Wednesday, November 26, 2014
Top Entrepreneur News

Wed, 26 Nov 2014 23:30:00 -0600

Economic and technology improvements have given professional services companies much to appreciate.

Wed, 26 Nov 2014 23:00:00 -0600

It sets the foundation for the customer relationship, establishes leadership and separates the business from the competition.

Wed, 26 Nov 2014 22:30:00 -0600

With Thanksgiving and the holiday shopping season quickly approaching, retailers and marketers must establish a game plan for arguably the two biggest shopping days of the year.

Wed, 26 Nov 2014 22:00:00 -0600

Cultivate creativity, enjoy leisure pastimes, forge relationships and achieve entrepreneurial success.

Wed, 26 Nov 2014 21:30:00 -0600

When budgets are tight, knowing your customers and employing some clever tactics will go a long way in creating disruptive marketing campaigns that work.

Wed, 26 Nov 2014 21:00:00 -0600

Done prudently, helping customers to buy now and pay later is a sound strategy for maximizing sales.

Wed, 26 Nov 2014 20:30:00 -0600

The reality each year on Cyber Monday is that billions are spent online during office hours. You're wise to watch for bandwidth traffic jams and security threats.

Wed, 26 Nov 2014 20:00:00 -0600

The largest retailers have an insatiable demand for promising merchandise. Persistence is key to finding your spot on their shelves.

Wed, 26 Nov 2014 19:45:00 -0600

Is your company an assemblage of the drowsy. Encourage members of your team to catch up on rest in these ways.

Wed, 26 Nov 2014 19:30:00 -0600

Are your productivity hacks really making you better? Many are myths that are actually holding you back.

Wed, 26 Nov 2014 19:15:00 -0600

Be prepared for the annual race to send packages to all corners by doing the proper advance legwork.

Wed, 26 Nov 2014 19:00:00 -0600

The audiences are there, but if you're making one of these errors, they won't acknowledge you.

Wed, 26 Nov 2014 18:45:00 -0600

Regardless of where you sell your goods or services primarily, a little advanced digital preparation can help you take advantage of "Windfall Weekend."

Wed, 26 Nov 2014 18:30:00 -0600

Compelling web copy is important in creating a hook to persuade people to buy, but it is better to create an experience for people coming to your site that totally transcends the transaction.

Wed, 26 Nov 2014 18:15:00 -0600

A large player starts to get wise to the ways of newcomers that are experimenting rapidly.

Wed, 26 Nov 2014 18:00:00 -0600

We asked our customer service experts about the companies they love and why.

Wed, 26 Nov 2014 17:52:00 -0600

The ridesharing company is reportedly raising new financing that would value it at $40 billion.

Wed, 26 Nov 2014 17:30:00 -0600

Read about the business leaders who dominated headlines in 2014 and set the stage for the year ahead -- for better or for worse.

Wed, 26 Nov 2014 17:15:00 -0600

Meetings fall apart thanks to sloppy agendas, un-articulated ground rules, and other structural mistakes. Here's how some of the world's top execs manage their meetings.

Wed, 26 Nov 2014 17:00:00 -0600

This time of year everyone is expressing gratitude but this sort of mentality needs to occur all year long.

Wed, 26 Nov 2014 16:45:00 -0600

Your distractions are keeping you from being alert, attentive and focused and can hamper your post-event follow up not to mention your day to day activities.

Wed, 26 Nov 2014 16:30:00 -0600

We came up with three hypothetical inventions that would make Thanksgiving more enjoyable.

Wed, 26 Nov 2014 16:19:00 -0600

The social platform now allows marketers to put coupons in users' feeds with Twitter Offers.

Wed, 26 Nov 2014 16:15:00 -0600

Entrepreneurs are trying to make the best of a bad situation.

Wed, 26 Nov 2014 16:00:00 -0600

Before you take your next step, let some experts help you get a better understanding of what the data shows now.

Wed, 26 Nov 2014 15:45:00 -0600

Any time you match sellers with buyers, you have to ensure both sides of the deal are growing proportionately.

Wed, 26 Nov 2014 15:40:00 -0600

This could be the acquisition Twitter's CFO accidentally tweeted about on Monday.

Wed, 26 Nov 2014 15:30:00 -0600

Here's a hint: It has a lot to do with storytelling.

Wed, 26 Nov 2014 15:00:00 -0600

Have you ever felt the stress of everything-is-important-so-everything-has-to-be-done-but-I-can't-do-it-all? Sure you have.

Wed, 26 Nov 2014 14:56:00 -0600

For pizza chains, the day before Thanksgiving is one of the five busiest days of the year.

Wed, 26 Nov 2014 21:49:00 -0600

The company built around the greatest golfer of all time is going through an important transition.  The Nicklaus Companies, created as a very person-centric business revolving around golf legend Jack Nicklaus, remains dedicated to promoting excellence in the game of golf, preserving its traditions and growing the game; however, it [...]

Wed, 26 Nov 2014 20:18:00 -0600

Black Friday is nearly upon us, and the time has arrived for Xbox One and PS4. The market still isn't flooded with must-have games that you can't play on last-gen, and Sony's last firmware update was sort of a mess, but we're finally at the point where both Sony and [...]

Wed, 26 Nov 2014 15:56:00 -0600

Black Friday is here again, but now in 2014 consumers have a much tougher decision on their hands. Both the PS4 and the Xbox One have been out for more than a year now, each amassing a huge collection of first and third party games. The Wii U is now [...]

Wed, 26 Nov 2014 14:02:00 -0600

Rejection is hard to handle. It hurts, and can leave you feeling that you weren't good enough, whether for a person, a job, or a place in school. But as any thoughtful politician, actor, or entrepreneur will explain, we can learn more from rejection and failure than from acceptance and [...]

Wed, 26 Nov 2014 10:35:00 -0600

The ISS crew has successfully manufactured the first 3D object in space, a landmark that could pave the way for long-term space exploration.

Tue, 25 Nov 2014 23:53:00 -0600

Most technical entrepreneurs cringe when they finally realize that marketing is still king, despite the power of technology, and they are up against competitors who have a hundred times their spending power. Luckily, the digital revolution has been a great equalizer in the marketing world, if used effectively to target [...]

Tue, 25 Nov 2014 23:45:00 -0600

It is the week of Thanksgiving, with all its associated holiday cheer and family togetherness. It is also the week a Grand Jury decided white policeman Darren Wilson will not face criminal charges for the shooting death of unarmed black teen Michael Brown in Ferguson, Missouri.

Tue, 25 Nov 2014 23:16:00 -0600

These days, we hear a lot about the importance of failure to innovation. Since everyone wants to innovate, it follows that everybody must learn to fail. On this basis, it would appear to make sense to fail a lot. Indeed, “fail early, fail often” has become something of a mantra [...]

Tue, 25 Nov 2014 00:16:00 -0600

Somewhere, there is a warehouse full of unsold Galaxy S5s. Samsung's flagship handset, launched in Q1 this year, packed in everything including the kitchen sink. It followed the South Korean company's strategy of taking the best features of every handset on the market and giving them a unique spin in its latest Galaxy handset. And the estimates on how well it would sell have proven to be... rather optimistic.

Mon, 24 Nov 2014 18:07:00 -0600

Changes and advancements in the digital marketing field are accelerating, and it can be hard for the casual observer to keep up. So, as we near the end of 2014, let’s review the marketing trends we’ve seen this year, as well as what we can expect in 2015. If you’re interested [...]

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Chaldeans Buying Businesses Need to Beware
By Bedre Konja :: Monday, January 28, 2008 :: 10631 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.