Session Two - Startups and Buyouts
- Welcome
- Startups: Why Create a Business from Scratch?
- Introduce a new product or service.
- Utilize a specific resource, such as location or talent.
- Avoid difficulties of existing business.
- Avoid the cost of goodwill associated with buyout.
- Four Important Questions Relative to Startups!
- What kind of startup idea to consider?
- Type A: New to Local Market
- Type B: New Product or Service
- Type C: Innovation or Improvement to Existing Product or Service
- What are typical sources for new ideas?
- Prior Work Experience
- Hobbies/Interests
- Chance Happenings
- Deliberate Search
- How to evaluate opportunity?
- Service Clear & Significant Needs
- Marketable? For How Long?
- Adequate Return on Investment
- What Makes You So Special?
- Source of Entrepreneurial Drive
- How to build on your idea?
- Write a Business Plan
- Researched Industry and People
- Reasons for a Buyout
- It Works! (But, are changes likely to "upset the apple cart"?)
- Acquire Resources in Single Acquisition (But, will you really get them?)
- Get a Bargain
- Business Valuations
- Earnings-Based Valuation Approach
- Normalized Earnings / Capitalization Rate
- Lessons from Successful Firms
- Experience & Knowledge from Founders (Including Business Ventures)
- Development of Strategic Relationships (And, Diversity & Teamwork)
- Market Expansion Ambitions
- Always Prepared for Change