Wednesday, May 25, 2016
Top Entrepreneur News

Wed, 25 May 2016 22:30:00 -0500

Market disruption isn't just for tech. Apply these strategies to give your blue-collar business a white-collar shine.

Wed, 25 May 2016 22:00:00 -0500

Clever ads no longer fit the bill. Successful content marketing has become a two-way conversation.

Wed, 25 May 2016 21:30:00 -0500

Learning how funnels work will forever change your customer interactions and dramatically improve your creations.

Wed, 25 May 2016 21:00:00 -0500

Business struggles to catch up with the exploding number of remote workers. Developing best practices now will see entrepreneurs ahead of the curve and reaping the benefits.

Wed, 25 May 2016 20:30:00 -0500

To be an effective marketer, you much know as much about your customer base as possible.

Wed, 25 May 2016 20:21:08 -0500

Even franchises and the people that run them can get hit with a case of the feels.

Wed, 25 May 2016 20:06:09 -0500

All you need is a quick refreshment to get back to those waves.

Wed, 25 May 2016 20:00:00 -0500

The surest executive recruitment strategy is cultivate your future c-suite from within your ranks today.

Wed, 25 May 2016 19:30:00 -0500

Be like a pilot: Follow a checklist -- this one -- for SEO, and make that magnificent machine of yours fly.

Wed, 25 May 2016 19:15:00 -0500

For the full potential of the Internet and IoT devices to be realized, we must demonstrate both can be properly secured and that we can protect the privacy of those who use them.

Wed, 25 May 2016 19:00:00 -0500

Every startup can benefit from the right incubator or accelerator, if they are realistic about their needs.

Wed, 25 May 2016 18:45:00 -0500

This innovative subscription service demonstrates a different mode of company-building and leadership with an inventive female CEO at the helm.

Wed, 25 May 2016 18:30:00 -0500

Your first five hires will hugely impact your business' future. It is critically important to get those first hires right.

Wed, 25 May 2016 18:15:00 -0500

Grush, creators of a toothbrush that encourages better habits in kids, claimed the prize on 'America's Greatest Makers' with proper preparation and adaptability.

Wed, 25 May 2016 18:11:00 -0500

BMW's move is the latest in a flurry of investments by automakers in technology industry startups that appear to be aimed at convincing consumers to do without owning their own cars, or driving vehicles as often.

Thu, 26 May 2016 00:20:00 -0500

Apple is designing a radical new iPhone...

Wed, 25 May 2016 21:04:00 -0500

The London property market could become rather less welcoming for Middle East investors under the city’s new mayor.

Wed, 25 May 2016 19:17:00 -0500

One is hard-pressed plausibly to assert that our Constitutional Convention was a coup d’état. Moreover, the Constitution crafted at the Philadelphia Convention is among the greatest, if not the greatest, governing document produced in history. If it was the child of a “runaway convention,” then, given the crisis of our overreaching federal government, one is inclined to suggest that we have another.

Wed, 25 May 2016 17:36:00 -0500

Mark is disappointed and disgusted after being told he was perfect for a job, and then realizing that the company had hired someone else. Has this ever happened to you?

Wed, 25 May 2016 17:34:00 -0500

The inspector general's report does not add any new charges or adverse facts. It also shows the handling of Clinton's email was not out of line with her predecessors, notably Colin Powell, who, with his unimpeachable security credentials, apparently felt fine using private email for official business. What the report does suggest is that her accusers are applying a double standard.

Wed, 25 May 2016 14:27:00 -0500

Building trust is of absolutely central importance to an organization. It is also a pillar of a person's success at work, regardless of your level, sector or company.

Wed, 25 May 2016 12:00:00 -0500

Liz Elting founded one of America's leading translation companies with her boyfriend from business school. But nearly 20 years after calling off their engagement, the ex-lovers are waging an ugly battle for control that's landed them in corporate divorce court and may cost them what could be a billion-dollar baby.

Tue, 24 May 2016 18:16:00 -0500

Seth Rollins Vs. Roman Reigns is officially signed for WWE Money In The Bank. Forbes Contributor House Money Studios explains how Rollins and Reigns have ignited the feud to define a new generation.

Mon, 23 May 2016 22:03:00 -0500

Calm is contagious. And so is panic.Smile. Carry yourself with confidence. And try not to wear your emotions on your sleeve.

Thu, 19 May 2016 10:00:00 -0500

The reigning nabobs know that it is essential that we trust them and maintain some equilibrium between the Hamiltonian reality and Jeffersonian ideal.

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 14419 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.