5 Things You Must Do Well When Buying a Business to Not Get Burned

Are you not sure what Business to buy? Need to know what is a fair deal?

Martin Smith thought he was buying an established business with good credit and collectable accounts receivable. The day after settlement the surprises began.

Inventory could not be used because expiration dates had past. Money shown as receivable had already been collected. Vendors that were only willing to ship COD. Over $100,000 of real problems that should have been detected during the business purchase process popped up and almost shut Martin down.

Can you afford to be surprised? Of course not.

You have the power to not end up like Martin.

Owning your own business is part of the American Dream. Buying a business has many advantages over starting one from scratch if you know how. Be prepared and get all the benefits of buying an existing business.

Tangible benefits such as existing cash flow, existing customer base, existing systems, knowledgeable employees, and locations can be obtained cheaper by buying an existing business than starting from scratch.

1. Understand and Know What You do Well and Like

You must really look at the activities you like to do and find a business that allows you to do them. For instance some people want customers to come to them. A retail store may work well for them. On the other hand some owners would loose their minds staying in a store all day; perhaps something with outside sales will work for them.

Are you a people person, a thinker, a leader, or a salesperson? Do you like steady hours, flexibility etc. How much money do you have to purchase with? How much money must you make every week?

Remember the process of buying the business is not the same as running one. Do everything possible to make sure you buy one you will love running.

2. Make a Comprehensive Search for a Business

Make sure you know how to look for a business. Don't just go to one source but really check multiple reliable sources to find the business that is right for you.

Systematize your notes so you know what you looked at. Make sure you compare your strengths and weaknesses with the day-to-day tasks of running the business.

3. Understand and Value the Business Properly

Understand the basic financial techniques to value a business; it's cash flow and other assets. Know how to prepare a basic business plan in order to make projections into the future.

Understand how the business is getting its customers. Know how it delivers goods and services. Know the cash flow and how you will keep the current cash flow and then grow the cash flow.

4. Know how to structure and finance a business

Have a basic understanding of how the business valuation and related cash flow tie together. Make sure you know a number of possible ways to put a transaction together to overcome different risks.

Understand what may be financed by a conventional bank loan, a SBA loan or seller take-back. Understand how to take your outline deal and put it into a final enforceable contract.

5. Perform Due Diligence Thoroughly and Correctly

Know what to look for when investigating a company. Know how to tie accounting records into source documents. Understand inventory, equipment, vehicle titling and other problems. Understand what should occur at settlement. Make sure you are getting what you have agreed to pay for.

Bonus Tip

Recognize that the Broker almost always represents the Seller. For most small business purchases you, the buyer, will go through most of the process on your own. Make sure you know enough to get select the right business and negotiate a fair deal.

Gregory R. Caruso is an expert at helping business owners plan and execute the sale of their businesses. Greg is an inactive CPA, attorney, and business owner with 20 years experience. He can be reached at www.successfulexits.com">www.successfulexits.com.


Australian lawyers file private case against Myanmar leader over treatment of Rohingya while she attends summit in Sydney

Lawyers in Melbourne have filed a private prosecution application against Myanmar’s leader, Aung San Suu Kyi, who is in Australia, on charges of crimes against humanity.

The private prosecution application faces significant barriers to proceeding – a universal jurisdiction prosecution in Australia requires the consent of the attorney general.

Continue reading...

Skiers were forced to jump from the faulty chairlift, with some flung from carriages at speed

At least eight people have been injured after a malfunctioning ski lift threw people from their seats at a ski resort in Georgia.

Skiers and snowboarders were forced to jump from the faulty chairlift on Friday as their seats hurtled backwards down the mountain, with some people falling from carriages at speed, in what one witness likened to “a scene from a Final Destination film”.

Continue reading...

Inhabitants of majority Kurdish Syrian city fear a blockade and bombardment are imminent

Turkey claims to have encircled Afrin in northern Syria, besieging up to 200,000 civilians, many of whom were attempting to flee what they fear will be an imminent blockade and bombardment of the majority Kurdish city.

Queues of anxious families stretching for several hundred metres streamed towards the last remaining exit in the city’s south on Friday, as the Turkish military and members of an Arab proxy force, which it mobilised seven weeks ago, consolidated positions they had gradually taken since Monday.

Continue reading...

John Kelly assures colleagues their jobs are safe as Sarah Sanders plays down rumors national security adviser HR McMaster is next in line to be fired

Donald Trump’s chief of staff called a sudden meeting on Friday to assure colleagues that their jobs were safe amid reports of upheaval, plummeting morale and more imminent departures from the White House.

Related: Minted: the rich guys in Trump's cabinet who can't resist public money

Continue reading...

Constantin Reliu, 63, fails to overturn 2003 death certificate because he appealed too late

In a case reminiscent of a Kafka novel, a Romanian court has ruled that a 63-year-old man is dead despite what would appear to be convincing evidence to the contrary: the man himself appearing alive and well in court.

Constantin Reliu asked the court in the town of Barlad to overturn a death certificate obtained by his wife after he had spent more than a decade in Turkey, during which time he was out of contact with his family. The court told him he was too late, and would have to remain officially deceased.

Continue reading...

A new study highlghts abuse and physical attacks suffered by hundreds of refugees living rough in the French capital

Hundreds of refugees living rough in Paris, many of whom hoped to reach the UK, claim they have been subject to abuse from French citizens, including physical attacks and sexual violence, according to new research.

From a sample of almost 300 refugees – around 10% of the 2,950 migrants sleeping rough in the French capital – it emerged that 42% of respondents did not feel safe.

Continue reading...

Police department says criminal charges were possible after inquiries into the collapsed bridge that killed at least six are completed

Homicide detectives opened an investigation on Friday into the collapse of a new footbridge that killed at least six people at Miami’s Florida International University (FIU), as questions began to swirl about the companies behind the structure’s controversial design and construction.

Juan Perez, the director of Miami-Dade police department, said criminal charges were possible once exhaustive inquiries by his detectives and state and federal authorities were complete.

Continue reading...

John Bailey, cinematographer and president of Academy of Motion Picture Arts and Sciences, said to be facing three allegations

The president of the Academy of Motion Picture Arts and Sciences, which awards the Oscars, is reportedly under investigation for sexual harassment.

John Bailey, a veteran cinematographer who heads the film industry’s trade group, is facing three harassment allegations, Variety reported on Friday.

Continue reading...

More men than women in senior positions contributing to 55.5% gender pay disparity, investment bank says

Men at Goldman Sachs earn more than twice the average hourly pay of women at the US investment bank’s British business and take home much bigger bonuses, in the latest example of pay disparity in the City.

The business’s gender pay gap report, published on Friday under new rules designed to shine a light on big variations in earning power between men and women, reveal that women earn 55.5% less an hour than men by the mean average measure at Goldman Sachs International.

Continue reading...

Most of deaths, including at least 13 children, were in town of Kfar Batna, with toll expected to rise

The death toll in another day of violence in the besieged Syrian enclave of eastern Ghouta continued to rise on Friday with at least 78 new deaths, a day after thousands fled in desperation and largely emptied an entire town of its inhabitants.

Most of the deaths on Friday, including of at least 13 children, came in the town of Kfar Batna, with monitors and medics saying the numbers would probably rise as more corpses are pulled from rubble.

Continue reading...

Tens of thousands demonstrate to urge snap elections following crisis over journalist’s death

Tens of thousands of protesters took to the streets across Slovakia on Friday to call for snap elections, saying the premier’s resignation was not enough to address what they see as a corrupt government.

The local Dennik N newspaper said about 50,000 people turned out in the capital Bratislava alone, where protesters carried signs bearing slogans such as “Slovakia is going the wrong way” and “We want elections”.

Continue reading...

Samples taken for DNA tests that disproved paternity claim rejoin artist’s body in Catalonian tomb

Three decades after he died and eight months after his remains were disinterred to settle a paternity claim, Salvador Dalí has once again been laid to rest, in his entirety, beneath the museum he designed as a shrine to his own life and art.

The surrealist’s body was exhumed from its tomb in Figueres, Catalonia, in July after a judge gave the go-ahead to DNA tests to establish whether Dalí was the father of Pilar Abel, a tarot card reader and fortune teller who had long claimed to be his daughter.

Continue reading...

Both nations accuse the other of harassing diplomatic staff, including 3am doorbell ringing

Diplomacy between India and Pakistan can involve high-stakes negotiation, subtle messaging and the ever present threat of nuclear war. Sometimes it involves ringing someone’s doorbell in the middle of the night and running away.

Islamabad has recalled its high commissioner to Delhi for “consultations” amid a row between the neighbours about the alleged harassment of each country’s diplomats and their families.

Continue reading...

Zehra Doğan was reportedly imprisoned for her painting of a damaged Turkish city

Banksy has unveiled a mural in New York highlighting the case of a Turkish artist who was jailed for nearly three years over a painting.

Zehra Doğan was reportedly imprisoned in 2017 for her painting of a damaged Turkish city.

Continue reading...

Often overlooked by the Kremlin, the Siberian city has a centuries-old reputation for dissidence. But as Russia heads to the polls, will apathy rule?

Russia goes to the polls this weekend with the result locked down – a widely expected fourth presidential term for Vladimir Putin. Rigged electoral practices will almost certainly deliver the 70/70 (70% voting for Putin on a 70% attendance) scenario targeted by the Kremlin. But even Putin’s watertight system is capable of springing the odd leak – in 2015, the people of Irkutsk rejected his party United Russia and elected a communist official. Sergei Levchenko remains one of the country’s few regional governors not endorsed by the Kremlin. But whatever the dissatisfactions brewing in the east Siberian city of 600,000 people, his party will have to do well to repeat the result this year.

Continue reading...

As Pakistan deports thousands of Afghans, informal settlements are adding to the intense strain on Kabul’s resources – with potentially disastrous results

Racing against the setting sun to wind up the day’s labour, Shukour takes a few steps back and surveys his construction site. As the dust from the drilling settles back on the 50 square metres of rock that will become the foundations of his new house in Kabul, he stops work and talks about the home he fled as an eight-year-old.

“Our Panjshir is as beautiful as India’s Kashmir,” he says, framed against a rash of grey matchbox huts vying for very available inch before the hillside falls steeply away. “It was God’s own valley until the reign of fire.”

Continue reading...

Hunted by police but idolised by followers, some street riders have risen from their inner-city neighbourhoods to find fame and big money sponsorship. Could urban dirt biking do a Nascar?

All photographs by M Holden Warren

“This is to dirt bike culture what the Grammys are to hip hop,” beamed veteran rider Albert “Al Capone” Elkerson as he took to the stage of a swanky historic theatre in Manhattan for the second annual Motocross Freestyle Streetriders awards.

It was a family-friendly event, packed with young fans ogling their role models. Smartphones broadcast to millions of followers while Oscars-style trophy girls handed out accolades for best swag, best swerve and longest no-hander.

Continue reading...

The ‘ignored pollutant’ can cause depression, stress, diabetes and heart attacks. What are cities doing to curb excess noise?

The constant roar of traffic, incessant construction noise, piercing sirens, honking horns, shrieking loudspeakers – noise in cities is clearly a nuisance.

But it’s also a danger. The World Health Organisation (WHO) has described noise pollution as an underestimated threat that can cause hearing loss, cardiovascular problems, cognitive impairment, stress and depression. Some experts go further: they believe exposure to environmental noise could be slowly killing us.

Continue reading...

In its 10 years, the website funded wholly by reader subscription has made waves and money

It began with a handful of journalists disillusioned with the state of the country’s established media, a hefty bank loan and an even larger injection of optimism.

Ten years on, the French investigative website Mediapart has become a thorn in the side of politicians, public figures and those with something to hide.

Continue reading...

35-year-old held on suspicion of murder after incident at house in East Sussex on Friday

Police have launched a murder investigation after two women were shot dead at a house in St Leonards, East Sussex.

Two other women – including one who is pregnant – were taken to hospital, Sussex police said. Both were uninjured but suffering from shock.

Continue reading...

My friend AnnMarie Wolpe, who has died aged 87, was an anti-apartheid activist and feminist. Throughout her life, she displayed enormous resilience, sustained by an ironic sense of humour and wonderful elan.

In 1963, her husband, Harold Wolpe, a civil rights lawyer and member of the ANC and the South African Communist party, was arrested and imprisoned in Johannesburg under the 90-day detention act. He was listed as a co-conspirator of those who would become the defendants in the Rivonia trial, among them Nelson Mandela.

Continue reading...

McCabe, who stepped down in January and planned to retire Sunday, suggested dismissal is part of effort to undermine Russia inquiry

Andrew McCabe, the former FBI deputy director and a frequent target of Donald Trump, has been fired less than two days before he was due to retire.

Related: Mueller subpoenas Trump Organization for documents related to Russia – report

Continue reading...

Charity tried to ‘contain’ allegations that engineer paid women for sex – report

Oxfam has been accused of further failures in Haiti by keeping a senior aid worker in the earthquake-torn country for more than a year despite reported sexual harassment claims.

According to an internal report seen by The Times, the charity attempted to “contain” sexual harassment allegations involving Raphael Mutiku, an aid worker who led Oxfam’s installation of water supplies in Haiti after the earthquake.

Continue reading...

Despite promises of revitalisation from Japan’s government, seven years on from the nuclear disaster the area is still desolate

This month, seven years after the 2011 Fukushima Daiichi reactor meltdowns and explosions that blanketed hundreds of square kilometres of northeastern Japan with radioactive debris, government officials and politicians spoke in hopeful terms about Fukushima’s prosperous future. Nevertheless, perhaps the single most important element of Fukushima’s future remains unspoken: the exclusion zone seems destined to host a repository for Japan’s most hazardous nuclear waste.

No Japanese government official will admit this, at least not publicly. A secure repository for nuclear waste has remained a long-elusive goal on the archipelago. But, given that Japan possesses approximately 17,000 tonnes of spent fuel from nuclear power operations, such a development is vital. Most spent fuel rods are still stored precariously above ground, in pools, in a highly earthquake-prone nation.

Continue reading...

McDermott stands down as chairman of state opposition’s ‘waste watch’ committee while investigation takes place

The New South Wales Labor MP Hugh McDermott has stood down as chairman of the opposition’s “waste watch” committee, which investigates frivolous government spending, while he is investigated over allegations of sexual harassment.

McDermott issued a statement on Saturday morning following revelations that a former staffer had lodged a formal complaint with the Public Service Association of NSW. In the complaint, she alleges McDermott pressed his groin against her back and brushed past her breast more than once.

Continue reading...

Actor gives impassioned speech at UN event exploring sexual exploitation and harassment in media and entertainment worlds

The actor Sienna Miller has hailed the “wave of change” enveloping the media and entertainment industries in an impassioned speech at the United Nations headquarters in New York on Friday.

Speaking at an event on sexual exploitation and harassment hosted by the Guardian, UN Women and the Norwegian government, Miller praised the courage of the women who have spoken out about their experiences of harassment since the Harvey Weinstein scandal broke last year.

Continue reading...

In a powerful speech in New York, actor Sienna Miller hailed the Time’s Up movement for teaching a lesson to ‘our rampant patriarchal societies’. Miller was speaking at an event on sexual exploitation and harassment hosted by the Guardian, UN Women and the Norwegian government. She praised the courage of the women in the entertainment industry who have spoken up on sexual harassment and abuse, and talked about the discrimination she has felt in her own career. ‘I have really just had enough. Enough of being undervalued, enough of being undermined, enough of being disrespected, because of my gender’

‘A wave of change’: Sienna Miller hails #MeToo movement at New York summit

Continue reading...

Extraordinary success of programme under which health workers make house calls could save untold young lives in sub-Saharan Africa

Home to a large number of migrants and an even larger number of babies, Yirimadio is a heaving, ramshackle district on the outskirts of Bamako. Only a decade ago, it was a commune, much like any other on the Malian capital’s periphery. Now, though, it is the unexpected scene of a pioneering healthcare scheme. Child mortality rates here have dropped to the point where they are now the lowest in sub-Saharan Africa – an achievement that may all be down to knocking on doors.

The premise of the scheme, which launched in 2008, is simple: community health workers spend at least two hours, six days a week searching for patients door-to-door, providing free care to whoever needs it. Mali has long struggled to contain preventable infectious diseases such as malaria, pneumonia and diarrhoea. Consequently, the country has the world’s sixth highest under-five child mortality rate, estimated at 115 deaths for every 1,000 births according to the most recent figures available. But by turning conventional healthcare on its head – sending health providers to patients at no cost, instead of requiring them to seek out fee-paying medical attention – Yirimadio achieved a spectacular turnaround. Between 2008 and 2015, the child mortality rate dropped from 154 deaths to seven for every 1,000 live births.

Continue reading...

The UN’s Atul Khare defends the UK government as a ‘consistent and generous’ backer of the organisation’s efforts to tackle sexual exploitation

Your article criticises the UK for not contributing to the trust fund in support of victims of sexual exploitation and abuse (‘Glib’: UK criticised for failing to give to fund for survivors of UN sexual abuse, theguardian.com, 13 March).

Since 2015, the UK has been one of the most consistent and generous contributors in helping the UN combat sexual exploitation and abuse. This commitment was reinforced by the UK’s signing of the voluntary compact with the secretary general on the engagement to eliminate sexual exploitation and abuse last year. The UK is also a member of the secretary general’s circle of leadership to prevent and respond to sexual exploitation and abuse in UN operations and continues to support key initiatives in peacekeeping and special political missions.

Continue reading...

Kidnapped and forced to become child circus performers, a Nepalese troupe now scale the heights on their own terms

In a dusty gymnasium south of Kathmandu, a group of twentysomething Nepalis are rehearsing a new routine. One girl sways back and forth on a trapeze suspended from the metal rafters, twisting and turning as two boys play-fight below her. Miming a struggle, one boy ducks as the other tries to grab; one jumps as the other lunges. As the boy shirks off his would-be assailant, he comes close to being hauled offstage, or “kidnapped”, in performance-speak. But the kidnapper manages to grab just the boy’s T-shirt, and tears it from him before running away.

Kidnappings, trafficking and fending off villains are key themes for Circus Kathmandu, a troupe founded by and comprised of trafficking survivors. Smuggled as children into neighbouring India and sold into the travelling circus industry, they have since turned their unique skillset into an educational art form as Nepal’s first – and only – circus.

Continue reading...

Dwindling community of UK expats fears tit-for-tat reprisals will affect the ‘regular Joe’

The statement from the Foreign Office committee was terse: “Due to heightened political tensions between the UK and Russia, you should be aware of the possibility of anti-British sentiment or harassment at this time.”

In Moscow, Gergely Stewart, 33, says he is receiving concerned calls from family in the UK for the first time since he moved to Russia in 2012. “Are you OK?” they ask him. “Is everything going to be OK?”

Continue reading...

Assad claims he has restored sovereignty to Syria, but grievances remain deep for both vanquished and victors

The beginning of the end for Ghouta came first with a trickle. Desperate, hungry and scared, Syria’s newest displaced people walked a journey into the unknown, past Russian military police, towards loyalist soldiers who started checking names.

The same anxious ritual of the vanquished had been carried out before, in Homs, Aleppo, Qusair and most other places in the country, where seven years ago today the first spasms of open defiance began to rattle its ruthless rulers.

Continue reading...

The nerve agent attack in Salisbury has highlighted the president’s tendency to adopt a tone strikingly at odds with US government policy

The US envoy to the United Nations, Nikki Haley, delivered a powerful speech at the UN on Wednesday in support of the UK in its showdown with Russia over the nerve agent attack on the former spy Sergei Skripal.

The question facing London, however, is whether she really spoke for her country.

Continue reading...

In the coming weeks, the Senate will have a chance to ask Gina Haspel about torture at CIA black sites during her confirmation hearings

The CIA often likes to pretend that we don’t know the things we know. With the nomination of Gina Haspel to head the agency, public tolerance for this habit will face a major test.

Related: Who is Gina Haspel? Trump's pick for CIA chief linked to torture site

Continue reading...

At least eight people have been injured after a malfunctioning ski lift hurled them from their seats in the Georgian ski resort of Gudauri, local media reported.

Video shot by people next to the lift showed skiers jumping or falling from the carriages, as horrified onlookers shouted in panic. The lift appeared to be moving backwards and dangerously fast, leading to a pile-up of broken and twisted chairs at the lift’s lowest point

Continue reading...

A Romanian court has rejected Constantin Reliu's claim that he is alive, after he was officially registered as dead by his wife. A court spokeswoman said the 63-year-old had lost his case in Barlad because he appealed too late. The ruling is final. Reliu said: 'I am officially dead, although I’m alive. I have no income and because I am listed dead, I can’t do anything.'

Romanian court tells man he is not alive

Continue reading...

Footage from a documentary about the first polar bear cub to be born in the UK in the past 25 years has been released. The cub was born at the RZSS Highland Wildlife Park in Kincraig, Scotland. Before the first sighting this month, the birth – which took place a week before Christmas – had only been confirmed by high-pitched noises from the den

• Britain’s Polar Bear Cub airs Sunday at 7pm on Channel 4

Continue reading...

A newly installed pedestrian bridge at Florida International University in Miami collapsed on Thursday, crushing at least five vehicles. The walkway had been opened days earlier to increase the safety of students crossing an eight-lane road to get from one campus to another

Florida bridge collapse: four dead after new walkway falls on busy road

Continue reading...

Robert Mugabe, the former president of Zimbabwe, has criticised his successor, Emmerson Mnangagwa, for turning against him. Mugabe told the South African broadcaster SABC that although he had 'nurtured and brought Mnangagwa into government …  we must undo this disgrace', adding that Mnangagwa was only able to achieve power with the aid of the military 

Continue reading...

Moreno Monti and Matteo Tranchellini have worked together for the past 20 years and had the idea to create a a collection of chicken portraits after meeting a grey cocincina called Jessica. They began a Kickstarter campaign to create CHICken, a fine art photographic book, and reached their funding target within three days

Continue reading...

Donald Trump pointed the finger at Russia in the poisoning of a former Russian spy in Great Britain, saying he had spoken with the British prime minister, Theresa May. During a meeting with Ireland's prime minister in the Oval Office, Trump said it was something 'that should never, ever happen'. The US has joined Britain, France and Germany in a joint statement blaming Moscow for the poisoning of an ex-Russian spy who was living in England. The list of Russians now under sanction includes the 13 indicted last month by the US special counsel Robert Mueller as part of his Russia-related investigation into alleged election interference.

US accuses Russia of cyber-attack on energy sector and imposes new sanctions

Continue reading...

odrnews.com ©