The pros & cons of buying a business.Entrepreneurial consultant and columnist Courtney Price answers your questions about taking the acquisition route to business ownership. The entrepreneurial trend is here to stay for at least the next 20 years. However, there is a new model of entrepreneurship emerging - the buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. entrepreneur. This is the individual who buys a business rather than starts one from scratch. Many entrepreneurs are finding that big returns come from the growth and revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. of existing businesses. The number of businesses for sale is increasing as well as the number of buyers, including corporate acquirers - larger corporations (both U.S. and overseas) that are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. smaller companies that will provide innovative products in new markets. In addition, the impact of downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing by larger corporations will be felt for years. Today, corporate refugees are more receptive to becoming entrepreneurs, and a good proportion find buying a business more appealing than launching a new one. The often-quoted statistic statistic, n a value or number that describes a series of quantitative observations or measures; a value calculated from a sample. statistic a numerical value calculated from a number of observations in order to summarize them. that six out of every 10 new businesses fail during the first five years represents the risk that is involved in starting a new venture. Overall, a successful business needs an operating history of five to eight years to sufficiently prove its concept, market, prices, location and management. In a start-up venture all operational aspects are unknown. There is a high degree of uncertainty in starting a new venture from scratch. Some entrepreneurs estimate that they will break even in six months. However, it might take 18 to 24 months, during which time they need unanticipated operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets . Typically, penetrating a market takes two to five times as long as originally projected. However, buying an existing business is different. One can equate e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. the differences to those of buying a house versus building a house. With a new house, owners worry about everything - similar to the worries of starting a new business. With the purchase of an older home, however, less risk is involved - likewise, in the acquisition of an existing business. When you purchase an ongoing business, there is an existing reputation, customer base, suppliers, equipment, leases and cash flow. The infrastructure and management team are also in place. Many entrepreneurs are more successful as turnaround artists - building ventures rather than starting them. They are not creator types with Ideas that could revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the marketplace. Instead, they recognize good business opportunities and make an existing venture more profitable. One successful entrepreneur claimed that he had only two failures out of 10 ventures - the two businesses he started from scratch. The other business successes were all ventures he had purchased and grown. Buying an existing business is a good entrepreneurial strategy when you have thoroughly evaluated and analyzed the business opportunity. It may take up to a year to find the right purchase. It is also a wise strategy to match your interests and industry experience with an opportunity to purchase a business. MAKING THE PURCHASE DECISION QUESTION I have a choice between purchasing a business that has been in operation for several years or starting one of my own. Which route would you recommend? ANSWER Many entrepreneurs feel that purchasing an existing business is like buying a used car. You inherit To receive property according to the state laws of intestate succession from a decedent who has failed to execute a valid will, or, where the term is applied in a more general sense, to receive the property of a decedent by will. inherit v. all the problems and headaches that someone else has caused. However, purchasing a business can be an attractive alternative to starting one of your own. There are six good reasons for buying a business instead of starting one from scratch. They include time, finance, existing operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , lower risk, management training and lower assets costs. Starting a business from scratch takes considerable time and effort, usually requiring several years to get it to a level of being profitable. You can own a profitable business from the beginning by purchasing it. Buying an existing business is a quick way to obtain of a mature business that is generating profit. What if the business you are interested in purchasing is losing money? Should you still consider purchasing it? Buying this type of venture is still a quicker way to get to profitable operations than starting a new business. Turning around a business can be both, a profitable and a rewarding experience. Many failing businesses are just poorly managed. An astute as·tute adj. Having or showing shrewdness and discernment, especially with respect to one's own concerns. See Synonyms at shrewd. [Latin ast entrepreneur may be able to immediately generate a profit. Perhaps the most compelling reason for buying a business is to make sure of the seller's invested capital. Most sellers ultimately finance a large part of the sale to help sell the business and to obtain a higher selling price. Sellers are the purchaser's biggest financing source. Typically, the seller's money is the lowest cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. available. Sometimes, the seller will finance the entire transaction if he or she has faith in the buyer. Many times, the seller does not need cash immediately but instead wants assured income. Most sellers will ask for all cash up front. However, they often have to give more lenient le·ni·ent adj. Inclined not to be harsh or strict; merciful, generous, or indulgent: lenient parents; lenient rules. terms to make the sale. It all depends on the buyer's persuasive powers and the seller's alternatives and needs. Remember, the selling price of the business is not the most important aspect. Instead, the terms for purchasing the business are key to making the deal work. Also, bankers and other lenders are more willing to lend to an established business with several years of performance to evaluate. It is a known quality. The entrepreneur who starts a business spends considerable time, money and effort building an organization and developing an effective operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . The buyer of a business already has one in place and can avoid the pitfalls of start-up. Most often, some changes are needed. It is usually easier to make changes in the operating systems than to begin from nothing. Some of the value of an existing business comes from the fact that it is a "going concern." All its parts are functioning. One of the most valuable parts of the operating system is the venture's current customers. Customers are gold. It takes a substantial amount of time and effort to build and maintain a good customer base. Another important part of a venture's operating system is its sales force and distributing system. It is one of the most significant values of an existing business that does not appear on any balance sheet. A well-trained sales force combined with an effective distribution system is a most valuable asset, and one well worth acquiring. ADVANTAGES OF BUYING A BUSINESS QUESTION I am going to be laid off in the next several months, and I have an opportunity to buy a rental business that a friend of mine owns. Is this advisable ad·vis·a·ble adj. Worthy of being recommended or suggested; prudent. ad·vis  a·bil ?
ANSWER Overall, the risks associated with entrepreneurship are less in buying a business than in starting a new business. There are many advantages of buying an existing business, especially if you know the owner and his or her business. Consider these advantages of purchasing a business - lower risk, management training and lower asset costs. It is often easier to assess the risks involved in buying a going business than those inherent in developing a new venture. You can evaluate a known quantity with an existing location, current customers, staff, suppliers and reputation. The first two years of any business are the riskiest. Survival is key during this period, and the failure rate is the highest. It can take two to three years to reach the break-even point break-even point - In the process of implementing a new computer language, the point at which the language is sufficiently effective that one can implement the language in itself. with a start-up and another five years to become stable and successful. Two major factors help limit risks. First, the buyer has better information on both the operating characteristics of the venture and its established market than the entrepreneur would have with a start-up enterprise. Much of the market speculation and sales forecasting Sales forecast A key input to a firm's financial planning process. External sales forecasts are based on historical experience, statistical analysis, and consideration of various macroeconomic factors. are eliminated, since the business already has a track record. Therefore, better and more accurate forecasts can be made. Second, and perhaps more important, the buyer can usually invest fewer dollars when purchasing an existing business. This relates back to the seller financing Seller financing Funding a purchase by a seller's loan to the buyer, the buyer takes full title to the property when the loan is fully repaid. the majority of the venture. The more the seller is willing to carry back as debt, the more he or she can expect to sell the business to a prospective buyer. As previously mentioned, this is usually the least expensive cost of funds available. Negotiated terms can be better than those available from any other type of lender. The buyer should be more concerned with how the purchase can be structured than with the actual price involved. Management training provided by the seller will teach the buyer how to run the business. Often, the seller will teach the buyer how to run the business. Much inside knowledge and expertise can be exchanged. Consequently, the buyer of an existing business may not have to learn those important start-up lessons the hard way. In addition, a financially involved seller is motivated to hold the buyer's hand for a longer period of time. Finally, it is usually cheaper to acquire assets by buying a business than it is to purchase [it] new. You can often purchase the building and equipment for 10% to 20% of what it would cost new. Some businesses are purchased just for their location or for the lease they have with the building owner. Frequently, the assets of an existing business are not worth much, except as to how they are used in that particular business. Thus, an entrepreneur may be able to get into this type of business with less capital than by starting a new venture. In essence, you are purchasing used equipment at an attractive price. This happens more often when you acquire a firm that is in trouble. An entrepreneurial tip to remember is that the business success a seller has achieved costs the buyer more money. Likewise, business failure costs the seller money. DISADVANTAGES OF BUYING AN EXISTING BUSINESS QUESTION I have an excellent opportunity to buy a business from someone who is moving. Because of the business's existing client base and positive cash flow, I think this would be a good investment for me. What should I look out for? ANSWER Many businesses for sale aren't worth buying. The advantages of buying a business usually outweigh out·weigh tr.v. out·weighed, out·weigh·ing, out·weighs 1. To weigh more than. 2. To be more significant than; exceed in value or importance: The benefits outweigh the risks. starting one from scratch. However, there are some disadvantages of buying existing businesses that you should consider before deciding to buy. There are many businesses for sale that should be avoided. Primarily, these businesses can be grouped into the following categories: (1) inadequate market potential, (2) serious competitive problems, (3) technological problems, (4) disadvantageous dis·ad·van·ta·geous adj. Detrimental; unfavorable. dis·ad van·ta cost
characteristics, (5) seller backing out and (6) nothing worth buying.
Let's take a look at each of these disadvantages. First, many businesses are not going anywhere because there is nowhere for them to go . The founder is doing everything possible, and the business is still losing money. Essentially, the market potential is just not there. Second, the business is experiencing serious competitive problems. The market is saturated with similar-type ventures, and the cost of the product has become very price-competitive. There are just too many businesses chasing after the same consumer dollar. It is cutthroat cut·throat n. 1. A murderer, especially one who cuts throats. 2. An unprincipled, ruthless person. 3. A cutthroat trout. adj. 1. Cruel; murderous. 2. industry where it is difficult to enter into the marketplace. Some businesses become technologically obsolete. Would you purchase a business that makes silent movies or rpm records RPM Records was a record label launched in the early fifties. It was a subsidiary of Modern Records. RPM Records (UK) - [1] A record label based in Chipping Norton, Oxfordshire, England, mainly a reissue label. Their slogan: "Brought to you by Collectors For Collectors". ? Sometimes the product can no longer compete technologically in the marketplace because of new inventions New Invention may refer to:
Astute entrepreneurs may realize that they are losing their technological edge. They quickly place their business for sale before this situation becomes apparent to the general public. In acquiring any business with a technology base, take great care to assess what is happening to the technology in that industry. Are new products being tested that will replace yours? It is essential that you determine whether or not the business has the ability to compete in the new technological arena. It is also difficult to make money if your competition has a cost advantage over you. You will always be vulnerable to price wars. Moreover, your cost disadvantage comes right out of your profits. Unless you have an idea of how to rectify rec·ti·fy v. 1. To set right; correct. 2. To refine or purify, especially by distillation. the cost problem, be careful. Sometimes you will negotiate with a seller for several months. Then, just as you get ready to sign the deal, the seller notifies you that he or she has decided not to sell the business. Often, sellers become too emotionally attached to let go of the venture. Yet, you have spent considerable time and money performing due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , doing research, securing financing and negotiating the deal. In addition, you have paid legal and accounting fees that are unrecoverable, plus the incalculable in·cal·cu·la·ble adj. 1. a. Impossible to calculate: a mass of incalculable figures. b. Too great to be calculated or reckoned: incalculable wealth. opportunity cost. Lastly, there are some businesses that are just not worth buying. They are going nowhere fast. Their products may be inadequate and/or defective. The inventory is old and outdated. The business is on a downswing down·swing n. 1. A swing downward, as of a golf club. 2. A decline, as of a business. Noun 1. downswing - a swing downward of a golf club and experiencing a negative cash flow. Overall, it is difficult to find one good feature about the business, except the sales price. When this situation occurs, it is easier to start a new venture than purchase an old one. Be careful when you find an owner who is trying to sell the business in a short period of time. He or she may be trying to bail out quickly before the market turns sour. When speed replaces price as the primary goal, beware. You might be able to get a good deal, but the business is or will become unprofitable. WHERE TO LOOK FOR A BUSINESS TO PURCHASE QUESTION I am a corporate refugee who is looking for a business to buy. I don't want or feel qualified to start one from scratch. Where do you suggest I look? ANSWER Avoid a hasty hast·y adj. hast·i·er, hast·i·est 1. Characterized by speed; rapid. See Synonyms at fast1. 2. Done or made too quickly to be accurate or wise; rash: a hasty decision. decision and try not to get too excited about a good potential until you have spent enough time evaluating a potential business and analyzing its marketplace. Many experts say that you should count on spending at least a year to find and evaluate a business that you would like to purchase. Use the following guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. as a starting point Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the in your search. 1. Newspapers. The easiest place to start looking for a business to buy is in the classified section of newspapers under "Business Opportunities." The Sunday edition Sunday Edition is a Sunday morning radio show on CBC Radio One. It is hosted by Michael Enright. Its subject matter is wide ranging with current affairs, arts reporting, radio documentaries, and interviews. It is often quite sombre and serious in tone. usually has the most listings. Look in the "Mart section of the Wall Street Journal on Wednesdays and Thursdays. The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times Sunday edition contains several pages of diverse businesses for sale. There are also specialized business opportunity newspapers, such as the Business Opportunity Journal. Check with your librarian for similar publications to review. 2. Industry trade magazines. Many industry magazines and trade papers contain a classified section with business opportunities that are industry-specific. 3. Banks. Some banks publish newsletters of business opportunities. There may be a charge for some of the newsletters and/or catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. listings. You may also ask banks in your area if they have lists of businesses for sale. Bankers can be helpful in your search, and establishing a relationship with them early on is a must. It might not be long before you'll be asking them for lending assistance to help finance your venture. 4. Business professionals and members of the infrastructure. Talk with attorneys, accountants, venture capitalists Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. , investment bankers Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , insurance agents, salespeople sales·peo·ple pl.n. Persons who are employed to sell merchandise in a store or in a designated territory. and other members of the entrepreneurial infrastructure. These professionals often know of business opportunities that are never advertised. 5. Business brokers. Brokers have extensive lists of businesses for sale. They work for business owners and are paid a commission to market and sell businesses. A business broker's fee typically runs between 5% and 10% of the purchase price. Your response to an ad may very well be to a business broker. Try to negotiate a "buy-broker agreement" in which the broker agrees to seek out companies for you. Look in the Yellow Pages of your telephone directory for listings of business brokers. 6. Business owners. Look for businesses you might be interested in purchasing and contact the owners. Ask them if they are interested in selling. On the average, about three out of every 10 calls attract some interest. If owners are not interested in selling, they might be able to refer you to someone else. 7. Chambers of commerce. Some chambers of commerce maintain buying and selling services for businesses in their area. 8. SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government and state or county economic development agencies. These organizations frequently know of businesses for sale and can give you referrals. 9. Trade sources. Check with suppliers, vendors, distributors, manufacturers, and trade association about potential businesses for sale. They are excellent resources for industry-specific businesses. 10. Business bankruptcy listings. Most local business journals publish a list of businesses that have filed for bankruptcy. If you feel you have skills to become a turnaround artist, these listings may produce good leads. 11. Friends. Your friends have a wide net@ work of contacts. Let them know what kind of business you are looking for, and ask them to notify you of any opportunities they discover. You might want to consider offering an incentive to get people to give you qualified leads. Paying people for their time and effort is a good business practice. When answering an ad, present yourself as a fully qualified person so you will receive a response back. You will probably be asked some qualifying questions to see if the owner or broker wants to continue the process. This list is a starting place and demonstrates that there are may sources for you to tap during your search. A successful search requires diligence and hard work. CHECKLIST FOR BUYING AN EXISTING BUSINESS QUESTION I have recently taken an early retirement benefit and received a cash bonus. I have been thinking about buying an office supply store instead of looking for another job. What factors should I consider before buying this business? ANSWER There are personal considerations as well as business factors to analyze and evaluate when thinking about buying an existing business. * Identify your personal goals for purchasing the business. Will the business you are considering match these goals? * Think about your expertise. What are your strengths and weaknesses? Do they complement the venture? Will your knowledge and skills be of help in operating the business? No one is strong in all areas of entrepreneurship. * Consider your lifestyle. There is prestige in owning your own business. Does this business fit your status and image needs? * Decide about location. Is the location convenient for you, and does it have enough traffic flow? Is the location convenient to your target customers? * Determine the location history. How long has the office supply store, for example, been in that location? Have other businesses failed and frequently turned over in that location? Sometimes a location carries a stigma stigma: see pistil. Stigma mark of Cain God’s mark on Cain, a sign of his shame for fratricide. [O. T.: Genesis 4:15] scarlet letter and should be avoided. On the other hand, sometimes entrepreneurs purchase existing businesses just for the location and the lease. * Look at the surrounding and physical conditions. Is any remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling needed? If so, estimate the costs for such remodeling. * Consider your financial needs. How much money do you want to make? How much money will you need to purchase the business? After identifying your personal criteria, make an in-depth venture analysis. You will need assistance in investigating the office supply store from various business experts, including an accountant, an attorney and a banker. * Ask for historical and projected profit and sales figures sales figures npl → cifras fpl de ventas . Ask for the past three to five years of audited balance sheets, income statements and cash flow statements. Have your accountants review them. * Review the venture's operating ratios Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: . How do they compare with industry ratios from Robert Morris Associates, Annual Statement Studies (available in major libraries), which is a reliable source of statistics and financial ratios on every industry? If there are significant deviations, ask the owner to explain identified differences. * Ask for a list of current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. and liabilities. Examine the age and condition of assets. Evaluate debts and other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. . Are there any pending legal actions? Count the number, amount and ages of the receivables. Review how many receivables were written off as uncollectible each year for the past three years. * Review corporate tax returns. Remember that a seller won't exaggerate the business worth to Uncle Sam Uncle Sam, name used to designate the U.S. government. The term arose in the War of 1812 and seems at first to have been used derisively by those opposed to the war. Possibly it was an expansion of the letters "U.S. . If the seller cannot provide financial information for the past three years, this is an indication that something is amiss a·miss adj. 1. Out of proper order: What is amiss? 2. Not in perfect shape; faulty. adv. In an improper, defective, unfortunate, or mistaken way. . * Run a background check. Contact the local better business bureau to determine if customers have filed a complaint about the business. For a fee, Dun & Bradstreet will give you an estimate of the worth of the business. Look for a local office in the Yellow Pages. * Assess the current staff. You are buying not just the company but also the employees. Who are they? Is there good chemistry among them? Do they appear to be ethical and honest? Check their personnel files, and look for any disciplinary actions and poor evaluations. * Evaluate local economic and political conditions. What are the industry trends for this business? Is the market increasing or decreasing? What is the growth potential? What is the competitive environment? Is the market overcrowded o·ver·crowd v. o·ver·crowd·ed, o·ver·crowd·ing, o·ver·crowds v.tr. To cause to be excessively crowded: a system of consolidation that only overcrowded the classrooms. with competition? * Meet with customers. Determine their level of satisfaction with the business. In any walk-in business, always talk to customers who come into the store. Also, talk to former customers and find out why they are no longer buying from this store. * Choose the right seller. The owner should be both cooperative and willing to disclose all the financial and personnel, customer and legal information related to the venture. If the owner is resistant to sharing this information, you have reason to be concerned. These are just some of the key issues to raise and information to analyze when considering purchasing a business. A good reference book is C.D. Peterson's How to Leave Your Job and Buy a Business of Your Own. (McGraw-Hill, 1988) Evaluating this information is only half the equation. It is important to use a combination of both research and intuition intuition, in philosophy, way of knowing directly; immediate apprehension. The Greeks understood intuition to be the grasp of universal principles by the intelligence (nous), as distinguished from the fleeting impressions of the senses. in deciding whether a business is right for you and whether you should make an offer to buy it. Although it may be a good acquisition opportunity, you need good management skills and business experience. Remember, all that glitters All That Glitters (shortened from "All that glitters is not gold", a famous misquotation from The Merchant of Venice, the original line being ) is the name of a number of different works:
Frederick D. Garth garth n. 1. A grassy quadrangle surrounded by cloisters. 2. Archaic A yard, garden, or paddock. [Middle English, enclosed yard, from Old Norse gardhr; see , President and Supervising Electrician for Garth Electric Inc., in Chicago, is one of four winners of the 1994 Tanqueray Emerging Entrepreneurs Program. In addition to a $10,000 grant in cash, equipment and/or services, Garth will also benefit from the personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. counsel of Clay Jones, President of Clayton Jones A Company, Inc., and an established, African-American entrepreneur in Chicago. Garth Electric, Inc., an electric and electronic repair and construction company, began unceremoniously in 1991, when a former employer whose company had folded, began referring projects to Garth "Because I took pride in the type of work I turned out," says Garth, "my customers sent me referrals." As time passed, those referrals led to bigger and better bids, requiring more help. It was time to "work a plan." Today the company employs seven full-time employees (including Garth) and two part-time workers. Garth says the Tanqueray Emerging Entrepreneurs Program grant has allowed him to re-invest in his company with more up-to-date equipment that will aid in the company's growth. As much appreciated and as sorely sore·ly adv. 1. Painfully; grievously. 2. Extremely; greatly: Their skills were sorely needed. needed as the money might be, Garth sees a greater benefit to the program. Says Garth, "Mentorship is essential, even with a college degree, because nothing has helped me more in my business than those words of guidance from my mentor "My Mentor" is the second episode of the American situation comedy Scrubs. It originally aired as Episode 2 of Season 1 on October 4, 2001. Plot Elliot gets on Carla's bad side after telling Dr. Kelso about one of Carla's mistakes. Elliot gets defensive with J.D. , steering me around the pitfalls. The money is valuable, but having a mentor that's close to the pulse is invaluable." Tanqueray salutes Fred Garth for his pride in craftsmanship Craftsmanship Alcimedon a first-rate carver in wood. [Rom. Lit.: Vergil Eclogues, iii. 37.] Argus skillful builder of Jason’s Argo. [Gk. Myth.: Walsh Classical, 29] Athena (Rom. , his enterprising en·ter·pris·ing adj. Showing initiative and willingness to undertake new projects: The enterprising children opened a lemonade stand. spirit and his timeliness in knowing when to "work a plan." |
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