What Every Vendor Should Know About Events

August 2016

If you're considering acquiring an established business, you may have some questions going forward. This month's article should help get you started.

Last chance to tell promoters what you want! We're working up a brand new article series that will allow us to share your show-going experiences directly with promoters! We're looking for stories and contributions now, check below to see how you can get involved.

Happy cooking!
Jackie
FN Newsletter Editor


The Do's and Dont's of Buying a Business

by Robert Berman

From finding the right business or franchise to buy, to finally accepting the keys to the front door - buying a business can be an extremely frustrating exercise. It is important that you plan and implement each and every step in sequence and avoid the many caverns on the road to completing the deal.

The following 10 points should always be in the back of your mind.

  1. Do not buy or invest in a business that you do not understand or are not familiar with. This does not mean that you have to know every detail of the management and operation of that specific business. Hopefully, you will receive specific training from the current owner. What it does mean is that you should, at the very least understand the primary principles of the business. We all understand the principles behind a retailer; buy product that appeals to the consumer at the lowest possible price and sell it at the highest price possible while maintaining the lowest overheads - simple! But, if the business you are considering is in the disposal of toxic waste, understanding the basic parameters of how the business operates and hence makes a profit could be completely foreign to you. The current owner of any business that is listed for sale will always tell you that running the business is relatively easy. It probably is relatively easy for the seller; he has had many years of experience that make it easy.

  2. The complexities and timing of the transferring of knowledge from the seller to the buyer is relative to the type of business that is being acquired. A business that is very seasonal, should have a minimum of one full year of support from the seller in order to learn what occurs and how to manage and operate the business with each and every season. Make sure that you have an agreement on how and when the support and transferring of the seller's knowledge will take place. As an example, will you require that the seller be available some evenings and/or weekends? Is the seller planning on taking a three-week vacation in Europe the day after closing?

  3. Before you buy a business, set a top price in your mind, that you can afford and that you think the business is worth. Don't ever be afraid or embarrassed to walk away. Don't become so involved in the actual "buying" of the business that actually consummating the deal becomes more important and exciting than the acquisition of the business itself. No business that I have ever seen is worth buying at any cost. Do not let yourself get caught up in the "its only another $25K" routine!

Read more here!


Tell Promoters What YOU Want!

We want to hear what you look for in a show! As part of an upcoming newsletter series, we'd like to relay your thoughts, concerns, and praises directly to thousands of promoters.

Do you love it when your booth has electricity? Have you noticed a particular layout that works really well? Are you concerned about too much of a certain product being represented at a show? Now's your chance to share it!

Send us any details you'd like to share. Please keep your responses short and generic. A couple of sentences will do wonderfully, but please don't mention any particular show, promoter, artist, vendor, etc by name.

We look forward to hearing from you!


Featured Festival


Los Angeles Green Festival

Featured Promoter
Green Festival
Featured Product

Vegetarian Herb Sea Salt by Momma Vi's



FN Giving Tree

National Inclusion
Project



Foodtent


Foodtent


Don't let deadlines fly by - Check our deadline reminders page!



FNO Advertising


Looking for Suppliers? Check here


Visit our newsletter archive for more helpful articles

Follow _festivalnet on Twitter


Find Events
Select State/Prov.
Select Month
We're always looking for articles about working in the festival biz: tips, ideas, techniques, & resources. Send to: news@festivalnet.com and put "FestivalNet Newsletter" in subject line.

To manage your e-lists or unsubscribe, go here.

Tell your friends about FestivalNet

If you need your user name and password, email info@festivalnet.com for assistance. To ensure delivery of this newsletter, please add news@festivalnet.com to your email address book. Thank you!

Copyright © 2016 FestivalNet.com All rights reserved.
Join our Free e-lists! FestivalNetCom
our terms: site - marketplace |  privacy policy |  contact us
© FestivalNet 2017
P.O. Box 18839 Asheville, NC 28814