tag:blogger.com,1999:blog-52347048485170022892024-03-13T11:17:28.452-07:00Bungaomar Business Blogyaraman yantelihttp://www.blogger.com/profile/03260642296684463561noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5234704848517002289.post-18816801444479182172018-07-11T12:59:00.000-07:002018-07-11T12:59:04.463-07:00Locking the lock away!When you are hoping to maximize your travel security, one of the most obvious places to start is with buying a lock. But how secure are luggage locks? The disturbing truth is that luggage locks are terribly insecure.<br />
<br />
What does the insecurity of these locks mean for your luggage security? How does that affect the protection of your property? In order to investigate these issues, we will have to venture deep into the terrifying truth about luggage locks.<br />
<br />
What security do TSA locks offer your luggage?<br />
TSA locks are not secure. The shackles can be cut by most low-quality diagonal cutting pliers, the lock cylinders can be picked open with very little skill, and the schematics for the master keys have been revealed to the public. If you are using a TSA lock, you are getting the illusion of security.<br />
<br />
The biggest benefit to using TSA locks is that the TSA can open your bag without having <a href="https://easylocksmith.us/lockout-solution/">24/7 car lockout</a>. This still might not keep your lock from being cut off, as many travelers report having TSA cut locks off regardless of having been TSA approved. But at least there is a chance that your insecure lock will not be broken open.<br />
<br />
A TSA approved padlock is the next step up from a zip tie. It provides the same amount of initial security if you are worried about criminal tampering. However, a TSA lock can potentially be taken off and relocked on the bag, where a zip tie cannot be reattached once removed. With a TSA approved lock, after a lawful search, there is a chance that your luggage can maintain its same level of “security”.<br />
<br />
1. The TSA Can Remove Any Luggage Lock Without Cause<br />
If you are checking luggage, the TSA reserves the right to open your baggage by the means required to properly carry out the search. In case you have not received a “Notice Of Baggage Inspection” letter in your checked luggage, it reads as follows:<br />
<br />
To Protect you and your fellow passengers, the Transportation Security Administration (TSA) is required by law to inspect all checked baggage. As part of this process, some bags are opened and physically inspected. Your bag was among those selected for physical inspection.<br />
<br />
During the inspection, your bag and its contents may have been searched for prohibited items. At the completion of the inspection, the contents were returned to your bag.<br />
<br />
If the TSA security officer was unable to open our bag for inspection because it was locked, the officer may have been forced to break the locks on your bag. TSA sincerely regrets having to do this, however TSA is not liable for the damage to your locks resulting from this necessary security precaution.<br />
<br />
The note goes on to suggest that the recipient of the inspection notice refer to www.tsa.gov to find “packing tips and suggestions on how to secure your baggage during your next trip…” Is it ironic for a note telling you what you just read to recommend that you use better security next time you fly? It may seem that way, but the spirit in which it is intended is that locks are not security, knowing what is going to get your bag flagged is the security you need for avoiding TSA attention.<br />
<br />
2. Every Luggage Lock Can Be Opened<br />
It is true that every lock can be picked, even locks that have not been picked yet can still be opened. Opening methods that travel security professionals use are almost always destructive. There is no lock that exists that can withstand every type destructive entry method given an unlimited amount of time with the lock.<br />
<br />
Not even the best padlocks in existence can hold up to the highest level of pressure that can be applied to them. Do not expect that your security can keep out any law enforcement. Even though you may be hoping to avoid criminally minded baggage checkers, they are within their right to open your luggage at all costs.<br />
<br />
Though there are documented cases where strong enough security has been enough to have TSA give up on trying to open it. I don’t fully understand the implications of security that has law enforcement give up, but I would not expect to be the exception to the rule that if the opening of your bag a legally sanctioned it will be carried out.<br />
<br />
In terms of criminal threats without the full force of the law behind them, your locks can still be opened. However, when it comes to standard criminals you have to consider every aspect of luggage security and not just the security of your luggage locks.<br />
<br />
3. No Luggage Lock Can Protect a Zipper<br />
Any luggage lock that is placed to secure a zipper is completely useless. Anyone with a ballpoint pen can puncture the zipper track (aka teeth). This gives anyone access to the contents of your bag in seconds. Once a person has rooted around in your belongings, they can then move the zipper’s pull tab over the open teeth and reseal the bag without any sign of entry.<br />
<br />
If you have an anti-puncture zipper, then your zipper is safe, but a lock can never protect the zipper. When you want a lock to matter at all, you have to use luggage that has hasps, not a zipper. Hasps are common on hard shell cases, which are intended to protect the contents of the luggage.<br />
<br />
It is also unlikely that you will end up with a bag that has an anti-puncture zipper if you do not go out of your way to purchase one. This feature is not common, in spite of the fact that the method of entry is extremely popular for criminals all over the world.<br />
<br />
4. Your Bag Undermines the Security of a Luggage Lock<br />
Security is not the main concern for standard baggage manufactures. Unless the luggage has been designed with security in mind, the lock you place on it is not going to matter much at all. Besides zipper protection, you have to be concerned about more brash criminals that will not care about surreptitiously or even covertly open your bag.<br />
<br />
A very common method of entry that criminals will use is to cut your bag. You made need something like a Pelican case. With a light slice from a sharp knife, a thief now has access to everything in your luggage. Unless your bag can resist cutting, having a lock on your bag is not going to truly protect the property inside.<br />
<br />
Most likely your bag is always going to be easier to break than an incredibly strong lock. It does not make sense to have an extremely powerful lock if the case it is securing is itself insecure. Be aware of the level of protection provided by the bag before you make any investment in a lock.<br />
<br />
5. Built-in Luggage Locks Are Not Secure<br />
Built In Luggage Lock<br />
<br />
This is a guiding principle more than a hard and fast rule, but it is important to think about the fact that almost any piece of luggage you buy is not going to have high-security locks. This might be something that the case claims, but you need to know better than to believe the advertising.<br />
<br />
Even if the brand of security being used is not notorious for manufacturing subpar locks, it might still be something cheap and ineffective. A lot of times locks on cases and luggage will claim to be high-security, but they are just using a novel lock type. Such lock types that are used as built-in luggage locks include tubular locks, cruciform locks, and disk detainer locks.<br />
<br />
If a lock is poorly made, it does not matter what kind of internal components it has. Poorly made locks are not secure. They break easier because of the lower quality metal, and that means they can be broken open easier. Mass production required to place them on luggage also <a href="http://lockouts.online/car-door-lock-services/">24/7 car door lock service</a> very simple to the point where most of these locks can be opened with bypasses or improvised keys.<br />
<br />
What is the best way to protect luggage?<br />
As you may have learned from the article about protecting your beach bag, the best possible way to protect any luggage is to keep your eyes on it. This is not going to be possible at every point of your trip, especially if you have to check your bags. The important thing is to take advantage of the instances where you can watch over your property.<br />
<br />
Your locks need to take as long to open without permission as the average time you will leave them unmonitored. As has already been established, flying in the United States will be the exception to this rule. Law enforcement will have too much time with your luggage, and they will have the authority to open the lock. But for deterring criminals, this type of security assessment is a must.<br />
<br />
Final Thoughts<br />
It doesn’t matter if you are in one of the most dangerous countries in the world, or you are sleeping over at a friends house in the next town over, when you have luggage, you will attract the attention of criminals. Luggage locks are not going to do much to protect your bag. You need to consider a lot more than just luggage locks.yaraman yantelihttp://www.blogger.com/profile/03260642296684463561noreply@blogger.com0tag:blogger.com,1999:blog-5234704848517002289.post-43321585143249087092018-01-11T08:37:00.000-08:002018-01-11T08:37:22.528-08:00Review: Why the Goal Zero Yeti 1250 is the best Solar Generator in the market?<img alt="goal zero yeti 1250 review" src="http://www.solargeneratorsreview.com/wp-content/uploads/2016/02/1250a-300x200.jpg" /><br />
<br />The <b><a href="http://goalzerogenerator.com/goal-zero-yeti-1250-solar-generator-kit/">GOAL ZERO YETI 1250 SOLAR GENERATOR KIT</a> </b>from Goal Zero is a solid choice to power your small electronics, whether you are in the woods, on the jobsite or you are dealing with a power loss. This power pack is an environmentally-friendly alternative to traditional back-up generators. From smartphones to refrigerators and everything in between, this gas – free 1250 Watt generatorwill take care of your energy needs. It is silent, safe and pretty easy to use indoors and outside. Whether it is for back-up power, camping, tailgating, or light duty construction, the Yeti 1250 generator gets it done.<br />What’s in the box?<br /><br />When you open the package you will find of course the Goal Zero Yeti 1250 solar generator, followed by 2 Boulder 30 solar panels, one fabric carrying case for panels and one roll cart. As you can see, the great thing is that the solar panels are included. This amazed me when I bought the generator.<br />Dimensions and specific features <br /><br />The dimensions are 11 x 16 x 14.5″ / 27.9 x 40.6 x 36.8 cm and it weighs 46.7 kg or 103 Ibs (bit heavy).<br /><br />It utilizes a 1200Wh AGM lead acid battery that can charge devices from smart phones and laptops, to televisions and small refrigerators. Since it uses a deep cycle battery, it works without noise and produces no exhaust. There are of course three ways of charging: With a wall charger (72W) it takes about 18 hours, with a car charger (30W) about 44 hours, and with the Boulder 30 solar panels about 40-80 hours.<br /><br />The front display panel provides readouts of incoming and outgoing power, and battery status in 20% increments. The Yeti provides an array of output options for any energy need. It has three standard 110VAC grounded wall plugs, three standard USB ports, a 12VDC car/vehicle port and two 6mm 12VDC plug ports. For additional battery power, the Yeti is chainable with other units(!).<br />Let’s talk about it<br /><br />To be honest, I was skeptical about it at first… But when I opened it, and tested it, I was really amazed! It has a bunch of convenient plugs for charging things, plugs for receiving a charge, and a display to monitor battery charge. It powers all the devices mentioned in specifications and this is more than enough for me. All in all I am very pleased with this system and I would highly recommend it for anyone needing backup power. yaraman yantelihttp://www.blogger.com/profile/03260642296684463561noreply@blogger.com0tag:blogger.com,1999:blog-5234704848517002289.post-32321657187519616852017-10-20T10:50:00.003-07:002017-10-20T10:50:53.184-07:00iRobot Roomba 650 Review: A Good Value <img height="266" src="https://img.purch.com/roomba-650-6924-jpg/o/aHR0cDovL21lZGlhLmJlc3RvZm1pY3JvLmNvbS8yLzAvNzIwNjQ4L29yaWdpbmFsL1Jvb21iYS02NTAtNjkyNC5qcGc=" width="400" /><br />
<br />
<div style="background-color: white; border: 0px; color: #252525; font-family: Georgia; font-size: 16.003px; font-stretch: inherit; font-variant-numeric: inherit; line-height: 1.7em; padding: 0px 0px 12px; vertical-align: baseline;">
<span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Sometimes, when you're looking for the right robot vacuum to bring into your home, sticking with Old Faithful is the best choice. It's been five years since it came to market, but the </span><span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><b><a href="http://roombairobot.com/irobot-roomba-650/">IROBOT ROOMBA 650</a></b></span><span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"> is still a very capable device if you're looking for a little help around the house. </span></div>
<div id="in_article" style="background-color: white; border: 0px; color: #252525; font-family: Georgia; font-size: 13px; font-stretch: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; overflow: hidden; padding: 20px 0px; vertical-align: baseline;">
</div>
<div style="background-color: white; border: 0px; color: #252525; font-family: Georgia; font-size: 16.003px; font-stretch: inherit; font-variant-numeric: inherit; line-height: 1.7em; padding: 0px 0px 12px; vertical-align: baseline;">
<span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Sure, it's not as modern-looking as some robot vacuums on the market now, nor does it offer nifty features like Wi-Fi connectivity or app capabilities. But it does come from one of the original robot-vacuum purveyors, and years later, it still offers solid performance for the price.</span></div>
<h3 style="background-color: white; border: 0px; color: #252525; font-family: Montserrat; font-size: 20.007px; font-stretch: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 18px 0px 6px; padding: 0px; vertical-align: baseline;">
<span style="border: 0px; font-family: inherit; font-size: 20.007px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Design: Nothing you haven't seen before</span></h3>
<div style="background-color: white; border: 0px; color: #252525; font-family: Georgia; font-size: 16.003px; font-stretch: inherit; font-variant-numeric: inherit; line-height: 1.7em; padding: 0px 0px 12px; vertical-align: baseline;">
<span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Because iRobot was one of the first companies to make a robot vacuum, it's helped set the precedent for how they look. The Roomba 650 is designed in that tried-and-true circular style, with utilitarian black and gray trimmings and an industrial aesthetic. Hiding on top of the device is a pullout handle, which is really quite handy for walking the device up and down the stairs.</span></div>
<div style="background-color: white; border: 0px; color: #252525; font-family: Georgia; font-size: 16.003px; font-stretch: inherit; font-variant-numeric: inherit; line-height: 1.7em; padding: 0px 0px 12px; vertical-align: baseline;">
<span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">The speed becomes more of a nuisance when paired with the Roomba 650's clunky movements. Whereas the Roomba 980 takes it easy around corners and table legs, the 650 has no qualms about barreling into walls or furniture to find its way around. Doing so at such speed raises the risk that the robot will damage your belongings.</span></span></span></span></div>
<div style="background-color: white; border: 0px; color: #252525; font-family: Georgia; font-size: 16.003px; font-stretch: inherit; font-variant-numeric: inherit; line-height: 1.7em; padding: 0px 0px 12px; vertical-align: baseline;">
<span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
<div style="background-color: white; border: 0px; color: #252525; font-family: Georgia; font-size: 16.003px; font-stretch: inherit; font-variant-numeric: inherit; line-height: 1.7em; padding: 0px 0px 12px; vertical-align: baseline;">
<span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">I'm just thankful it didn't break any of the glass bottles sitting on the floor of my dining area. By comparison, the similarly priced Ecovacs Deebot M82 is a little less aggressive when working its way around a room, and since that robot is half an inch shorter than the Roomba 650, there's less potential for destruction if it bumps into a piece of furniture.</span></div>
<div style="background-color: white; border: 0px; color: #252525; font-family: Georgia; font-size: 16.003px; font-stretch: inherit; font-variant-numeric: inherit; line-height: 1.7em; padding: 0px 0px 12px; vertical-align: baseline;">
<span style="border: 0px; font-family: inherit; font-size: 16.003px; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">On wood, however, the RoboVac picked up 60 percent, while the Roomba got 44 percent; the Deebot failed completely on this test. On carpet, the Robovac again bested the Roomba, 44 percent to 30 percent, while the Deebot also failed this test.</span></div>
yaraman yantelihttp://www.blogger.com/profile/03260642296684463561noreply@blogger.com0tag:blogger.com,1999:blog-5234704848517002289.post-38376931673485818192017-04-11T15:30:00.002-07:002017-04-11T15:30:36.432-07:006 Things You Must Know Before Selling Your Business<div class="separator" style="clear: both; text-align: center;">
<a href="https://assets.entrepreneur.com/content/3x2/274/1411506084-how-increase-revenue-without-selling.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="267" src="https://assets.entrepreneur.com/content/3x2/274/1411506084-how-increase-revenue-without-selling.jpg" width="400" /></a></div>
<br /><br />Selling a business is never an easy or simple process. However, the rewards can be great, and ultimately, life-changing, so if you do decide to sell there are six key things you need to be aware of that will help you prepare and maximize your chances of success. Getting it wrong before you start can ruin any hopes of a sale and can mean many months of your time wasted.<br /><br />While I specialize in the sale of online businesses and refer to those as examples, these points still apply to business sales whether offline or online. Experienced buyers will see straight through you and the business you are selling and will quickly pass over your offering if they see any red flags.<div>
<a name='more'></a><br /><h3>
1. Buyers won’t pay more for potential.</h3>
<br />I regularly speak to business owners who believe they have a potential gold mine and expect to command a high selling price based on perceived potential alone. This isn’t how it works. If a business is simply a concept without a proven revenue stream then there isn’t any value in the eyes of the vast majority of potential buyers.<br /><br />If they were interested in developing their own business from the ground up there are <a href="http://feinternational.com/academy/make-website-definitive-10-step-guide/">numerous resources to help them get started</a> and they would not be looking to buy something already established in the first place. Buyers want to acquire something that is already successful, not an unproven concept.<br /><h3>
2. Buyers are interested in profits, not revenue.</h3>
<br />Another common misconception is that buyers are impressed with revenue figures. Sure, they can sound good, but when it comes down to it the only number that matters is the profit a business turns (see <a href="https://www.entrepreneur.com/article/241962">last week's column</a> for more on why revenue is a vanity metric). Take a look at these two scenarios:<div>
<br /><i>Business A: $30,000 monthly revenue, $25,000 monthly expenses, $5,000 monthly profit and $60,000 annual profit.<br />Business B: $10,000 monthly revenue, $1,000 monthly expenses, $9,000 monthly profit and $108,000 annual profit.</i><br />The monthly revenue for the first site is three times more than the second business, but the actual profit is almost half. Experienced business buyers want to see profit numbers, not revenue.</div>
<div>
<br /><h3>
3. Buyers expect verifiable financial claims.</h3>
</div>
<div>
<br />If you are going to claim revenue from a specific source, you need to have verifiable proof. For example, if you are selling advertising space directly, be prepared to show invoices as well as bank statements that show matching deposits. If you are generating revenue through affiliate offers or third-party ad networks with an online business, be prepared to show deposit records and even access to your accounts online so both parties can see the accounts live. I advise clients to use <a href="http://www.teamviewer.com/">TeamViewer</a> or <a href="http://www.skype.com/">Skype</a> as a practical way to verify financial claims on smaller business sales where using an accountant is not always practical or cost-effective.</div>
<div>
<br /></div>
<div>
<h3>
4. Don't live in the past. </h3>
<br />The previous success of a business is largely irrelevant at the time of sale, especially if it has been struggling lately. Buyers are interested in recent performance (usually the last 12 months) and future sustainability and viability, especially if you operate in a dynamic space (such as with websites). I commonly hear sellers talk about how successful their business was in the past after a recent drop and "all it needs is a little work to get back on track".<br /><br />Unfortunately, buyers don't see it this way. They aren't interested in fixing and recovering your business, especially if you are expecting them to pay a premium. However, don't be afraid to show previous years if the business has been growing steadily. Buyers love to see growing revenue and profit figures, especially if you have already made future plans for the business that seem realistic based on past performance. </div>
<div>
<br /><h3>
5. Honesty is the best policy.</h3>
</div>
<div>
<br />The truth is going to always surface, so be upfront about everything from the beginning. Experienced investors understand that every business is going to have positives and negatives. There is no such thing as a perfect business. <br /><br />If you are honest and transparent from the start there is less risk of a deal going sour because the buyer uncovered something during due diligence that wasn’t accurate or an instance where the truth was stretched. Honesty is the best policy in all business transactions and selling any business is no different. </div>
<div>
<h3>
<br />6. Expect to answer a lot of questions.</h3>
<br />Businesses -- especially those run 100 percent online -- are forever becoming more popular, with so many people looking to become independent and quit their nine-to-five jobs. Consequently, it has lead to a lot of inexperienced buyers inquiring about businesses for sale, which can be a significant time drain, unless you use a broker whose job is to handle questions and vet buyers for you. Selling yourself will lead to a lot of questions -- and you need to be prepared to answer them all, regardless of how simple they may sound.<br /><br />Never judge a buyer. You never know whom you are dealing with or the buying power they possess. Someone asking what appears to be a simple question could potentially be a buyer that is new to the specific industry and have deep pockets for investing. Experienced buyers will often hammer the seller with questions in an attempt to turn up inconsistencies and red flags.</div>
</div>
yaraman yantelihttp://www.blogger.com/profile/03260642296684463561noreply@blogger.com0tag:blogger.com,1999:blog-5234704848517002289.post-7715558914133939592017-04-10T15:17:00.000-07:002017-04-11T15:31:08.966-07:009 Questions You Should Ask Before Hiring a Business Broker<div class="separator" style="clear: both; text-align: center;">
<a href="https://assets.entrepreneur.com/content/3x2/274/1406067763-sales-teams-making-big-comeback-tech-firms.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="267" src="https://assets.entrepreneur.com/content/3x2/274/1406067763-sales-teams-making-big-comeback-tech-firms.jpg" width="400" /></a></div>
<br />
<br />
You have two main options available when you decide it is time to sell your business. You can try to sell it on your own, or you can retain the services of a business broker to handle the details of the transaction. While it is possible to sell a business on your own, most business owners simply don’t have the time, contacts or objectivity to negotiate a safe and fair deal. <br />
<br />
Using a third-party professional is often the best option, but only if you hire the right broker that properly represents your best interests. Hiring the wrong broker can be the difference between not selling at all and selling for a price you are satisfied with. Here are nine questions you need to ask prior to hiring a business broker:<br />
<div>
<a name='more'></a><br />
<h3>
1. How much experience do you have selling businesses like mine?</h3>
<br />
It is important that you look for a broker that has prior experience selling a business similar to yours. Selling a restaurant is much different than selling a website. Not only is it a completely different business model, but the target buyer is much different as well. Successful business brokers will always have a number of experienced buyers in his or her back pocket, making it advantageous to work with someone that has existing connections to buyers related to your business and understands the nuances of that particular industry.<br />
<br />
<br />
If you hire a broker that doesn’t have experience selling a business similar to yours, it will require them to learn your business and industry inside and out. This wastes valuable time that is better spent prospecting and negotiating.<br />
<h3>
2. Do you work from home or an office?</h3>
<br />
There is nothing wrong with working from home, and many companies are migrating to a virtual environment to cut costs. When it comes to business brokers though, working from home will sometimes signify that this is not the individual’s full-time occupation. The last thing you want to do is hire a broker that isn’t going to give your listing his or her full attention because they have another job that takes up the majority of their time.<br />
<br />
A business brokerage with an office typically means that they have a full team of brokers and experts that will all work towards reaching the goal of selling your business fast and for top dollar. An office setting also gives them a professional environment to handle negotiations and meet with potential buyers. The broker you choose to hire is a direct representation of your business.<br />
<br />
Do you want potential buyers discussing the purchase in a nice office setting or at a Starbucks? A professional image goes a long way when it comes time to close a deal.<br />
<h3>
3. How many businesses like mine have you sold?</h3>
<br />
It is important to find out how many businesses like yours they have sold. Don’t confuse this with the business type -- as there can be a huge different between business in a particular category, such as a restaurant, for example. A small mom-and-pop breakfast restaurant that seats 30 people is much different than a 200-person Italian fine-dining restaurant with a full bar.<br />
<br />
If a brokerage hasn’t successfully sold a business similar to yours, it is in your best interest to keep looking until you find one that is experienced and qualified to handle your listing.<br />
<h3>
4. How do you value a business?</h3>
<br />
Asking a business broker how he or she values a business will give you a good indication of how experienced they are. If they give you a cookie cutter response such as “net income multiplied by two” before asking you many questions, then turn around and run. Valuation calculations have so many factors to consider -- the same formula doesn’t work for every business.<br />
<br />
For example, you <a href="http://feinternational.com/blog/how-do-you-value-an-online-business/">value a website or online business</a> much differently than you would a brick-and-mortar retail business.<br />
<br />
Most small businesses are valued on a multiple of seller discretionary earnings (SDE), which are the net profits of the business added to expenses that benefit the current owner(s) but do not necessarily benefit the business. Business valuation is a complex topic, so steer clear of any brokers that mention a generic valuation formula, as every business is different.<br />
<h3>
5. How will you prevent my customers and competitors from hearing my business is for sale?</h3>
<br />
Keeping the sale of your business confidential is very important. Make sure to find out what policies are in place that keeps the details of the sale confidential. If your customers are made aware of the sale they might interpret it as trouble -- when in reality you might be selling simply to pursue other opportunities. Additionally, you don’t want competitors to catch wind that you are exploring options to sell.<br />
<br />
A great broker will be able to stir up interest by just providing teaser information. Once a potential buyer expresses interest he or she will have to be qualified to ensure they have the financial ability to purchase the business. Once qualified, the broker should have a non-disclosure agreement signed prior to releasing any sensitive details about the business.<br />
<br />
<h3>
6. How many qualified buyers do you have?</h3>
<br />
You might think that a broker who claims to have a large number of buyers would be a good thing, but this isn’t necessarily the case. In fact, someone claiming to have tens of thousands of qualified buyers at his or her fingertips is questionable.<br />
<br />
It would be nearly impossible to build real relationships and qualify that many buyers. Anyone claiming to have tens of thousands of buyers more than likely has a generic email list and doesn’t know the buyers personally. A broker that specializes in selling businesses exactly like yours and has solid relationships with a couple dozen buyers is much more valuable to you as a seller.<br />
7. Can you just list my business for $1 million?<br />
<br />
A good broker knows how to come up with a realistic valuation and pricing strategy that will lead to a successful sale. Remember, they don’t get paid unless they sell your business, so it is in their best interest to price it correctly with two goals in mind -- to sell it while also commanding the highest possible price.<br />
<br />
If you throw out a high, unrealistic amount and they agree to your price demand, you will be wasting your time. An experienced broker isn’t going to waste his or her time with a listing that isn’t priced correctly -- they value their time and aren’t going to waste it on a business that isn’t going to sell.<br />
<h3>
8. How many listings do you have at the moment?</h3>
<br />
Finding out how many listings a broker currently has will give you a good indication of how much time they can dedicate to selling your business. A broker with a large number of listings might be taking on every listing they can in hopes that they will eventually sell one. This "throw it against the wall and see what sticks" approach is not effective at all.<br />
<br />
Look for a business brokerage that has between three to seven active listings per broker -- any more than this will mean your listing won’t receive the attention required to sell it. A small, manageable number per broker indicates that they understand the time and attention each listing requires.<br />
<h3>
9. Do you help with sales contract preparation? Do I need an attorney?</h3>
<br />
An experienced broker should be able to assist with the drafting of legal agreements and should have experience with different ways to structure deals. That being said, they should also advise that you hire an independent legal team to review documents before they are signed.<br />
<br />
Use your broker for the initial paperwork and structuring of the transaction, but always have it reviewed by lawyers before you go to the signing table. With so many different country and state rules you need to be certain that all of your T’s are crossed and I’s dotted. The small legal expense can end up saving you headaches and money down the road.</div>
yaraman yantelihttp://www.blogger.com/profile/03260642296684463561noreply@blogger.com0tag:blogger.com,1999:blog-5234704848517002289.post-21877989503701124672017-03-15T15:23:00.000-07:002017-04-11T15:30:53.711-07:00Prepare for the Sale of a Business in 6 Steps<div class="separator" style="clear: both; text-align: center;">
<a href="https://assets.entrepreneur.com/content/16x9/822/1401909979-know-when-change-direction.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="223" src="https://assets.entrepreneur.com/content/16x9/822/1401909979-know-when-change-direction.jpg" width="400" /></a></div>
<br />
<br />
Often, a lucrative business opportunity comes along but doesn't work out because the business owner hasn't adequately prepared by building a sales strategy, creating a tax plan, streamlining finances and making provisions for the partners or family members involved.<br />
<br />
Selling a business can create a unique liquidity event and have a substantial impact on taxes, cash flow, wealth-transfer plans and an owner's lifestyle.<br />
<br />
To help you potentially maximize the value of a sales deal and keep your assets protected, put a strategic plan in place before any paperwork is signed.<br />
<br />
Business owners should consider their time frame for selling the business as well as the market.<br />
<br />
Have a succession plan at least three years in advance to give you time to get your business in order and be ready for opportunities that arise.<br />
<br />
Consider taking the following steps to prepare for the sale of your business:<br />
<div>
<a name='more'></a><br />
<br />
<h3>
1. Build a sales strategy with a wealth advisor.</h3>
<br />
Advisors who specialize in this area can help you maximize the financial and emotional value of the business. Specialists can help you define a strategy in alignment with your family’s goals and objectives.<br />
<br />
Plus, a well-chosen advisor can help you assemble the right team to sell your business. An unbiased advisor can guide you throughout the process, from interviewing investment bankers to bringing together all the legal, tax and business experts.<br />
<h3>
2. Create a tax plan.</h3>
<br />
Selling a business can have a huge impact on your taxes. If the gain on the sale is long term, a federal tax rate of as much as 23.8 percent could be applied. Additional state income taxes, where applicable, may also be imposed on the gain. Doing tax planning before selling might help in maximizing deductions and avoiding penalties.<br />
<br />
Work with a tax advisor before completing the sale to establish your income expectations for the year, calculate anticipated taxes based on projected gains and determine if any estimated tax payments are required along as well as year-end payments.<br />
<br />
Remember that the value received from your business will also be included in your estate after your death. Federal estate tax rates of as much as 40 percent may apply. Some states collect additional estate or inheritance taxes.<br />
<h3>
3. Consider selling the firm over time.</h3>
<br />
To offset the tax impact, consider selling the business on an installment basis. This involves collecting payments over several years, allowing you to recognize gains over time and potentially avoid higher tax brackets.<br />
<br />
This is most effective if you are confident the buyer will be able to meet his or her future payment obligations.<br />
<h3>
4. Clean up the financials.</h3>
<br />
Before talking to buyers, eliminate financial items not directly related to operating expenses. This can include insurance or salaries for nonworking family members, as well as cars, expense accounts and other discretionary expenses.<br />
If it’s not something the buyer would want to pay for, it shouldn’t be there.<br />
<h3>
</h3>
<h3>
5. Review the financials with an accountant.</h3>
<br />
You can conducat one the following financial reviews with an account:<br />
<br />
A compilation, the least formal type of assessment, involves a certified public accountant's preparing financial statements based on information provided by the business owner. The CPA won’t offer any opinions on the data and will assume everything is accurate. A compilation is useful for evaluating internal goals but doesn't provide the validation a buyer will want.<br />
<br />
A review involves a more in-depth analysis of the financial statements. The CPA provides an opinion of the company’s financial status and identifies potential issues. The review provides "limited assurance" that nothing serious came to the accountant’s attention.<br />
<br />
The most formal assessment is an audit, when a CPA conducts a critical review of the company's management and an independent verification of financial information. An audit provides the highest level of assurance that the financials are in line with generally accepted accounting practices. This might be the best option for owners preparing to sell a business.<br />
<h3>
6. Diversify your customer base.</h3>
<br />
As part of the business-review process, examine all your vendor contracts, customer contracts, license agreements, buy and sell agreements and other arrangements that might affect a sale.<br />
<br />
You want to know if any of your current business terms will hurt or increase value for the buyer. Look for red flags, such as a significant portion of sales going to one or two customers. This could be considered risky for a buyer, especially if the customers have strong personal relationships with the owner.<br />
<br />
Thinking about what you can do to make yourself less relevant to the sales process may help you get the best deal for your business.</div>
yaraman yantelihttp://www.blogger.com/profile/03260642296684463561noreply@blogger.com0