Entrepreneurial Journal #11 – Week 11 – Buyouts and Family Businesses

This was a great week! A much better week in comparison to that of the former. It’s good to finally be back in Rexburg and recovered from the hectic Thanksgiving break that we just had. It seems like everything is now coming to a head; both by way of this class and my other classes I’ve been taking. For example, this was the final full week of assignments that we have for this class. I’m both excited, but saddened, for I have truly enjoyed each of the assignments and learning opportunities I have had in this class and with this subject. Whether it be the many case studies or discussion boards; the interviews or quizzes; or whether it be the $100 Challenge, I have truly enjoyed my time working on each assignment and learning all that I can about business.

Being the final full week of assignments for this class, it was fitting that we cover two different subjects in this week’s lesson. The topics included buyouts and family businesses. For this week, we had both a discussion board and a normal assignment for each topic. Learning about each topic was great and I received so many takeaways from working through these assignments! My favorite out of each assignment had to be learning about Buyouts and learning how we could buy our own business if we desired. The way to do that is through a website named BizBuySell.com. This website offers a listing of every business that is up for sale (or at least posted on that website) per state, county, and even business type. It was incredible seeing the listings for a variety of websites. They even had listing for businesses back home on Kauai! For one assignment, we had to choose a business that we would consider buying and write about it in a discussion board. For myself, I focused on looking for a business that is cost efficient to match my current financial situation and one that was an established business with no debt and that offered a useful amount of assets. My research caused me to stumble across a business named McCall Catering Business. This business was not only debt free, established, and offered quite a bit of useful assets, but the asking price was quite a score; with it only being $60,000. This business is great for many reasons other than what I listed above. It offers quite a bit of opportunity for expansion and for change if needed. It was great find both way of a business and this website and I’m so happy to have been introduced to this website!

Overall, this was a great week! This is also the final week of sales for my business. I have not been as active as I was when we first started this Challenge. I only opened twice this week. The weather has also made it quite a challenge to deliver these meals on foot. At the beginning of the semester with how great the weather was, that wasn’t so much of a challenge. If I want to continue this venture in a later semester, I’ll definitely have to find a way to deliver each meal more efficiently and also to keep it warm throughout the sojourn. We also began assembling our presentations this week. I have it about complete. The only thing I’m missing are some photos. I should’ve took more photos throughout this Challenge of the food or me working. Now I’ll have to make up for it in some other way. Hopefully I can get it done by Tuesday.

All in all, this was a great week! I’m looking forward to next week and what we’ll be learning. I hope I’ll be able to complete my presentation on time and have it looking good in the next few days. Other than that, great week!