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ENTREPRENEURSHIP 2017 - Quiz Answer : Entrepreneurship and Effective Small Business Management, 11e (Scarborough) - Chapter 7

Entrepreneurship and Start Up

ENTREPRENEURSHIP 2017 - Quiz Answer and Case Study Guides

Entrepreneurship and Effective Small Business Management, 11e (Scarborough)

 

 

Entrepreneurship and Effective Small Business Management, 11e (Scarborough)

Chapter 7   Buying an Existing Business

 

1) When buying an existing business, the potential buyer should remember that:

  1. A) it is a long process and the buyer should be patient.
  2. B) existing businesses often do not continue to be successful after a change in ownership.
  3. C) it is often more difficult to find capital for an existing business than it is for a start-up.
  4. D) he/she will likely have to make significant changes in the work force.

Answer:  A

Page Ref: 202

Topic:  Introduction

AACSB:  Analytic Skills

 

2) One advantage of buying an existing business is:

  1. A) you always get the best location.
  2. B) the opportunity to participate in a national advertising campaign.
  3. C) equipment is installed and production capacity is known.
  4. D) easy implementation of innovations and changes from past policies.

Answer:  C

Page Ref: 204

Topic:  Advantages of Buying an Existing Business

AACSB:  Analytic Skills

 

3) When it comes to buying an existing business, it is not uncommon to find it:

  1. A) overpriced.
  2. B) difficult to finance.
  3. C) with accounts receivable worth more than face value.
  4. D) bargain priced.

Answer:  D

Page Ref: 204

Topic:  Advantages of Buying an Existing Business

AACSB:  Analytic Skills

 

4) When buying an existing business, one should remember that:

  1. A) it is generally not important to independently evaluate the inventory.
  2. B) you are always buying goodwill with the tangible assets of the business.
  3. C) it is as easy to make change in an existing business as it is in a start-up.
  4. D) the real reason for selling is seldom stated honestly.

Answer:  D

Page Ref: 206

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

 

5) The inventory in an existing business:

  1. A) is always current and salable.
  2. B) usually appreciate over time, making the business a bargain.
  3. C) needs to be checked for age and salability.
  4. D) is usually stated honestly and does not need independent auditing.

Answer:  C

Page Ref: 207

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

6) Accounts receivable in an existing business:

  1. A) are rarely worth their face value.
  2. B) unlike inventory, are often worth their face value.
  3. C) appreciate over time due to interest and penalties.
  4. D) are not a significant consideration when buying an existing business.

Answer:  A

Page Ref: 207

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

 

 

 

7) The first step an entrepreneur should take when acquiring an existing business is to:

  1. A) explore financing options.
  2. B) prepare a list of potential candidates.
  3. C) analyze his/her skills, abilities, and interests in an honest self-audit.
  4. D) contact existing business owners in the area and ask if their companies are for sale.

Answer:  C

Page Ref: 208

Topic:  The Search Stage

AACSB:  Analytic Skills

 

8) Once an entrepreneur has evaluated him/herself, the next step in the acquisition process would be to:

  1. A) explore financing options.
  2. B) prepare a list of potential candidates and investigate them.
  3. C) work on a smooth transition.
  4. D) evaluate the physical condition of the business.

Answer:  B

Page Ref: 209

Topic:  The Search Stage

AACSB:  Analytic Skills

 

 

9) When conducting a self-evaluation, it is important to consider:

  1. A) what kind of business you want to have and what kind you want to avoid.
  2. B) how much money you have to invest.
  3. C) what kind of people you like to work with.
  4. D) how good are your sales and negotiating skills.

Answer:  A

Page Ref: 208

Topic:  The Search Stage

AACSB:  Analytic Skills

 

10) The biggest source for the best companies to buy is:

  1. A) business brokers.
  2. B) commercial bankers.
  3. C) trade associations.
  4. D) the hidden market.

Answer:  D

Page Ref: 209

Topic:  The Search Stage

AACSB:  Analytic Skills

11) The process of gathering information about the company, valuing the company, and performing a detailed review of all records, agreements, and compliance is called:

  1. A) a letter of intent.
  2. B) nondisclosure.
  3. C) valuation.
  4. D) due diligence.

Answer:  D

Page Ref: 227

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

12) When negotiating the deal, the most important thing to remember is:

  1. A) terms are more important than the price paid.
  2. B) to negotiate the lowest possible price.
  3. C) often the difference in available funds can be made up by collecting accounts payable.
  4. D) the owner of the business always asks 14-22% more than he/she is willing to take.

Answer:  A

Page Ref: 223

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

 

13) Perhaps the ideal source of financing the purchase of an existing business is:

  1. A) the seller.
  2. B) the Small Business Administration.
  3. C) a venture banker.
  4. D) your local bank.

Answer:  A

Page Ref: 226

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

14) Which of the following statements concerning the financing of a business purchase is true?

  1. A) Often, the business seller is a poor source of financing.
  2. B) The buyer should be able to make the payments on the loans out of the company's cash flow.
  3. C) The buyer should begin arranging financing late in the purchasing process, to avoid the processing expenses if the deal falls through.
  4. D) Traditional lenders tend to be more eager to lend on an existing business than they are with a start-up.

Answer:  B

Page Ref: 226

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

15) Which of the following is a way to smooth the transition of leadership/management from the seller of a business to the buyer?

  1. A) Focus on the customer, offer new incentives, improve customer service.
  2. B) Focus on the employees, listen to them, keep them informed.
  3. C) Concentrate on operations, updating equipment and changing processes.
  4. D) Visit your competitors and introduce yourself and get to know them.

Answer:  B

Page Ref: 232

Topic:  The Transition Stage

AACSB:  Analytic Skills

 

16) Which of the following is not a critical area of business that is investigated during due diligence?

  1. A) Motivation
  2. B) Employee issues
  3. C) Asset valuation
  4. D) Legal issues

Answer:  B

Page Ref: 227

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

 

17) In evaluating an existing business, entrepreneurs should seek to answer several questions, including:

  1. A) Can financing be arranged?
  2. B) What business broker should I use?
  3. C) What industries will be "hot" in the future and is this business in one of them?
  4. D) What legal aspects should be considered?

Answer:  D

Page Ref: 227

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

18) The most common reasons owners of small- and medium-sized businesses give for selling their businesses are:

  1. A) need for money and low return on investment.
  2. B) boredom and burnout.
  3. C) low return on investment and burnout.
  4. D) poor location and low return on investment.

Answer:  B

Page Ref: 211

Topic:  Motivation of the Seller

AACSB:  Analytic Skills

19) When a buyer is reviewing a candidate company's lease arrangements, location and appearance, intangible assets, etc., he is answering what basic acquisition question?

  1. A) Is the business financially sound?
  2. B) Why does the owner want to sell?
  3. C) What is the physical condition of the business?
  4. D) What legal aspects should be considered?

Answer:  C

Page Ref: 227

Topic:  Confirming Valuation

AACSB:  Analytic Skills

 

20) If the firm owns any trademarks, patents, or copyrights, or has built up a positive reputation with customers and suppliers, the business has what is/are called:

  1. A) capital.
  2. B) goodwill.
  3. C) intangible assets.
  4. D) market potential.

Answer:  C

Page Ref: 228

Topic:  Confirming Valuation

AACSB:  Analytic Skills

 

 

21) ________ is (are) creditors' claims against an existing business.

  1. A) Assets
  2. B) Liens
  3. C) Equity
  4. D) Accounts receivable

Answer:  B

Page Ref: 228

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

22) ________ clauses require the buyer to pay the full amount of the remaining loan balance or to finance the balance at prevailing interest rates.

  1. A) Diligence
  2. B) Lien
  3. C) Foreclosure
  4. D) Due-on-sale

Answer:  D

Page Ref: 229

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

23) Normally, when buying a business, the seller:

  1. A) does not sign a restrictive covenant.
  2. B) notifies creditors 10 days prior to the sale of the business.
  3. C) cannot assign his credit arrangements with suppliers to the buyer.
  4. D) has little formal role or obligation in preparing documents and information necessary to the sale.

Answer:  C

Page Ref: 229

Topic:  Covenants not to Compete

AACSB:  Analytic Skills

24) An agreement between a business seller and the buyer, in which the seller agrees not to open a competing business within a specific time period and geographic area, is called a:

  1. A) nondisclosure statement.
  2. B) restrictive covenant.
  3. C) bulk transfer.
  4. D) letter of intent.

Answer:  B

Page Ref: 229

Topic:  Covenants not to Compete

AACSB:  Analytic Skills

 

 

25) To be enforceable, a covenant not to compete must be:

  1. A) for the life of the business.
  2. B) approved by a court of law.
  3. C) for both direct and indirect competitive businesses.
  4. D) reasonable in scope.

Answer:  D

Page Ref: 229

Topic:  Covenants not to Compete

AACSB:  Analytic Skills

 

26) When the buyer is examining the income statements, tax returns, and balance sheets of the business, he/she is seeking an answer to the basic question:

  1. A) Is the business financially sound?
  2. B) Why does the owner want to sell?
  3. C) What is the physical condition of the business?
  4. D) What legal aspects should be considered?

Answer:  A

Page Ref: 230

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

27) When seeking to evaluate the financial soundness of the company prior to purchase, the buyer needs to examine: 

  1. A) sales tax records.
  2. B) income tax returns.
  3. C) financial statements.
  4. D) all of the above.

Answer:  D

Page Ref: 230

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

28) It is important to remember when assessing the financial soundness of a company that:

  1. A) if profits are adequate, there will be sufficient funds to pay salaries and fund cash flow.
  2. B) cash flow is the key financial element in determining financial soundness.
  3. C) revenues need to equal to twice the debt load in order for the company to be viable.
  4. D) the buyer is buying the past revenues and profits of the company.

Answer:  B

Page Ref: 230

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

29) Which of the following statements about valuing a business is true?

  1. A) The balance sheet technique is the best way to value a business.
  2. B) Business valuation is partly art and partly science.
  3. C) Buyers should rely on established "rules of thumb" to decide what a company is worth.
  4. D) The primary reason buyers purchase existing businesses is to get their current earning potential.

Answer:  B

Page Ref: 213

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

30) The valuation method that is commonly used, but tends to oversimplify the valuation process, is called:

  1. A) the excess-earnings method.
  2. B) the balance sheet method.
  3. C) the capitalization method.
  4. D) the market approach.

Answer:  B

Page Ref: 214

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

31) A valuation method that is more realistic than the balance sheet because it adjusts book value to reflect actual market value is the:

  1. A) excess-earnings method.
  2. B) market approach.
  3. C) capitalization method.
  4. D) adjusted balance sheet method.

Answer:  D

Page Ref: 214

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

32) Which of the following valuation methods does not consider the future income-earning potential of a business?

  1. A) Balance sheet technique
  2. B) Excess-earnings method
  3. C) Discounted future earnings approach
  4. D) Market approach

Answer:  A

Page Ref: 214

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

 

33) The valuation approach that considers the value of goodwill is the:

  1. A) balance sheet technique.
  2. B) excess-earnings method.
  3. C) discounted future earnings approach.
  4. D) market approach.

Answer:  B

Page Ref: 217

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

34) When it comes to transferring goodwill in a business valuation, goodwill:

  1. A) is considered an intangible asset and therefore not taxed.
  2. B) can be used as a deduction by the seller.
  3. C) is taxed for the seller as capital gains.
  4. D) cannot be used as a deduction by the buyer because it is a capital asset.

Answer:  D

Page Ref: 218

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

35) The capitalized earnings approach determines the value of a business by capitalizing its expected profits using:

  1. A) the rate of return reflecting the risk level.
  2. B) the prime interest rate.
  3. C) the normal rate of return.
  4. D) the prevailing rate of inflation.

Answer:  A

Page Ref: 220

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

36) The ________ approach to valuing a business assumes that a dollar earned in the future is worth less than that same dollar is today.

  1. A) balance sheet
  2. B) capitalized earnings
  3. C) excess earnings
  4. D) discounted future earnings

Answer:  D

Page Ref: 220

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

 

37) Which method of business valuation relies on three forecasts of future earnings—optimistic, pessimistic, and most likely?

  1. A) Balance sheet technique
  2. B) Excess-earnings method
  3. C) Discounted future earnings
  4. D) Market approach

Answer:  C

Page Ref: 220

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

38) The ________ approach to valuing a business uses the price-earnings ratios of similar businesses to establish the value of a company.

  1. A) balance sheet
  2. B) capitalized earnings
  3. C) discounted future earnings
  4. D) market

Answer:  D

Page Ref: 221

Topic:  Methods for Determining the Value of a Business, Market Approach

AACSB:  Analytic Skills

39) A company's P/E ratio is:

  1. A) the price of one share of its common stock divided by its earnings per share.
  2. B) its profits per share divided by its equity per share.
  3. C) its profits per share divided by its excess cash flow per share.
  4. D) the price of one share of its common stock divided by external capitalization.

Answer:  A

Page Ref: 221

Topic:  Methods for Determining the Value of a Business, Market Approach

AACSB:  Analytic Skills

 

40) Which of the following is a drawback of the market approach of valuation?

  1. A) It does not consider current earnings.
  2. B) It may under represent earnings.
  3. C) Its reliability depends on the forecasts of future earnings.
  4. D) It over emphasizes the value of goodwill.

Answer:  B

Page Ref: 222

Topic:  Methods for Determining the Value of a Business, Market Approach

AACSB:  Analytic Skills

 

 

41) The mechanics of most small business sales involve:

  1. A) a cash buyout with no financing.
  2. B) a down payment with a note carried by the seller.
  3. C) no down payment with a note carried by the seller.
  4. D) an exchange of one company's stock for another, and stock options for senior managers.

Answer:  B

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

42) Both buyers and sellers must recognize that no one benefits without a(n): 

  1. A) low price.
  2. B) high price.
  3. C) agreement.
  4. D) product.

Answer:  C

Page Ref: 224

Topic:  The Structure of the Deal

AACSB:  Analytic Skills

 

43) The ________ is the area within which the two parties can reach an agreement.

  1. A) bargaining zone
  2. B) market
  3. C) selling zone
  4. D) buying zone

Answer:  A

Page Ref: 224

Topic:  The Structure of the Deal

AACSB:  Analytic Skills

44) In a business sale, the seller is looking to:

  1. A) negotiate favorable payment terms, preferably over time.
  2. B) minimize the amount of cash paid up front.
  3. C) maximize the cash he/she gets from the sale.
  4. D) get the business at the lowest price possible.

Answer:  C

Page Ref: 224

Topic:  The Structure of the Deal

AACSB:  Analytic Skills

 

 

45) In a business sale, the buyer seeks to:

  1. A) get the business at the lowest price possible.
  2. B) negotiate favorable payment terms, preferably over time.
  3. C) minimize the amount of cash paid up front.
  4. D) All of the above

Answer:  D

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

46) To avoid a stalled deal, both seller and buyer should go into the negotiation process with:

  1. A) income tax returns of past three to five years.
  2. B) records of accounts payable.
  3. C) list of objectives ranked in order of priority.
  4. D) an optimistic attitude.

Answer:  C

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

47) Which one of the following is not a goal of a buyer?

  1. A) Buying the business at the lowest price possible
  2. B) Outsmarting the seller
  3. C) Negotiating favorable payment terms
  4. D) Minimizing the amount of cash paid out front

Answer:  B

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

48) The recommended step(s) when buying a business is (are):

  1. A) investigate the potential acquisitions.
  2. B) explore a variety of financing options.
  3. C) analyze your skills and abilities.
  4. D) All of the above

Answer:  D

Page Ref: 208

Topic:  How to Buy a Business

AACSB:  Analytic Skills

 

49) Business valuation is partly an art and partly: 

  1. A) a craft.
  2. B) a science.
  3. C) a sale.
  4. D) a purchase.

Answer:  B

Page Ref: 213

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

50) One advantage of the excess-earnings method is that it: 

  1. A) offers an estimate of goodwill.
  2. B) increases the profit.
  3. C) increases the cash.
  4. D) All of the above

Answer:  A

Page Ref: 217

Topic:  Earnings Approach: Variation 1

AACSB:  Analytic Skills

 

51) There are three components in the rate of return used to value a business. The component(s) are:

  1. A) risk-free return.
  2. B) an inflation premium.
  3. C) the risk allowance for investing in the particular business.
  4. D) All of the above

Answer:  D

Page Ref: 217

Topic:  Earnings Approach: Variation 1

AACSB:  Analytic Skills

 

52) Using the discounted future earnings approach, the buyer estimates:

  1. A) the company's net income for the next six months.
  2. B) the company's net income for the several years.
  3. C) the company's net income for several years and then discounted back to the present value.
  4. D) the company's net asset for several years and then discounted back to the present value.

Answer:  C

Page Ref: 220

Topic:  Earnings Approach: Variation 3

AACSB:  Analytic Skills

 

 

53) In the market approach, the technique to calculate the value of a company is:

  1. A) ROI.
  2. B) P/E.
  3. C) ROA.
  4. D) P/A.

Answer:  B

Page Ref: 221

Topic:  Market Approach

AACSB:  Analytic Skills

54) To avoid a bumpy transition, a business buyer should do the following:

  1. A) concentrate on communicating with employees.
  2. B) be honest with employees.
  3. C) devote time to selling your vision for the company to its key stakeholders.
  4. D) All of the above

Answer:  D

Page Ref: 232

Topic:  The Transition Stage

AACSB:  Analytic Skills

 

55) The ________ is a firm commitment by both sides that they are ready to move toward closing the sale of the business. 

  1. A) due diligence process
  2. B) sale deed
  3. C) loan covenant
  4. D) letter of intent

Answer:  D

Page Ref: 226

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

56) Which of the following is an intangible asset?

  1. A) Building
  2. B) Machinery
  3. C) Vehicles
  4. D) Trademark

Answer:  D

Page Ref: 228

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

 

57) In general, in negotiations and acquisitions of a business, the buyer seeks to:

  1. A) get the business at the lowest price possible.
  2. B) negotiate favorable payment terms, preferably over time.
  3. C) Both A and B
  4. D) None of the above

Answer:  C

Page Ref: 225

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

58) The bargaining zone is:

  1. A) the area within the bargaining process in which an agreement can be reached.
  2. B) where the buyer gets the best deal.
  3. C) where the seller gets the best deal.
  4. D) None of the above

Answer:  A

Page Ref: 224

Topic:  The Art of the Deal

AACSB:  Analytic Skills

59) In an asset sale, the seller keeps all: 

  1. A) liabilities.
  2. B) cash.
  3. C) current assets.
  4. D) inventories.

Answer:  A

Page Ref: 226

Topic:  Straight Business Sale

AACSB:  Analytic Skills

 

60) The ________ method of valuation assumes that a dollar earned in the future will be worth less than that same dollar today.

  1. A) market approach
  2. B) discounted future earnings approach
  3. C) asset approach
  4. D) None of the above

Answer:  B

Page Ref: 220

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

 

61) The median selling price of a private company is: 

  1. A) $75,000.
  2. B) $125,000.
  3. C) $275,000.
  4. D) $420,000.

Answer:  D

Page Ref: 213

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

62) Which of the following is an exception among important factors that a potential buyer should investigate?

  1. A) Lease agreements
  2. B) HR policy
  3. C) Accounts receivable
  4. D) Business records

Answer:  B

Page Ref: 227

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

63) Hiring the previous owner as a consultant for the first few months can be a valuable investment.

Answer:  TRUE

Page Ref: 203

Topic:  Buying an Existing Business

AACSB:  Analytic Skills

64) When the location of the business is critical to its success, it may be wise to purchase a business in another location.

Answer:  FALSE

Page Ref: 204

Topic:  Buying an Existing Business

AACSB:  Analytic Skills

 

65) One reason why an owner is selling the business is because the business location may have become unsatisfactory.

Answer:  TRUE

Page Ref: 204

Topic:  Buying an Existing Business

AACSB:  Analytic Skills

 

66) It is important to develop a list of criteria that a potential business acquisition must meet.

Answer:  TRUE

Page Ref: 209

Topic:  Develop a List of Criteria

AACSB:  Analytic Skills

 

67) A straight business sale may be worst for a seller who wants to step down and turn over the reins of the company to someone else.

Answer:  FALSE

Page Ref: 226

Topic:  The Structure of the Deal

AACSB:  Analytic Skills

 

68) One of the biggest mistakes business buyers can make is entering negotiations with only a vague notion of the strategies they will employ.

Answer:  TRUE

Page Ref: 226

Topic:  The Structure of the Deal

AACSB:  Analytic Skills

 

69) One of the "rules" of successful negotiations is "not everything is negotiable."

Answer:  FALSE

Page Ref: 223

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

70) An important advantage of buying an existing business is the greater likelihood that it will continue to survive and thrive in the marketplace.

Answer:  TRUE

Page Ref: 203

Topic:  Advantages of Buying an Existing Business

AACSB:  Analytic Skills

 

71) With an existing business, the new owner can depend on employees to help him/her make money while he/she is learning the business.

Answer:  TRUE

Page Ref: 203

Topic:  Advantages of Buying an Existing Business

AACSB:  Analytic Skills

72) For a new owner of an existing business, physical facilities and equipment costs are very similar to what would have been spent on a start-up with all new facilities and equipment.

Answer:  FALSE

Page Ref: 204

Topic:  Advantages of Buying an Existing Business

AACSB:  Analytic Skills

 

 

73) While there are numerous advantages to buying an existing business, there are also some disadvantages, like the previous owner having created ill will rather than goodwill with customers and suppliers.

Answer:  TRUE

Page Ref: 206

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

74) A new owner of an existing business can generally introduce change and innovation almost as easily as if the company was a new business start-up.

Answer:  FALSE

Page Ref: 206

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

75) Generally speaking, current employees will prove flexible and able to meet whatever changes the new owner desires to make once the business is acquired.

Answer:  FALSE

Page Ref: 206

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

76) A buyer should never trust the firm's balance sheet evaluation of inventory but should conduct an independent assessment of inventory age and salability.

Answer:  TRUE

Page Ref: 206

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

77) Accounts receivable are rarely worth face value, and should be "aged" when evaluating a company's assets.

Answer:  TRUE

Page Ref: 207

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

78) Failing to age accounts receivable could lead a buyer into paying more for a business than it is worth.

Answer:  TRUE

Page Ref: 207

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

79) The business acquisition process should begin with creating a list of criteria for selecting the business to buy.

Answer:  FALSE

Page Ref: 208

Topic:  The Search Stage

AACSB:  Analytic Skills

 

80) Part of a "self-audit" when buying a business is to ask yourself, "What do I expect to get out of the business" and "How much can I put into the business?"

Answer:  TRUE

Page Ref: 208

Topic:  The Search Stage

AACSB:  Analytic Skills

 

81) "Knocking on the doors" of businesses an entrepreneur would like to buy—although they are not advertised "for sale"—is a waste of time.

Answer:  FALSE

Page Ref: 209

Topic:  The Search Stage

AACSB:  Analytic Skills

 

82) In most business sales, the buyer bears the responsibility of determining whether or not the business is a good value.

Answer:  TRUE

Page Ref: 223

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

83) Traditional lenders of capital often shy away from deals involving the purchase of an existing business.

Answer:  TRUE

Page Ref: 223

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

84) A competent owner is a master of day-to-day operations of the business and can help a buyer to make a smooth transition into business ownership.

Answer:  TRUE

Page Ref: 203

Topic:  Advantages of Buying an Existing Business

AACSB:  Analytic Skills

 

 

85) The entrepreneur who buys an existing business must recognize that accounts receivable rarely are worth their "face value."

Answer:  TRUE

Page Ref: 207

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

86) Most business buyers can expect to find detailed, accurate, and audited financial records in the companies they are looking at buying.

Answer:  FALSE

Page Ref: 228

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

87) Before purchasing an existing business, an entrepreneur should analyze closely both direct and indirect competitors.

Answer:  FALSE

Page Ref: 228

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

88) Any liens against a business must be satisfied by the current owner before the sale can be consummated.

Answer:  FALSE

Page Ref: 228

Topic:  Liens

AACSB:  Analytic Skills

 

89) If a banker requires the current loan on a business to be paid at the time of the sale to the new owner, the banker will require a due-on-sale clause in the agreement.

Answer:  TRUE

Page Ref: 229

Topic:  Contract Assignments

AACSB:  Analytic Skills

 

90) Loan contracts sometimes prohibit assignments with due-on-sale clauses.

Answer:  TRUE

Page Ref: 229

Topic:  Contract Assignments

AACSB:  Analytic Skills

 

 

91) Ralph buys a software business from Waldo in Columbus, Ohio. As part of the deal, Waldo signs a covenant not to compete by opening another software business anywhere in Ohio for the rest of his life. Such a covenant would be enforceable.

Answer:  FALSE

Page Ref: 229

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

92) If the corporation, rather than the business seller, signs a restrictive covenant, the seller may not be bound by its terms.

Answer:  TRUE

Page Ref: 229

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

93) When an entrepreneur purchases an existing business, he or she essentially is purchasing its future profit potential.

Answer:  TRUE

Page Ref: 229

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

94) A business owner who buys a company whose financial statements show a pattern of short-term profitability is guaranteed of getting a good deal.

Answer:  FALSE

Page Ref: 230

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

95) The best method for valuing a business is to use established rules of thumb.

Answer:  FALSE

Page Ref: 222

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

96) Goodwill is the difference between an established, successful business and one that has yet to prove itself.

Answer:  TRUE

Page Ref: 217

Topic:  Methods for Determining the Value of a Business, Balance Sheet

AACSB:  Reflective Thinking

 

 

97) The balance sheet technique of determining a business's value uses the company's net worth or owner's equity as the firm's value, but it oversimplifies the valuation process.

Answer:  TRUE

Page Ref: 217

Topic:  Methods for Determining the Value of a Business, Balance Sheet

AACSB:  Analytic Skills

 

98) The adjusted balance sheet method of valuing a business changes the book value of net worth to reflect actual market value.

Answer:  TRUE

Page Ref: 214

Topic:  Methods for Determining the Value of a Business, Balance Sheet

AACSB:  Analytic Skills

 

99) Business evaluations based on balance sheet methods offer one key advantage: they consider the future earning potential of the business.

Answer:  FALSE

Page Ref: 215

Topic:  Methods for Determining the Value of a Business, Balance Sheet

AACSB:  Analytic Skills

100) Neither the balance sheet method nor the adjusted balance sheet method of valuing a business considers the future earning power of the business.

Answer:  TRUE

Page Ref: 215

Topic:  Methods for Determining the Value of a Business, Balance Sheet

AACSB:  Analytic Skills

 

101) In the excess-earnings approach to business valuation, the earnings of comparable companies are needed to set the valuation of the company.

Answer:  FALSE

Page Ref: 217

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

102) One advantage of the excess-earnings method is that it offers an estimate of goodwill.

Answer:  TRUE

Page Ref: 217

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

103) Goodwill is a capital asset that the business buyer cannot depreciate or amortize for tax purposes.

Answer:  TRUE

Page Ref: 217

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

104) Under the capitalized earnings approach to business valuation, firms with lower risk factors are more valuable than those with higher risk factors.

Answer:  TRUE

Page Ref: 220

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

105) According to the discounted future earnings technique, a dollar earned in the future is worth more than a dollar earned today.

Answer:  FALSE

Page Ref: 220

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

106) The reliability of the discounted future earnings approach to valuing a business depends on making realistic forecasts of future earnings and on choosing the proper present value rate.

Answer:  TRUE

Page Ref: 220

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

107) The market approach to company valuation evaluates goodwill, risk-of-return, and estimated net earnings.

Answer:  FALSE

Page Ref: 221

Topic:  Methods for Determining the Value of a Business, Market Approach

AACSB:  Analytic Skills

 

108) The market approach to valuing a company relies primarily on the price/earnings ratio of the company in comparison to the average P/E of similar companies.

Answer:  TRUE

Page Ref: 221

Topic:  Methods for Determining the Value of a Business, Market Approach

AACSB:  Analytic Skills

 

109) A disadvantage of the market approach to valuing a business is finding similar companies for comparison.

Answer:  TRUE

Page Ref: 222

Topic:  Methods for Determining the Value of a Business, Market Approach

AACSB:  Analytic Skills

 

 

110) Owners who do not want to sell a business outright, but want to either stay around for a while or surrender control gradually can use a restructuring strategy.

Answer:  TRUE

Page Ref: 223

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

111) The bargaining process may eventually lead both parties into the non-compete zone.

Answer:  FALSE

Page Ref: 223

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

112) The bargaining zone is the area within which the buyer and the seller cannot reach an agreement. 

Answer:  FALSE

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

113) When negotiating the deal, it is important to remember that the seller is looking for the best terms and to maintain some contact with the company, at least for a while.

Answer:  FALSE

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

114) The buyer of the business wants to minimize the cash up front and avoid enabling the seller to open a competing business.

Answer:  TRUE

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

115) It is important that both the buyer and seller have their objectives thought out, written down, and prioritized when they go into the negotiation.

Answer:  TRUE

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

116) One way to get a mutually satisfying deal when negotiating is to recognize and try to meet the other party's need(s).

Answer:  TRUE

Page Ref: 224

Topic:  Negotiating the Deal

AACSB:  Analytic Skills

 

117) Convincing alienated customers to return can be an inexpensive process that doesn't take long.

Answer:  FALSE

Page Ref: 206

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

118) One of the disadvantages of buying an existing business is that customers may be loyal to previous owners.

Answer:  TRUE

Page Ref: 206

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

119) High inventory levels could cause a business to be profitable but not have adequate cash flow.

Answer:  TRUE

Page Ref: 206

Topic:  Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

120) Briefly describe the advantages and disadvantages of buying an existing business.

Answer:  The advantages of buying an existing business include the following:

∙     A successful business may continue to be successful.

∙     The business may already have the best location.

∙     Employees and suppliers are already established.

∙     Equipment is installed and its productive capacity known.

∙     Inventory is in place and trade credit established.

∙     The owner hits the ground running.

∙     The buyer can use the expertise of the previous owner.

∙     The business may be a bargain.

The disadvantages of buying an existing business include the following:

∙     An existing business may be for sale because it is deteriorating.

∙     The previous owner may have created ill will.

∙     Employees inherited with the business may not be suitable.

∙     Its location may have become unsuitable.

∙     Equipment and facilities may be obsolete.

∙     Change and innovation are hard to implement.

∙     Inventory may be outdated.

∙     Accounts receivable may be worth less than face value.

∙     The business may be overpriced.

Page Ref: 203-207

Topic:  Advantages/Disadvantages of Buying an Existing Business

AACSB:  Analytic Skills

 

 

121) Outline the logical approach one should take in the search stage of buying a business.

Answer:  Buying a business can be a treacherous experience unless the buyer is well prepared. The right way to buy a business includes the following actions:

∙     Analyze your skills, abilities, and interests to determine the type of business that offers the best fit.

∙     Develop a list of the criteria that define the "ideal business" for you.

∙     Prepare a list of potential candidates that meet your criteria.

∙     Investigate candidate businesses and evaluate the best one.

Page Ref: 208-211

Topic:  Search Stage

AACSB:  Analytic Skills

 

122) What key questions need to be answered in the process of due diligence?

Answer:  The due diligence process involves investigating five critical areas of the business and the potential deal:

  1. Motivation. Why does the owner want to sell?
  2. Asset valuation. What is the true value of the company's assets?
  3. Market potential. What is the market potential for the company's products or services?
  4. Legal issues. What legal aspects of the business represent hidden risks?
  5. Financial state. Is the business financially sound?

Page Ref: 227-230

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

123) What questions should the buyer ask in determining the value of the seller's assets?

Answer:  The three questions that the buyer should ask are:

  1. Are the assets really useful or are they obsolete?
  2. Will the assets require replacement soon?
  3. Do the assets operate efficiently?

Page Ref: 227

Topic:  The Due Diligence Process

AACSB:  Reflective Thinking

 

124) What are the sources of potential legal liabilities the purchase might expose?

Answer:  There are three sources of risks:

  1. Physical premises
  2. Product liability claims
  3. Labor relations

Page Ref: 229

Topic:  The Due Diligence Process

AACSB:  Analytic Skills

 

 

125) Review the key legal issues an entrepreneur needs to consider when evaluating an existing business.

Answer:  Business buyers face a myriad of legal pitfalls. The most significant legal issues involve liens, contract assignments, covenants not to compete, and ongoing legal liabilities.

Page Ref: 228

Topic:  The Due Diligence Process

 

126) What financial records should be examined when determining the financial soundness of a company and what should the entrepreneur look for in each?

Answer: 

∙     Income Statements and Balance Sheets for at Least Three Years. It is important to review data from several years prior; creative accounting techniques can distort financial data in any single year. Even though buyers are purchasing the future earnings of a business, they must remember that many business owners intentionally minimize profits to reduce their tax bills.

∙     Income Tax Returns for at Least Three Years. Comparing basic financial statements with tax returns can reveal discrepancies of which the buyer should be aware. Some small business owners "skim" from their businesses; they take money from sales without reporting it.

∙     Owner's and Family Compensation. Compensation to the owner is especially important in small companies; the smaller the company is, the more important the owner's compensation tends to be. Although many companies do not pay their owners what they are worth, others compensate their owners lavishly. Buyers must consider the impact of company benefits—company cars, insurance contracts, country club memberships, travel, and the like. It is important to adjust the company's income statements for the salary and benefits that the seller has paid himself or herself and others.

∙     Cash Flow. Before closing any deal, a buyer should convert the company's financial statements into a cash-flow forecast. This forecast must take into account not only existing debts and obligations but also any additional debts the buyer plans to take on. It should reflect any payments the buyer will make to the seller if the seller finances part of the purchase price. The critical question is: Can the company generate sufficient cash to be self-supporting under the new financial structure?

Page Ref: 230

Topic:  The Due Diligence Process

127) What guidelines should be kept in mind when deciding how to value a company?

Answer:  There are few hard-and-fast rules in establishing the value of a business, but the following guidelines can help.

∙     Compute a company's value using several techniques, review those values, and then choose the one that makes the most sense.

∙     The deal must be financially feasible for both parties to be viable. The seller must consider the price acceptable, but the buyer cannot pay an excessively high price that would require heavy borrowing and strain cash flows from the outset.

∙     The buyer should have access to business records.

∙     Valuations should be based on facts, not feelings.

∙     The two parties should deal with one another openly, honestly, and in good faith.

Page Ref: 213

Topic:  Methods for Determining the Value of a Business

AACSB:  Analytic Skills

 

128) How does one value a company using the balance sheet method? Why would an entrepreneur choose this method of valuation?

Answer:  The balance sheet method computes the book value of a company's net worth, or owner's equity (net worth _ assets _ liabilities) and uses this figure as the value.  A more realistic method for determining a company's value is to adjust the book value of net worth to reflect the actual market value. The values reported on a company's books may either overstate or understate the true value of assets and liabilities. Typical assets in a business sale include notes and accounts receivable, inventories, supplies, and fixtures. If a buyer purchases notes and accounts receivable, he or she should estimate the likelihood of their collection and adjust their value accordingly.

Page Ref: 214

Topic:  Methods for Determining the Value of a Business, Balance Sheet Method

AACSB:  Analytic Skills

129) Describe the earnings approach for valuing a company, outlining the calculation and the strengths and weaknesses of this technique.

Answer:  The earnings approach is more refined than the balance sheet method because it considers the future income potential of the business. It considers this key element: The buyer of an existing business is purchasing its future income potential.

∙     VARIATION 1: EXCESS-EARNINGS METHOD. This method combines both the value of the company's net worth and an estimate of its future earnings potential to determine the selling price for the business. One advantage of the excess-earnings method is that it offers an estimate of goodwill. The most common method of valuing a business is to compute its tangible net worth and then to add an often arbitrary adjustment for goodwill. A buyer should not blindly accept the seller's arbitrary adjustment for goodwill. It is likely to be inflated.

∙     VARIATION 2: CAPITALIZED EARNINGS APPROACH. Another earnings approach capitalizes expected net income to determine the value of a business. The buyer should prepare his or her own projected income statement and should ask the seller to prepare one also. Many appraisers use a five-year weighted average of past sales (with the greatest weights assigned to the most recent years) to estimate sales for the upcoming year.

∙     VARIATION 3: DISCOUNTED FUTURE EARNINGS APPROACH. This variation of the earnings approach assumes that a dollar earned in the future will be worth less than that same dollar today. The discounted future earnings approach requires a buyer to estimate the company's net income for several years into the future and then discount these future earnings back to their present value. The resulting present value is an estimate of the company's worth. The present value represents the cost of the buyers' giving up the opportunity to earn a reasonable rate of return by receiving income in the future instead of today.

Page Ref: 216-221

Topic:  Methods for Determining the Value of a Business, Earnings Approach

AACSB:  Analytic Skills

 

 

130) Explain the market approach to valuing a business.

Answer:  The market approach is also called the price/earnings approach because it uses the price/earnings ratios of similar businesses to establish the value of a company. The buyer must use businesses whose stocks are publicly traded in order to get a meaningful comparison.

Page Ref: 221

Topic:  The Market Approach

AACSB:  Analytic Skills

 

 

 

 

-----
Entrepreneurship: Starting and Operating A Small Business, 4th Edition, 2016, Steve Mariotti
Entrepreneurship: Successfully Launching New Ventures, 5th Edition, 2016, Bruce R. Barringer
Essentials of Entrepreneurship and Small Business Management, 8th Edition, 2016, Norman M. Scarborough
Fundamentals for Becoming a Successful Entrepreneur: From Business Idea to Launch and Management, 2016, Malin Brannback, Alan Carsrud
Entrepreneurship and Effective Small Business Management, 11th Edition, 2015, Norman M. Scarborough

------
PART 1: Decision to Become an Entrepreneur
1. Introduction to Entrepreneurship
PART 2: Developing Successful Business Ideas
3. Feasibility Analysis
4. Developing an Effective Business Model
5. Industry and Competitor Analysis
6. Writing a Business Plan
PART 3: Moving from an Idea to an Entrepreneurial Firm
7. Preparing the Proper Ethical and Legal Foundation
8. Assessing a New Venture’s Financial Strength and Viability
9. Building a New-Venture Team
10. Getting Financing or Funding
PART 4: Managing and Growing an Entrepreneurial Firm
11. Unique Marketing Issues
12. The Importance of Intellectual Property
13. Preparing for and Evaluating the Challenges of Growth
14. Strategies for Firm Growth
15. Franchising

------
PART I. STARTING THE PROCESS
Chapter 1. Why Plan?
PART II. WHAT TO DO BEFORE THE BUSINESS PLAN IS WRITTEN
Chapter 2. Developing and Screening Business Ideas
Chapter 3. Feasibiity Analysis
PART III. PREPARING A BUSINESS PLAN
Chapter 4. Introductory Material, Executive Summary, and Description of the Business
Chapter 5. Industry Analysis
Chapter 6. Market Analysis
Chapter 7. Marketing Plan
Chapter 8. Management Team and Company Structure
Chapter 9. Operations Plan and Product (or Service) Design and Development Plan
Chapter 10. Financial Projections
PART IV. PRESENTING THE BUSINESS PLAN
Chapter 11. Presenting the Plan with Confidence

------
BRIEF CONTENTS
UNIT 1 Entrepreneurial Pathways
Chapter 1 Entrepreneurs Recognize Opportunities
Chapter 2 Franchising
Chapter 3 Finding Opportunity in an Existing Business
Chapter 4 The Business Plan: Road Map to Success
Honest Tea Business Plan
Unit 1 Case Study: Spanx
UNIT 2 Who Are Your Customers?
Chapter 5 Creating Business from Opportunity
Chapter 6 Exploring Your Market
Unit 2 Case Study: Kitchen Arts & Letters, Inc.
UNIT 3 Integrated Marketing
Chapter 7 Developing the Right Marketing Mix and Plan
Chapter 8 Pricing and Credit Strategies
Chapter 9 Integrated Marketing Communications
Chapter 10 Marketing Globally
Chapter 11 Smart Selling and Effective Customer Service
Unit 3 Case Study: Empact
UNIT 4 Show Me the Money: Finding, Securing, and Managing It
Chapter 12 Understanding and Managing Start-Up, Fixed, and Variable Costs
Chapter 13 Using Financial Statements to Guide a Business
Chapter 14 Cash Flow and Taxes
Chapter 15 Financing Strategy: Debt, Equity, or Both?
Unit 4 Case Study: Lee’s Ice Cream
UNIT 5 Operating a Small Business Effectively
Chapter 16 Addressing Legal Issues and Managing Risk
Chapter 17 Operating for Success
Chapter 18 Location, Facilities, and Layout
Chapter 19 Human Resources and Management
Unit 5 Case Study: ONLC
UNIT 6 Leadership, Ethics, and Exits
Chapter 20 Leadership and Ethical Practices
Chapter 21 Franchising, Licensing, and Harvesting: Cashing in Your Brand
Unit 6 Case Study: Honest Tea
Appendix 1 Sample Student Business Plan: University Parent, Inc.
Appendix 2 BizBuilder Business Plan
Appendix 3 Resources for Entrepreneurs
Appendix 4 Useful Formulas and Equations
------
Section 1: The Rewards and Challenges of Entrepreneurship
1. Entrepreneurs: The Driving Force Behind Small Business
2. Ethics and Social Responsibility: Doing the Right Thing
3. Creativity and Innovation: Keys to Entrepreneurial Success
4. Strategic Management and the Entrepreneur
Section 2: Launching a Venture: Entry Strategies
5. Choosing a Form of Ownership
6. Franchising and the Entrepreneur
7. Buying an Existing Business
8. New Business Planning Process: Feasibility Analysis, Business Modeling, and Crafting a Winning Business Plan
Section 3: Building a Marketing Plan
9. Building a Bootstrap Marketing Plan
10. Creative Use of Advertising and Promotion
11. Pricing and Credit Strategies
12. Global Marketing Strategies
13. E-Commerce and Entrepreneurship
Section 4: Building a Financial Plan
14. Creating a Solid Financial Plan
15. Managing Cash Flow
16. Sources of Equity Financing
17. Sources of Debt Financing
Section 5: Building an Operating Plan
18. Location, Layout, and Physical Facilities
19. Supply Chain Management
20. Managing Inventory
21. Staffing and Leading a Growing Company
Section 6: Legal Aspects of Small Business: Succession, Ethics, and Government Regulation
22. Management Succession and Risk Management Strategies in the Family Business
23. The Legal Environment: Business Law and Government Regulation
------
Section I: The Challenge of Entrepreneurship 
1. The Foundations of Entrepreneurship
2. Ethics and Social Responsibility: Doing the Right Thing
3. Inside the Entrepreneurial Mind: From Ideas to Reality
Section II: The Entrepreneurial Journey Begins
4. Conducting a Feasibility Analysis and Designing a Business Model
5. Crafting a Business Plan and Building a Solid Strategic Plan
6. Forms of Business Ownership and Buying an Existing Business
7. Franchising and the Entrepreneur
Section III: Launching the Business
8. Building a Powerful Bootstrap Marketing Plan
9. E-commerce and the Entrepreneur
10. Pricing and Credit Strategies
11. Creating a Successful Financial Plan
12. Managing Cash Flow
Section IV: Putting the Business Plan to Work: Sources of Funds
13. Sources of Financing: Equity and Debt
14. Choosing the Right Location and Layout
15. Global Aspects of Entrepreneurship
16. Building a New Venture Team and Planning the Next Generation
------

 

ENTREPRENEURSHIP 2017 - NEW COLLECTION 2016 - 2017

1. Youtube Playlist: See the collection of videos - www.youtube.com/ecomftu2012

2. Download Power Point Slides Free

Entrepreneurship: Starting and Operating A Small Business, 4th Edition, 2016, Steve Mariotti - LINK
Entrepreneurship: Successfully Launching New Ventures, 5th Edition, 2016, Bruce R. Barringer  - LINK
Essentials of Entrepreneurship and Small Business Management, 8th Edition, 2016, Norman M. Scarborough - LINK
Fundamentals for Becoming a Successful Entrepreneur: From Business Idea to Launch and Management, 2016, Malin Brannback - LINK
Entrepreneurship and Effective Small Business Management, 11th Edition, 2015, Norman M. Scarborough - LINK

 

For Test Bankz, Quiz Answers and Case study Guides, email toThis email address is being protected from spambots. You need JavaScript enabled to view it.

Good Luck and Success, Enjoy Your Study !

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