People, Places & Events

Kemp branch of TGCCLACC meets
Special to The Monitor
KEMP–The Kemp branch of the Greater Cedar Creek Lake Area Chamber of Commerce met Tuesday, June 6, at the office of Donna Allen’s Tatom’s Bookkeeping, in downtown Kemp.
The Kemp branch will host the next two TGCCLACC luncheons to be held in Gun Barrel City at Vetoni’s Italian Restaurant.
The speaker for the Thursday July 12, luncheon will be Bud Henry, who will speak to the local businessmen about civil rights and what local businesses need to do to be compliant with the laws.
The following luncheon is slated for Thursday Aug. 9, and the guest speaker will be State Representative Betty Brown will summarize the legislative session recently held in Austin.
Those planning to attend either luncheon should reserve their place by calling the Chamber office at (903) 887-3152.
In other business, the branch set tentative dates for several upcoming events in Kemp.
The annual Christmas in the Park will be either Saturday, Dec. 8 or Dec. 15.
Santa will be there. We don’t want to conflict with the Annual Cedar Creek Lake Area Christmas parade.
The Annual Bluebonnet Festival is set for April 19.
Yes, we’re planning on having the lawn mower races back as well as the car show and all the fun.
The Miss Kemp Pageant will be May 17.
We don’t have a date yet but the Kemp branch will once again team up with the Kiwanis club to welcome all the new teachers to Kemp with a breakfast and bags of goodies from local businesses early one morning in August.
The new waste station in Kemp opened Tuesday July 3. A Grand Opening follows July 17.
Refreshments at the June 6 branch meeting were provided by Gerrie and Mark Chancellor/Kemp Self Storage.

Ask SCORE
Do your homework before you buy a business
Special to The Monitor
CEDAR CREEK LAKE– Not every would-be entrepreneur wants to start a small business from scratch. There’s a certain attraction to coming into a business that already has a location, name, permits, customers and cash flow. Moreover, compared to a start-up, there’s a lower level of risk and a greater likelihood that bankers and investors will help you obtain financing.
However, none of this guarantees that the going will be smooth. At the same time the owner is looking for a suitable buyer, you are looking for a suitable business: one that’s in good shape with a history of profitability.
The risks you may encounter may include obsolete inventory, uncooperative employees or outdated technology and distribution systems.
Here are 10 questions to aid your discovery as you consider the purchase of a particular business. (Many of them apply to purchasing a franchise as well.)
1) If I am actively considering a specific business opportunity, have I assembled an acquisition team with my banker, accountant and attorney?
2) Why does the owner really want to sell the business?
3) What assets convey with the business? (Do there seem to be more fixed assets than it warrants?)
4) How much inventory is there? (For a business that sells a product, excessive inventory is a red flag.)
5) Will the owner help me learn the business and give operating help, at least for a while?
6) What aspects of the business are most critical to its survival?
7) How much cash does the owner need up front?
8) What is the best way of financing this purchase? Will the owner help with financing (for example, through leveraging the buyout)?
9) Is the owner willing to show me projected financial statements as well as the past three years’ balance sheets, income statements, cash flow statements and tax returns?
10) Has the company or its principals been involved in bankruptcies or lawsuits?
Hiring a business broker to help you find a business will cost you a commission. On the other hand, the broker has typically prescreened the businesses.
Keep in mind that not all states regulate business opportunities and that even among those that do, definitions of “business opportunity” vary.
A number of Internet sites provide information for prospective buyers and sellers of private businesses. They include the Online Business Advisor (onlinebusadv.com) and buysellbiz.com.
You can also find a variety of books, reports, reference guides and other tools at the Business Book Press Web site (www.businessbook-press.com).
If you would like to explore the potential of acquiring your own business, contact SCORE “Counselors to America’s Small Business.”
SCORE is a nonprofit association of more than 10,500 volunteer business counselors who provide free and confidential business counseling to small business owners.
There is a SCORE Chapter at The Greater Cedar Creek Lake Area Chamber of Commerce. Call (903) 887-3152 for an appointment.