High School

We appreciate your visit to 1 Based on the information provided what advice would you give this entrepreneur about buying a family run business Give three recommendations for an entrepreneur. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!

1. Based on the information provided, what advice would you give this entrepreneur about buying a family-run business? Give three recommendations for an entrepreneur in this situation.

2. Someone looking to buy a franchise needs to consider the brand's failure rate. For example, in 2012, the sandwich franchise Blimpie had a failure rate of 45 percent, while rival Subway had a failure rate of 9.13 percent. In other words, almost half of those who opened a Blimpie location failed, while only about 1 in 10 Subway franchises failed. Give three possible explanations for this difference.

3. Create an elevator speech (two to three sentences) that an entrepreneur who purchases an established business could use to encourage customers to continue to patronize the business.

4. How could a business demonstrate its core value of treating all employees well?

5. Complete the table below by determining the type of risk (natural, economic, or human) and whether or not it is insurable.

Answer :

Advice for buying a family-run business:

1. Conduct due diligence to thoroughly assess the financial, legal, and operational aspects of the business before purchasing.

2. Consider hiring a professional business broker or advisor to assist with the transaction and negotiations.

3. Develop a clear plan for how to integrate and manage the existing employees, including providing training and opportunities for advancement.

Possible explanations for different franchise failure rates:

1. Differences in the franchise business model, including the level of support and resources provided to franchisees.

2. Variations in market demand and competition in different geographic locations.

3. Variations in franchisee qualifications, experience, and management skills.

Elevator speech for an entrepreneur purchasing an established business:

"Welcome to our business! As the new owner, I'm committed to maintaining the same high-quality products and services you know and love, while also bringing new ideas and innovations to keep us ahead of the curve. We value your loyalty and look forward to continuing to serve you for years to come."

Demonstrating the core value of treating all employees well could involve:

1. Offering fair wages, benefits, and opportunities for career development and advancement.

2. Creating a positive and supportive work environment that fosters teamwork, communication, and respect.

3. Providing training and resources to promote employee health, safety, and wellbeing.

Type of Risk | Natural, Economic, or Human | Insurable (Yes or No)

--- | --- | ---

Fire damage to business property | Natural | Yes

Changes in consumer preferences | Economic | No

Employee theft | Human | Yes

Flood damage to business property | Natural | Yes

Shifts in market demand | Economic | No

Product liability lawsuits | Human | Yes

To read more about Negotiations click here

https://brainly.com/question/28461798

#SPJ11

Thanks for taking the time to read 1 Based on the information provided what advice would you give this entrepreneur about buying a family run business Give three recommendations for an entrepreneur. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!

Rewritten by : Barada