Daily Archives: December 22, 2024

Big Lots plans ‘going out of business’ sales, including 4 Polk stores 

After closing hundreds of stores and filing for Chapter 11 bankruptcy protection earlier this year, discount retailer Big Lots is preparing to close its remaining locations. The closures include four in Polk County.According to a news release issued Thursday by the Columbus, Ohio-based chain, the company is set to commence “going out of business” sales at its remaining 963 stores “to protect the value of its estate.” The decision comes as the chain’s planned sale of the bulk of its assets and business operations to Nexus Capital Management fell through. “We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ president and chief executive officer, in a statement. “While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.” The company said it will continue to serve customers at its remaining stores and its website, biglots.com. Nationwide, the chain has already closed at least 429 stores this year. In Florida, Big Lots operates 72 stores, including three in Jacksonville, according to the company’s website. In July, two months before filing for bankruptcy, the chain operated as many as 106 stores in the state.  Among the closures in Florida over the summer was Big Lots’ Orange Park location at 700 Blanding Blvd. Other area stores at 9119 Merrill Road, 9625 Crosshill Blvd. and 9718 Old St. Augustine Road remained open. Now those stores and others across the country are expected to begin sales to clear out remaining inventory. As of Thursday evening, though, no “going out of business” sales were listed for the stores on the company’s website. Already this year, Walgreens closed locations, Walmart closed all 51 of its health centers, restaurant chains like Red Lobster, Tijuana Flats, TGI Fridays and Hooters announced closings and retail outlets such as rue21, Express, Best Buy, Macy’s, Dollar Tree and Family Dollar all announced bankruptcies or location reductions.From 2023:Black Friday bleaker this year with closings of Bed Bath & Beyond, othersWhat Big Lots stores remain in Polk County?There are four, according to a search on Google Maps.4212 U.S. 98 N., Lakeland4233 S. Florida Ave., Lakeland1520 3rd St. S.W., Winter Haven35884 U.S. 27, Haines CityWhich Big Lots stores have already closed in Florida?Among the stores in the state already shuttered this year are:Boca Raton, 21697 State Road 7Bonita Springs, 25191 Chamber Of Commerce DriveBoynton Beach, 901 N. Congress Ave. Bradenton, 7381 52nd Place E. Clewiston, 328 E Sugarland HighwayCoconut Creek, 4847 Coconut Creek ParkwayDaytona Beach, 2400 W. International Speedway Destin, 34940 Emerald Coast ParkwayFort Myers, 15271 McGregor Blvd. Hallandale, 1761 E Hallandale Beach BlvdHollywood, 3921 Oakwood BlvdMiami, 8265 W. Flagler St. MiamiLakes, 5580 NW 167th StNaples, 2882 Tamiami Trail E. Orange Park, 700 Blanding BlvdOrlandoPlantation, 7067 W. Broward BlvdPompano Beach, 1440 Ne 23rd StPort Richey, 11854 US Highway 19 Royal Palm Beach, 511 N. SR 7 Sarasota, 3750 Bee Ridge Road Stuart, 2236 SE Federal Highway Tampa, 12601 Citrus Plaza Drive Tarpon Springs, 41306 US Highway 19 N. C.A. Bridges and Cheryl McCloud of the USA TODAY Network – Florida contributed to this report.

Dave Ramsey says: Everything you must know before buying a business

Dave,
It’s always been a dream of mine to buy and own a business. A few weeks ago, I was approached with an opportunity that could make this dream come true. How do I know if what I’m being offered is a good deal and if I’m ready for something like this?
Lee
Read these Dave Ramsey tips if you want to buy and own a business
Lee,
So you want to buy and own a business. Well, buying a business can either be one of the greatest purchases of your life, or one of the biggest mistakes you’ve made. And I’m going to do my best to keep you from making a mistake.
I want you to think seriously about a few things and keep some questions in mind. Then, at the end, if you still think buying is a good idea by the end of this article, you might be in business.
Imagine waking up on a Monday morning one year from now. Are you still enthusiastic about this line of work? Your vocation needs to be a vacation.

Otherwise, running a business is too much work. If you’re only in it for the money, you’re setting yourself up for failure, because there isn’t enough money in the world to make you work as hard as you’ll have to work running a small business.
Think about this before you buy and own a business
Think about spending some time around the business. Sit in there for a week to see how it operates, and learn all the ins and outs.
Then, if you’re truly invested and passionate about this new opportunity to buy and own a business, move on to my next question — what’s the business worth?
A business is only worth the income it creates. It doesn’t matter if it’s in a really great location, or if it’s a well-known brand name. Those things have no value if they’re not creating income, so figure out the net profit of this business.
Notice that I said net profit, not just sales. When determining the business’s worth, you need to focus on all three areas—gross revenue, expenses and the profit it generates as a result.
Become an expert on the business’s financial performance
Ask to see their past three years of financial statements, so you know what you’d be getting yourself into. Once you’ve done that, ask what you’ll make on your money. You can make about 12% with a good mutual fund, so if you’re going to take the risk of buying a small business, you’ll want to make at least 20% on it.
Another number to look at is the book value. If you collected all the receivables, and you sold all the equipment and the inventory and closed the business, what would you have in your pocket?
That’s the book value. If the business currently has $40,000 in inventory, $30,000 worth of equipment and $30,000 in receivables, the book value of that business is worth $100,000. Somewhere in between net profit and book value is a fair price. If the net profit of this business is $60,000 and they’re asking $185,000 for it, then that’s a pretty good buy. But you need to really get into their books and make sure their numbers are real.
Get a financial expert before you buy and own a business
And even if you’re great with numbers, it’s a good idea to find a financial expert to help you through this process. It’s an extra set of eyes to review and verify all the documents and give you an unbiased opinion on the deal.

Next, what are the costs of running the business? As you’re researching what the business is worth, you’ll come across the costs of keeping the business running while you’re researching what the business is worth. But your homework doesn’t stop there.
Take time to really examine the business and understand everything that goes along with keeping it afloat. This includes employee payroll and benefits, insurance, taxes, contracts, inventory, leases, cash flow — and anything else that helps run the business.
Think about the future before you buy and own a business
Take time to think about the future, too. Do you want to keep the business where it’s at, or grow it? What are your five-year goals for this business? Are there any expenses you may need to factor in to get there?
Finally, what’s included? When buying a business, you need to find out exactly what’s included in the asking price. How are they deciding the value of their business? Does the price include current inventory? Office equipment? Furniture? Get a list of everything that’s included from the seller and what kind of condition it’s in. And don’t just take their word for it. Go check out their stuff yourself. It’s also important to know all the baggage that might be included in this buy. Are there any debts or liens involved? You don’t want to buy a business only to find out you bought someone else’s problems.
One of the best benefits of buying an established business is that customers are included. The business should come with at least something of a reputation (hopefully a good one) and customers already in place. But be aware, many sellers will try to exaggerate how much their reputation and customer base are worth in finding their selling price. That’s why studying their books and knowing their customer satisfaction is so important.
So, how’re you feeling about things now, Lee? Still want to buy and own a business?
Follow @DaveRamsey

SCORE: Integrating strategy helps achieve business goals

Marc L. GoldbergIn the fast-paced world of small business, it’s easy to get caught up in daily tasks and lose sight of the bigger picture. However, aligning everyday work with your business strategy is crucial for long-term success. When strategy informs daily operations, every action taken by you and your team contributes to the overarching goals of the business, driving it forward with purpose.  Before exploring integrating strategy the question of what defines strategy.Strategy is the WHAT you are going to do to achieve an objective and Tactics or Actions are the HOW you are going to execute the strategy.  For example: You want to add revenue to your enterprise.  A strategy might be to increase awareness of your brand.  The tactics or actions you can employ are: rebranding, increasing social media presence, creating an email campaign to past customers to introduce new product/service offerings.  What are the best practices for embedding strategy into the daily work of managing a small business and ensuring that your efforts are consistently aligned with your strategic objectives?Set Clear, Measurable Goals. Break Down the Strategy: Start by translating your overarching business strategy into clear, specific goals. These goals should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound), making them easy to track and manage. Align Daily Tasks with Goals: Ensure that daily tasks and responsibilities are directly linked to these goals. This alignment helps employees understand how their work contributes to the larger strategy, keeping everyone focused on what matters most.Communicate the Strategy Consistently. Regular Updates: Keep the strategy top of mind by regularly communicating updates and progress. This can be done through team meetings, newsletters, or internal communications platforms.  Incorporate Strategy into Conversations: Make strategy a regular part of everyday conversations. Discuss how current tasks and projects align with strategic goals during meetings, one-on-ones, and informal check-ins.Empower Employees with Ownership. Delegate with Purpose: Assign tasks and responsibilities that align with both the employee’s strengths and the business’s strategic objectives. When employees understand the strategic importance of their work, they are more likely to take ownership and deliver results. Encourage Initiative: Create a culture where employees feel empowered to suggest and implement ideas that support the strategy. This fosters a sense of ownership and keeps everyone engaged in driving the business forward.Incorporate Strategic Thinking into Daily Routines. Regular Reflection: Encourage employees to take time to reflect on how their work contributes to the business’s goals. This can be done through end-of-day reflections, weekly reviews, or monthly strategy sessions. Integrate Strategy into Decision-Making: Train your team to consider the strategic implications of their decisions. Whether it’s choosing suppliers, setting pricing, or launching a new product, every decision should be made with the strategy in mind.Use Metrics to Track Progress. Define Key Performance Indicators (KPIs): Establish KPIs that are directly tied to your strategic goals. These metrics will help you and your team monitor progress and make informed adjustments.  Regularly Review Metrics: Make it a habit to review these KPIs regularly. This practice ensures that the business stays on track and allows you to identify any areas that need attention before they become larger issues.Foster a Culture of Continuous Improvement. Encourage Feedback: Regularly seek feedback from employees on how well they feel the strategy is being implemented. Use this feedback to make necessary adjustments and improvements. Promote Learning and Development: Invest in training and development opportunities that align with your strategic objectives. This not only helps employees grow but also ensures they have the skills needed to execute the strategy effectively.Celebrate Milestones and Successes. Recognize Achievements: Take the time to celebrate when strategic milestones are met. This recognition boosts morale and reinforces the importance of aligning daily work with strategic goals.  Share Success Stories: Highlight stories where strategic alignment led to positive outcomes. Sharing these stories reinforces the connection between strategy and everyday work, motivating the team to continue their efforts.Adapt and Be Flexible. Stay Agile: While it’s important to stick to your strategy, it’s equally important to remain flexible. Be open to adjusting your strategy as the business environment changes or as new opportunities arise.  Encourage Problem-Solving: When challenges occur, encourage your team to approach them with a strategic mindset. This problem-solving approach ensures that solutions are aligned with the business’s long-term goals.Bringing strategy into the everyday work of managing a small business requires deliberate effort and consistent focus. By setting clear goals, communicating regularly, empowering employees, and fostering a culture of continuous improvement, you can ensure that your daily operations are always aligned with your strategic objectives. This alignment not only drives the business forward but also creates a more engaged, motivated, and successful teamContributed by Marc L. Goldberg, SCORE Cape Cod & the Islands, www.score/capecod, 508/774-4884.  Free and confidential mentoring.  Workshops and webinars open to all.  Sources: The Lean Start-Up,  Eric Ries, Management: A Comprehensive Guide to Effective Small Business Management, Navigating Business with Strategic Thinking, hihellohr.

Tom Hardy Offers to Pay Over $300,000 of Crew’s Wages on New Series After Company Goes Out of Business

Heroes don’t always wear capes — sometimes they’re covered in venom … at least if you’re Tom Hardy.
The actor, 47, reportedly offered to pay £250,000 — or approximately $315,000 — in lost wages to set workers who had been constructing sets for his new Paramount+ series, the Guy Ritchie-directed Fixer, when the construction company that employed them went out of business, according to The London Times.

While the workers, who were employed as contractors by the construction company Helix 3D, completed the sets this past summer, a leaked WhatsApp message from the week of Dec. 9 revealed that Helix 3D had no funds to pay the contractors — despite having been paid by Paramount.

The ordeal reportedly prompted Hardy to step up and provide funds to pay the workers so that they could receive the wages owed to them in time for the holidays.

“He offered to [pay],” a source close to the actor told the Times. “But the production and Paramount have sorted the payment.”

Karwai Tang/WireImage

Another source at Paramount told the Times that the studio was “outraged” when they learned of the situation and immediately stepped in — along with the show’s production company 101 Studios — to ensure that the contractors received payment.

Prior to the financial commitments from Paramount and 101 Studios, Chris Hudson, an official for the broadcasting union that represents the set workers, wrote a letter, obtained by the Times, expressing anger and frustration on behalf of union members.

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“Our members deserve to be treated with dignity and respect and compensated on time for their work. It is wholly unacceptable that they are facing significant financial precarity, particularly ahead of Christmas,” Hudson wrote, per the outlet.

He added, “This close to Christmas, our members are rightly very distressed, with many fearing they will be unable to cover necessities. I trust you can appreciate the significant impact this is also having on their mental health.”

Representatives for Hardy, Paramount and Helix 3D did not immediately respond to PEOPLE’s request for comment.

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According to Deadline, Fixer is about two warring families whose enterprises “stretch across all corners of the globe.”

Hardy plays Harry Da Souza, a “fixer” hired to do the bidding of one of the families. Filming for the series, which also stars Helen Mirren and Pierce Brosnan, is currently underway in London.