Wednesday, December 7, 2016
Top Entrepreneur News

Tue, 06 Dec 2016 22:30:00 -0600

The companies that have a hard time attracting top talent are those that can't differentiate themselves in the market. Don't let this be you.

Tue, 06 Dec 2016 22:00:00 -0600

Promoting a balanced work-life dynamic will make team members' sacrifices to accommodate global audiences relatively painless. And kick cultural faux pas to the curb.

Tue, 06 Dec 2016 21:30:00 -0600

Content, consistency and automation are key to a successful marketing strategy.

Tue, 06 Dec 2016 21:00:00 -0600

Can your idea be manufactured at a reasonable price point? Can it be easily explained? If the answer is "yes," sit back and watch the royalty checks roll in.

Tue, 06 Dec 2016 20:30:00 -0600

Open data is helping with projects as diverse as city parking, energy use and medical treatments. Can it help your business?

Tue, 06 Dec 2016 20:00:00 -0600

Not only do these seven companies make cool products, your purchases give back to communities in need.

Tue, 06 Dec 2016 19:30:00 -0600

Follow these steps to ensure you do not make these networking mistakes.

Tue, 06 Dec 2016 19:15:00 -0600

Find out how to change your business system to ensure that it's scaled up to become dominant and irreplaceable.

Tue, 06 Dec 2016 19:00:00 -0600

From healthcare and taxes to cyber security and product safety, here's your tip sheet on what the election results could mean for corporate America.

Tue, 06 Dec 2016 18:35:00 -0600

The new sci-fi film boasts stars of 'Harry Potter,' 'Doctor Who' and 'Star Wars.'

Tue, 06 Dec 2016 18:30:00 -0600

A seasoned journalist offers smart advice for writing pitch letters that will grab someone's attention.

Tue, 06 Dec 2016 18:30:00 -0600

Find out what led this entrepreneur from promoting New York City nightlife to founding a major nonprofit.

Tue, 06 Dec 2016 18:15:00 -0600

The website has gone from being a tool to talk about and advertise a business, to actually being the business.

Tue, 06 Dec 2016 18:00:00 -0600

From practical to mind-bending, simple tricks you can use.

Tue, 06 Dec 2016 18:00:00 -0600

They may just be your gateway to additional services in the cloud.

Wed, 07 Dec 2016 02:50:00 -0600

Apple confirms iPhone battery problems are more widespread than it first thought...

Wed, 07 Dec 2016 01:03:00 -0600

The first round of TLC fallout is taking place tonight as the WWE continues its invasion of Texas. Smackdown is live from Houston.

Tue, 06 Dec 2016 19:20:00 -0600

In 2016, AJ Styles rose to prominence by winning his first WWE World Heavyweight Championship. But the MVP of SmackDown Live was The Miz.

Tue, 06 Dec 2016 14:58:00 -0600

Even good, hard-working people destroy their careers with these innocent mistakes. Make certain it doesn’t happen to you.

Tue, 06 Dec 2016 07:24:00 -0600

There is little doubt that Machine Learning (ML) and Artificial Intelligence (AI) are transformative technologies in most areas of our lives. While the two concepts are often used interchangeably there are important ways in which they are different. Let’s explore the key differences between them.

Tue, 06 Dec 2016 03:04:00 -0600

With its most active year to date winding down, ONE Championship has planned a record 24 eventsacross 10countries in 2017, Forbes has learned. ONE Championship's 2017 schedule includes two stops in the Philippines — heavyweight champion Brandon Vera's home away from home. (AP Photo/Bullit Marquez) ONE’s busy schedule next year includes [...]

Mon, 05 Dec 2016 19:20:00 -0600

The YouTubers behind these 10 channels have earned a combined $70.5 million in the 12 months ending in June—a 23% increase from last year’s total.

Mon, 05 Dec 2016 19:01:00 -0600

Apple has been dealt a blow as complaints flood in about a new iPhone 7 problem...

Mon, 05 Dec 2016 05:07:00 -0600

WWE TLC was a masterpiece of a show, capped off by an all-time classic main event. Given the little fanfare for a show that is occurring as The Royal Rumble looms, there was a lot to love, a lot to buy and a few items to sell.

Tue, 29 Nov 2016 18:37:00 -0600

BY ED RENSI -- The real faces of the Fight for $15 are the young people and small business owners who have had their futures compromised.

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 15528 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.