Bus 210 Wk 12: Buyouts and Family Businesses

This week's study focused on buying an existing business or starting a family business. A few reasons to consider buying an existing business are:

1. If you don't have a new idea, you could find one in an existing business
2. You need to reduce uncertainties and risk
3. Operations are existing and ongoing
4. You can sometimes get an existing business for a great price
5. Buying existing allows for a quick start into the business world


Some of the cons are:

1. Existing problems
2. Poor quality of employees
3. Poor business image
4. Modernization required
5. Purchase price based on bad data
6. Poor business location

I found a wedding venue in Utah County, UT listed for $500,000. Established in 2010, they have an existing customer base. Services offered include the venue, floral, rentals, catering, and a bed & breakfast. It would need a great deal more research to understand the financials to see if it is a good purchase/viable option.

Starting a family business seems like an appealing option for me. I love the idea of working with my husband and some of our children in running an event business. There would be a lot to consider but our daughters have skills that would be beneficial - and then I could see them more often!

Our studies included "12 Keys to Family Business Success." All 12 make sense but a few stood out to me more than the others. 3. Divide roles and responsibilities, 9. Draw clear management lines, and 11. Develop a succession plan. This advice would help prevent a lot of issues within the family.

$100 Challenge 

I put out my Week 4 order form with a challenge to my friends to help me double my profit. I have made just under $150 and would love to donate $300. I calculated 33 units of salsa need to be sold this week to meet this goal. I am so glad that I have met the challenge. I have learned a bit about food service and know that 4 weeks is not enough time to truly gauge the profitability of this business. I didn't think it made sense to pay for the permitting for such a short time.  

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