Monday, March 30, 2015
Top Entrepreneur News

Mon, 30 Mar 2015 23:00:00 -0500

This year could be huge: Improving the customer experience is key.

Mon, 30 Mar 2015 22:30:00 -0500

Presenting your product at this level is a completely different type of sales strategy.

Mon, 30 Mar 2015 22:00:00 -0500

Learn from the best to improve your skills and help you position yourself as an authority in the industry.

Mon, 30 Mar 2015 21:30:00 -0500

People remain committed to a brand they feel a connection to.

Mon, 30 Mar 2015 21:00:00 -0500

The first day on the job is just the beginning.

Mon, 30 Mar 2015 20:30:00 -0500

The outdated method of tracking an employee's work day is a waste of time for all involved.

Mon, 30 Mar 2015 20:00:00 -0500

Although your lifestyle may have you thinking otherwise, your body isn't designed to experience anxiety 24/7.

Mon, 30 Mar 2015 19:30:00 -0500

Yes, it's completely possible to win the backing of investors without something physical to show.

Mon, 30 Mar 2015 19:00:00 -0500

Heads of companies are sheltered in the C suite. Here's how to break out of the Fortress of Solitude.

Mon, 30 Mar 2015 18:30:00 -0500

There's a big chance that it's not your brand that's the problem, but the way you present it online.

Mon, 30 Mar 2015 18:06:00 -0500

Details are sparse, but the unveiling is slated for April 30th.

Mon, 30 Mar 2015 18:00:00 -0500

Oftentimes, a negative experience can be salvaged and turned into an opportunity.

Mon, 30 Mar 2015 17:30:00 -0500

From "Mr. Feet on the Ground" to "Ms. Head in the Cloud," these employee personalities help you find the holes in your system.

Mon, 30 Mar 2015 17:29:00 -0500

Would you give an employee compassionate leave to mourn the departure of pop star Zayn Malik?

Mon, 30 Mar 2015 17:00:00 -0500

With everything going digital, it's comforting to know this old school tradition will stick around.

Mon, 30 Mar 2015 16:30:00 -0500

Unless, of course, you fall into one of these five categories. My time is limited, after all.

Mon, 30 Mar 2015 16:15:53 -0500

'The days of awkwardly holding your phone up to the TV to record and share your favorite moments may be coming to an end,' says Whipclip's founder.

Mon, 30 Mar 2015 16:00:00 -0500

Foreign programs are funding a new breed of expats.

Mon, 30 Mar 2015 15:41:00 -0500

Through a new partnership with Johnson & Johnson, Google is coming to an operating room near you.

Mon, 30 Mar 2015 15:30:00 -0500

Achieving greatness as a business owner takes time and effort, and there's no shortcut to success that can get you there.

Mon, 30 Mar 2015 15:04:00 -0500

Amazon is giving small businesses a way to reach customers, but is looking for a particular set of criteria.

Mon, 30 Mar 2015 15:00:00 -0500

Jason Silva, host of the Emmy-nominated show 'Brain Games,' discusses the benefits of stepping outside of your everyday routine.

Mon, 30 Mar 2015 14:45:00 -0500

As an entrepreneur, you will no doubt be handling the shape of your company's brand. So where better to start than with you?

Mon, 30 Mar 2015 14:31:00 -0500

The easy-to-prepare pasta also absorbs all the water in the pan while cooking.

Mon, 30 Mar 2015 14:30:00 -0500

Just jotting a mammoth target down on paper can get the ball rolling.

Mon, 30 Mar 2015 14:15:00 -0500

In the technology industry, the only thing worse than being wrong is being early.

Mon, 30 Mar 2015 13:45:00 -0500

There is a certain amount of randomness to life, but mostly, success and happiness always come down to making smart decisions.

Mon, 30 Mar 2015 13:30:00 -0500

Don't lose out on that next great candidate just because you've made these mistakes.

Mon, 30 Mar 2015 13:00:00 -0500

Learn from the best on how to master your time time and maximize your talents.

Mon, 30 Mar 2015 12:45:52 -0500

Opponents of the controversial law say it could allow companies to deny services to gay people.

Mon, 30 Mar 2015 12:30:00 -0500

Is fear stopping you from achieving everything you want?

Mon, 30 Mar 2015 12:23:03 -0500

China is reportedly the source of the attack.

Mon, 30 Mar 2015 12:00:00 -0500

Entrepreneurs sometimes do stupid things. Here's what you should avoid, starting right now.

Mon, 30 Mar 2015 11:30:00 -0500

Are you accomplishing less than you should each day? You may be the reason.

Mon, 30 Mar 2015 11:00:00 -0500

Being honest with yourself about the type of entrepreneur you are and want to be can be instrumental in determining how to grow your business.

Mon, 30 Mar 2015 10:30:00 -0500

Think you have a lot on your plate? Look to Bridgforth Rutledge for inspiration.

Sun, 29 Mar 2015 16:30:00 -0500

With low startup costs, rapid returns and the ability to operate independently, mobile franchises are putting anything and everything on wheels.

Sun, 29 Mar 2015 15:30:00 -0500

Many of the individuals born 1946 to 1964 are gearing up to launch a business of their own.

Sun, 29 Mar 2015 14:00:00 -0500

Hint: Keywords count.

Sun, 29 Mar 2015 12:00:00 -0500

Effectively use your calendar to save time and free yourself from stress.

Sat, 28 Mar 2015 16:00:00 -0500

With 162 years under its belt, the denim company knows a thing or two about great branding.

Sat, 28 Mar 2015 15:30:00 -0500

The answer is more complex than you may think.

Sat, 28 Mar 2015 15:00:00 -0500

The founder of TaskRabbit says there are some office jobs that will always require her special attention -- no matter how much her startup grows.

Sat, 28 Mar 2015 12:00:00 -0500

These words are interchanged so often we've forgotten what they really mean.

Sat, 28 Mar 2015 11:00:00 -0500

Aslam Khan is still actively involved in running his Church's Chicken, Long John silvers and Hardees locations across the U.S.

Fri, 27 Mar 2015 23:00:00 -0500

If there was one word for salespeople and business owners to embrace it would be this one.

Fri, 27 Mar 2015 22:30:00 -0500

The ability to invest in IT organically allows an organization to scale at pace, keeping them competitive in the market without breaking the bank.

Fri, 27 Mar 2015 22:00:00 -0500

How to know if you're really ready for the media coverage you crave.

Fri, 27 Mar 2015 21:40:00 -0500

A California jury was ordered to resume deliberations on one of the four claims brought by Pao against the VC firm.

Fri, 27 Mar 2015 21:30:00 -0500

Whether you run a small business or a multinational enterprise, recruiting these all-stars will be top priority.

Fri, 27 Mar 2015 21:00:00 -0500

Today, it's more about working for yourself than white picket fences.

Fri, 27 Mar 2015 20:30:00 -0500

Despite immense needs, impact investing can make a real difference across the globe.

Fri, 27 Mar 2015 20:00:00 -0500

Skipping the bank is now easier -- and more popular -- than ever.

Fri, 27 Mar 2015 19:32:15 -0500

Let there be light, the laserbeam kind that could end the constant battle to keep your smartphone battery from dying.

Fri, 27 Mar 2015 19:30:00 -0500

Expect mobile to be tomorrow's main act in video and TV consumption, and by extension, advertising.

Fri, 27 Mar 2015 19:22:00 -0500

A look at the factors influencing the generation born between 1981 and 1997.

Fri, 27 Mar 2015 19:15:00 -0500

Richard Friedman has an impressive history of turning real estate into gold.

Fri, 27 Mar 2015 19:00:00 -0500

Social selling is happening now. Here are three steps to help you leverage the power of this strategy.

Fri, 27 Mar 2015 18:30:00 -0500

If you want to reel in your audience, slow down, keep it real and use visuals wisely.

Fri, 27 Mar 2015 18:15:00 -0500

If you're selling something online, make your life easier with these tools.

Fri, 27 Mar 2015 18:00:00 -0500

Giving referrals is one of the best ways to start getting referrals.

Fri, 27 Mar 2015 17:45:00 -0500

Apple has started approving third-party apps for its smartwatch. Twitter made the first cut. Facebook did not.

Fri, 27 Mar 2015 17:30:00 -0500

Two heads are always better than one in a startup. The challenge is how to find that elusive perfect-fit partner.

Fri, 27 Mar 2015 17:15:00 -0500

Virtually every type of company can benefit from a skilled data scientist.

Fri, 27 Mar 2015 17:03:00 -0500

Cook, who took over for Steve Jobs in 2011, stresses that CEOs need to make swift decisions.

Fri, 27 Mar 2015 17:00:00 -0500

The wildly popular item 'gives you and the family jewels room to breathe,' Lululemon says.

Fri, 27 Mar 2015 17:00:00 -0500

With the increase in abundance and the rate at which information travels, decision-makers are left facing an onslaught of pressure against unexpected and uncontrollable forces.

Fri, 27 Mar 2015 16:30:00 -0500

With intern season just around the corner, ensure your program is an educational experience that can make also make an impact on your company.

Fri, 27 Mar 2015 16:00:00 -0500

Skateboarders stay safe with customizable adhesive lights.

Fri, 27 Mar 2015 15:30:00 -0500

As my father and I enjoyed a snack, he provided me with a simple lesson I have never forgotten.

Fri, 27 Mar 2015 15:00:00 -0500

You should first examine your ability to handle uncertainty and, yes, failure.

Fri, 27 Mar 2015 14:43:00 -0500

Check out these snippets of business advice from entrepreneurs including Warren Buffett, Thomas Edison and Steve Jobs.

Fri, 27 Mar 2015 14:30:00 -0500

Five strategies to offer consumers a seamless online purchasing experience.

Fri, 27 Mar 2015 14:00:00 -0500

The best pitches tend to incorporate these elements.

Fri, 27 Mar 2015 13:45:00 -0500

From Sony to Target, big companies that were hacked felt barely a dent to their bottom line, an analysis reveals.

Fri, 27 Mar 2015 13:30:00 -0500

Robots are about to get a lot more personal.

Fri, 27 Mar 2015 13:00:00 -0500

Why Amazon is frustrated at U.S. regulators and a notable VC weighs in on the potential tech bubble.

Fri, 27 Mar 2015 13:00:00 -0500

Your professors bear some blame; they lauded florid writing and set minimum lengths for papers. Here are a few salient points for crafting tighter releases.

Fri, 27 Mar 2015 12:45:00 -0500

The company reports fourth-quarter profit but a sales miss.

Fri, 27 Mar 2015 12:30:00 -0500

Researchers found that people who are regularly bombarded with several streams of electronic information cannot pay attention, recall information or switch from one job to another as well as those who complete one task at a time.

Fri, 27 Mar 2015 12:04:10 -0500

Charney is seeking millions of dollars for a breach of employment contract, his attorney said.

Fri, 27 Mar 2015 12:00:00 -0500

Find out how this restaurant chain was able to go viral with one of the most unique social-media strategy in the business.

Fri, 27 Mar 2015 11:30:00 -0500

Those who perform at an extremely high level understand the importance of teamwork and culture.

Fri, 27 Mar 2015 11:00:00 -0500

The family that franchises together, stays together.

Fri, 27 Mar 2015 10:30:00 -0500

Now's the time your organization should adopt the contextual-search trend that's already big in the consumer market.

Fri, 27 Mar 2015 10:00:00 -0500

Fusing classical music with pop hits, The Piano Guys have risen to fame for viral videos filmed amidst eye-popping scenery.

Fri, 27 Mar 2015 00:55:00 -0500

It's the fastest-funded project and also the most funded -- by far.

Thu, 26 Mar 2015 23:00:00 -0500

Involve them in new product launches and keep them "in the loop."

Thu, 26 Mar 2015 22:30:00 -0500

Ironically, scheduling breaks and walks outside actually helps you accomplish more.

Thu, 26 Mar 2015 22:15:00 -0500

Because when the time comes for them to enter the working world, I want them to be damn good leaders.

Mon, 30 Mar 2015 22:42:00 -0500

Forming a niche around marketing to the affluent cannot only be incredibly lucrative, but it may also be a necessity depending upon your business type. However, marketing to the affluent isn’t always easy, and it’s important to keep in mind that gaining the trust and business of the elite is [...]

Mon, 30 Mar 2015 22:33:00 -0500

In my most recent blog I highlighted why, over the long term, it makes sense for most investors to not be completely void of U.S. equity exposure in their investment portfolios. I demonstrated that more than half of the available return in the S&P 500 index since 1979 was generated [...]

Mon, 30 Mar 2015 19:11:00 -0500

Do you want a 4-inch iPhone 6? Apple has different plans...

Mon, 30 Mar 2015 18:19:00 -0500

Fans may be happy about World Wrestling Entertainment's 31st annual WrestleMania blowout, but investors are not.

Mon, 30 Mar 2015 16:51:00 -0500

The Indiana Religious Freedom Restoration Act (RFRA), signed into law by Governor Mike Pence last week, has set off a wave of concern that members of the LGBT community will become the target of increased discrimination in Indiana, along with other states readying similar legal measures. While Americans are taking sides based [...]

Mon, 30 Mar 2015 15:27:00 -0500

What makes a manager weak, or strong? Liz Ryan explains, with seven signs to identify a weak manager who can't help you grow your flame!

Mon, 30 Mar 2015 13:00:00 -0500

Adaptability is the most underrated and misunderstood trait entrepreneurs need to succeed.

Mon, 30 Mar 2015 12:00:00 -0500

The husband-and-wife team who call themselves Go Curry Cracker saved more than 70% of their income in order to retire in their 30s and now aim to pay $0 in taxes.

Mon, 30 Mar 2015 10:00:00 -0500

Energy Secretary Ernie Moniz announced what we’ve been wanting for decades – a separate deep geologic nuclear waste repository for our defense-generated high-level nuclear waste (HLW), separate from one for our spent nuclear fuel (SNF) from commercial power reactors. It would be cheaper, faster and easier that our present broken nuclear waste program.

Sun, 29 Mar 2015 14:30:00 -0500

Sometimes players in an industry have to take on the role of evangelists in order to open up crowds of new customers. The suppressor market – an accessory category within the firearms industry – is one space that’s seen growth as people tune in to the benefits of making rifles, [...]

Latest News & Information

Current Articles | Archives | Search

Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 11356 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. 

Rating