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business
small business management

Questions and Answers of Small Business Management

Volunteer to help a small business owner develop a cash budget for his or her company. What patterns do you detect? What recommendations can you make for improving the company’s cash management
Contact the International Reciprocal Trade Association (www.irta.net) and get a list of the barter exchanges in your state. Interview the manager of one of the exchanges and prepare a report on how
Use the resources of the Internet to research leasing options for small companies. The Equipment Leasing and Financing Association of America (www.elfaonline.org) is a good place to start. What
Contact a local small business owner who sells on credit. Is collecting accounts receivable on time a problem? What steps does the owner take to manage the company’s accounts receivable? Do late
Conduct an online search for the National Retail Security Survey that the University of Florida Department of Criminology, Law, and Society conducts annually. Summarize the key findings of the survey
Explain the stages in the location decision: choosing the region, the state, the city, and the specific site.
Describe the location criteria for retail and service businesses.
Outline the location options for retail and service businesses: central business districts, neighborhoods, shopping centers and malls, near competitors, shared spaces, inside large retail stores,
Explain the site selection process for manufacturers.
Describe the criteria used to analyze the layout and design considerations of a building, including the Americans with Disabilities Act.
Explain the principles of effective layouts for retailers, service businesses, and manufacturers.
Is there a good fit with other products and brands sold in the mall or center?
Who are the other tenants? Which stores are the anchor tenants that will bring people into the mall or center? How financially stable are the anchor tenants?
Demographically, is the center a good fit for your products or services? What are its customer demographics?
How much foot traffic does the mall or center generate? How much traffic passes the specific site you are considering?
What is the mall’s average sales per square foot (a common metric for measuring a mall’s attractiveness)? The average sales generated per square foot for all malls is $445 per square foot, but 34
How much vehicle traffic does the mall or center generate? Check its proximity to major population centers, the volume of tourists it draws, and the volume of drive-by freeway traffic. A mall or
What is the mall’s vacancy rate? What is the turnover rate of its tenants?
How much is the rent, and how is it calculated? Most mall tenants pay a base amount of rent plus a small percentage of their sales above a specified level.
Outline the factors that are important when selecting a state in which to locate a business.
How will an entrepreneur decide the location for his business?
What are the important considerations for an entrepreneur involved in the retail or service industry when deciding their business location?
What are the advantages and disadvantages of a central business district?
One of the most important factors in choosing a retail location is the compatibility of nearby stores with the retail customer. Why?
Explain the principles of effective layouts for retailers, service businesses, and manufacturers.
Select a specific type of business you would like to go into one day and use census data to choose a specific site for the business in the local region. What location factors are critical to the
Interview a sample of local small business owners. How did they decide on their particular locations? What are the positive and negative features of their existing locations?
Interview a small business owner within the service industry in your area. How did the owner decide on the current location? What factors were kept in mind before deciding on the location?
Select a manufacturing operation, a wholesale business, or a retail store and evaluate their layouts using the guidelines presented in this chapter. What changes would you recommend? Why? How does
An effective work space must be flexible enough to accommodate and encourage all types of work for an organization. What criteria are used by the business owner to analyze the business location and
Visit the Web site for the Census Bureau, at www .census.gov. Go to the census data for your town and use it to discuss its suitability as a location for the following types of businesses: A new
Visit the Census Bureau’s Web site and use the American FactFinder section to prepare a demographic profile of your hometown or city or of the town or city in which you attend college. Using the
Describe the advantages and disadvantages of buying an existing business.
Explain the five stages in acquiring a business: search, due diligence, valuation, deal, and transition.
Explain the three steps in the search stage of buying a business.
Describe the four areas involved in conducting due diligence on a business: the seller’s motivation, asset valuation, legal issues, and financial condition.
Explain the various methods used to estimate the value of a business.
Describe the basic principles of negotiating a deal to buy a business and structuring the deal.
Understand how to manage the transition stage when a deal is done.
Is this the type of business that you would like to operate?
Does this business match your experience, knowledge, and talents?
Will this business offer a lifestyle you find attractive?
What business activities do you enjoy most? Least? Why?
Which industries or markets offer the greatest potential for growth?
Which industries interest you most? Least? Why?
What kind of business would you enjoy running?
What kinds of businesses do you want to avoid?
What do you expect to get out of the business?
How much time, energy, and money can you put into the business?
What business skills and experience do you have? Which ones do you lack?
How easily can you transfer your skills and experience to other types of businesses? In what kinds of businesses would that transfer be easiest?
How much risk are you willing to take?
Are you willing and able to turn around a struggling business?
What size company do you want to buy?
Is there a particular geographic location you desire?
Assume the role of a prospective buyer for these two businesses. How would you conduct the due diligence necessary to determine whether they would be good investments?
Do you notice any “red flags” or potential problems in either of these deals? Explain.
Which techniques for estimating the value of these businesses would be most useful to a prospective buyer of these companies? Are the owners’ asking prices reasonable?
Why does the owner want to sell? Look for the real reason.
Evaluate the company’s assets, both tangible and intangible.
Consider all the legal aspects of buying the business. Have you investigated any potential ongoing legal liabilities? Did you negotiate a covenant not to compete with the seller?
How should an entrepreneur go about identifying potential business acquisition targets?
What tips would you offer a buyer who is about to begin negotiating the purchase of an existing business?
How can an entrepreneur tap into the hidden market of potential acquisitions?
Why is there a need to include a due diligence process that involves analyzing and evaluating an existing business before possible purchase?
Explain the buyer’s position in a typical negotiation for a business.
What steps should a business buyer take to ensure a smooth transition after closing the deal to buy a business?
Once two parties strike a business deal, there will be many challenges in making a smooth transition. How can a business buyer avoid a bumpy transition?
Interview several new owners who purchased existing businesses.
How did they determine the value of the business?
Visit a business broker and ask him or her how he or she brings together a buyer and seller.
What does the broker do to facilitate the sale?
What methods does the broker use to determine the value of a business?
In this broker’s experience, what is the most common cause of deals falling through?
Invite an attorney to speak to your class about the legal aspects of buying a business.
How does he or she recommend that a business buyer protect himself or herself legally in a business purchase?
Describe the three types of franchising: trade name, product distribution, and pure.
Explain the benefits of buying a franchise.
Explain the drawbacks of buying a franchise.
Understand the laws covering franchise purchases.
Explain the right way to buy a franchise.
Describe the major trends shaping franchising.
What are the advantages and disadvantages of purchasing an outlet from a small franchisor?
Are you happy with your relationship with the franchisor? Explain.
How much control does the franchisor exercise over you and the way you run your franchise?
What changes would you make to the franchisor’s business system?
What did it actually cost you to get your franchise running? How close was the actual amount to the amount the franchisor told you it would cost?
Is your franchise profitable? How long did it take for your franchise to break even? How much does your franchise earn? How variable are your franchise’s earnings? Are the earnings consistent with
Did the franchisor estimate accurately the amount of working capital necessary to sustain your business until it began generating positive cash flow?
What is the training program like? Were you pleased with the training you received from the franchisor? Did the training prepare you adequately for operating your franchise successfully?
Did you encounter any unexpected franchise fees or hidden costs? If so, what were they?
Are you pleased with the size of your territory? Is it large enough for you to reach your sales and profitability goals? What kind of territorial protection does the franchisor offer?
What restrictions do you face on the products and services you can sell? Are you required to purchase from approved suppliers? Are their prices reasonable?
Does the franchisor advertise as much as it said it would? Is the advertising effective in producing sales? Do you receive adequate support from the franchisor now that your outlet is in operation?
What kind of education and business experience do you have? How important have they been to your success in the franchise?
What is it really like to be a franchisee in this system?
If you were considering investing in this franchise again, what would you do differently?
Given what you know now, would you purchase this franchise again?
What steps should U.S.-based franchisors take when establishing outlets in foreign countries?
Describe the opportunities and challenges franchisors face when entering emerging markets such as India and China.

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