Friday, October 31, 2014
Top Entrepreneur News

Thu, 30 Oct 2014 23:00:00 -0500

The initial adopters of your product play a pivotal role for your company. They bring in revenue and can open doors to other purchasers.

Thu, 30 Oct 2014 22:30:00 -0500

The tools for effective public relations are available to everybody but only work when you put them in hands of people who know how to use them.

Thu, 30 Oct 2014 22:00:00 -0500

Cricket, the precursor to baseball, was popular in early America. Immigration from South Asia is boosting the sport and displaying the skill required to lead a team.

Thu, 30 Oct 2014 21:45:00 -0500

As the pace of business shifts quickens, forecasting can become even more vital.

Thu, 30 Oct 2014 21:30:00 -0500

Working from home often solves the dilemma of balancing career and personal life while improving productivity and retention. That's what companies want, right?

Thu, 30 Oct 2014 21:00:00 -0500

By putting a cap on the amount of time a team can work on a project, you create an urgency that determines whether projects should be pursued further.

Thu, 30 Oct 2014 20:30:00 -0500

There are few things in the world of business that are more valuable than connections with helpful people.

Thu, 30 Oct 2014 19:45:00 -0500

Strip your pages of all the hurdles and turnoffs that drive customers away. Fill it instead with engaging, customer-friendly features.

Thu, 30 Oct 2014 19:37:00 -0500

A new report reveals the 10 wealthiest cities in America.

Thu, 30 Oct 2014 19:30:00 -0500

For help with one of the biggest challenges for a new startup, a branding expert provides some surprising insights.

Thu, 30 Oct 2014 19:15:00 -0500

Don't fear workplace disagreements. Instead frankly discuss the differences. Let all be heard. Work it through. The company can grow from it.

Thu, 30 Oct 2014 19:05:00 -0500

Want better sleep when traveling? A Finnish startup wants you to try strapping your head to your headrest.

Thu, 30 Oct 2014 19:00:00 -0500

Despite the pervasiveness of social media, the majority of recruiters see their social recruiting skills as 'proficient or less.' Here is how to fix that.

Thu, 30 Oct 2014 18:45:00 -0500

Emotional cues are hard to express via digital communication. What's a modern-day communicator to do?

Thu, 30 Oct 2014 18:30:00 -0500

Retailers, whether online or brick-and-mortar, risk alienating customers if they don't make certain the products they sell are authentic.

Thu, 30 Oct 2014 18:15:00 -0500

These ‘smart' canes use high-tech echolocation to help the visually impaired get around even better.

Thu, 30 Oct 2014 18:00:00 -0500

Ways to sidestep the serious shipping challenges in ecommerce subscription businesses.

Thu, 30 Oct 2014 17:45:00 -0500

The haunting, messy reality of running a business is at times painful -- yet it's also exhilarating.

Thu, 30 Oct 2014 17:31:00 -0500

Here's where to find food other than candy corn at a fiendishly good price this Halloween.

Thu, 30 Oct 2014 17:30:00 -0500

The last thing an entrepreneur ever wants to say is 'I'm sorry we can't take that order for 10,000 units, because we can't make it all in time.'

Thu, 30 Oct 2014 17:05:00 -0500

Alexis Ohanian says that technology means more creators can pursue their craft and get paid for it. The Internet means that people all over the world are becoming patrons of artists all over the world.

Thu, 30 Oct 2014 17:00:00 -0500

Experts reveal the untapped opportunities beyond Facebook and Twitter.

Thu, 30 Oct 2014 16:45:00 -0500

Leaders can avoid stagnation in three key ways.

Thu, 30 Oct 2014 16:30:00 -0500

Even if you create great content on your site, it won't matter much if no one actually spends time with it.

Thu, 30 Oct 2014 16:08:00 -0500

The hand-sized device incorporates radio frequency sensors to measure sleep patterns and report back to users with analytic graphs.

Thu, 30 Oct 2014 16:00:00 -0500

The New York City store is now a full-fledged tourist attraction, and the rest of the world is in the company's sights.

Thu, 30 Oct 2014 15:45:00 -0500

Is Microsoft's productivity empire vulnerable? The founder of CloudOn thinks so.

Thu, 30 Oct 2014 15:37:00 -0500

It's not just bad etiquette -- it's now officially banned by the Motion Picture Association of America and the National Association of Theatre Owners.

Thu, 30 Oct 2014 15:30:00 -0500

With Halloween upon us, it's time to take a step back and remove the horror of being afraid.

Thu, 30 Oct 2014 15:30:00 -0500

Go ahead, let your mind wander. When it's appropriate, of course.

Thu, 30 Oct 2014 17:08:00 -0500

Taylor Swift has unveiled quite a few surprises of late—moving from Nashville to New York, ditching the country format that elevated her to superstar status, and, yes, trying her hand at rapping in new album 1989. But perhaps more surprising than all of these developments is the fact that Swift is on pace to sell more than 1 million copies of 1989 in its opening week alone—a feat no solo artist has achieved since Swift herself did it two years ago with Red.

Thu, 30 Oct 2014 15:36:00 -0500

Virtually every large and medium-sized organization has a people problem. HR people call our office and say "It's so hard to find people, and harder to keep them!" It's true. The problem isn't that employees are fickle. The problem is that the relationship between employers and their team members has eroded. [...]

Thu, 30 Oct 2014 15:05:00 -0500

60 frames per second video is now supported on Youtube and the first examples look incredible.

Thu, 30 Oct 2014 12:19:00 -0500

On October 17 of this year, investigative journalist Mubasher Lucman was banned for life from television in Pakistan. The case was taken up suo motu by the judiciary and found that Mr. Lucman maligned the judiciary egregiously enough to merit a lifetime ban from appearing in any capacity on television. As he says, [...]

Thu, 30 Oct 2014 10:22:00 -0500

The critical reckoning over forced quarantines is still to come. Consider this scenario. Sometime in January or February – as the Ebola epidemic explodes out of West Africa – we’ll start experiencing larger, more frequent outbreaks in American cities. With the flu as a background to confound suspected cases of Ebola, public [...]

Wed, 29 Oct 2014 11:16:00 -0500

Games are being used much more widely in schools than they were when I first started writing about them 2 or 3 years ago. As of fall 2013, 74% of K-8 teachers were using digital games. 55% of these teachers have students playing digital games at least weekly, 9% daily. [...]

Wed, 29 Oct 2014 02:34:00 -0500

Life is short but apparently it can become a lot shorter if you spend your days dealing with a bad boss. In a recent study performed by Keas.com they found that 77% of employees experienced physical symptoms of stress from bad bosses and workers who had inconsiderate or uncommunicative managers [...]

Tue, 28 Oct 2014 21:51:00 -0500

The biggest selling, highest profile phablets of 2014 go head-to-head in this detailed review.

Tue, 28 Oct 2014 04:40:00 -0500

Believe it or not, it only takes one sentence to turn a great interview into a lost employment opportunity. After 10 years of running a recruiting firm, I can tell you that interviewers actively seek out the negative traits in the job seekers whom they meet. Be aware that the following [...]

Fri, 24 Oct 2014 17:15:00 -0500

Healthy internal communication is central to the success of any company, whether the organization is a small startup or an established large enterprise. Like many aspects of successful business management, stellar company communication can take months or years to cultivate. Whether your business currently has three staff members or 300, [...]

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 10519 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.