Buying Businesses for Sale by Owner: Disadvantages and Precautions
FSBO or business “For Sale by Owner” is a business owner’s attempt to sell his company. Offers like FSBO can easily attract a lot of potential buyers, but you have to be wary and cautious before considering such offers. These opportunities come with significant risks most of the time. Buying an already established business, on the other hand can be a fulfilling decision. The only question is what needs to be done to lessen the risks involved and increase the chances of success in buying a business for sale.FSBO businesses as challenging opportunities As a general rule, you should never trust everything a seller says about his company. Even inexperienced entrepreneurs and first-time investors are aware of this. Why, then would it be any different in buying a business for sale by owner? Consider the following facts:First, it is possible that the owner is just attempting to increase the profits of selling his company. Surely, you would not want to shell out a lot of cash for a company that keeps bleeding “red ink”. When you buy a business for sale by owner, the seller might even be unaware of the actual value of that particular FSBO. Most likely, you will be overpaying for the sale transaction. In addition, negotiations are not easy because the value of businesses is oftentimes uncertain. What you will gain or lose generally depends on your negotiating strategy. Fortunately, there is a solution to this problem.Role of Business Brokers in Buying Businesses for Sale by OwnerA safer way of buying a business for sale by owner is to seek the assistance of a professional business broker. What exactly is the role of business brokers in buying an FSBO business? There are several answers to this question, and as you read on, you will further understand the role of business brokers in buying FSBO businesses. For a very affordable fee, business brokers present a number of advantages in buying a business.Services Offered by Business BrokersA broker can help you look for businesses for sale by owners that may draw your interest. A well-experienced broker, most likely has a list of personal contact information of prospective buyers. A tenured broker also possesses the skills that will help you find your ideal FSBO businesses, as well as the ability to determine the suitable price for such transactions. A broker’s knowledge and experience in the field will help you gauge the fairness of a seller’s initial offerAs stated earlier, negotiations can be a challenging phase for entrepreneurs. Professional brokers can greatly help you in this aspect, resulting to a faster and smoother process of purchasing a company.Furthermore, brokers are experts in dealing with the different types of FSBO companies. Yet, it is still best to look for a local broker who already has remarkable experience in your target industry.Ask for a Business Broker Certification A business broker’s certifications in a given industry are essential in making a decision to buy one or more businesses for sale, since a substantial amount of expertise is a must to achieve success in this field. A certification is a good means to measure the trustworthiness and reliability of a broker. The International Association of Business Brokers provides numerous business broker certifications. They can be Merger & Acquisition Master Intermediaries or Certified Business Intermediaries. Obtaining these certifications shows a broker’s experience and knowledge in the field. It is recommended to check if your prospect broker has one of the following certifications or designations:- Accredited in Business Valuation (ABV)- Certified Business Appraiser (CBA)- Certified Valuation Analyst (CVA)- Accredited Senior Appraiser in Business Valuation (ASA-BV)While business valuation is very important before you buy businesses for sale by owner, the same thing applies in finding a trustworthy and experienced business broker.Finding a reliable and competent business broker can significantly affect your attempt to buy FSBO businesses. You need to do a thorough background check on the references and experiences of your prospect broker. Keeping all these in mind, it is a lucrative and rewarding decision to purchase a FSBO business as long as you have the support of a competent broker.
Home Automotive Lifts Make Repairs Easy
An auto lift is a vital tool for any automotive repair shop. It provides access underneath a car or truck, making repairs a snap. The most crucial element to consider when choosing an automotive lift is selecting one that meets your needs. You will save time and money in the long run if you put price aside and focus on choosing the auto lift possessing the key elements necessary for how you will use it. The following paragraphs detail the types of automotive lifts available.Auto Lifts For Home UseIf you are seeking to perform automobile repair and maintenance in the same style as an automotive shop, you should consider purchasing a lift for your home garage. A home automotive lift is convenient and it increases your accessibility to making repairs to your own car. This investment can save you money long term as you will not need to take your vehicle to an automotive repair shop for repairs that you can make yourself since you have a lift in your own garage.Home auto lifts include four posts that pneumatically lift your automobile, providing access to the undercarriage of your car for oil changes, transmission repairs, and more. Home automotive lifts also provide extra storage as you can elevate your vehicle when needed to increase floor space in your garage. Many people who collect antique vehicles use lifts to raise their collection so they can park their every day vehicles underneath.Automotive Lifts For Automobile Repair ShopsProfessional automobile repair shops, garages, and commercial facilities often choose heavier duty auto lifts. Standard models can have one, two, or four lifts, depending on the balance, weight capability, and stability required for the space available to house the lifting equipment.Heavier lifts require a good bit more maintenance than home auto lifts due to the industrial use. Maintenance for these types of automotive lifts is best left to a professional who is familiar with the workings of the lifts and the proper maintenance of safety features.One, Two, And Four Post LiftsMost users find that one post lifts provide the best use of space. Two types of one post lifts include centered lifts and offset lifts. Centered one post lifts are stronger than offset one post lifts, but the offset version allows for parking a vehicle underneath a lifted vehicle, which provides a better use of the space available. Four post automotive lifts allow for the same underneath vehicle parking as offset one post lifts, but the four posts take up more space and require more power to operate. The main advantage of a four post lift over an offset one post lift is the amount of lifting power possible, four times more than a one post lift. The advantages and disadvantages of two post models fall in between the one and four post lifts.Automotive lifts allow you to approach your vehicle from any direction, providing you with the access to make repairs only able to be done by an automobile repair shop in the past. Whether you seek an auto lift for your home garage or for your commercial repair business, there is a lift to suit your needs.
Crypto Currency Vs Fiat Currency
Crypto currency vs. Fiat currency
Are you aware of the fiat currencies and the crypto currencies? They both are currencies in one form or the other and are open for public use across the world. But they are both different and distinct in their own ways. There is always one group that favors the use of cryptos, while the other has a soft corner for the fiat currencies.
In cashless society- crypto money play a huge role
If you have a look at the market of the 1970s and 1980s, you will find that the cash played the dominant role. But, with the change in the technology, electronic transactions have become the usual norm. Today, more and more people are influenced in becoming the cashless society. With the progress towards the cashless society, cryptocurrencies have a big role to play.
Crypto currency and fiat currency are always at loggerheads
Cryptocurrency and fiat currency are popular types of digital currency, especially when it is about an online transaction. They both are currencies currently in use in the market but have some differences in them. There is a hell lot of hypes that you will hear on a daily basis comparing the crypto money and the fiat money. This article will highlight the difference between the two in a more comprehensive and clear manner.
Differentiating in what the currencies stand for
Before going for the difference between the two, you must understand what do they stand for and how are they are defined.
The fiat currency is a legal tender that has the support of the central government, and it operates in the physical form. For instance, US dollars, British Pounds, Euro etc. On the other hand, the crypto currency is a non-legal tender, and doesn’t have any backup from the central government or bank.
Hence, the difference between crypto currency and fiat currency is noted as follows:
• Crypto-currencies are decentralized and global in nature. There are no one entity or government that controls the currency with their laws and regulations. The Fiat currency is centralized, under the control of the laws and regulations of the banks and government.
• Crypto-currencies have their existence only in the digital domain. On the other hand, you will find that the fiat currencies have a tangible and physical existence.
• There is a limited supply of crypto-currencies with a maximum set of them getting supplied in the market. Whereas, the fiat money has an unlimited supply as the government and bank are entitled to produce coins and paper money whenever the situation is required.
• The Bitcoin and other crypto type currencies are created by the computers, while the fiat currencies are issued by the local government and the banks.
• Cryptocurrencies are presented as the public and private code pieces. On the other hand, the fiat currencies are presented in the form of coins and paper money.
• The value of the crypto currencies is not recognized by the supply and demand of the market. Whereas, the fiat currency value is determined by the market regulations of supply and demand.
The different types of crypto and fiat currencies
In the last one decade, the popularity of crypto type currencies has emerged as a huge success. It was in 2009, when Bitcoin was first introduced, and years after several other types of crypto currencies have emerged. Starting from Litecoin. Dogecoin, Ripple to the Dcash and Zcash, there is a plethora of them. On the other hand, the fiat currency has a rich and ancient roots, with the Great British Pound, that dates back to 775 AD. It is considered as the oldest currency in the world that is still in use.
The differences in the anonymity between the two currencies
When you are using the fiat currencies, you need to undergo a user identification or verification process. You are asked to upload a recent picture of yourself and some of the required documents to be issued as per the public authorities. You don’t need to undergo any of the required processes with the crypto currencies. Though your personal information and confidential details don’t get public, but all your transactions are recorded and tracked in both the fiat and the crypto currencies.
Fiat currency vs crypto currency: transparency level
• The transparency level with the crypto type currencies are considered to be more. This is because the revenue streams are displayed in a public chain. Everyone can witness their own and others’ transactions.
• The fiat or govt. currencies are not transparent, as there are not public chains to see the revenue streams of the people.
A comparative historical roots
If you compare the crypto money with that of its counterpart, fiat or government currency, you will find that their existence and creation brings the difference. The Fiat or government currency, dates back its existence as early as 775 AD with the introduction of the Great British Pound. This is why fiat type currency is easily accepted by the people all over.
On the other hand, the crypto coin was perhaps first introduced only a decade ago, with the introduction of Bitcoin in 2009. The challenge that the Bitcoin and other crypto currencies face is catching up with the immense popularity and increasing fan base of the fiat currency. Crypto currency, is no doubt gaining importance and popularity in the economic market, but it has still not been accepted widely in the society as the fiat currency.
A comparative history of the two currencies:
• It was in the 11th century, when the Chinese Song dynasty was perhaps the first one to issue the paper money. It was not allowed to exchange with valuables like gold and silver or silk.
• There were Tally sticks that were introduced as a fiat or government currency. 1100 Tally sticks were introduced as a combat for the shortages in gold.
• 1971, was the year, when the fiat currency received a worldwide recognition. President Nixon introduced it in order to eliminate the dollar pegging system to gold.
• It was in 1998, when the idea of an anonymous electronic cash system emerged by Wei Dai. Bitgold-the very first crypto currency was created by Nick Szabo, but it didn’t receive as much attention as Bitcoin.
• In 2009, Bitcoin was introduced in the market, that became the first crypto currency that was accepted across the globe. In 2011 and after, a series of several other crypto currencies were introduced. Some of the popular ones include, Litecoin, Dogecoin, Ethereum, Ripple, Zcash, Dash and so on.
The traits of both the currencies
The potential of the crypto type currencies and fiat currencies, accessing their traits is important. You will find that in some of the criteria, Bitcoin and other crypto currency is superior than the fiat or government currency, and in some cases, the latter surpasses. It is absolutely your call to choose the type of currency (crypto type currency or fiat type currency) based on your personal needs and requirements.
Let us compare their traits with respect to certain factors.
• Both the crypto coins and fiat type currencies are interchangeable in nature.
• As per the portability is concerned both the currencies secure more or less the same position.
• With respect to the non consumable criteria, crypto currency and fiat type currency have the equal status.
• Crypto type currencies have high durability as compared to the fiat-currencies that have moderate level of durability.
• Both the crypto or virtual currencies and the fiat or government currencies ensure secure and safeguarded transactions and exchange.
• Crypto or digital currencies are highly divisible in nature. On the other hand, the fiat type currencies are moderately divisible.
• In terms of the transaction process, the crypto currencies are easy and hassle free. Whereas, on the other hand, the traction process associated with the fiat currencies are easy, but not like the cryptos.
• The crypto based currencies are decentralized and global in nature, unlike the fiat currencies that are centralized and functions under the laws and regulations of the government.
• The crypto based currencies have high scarcity, where as, the fiat currencies are unlimited as the government can issue coins and paper money whenever there is a need.
• The crypto based currencies are based on mathematical algorithms, and are programmable. The fiat currencies are not at all programmable.
• The fiat currencies are sovereign in nature, while the crypto currencies are not.
The process of the functioning of the currencies
You can find the significant differences between the crypto or digital currencies and the fiat currencies with the way they both operate and the transaction process that take place. They are contrasting in nature. The transfer of money using the Bitcoin is very quick, and you absolutely don’t need any third party association.
On the other hand, if you are involved with the money exchange using Fiat type currency, a mobile wallet is in use. You can exchange an amount of e-money that gets transferred into the equal e-value amount. Both the fiat and the crypto currencies enable you to purchase everything that you desire. But the processes involved are absolutely distinct from each other.
Depending on the things you purchase, you will find that one currency form is better than the other. This is absolutely your choice.
Is Bitcoin, a crypto currency better than the fiat-currency?
The long term benefits and the capability of the Bitcoins is still not established. But it has been predicted by the crypto currency gurus and experts, that they will go a long way, especially revolutionizing the way the online transactions are done. In the current market, the Bitcoin is mainly included in the online casinos and the gambling, but it is not limited to it.
Furthermore, when you compare the fiat currencies, the Bitcoin allows you to seize the power and authority from the banks and the government since it is not controlled. The cryptography based currency has the capability to create or come up with the free market capitals. Fiat currencies are affected by the inflation and the changes in the market, unlike the crypto based currencies. Such aspects make individuals believe that cryptograph based currencies will soon take over the mainstream currencies and bring a transformation in the way the money is used.
Why is Bitcoins considered to be a better aspect than the fiat type currencies?
• Bitcoin gives you the opportunity to re-create a free market capitalism.
• The power of controlling the money is absolutely with the individuals, and not with the banks like the fiat type currencies.
• When there is an inflation, the Bitcoin is not affected. But the Fiat type currency will be easier to lose and get affected by it.
• The Bitcoin currency is easy easier to exchange and transfer as compared to the fiat or government currencies.
• The transaction fees involved with the Bitcoin are way cheaper and easily affordable.
Crypto currencies seem to be a favorable option among the people
The fiat type currencies are the centralized and legal way of exchanging money. But, the crypto currencies have acquired immense popularity in the past few years. There will never be anyone who would act as a middle man, like the case with the banks. Moreover, the cryptos are way cheaper and less expensive that the conventional fiat currencies.
Send money anywhere directly without waiting for the bank’s approval
You can send money to anyone in the world directly, and it is super fast. The money gets cleared within a few minutes time. You don’t have to wait for the traditional clearing and verification processes of the banking systems, which might take up to several days to get a clearance. Since it is decentralized and doesn’t come under the law and regulations of the government, nobody has any power to do anything with your account.
The blockchain technology has a very big role to play
Thanks to the crypto currencies, that gives us the power and the authority to become our very own bank, and take control over our finances. It is because of the blockchain technology that offers a higher level of sophistication while dealing with the finances. In fact, there are some mainstream financial industries that have started incorporating the idea of the technology.