Blog Archives - Pacific Rim Business Consultants - The Leader in Business Consulting Services in Hawaii

Made In Hawaii

7/31/2014

Hawaii and Alaska both have a common but interesting opportunity to produce goods and services that are mostly consumed in their own States. The Mainland States can do the same but their borders and transportation outlets tend to move products and services across those borders. Hawaii is even more isolated than Alaska ( we have no Alaskan Highway).

The result is that our small business community steps up to produce as many home grown "products" as possible. Sometimes, off island manufacturing outlets attempt to horn in on this market by making things and then shipping them to Hawaii.

You see such things as Made by Hawaiian Designers, etc. This is an attempt to trade of the validity of Made in Hawaii which can only be used on product if it is truly Made in Hawaii.

If you make things in Hawaii go to the Hawaii Department of Commerce website or call them to make sure you are adding these words to your products.

One of the most disappointing things a Tourist can take home is a gift with the words, "Made In China" when they thought they were taking home something that reminds them of their wonderful time in our Islands.

More & More Franchises Are Seeking to Come to Hawaii

7/30/2014

Hawaii is a great place to live but lets face it many of our citizens have gone to college, worked hard to get a degree but find there is no work for them here in the islands. Why?...Because we have a very focused economy with Tourism leading the way. Therefore, the jobs surrounding this industry are highly competitive. We have more qualified people than we have jobs.

Part of the answer for this delemina is for college graduates to consider buying a franchise and getting into business for themselves. There are many, many good franchises for sale now for less than $200,000. Plus, the SBA is happy to finance the purchase for a good part of the deal.

Why not consider this alternative as a young person? ...or even you are in a dead-end job ...move on to owning your own business.

Pacific Rim Business Consultants has a number of good inexpensive franchise opportunities available here in the islands. Visit us at www.pacificrimbusinessconsultants.com or call us at (808)744-1826 to see if we can suggest a franchise fit that will change your life.

The Fine Line Between A Business Broker And An Investment Banker

7/29/2014

We hear these two terms often and most people don’t understand the difference. In the case of a Business Broker, most are focused on the sale of private businesses below the (10) million dollar market. There is no set breakpoint in terms of value between the two but Investment Bankers tend to deal with things over (10) million in value.

Investment bankers often are also licensed by FINRA (Financial Industry Regulatory Authority) which allows them to deal with the sale of the private stock involved in the sale of a company.

Business Brokers are often regulated by Real Estate Licensing Law. For example, in the state of Florida you need a real estate license to sell a business even if there is no real estate involved in the sale.

One thing is for sure, there is no distinct definition of each. You need to judge their behavior as one of the elements of a definition. Size of the business generally implies much more work has to be done by either the broker or the investment banker. The larger the business the more experienced the broker or investment banker you should seek out.

Things are changing as well. FINRA recently exempted Business Brokers from their regulative responsibility. Although this helps define the two a little better, the most distinguishing difference tends to be in resources available to assist in the sale.

Lastly, Investment Bankers tend to charge upfront fees. Some Business Brokers do as well, but most do not.

If you want to be absolutely sure you are dealing with the right folks, and then look for companies that are both licensed to sell real estate and who sell stock.

How to be a Part of Our Tourism Industry and Make Money Doing it.

7/28/2014

Tourism is our most important industry and it creates wonderful opportunities for businesses that serve this market.

One way to do this is to own and operate a Tour Company. Tour companies give the Tourist a quick efficient way to enjoy their time during a vacation. Usually, the Tour Company offers their services on a scalable basis, for example surf board lessons by the hour, day, etc.

Generally, Tour Companies work on a 35% profit margin. Some can do much better if they are well run. Often, the owner is also pulling some money out of the business as a salary, as well.

If you like people, if you like communicating with people then the Tour Business may be where you want to focus your thoughts of buying a business.

Pacific Rim Business Consultants has access to several good Tour Companies that are for sale. Check them out on our site, www.pacificrimbusinessconsultants.com.

Marcus Lemonis Has The Right Idea

7/27/2014

Marcu Lemonis is a star on Realtiy TV with a new show called "The Profit."

The money he offers those he intends to help is really his money. I am sure he is getting paid by the Producers as well but it appears it is the only reality show where the star risks his own money.

Marcus is from the Miami area and grew up in the halls of automobile dealers. Later he went on to own to become the controlling owner of Camping World.

He truly believes that the most important element in a business is the people. He uses a simple formula to judge the validity of a business...People, Product and Procedure. He readily admits that without the right people, any business will have some real problems.

When asked if his formula fails some times, he is quick to point out that the deal he made for a Flower Shop in Beveraly Hills turned out with a loose $150,000. In the long run the remainder of his businss choices are succeding and moving forward. He implied the reason the Flower Shop didn't work was...the people.

What's most amazing about Marcu is that he does this on a handshake!

Which Business is Best For Me?

7/26/2014

Are you going to select a business to buy based on it's profits or its match to your likening? This is not a easy decision sometimes. Will you be happy making money but hate your job? In most cases, I think you may know the answer. Happy people tend to be more successful people.

Small business is no different. If you do what you like ...you most likely will want to do it everyday of your life. Money allows you to do the things that you want to do but if a majority of your time is spent doing what you don't like ...hummm...maybe not so much.

Take the time to really seek out your feelings about what you are about to do when you buy a business. ....Like it ...run it ... have fun...and thrive. Its' the American Way!

Troops Can Own Their Own Treasure

7/25/2014

Many of our military hero’s are leaving the military for a new life in the Private Sector. There are some great programs to help them make that transition.

One of those programs is called “Troops to Teachers”. The program recognizes the skills a military person has learned serving their country and helps transition them into the classrooms of America. “Troops to Teachers” is a U.S. Department of Defense program that helps eligible military personnel begin a new career as teachers in public schools where their skills, knowledge and experience are most needed. The program is a great way to transition to the Private Market Place. See http://www.proudtoserveagain.com.

For those troops looking to own their own business, the International Franchise Association has started a program which discounts the cost of a franchise to those troops who would like to do something on their own. The participating IFA members proudly show these offerings on the their website. The chance to own your own business at a discounted price is a great way to open the door to the future. See http://www.franchise.org/Veteran-Franchise.aspx for a complete list of those members participating in the program.

Welcome home, ladies, welcome home gentlemen we are proud of you and what you have done for your country.

Can I Really Make It in Hawaii by Buying a Small Business?

7/24/2014

This is a very big question with very important answers. But each person who is thinking about relocating to Hawaii needs to think seriously about their possible move.

Hawaii's economy is driven by small businesses. The owners are the people who serve the Tourists and of course, the Local Residents, as well. One of the most important ingredients to being successful in Hawaii is understanding our culture.

We see many Mainland people who are wonderful people but they take very little time to understand what Hawaii is all about from a cultural point of view. Hawaii is a melting pot of people from all over the world. Your are just as apt to meet someone from Vietnam, Japan or Mexico as you are meeting someone from Illinois, Texas or Florida. Yes, you will meet some Hawaiians too ...but only about 11% of the state's population is Hawaiian.

The result of this melting pot is a lot of different cultures many with their own languages. Chinese, Spanish, Hawaiian...you will hear them all here in the islands.

Take the time to understand our modern day culture and you will enjoy our beautiful islands for our people as well as our scenery. The result of you spending the time to understand our cultures will put a smile on your face everyday you walk in to the small business you elect to purchase.

Let us help find that business for you. Pack the moving van, ...make your reservations and come to our beautiful islands. You will be glad you did.

Hawaii Small Business Stats

7/23/2014

The SBA Office of Advocacy just released their latest report on Hawaii Small Business. Lots of very interesting data. Data compiled is as of 2011.

Hawaii has 118,121 small businesses, 24,003 that employ people, 94,118 who don't employ people and a total of 256,569 workers employed by Small Business. In terms of employees the combined small business count makes Hawaii Small Businesses the largest business in the islands.

The largest number of employees come from accommodation & food services, health care & social assistance and retail trade sectors.

Small business accounted for 3,421 new jobs in the state.

Of the total business count, 37,000 were woman-owned and 68,000 were minority owned.

This shows the importance of small business to our state. It also show the tremendous diversity in our ownership.

Verification of the Numbers For The Business You Buying

7/22/2014

The due diligence process is very important when buying someone's business. Both parties get involved in conversation about their positions.

Sellers tend to inflate their position.

It is during the due diligence time that the buyer can actually verify what the seller has said. Usually, the buyer has a right to fully check the books and other important documents such as leases. Further, if during the due diligence period the buyer finds things were not as suggested by the seller, he or she can exist the agreement and get their deposit returned.

The above seems simple enough but it speaks to the need for all kinds of support people to do "due diligence" properly. Most likely the buyer will need a accountant, lawyer, business broker and common sense to get the job done.

Please call, e-mail, fax or write us - 24 / 7 - 365 days a year.

Pacific Rim Business Consultants
License # RB-19229
Hawaii Real Estate Broker
Russell W. Rodgers
Licensed Hawaii Real Estate Broker (Inactive)
842 Kealahou St.
Honolulu, HI 96825
Phone: (808) 744-1826
Skype: Marine19765431
info@pacificrimbusinessconsultants.com

Great Lakes Business Consultants
Russell W. Rodgers
Licensed Michigan Real Estate Broker
6429 E. Atherton Rd.
Burton, MI 48519
Phone# (810) 213-0244
Skype: Marine19765431
rrodgers09@gmail.com

Gulf Atlantic Business Consultants
VIPBusinessBroker.com, LLC
Russell W. Rodgers
Licensed Florida Real Estate Broker
VIP Business Broker, LLC
2274 State Rd. #580, Suite B
Clearwater, Florida 33760
Phone # (727)639-4398
Skype: Marine19765431
rrodgers09@gmail.com

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Photos used under Creative Commons from JoeRuscoe95, Hugo90