Buying a business should not be taken lightly and there are definitely things you need to look out for when doing so. The thing that you need to make sure you do is take your time and review everything. Without knowing everything about a business you could make a bad decision which could lead to disaster and could result into financial ruin.
One of the main things to do when thinking about buying a business is to analyze clearly what you expect from your new business. What I mean by this are you looking to decrease work week hours, increase pay or something else along these lines. Make sure you know what you’re getting into because if you don’t you may be working more hours for less.
When you find that business you are interested make sure to look deeply in the financial affairs. Make sure there isn’t a huge amount of debt and see if the business is profitable and if so how long. You may be surprised but a lot of people buy a business without doing this and actually pay more because now they have the debt of this company to worry about as well.
You should also try to find out why they are selling the business. If they’ve only owned the business for a couple months or if they’re reason for why they are selling doesn’t make much sense well there should be some red flags raised. If something doesn’t sound right make sure to investigate even deeper because there may be a reason why they are trying to sell.
Also make sure to check out the business’s problems. Every business has them and it’s your job to find out if the problems are small or big. By finding this out you’ll be able to know if this is something you can handle.
These are just some things to look out for when buying a business. Buying a new business can be an exciting new experience but make sure you know what you’re getting yourself into for your sake. Just remember one bad deals can really hurt you finanically.
Team Building – The buzz word since long in the Learning & Development circles; the simple innocuous Team Building has evolved into a powerful learning tool across organizations and how!
In the Indian context what takes precedence – Competition or Collaboration? Are we taught to trample over people in order to succeed? Is success based on where you are in the pecking order?Are we nurturing and creating just elitist management graduates or are we encouraging the development and growth of socially relevant managers who will contribute to regional development.In short, is building team synergy a harder task to achieve in the Indian context?
Take the example of Siddhartha GautamaBuddha.
Siddhartha Gautama was born in 563 BCE in Lumbini, Nepal as a son of Shuddhodhana, the king of Kapilavastu. It is interesting to note that when Siddhartha was born, the astrologers had predicted that the prince would renunciate the comforts of the materialistic world and instead, opt for a path of spirituality. Upon hearing this, the King Shuddhodhana decided not to let Siddhartha out of the palace walls so that he could not experience the reality of the outside world. It was the deepest desire of the king that his son would fulfil his dream one day by becoming a King.
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