1. How you can determine the asset value or enterprise value; a typical buyers offering price.

BTF We Bring Buyers and Sellers Together

  Ken Roys 866 385-1900 or Ken.Roys@BTFmanagement.com  

 

A business is ONLY worth whatever a buyer is willing to pay for it. The big question is how is that price determined. There is a reason why each year more than 4 million profitable businesses are closed and not sold. Some owners will simply rather close their doors and sell the assets than turn over their life’s work to what they may term a thief and a rapist pretending to be a buyer. Why do some people have a pleasant experience and for others it seems to be an excursion through Dante’s multi leveled Hell? Why are most businesses that are sold merely sold for the assets? The main reason is when a buyer is usually found locally it is either a bargain hunter looking for a deal or a competitor looking for the same thing. Either way the results are disatrous for the selling owner.

 

Of the business that are sold why are so many sold to foreigners? I know of Solicitors (Lawyers) in Britain that promote home owners to mortgage their British house, purchase an American Business making the Brit an American Tax Payer (the USA is a tax haven compared to Britain). Then the entire family can legally emigrate to the US. The mortgage payments on the family’s UK home are tax deductable here but not so under Inland Revenue (Brit IRS) in the UK. They new owners pay everything off from the revenue of the purchased business and travel between the US and the UK with most everything a US tax deduction and an income stream generated from the business purchased from the equity in the family’s UK home. Why do you think so many small businesses and corner stores are run by foreigners newly emigrated to the US? Simple, the easiest way for anyone anywhere to legally emigrate into the USA is to purchase a business. But you cannot come here to start one from scratch you must purchase an existing viable business.

 

When over 80% of all businesses sold are sold to buyers that are more than 500 miles from the location of the business. Granted this includes 30% of that number who are foreiners that emigrate into the US but it still leaves us with a majority sold to buyers that are already here. Some want to get away from a city, others want to move into the city. Some are trying to escape the perpetual sun in search of the four season, others are plain fed up with shoveling snow in the winter. People who are moving their family want the right business for them. People that are local tend to have nothing to loose and pray on those who are desparate to sell.

 

How does a buyer and seller find each other. With much difficulty normally…That is why BTF was created over fifteen years ago. The BTF model has been very successful for both the seller and buyer for more than fifteen years. Assuming you want us to find the right buyers from whom you will choose your buyer, how do you know at what price you should sell your business?

 

So now how do YOU price your business? The price of all business fall into three main categories:

  1. Discounted Value…which is another way of saying Asset Value or Liquidation Value. Asset Value is the summation of the assets: 1 Cash & Accounts receivable; 2 Inventory; 3 FFE (Furniture, Fixtures and Equipment); 4 Real Estate. Please note that the inventory is at cost not retail; FFE is the replacement value in similar kind, age and condition. (i.e. a four year old forklift is valued at the replacement cost of a similar quality type used four year old forklift is in a similar condition. There is often a discount negotiated in the results. Sometimes the only value a buyer is willing to purchase is for nothing more than the negotiated value of a company phone number or a customer / client list to a competitor. Most unfortunately this is the way most businesses end up being sold although it is not what the owners originally intended.
  2. Current Value…which is another way of saying Enterprise Value. This is the Asset Value plus Cash Flow Value. The Enterprise Value is the Asset Value + Gross Sales ÷ 12 = Net Monthly Revenue x your industry factor (choose the multiplier from chart on the next page and multiply that factor times your net monthly revenue. The Factor is based on the first two digits of your specific SIC Code (can be found on last years Texas Resale Certificate) = value of business cash flow, which is then added to the asset value. This is the next most common value for which businesses are sold. The value of assets and cashflow with minimal or no goodwill nor future growth potential calculated into the formula.
  3. Fair Market Value…which is what every seller wants but usually never receives for one simple reason. The seller cannot justify the price they are asking with any 3rd party documentation. The buyer will not purchase goodwill and future and/or growth value simply because the SELLER says “Mr. Buyer, take my word for it this business is a great deal at the price!” The buyer will purchase what can be justified and with a lack of any other professional documentation the buyer will use the tax return which show any business in THE WORST possible maner. The better your CPA is at his/her job the worse your business looks to a potential buyer. A Fair Market Value price range is usually only effective and believeable when calculated by an Appraiser that is a third party professional with a license to loose and not an owner or anyone with a stake in the business

 

You have the two basic formulas for Asset Value and Enterprise Value. Your business is just that…YOURS! We do not dictate

any price for you to sell your business. Some owners are desparate, such as those with medical emergencies like terminal illness for example and will sell at a low Asset Value, others will sell for the top of the Enterprise Value range. Still others wish to sell for full Fair Market Value. We do not require any documentation other than a tax reurn or if and only if you so choose to sell at a higher value justified with some sort of third party documentation. The business must be a viable business as determined by me, Ken Roys, the BTF Certified Field Representative. Which is why I must visit your place of business before you can become a client!  

 

 

 

 

SIC Code

Common Multiples Chart

Low

Medium

High

15

Building Construction, General Contractors, Builders

2.00

3.50

4.50

17

Construction Special Trade Contractors

2.50

4.50

5.50

20

Food, Kindred Food Products - Meat, Dairy Food Processing & Packaging

3.75

7.00

9.00

21

Tobacco Products

3.75

7.00

9.00

22

Textile Mills

3.50

6.00

7.00

23

Apparel & Other Finished Fabric & Similar Materials Products

3.50

6.00

7.00

24

Lumber & Fixtures

3.00

5.00

6.50

25

Furniture & Fixtures

2.50

4.50

5.00

26

Paper and Allied Products

4.50

6.00

8.00

27

Printing, Publishing & Allied Industries Manufacturing

4.75

7.00

8.75

28

Chemicals & Allied Products Manufacturing

3.25

6.00

7.50

29

Petroleum, Refining & Related Industries

8.50

9.50

10.25

30

Rubber & Miscellaneous Plastics Products

4.25

6.75

9.25

31

Leather & Leather Products

5.00

6.00

7.00

32

Stone, Clay Glass & Concrete Products

3.25

5.50

6.00

33

Primary Metal Industries

3.50

5.75

8.00

34

Fabricated Metal Products

4.00

6.50

8.25

35

Industrial & Commercial Machinery & Computer Equipment

4.50

8.25

10.50

50

Wholesale Trade - Durable Goods

2.00

4.00

5.25

52

Building Material, Hardware, Garden Supply & Mobile Home Dealers

1.75

3.25

4.25

53

General Merchandise - Retail

1.00

2.00

3.00

54

Food Stores - Retail

2.00

3.50

4.50

55

Automotive Dealers & Gas Service Stations

1.00

2.00

2.50

56

Apparel & Accessory Stores - Specialties

2.00

3.50

4.50

57

Home Furniture, Furnishings & Equipment Store

2.00

3.50

4.00

58

Eating & Drinking Places

3.00

5.00

5.50

72

Personal Services

4.50

7.00

9.00

73

Business Services

3.50

6.00

7.50

75

Automotive Repairs, Services & Parking

3.50

5.50

6.50

76

Miscellaneous Repair Services

5.00

6.00

7.00

 


2. Meeting Agenda if and when we meet. Duration: one or two hours.

BTF We Bring Buyers and Sellers Together

Ken Roys 866 385-1900 or Ken.Roys@BTFmanagement.com

I will gladly schedule an appointment with the business owners that meet these three simple parameters: 

 

1.                   VIABLE BUSINESS: It doesn't matter if you are losing money, will a buyer  believe he/she can make it profitable. The business is only a portion of the sale. The Buyer is also buying a business defined by who you are and what you had done. If you do not like the buyer or visa-versa then no deal will be effected.

2.                   DECISIVE: Are you really ready to sell in your mind! A buyer / investor will not make a serious offer if they believe you may change your mind and back out of the sale during the process. If you are not capable or able to decide and commit to sell, then wait until you are capable and able to make that decision.

3.                   NOW: The buyer has money and will buy / invest in a business now, if not yours then some other business. Buyers / Investors have choices. The process will take some time but YOU must be committed to the process now knowing it could take a few weeks to a few years before you decide on the right buyer.

 

Introduction

 

Brief introduction of all decision makers of the two parties:

1.         The Owners or Directors of the Shareholders and all germane decision makers and / or mentors representing your business. 

2.         Ken Roys, a Certified Field Consultant who has an extensive background of experiences in the M&A Industry

 

Paperwork Signed

 

We will quickly review the questionnaire that you received in the e-mail/fax and filled out prior to our meeting. I will sign the Confidentiality Agreement and any Non-Disclosure Agreements that you may have. 

 

Facilities Tour & Photos

 

Another thing on the agenda is a tour of your business. If I am to be introduced any employees it is simply as a consultant. I will take photos of your business with my camera. I am also interested in any copies of brochures or company advertising that you might have for your portfolio.

 

Private Meeting, Options & Alternatives

 

From this point on, the meeting must be conducted and discussed in total privacy. If your place of business is not private enough then you are best served to continue at your home. All options and alternatives that are available to you will be discussed.

 

Review Your Collection of Data for a Business Valuation Analysis

 

Next, we review what your Business is worth to a buyer / investor using several different methods for a realistic but general ball park figure. The basics are done by you prior to our meeting. We review the options by you to the basic methods that a buyer may use. A Credentialed Valuation and Pro-Forma Future Business Analysis would require more data, time and a credentialed professional analyst and Appraiser. 

 

BTF

 

What BTF does and how they do it and have done so for fifteen plus years. BTF Advertising costs for 36 months versus your other options. BTF Valuation options versus competition versus not going that route

 

Decision Commitment

 

A decision will be made as to what you wish to do about the disposition of your business. If you cannot make a decision then it is made for you as buyers will only deal with a decisive seller. Since I only meet with owners who are committed to effect a sale of their business either completely or partially, if what BTF does makes sense then we sign an agreement. If it doesn’t make sense today it will not make sense tomorrow. We either have a match to do business or we do not.  


3.  Basic info on: BTF exactly what we do for our clients and how we do it

 

BTF We Bring Buyers and Sellers Together

  Ken Roys 866 385-1900 or Ken.Roys@BTFmanagement.com  

 

Business owners know how to negotiate or they would not survive in their business. There are only three major components for a business owner to sell their business once they have committed themselves to.actually sell 

 

  1. Decide to sell either partially for expansion and growth OR completely as in retirement.
  2. Discretely find a few buyers that could possibly meet the sellers price, terms and conditions without employees, vendors, competitors or clients know that the business is for sale
  3. Negotiate amongst the few true candidates to select the best deal for you and where the transaction has been deemed acceptable by your CPA and transaction lawyer as terms that are favorable to your best interests. 

 

BTF Management Consultants Inc. represents a large group of qualified buyers and investors. In addition to our base of  of qualified buyers / investors currently looking to invest in a business, we qualify hundreds of new buyers / investors. This is done through an aggressive, confidential, Internet advertising campaign. My role is to meet with serious minded and motivated business owners such as yourself and to physically inspect their business on behalf of our buyers / investors.  

 

  1. We are not Business Brokers, we are matchmakers that introduce serious sellers of viable businesses to qualified buyers that have expressed interest in the seller’s business. We do not negotiate the transaction, the seller does that or you may engage the servuices of a business broker.
  2. We bring Buyers and Sellers together through a massive advertising campaign using the economies of scale, which results with a total cost far bellow the services of a Business Broker. Brokers typically charge 10% of the sales price, our fees are a small fraction usually less than 2%.of the sales price. Yet you receive an advertising campaign that has a value of millions of dollars. Because of the economies of scale we can advertise for thousands of owners resulting in an owner receiving an international advertising campaign a a cost less than would normally spent on local advertising. BTF provides professional filtering of all potentetial buyers that respond whom we all know the majority want to steal the business or have no money. We only send qualified buyers that met your basic standards for the sale: type of business, location, price, terms and conditions.
  3. We work with our clients for three years (18 months + 9 months + 9 months = 36 months). If you have not sold byour business in three years with ads circulated in over 80 countries and all of our internet advertising and search engine propriatary placement then something is seriously wrong about your business or how you negotiate the sale. This is why we review your process at the 18th month stage for a possible revision.
  4. When a qualified buyer / investor expresses interest and receive details on your business, you are also sent the detailed contact information on the buyer / investor.
  5. If you have a Business Broker we will work with them and we will continue to provide qualified buyers for the Business Broker to negotiate the sale of your business. Business brokers cost typically ten percent of the sale price, our costs are typically only a few percent of gross annual sales which is usually less than the sales price. Our 100% Satisfaction guarantee fee is paid at the close of escrow would come out of the Business Brokers 10% fee.
  6. If  you want a Business Broker I can suggest several, but most small business owners are quite capable of effecting the negotiations themselves without a broker. You will want your CPA and Lawyer to review your escrow closing documents before you close escrow, which any Business Broker would recommend that you do anyway. If you decide you want a Business Broker you may acquire one later or at any time prior to the close of escrow.

 

We advertise globally in the internet for 36 months. In the past we have averaged over 80% success ratio at matching buyers and sellers During just a three month period our database of businesses that are for sale, we: 

  • We also have top priority advertised internet search engine placement on enquiries of businesses for sale with top search engines. Pleas type "buy a business" in any three of the following search engines:
  • AOL; Yahoo, Google, AltaVista, Netscape, MSN, Earthlink, Excite, Looksmart, Ask Jeeves, Alltheweb, SympaticoCA

The results of any of those searches we will typically show up on page one in the first five paid advertising results in anywhere from 50 to over 200 million possible results for "buy a business". 

 

If you require we will help you with an American Society of Appraisers Professional Valuation, and/or a professional pro-forma enhancement on your business' potential growth for a potentially higher sales price justification.

 

Basic Statistics on Businesses for Sale 

 

  • Almost 60% of businesses for sale end up closing down and the assets liquidated because a qualified buyer was not found
  • Over 30% of all businesses sold are sold to foreigners
  • Over 80% of all businesses sold are sold to a buyer that is more than 500 miles from the location of the business
  • Buyers want a specific business type with a decisive seller that will sell now and is willing to negotiate in earnest
  • Sales of businesses between fall into three price ranges:
    1. asset sale, sold for the assets value, basically a deep discounted price due to the fact for whatever reason the seller is desparate to sell at any price.
    2. enterprise sale, assets value plus cash flow value based on tax return reporting or some other form of justification that the buyer is willing to accept, minimal  or no goodwill, 
    3. fair market value sale, goodwill, current and future potential cash flow based on some form of justification that the buyer is willing to accept usually a valuation or future pro-forma

 

Please note: BTF does not tell the seller at what price their business sould be sold.. Notwithstanding, whatever price you do come up with will have to be justified in the eyes and mind of a buyer or they will not pay your price. Price can easily be justified by a tax return.. However if the business is to be sold a a greater price than what a tax return justifies i.e. start-up businesses have no tax returns normally. They are justified in other ways that show and verify future cash flow potential. Example: In 1997 Star Furniture was bought by billionaire Warren Buffett's Berkshire Hathaway. Founded in 1912, furniture retailer Star Furniture NOW operates 10 stores in the state of Texas. Warren Buffet did not buy the company because of Star Furniture’s 1997 current cash flow but by the growth potential that had been untapped by CEO Melvyn "Mel" Lee Wolff in 1997 due to financial cash flow restraints. Warren Buffet paid $5 million more than the asking price if Mel would stay and run the company properly financed. Today Star Furniture is many times the size it was in 1997. Buying a stock on the Stock Market is buying ownership of a company with the same circumstances present. Most sellers sell because they can no longer expect the stock to go up yet buyers are buying because that is exactly what they expect or they would not buy. Most buyers of small businesses will not buy to do exactly what you are doing. They expect to do better than you did. Foreigners and only a handful of Americans will expect to do what you are doing. What a buyer is willing to pay is based 100% on how the buyer feels they can justify the price paid against future earnings realized.

 

BTF’s buyers are pre-qualified to meet the above listed characteristics prior to ANY introductions to any of our sellers.  Therefore, you as the seller of your business would only be negotiating with qualified buyers who are looking for the type of business you have, in the location you have your business, who are willing to purchase a business under the terms and conditions you want to sell, and these buyers have the money with which to purchase your business. 

 

Guarantee

We guarantee in our agreement: 

           

1.   To advertise for buyers in Electronic / Digital Non-Print Media i.e. Internet Search Engine Priority Placement Advertising.

2.   Forward your professionally designed portfolios to interested parties and provide follow-up with qualified buyers

3.   Notify you of every buyer receiving your portfolio

 

And, we will do so until……your business is SOLD!... Or for up to 3 years, whichever comes first!... Or if you withdraw your business from the market… Or if you sell your business to anyone... your buyer or ours…

Contact: Ken Roys , Office & Mobile 866-385-1900 & 281-948-5334 or Ken.Roys@BTFmanagement.com  


4. Business For Sale 101: Where Do I Begin?

 A 2001 study found that the more successful the company, the more likely its owner wants a valuation. While only 39% of firms with 1 - 4 employees planned to get an appraisal, 70% of firms with 50 - 99 employees planned to. Does this statistic prove why 3 out of 4 small businesses sell at a liquidated value?

If you were to sell your business today, how much would it bring? Understandably, that’s not a simple question in today’s dynamic market. Every business is unique. Which means it’s not enough to rely on comparisons with other businesses in your area. And clearly pricing your business is a tricky matter. For example, according to a well-known source for business transaction data, Pratt’s Stats, recent revenue multiples for firms in the auto parts industry ranged from a low of .98 to a high of 83 with a median of 2.9. If you were valuing your firm for sale and your annual revenue were $100,000, then the value of your business could be as low as $98,000, as high as $830,000, or somewhere in between. Where your firm lies along this continuum is obviously of the utmost importance and can only be determined by a valuation approach that incorporates academically validated methods with industry-specific valuation factors. The first step for any seller is to have a third party business valuation completed on the business. Make sure you are dealing with a credible individual or firm that is accredited through The American Society of Appraisers.

THIRD PARTY VALUATIONS - Preparing the business for financial negotiations

Many small to medium size business owners don’t know where to begin. There may be too many assets to value, too many changes within their industry during years of operation, or their emotional attachment may bring a distorted view. That’s where an independent business appraiser is a necessity. There are numerous certified public accountants, valuation firms, and investment banking companies that specialize in this area. The cost: Between $3,500 - $45,000 depending on your business. Time to complete: one to two months. The American Society of Appraisers, based in Washington , D.C. can provide names of business appraisers accredited through the trade group. Make sure the valuation firm you choose is accredited. Three out of four small businesses sell well below fair market value and/or at a liquidated price because the owners did not know how to value their business and were not given proper advice by their intermediary to make a small investment into a Business Valuation to defend the highest price possible. In most cases, a business is the largest asset an individual owns, so to leave money on the table makes no sense.  

CHALLENGES

Confidentiality - Confidentiality should be considered when preparing your business for the market. If the general public knows you are for sale you can lose value overnight. Do you think your local competitors will take advantage of the situation? Of course they will. Clients might start looking at taking their business elsewhere. Employees might not feel secure and start exploring other employment opportunities. If you have operating lines of credit, a banker’s mentality can change very quickly if they know you are for sale. The list goes on and on. Confidentiality should be very important through this process.

Exposure to Qualified Buyers - How do you get exposure to qualified buyers while maintaining confidentiality? Is there a qualified buyer in your local market? Don’t limit your search for a buyer to your local market. There may be a buyer(s) several states away that are willing to pay you more. If you called your local competitor, do you think they would pay you a fair price? They are very likely to not put any goodwill value on your business. Define how and where to confidentially advertise to find that right synergistic buyer. Is your buyer an individual, corporation or investor?

FINDING BUYERS & SELLERS - What are the industry options?

DO NOTHING -This can be one of the most expensive ways to go. How many times has a potential buyer just walked in to your business with checkbook in hand? It is very unlikely for this to happen...

LIQUIDATE -Shut your doors and sell off your assets. This will typically net you pennies on the dollar and will not pay you anything for the goodwill value of the business. This is usually a desperate last resort...

SELL THE BUSINESS ON YOUR OWN -Preparation, documentation, valuation, advertising, confidentiality, screening buyers, legal contracts, etc. These should all be considered along with the most important component, negotiating the deal...

INTERMEDIARIES -Business opportunity intermediaries are usually the best source of information both on companies for sale and on buyers seeking acquisition opportunities. Intermediaries come with varying levels of skill and experience. Generally, they can be classified into four groups: (1) Business Brokers, (2) Investment Bankers, (3) Merger & Acquisition Specialists and (4) Buyer/Seller Network Consulting Firms. The lines of distinction between these groups may blur, but in generally their specialties are:

Business Brokers - Business Brokers primarily handle small businesses, such as Laundromats and dry cleaning stores. The broker need not have extensive knowledge about the business being sold or have creative techniques for financing the transaction. Seller financing is prevalent with small business transactions. Confidentiality can be a factor due to the focus for a buyer is usually within the local market. Brokers fees can range between 10% -19% and are usually contingent on the sale of the business although the seller will be responsible for paying for their business valuation and any outside advertising if they want to seek a buyer outside their local market. Brokers typically look for the buyer in the sellers local market.

Investment Bankers - Investment Bankers handle the largest transactions, such as megabuck turnovers or mergers of large public corporations. They have their own sources of financing, but generally do not have expertise in specific industries. These firms usually focus worldwide for the right buyer, not just in the local market. They are dealing in the multi-million dollar range.

Merger & Acquisition Specialists - M&A firms typically handle in-between companies, those with sales of $150 million. These firms services are similar to those of investment bankers except they help obtain outside financing rather than provide the financing themselves. A good M&A specialist will have a proprietary database of potential buyers for most companies. These firms usually focus worldwide for the right buyer, not just in the local market.

Buyer / Seller Network Consulting Firms - Growing in popularity are consulting firms that specialize in helping “business for sale by owner” find the right buyer. Typically, an exclusive network is created to help buyers find viable, synergistic acquisitions. Most of these networks focus on small to medium size businesses. Although these firms act as Business Brokers, they take more of the Investment Banker and Merger & Acquisition firm’s role. Typically, these are non-broker entities that provide an array of services from business consulting, strategic planning, business analysis, business valuations, advertising & marketing, qualifying both buyer and seller and then matching buyers and seller together. The larger firms even help the buyer with financing, if needed through outside finance sources. These firms usually focus worldwide for the right buyer, not just in the local market. Most have a large existing buyer base with new buyers contracting with them everyday due to the extensive advertising placed seeking buyers.

Most business opportunity intermediaries are compensated for their services with contingent fees that range from 1 percent of the purchase price on very large deals to 12% or more on smaller deals. Investment Bankers, Merger & Acquisition Firms & Network Consulting Firms often will receive a small portion of the fee as a retainer, paid on either a flat or hourly basis. In exchange, the intermediary performs very tangible services, such as aggressively seeking synergistic buyers through direct contact and/or advertising, preparing an offering document and contracting a credible third party valuation company to perform an independent business valuation. Business brokers typically receive no retainer but only the success fee when the acquisition is completed but they are not obligated to perform an accredited business valuation or perform any search work for the buyer.  

A good intermediary performs a number of functions, including (1) establishing a range of values for the company, (2) helping the owner set the financial terms and other conditions, (3) contracting and conducting a third party valuation, (4) compiling a comprehensive offering document, (5) professionally marketing the company, (6) screening of potential buyers, (7) assisting the seller with other professional services such as attorneys, accountants & accredited valuation firms, (8) maintaining confidentiality by preventing customers, competitors, suppliers, employees and others from knowing the company is for sale. Above all, a good intermediary can save a client a great deal of time and effort, whether buying or selling a business. Only experienced intermediaries should be selected.  

SUMMARY  

Selling a business is not an event, it's a process. There is no right or wrong direction to take. The first step is to prepare the business for sale, documenting the past and future performance of the company. Your business is worth what a qualified buyer is willing to pay and the only way to present it in the best possible light is with a credible third party valuation. A valuation should be completed before any other step unless you are only interested in liquidating your assets and are not interested in the fair market value of your business.

Footnotes: (Certain statistics and information pertaining to this article were compiled from):

ü       U.S. Small Business Association (SBA) -HOW TO BUY OR SELL A BUSINESS -The SBA does not necessarily constitute an endorsement of the views and opinions of the authors or the products and services of the companies with which they are affiliated.

ü       The Five Myths of Valuing a Private Business- Dr. Stanley J. Feldman, Associate Professor of Finance, Bentley College .

 Contact: Ken Roys , Office & Mobile 866-385-1900 & 281-948-5334 or Ken.Roys@BTFmanagement.com  


5. BTFmanagement.com: What should a business valuation really cost?

 

The price should be driven by the purpose of the appraisal, the appraiser’s professional standards, and the appraiser's overhead.

 

Like any other professional service, such as legal services, medical care, financial advisory services, or accounting services, the price of appraisal services to the ultimate user should always be one consideration in selecting the professional or professional firm. However, it's usually not appropriate to shop for the lowest priced vendor, or to use competitive bidding to obtain the lowest price. The heart patient, whose life may depend on the skill and judgment of his surgeon, wouldn't be smart to put his surgery out to bid. Similarly, the client whose financial fortunes may rely on the quality of work or the effectiveness of testimony by his valuation expert should probably not make a decision on hiring an appraiser based primarily on lowest fees.

 

Beware of Low-Cost, Low- Wisdom Appraisals -Your Financial Life May Depend on It!

In business appraisal, the low-end software-driven product should be approached with caution. In general these products are designed to give quick, and not necessarily accurate answers to price shoppers, and by design deny the client the expertise of the appraiser's many years of valuation wisdom. Often these are done by part-time appraisers, or are loss-leaders intended to lure clients into more expensive consulting agreements. Users should beware of any appraiser who is willing to render an opinion of value without a site visit, personal interview, and hands-on inspection of the company's financial and administrative records.

 

That said, the relationship between quality of services and fees is not linear: there are factors unrelated to the quality of the services that affect the fees demanded for them. For example, the basic amount of work the appraiser has to perform for an appraisal is driven by the professional standards he must follow in conducting the appraisal. The emergence of the Uniform Standards of Professional Appraisal Practice (USP AP) as the controlling rules for appraisal engagements has increased the amount of work appraisers must do, even for simple appraisal assignments.

 

The largest single driver of appraisal cost though, is the purpose to which the client desires to put the appraisal result. Appraisals for use as informal pricing guides for sellers or buyers require the least amount of work on the continuum of effort, and appraisals done for use in contentious litigation probably require the most effort. In between these extremes are appraisals for other purposes, such as buy/sell agreements, partnership agreements, estate planning, asset allocation, etc.

 

Preliminary Analyses, Value Studies -$3,000 to $10,000.

These kinds of less-than-comprehensive valuation efforts can be well-suited for situations where a client needs a ball-park estimate of value, perhaps as a starting point for sales negotiations, or to achieve a better understanding of the value drivers in his company. Often this type of assignment is begun with a Value Study to identify the value drivers of the subject business entity, and followed-on with consulting over a period of time to prepare the business and the owner for subsequent sale. Where we are involved in negotiation, packaging, or presentation of the business entity there may also be a success fee payable to our firm.

 

Limited Partnership Appraisals -Value ill Real Property Assets Only -Discount Study -$3,000 to $10,000.

The typical setting for this kind of appraisal is a Family Partnership forn1ed to protect real property assets from estate taxation. Usually the partnership has no income distributions to the limited partners, and all of the profit is paid to the General Partner. The value of the entity is based on its assets, and the values of the real property assets are provided to us by the real estate appraiser. Our assignment is to estimate the value of small minority limited partnership holdings in the entity, and to assign marketability and minority discounts from the enterprise value, if applicable. These projects typically involve only a summary report.

 

Comprehensive Appraisal -Summary Report -$7,500- $35,000.

This is the most common type of assignment, and calls for the application of a full complement of appraisal procedures. This is the type of engagement suitable for most kinds of litigation, including family law, partnership disputes, shareholder oppression litigation, forced buy-outs, business torts, contract disputes, etc. The chief reason that appraisal engagements for litigation cost more is because the analysis and reporting must be performed to a standard of thoroughness that will allow them to survive rigorous cross-examination by opposing counsel. This takes time and costs money, just as all of the other components of litigation. The appraisal is not the place to cut corners.

 

All of these pricing guidelines are predicated on the availability of good bookkeeping and accounting records. Generally, the appraiser cannot commence the engagement until there are good financial statements (income statements and balance sheets) available. These need not be uncontested, of course, but where the income of the entity or the values of the assets are in question, the appraiser must be given an instruction as to what assumptions to use in his appraisal.

 

 Contact: Ken Roys , Office & Mobile 866-385-1900 & 281-948-5334 or Ken.Roys@BTFmanagement.com  

 

6.  Questionnaire

BTF New Client Questionnaire

In an effort to help us better understand your business please answer the following questions with honesty and candour.  Copy and print pages 9-13, Fax or Email to BTF at 713-983-7904 / Ken.Roys@btfmanagement.com

Business Name: _____________________________________________________________________

 

Address: ____________________________________________________________________________

 

City: ____________________________________________  State: _____________  Zip: ____________

1.       Are you the only owner(s) of this business?                                                          Yes: ______  No: _____

2.       How many employees does the business currently have?                                Full Time: _______ Part Time: ______

3.       You are going to make some decisions today regarding the direction to take to attract a qualified buyer to your business. Do you want to include anyone else in these discussions to help you make a decision about what you are going to do with your business?                                                                                                                                             Yes: _____    No: _____

4.       Do you sincerely desire to sell/attract investors for the business now?          Yes: _____    No: _____         

5.       On a scale of 1 to 10 with a 1 being low & 10 high, what is your priority at the right price?                           __________

6.       What is the primary reason(s) why you want to sell the business now?                                                                                                          Retirement: _____       Health: ____      Burn-Out: ____      Family: _____     Expansion: _____     Other: _____

7.       In the plan for marketing your business, what type of sale/price are you seeking?                                                                                               Liquidation / Asset Value: ______     Enterprise Value (Asset and Cash Flow): ______      Fair Market Value (includes Goodwill): _____

8.       Here is the seriousness question again, and let me tell you why that is so important. If you are not serious about selling your business, BTF does not need to be spending any money on you, in fact, if you are not totally dedicated to selling your business or finding investors neither party need to be spending money. Now, if you had a buyer/investor right now who was willing to give you the money you needed, is there any reason that could stop you from moving forward and closing the transaction?                                                                                                                                                                                          Yes: _____  No: _____

9.       Does the business generate a sufficient cash flow to handle any unforeseen expenses not planned for?                                                                                                                                                                                                    Yes: _____  No: _____

10.    How long ago did you decide to attract a buyer/investor?                                   __________________

11.    Would you consider financing any part of the sale of the business?                Yes: _____  No: _____

12.    What have you done to attract potential investors to come look at the business?                                                                                                 Ran ads: __   listed with realtor/broker: __   talked locally: __   discussed in industry: __   other: __

13.    Is it important to keep this offer confidential from local people to prevent rumours and curiosity seekers?                                                                                                                                                                                    Yes: _____  No: _____                                                                                                                              

I certify the above answers are an accurate representation of my desire and I am signing this document in the presence of a certified representative of Great Western Business Services, LLC. In addition, I understand that my name and business information will not be used in conjunction with obtaining new clients for Great Western Business Services, LLC.

________________________                        BTF Field Consultant                                          ____________________

Ken Roys,                                                             Title                                                                       Date

 

________________________                        ____________________                                 ____________________

Client                                                                     Title                                                                        Date

 

 

 

7. Confidentiality Agreement

 

 

BTF

Confidentiality Agreement

 

AGREEMENT and acknowledgement between BTF Management Consultants Inc. (BTF) and

 

_______________________________________________________________________________ (the Client)

 

Whereas, the Client agrees to furnish BTF with certain confidential information relating to the affairs of the Client business operations for purposes of:

 

Business Valuation and/or Marketing Plan, and

 

Whereas, BTF agrees to review, examine, inspect or obtain such information only for the purposes described above, and to otherwise hold such information, including client identity, confidential pursuant to the terms of this agreement,

 

BE IT KNOWN, that the Client has or shall furnish to BTF certain confidential information and may further allow BTF the right to inspect the financial records of the Client business operations, all on the following conditions:

 

  1. BTF agrees to hold all confidential or proprietary information or trade secrets in trust and confidence and agrees that it shall be used only for the contemplated purpose, shall not be used for any other purpose or disclosed to any third party except in conjunction with the purpose(s) described above.

 

  1. All copies made or retained of any written information supplied shall not be used for any other purpose or disclosed to any third party except in conjunction with the purpose(s) described above.

 

  1. At the conclusion of today's discussions and upon demand by the Client all information including written notes, photographs, memoranda or notes taken may be returned to the Client.

 

  1. This information shall not be disclosed to any employee or third party except in conjunction with the purpose(s) described above.

 

 

__________________________________________________                    _______________________

Ken Roys, BTF Field Consultant                                                        Date

 

__________________________________________________                    _______________________

Client                                                                                                               Title

 

__________________________________________________                    _______________________

Business                                                                                                          Date

 

Contact: Ken Roys , Office & Mobile 866-385-1900 & 281-948-5334 or Ken.Roys@BTFmanagement.com  

 


8. Client Summary – Copy from which our editors compile the synopsis of your business in the database on the Internet.  The better this is filled out the better the data on your business in the database. The resulting database summary may be altered at any time.

 

CLIENT SUMMARY

CONTACT INFORMATION

 

Please PRINT the exact information, as it should appear on the portfolio. The purpose of this information is to prepare a summary on your business. Do not list confidential addresses or phone numbers.

 

Business Name: ___________________________________________________________________________

Owner(s) Name: Mr/Mrs/Ms__________________________Mr/Mrs/Ms____________________________

Mailing Address: __________________________________________________________________________

City: __________________________________________________State:__________Zip:________________

Contact Phone: (_____) ____________________________Email Address: ___________________________

Confidential Cell: (_____) __________________________ Fax # ___________________________________

 

PRIMARY BUSINESS ACTIVITY

Please describe Products and/or Services by Percentage of Revenue % of Sales

1. ____________________________________________________________________________________________

2. ____________________________________________________________________________________________

3. ____________________________________________________________________________________________

4. ____________________________________________________________________________________________

Is the business primarily in retail, wholesale or both: _____Retail _____Wholesale _____Both

Primary business Code on Tax Returns: _____________________________________________

Primary SIC Codes (if applicable): ___________________________________________

GENERAL INFORMATION

Founded: ______________________________Current Ownership Started: ________________________

Incorporation: _______C-Corporation _______S-Corporation _______LLC/LLP _______Sole Proprietor

State Incorporated: ________________________________ Is Corp. in Good Standing _____Yes _____No

Owner-Operated Business? _____Yes _____No Number of Employees: _____Full-time _____Part-time

Days of Operation: _____________________________________________________________________

Specific Reason for Selling: ______________________________________________________________

Is the business currently listed with a Business Broker and/or Real Estate Agent? _____Yes _____No

Is a license required to operate the business? _____Yes _____No (If yes, describe license needed)

Do you or the company hold any special patents, trademarks or copyrights? _____Yes _____No

(If yes, please describe and attach a copy.)

Are you an authorized dealer of any of the products you sell or service? _____Yes _____No

(If yes, please describe____________________________________________________________________________________

Is the business a “hands on” operation or can an absentee owner run the business?

_____ “Hands On” _____Absentee

Are you willing to stay on after the sale through a reasonable transition period? _____Yes _____No

Is there any Pending Litigation: _____Yes _____No (If yes, please describe)

Would you consider some owner financing? _____Yes _____No

Do you have a website? http://____________________________________________________________

Is the business a Franchise and/or License? _____Yes _____No

MANAGEMENT TEAM

Do you have a management team in place?______YES ______No Will They stay On?_____Yes______No

Who are your key managers?___________,___________,__________,___________,____________,_________

Are your key managers replaceable? Individually rate them on a scale of 1-5 with a 5 being not replaceable

Key manager #1______________________ functional responsibilities:_________________________________,

Length of tenure in the industry_____                Years, Key Managers title____________________.

Key manager #2______________________ functional responsibilities:_________________________________,

Length of tenure in the industry_____                Years, Key Managers title____________________.

Key manager #3______________________ functional responsibilities:_________________________________,

Length of tenure in the industry_____                Years, Key Managers title____________________.

Key manager#4______________________ functional responsibilities:_________________________________,

Length of tenure in the industry_____                Years, Key Managers title____________________.

Key manager #5______________________ functional responsibilities:_________________________________,

Length of tenure in the industry_____                Years, Key Managers title____________________.

BUILDING & LAND

The building and land is: _____Owned/Included in the sale _____Leased _____Owned with option to be leased or sold _____Home Based Business (If leased, describe remaining term of lease and transferability)

How many buildings are included? _____ Total Square Footage: _____________________________________

The building(s) is: _____1 level _____2 levels _____3 levels _____More than 3 levels

Approximate acreage and/or square footage of your lot? ____________________________________________

If home based, is the residence included in the sale? _____Yes _____No (If yes, give description of residence)

How many locations do you operate? _____ (Please list additional locations)

What year was your building built? __________The overall condition of my facility is: _____New _____Recently remodeled _____In good overall condition _____Needs some work

Can the building be expanded at the current site? _____Yes _____No

Can this business be relocated? _____Yes _____No

Please describe additional features about property and improvements: _________________________________

_________________________________________________________________________________________

Street Location: __Interstate;     __State Hwy.;    __County Rd.;     __City Street;     __Downtown;     __Residential  

Are you in a high traffic location with good visibility? _____Yes _____No _____Somewhat

AREA REPORT

City: ______________________________________State _____County_______________________________

Population of City: _________________________Population of County: ______________________________

Which region of the State is the city located? (Circle One)  NE     N     NW     S     W     SW     SE     E     Central

The City is located ___________miles from _______________________which is the nearest major city.

The city provides the following schools: _____Preschool ______Elementary _____High School

_____Jr. College _____4 year college _____Major University

The Economy in this area is based mostly on: (Check all that apply)

_____Agriculture _____Manufacturing _____Tourism ______Other _________________________________

Area Features and Points of Interest: ___________________________________________________________

BUSINESS SUMMARY  List all relevant information that would be an interest to a potential buyer:

__________________________________________________________________________________________

__________________________________________________________________________________________

__________________________________________________________________________________________

__________________________________________________________________________________________

Expansion or growth could be obtained by:

__________________________________________________________________________________________

__________________________________________________________________________________________

__________________________________________________________________________________________

__________________________________________________________________________________________

Describe possible diversification and/or additional profit centers that could be developed within the business:

__________________________________________________________________________________________

__________________________________________________________________________________________

__________________________________________________________________________________________

Competition

Local Competition: _____None _____Very Little _____Some _____Very Competitive

Is this a “Niche Business”? _____Yes _____No

Are your products and services competitively priced? _____Yes _____No _____

I understand that the Company Profile is not intended to sell my business but to reveal key selling points to a potential buyer without revealing proprietary information or making full disclosure of this offering. I have reviewed this material and attest the information provided herein to be accurate and complete to the best of my knowledge.

 

_____________________________________________________________________________________________

Signature                                                                                  Date                             Title

 

_______________________________________                  ____________           

Ken Roys BTF Certified Field Consultant                     Date                             Agent #             
9. Remember the bulk of our fees are only due after you have accomplished your transactional goal and only when accomplished with a buyer / investor we supplied and you are 100% satisfied with the results.

 

10. ASA - American Society of Appraisers – A white paper

 

The ASA Appraiser-

Your Choice for Valuation Expertise

For more than half a century, the American Society of Appraisers (ASA) has served the international public as a non-profit, independent appraisal organization that teaches, tests and accredits appraisers. It is the nation's oldest multidisciplinary appraisal society.

U .S. and International Membership

ASA's members, numbering more than 6,000, are located in the United States, Argentina, Australia, Brazil, Canada, China, Columbia, the Czech Republic, Ecuador, Germany, Guam, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Jamaica, Japan, Kazakhstan, Mexico, the Netherlands, New Zealand, the Northern Marianas, the Philippines, Poland, Portugal, Puerto Rico, Romania, Russia, Saudi Arabia, Singapore, Slovenia, South Africa, Spain, Switzerland, Taiwan, Thailand, Uganda, the United Arab Emirates, the United Kingdom, and the Virgin Islands.

The Appraisal Foundation

The American Society of Appraisers is one of eight major appraisal societies in the United States that helped found this national non-profit organization in 1987. Created to establish uniform criteria for professional appraisers, since 1989 the foundation has been recognized by Congress as the source for the development and promulgation of appraisal standards and qualifications. It publishes the Uniform Standards of Professional Appraisal Practice (USPAP), with which all members of the American Society of Appraisers must comply.

Don't Hesitate To Ask for Credentials

The appraiser you select should possess relevant experience, education, skill and integrity. The professional will be pleased to answer the questions listed in this booklet and to place his or her qualifications before you.

In reviewing an appraiser's credentials, remember that an accreditation in appraising issued by a major teaching/testing/accrediting appraisal society is a strong indicator of ability. It is important to note that a major appraisal organization such as the American Society of Appraisers requires strict adherence to its Principles of Appraisal Practice and Code of Ethics and to USPAP.

ASA's Principles of Appraisal Practice and Code of Ethics are closely monitored; all members of ASA are required to conduct their appraisal practice in conformance with the highest ethical and professional criteria defined therein.

Additionally, to ensure that competent, relevant, current valuation counsel is available to the public, ASA requires Accredited Senior Appraisers to reaccredit. This mandatory program emphasizes professional participation in a continuing education process. The program interfaces with the society's Principles of Valuation courses, the Valuation Sciences Degree Programs, and ASA's examination procedures.

Are you aware of the impact that appraisers have on your life?

For example:

a. Appraisers are involved in the taxes you pay on your home.

b. Appraisers determine the value of property for insurance purposes and supply information to assist in the settlement of damage claims.

c. Appraisers work with banks to determine the advisability of bank loans (for mortgages, improvement loans, etc.).                       

d. Appraisers are involved in prices paid for homes, businesses, farms and land required for public works projects.

e. Appraisers determine the value of property at the time it is donated to a tax-exempt institution or charity (information used in the preparation of tax returns and in the analysis of these returns by the IRS).

Real estate appraisers involved in any federally related transaction must be state licensed or certified. The only testing/accreditation process available to appraisers of other properties (fine arts, antiques, gems/ jewelry, machinery, equipment, businesses, aircraft, yachts, etc.) is membership in a professional, nonprofit appraisal society that demands adherence to ethical principles and procedures. And, in the case of the American Society of Appraisers, all members are required to conform to the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Foundation. The foundation is recognized by the U.S. government as the source for (the development of appraisal standards and qualifications.

Questions and Answers about the Appraisal Profession

1. What is appraising?

The art and science of estimating the value, at any given time, of any sort of property is called "appraising." Appraising also involves cost estimation and the forecasting of monetary earning power.

2. Are there specialized fields of appraising?

Yes. The six major classifications of appraising recognized by and represented in the American Society of Appraisers are: Appraisal Review and Management; Business Valuation; Gems and Jewelry; Machinery and Technical Specialties (Agricultural Chattels, Aircraft, Arboriculture, Computers and High-Tech Personal Property, Cost Surveys, Industrials, Machinery and Equipment, Marine Survey-Commercial, Marine Survey- Yachts, Mines and Quarries, Oil and Gas and Public Utilities); Personal Property (Antiques and Decorative Arts, Fine Arts, Residential Contents-General and other specialties); Real Property (Ad Valorem tax appraising, Residential, Rural, Timber/Timberland and Urban). ASA tests and accredits professionals in all of these specialties.

3. Where do I find an appraiser?

There are numerous appraisal organizations in the nation; but of the eight major testing/ accrediting societies, only the American Society of Appraisers teaches, tests and accredits appraisers in all the disciplines described above. The American Society of Appraisers publishes a directory of accredited appraisers that consumers can use to select an appraiser. In addition, you can use ASA's toll-free telephone number to find an appraiser in your area, (800) ASA-VALU, or visit ASA's Web site at www.appraisers.org.

You may find appraisers listed in your local Yellow Pages. Some will show designations after their names. Even so, it's important to ask about the appraiser's credentials.

4. How can I judge an appraiser's qualifications?

An appraiser's qualifications can be judged by studying and evaluating information from several sources:

a. Documented accomplishments such as the appraiser's personal "qualifications statement" or job-history resume.

b. Professional accreditation by the American Society of Appraisers or another teaching/testing/accrediting organization. The ASA specifically designates appraisers in two categories: Accredited Member (AM) and Accredited Senior Appraiser (ASA). Two years of full-time appraisal experience (or the equivalent) are required before a Candidate may apply to be tested as an Accredited Member; those who become accredited will use the designation AM after their names. Five year of full-time appraisal experience (or the equivalent) are required for the Accredited Senior Appraiser designation; those who become accredited will use the designation ASA after their names. Membership in either category requires a college degree, other education and experience, and passing of intensive written and oral examinations covering areas of general valuation theory, technical expertise and principles and ethics of appraising.

c. Reputation, including recommendations/ references by insurance companies, banks and related financial institutions, the Internal Revenue Service, museums, and government bodies at city, state, federal levels, etc., for which the appraiser has performed appraisal services; also recognition received for professional activities.

d. Personal interview, which you should conduct to determine how the appraiser's experience and knowledge or expertise relates to the particular assignment that you are proposing.

5. What ethical considerations are involved in an appraisal?

a. All principles of appraisal ethics stem from the following central fact: the primary goal of a monetary appraisal is the determination of a numerical result that is objective and unrelated to the desires, wishes or needs of the client who engages the appraiser to perform the work.

b. The American Society of Appraisers takes the position that it is unprofessional and unethical for an appraiser to contract to do work for a fixed percentage of the amount of value or of the estimated cost (as the case may be) that he or she determines at the) conclusion of the assignment.

c. Further, ASA declares that it is unethical and professional for an appraiser to accept and to appraise a property in which he or interest or a contemplated future interest appraiser has disclosed this interest to prospective client. If the client still wishes to retain the appraiser, the appraiser may properly accept the assignment provided disclosure of the extent of that interest is contained in the report.

6. What are the key points for me to understand in an appraisal report?

         a. The appraisal should clearly state the kind of value being determined, such as (I) fair market; (2) Liquidation; (3) replacement reproduction, etc.

         b. It should describe the properties being valued.

         c. It should detail the procedures used to estimate such as: (I) analysis of comparable sales; (2) estimation and analysis of income (if applicable); (3) relation of the appraisal values to a specific point in time (e.g., fair market value of the real estate as of January 1, 2001).

         d. It should be signed by the individual who made the appraisal and who is responsible for its validity (to you and to third parties).

         e. It should contain the personal qualifications data of the appraiser.

In summary, it is important for you to remember that the appraisal you are paying for should answer the value questions you have asked in a manner that you can understand and at you can see is objective, descriptive and documented.

7. How long is an appraisal considered "up to date"?

Because of fluctuating market conditions that affect different properties differently, no precise answer can be given to thin question. Generally, "updating" an appraisal requires a change only in the value conclusion of a report; no change need be made in the descriptive port unless, of course, there are additions or deletions involved. Whether an appraisal need to be updated, then, depends on whether there are changes and whether the value as reported at the time of is still pertinent.

Many appraisers recommend an “update” at least every three years, preferably every two. Several decades ago appraisals were considered “current” for at least ten years.

Current market conditions have drastically reduced this estimate. A professional appraiser can provide an informed and helpful recommendation as to the necessity and frequency of appraisal “updates.”

8. Does the ASA have tested accredited experts in all types of property?

Yes. ASA represents approximately 3,000 tested/accredited appraisal experts in all areas of appraising, including real estate, personal property, machinery and technical specialties, large and small businesses, gems and jewelry and so forth. These experts are located in all parts of the United State and abroad.

9. What questions should I ask when interviewing an appraiser?

            a. What is your general appraisal and educational background?

            b. What specific experience do you have with the kind of property I wish to have appraised?

            c. Are you a member of a professional appraisal society? Does that society teach, test and accredit?

            d. Do you hold a special designation issued by an appraisal society?

            e. Is that designation based on successfully completing written examinations?

            f. How long ago did you take the examinations?

            g. What continuing education have you undertaken to keep up-to-date in the field?

            h. Has the appraisal society you belong to adopted a mandatory reaccredidation program to ensure that your education and knowledge are current?

            i. What do you charge for your services, and how do you base your fee?

            j. Are you required by your appraisal society to adhere to the Uniform Standards of Professional Appraisal Practice (USPAP)?

 

For More Information…

Write: American Society of Appraisers

P.O. Box 17265

Washington, DC 20041

Phone: (800) ASA-VALU

(703) 478-2228

Fax: (703) 742-8471

E-mail: asainfo@appraisers.org

Web: http://www.appraisers.org

 

 

BTF Analysis Overview

 

Proven talents in Sales & Marketing, Finance, Administration, Operations, and Risk Management.  Executive with over 30 years experience on three continents in multi-lingual, cross-cultural environments with corporate executives, government officials and military management. Excellent verbal, written, and presentation skills. Comfortable communicating with technical and administrative staff, high-level clients and executive management in all levels of corporate structure and life cycle.  An empiricist with diverse expertise in direct oversight and business consulting from conception, start-up, emerging markets to mature enterprise re-organization. Established ability to build and enhance shareholder value. An aggressive analyst capable of deciphering complex, arduous issues into coherent, achievable goals. Interested in national or international endeavours. A problem solver using contrarian, outside-the-box thinking. Extensive global experience in Mergers and Acquisitions.

 

BTF Professional Strengths

 

Sales & Marketing

Strategic Planning/Vision

Account Management

Profitability Management

Change Management

Vendor Negotiations

Efficiency Management

Performance Measurement

TQM/ISO 9000/Six-Sigma

Risk Management

Foreign Exchange

HR / Benefits Management

Administrative Management

Import/Export

Call Center & Customer Service Management

High-Dollar Financing

Employee Assessment

Corporate Assessment & Analysis

Innovative Solutions

Last Minute Travel

Multi-Lingual

Contact: Ken Roys , Office & Mobile 866-385-1900 & 281-948-5334 or Ken.Roys@BTFmanagement.com