Archive for the ‘Finance’ Category

Selling Your Restaurant? There is Hope in 2010

You’ll still have a hard time selling a business that smells like a turd, but this might mean there’s some takers on the equipment. :)

Though 2009 was a bad year for small-business sellers, data recently released on Q4 suggests that small-business sales might be gaining momentum—especially in the restaurant space.

Selling Your Restaurant? There is Hope in 2010

Consumers Are Moving Their Money to Credit Unions

Just as a lot of people are walking away from franchise ownership, seems there is a new movement to walk away from the stranglehold banks have over consumers. I’ve been watching this movement and it seems to be gaining a fair bit of momentum. Perhaps the banks will realize that ridiculous interest rates, not lending money and horrid customer service just aren’t the way to run a business. I’ve been shopping for a new bank since the beginning of the year. I think the local Credit Union might be way to go.

Make a New Year’s resolution to move your money out of big banks? To that I say: Right on! Without question, financial consumers are angry at — and have lost their loyalty to — big banks. Late-night comics routinely make fun of the banks; there’s even a new iPhone app in which players try to stop "cash-hungry" bankers from wheedling more bailout money from the U.S. Treasury, according to a recent report in American Banker newspaper.

Consumers Are Moving Their Money to Credit Unions, Rising Membership Shows

Is Our Big Debt Doing Us In?

Does this situation sound familiar to anyone? However this couple is lucky in that they kept their day jobs and still make a decent combined salary. I would venture to say the average bankrupt meal assembly owner isn’t going to be able to match their savings plan.

An at a mere $154,00, they got off pretty easy.

(Money Magazine) — Marc and Sharon LeRoux always dreamed of opening a business together. They took the plunge in 2006, tapping home equity to buy a franchise selling pre-made meals to busy families. Alas, the business failed, and last year the couple closed it down.

Fortunately, neither had quit their day jobs – Sharon is an engineer at Hewlett-Packard, Marc owns a specialty game store. But they still have $154,000 on a home-equity line of credit from the venture dragging them down.

 

Portfolio makeover: Is our big debt doing us in?

 

It’s a new year, it’s time to make a plan of how you’re going to handle it and keep ahead of financial disaster.

Top 15 Franchise Failures

Don’t tell me you’re actually surprised by this news? Maybe a complete failure of Super Suppers coming in 2010 was a bit generous. We might have to up the timetable on that one. I don’t think they have the staying power to make it too much longer.

3.Super Suppers
At the height of the market, working families expanded their spending to include luxuries such as cleaning services, lawn services and even assemble-your-own dinner services. Super Suppers jumped on the concept and its franchise growth was exponential between 2005 (40), to 2006 (152), and 2007 (206). However, the growth stalled with no new franchise owners coming on board in 2008, and existing owners with SBA loans began failing at a quick pace – 42%, to be exact, in 2008.

Top 15 Franchise Failures

Recession Spells End for Many Family Businesses

It’s not just meal prep that’s in the lurch because of th economy, all businesses are suffering. However, if established stores aren’t able to make it through this downturn, I don’t see how short lived ventures like meal assembly even stand a chance? One thing that still strikes a cord with me is how customers “can’t believe” a store is closing when the haven’t visited for the last six months or more. If you, and hundreds more like you, aren’t offering your business to an owner, what do you expect will happen? It seems like the epitaph of meal assembly will be, “But I was planning on coming in next month”.

After months of slow sales, family businesses are being forced to close, ending legacies and leaving behind a wake of sad customers and loyal employees. “Some family businesses that were just hanging on have said it’s time to get out,” says Dann Van Der Vliet, director of the Vermont Family Business Initiative at the University of Vermont.

Recession Spells End for Many Family Businesses

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