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For centuries people have focused on accumulating wealth. Some have obsessed over it. While few have done it, millions have failed. This failure, it seems, stems from lack of knowledge and lack of discipline. One or the other-or both. In general, the secrets to achieving true wealth lie in personal mindset, conscious choice, and steadfast action. By understanding and implementing the following guidelines, YOU can build, grow, and keep more riches during your lifetime than you ever imagined.

Clarify your life priorities.

It’s difficult to set financial goals when you have no idea what’s most important to you. It’s like taking a trip across the country without a roadmap. You have to know where you’re headed. Take time to make a list of your top five goals in life. File this list where you can locate it easily, and refer to it often.

Believe that you can be wealthy.

Most of what happens in our lives is the result of our beliefs about ourselves, others, and the world at large. Know that you shape your life according to your core belief system. Get in touch with your beliefs, and examine closely how they have created what you own, how you relate to people, what you dream, and how much money you have in various financial institutions. Ask yourself if you honestly want to duplicate this picture in the future.

Spend less money.

Start by conducting this simple assessment: list everything you spend money on in a month, and see if those items align with your life priorities. If something is out of alignment, stop spending money on it. Why? Because it doesn’t serve you to continue to burn dollars in a direction that doesn’t authentically represent you. If you don’t really enjoy golfing, call a halt to purchasing the brand new clubs your friends just recommended.

Invest in your professional/occupational growth.

Oftentimes, to earn a bigger paycheck, we need to buy a college education, a graduate degree, a trade school certificate, and/or other forms of continuing education. We may need to purchase books, workbooks, CDs, guides, and teleclasses. What could you do to land interviews for a better paying position, impress your boss, receive a promotion, acquire more responsibility that allows you to prove your skill set? Spending even $100 on a few ideal resources can make a huge difference.

Develop and nurture positive relationships.

Do not underestimate the power of relationships in your life. Whether work-related or personal, the quality of our relationships matters. While it’s possible to climb the success ladder in your career in the midst of a shattered home life, few friends, or a couple of burned bridges, understand that good relationships serve as the foundation for most job success and financial abundance. Trying to build wealth on a pile of rubble is not only difficult but pointless in the long run.

Eliminate debt and learn to save.

Accumulating debt and saving money are both habits. Think about it. One digs your hole deeper; the other provides a way to climb out. Do whatever it takes to reduce and finally eliminate debt while saving even a tiny amount on a regular basis. Make a firm commitment to do this NOW. Find an accountability partner who will gently hold your feet to the fire. As long as you’re suffocating in monthly bills you can’t afford, you’ll never know what wealth looks and feels like.

Get healthy.

We all know that health is the backbone for a great life. Without good health it doesn’t matter how much money we have. Without good health there’s a significant chance you won’t attract wealth. You may not be able to work. You may lose opportunities to plug into higher paying jobs. You may not sustain an upwards career track. You may end up fired. The time is now to lose extra weight, choose body-feeding foods, increase hours of sleep, schedule relaxation, and exercise three days each week.

The truth is that wealth encompasses more than money. Yes, it does include cash, money market funds, stocks, bonds, IRAs, annuities, certificates of deposit, and basic savings accounts. But it also includes our self concept, our values, our beliefs, our priorities, our health, our families, our friends, and the unique contributions we make to this world. Get clear on what you want, why you want it, how you’ll get it, and how you’ll make a difference with the wealth you’ll have.

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Few owners recognize the major impact that customer concentration has on the sale of their business. Customer concentration represents a significant obstacle and will affect the salability, valuation, and deal structure of a business-for-sale transaction. Not only will it create problems in qualifying buyers but it will impact the ability for any prospective purchaser to obtain third party financing to complete the acquisition. Determining if customer concentration is present in an enterprise is a critical element of the succession planning process.

Customer concentration is a situation when one customer represents a significant portion of revenues or when the business has a very small customer base. Based upon the expert one consults, the exact percentage for a concentration to exist varies. In most cases it is recognized when one customer represents more than 10% of sales or when the top five customers comprise greater than 25% of a company’s revenue. In either situation, a huge risk is created from the lack of diversification and steps to mitigate it should be taken years in advance of a planned business exit.

When evaluating a business sale it is important for an owner to recognize that their client base has a significant impact on the enterprise value of the company. A broad and diverse base of customers where there are a large number of clients contributing to the business’ revenue will achieve a higher transaction value as it reduces the risk that a sizable decrease in earnings will occur if any one customer is lost or a particular industry segment that the business serves encounters economic distress.

In addition to a lower sales price, businesses with customer concentration issues are more difficult to market for sale. For main street business transactions (those with adjusted earnings of less than $2mm) third party financing is used in the majority of cases. Businesses with high levels of customer concentration are very difficult to get financed. Lenders may provide only partial financing, offer sub-optimal terms, or decline the loan altogether. In situations where third party financing is not available, the pool of available buyers is significantly restricted and the terms of a deal could be heavily weighted on a contingent earn-out based on retaining the revenues derived by the largest customers. “Typically we want no customer concentration over a 10% level when considering financing an acquisition. Higher levels are possible with much more explanation and supporting documentation but remain a major concern” states Steve Mariani, President of Diamond Financial Services.

Lastly, customer concentration will have a direct impact on the deal structure for the business sale transaction. Buyers will strive to bridge the customer concentration risk through a variety of delayed ‘performance based’ financing methods. For example: Assume both parties agree on a transaction price of $900,000 based upon $300,000 of adjusted earnings (a 3x multiple). If the key account in question represents $75,000 of the $300,000 this would represent $225,000 of the transaction price. A buyer will strive to isolate the $225,000 component to ensure that revenue is maintained post sale. After a period of 12 months, if the customer and income are still in place the seller would receive the funds. If the identified client and corresponding revenue was lost during this period, a pricing adjustment would be made.

In situations where the buyer is unable to obtain transaction financing due to customer concentration issues, the seller might have to accept a “contingent earn-out” for the revenues derived from the largest customers, or worse, they may also have to finance a major portion of the “non-contingent purchase price” negotiated with buyers.

Contingent payouts could be structured in a variety of methods:

Earn-Out:

Earmark part of the purchase price with payments made over a period of time contingent upon the retention of specific customers or achieving specific revenue targets.

Escrow:

A percentage of the acquisition price will be held in an escrow account for a specified time.

Seller-Financing:

The seller would be responsible for financing a major portion of the purchase price through a seller note. The seller note could be structured with contingencies for revenues derived from the largest customers.

With any of these deal structuring techniques, the seller cannot be expected to guarantee the revenue in perpetuity and if the transaction price is based upon retaining one or more key customers, the seller may require more active involvement in maintaining the client relationship during the term of the agreement. Obviously, this brings an additional complexity to the transaction.

In most cases, buyers will look to discount the amount they are willing to pay for a business (with high customer concentration) unless they receive assurances that the risk is low. While the obvious strategy to reduce customer concentration risk is to diversify and increase the business customer base, there are a number of situations where customer concentration either does not pose a significant risk or could be mitigated.

Customer Contracts:

Having a contract in place will not eliminate all of the risk of losing a key customer, but it will provide the buyer with security that the revenue and profits will continue after a change in ownership takes place. When customer contracts are involved, the ability to assign or transfer will be important to understand. In many cases, a stock sale vs. asset sale is elected to preserve these contracts.

Barriers to Entry or Exit:

Businesses could have intellectual property, product expertise, or patents that create competitive advantages barring competition. Others are located in geographically remote areas where the supply benefits discourage customers from changing the relationship. Lastly, there could be significant capital requirements for manufacturing and tooling or agency approvals (pharmaceutical or government contracting industry) that creates a barrier to entry from potential competitors.

Providing a Variety of Products and/or Services:

Having a broad relationship with a key customer where the relationship is not based solely on one product, one location, and one individual decreases the risk that a singular change will fundamentally impact the future revenue stream and continuity of the account.

Economies of Scale or Synergies:

The acquisition may be pursued by a strategic buyer where they are bringing new products/services to the enterprise, a broader geographic distribution footprint, or economies of scale in production. Any of these elements would assist in reducing the concentration of revenue risk that an identified key client would represent to the future organization.

Summary

Businesses which have high levels of customer concentration are inherently risky and it is important for the owner to appreciate this concern from the perspective of a potential acquirer. Ultimately, the buyer seeks only to retain the customers which have contributed to the success of the business and are factored in the valuation and transaction price. From the position of a buyer a few logical questions and concerns would be:

1. How does the value of the company change if a customer representing 10% or more of revenue and/or profits is lost in the first year?
2. How easy would it be for the client representing the customer concentration concern to leave the business?
3. What unique situations exist within the business to preserve the customer relationship in the years ahead?
4. What are the logical steps and corresponding costs to mitigate the customer concentration risk?
5. How do I achieve a win-win transaction? Protecting me, the buyer, against the risk of a near term revenue loss while providing the seller with the proper remuneration for the fair market value of their business?

While the risk may not be able to be totally eliminated, there are a number of situations where customer concentration is more palatable and a proper explanation should be provided to the buyer at the earliest opportunity. Getting out in front of this potential challenge is critical to achieve a win-win deal. When good communication exists, and two fair and reasonable parties are at the table, there are a number of structuring options available, when necessary, to mitigate the risk and negotiate a fair and reasonable transaction price. Obviously, the best approach for a prospective business seller would be to develop and implement plans to reduce any customer concentration elements years in advance of a business exit. Eliminating this type of risk is just sound advice for any small business owner regardless of whether a sale is contemplated.

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A wedding is a special occasion. Most people like to recognize this unique experience by having items that are personalized for the group. For great wedding party accessories that will help the group bond and also help them stand out among a bigger group, consider working with professionals who regularly handle requests for wedding accessories. These vendors understand the importance of quality without drastically increasing the price.

Finances Are Key in Wedding Prep

A wedding budget can only stretch so far. In order to find great products that are fun and useful, a company that regularly works with wedding parties is the way to go. One great example of the useful products offered is bridesmaid dressing gowns that are satin with great sashes and personalized phrases on the back to link the group together.

These are only one of the many products that can be a worthwhile investment for a wedding party. If the group does not need bridesmaid dressing gowns to protect the dresses during makeup application and/or hair styling, consider wedding party accessories like a tote bag to help haul all important items to the wedding locale on the big day.

Keep the Fun in the Day with Accessories

The fun part of ordering these accessories for the group is that everyone can feel connected and important as part of the inner circle, yet the bride can be a standout with her own phrasing to show she is the focus of this special day.

Having an item like a tote bag or dressing gown that is beautifully decorated and personalized can really make the bride feel relaxed and loved. The effort to order and purchase a specialized item for her to wear reminds her to not stress and enjoy her special day. That makes it worth the reasonable price and the short wait for the product to arrive.

Wedding stress is an important thing to avoid, and having great personalized items to highlight your special status as the bride is a great way to change focus and cut down on the stress. She will be grateful for the beautiful memento of the big day and will relax knowing she is surrounded by loved ones who will help when she needs it.

Go For Quality and Fun in One Package

Most searches for personalized items for a wedding party lead to websites with cheap materials and long waits. Instead of spending money on something that won’t last or might not show up in time, make sure to find reputable vendors that care about the products they sell. The price and the quality should meet expectations and the service exceed hopes to provide excellent experiences that bring customers back again and again.

Understanding the importance of the special event means providing better service to the customers and a better product overall. Keep this in mind during a search for a company to handle personalized items for the wedding party. Finding the right professionals means one less item to be concerned about and more focus for other details of the upcoming event.

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The online marketplace for international lodging through social media networks has contributed to the rapid spread of globalization between people of different countries. The beginning framework for our modern-day computers, travel, and internet capabilities occurred around the mid-twentieth century. Over the next sixty years, unimaginable advances in computer technology and increased accessibility to the world-wide web on an international scale have created a multitude of travel accommodation options for the avid world travelers. A large part of this increase in international lodging options for world travelers is due to social media networks. People are now able to resourcefully and effectively plan for international travel arrangements using social media networks. Travelers can experience varying cultures among people and local landscapes, leading to a unique experience on a global level. Our world has gotten smaller while our travel options are now endless. Once a traveler arrives at a preferred location, lodging within the area can be as culturally immersive as the traveler desires. In a word, globalization of travel has gone digital (Susan Lund).

Common practices for planning a trip, such as contacting an airline, hotel, or planning a trip through a travel agency have become increasingly obsolete. A quick search on the internet yields numerous websites to search and explore. A recent article in Forbes listed several useful websites for planning a trip (R.L. Adams). Among the ten websites listed, Airbnb.com and HomeAway.com stand out as offering global lodging opportunities on a very authentic cultural level. Airbnb is an online marketplace and hospitality service, enabling people to lease or rent short-term lodging including vacation rentals, apartment rentals, homestays, hostel beds, or hotel rooms. HomeAway offers a selection of rental accommodations from cabins to castles to farm houses. In addition to these sites, Couchsurfing.com provides a platform for members to stay as a guest at someone’s home, host travelers, meet other members, or join an event. The common thread of each of these three sites is their platform to connect the individual traveler to a global community opening their doors to them.

The first website mentioned, Airbnb, ranks number one on Forbes’ list. Airbnb was almost unknown in 2008. Now over a decade later it has become synonymous with lodging at any price point enabling people to list or rent short term lodging. As Airbnb website details, the company expands an individual’s travel possibilities and opportunities to over 191 countries. Airbnb promotes that travelers can experience cities as locals more so than as tourists. Airbnb has customers from around the world and believes that individuals will continually become more connected to more cultures, shaping the way that the individual traveler engages with the world.

A second social media network for lodging options is HomeAway. This website is listed as second on Forbes’ recent article of top travel lodging resources. It has been established since 2005 and is making a name for itself by acting as a rental classified having over 1 million listings in 22 languages in 190 countries. HomeAway’s website states its’ mission is to make every vacation rental in the world available to every traveler in the world through their online marketplace. HomeAway offers a wide-ranging selection of vacation homes. Travelers have more room to relax with added privacy while experiencing the world around them.

Having not made Forbes’ list, Couchsurfing definitely stands out, expanding a traveler’s opportunities to experience world cultures up-close and personal. Couchsurfing was founded in 2004 and services over 14 million people in 200,000 cities around the world. Couchsurfing’s website states that the company envisions a world made better by travel and travel made better by connection to foster cultural exchange and mutual respect. Travelers can connect with hosts who offer air mattress, couches, or spare bedrooms as lodging – experiencing the world in a way money cannot buy.

In summary, there is a common thread between these social media networks that is focused on global lodging: they will unquestionably continue to play a role in furthering globalization. An individual’s travel experience will differ greatly depending on which country he or she chooses to visit. Airbnb, HomeAway, and Couchsurfing are three sites that focus on understanding through the share of ideas, culture, and knowledge. Social media networks have the opportunity to connect or disconnect global relations, through the cultivation of a shared global citizenship between people of all cultures.

Works cited:

Susan Lund, James Manyika, and Jacques Bughin, “Globalization is Becoming More About Data and Less about Stuff”, Harvard Business Review, March 14, 2016

R.L. Adams, “Top Travel Websites for Planning Your Next Adventure”, Forbes.com, March 29, 2016

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Irrespective of the size and pattern of your business, you need the support of a professional web application development firm to gain an interesting, effective and professional looking website. It is highly crucial to obtain a website which has all the modern features. Your business website must be enriched with advanced and user-friendly elements. To achieve all these in your website, you must consider hiring the top Web Application Design Company.

There are lots of things that a web application development and designing company can do for your business. You should have a complete knowledge about what can you expect from them and how can they serve you. This will help you to understand if your web application designing company is performing the task with complete efficiency or not.

Understanding Your Business Needs

The first thing they do is to understand the specific requirements of your business. It is obvious that the business requirements of a medical equipment manufacturing company cannot be similar to that of an online gaming website. Thus, the company you hire must have the capacity to understand these differences while handling clients from distinct industries and present them the right service according to their business type. Hence, you can expect to get an industry-based service from them.

Preparing The Best Layout

Once they understand your business type, then they prepare the best layout that can suit the same. They can offer you the web designing layout that can make it easier for you to project your business towards your target audiences. The design can represent your ideas to the viewers in the best possible manner. Moreover, they have wide knowledge about making layouts that are modern and unique. They apply their designing skill to make it impressive and flawless.

Giving Your Business A Unique Identity

This is most important because you are not the only one who is representing your industry. If you have a business of garment manufacturing, then there are millions of other companies that do the same, and most of them have their official websites too. Then how can your website look different from the others; especially from your competitors? The Web Application Design Company you choose can give that unique identity to your business through their designing skill.

Ready For The Digital Race

It is essential to create a portal that is ready for the digital race. As a business owner, you have to take part in this race and promote your business to your target audiences better than your competitors do. When you hire a professional team of web designers, then they can prepare your site SEO friendly. That means your website is ready for SEO or optimization processes from the very first day.

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Many people mistake golf for a game. Anyone who actually plays golf knows this is far from the truth. Golf is far from just a game, it is in fact a way of life. It is the perfect chance to catch up with old friends, it is the perfect place to catch up with business partners and it is also the place to destroy your enemies! Making golf even more interesting can be easy though with the use of golf prizes and personalised golf gifts. Rather than going for the typical loser pays for the round of drinks at the 19th hole, why not actually start putting some real golf prizes at stake?

There are a number of places online that will produce golf tournament gifts and while many of these may be for the real deal, it is also possible to get unique printed gifts and tournament materials that allow you, your group of friends or your golfing club to actually produce its very own range of golf tournament prizes. Whether it be printed golfing clothes or unique golf goodie bags, things can quickly become a lot more exciting and professional with the minimum of fuss.

Companies that offer these services will often already have a large range of goods and products that you can choose from. You can then simply choose to either purchase them in their premade form or you can tailor them to your own needs. This could mean a golfing shirt emblazed with your own name or could be a trophy with the name of your golf club on. Even better, these gifts can be used to help motivate, thank and reward employees or clients who will be impressed by your own brand of golfing gifts.

Imagine handing your client your very own brand of golf tees while on the green, or presenting one of your prize customers with their very own golf goodie bag containing pencils, pitchforks, water and mints all with your company logo on. This is a sure fire way to impress even the toughest of clients and a great way of getting your name out there. Its also a great way of treating employees and making sure that they wave the company flag every time they hit the golf club! So, golf is no longer just a game, but also the perfect way to motivate employees, show off to friends, and reward clients and entice them back again in the future.

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