Answer Upon - Business

What Is The Fair Market Value of Your Business? Part 2
Financial Data – What’s Needed?As a general rule, the more financial data that is available, the better. If your accounting system is sophisticated enough to produce internal Balance Sheets and P&L Statements, they are certainly helpful. Of course the best information to use as a basis is the Federal Tax Return, since when these are submitted to the IRS, any and all final adjustments have been made. Also, three to five years of returns will give the valuation analyst a better and more consistent track record of the firm’s history. For further insight and/or questions, lean on the valuator for guidance. Typically, the most important source of necessary data is the owner or CEO (or the CFO if a firm is large enough to support that position), who usually is very familiar with the “financial goings-on” and the specific applicable history.Present Debt - A Factor?In the context of placing a value on a business to be sold, while debt is certainly important, it generally is not something which has a direct influence on business value. Here’s why. When there is long term debt to be considered (any debt to be carried on the books for a period longer than one year), that debt is normally handled by the seller out of the proceeds of the sale. Should it work out as a part of the deal that a given amount of the owner’s long term debt will be assumed by the buyer, that arrangement is customarily a part of the buy-sell agreement as prepared by the attorneys and accountants on one or both sides.What Should A Valuation Cost?The fee or service charge for a business valuation/appraisal will vary, dependent on a number of factors. It can run from just a few hundred dollars for a simple “off the shelf” software program, to in some cases tens of thousands of dollars . .

2002 can accurately model the chains ability to generate vibrant sales figures even during economic adversities. The same way productivity is an essential component of a company, growth is just as important because before integrating the aforementioned aspects, store sales was nearly flat throughout the chain; however, after incorporating the new tactics sales have climbed about 2.5%, shares have gone 49 cents from 34cents the previous year and net income has skyrocketed by 730% over a two-year period despite the economy and the competitive nature of the pharmaceutical industry.

Liquidity

Throughout the beginning of first quarter of 2003, CVS anticipated an increase in cash flows form operations. As a result of improve working capital management, the chains net cash provided by operating activities jumped from $133.9 to $183.6. Although the increase of $49.7 million in the early stages of the quarter is an interesting move, it will adversely impact the chain because of future lease payment associated with stores shut down as part of the restructuring plan. During the quarter, a cash payment of $6.5 million has been made to offset partly the effects of the restructuring. Based on a long-term perspective, the chains liabilities is bound to extend until 2024 mainly from noncancelable leases totaling $185.6 million.

Throughout the last five years, CVS has been either head to head with its competitors or way ahead of the game. For instance, over a 52-week period there has been relatively small market fluctuations with the highs of approximately 34 points and lows of 22. Currently, the market value of the chain can be estimated at $10,283.5 million which offers 14.4% return of equity, 9.89 cash flow ratio and a 14.5 earnings ratio. In terms of growth, revenue has been increasing rather nicely along the 5-year spectrum. Specifically in 1999, revenue reached 7.4%, three years latter, it went up to 8.5% and subsequently after 5 years it skyrocketed to 12.3%.

Conclusion

Emergency Traffic Signals
When disaster strikes, Horizon signal is there providing emergency traffic signals and promoting traffic safety. The portability of our equipment is a crucial aspect in disaster management. Being able to quickly deploy traffic control equipment is essential in a disaster situation. Horizon Signal offers products to control all traffic situations, protect property and save lives. Our product line includes portable traffic signals, portable traffic lights, traffic light control systems and flagging traffic control alternatives.Our primary focus is on convenience, work zone safety, and endurance in a disaster zone. When there is a disaster situation, you can count on the high visibility and the performance of our digital traffic control and traffic engineering devices. We offer a choice of emergency traffic signals.The SQ2 Portable Traffic Control System is one of the best portable traffic and emergency traffic signals because of its ease of transportation and installation at disaster zones. The optional trailer for storage and transportation ensures quick setup. While travelling, the signals lock into place to prevent shifting.During an emergency, the added benefit of the Solar Operation Mode of the SQ3TS Portable Traffic Control System is an essential factor in providing un-interruptible traffic control. Our SQ4 Emergency/Disaster Relief Traffic Signal System is ideal for such events as power outages, wildfire events, hurricanes, earthquakes and terror related events. It provides complete intersection control with a wireless remote control operation option and houses a battery power supply that provides up to 2 weeks of uninterrupted operation.

Industry Overview

As the company to ever create an online pharmacy, CVS has brought a new flavor to the pharmaceutical industry. Currently, Consumer Value Store is #53 of fortune 500 companies. The company operates primarily from prescription drugs sales which accounts for 70% of its total revenues. CVS is actually one of the most pervasive drugstore chains in America; it operates nearly 4,100 facilities, placing it side by side with three of its major competitors, Eckerd, Rite Aid and Walgreens. Within the Consumer Value Store lies PharmaCare, a subsidiary that is considered key to the company’s expansion and profit margin because of diverse managerial tactics it provides to the company.

Company Overview

In the beginning, the first store opened its doors in 1963 selling health and beauty aids. By the end of that same year, the chain grew to 17 stores averaging $3.3 million per year. Since then, the chain has been growing at a rather outstanding rate. Today CVS is successfully operating in well over 32 states and it is still expanding. During most of the 1990s, CVS has separated itself as one of the most well managed chains in the national drug store industry, reaching the 4000 mark and still is growing. The company

Key Competitors

CVS faces challenges from three major competitors. Specifically, Walgreens which holds 38% of market share is expanding at a rate of more than 400 new stores per year. Secondly, Eckerd currently the sixth largest U.S. market at 33% of market share is venturing the Phoenix market which offers long term growth. Finally, Rite Aid Corp with 30% of market share is planning to add around 300 private label SKUs including household chemicals, school supply and garden items just to name a few.

Major Trends in Industry

As a way of reevaluating marketing strategies, CVS is closing some of their stores. Approximately 230 has been shut down so far because it is determined that disassociating from other chain of stores and malls to individual locations will be much more profitable as that not only target tourists, but also regular residents. According the 2004 agenda, CVS plans to start opening stores in Minneapolis, the 10th largest drugstore market in the US, and high traffic areas such as Chicago, Florida, Las Vegas, Phoenix and Texas for expansion.

Marketing

CVS marketing strategies revolve mainly around expansion. As the nations leading pharmacy with stores in more than 32 states, CVS is gradually expanding its chain of stores in Florida. Currently, it has opened two stores in Central Florida, nine in the Tampa Bay area and eight in South Florida. In addition, CVS has several stores under construction including two more in Central Florida, five in Tampa Bay and seven in South Florida. According to the Senior Legal Counsel, Michael B. Nulman, entry into the Florida market has been profitable beyond normal expectations because not only has customer acceptance of the Florida stores been incredible, but sales figures in these new areas have been better than many previous locations.

Marketing Strategy

Altering the format of the stores is another strategy that generates high profit margins. Moving from the convention 9600-square-feet prototype, CVS plan toward bigger and better free-standing facilities resulted in 22 billion dollars in sales and ranked it second of top pharmacy in 2002 among its competitors. As opposed to the smaller stores, the 10,885 and 12,150-square-feet prototypes allow drive-through pick up that simultaneously serve two cars and provide a great deal of convenience which is what the CVS chain is seeking to achieve according to Alfred J. Callegarri Regional Director of Real Estate. Basically, the CVS chain tries to succeed where its competitors have failed.

Products

Along with medicine, CVS sells a variety of other items. As a pharmacy, it sells the very things that one would find at a convenient store. CVS along with a number of supermarkets is responding to customer demands by providing one-stop-shopping and convenience to the shopping experience. According to the Food Marketing Institute, the vast majority of new stores and remodeled ones offer an ever-wider variety of services and products in one place including wine, ATM services and greeting cards just to name a few.

Price

Although CVS product line sells at market price, it manages to attract more customers than its competitors. As a pharmacy, CVS is the only drug store that uses scannable consumer discount cards. Conversely, Rite Aid has a reward program that offers a discount on specific markets, meaning only very few stores participate in that program which renders it largely ineffectual. On the other hand, CVS card-scanning strategy helps it win even the finicky customers. In addition, the pharmacy gives 2% off on non-prescription items and one dollar off every two prescriptions. Finally, the card enables CVS to not only keep track of the buying habits of customers, but to communicate with them more intimately and advertise accordingly.

Distribution Process

It is ironic the way CVS becomes a pharmacy because the owners, the Goldstein brothers, did not have any design on pharmacy. To mention the least, they were not even pharmacist to begin with; they were mere distributors. From 1963 until today, the same distribution model has evolved to make CVS a successful corporation. As a way of managing deliveries from 22,000 different locations, CVS reanalyzes its flow of inbound supply strategies by improving logistics and monitoring inbound shipment in order to prevent order failures. In fact just to strengthen the viability of the plan, the chain anticipates an inventory reduction of approximately 17% over the next 12 months. Unlike some other businesses, CVS follows an expedited distribution program whereby a variety of distribution channels are utilized such as warehouses, the Internet and in some cases certain manufacturers. In fact, last autumn, the chain formed and alliance with Merck Corporation to facilitate a seamless distribution of prescription drugs throughout the country.

Advertising

CVS uses many of the conventional ways of advertising. To begin with, the pharmacy does not handle its own advertising campaign; rather, it works in concert with the Boston-based Inter-public Group to target consumers whereby the most rudimentary methods are used namely radio, ads and TV commercials. Generally, ads are a really effective way to target potential consumers; however, during economic fallouts ad budgets are normally the first to be discarded to reduce expenses. Another strategy the store uses to sell its products is through its layout; that is putting most of the everyday-use items in the front end as well as the very back of the stores that way food, beverages and cosmetics are at the customers fingertip. As a result, the new settings not only attract customers, but they stay longer in the stores and most importantly, they buy more.

Managerial Structure

Structurally, CVS is just like most companies. It follows a pyramidal style of management with the help of a CEO, Tom Ryan, and 9 others that report to his office. Thomas Ryans charismatic leadership revolves around a sense of urgency, openness to new ideas and willingness to embrace change. As a pharmacy, the company prides itself on the ability of its pharmacists and technicians to provide [consumers] with some of the highest-quality care in the industry. Basically, the company has a very autonomous style of management whereby each employee represents the company holistically. Based on that tenet, CVS devotes serious effort to hire competent employees combined with proprietary technology and work-flow enhancement in order to make the drug store more productive and efficient.

In 2001, however, after the company absorbed a lost of more than $130 million during the fourth quarter, the CEO adopted a restructuring plan that guarantees profitable chains selling space and the successful integration of its ProCare specialty pharmacy operation which provides PharmaCare prescription benefits. In addition, the restructuring plan took root at the very top of the organization. Consequently, regulatory supervision of chains top executives along with the other departments becomes more commonplace.

Training Process

At CVS the marketing as well as the training department work closely with each other. The combination is done for many reasons primarily to seamlessly advertise within the stores and to insure that employees have the necessary knowledge of certain products to adequately serve the consumers. Accordingly, the company recognizes its employee needs in terms that they need the right tools, sufficient training and support. As a result, training seminars are frequently under way to keep the employees sharp. Along with constant training, the company is gradually automating some of the basic tasks of pharmacists including electronic telephone refill systems and automatic dispensing machines in order to make pharmacists more available for customer interactions.

Financial Overview

Fundamentally, the chain achieves high levels of profitability by considering several factors namely driving growth and improving productivity. Based on these strategies, the fourth quarter of 2002 can accurately model the chains ability to generate vibrant sales figures even during economic adversities. The same way productivity is an essential component of a company, growth is just as important because before integrating the aforementioned aspects, store sales was nearly flat throughout the chain; however, after incorporating the new tactics sales have climbed about 2.5%, shares have gone 49 cents from 34cents the previous year and net income has skyrocketed by 730% over a two-year period despite the economy and the competitive nature of the pharmaceutical industry.

Liquidity

Conclusion

Tips for Brightening Up a Bland Workspace
Whether you're in a spacious corner office or a cramped cubicle, sometimes a workspace can seem bland and uninspiring. From a neutral palette to cookie-cutter furniture, many offices -- particularly those not open to the public or to clients -- are designed for function over form.The good news is that there are easy ways to brighten any office space. With a few simple touches, you can create a better environment in which to spend your 9 to 5.- Color can play an important role in mood and productivity. Bland office spaces filled with shades of beige and gray, though low on distraction, are often mood dampeners. So why not add some pops of color to your office or cubicle?Buy a great, brightly-colored calendar. Nature calendars are idea. Pages filled with birds, butterflies, and blooms can perk up any workspace.Treat yourself to flowers. Gerbera daisies in bright orange, raspberry, and red are perfect mood lifters, and inexpensive carnations can last for weeks with the right care. Keep a vase ready at the office for when the mood strikes. Plus, flowers have the added benefit of smelling wonderful.- Add personality. Sure you can use pencils from the supply cabinet, but for a small price (think Dollar Store!), you can fill your pencil holder with fun pencils. Buy them in bright colors, or topped with feathers, cartoon characters, or whatever strikes your fancy.Of course most people have family photos on their desk, but why not print out 8x10 enlargements of your favorite vacation destinations on regular printer paper and pin them to your cubicle wall. You don't need frames, you can replace them as often as you like, and for a small price, you can add something both personal and neat enough for the office.Even small things like buying you

rketing

Marketing Strategy

Products

Price

Distribution Process

Advertising

Managerial Structure

Training Process

Financial Overview

Liquidity

Conclusion

Traits of a Leader: First Lead Yourself
Strong leaders understand that to successfully lead others they must first be able to successfully lead their own lives. Being the leader of your life takes the following: self-awareness, humility, maturity, self-confidence, and objectivity. It also takes the ability to receive criticism from others and accept that you may not always be right or may not always have the best answer. Most of all there must be an openness to learn and change.Here are seven things you can focus on to lead yourself first:1. Balance external forces with your own internal thoughts – Too often we allow external forces to push us into things even though we may not fully agree with the direction. Your head and your heart are strong internal gages. You can listen to the world around you and then check in with your heart. Your emotion will respond. Check in with your head. Your knowledge will answer.2. Learn new things – Knowledge is power. Take time to read, attend a seminar, or participate in a roundtable.3. Take off the blinders – Heighten awareness around all aspects of your life. Those areas include: family, spirituality/religion, health, recreation, environment, fitness, work/career, money, friends, and personal growth. Most of us only focus on 2-3 areas at a time and lose sight of the rest. Identify what you can do to strengthen those areas that have been outside of your blinders.4. Create an open ear to criticism – Ask for feedback. Be willing to listen with your defenses down. In order to change we must first identify what changes make sense. Outside supporters are sometimes more objective than we will be with ourselves.5. Have a mentor – We are never too old to learn from someone else. Find a person who you respect that would be willing to share of their

gram which renders it largely ineffectual. On the other hand, CVS card-scanning strategy helps it win even the finicky customers. In addition, the pharmacy gives 2% off on non-prescription items and one dollar off every two prescriptions. Finally, the card enables CVS to not only keep track of the buying habits of customers, but to communicate with them more intimately and advertise accordingly.

Distribution Process

Advertising

Managerial Structure

Training Process

Financial Overview

Liquidity

Conclusion

Accomplish 20 Times as Much by Avoiding Bad Assumptions That Misdirect Your Efforts
The misconception stall is particularly harmful because some of your best people already realize that you are operating on faulty assumptions. Since actions based on those assumptions are folly, these key employees are losing faith in the future of the organization and the quality of its leadership. Soon, you may find recovery from your mistakes is made more difficult as your most talented people seek other opportunities.MISCONCEPTION: The Danger of False Assumptions AboundsHow is a misconception stall different from a disbelief stall? A disbelief stall is based on something that was once true, but no longer is. A misconception stall is based on a belief that was never true. Here are some examples of harmful misconceptions:• The future can be accurately forecast.• Competitors will stand still while we make rapid progress.• Agreement among colleagues means that issues are understood.• Customers will make the decisions in the same ways they always have.All long-held assumptions and beliefs should be questioned. Ask yourself:• Is it really true?• If it isn't true, why do people believe it to be true?• What's needed to persuade people to change their beliefs?Round Out Your ViewWhen only an experiment will do, cross-check your idea in other ways to get a better sense of what you are about to try. Consider Columbus. While some feared sailing west across the Atlantic believing they would fall off the edge of the Earth, Columbus knew better. He had made a point of studying the early Viking explorations of North America. In fact, in 1477, 15 years before heading toward the Caribbean, Columbus visited Iceland to learn more about the northern "islands" across the Atlantic.Apply Sophisticated ThinkingIn his

Managerial Structure

Training Process

Financial Overview

Liquidity

Conclusion

How to Choose a Video Production Company
Determine the size of the production company you need. Although there are many factors that determine the cost of a video shoot (as explained later), the first consideration for staying in budget is the type and size of the production company. Large production companies have multiple studios and sound stages, editing suites, and a sizeable staff. These are the people that television stations and Hollywood producers call on when they need a local production for television, cable, or film. They are very experienced and produce fantastic results, but a considerable price tag must accompany such overhead. Often they are unable to service small businesses because they cannot accommodate such small budgets, as they'd usually have plenty of calls and projects from clients with deep pockets keeping them busy. The next step down is a smaller, full-time production company. Small and medium sized businesses are the core of their client?le, so they are compelled to keep a video project as lean as possible, yet deliver the best possible quality for the money being paid. These production companies may have a small, single studio and editing suite, or they may work out of their home studio and rent a sound stage when the project calls for it. There may be one or two full time employees, and the rest are contract crew on a per-project basis. This helps translate into lower production costs for you. The final category of video producers is part-time, weekend-only videographers. These producers have a camera and a computer, and want to make some extra money on their free time. They can often underbid anyone else in town, because they already have their full time job and any extra money on the side is fine with them. But their ability to understand corporate, commercial, and broadcast

Liquidity

Conclusion

CVS is one of the most stable companies within the drug store chain today. Reflecting on the company's financial statement over the last five years, it has managed to keep a relatively stable flow of income overall and best of all, profit is continuously growing at virtually all levels. Historically speaking, achieving great success was not only the culmination of endless years of painstaking dedications, but it was the devotion to its consumers that seemed to overcome most of the obstacles that stood before its path. Based on that kind of commitment, Consumer Value Store is a great company to invest in because of its loyalty, dedication and stability.

Sources

Overview. Media General Financial Services, Inc. Dec. 2002. Hoovers Online. 26 May 2003.http://www.hoovers.com/ premium/profile/4/0,,10984,00.html.

Strong Roots Secure Retail Powerhouse. Drug Store News. 21 Oct. 2001. Business & Industry. 26 May 2003. http://rdsweb2.rdsinc.com.

CVS Takes No1 Spot in Drug. Racher Press Inc. 8 May 2000. Business & Industry. 27 May 2003. http://rdsweb2.rdsinc.com.

Prescription for Success. Med Ad News. 3 July 2001. Business & Industry. 27 May 2003. http://rdsweb2.rdsinc.com.

Nulman B. Michael. Prescription for Success. Med Ad News. 3 July 2001. Business & Industry. 27 May 2003. http://rdsweb2.rdsinc.com.

New Format in Stores for CVS. Westfair Communication Inc. 23 Nov. 2002. Business & Company Resource Center. 28 May 2003. http://galenet.galegroup.com.

Callegarri J. Alfred. New Format in Stores for CVS Westfair Com Inc. 23 Nov. 2002. Business & Company. 28 May 2003. http://galenet.galegroup.com.

Supermarkets Expand Offerings to Make Shopping Convenient. Research Alert. 15 Nov. 2002. Business & Industry. 29 May 2003. http://rdsweb2.rdsinc.com.

Drug Money. Direct. March 1, 2003. Business & Industry. 29 May 2003. http://rdsweb2.rdsinc.com.

Retail Case Studies, CVS Corporation. Global Logistics. 15 Dec. 2001. Descartes. 30 May 2003. http://www.descartes.com/ customers/studies/CVS_Corp.html.

Hill to Support CVS Expansion. Ad Week New England. 24 June 2002. Business & Industry. 30 May 2003. http://rdsweb2.rdsinc.com.

Promo Edge Company. Med Ad News. 15 Sep. 2002. Business & Industry. 2 June 2003. http://rdsweb2.rdsinc.com.

CVS Reinvents Itself to Meet Changing Market Place Drug Store News. 3 Feb. 1997. Business & Industry. 2 June 2003. http://rdsweb2.rdsinc.com.

Excellence in Pharmacy Innovation Drug Chain Review. 16 Dec.2002. Racher Press Inc. 3 June 2003. http://rdsweb2.rdsinc.com.

Investing in Growth Opportunities. Drug Store News. 29 Apr. 2002. Business & Industry. 3 June 2003. http://rdsweb2.rdsinc.com.

CVS Rounds Into Top. Chain Drug Review. 28 Apr. 2003. Business & Industry. 4 June 2003. http://rdsweb2.rdsinc.com.

Quarterly Report SEC Form 10-Q. Biz Yahoo. 12 May 2003. NYSE. 4 June 203. http://biz.yahoo.com/e/l/C/CVS.html.

Financials. NYSE. 5 May 2003. Hoovers Online. 6 May 2003. http://quotes.hoovers.com/thomson/quote.html?t=CVS&e=NYSE&n=CVS+Corporation&p=&c= 10984&templ=4

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All too often we bandy around the words freelancer, consultant, and entrepreneur as if they are interchangeable, although they are not. Sometimes our clients are confused. Often we are, too. When we aren't clear about how we offer our products and services, it makes it difficult for potential clients to know whether or not to hire us. This article describes the differences between freelancer, consultant, and entrepreneur.

Looking for the best and most reliable online currency exchange converter? If the answer is yes, then you have spotted the right page. The internet has now become an indispensable element of every business and anyone looking for any services or product simply relies on Internet.

A major part of keeping profitable and growing your business is maintaining a focus on business development. Even when you've got the right mix of work, clients and employees you should be looking for new opportunities.

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