Wednesday, March 07, 2007

What You Should Know When Buying A Small Business

If you want to have a business, sometimes buying one is easier than starting one. An already established business has its own advantages than building a relatively new business from scratch. But purchasing a small business, even though it seems to be the easier route to go, is not necessary easy to do. And there is certainly a load of things that you have to know before you go ahead and buy a franchise or any pre-existing business.

When buying a small business, the first thing you should consider is the kind that you would like to own. It is not a good idea to invest on something without knowing for sure that it return your investment's worth in threefold. The most important question to ask yourself is: What line of business should you invest on?

During the selection process, narrow down your choice down to the business that you are very familiar with. A business that goes in line with your profession is a good option. You can also choose something you enjoy doing, like a hobby. Either the case, the more important thing is that you must have extensive knowledge about it. This will play an important part in managing the business.

Once you have successfully chosen the right business for you, investigate the reasons why the owner opted to sell out his or her business. If it were due to the performance of the business, analyze carefully all the risk factors you will be dealing with. Are the changes you have in mind enough to make the business more marketable? For franchises, this shouldn't be an issue, but it is still best to conduct a feasibility study on the target market, the location, and the financial condition of the business before you even attempt to buy it.

Funding is another good point to consider when buying a small business. You need to consider just a simple question: Can you afford it? Getting a business loan may be easy for you and money is out of question, but still, should you buy more than you can afford? This is the same as asking if you should get a loan in an amount you can't possibly pay back on your own.

Buying a small business is not simple at all. If the business already exists, it is your responsibility to know of any lawsuits, tax liabilities, and debts that the business has, as all of these will be transferred to you for you are now its legal owner. On the other hand, if you choose to get a franchise, it is your responsibility to know all about the royalties, franchise fees, and the other charges that you need to pay and when you should pay them. Try to uncover all hidden charges as well. Sometimes, maintaining a franchise requires you to pay more than you should.

Steps in Buying a Business

1. Review the Business or Franchise Documents.

Business and franchise contracts have to comply with the set rules and conditions as provided by the law and the local government. Don't buy a business without inspecting the papers first. Consult with the proper people, more particularly a lawyer, to go over the salient points included in the contract.

2. Negotiate the price.

If you think you can put down the asking price for the business a little more, try to do so. However, if you are not fit for these kinds of negotiations, try to enlist the help of your business broker. A few discounts here and there will surely mean a lot to your new business.

3. Process the payment.

If you have the necessary funding, then you can simply write out a check and pay for the business in the schedule as agreed upon. Business loans are offered by a number of banks. It would be good if you can talk to a banker about the same time that you are seeking out the perfect business to buy so the whole process becomes faster.

4. Sign all the necessary papers.

When payment has been made and an agreement was reached, both parties have to finalize the deal by signing all documents involved. These in turn have to be compiled accordingly as they will be needed in the next step. It is also best to have a lawyer around during the time the papers are signed to ensure everything is accounted for and nothing important is missed.

5. Register the business under your name.

The moment you have full rights over the business, you have to file all the necessary changes not yet performed with the proper public office. If you wish to change its name, transfer its ownership, and renew its business license, this is the right time to do all of them.

Free Discount Prescription Cards Donated To Hope 4 Kids

ACRX announced the re-release of the American Consultants Rx community service project of where arrangements have been made to donate over 20 million ACRX discount prescription cards throughout the country. One of the main locations in the Rancho Palos Verdes area that received an initial donation of ACIRX free prescription cards,is the Hope 4 Kids. The ACIRX discount cards are to be donated to anyone in need of help in defraying the high cost of prescription drugs.

Due to the rising costs, unstable economics, and the mounting cost of prescriptions, American Consultants Rx Inc. (ACRX) a.k.a (ACIRX) an Atlanta based company was born in 2004. The ACRX discount prescription card program was created and over 3 million discount prescription cards were donated to the community across the country free of charge between 2004-2005.

The ACRX cards will offer discounts of name brand drugs of up to 40% off and up to 60% off of generic drugs. They also possess no eligibility requirements, no forms to fill out, or expiration date as well .One card will take care of a whole family. Also note that the ACRX cards will come to your organization already pre-activated .The cards are good at over 50k stores from Walgreen, Wal mart, Eckerd's, Kmart, Kroger, Publix, and many more. Any one can use these cards but we are focusing on those who are uninsured, underinsured, or on Medicare.

ACRX made arrangements online for the ACRX card to be available at ACIRX org where it can be downloaded as well. This arrangement has been made to allow organizations an avenue to continue assisting their clients in the community until they receive their orders of the ACRX cards. We made it possible for future request to be made from online as well. We also developed a unique marketplace at 2spendless where you can also click on the ACIRX blue banner and download your free discount prescription card as well as find other key discounts.

With a backorder of over 40 million cards ACRX is working diligently to assist as many people and organizations as possible. ACRX will be working over the next few months to fulfill as many backorders as possible. It should be noted that while many other organizations and companies place a cost on their money saving cards, we do not believe a cost should be applied, just to assist our fellow Americans. ACRX states that it will continue to strive to assist those in need.

High Maintenance Employees

If you manage a team, you will at some point have a "high maintenance" employee you will need to deal with. If they contribute to the overall success of the team, your time is well spent. If they do not contribute to the team, your attention is wasted, and could be more wisely spent in other areas. So how do you handle these situations? I would put most "high maintenance" people into a few categories, and handle each a little differently.

The first category is High Maintenance, High Performer. This type of person will contribute a great deal to the overall success of the team, but needs a significant amount of your time and attention to do so. They may require constant feedback on their contributions, or they may need your guidance more often than the average team member. The High Maintenance, High Performing person is usually very focused on their goals, and expects the same from those around them. Thus, you may spend a large amount of your time "smoothing over" some of the conversations this person has with others. All in all, because they are performing well, you will need to determine if the positives out weigh the negatives. Many times sales managers have this issue with one of their sales people. They may be the best on the team, but may not follow the rules and rarely gets along with others. You have two choices, continue to spend the time with this person, or make a decision that the benefits do not exceed the "cost", and make a change.

The second category is High Maintenance, Low Performer. If you find that you spend more of your time with someone, AND they are on the lower end of the performance scale, you need to act now. This one does not deserve much of our time to discuss. Why would you keep a poor performer around anyway, but especially if they are high maintenance? Discuss, document, and discharge (another article all together)!!

The third category you may have is Low Maintenance, High Performer. This one is simple, keep them!. One word of caution, be 100% sure they are "low maintenance", don't assume. If you have a high performer, you need to keep them happy. Just because this person may not be in your office every 10 minutes or sending you 10 emails each day, doesn't mean they do not require attention from you. The only way to know is to conduct regular one on one meeting with this person, and over time you will be sure.

The last category is Low Maintenance, Low Performer. Do I really need to tell you what to do with these team members? Find them a position that is a better fit, or get them out of your organization. Even though you are spending little time with this person, they are taking a position that could be filled by a high performer. (Read the "3D" article on how to get them out).

So take some time and list out who you spend the most time with. Then, place them in one of the categories above to determine what you should be doing with them. Remember, no matter which category you put them in, they may not be a positive contributor, and you may be better of without them.

How to Keep Commercial Buildings Smelling Clean and Fresh

It doesn't matter if the floors in a building are shiny, the glass surfaces sparkle, and the furniture gleams; if there are unpleasant, strong or foul odors, occupants will feel that your cleaning company is not doing its job. A building's occupants not only expect shiny floors and furniture wiped free of dust, they also want their buildings to smell "clean". The cleaning program you use for your buildings not only has to include daily cleaning, but also removing odor causing soil and leaving behind a light and fresh scent.

Before wading through hundreds of air fresheners and deodorizes on your janitorial supplier's shelves, make sure you've thoroughly cleaned the building. This is the first step as it will remove bacteria that can cause odors. There are a couple of key areas that bacteria can really take hold -- kitchens and restrooms. Effectively cleaning countertops, sinks and appliances can go a long way towards destroying odor causing bacteria.

Restrooms can have many problems that lead to the growth of odors. By starting with a product that contains a hospital grade disinfectant you take the first step to curbing the growth of bacteria that can lead to unpleasant smells. Cleaning products themselves can contain fragrances that many people may find offensive. Stick with products that have no scent or have just a slight fragrance.

Something else to keep in mind is how you use your cleaning supplies. If you are using rags or cotton cloths for wiping this can make any existing odor problem worse. If you do not wash your cleaning cloths between uses they can spread odor causing germs from one area to another. Think of switching to color-coded microfiber cloths or disposable paper towels to prevent cross-contamination. And then be sure to clean the microfiber cloths daily.

Follow these steps before setting up an air freshening system in your building:

* Make sure that you and your staff use the correct cleaning products for the task at hand, and make sure that you are using the products according to manufacturer's instructions. For example, are you properly cleaning the grout in kitchens and restrooms? Ground in soil and other contaminants can become a breeding ground for odor causing bacteria.

* Is there enough ventilation? Stale air can cause unpleasant and offensive odors. If the building and especially the kitchen and restroom areas are not adequately ventilated, you may have to prop open doors when cleaning.

* Is there a deep cleaning program in place for the building? The faster you clean spills and debris, the less chance odor causing bacteria has to grow and multiply.

* Are you using products and cleaning procedures that make the odor problem worse? Almost every cleaning product has its own fragrance. Make sure that your all-purpose cleaner, bowl cleaner, disinfectant and other products have one consistent scent. This is best accomplished by using one product line from a particular manufacturer.

Once you've thoroughly cleaned the building, work with the building's owner to decide on the most effective air freshening system. Aerosol fresheners are commonly used, although many add fragrances that merely mask odors rather than remove them. Consider using a system that provides odor neutralization and emits a light mist over time. Look for products containing properties that latch onto and then remove odor molecules as opposed to just spraying a fragrance to cover up odors. When properly used, these products can even remove odors caused by smoke, mold and mildew.

The Power of the Interview

Interviewing an expert and sharing their ideas with others is not a new concept. Experts have been doing radio and television interviews for decades. They use these platforms to create awareness for their company and what they stand for, as well as to educate listeners and ultimately sell products.

The same techniques are used today using a different medium - teleseminars. Just like the radio, teleseminars can be something as simple as a recorded phone call between two people that may or may not allow listeners to ask questions.

Let's take a look at this technique from two standpoints. How can getting yourself interviewed grow your business and, from a company standpoint, how can interviewing others grow your business?

Let's start with how getting yourself interviewed can grow your business. It may sound pretty self-explanatory. You are "the expert" talking about a subject you are familiar with, being asked questions. In doing so you are exposed to a new group of prospects. There are few, if any, expenses to being interviewed over the phone. In fact, you can do it in your pajama's sitting on your coach at home. And if the call is recorded you can reuse the interview in other aspects of your business. You can have the audio put on a CD and use as hand-outs at events. You can post it for free (or sell it) on your web site. Many people include interviews they've done as bonuses in products they sell.

How can interviewing others grow your business? Let's say you are a hospital and have several doctors on staff you would like to promote. A common marketing technique is for the doctor to give free seminars, to discuss the pros and cons of the procedures and services they offer. To the public these live seminars may appear to be a community service or an opportunity for them to learn about something they have been considering.

Imagine doing the same thing, but over the phone. People who don't want to come in person maybe because of the bad weather or the distance required for travel, or maybe getting out of the house is difficult because of a handicap, learning over the phone is a great alternative. Many hospitals also post these live interviews on their web site for people to listen to whenever they want after the fact.

But remember, there is a large portion of the community that does not use the internet or have ipods, so don't make the internet their only option to get the information. Most people are comfortable using the telephone and that is where the product should start.

So to recap, interviewing experts over the phone involves no cost, people can listen in the comfort of their own home so they are more likely to attend, and you can reuse the material on your web site and make it available to the general public.