Make/Buy
What % of startups fail within the first 4 years of being in business?
Roughly 90% (2018)
What should be one of the first things you do when trying to acquire a business?
Talk with a business broker.
Review your financial condition.
Pick a business that best fits you.
Is it better to get a large or small place to start out with?
Depends on the requirements for your specific business idea
What is the definition of a scalable business? Give an example.
A business that should not require extraordinary resources, manpower, or efforts to grow itself.
Microsoft
What are some reasons why someone might want to sell their business?
Retirement, Illness, Death, Divorce, Relocation Etc.
The best location for your business is said to be where?
Right in the eye of your competitors
Why is it harder to get financing for a new business rather than buying an already established firm?
True or false?
Once you have acquired a business it is recommended to get an attorney and accountant
True
True or False?
If you are leasing out a building for your business, you should review over the lease yourself so you understand the in's and out's of it.
False
What are some of the main challenges faced by entrepreneurs in today's world?
Cash flow management, Hiring employees, Time management, Marketing strategy, Startup Capital
Why is it sometimes better to buy the assets, not the business?
better tax treatment
won't assume any possible liabilities that the old owner had
What are some location costs that you should pay close attention to when choosing a location for your business?
Maintenance, Utilities, Security, Painting, Redecorating, Rennovation etc.
When you buy a business, who is responsible for the accounts receivable after the deal has been made?
Depends on what deal you made at the closing. You could let the original owner collect the money but it is recommended that you buy them at the closing of the sale.
When you acquire a business is it a good idea to change up routines and processes that have been in play for years
No, try and minimize change as much as possible in the beginning. Let your employees get used to you and the way you run things. But don't change everything at once.
In the brick and mortar retail world, it is said that the 3 more important decisions you will make regarding the start of your business are...
Location. Location. Location