tag:blogger.com,1999:blog-103091142024-08-29T11:57:26.496-07:00How To Buy Or Start A Small Business!Bob Macekhttp://www.blogger.com/profile/17930507175322342683noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-10309114.post-67845921815046793062010-03-04T09:01:00.003-07:002010-03-04T09:42:13.455-07:00

Business brokers and other professional intermediaries use business valuation rules of thumb to help sellers price their businesses for sale. These "rules" are very useful for appraising nearly every small business, however they are gross simplifications and should only provide a general idea of a suitable price range for a particular business. If a rule of thumb is used to value a business,

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Tips and DefinitionsThis final part is devoted to some business definitions, some business tricks and overcoming the usual arguments of buying am existing small business.The Usual Suspects:1. "Starting a business from scratch is less expensive than buying an existing business." This is most common argument. I personally have started several business and purchased several business. My believe is

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Valuing A BusinessThere are three basic approaches to valuing a small business: assets, market comparisons, and earnings,.Buyers and sellers are adversaries; sellers want to sell the business for as much as they can and buyers want to pay as little as they need to. What process then should you use to value a small business? The assets approach is useful but mostly when the value of the

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Due Diligence The phrase is composed of two words. “due” which the dictionary defines as “proper or adequate” and diligence, which is defined as “degree of care or caution expected of a person. Especially as a party to an agreement.” The due diligence phase is the time when you will have access to the company’s books and records.Once a price and terms are agreed upon by the buyer and seller due

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Finding The Right BusinessThere are different ways to find and purchase a small business. You might seek out business brokers that specialize in selling small businesses; you can search the Internet, look in the Newspaper Classified Advertising under business for sale, ask friends or even drive around searching for a business.Here is a list of additional resources: The Yellow Pages

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Financing The Purchase You've made the decisions to buy an existing small business, now you need to figure out how to finance it. When financing the small business you have three choices: pay all cash (not a good idea), third party financing or seller financing.From a buyer's point of view seller financing is the preferred way to go. It is a positive sign when the seller offers to finance a

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Your Business PlanA good business plan is clear and concise document and it lays out your goals and plans.Every business needs a business plan and every business needs to keep their business plan current. It will serve as your guide to reaching your goals and getting what you want from your business.A business plan is usually essential early in the process of purchasing a small business.A good

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Your Business GoalsEarl nightingale defined success as "the progressive realization of a worthy GOAL or ideal"What is the definition of a goal? It has been defined as a specific and measurable result that you want to achieve within a given time frame. A goal directs you to your destination or desired result - in this case the result you want from your business.All of your goals should be SMART,

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Before you begin looking for a business, ask yourself these two important questions: "What can I bring to a business?" "What do I want to get back?"Time spent now answering these two questions will save you time and money later.QUALIFICATIONS Most buyers purchase a business because they have a skill which they hope to turn into an income. In most of cases, however the buyer will have little or

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So, you want to be the boss!You decided you want to be in business for yourself! Now you want to know the best way to get started!There are three main options for getting into a small business:1. Starting A Business From Scratch.2. Buying A Franchise, Dealership or Distributorship.3. Buying An Existing Business.This article focus' on option 3. Buying An Existing Business!Welcome to Part I of "

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QUESTIONS TO ASK A BUSINESS BROKERWhat Is Your Background And Experience?Are You A Member Of A Trade Association?Do You Hold Any Accreditations?What services do you provide?Who Do You Represent?WHAT TO EXPECT FROM A BROKERScreening businesses for you. Good brokers turn down many of the businesses they are asked to sell, whether because the seller won't provide full financial disclosures or

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There are different ways to find and purchase a small business. You might seek out business brokers that specialize in selling small businesses; you can search the Internet, look in the Newspaper Classified Advertising under business for sale, ask friends or even drive around searching for a business.Here are some additional resources:The Yellow PagesThe Public LibraryBusiness Opportunities

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This is a question you must ask yourself and give an honest and accurate answer to before you can begin your journey towards part-time work or complete self-employment. There is a lot to building your own small business and you need to be committed to this action from the start to make a go of it. Only you can answer this question. Your success doesn't depend on whether you do this work part or

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Follow These Steps Before You Buy.From the desk of Bob MacekFranchising. Just saying the word has an almost soothing quality to it as it rolls off the tongue.As a concept, franchising is suppose to provide business owners a sense of comfort and ease, knowing that behind your new venture are people with years of tried-and-true business experience waiting to share it with you.Franchising is a

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Your Own BusinessFrom the desk of Bob MacekMost of us, sometime in our lives have dreamed of owning our own business.Being the boss! Giving up the security of a regular paycheck for the excitement of Entrepreneurship. For the purpose of this discussion,an entrepreneur is defined as a person who organizes, manages and assumes responsibility for a businessThere is, in fact, in America today, a

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I. Thou Shalt Not Be Greedy!Sellers deserve a fair price for the years they have spent developing their business. Be prepared to pay for the goodwill of the business.II.Thou Shalt Have A Good Reason For Buying!Buying a business is hard work! It takes a commitment! Spend time deciding why you want the responsibility of owning a business.III.Thou Shalt Provide Background Information!Be prepared

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