Saturday, April 25, 2015
Top Entrepreneur News

Sat, 25 Apr 2015 16:30:00 -0500

Sam Altman is redefining the venture capital firm's identity and making bold moves. After one year on the job, has his strategy paid off?

Sat, 25 Apr 2015 14:00:00 -0500

Barbara Corcoran explains how -- and why -- some deals on the show go through while others fall apart.

Sat, 25 Apr 2015 10:00:00 -0500

For Heidi and Paul Ferguson, Pillar To Post was the start of a whole new kind of life.

Fri, 24 Apr 2015 23:00:00 -0500

With mobile apps, online platforms, content management systems and a myriad of wireless communications taking over events, the millennial way of thinking is how producers should create these events.

Fri, 24 Apr 2015 22:30:00 -0500

In this environment of incessant interaction, brands might benefit by talking less and listening more.

Fri, 24 Apr 2015 22:00:00 -0500

The business world is in a constant state of flux, and companies today need to be ready to weather unpredictable markets. Here's how.

Fri, 24 Apr 2015 21:45:00 -0500

In some countries, credit cards aren't the payment method of choice. Here's what to know.

Fri, 24 Apr 2015 21:30:00 -0500

Just a few years ago many observors speculated social media would displace publishing but the resilience of the industry shows content is king.

Fri, 24 Apr 2015 21:15:00 -0500

Is your company ready for the future in credit card processing?

Fri, 24 Apr 2015 21:00:00 -0500

Give women equal pay for equal work. No rocket science, no magic tricks -- it's just simply doing what's fair.

Fri, 24 Apr 2015 20:30:00 -0500

During a recent event, four highly successful entrepreneurs talked about proving others wrong, hiring great people and being in it for the long haul.

Fri, 24 Apr 2015 20:00:00 -0500

An ex-quarterback for the Steelers describes how getting knocked down isn't what counts; it's how you get up again.

Fri, 24 Apr 2015 19:30:00 -0500

Three things you need to know before you hit reply.

Fri, 24 Apr 2015 19:15:00 -0500

With videos becoming a bigger part of a company's marketing strategy, it is imperative you always look your best.

Fri, 24 Apr 2015 19:00:00 -0500

In any given pitch scenario, there are things you can do to aid in your quest for the elusive partnership, as well as things you can do that will get in the way of success.

Fri, 24 Apr 2015 18:30:00 -0500

Numbers are vitally important to knowing how well you're doing, but only if they're pertinent to your goals.

Fri, 24 Apr 2015 18:28:51 -0500

The feisty billionaire investor and 'Shark Tank' star sounded off about the failed mega merger on Twitter and -- no surprise -- he's pointing the finger at the FCC.

Fri, 24 Apr 2015 18:25:00 -0500

Hacked emails show that product placement in a Bond film isn't easy.

Fri, 24 Apr 2015 18:15:00 -0500

From Eileen Fisher to Zady, fashion brands big and small are rallying around a global campaign that asks retailers: 'Who made my clothes?'

Fri, 24 Apr 2015 18:00:00 -0500

These oft-dreaded sessions can be fun, informative and purposeful, if you set some rules.

Fri, 24 Apr 2015 17:30:00 -0500

Starting a new and innovative business is not a highly structured process, and finding time for structured learning is unlikely.

Fri, 24 Apr 2015 17:15:00 -0500

If you think you knew Amazon, things are about to change.

Fri, 24 Apr 2015 17:00:00 -0500

Startups dream of instant success but an inability to meet demand for a wildly popular product can bring a young company to crisis.

Fri, 24 Apr 2015 16:30:00 -0500

Check out the best of the best in business travel this year.

Fri, 24 Apr 2015 16:15:00 -0500

The coffee chain reported 7 percent sales growth thanks in part to the unlikely source.

Fri, 24 Apr 2015 16:15:00 -0500

The chain is pushing into mobile tech with a delivery partnership and a new Apple Watch app.

Fri, 24 Apr 2015 16:00:00 -0500

Decisions you make on the front end will heavily impact the long-term health of your business.

Fri, 24 Apr 2015 15:47:00 -0500

The nascent monthly subscription service fitness market just consolidated.

Fri, 24 Apr 2015 15:45:00 -0500

You pay only for the data you use. How nice does that sound?

Fri, 24 Apr 2015 15:40:13 -0500

Microsoft is looking to inject a bit of nostalgia back into its latest version of Windows in the form of a much-beloved time waster.

Fri, 24 Apr 2015 15:30:00 -0500

Green tea is one. Shorter meetings are another.

Fri, 24 Apr 2015 15:15:00 -0500

You can't federally trademark your brand associated with the sale of the controversial weed. But you do have options.

Fri, 24 Apr 2015 15:00:00 -0500

Measuring something as seemingly unwieldy as the effects of bloggers and social media users talking about your brand can be daunting, but it's achievable.

Fri, 24 Apr 2015 14:45:00 -0500

This time, Samsung's Gear smartwatch could be round, according to a blog post.

Fri, 24 Apr 2015 14:30:00 -0500

A former toy maker turned inventor shares the story of one of his first big victories in entrepreneurship.

Fri, 24 Apr 2015 14:00:00 -0500

Hurt feelings and burnt bridges may result, so tread carefully.

Fri, 24 Apr 2015 13:45:00 -0500

When analysis hits a deadend, walk away from the problem to free your creative mind.

Fri, 24 Apr 2015 13:30:00 -0500

Whatever your business, keeping your customers happy is your real job.

Fri, 24 Apr 2015 13:00:00 -0500

We round up what to know as the much-hyped device arrives in stores.

Fri, 24 Apr 2015 12:30:00 -0500

Here are three simple, yet important tips on how to handle phone calls properly and help you increase your business immediately.

Fri, 24 Apr 2015 12:00:00 -0500

Some of these services are well known, while others are a bit obscure.

Fri, 24 Apr 2015 11:30:00 -0500

We don't consider how our food choices are actually making us much less effective.

Fri, 24 Apr 2015 11:00:00 -0500

By systematically outlining your expertise and what you have to say, you can generate publicity that drives sales.

Fri, 24 Apr 2015 10:30:00 -0500

The short-term financing is sensible for investments that will generate more revenue but a serious burden if cash flow remains flat.

Fri, 24 Apr 2015 10:00:00 -0500

On the heels of last week's splashy stock-market debuts of Etsy, Party City and Virtu, here's who could be next.

Thu, 23 Apr 2015 22:30:00 -0500

This oft-overlooked option might be the key to getting your company the funding it needs.

Thu, 23 Apr 2015 22:00:00 -0500

Understand when a yes is actually a no.

Thu, 23 Apr 2015 21:30:00 -0500

Luckily, these issues are all factors business owners can control.

Thu, 23 Apr 2015 21:00:00 -0500

The traits most likely to cause problems are often easily confused for strong influence.

Thu, 23 Apr 2015 20:30:00 -0500

These business must learn to make changes quickly and adapt in order to stay relevant and be successful.

Thu, 23 Apr 2015 20:00:00 -0500

Entrepreneurs who want to make it big should be ready to plan, sustain and reinvent their path to success. Here's how.

Thu, 23 Apr 2015 19:30:00 -0500

It's high time you got acquainted with the terms CRM and BI.

Thu, 23 Apr 2015 19:15:00 -0500

Package design is a powerful factor in consumer buying decisions but food safety and materials cost are big considerations.

Thu, 23 Apr 2015 19:00:00 -0500

Change your story, change your life. Follow the great motivator's three steps to achieving a breakthrough

Thu, 23 Apr 2015 19:00:00 -0500

Although these cities aren't renowned for their clusters of hopeful tech entrepreneurs, they hold new opportunities for those looking to get in the startup game.

Thu, 23 Apr 2015 18:30:00 -0500

Whether you want to sell products or gain subscribers, they've got to know who you are in the first place.

Thu, 23 Apr 2015 18:15:00 -0500

The search for talent is an integral part of a well-developed social media branding strategy.

Thu, 23 Apr 2015 18:00:00 -0500

Let your dream grow alongside your journey.

Thu, 23 Apr 2015 17:52:15 -0500

The character, which represents the American women who entered the workforce in droves during World War II, has become a symbol of female empowerment.

Thu, 23 Apr 2015 17:45:00 -0500

Techstars just held its Winter 2015 NYC Demo Day, and the companies presenting were all amazing.

Thu, 23 Apr 2015 17:30:00 -0500

Meerkat and Periscope both offer business owners a new way to market with their Twitter audiences.

Thu, 23 Apr 2015 17:15:00 -0500

While it is impossible to know how you might react to a situation that threatens your business, tap these strategies so you're not caught with a "stupid face."

Thu, 23 Apr 2015 17:00:00 -0500

Data-driven decision making is fundamentally important. Startups make a mistake thinking it is a capacity they can wait to develop.

Thu, 23 Apr 2015 16:45:00 -0500

Startup life can easily dominate one's schedule, but, as some entrepreneurs forget, they aren't the only ones with schedules, responsibilities, and needs.

Thu, 23 Apr 2015 16:30:00 -0500

A look at when seller financing makes sense and how to vet the deal.

Thu, 23 Apr 2015 16:15:00 -0500

Success can mean different things to different people but the key is to envision what it means and act on it.

Thu, 23 Apr 2015 16:00:00 -0500

The merger of Omnicom and Publicis means more than just the creation of a mega-agency.

Thu, 23 Apr 2015 15:45:00 -0500

To succeed at both, you have to have a will to win and follow these three P's.

Thu, 23 Apr 2015 15:36:01 -0500

With a strong first quarter, the pizza chain believes it has found the balance to bring customers in the door.

Thu, 23 Apr 2015 15:36:00 -0500

Sometimes you just have to let it all out.

Thu, 23 Apr 2015 15:30:00 -0500

Emotionally attuned leaders have much to offer in a business world that increasingly values networking and collaboration.

Thu, 23 Apr 2015 15:00:00 -0500

'Brain Games' host Jason Silva explains the importance of recognizing those moments when you're truly satisfied by whatever it is you're doing.

Thu, 23 Apr 2015 15:00:00 -0500

Leaving behind a steady income and starting your business introduces a conundrum: When do you get a prize?

Thu, 23 Apr 2015 14:45:00 -0500

'I believe the food printer will be the first one that is going to be adopted in everybody's home,' 3D Systems chief entrepreneur officer said in a talk on Tuesday.

Thu, 23 Apr 2015 14:39:00 -0500

'Angels sung on high,' 37-year-old Lucas Hinch said.

Thu, 23 Apr 2015 14:30:00 -0500

Careers, presuming a dollop of luck, are shaped by the relationships we build, skills we learn, our character and how hard we're willing to work.

Thu, 23 Apr 2015 14:15:00 -0500

People who consider themselves to be happy are 36 percent more motivated, six times more energized and twice as productive as their unhappy counterparts

Thu, 23 Apr 2015 14:07:00 -0500

The donut and coffee chain grew same-store sales nearly 3 percent, as franchisees were forced to get flexible due to difficult conditions.

Thu, 23 Apr 2015 14:00:00 -0500

A good credit score can help you land loans, financing and better interest rates for your business.

Thu, 23 Apr 2015 13:45:00 -0500

The founders and co-founders of Techstars' graduating class share their favorite productivity hacks.

Thu, 23 Apr 2015 13:30:00 -0500

By bugging you to pay estimated taxes and update your QuickBooks, that iPhone just might be your new best friend.

Thu, 23 Apr 2015 13:00:00 -0500

When her son suffered a devastating spinal injury, this mom devoted her life to helping him and others like him achieve maximum rehabilitation.

Thu, 23 Apr 2015 12:30:00 -0500

Childish behavior doesn't go over too well in the real world. The real business world expects results.

Thu, 23 Apr 2015 12:00:00 -0500

Whether they are romantic, professional, family, friends, staying in toxic relationships isn't worth it.

Thu, 23 Apr 2015 11:30:00 -0500

Don't go into business scared of the unknown, says HealthSource franchisee David Mathias.

Wed, 22 Apr 2015 23:00:00 -0500

Ever hear of blood diamonds? They're one reason you should keep reading.

Wed, 22 Apr 2015 22:30:00 -0500

Instagram is the modern equivalent of window shopping. It offers a peek into the world of a brand.

Wed, 22 Apr 2015 22:15:00 -0500

Quality coaches are good listeners, and they don't prey on your emotions.

Wed, 22 Apr 2015 22:00:00 -0500

As a huge section of the global market, understanding how to conduct business in China is a must.

Wed, 22 Apr 2015 21:30:00 -0500

It's not easy, and it takes a lot of work -- but there are huge benefits that can come from doing it right.

Sat, 25 Apr 2015 23:12:00 -0500

It looks like you can't keep a good curve down. Samsung is reportedly bringing a third production line up to speed to build more curved screens for the Samsung Galaxy S6 Edge. This could allow production of the innovative smartphone to jump from two million to five million units per month.

Sat, 25 Apr 2015 21:34:00 -0500

Here are five obnoxious and intrusive job interview questions no one has the right to ask you. We've supplied answers to all five obnoxious questions, in case you run into them on an upcoming interview!

Sat, 25 Apr 2015 20:44:00 -0500

Forget the boring, standard job interview script and talk about what matters -- your hiring manager's pain! Here's how to get your manager off the script and into a substantive conversation about the Business Pain keeping him or her up at night

Sat, 25 Apr 2015 18:08:00 -0500

HTC's latest handset, the One M9, is a perfect example of taking the basic handset as the starting point, building up a coherent vision and market targeting, and coming up with a really nice smartphone. HTC has pushed the boat out, has created a vision that reaches a certain number of users, and ensured that it builds enough to satisfy the demand created without building up excessive stock.

Sat, 25 Apr 2015 15:48:00 -0500

  The Boeing 787 Dreamliner remains a technological wonder, but now that 266 aircraft have been delivered, it is not quite the spectacular acquisition it once was. This week, American and United, the only two U.S. airlines that fly the 787, both said they would defer or give up some of their [...]

Fri, 24 Apr 2015 17:43:00 -0500

Dean Hall on the recent decision by Valve and Bethesda to allow modders to sell their work on Steam Workshop.

Fri, 24 Apr 2015 15:47:00 -0500

Valve and Bethesda's announcement of a jointly run paid Skyrim mods store has been met by nothing but fury from fans over the past 24 hours. Even modders, whom the idea is supposed to benefit, are coming out against the idea, which they deem detrimental to the entire community. It should [...]

Thu, 23 Apr 2015 13:30:00 -0500

This article was cowritten by Joseph Grenny, the New York Times bestselling author of Crucial Conversations and the cofounder of VitalSmarts. Between the two of us, we’ve spent 50 years studying what makes people successful at work. A persistent finding in both of our research is that your ability to handle moments of conflict has a [...]

Wed, 22 Apr 2015 20:38:00 -0500

Women have been pushing up against a granite ceiling to gain corporate board seats in the US for decades. I served on my first board, General Re, in 1990, when just 11% of the public corporate board seats were filled by women. It's disappointing that the number of board seats [...]

Tue, 21 Apr 2015 22:00:00 -0500

By Mady Dahlstrom, Porch.com Content Editor You’re sitting on a lush, sophisticated sofa with patterned pillows made of linen and cashmere, sipping champagne from a Swarovski champagne flute. You look out your window to a view of blue skies and mountaintops, but you’re not in the living room of your home, [...]

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 11483 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.