logo with the United States Patent and Trademark office, you can legally protect your brand.

Thu, 25 Sep 2014 15:39:00 -0500

Choosing wisely about this particular expense can lead to healthier finances in retirement.

Thu, 25 Sep 2014 15:30:00 -0500

Given the relatively recent arrival of the crowdfunding wave to the market, following its future iterations is sure to provide interesting insights. Here are six trends to keep your eye on.

Thu, 25 Sep 2014 15:04:00 -0500

Because, you know, cell reception is probably important.

Thu, 25 Sep 2014 15:00:00 -0500

Think of it as a nudge your customers asked you to give them when they are in the neighborhood.

Tue, 30 Sep 2014 00:35:00 -0500

Facebook already uses your personal information to show you contextual ads on your News Feed, but now they are able to utilize the same data on behalf of third-party apps and websites. When Microsoft acquired aQuantive for $6.3 billion in 2007, it also gained ownership of Atlas. Last year, Microsoft sold [...]

Tue, 30 Sep 2014 00:09:00 -0500

I got some flack in July when I wrote that Apple's iPhone 6 Already Has Tough Competition From LG's G3, but now that I've had a chance to compare the 6 Plus with the G3, I'm feeling vindicated. For the past week I've been carrying an iPhone 6 Plus in one pocket and [...]

Mon, 29 Sep 2014 19:50:00 -0500

iPhone 6, iPhone 6 Plus, Camera, Benchmark

Mon, 29 Sep 2014 14:00:00 -0500

Dan Gilbert's billion-dollar makeover of Detroit is more than just corporate do-goodism run amok. It's the most ambitious human resources project in the history of American business.

Mon, 29 Sep 2014 13:30:00 -0500

It can be wonderful to have a mentor - or not so wonderful. Here's what makes the difference...

Mon, 29 Sep 2014 12:14:00 -0500

Last week Samsung brought forward the release date of the Galaxy Note 4, and the phablet is now on sale with three of the major South Korean mobile phone carriers (reports The Korean Times). Originally scheduled for availability in October, the positive public reaction to Apple's iPhone 6 Plus has forced Samsung into an aggressive defensive play.

Mon, 29 Sep 2014 10:00:00 -0500

Twenty-seven newcomers joined the ranks of the 2014 Forbes 400 list of richest Americans. They hail from a variety of industries.

Mon, 29 Sep 2014 10:00:00 -0500

It was another record year for American wealth: The aggregate net worth of the richest 400 Americans was $2.29 trillion, up $270 billion from a year ago. It took a minimum net worth of $1.55 billion to make The Forbes 400, $250 million more than in 2013.

Mon, 29 Sep 2014 10:00:00 -0500

Each year, Forbes crunches the net worth of every American billionaire to see who will make the exclusive Forbes 400 list. But 11 members of this club are luckier than the rest: they are in good health, have full heads of hair and many, many years to spend their fortunes. This [...]

Wed, 24 Sep 2014 20:25:00 -0500

Big names top this ranking of the World's Most Attractive Employers, but according to the report, released by global research and advisory firm Universum, it's the environment inside the building rather than the name on the outside that's most attractive to today's students.

Latest News & Information

Current Articles | Archives | Search

Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 10408 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.