Certificate of Value A certificate contained in a document, confirming that the "consideration" or purchase price does not exceed the limit above which the Buyer must pay Stamp Duty ie not more than £60,000, £250,000 and £500,000.
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Sell Club - Steps To Selling A Club By Michael Francis Clubs are one of the most exiting businesses that a business owner can partake in owning. But when you decide to sell a club making the right decisions and working with competent companies can make the transaction smoother. Running a club can be a thrilling experience, but it takes a lot of knowledge to sell a Club. Buyers expect a lot of information to ensure things are in order.
Timing The timing for the sale of a club is very important. The club should be doing very well with plenty of repeat customers and the possibility of retaining the customers with the new owner is crucial. If there are certain times in a year, when the club is usually full, then prepare to sell it during that period.
Another thing about timing is that, at the time the business is put up for sale, there should be no contracts that are going to expire soon, or else buyers tend to reduce bids.
Club owners manage their business using the strategy of reducing the taxes by reporting less income, and buyers first look at the income that is reported in the tax returns in order to place a value on the business. This is where advance planning becomes important. The years prior to putting a business up for sale should be carefully planned and more income shown, even if one has to pay taxes.
Seeking advisors/consultants - It is advisable to consult advisors or experts to understand government regulations better. Accountants can help with the financial aspect and taxes. An attorney can help with the legalities. If the club is well-established and depending on the size, one can either use the advice of the experts or engage them to get things done, including valuation, packaging, locating buyers and negotiating the sale.
Confidentiality The worst part about selling a club is that, it can have a negative effect on the bar, once it is made public that the club is for sale. The employees, competitors, customers will start drifting and in turn destroy the placing of the club, lessening the value.
We also need to talk about how confidentiality needs to be maintained. Limited information should be given to the potential
Bad Credit on the Rise: 110 Million Americans Now Affected, According to BadCreditOffers.com Study The number of Americans with bad credit has risen sharply since 2007, with more than 110 million now affected by a negative credit history, according to a new study by BadCreditOffers.com. The increase reflects a spike in delinquencies on home loans and credit cards by middle-class Americans. (PRWEB Dec 4, 2008)
]]> DRDA, P.C. Helps Entrepreneurs Use Retirement Savings to Buy, Start Businesses Entrepreneurs are using their IRA and 401(k) savings to buy, recapitalize, and start small businesses as conventional and SBA lenders make fewer loans. Many entrepreneurs are using a little-known qualified plan called the BORSA™ that enables them to use their retirement savings to buy or start a business without incurring a taxable distribution or borrowing against their plan. (PRWEB Dec 4, 2008)
]]> Brighten Wall Street Investors' Mood With Custom Bobbleheads The current economic slowdown and near recession-like situation has, undoubtedly, dampened the spirits of the Wall Street investors. Almost everyone across the globe is affected by this sudden and unexpected nosedive of share markets. Amidst these uncertain times, smile has literally gone off the faces of investors. Realizing the gravity of situation, customized bobbleheads have emerged as the most pleasantly unexpected gifts this season. (PRWEB Dec 4, 2008)
]]> eBuddy Mobile Messenger Downloaded 10 Million Times in 18 Months eBuddy (http://www.ebuddy.com), the world's leading independent provider of web and mobile instant messaging (IM), announced today it has experienced explosive mobile IM growth, surpassing a milestone of 10 million J2ME downloads of its popular, eBuddy Mobile Messenger since its launch in June 2007. eBuddy is processing over 1.5 billion messages per month for over 3 million unique mobile users. eBuddy Mobile Messenger is ramping at a rate of more than 1 million downloads per month and has been the #1 mobile application download on GetJar for over 15 consecutive weeks. (PRWEB Dec 4, 2008)
]]> First-Ever Study of U.S. Consumer Internet Usage and Cost Finds Google Uses 21 Times More Bandwidth than it Pays For Google uses 16.5% of all U.S. consumer internet traffic in 2008, the study estimates, and that share is predicted to grow to 25% in 2009, and 37% in 2010. Study finds 'Google is by far the largest user of Internet bandwidth, Google's share of bandwidth usage is rising rapidly, and that Google's bandwidth use is orders of magnitude greater than its payment for its cost.' (PRWEB Dec 4, 2008)
]]> Business Grants: The Bailout For Small Businesses? Because of the bad economy, many don't qualify for loans and venture capital - leaving business grants as one of the only bailout solutions for small businesses. The National Institute of Business Grants (NIBG) has recently launched a site at Business-Grants.com that educates entrepreneurs and business owners about business grants. (PRWEB Dec 4, 2008)
]]> MiCash Announces Prepaid Debit Card with Unique Remittance Capability A newly launched reloadable prepaid debit card is giving non-banking consumers many of the same freedoms bank customers currently enjoy, plus the added convenience of card-to-cash remittance. MiCash's reloadable prepaid debit card, can be used for electronic purchases, paying bills, ATM cash withdrawals and to transfer money internationally - no bank account required. (PRWEB Dec 4, 2008)
]]> East Coast Q3 2008 Trends in Venture Deal Terms Report by VC Experts, Inc. Data Center Suggests East Coast Investors providing more favorable terms than West Coast. (PRWEB Dec 4, 2008)
]]> $1.25MIL Line of Credit for L5 Performance Systems Inc Arranged by Rising Bird Inc Ali Neesaneh, president of Rising Bird, Inc. a creative business financial consulting firm announced today the completion and funding of $1.25MIL line of credit that will allow L5 Performance Systems to commence its first phase of business expansion in Irvine, California. (PRWEB Dec 4, 2008)
]]> ATMs: The Bank Brand Sitting in the Footprint of a Microwave This newest report from Mercator Advisory Group's Retail Banking Practice is focused on the ATM and the multifaceted role it plays in the retail banking market. While ATMs are no larger in footprint than a microwave, they are a strong tool for keeping customers connected to their money, and more importantly, to their bank. Automated teller machines in service today far outnumber traditional bank branches, and so can extend the bank's brand well beyond its expensive bank branch system. Technology enhancements, footprint deployment saturation, surcharges/surcharge-free networks and transaction channel optimization are keys to banks leveraging their current and future installed base of ATMs. (PRWEB Dec 4, 2008)
]]> Risk Management in the Corporate Credit Card Market: A Problem Waiting To Be Solved? Consumer credit cards were created from the simple idea of "buy now, pay later" and from their humble beginnings in the 1950's to their lofty status in the payment universe today, that basic value proposition has not changed for any stakeholder. In much the same way, business credit cards were created from the simple idea of providing organizations with a convenient, generally accepted method of paying for and tracking company expenses. Since the first commercial credit cards were issued until today, these products have been refined to appeal to specific corporate market segments, including small business (less than100 employees), middle-market commercial (100-500 employees), and corporate commercial (more than 500 employees). Different products, certainly, yet also not so different, in that any credit card account is still a loan. Regardless of the use, a lender is underwriting the purchases made on any credit card and in so doing, accepts a certain level of risk that their money may not be paid back. (PRWEB Dec 4, 2008)
]]> In a Slumping Economy, Reduced Postage More Appealing Than Ever, Says Brooklyn Mailing House According to the owner of Select Mail, a longstanding bulk mail and direct marketing company, many businesses and organizations don't take full advantage of the low postage rates available to them. By taking a little extra care in the design of brochures, newsletters, and postcards, these businesses and organizations can save more than a little money. (PRWEB Dec 4, 2008)
]]> LV= Reports UK Neighbourhoods Are in Decline LV= has reported that one in three people in the UK believe that their neighbourhood has declined since they moved to the area. (PRWEB Dec 4, 2008)
buyer, until it is determined that the buyer is legitimate and genuine. Asking the buyer to sign a non-disclosure agreement is a must.
After signing of the non-disclosure agreement, the buyer can be given the other confidential information regarding finances and operations.
Establishing the worth The worth of a club must be made known to the buyer. For this, the first step is to get everything evaluated. It helps to seek the help of an experienced evaluation expert. This is a must not only for the seller to fix a price on the business but also for the buyer to understand and appreciate the value of the club.
Terms of sale Pricing is not the only factor that needs to be taken into consideration when selling a club. The current financial situation and the health of the club are factors that will also influence the sale. Another important aspect is how the payment would be made, either a complete cash deal or offering seller financing, the involvement (if any) of the seller in the club business after the sale is made and the ownership transferred. Mutually agreeable terms can be arrived at after discussions.
Some buyers may wish to get the seller to all or part of the sale. Seller financing usually gets the seller a better deal.
Recasting financial statements This means checking the financial statements to avoid showing that less income was portrayed to avoid taxes, engaging in any illegal transactions that may effect the bar business, or having shifted some personal expenses to the club. Adjustments in the balance sheet and income statement should be done if needed.
Advertising - The most crucial step in selling a club business or any other business for that matter is advertising. Targeting an active network of buyers is important to reach qualified prospects with capacity to acquire the bar business for sale. Identifying and screening to evaluate the financial strength of the buyer is extremely important.
With all these things done, one cannot go wrong in selling their club to the best buyer and be happy in the knowledge that their business is still in good hands.
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Cτte d'Ivoire: Poverty Getting Worse - Study "School has no value any more." Nigeria: Jury Clears Chevron of Charges A jury in U.S. federal court on Monday cleared Chevron Corporation of liability charges arising from a violent clash on one of its oil platforms off the coast of Nigeria 10 years ago. Tanzania: Poverty Reduction Slow Despite Economic Growth Tanzania is lagging behind on key development goals for safe water, income and health, even though the east African nation has benefited from a growing economy over the last few years, according a newly released household budget survey. East Africa: Plan to Integrate Bourses Despite Hesitant Tanzania Despite Tanzania's resistance to cross-border investment, a position that contradicts the East African Community Customs Management Act, plans are going ahead to integrate the three major bourses within the region, namely the Dar es Salaam stock exchange, the Nairobi stock exchange and the Uganda securities exchange, plus the stock exchange in Burundi. Africa: Countries Should Tackle Youth Employment Issues The World Bank has called on African countries to adopt a range of actions to help deal with the youth employment challenge it is facing. According to the African Development Indicators (ADI) 2008/09 released today, a job-seeking African youth - typically a poor, out-of-school female living in a rural area - will likely face increasingly greater challenges in securing employment on the continent. Zambia: Action on Maize Shortages Necessary THE rainy season, not withstanding its positive agricultural benefits, can sometimes be difficult and unpredicatable. Nigeria: Anxiety Over 2009 Budget As Naira Plummets Nearly every one is jittery over the 2009 budget, a feeling stoked by the fall of the Naira, and the global price of oil, against the backdrop of admission by the government that it has failed to implement the 2008 budget in full. Nigeria: Central Bank to Intervene As Naira Crashes Again The Central Bank of Nigeria (CBN) is set to intervene in the foreign exchange market where the Nigerian currency, the naira, lost N7.86 against the United States dollar yesterday at the official market - Wholesale Dutch Auction System (WDAS) - moderated by the banking watchdog. Nigeria: Presidency, Lawmakers to Earn Billions in 2009 PERSONNEL of two key arms of government - the Presidency (part of the executive) and the legislature, comprising National Assembly members - will earn a total N47.8 billion as emoluments next year, Vanguard investigations have revealed. Africa: Bridging the Digital Divide on the Continent Mixed reactions often greet the statement that there is a computer company that manufactures computers locally in Ghana. Ghana: Oil Expert Warns - OPEC Can't Halt Decline in Oil Prices The independent presidential candidate, Mr. Amoafo Yeboah, has stated that the Organisation of Petroleum Exporting Countries (OPEC) cannot halt the rapid decline of the world market prices of crude oil, by cutting back production. Liberia: Government Revenues, Expenditures to Be Made Public Finance Minister Augustine K. Nguafuan has divulged that as part of his ministry's commitment to promote transparency and accountability in the management of state resources, he will give public access to all government's financial inflows and outflows through the media. Liberia: Audit Unable to Determine Actual Revenue The collection of revenues for the Government of Liberia at the various outstations in the country has unveiled poor record system that it is difficult to substantiate the actual amounts collected during the years under review. Uganda: Hima Cement in $108 Million Expansion EXPANSION work of the Hima cement has started. $108 million has been secured for the construction of the new plant adjacent to the old one in Kasese. Nigeria: Workers Manhandle During Protest Against Chevron NO fewer than 15 workers, including the chairman of the Warri Zonal Council of the National Union of Petroleum and Gas Workers (NUPENG) were manhandled and injured, yesterday, in an attempt by security operatives in Warri to stop members of the union from disrupting the operations of the Chevron Nigeria Limited (CNL), as threatened, Tuesday. Nigeria: Nation's Roads Require N260 Billion to Be Recovered, Says Ferma Boss THE Federal Government said yesterday that if the nation's over 34,000 kilometre Federal roads must be recovered from their present sorry state, a total of N260 billion would be required. Rwanda: A Dream Come True Indeed The long-awaited Methane Gas project in Lake Kivu has suddenly captured the attention of many a doubting Thomas. What had hitherto been dismissed by many as some new fangled idea that would never see the light of the day, or would simply drag on and on until those who invested in the project threw up their hands in exasperation, has turned into reality - a dream come true. Nigeria: Just Jos - 400 Dead! THREE days of election-inspired violence in Jos, Plateau State, left about 400 people dead. No logic can support the death of this number of people. Hundreds of thousands have been displaced and it is certain that those who think they lost this round of fight, would engage in reprisal. Namibia: Labour Hire Banned LABOUR hire will be illegal in Namibia from March 1 next year, Labour Minister Immanuel Ngatjizeko announced yesterday. Nigeria: Nearly 400,000 Barrels of Oil Lost Each Day Nigeria is currently losing 397,697 barrels per day of crude oil as a result of production deferment caused by the crisis in the oil-rich Niger Delta and other operational reasons, according to official statistics by the Department of Petroleum Resources (DPR). Nigeria: Yar'Adua Seeks $500 Million Bond for Budget Deficit Barely 24 hours after presenting the 2009 Appropriation Bill, President Umaru Musa Yar'Adua has written to the National Assembly, asking it to consider and approve the issuance of naira-denominated Bond in the international capital market in the equivalent of $500 million. Nigeria: Government Blames Budget Delay On Weak Human Capital The Federal Government yesterday blamed weak human capacity in the nation's civil service as well as the National Assembly's delay in the passage of the 2008 budget for the poor implementation of the 2008. Africa: Africa - Making Business Drivers of THE urgent need to improve the international competitiveness of African businesses was the focus of a roundtable discussion at the United Nations headquarters on Monday, 22 September. Somalia: AU Chair Expresses Concern Over Piracy African Union (AU) Chairman and Tanzanian President Jakaya Kikwete has expressed concern at the increased incidents of piracy off the Somali coast, saying they were now a threat to global peace, a news report indicated Tuesday. Zambia: State to Privatise Zamtel ZAMTEL will be partly privatised in about four months time to save it from total collapse, Communications and Transport Minister, Dora Siliya said yesterday. Uganda: Sports Purse Equally Threatened THE current global financial crisis that has hit the world economy sparked off worries of an eminent dip in revenue for sports organisations across the world. South Africa: Law On Business Rescues 'Has a Fatal Flaw' DIRECTORS of companies that are in financial distress and are considering applying to court for business rescue under the new Companies Bill, should first consider a prepackaging plan and obtain bank and creditor approval before applying to court, says a legal expert. Nigeria: Senate Bickers With Yar'Adua Over $500 Million Bond President Umaru Yar'Adua has requested the approval of the National Assembly to issue Naira denominated bond worth $500 million in the international capital market (ICM) to establish a sovereign benchmark. South Africa: Expect a Rate Cut THIS may come as a surprise to many , but it now looks likely the Reserve Bank will cut interest rates at its policy meeting next week. South Africa: BHP Billiton Cuts Manganese Output WEAK conditions in the global steel industry have hit BHP Billiton, which announced yesterday it would cut back on production of manganese in SA and Australia.
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