New Mexico Cities Some of the Best in the World

Strong showing, New Mexico!

Santa Fe ranked 14 in Travel + Leisure’s 24th reader survey of Top 15 Cities in the World and got second place for Best Cities in the United States. Taos ranks 12 on the Best of the U.S. list.

“Readers rated cities on their sights and landmarks, culture, cuisine, friendliness, shopping, and overall value,” T+L explains.

New Mexico also got three of ten Top Destination Spas, and Santa Fe’s Inn of the Five Graces was named The Best Hotel in the Continental U.S.

Additionally, New Mexico outpaced the national average for job creation this year, according to a report by the NM Department of Workforce Solutions. “This growth, particularly in the private sector, shows New Mexico is headed in the right direction and open for business,” says NMDWS Secretary Bill McCamley. “You can earn a great salary here while staying in our friendly, beautiful communities.”

And, obviously, we have the best chile.

The Land of Enchantment is a great place to be a business owner!

 

Ghosting Haunts: 6 Tips to Protect Your Reputation in the Labor Market

It’s normal to think about interview etiquette when you’re going up for a position, but what about when you’re making the hiring decisions? In a recent Wall Street Journal article, reporter Sue Shellenbarger points out the significance of employer conduct during the selection process.

It is important to think about how you treat potential employees. We all know the feeling that there aren’t enough hours in a day. With a small business, you can’t put everything on pause while filling a vacant position. Your “to do” list is varied and ongoing. Interviewing and vetting take time. It’s definitely a lot! Nevertheless, your communication with candidates should reflect your business’ values.

WHY IT MATTERS

“Employers are battling to hire skilled employees in one of the tightest labor markets in 50 years,” Shellenbarger warns. Dismissive behavior, such as “ghosting” candidates, can damage a business’ reputation in the labor market. A few disgruntled stories can make a meaningful impression with the rapid fire spread of information over social media.

A negative impression can also hurt a business’ consumer reputation, Shellenbarger points out.  “More than three in five job seekers say being treated badly would make them less likely to buy the company’s products, according to a 2017 survey by Future Workplace and Career Arc,” she says. “While 91% of employers agree that candidates’ experience can affect their buying decisions, only 26% bother to measure how well they’re doing.”

BE AWARE

Obviously, it’s important to make carefully considered hiring choices in building your team. Keep in mind, however, the average hiring process takes almost twice as long now as ten years ago.  Application processes also often involve creating and submitting work-intensive samples. This can all increase candidates’ opportunity costs. “The extended hiring process raises the stakes for applicants, who must invest more time and energy,” says Shellenbarger.

She continues, “Only two out of five front-line managers are trained in how to make the hiring process a positive experience for candidates, a 2017 CareerBuilder survey says. The training they do receive tends to be defensive in nature, on avoiding charges of illegal discrimination. This can make them doubly reluctant to contact losing candidates, for fear that in delivering the news, they’ll open themselves somehow to charges of race, gender or other bias.”

POSITIVE HIRING PRACTICE TIPS

To avoid muddying the waters of your potential labor pool, Shellenbarger gives the following six tips:

  • Make sure your job postings accurately describe the openings.
  • Acknowledge applicants’ resumes soon after they’re received.
  • Train hiring managers to treat all applicants well.
  • Keep candidates informed about where they stand.
  • Let applicants know if you change course in the middle of a search.
  • Leave the losers as well as the winners with a positive image of the company.

 

Less Risky Business: Buy a Business

In a recent Harvard Business Review article, Harvard Business School professors Richard S. Ruback and Royce Yudkoff advocate for more aspiring entrepreneurs to pursue their goals by buying a business. They site concern over risk as the most common explanation for shying away from acquisition. They further argue that these concerns are short sighted and unfounded.

Comparing Risk

“We think that these concerns about ‘risk’ are misplaced and that searching for a business is less risky than other career paths that are traditionally considered more stable,” they write.

“Nine out of ten startups will fail. This is a hard and bleak truth,” says Forbes contributor Neil Patel. “Cold statistics like these are not intended to discourage entrepreneurs, but to encourage them to work smarter.”

Top 10 Reasons Startup Fail (by CB Insights)

Purchasing a vetted business allows you to avoid many of the reasons for this high failure rate. “Your chances of success are far greater buying an existing business than starting your own,” says Michael Greene, President of Sam Goldenberg and Associates.  “A good broker can help you find an established business that already has a proven success model, history of revenue generation, and immediate cash flow. It can also come with much more: inventory, trained employees, a customer base, operating systems, equipment, vendors, transitional support—the list goes on. It’s a more manageable risk than other options.”

“Finding an existing local business for sale can often be less risky and more satisfying and rewarding than starting completely from scratch,” says Simon Brackley, President and CEO of the Santa Fe Chamber of Commerce. “Aspiring entrepreneurs can enjoy improvements in operations, marketing and strategy rather than starting from the ground up.”

Navigating the Search for a Business

Unfamiliarity with the search process is a major source of concern, according to Ruback and Yudkoff. For many buyers, there are uncomfortably many unknowns along the way.

 

A buyer can drastically limit risk in the area of search success by working with a broker. According to an International Business Brokers’ Association Market Pulse survey, “Dating back to the earliest Market Pulse surveys in 2012, surveyed advisors consistently report that approximately 49-50% of their engagements closed in a successful transition while half are terminated. This closing ratio is approximately twice the accepted industry standard of anywhere from 18% to 30%, depending on deal size.”

Buying a Small Business

Furthermore, according to IBBA, it is an especially good time for people looking to buy a business in the range of $500,000 or less. This is the range of most small businesses for sale in New Mexico. “Small business confidence is at a record high, with the longest stream of small business optimism in history.”

A broker further helps to mitigate risk by  facilitating negotiations, advising on financing, and setting up support during the transition between business owners. Click here to find out more about how brokers support buyers throughout the search for and purchase of the right business.

Finally, Ruback and Yudkoff suggest that buying a business results in less stress, more success, and higher quality of life in the long run.

“The searcher becomes a CEO of a business. Over time the business evolves to match the CEO, the management team is picked by the CEO, the products and customer base shifts to align with the CEO’s skills and interests, and the CEO is likely to understand the business better than competitors. Plus, the CEO’s significant ownership interest adds both to rewards and stability. In the long run, we think that being a senior consultant involves much more angst than being the CEO of a small business.”

Plus, with good exit planning, owning a business helps you create options for your next phase of life.

Get Started!

If you are considering entrepreneurship through acquisition, congratulations! Click here to get started by looking at our current listings.

Santa Fe’s Best Small Business of 2015

Best-Biz-Banner

We are proud to share that the City of Santa Fe has selected our Sam Goldenberg & Associates as Santa Fe’s Best Small Business of the Year. Sponsored by the Santa Fe Chamber of Commerce, this competitive, juried award acknowledges our contributions to Santa Fe’s small business community, our rapid growth over the last year, and our recent designation as the exclusive affiliate of the Sunbelt Network in all of New Mexico.

 

 

 

New Mexico Ranks in the Top 10 for the Healthiest, Happiest States

New-Mexico-PostAs the gateway to the Land of Enchantment, Sunbelt New Mexico has long held that New Mexico isn’t only a great place to own a business; it’s a great place to live. The Gallup’s-Healthways Well-Being Index supports our assertion. This pole has been tracking the happiest, healthiest states for the last six years. According to in-depth interviews with 176 adults in all 50 states conducted from January to December 2014, New Mexico ranks in the top 10.

What are the metric of overall well-being? According to Gallup, the five essential elements include:

  • Purpose: liking what you do each day and being motivated to achieve your goals
  • Social: having supportive relationships and love in your life
  • Financial: managing your economic life to reduce stress and increase security
  • Community: liking where you live, feeling safe, and having pride in your community
  • Physical: having good health and enough energy to get things done daily

To see if there is a business that fits your interests, talents and financial goals, check-out our Businesses for Sale. Read the complete findings at the Gallup Healthways Well-Being Index.

 

Popular Nob Hill café-coffee shop has new owners

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Reporter- Albuquerque Business First
Bill and Brenda Ennis recently acquired Limonata Italian Street Food Caffe — located at 3222 Silver Ave. SW — from Maxime and Daniela Bouneou. The Bouneous are the co-owners of Italian restaurant Torino’s @ Home in the North I-25 submarket.

Well-known Santa Fe-based business broker Michael Greene, president of Sam Goldenberg & Associates, had the business listed for about three months. The Bouneous said that while selling a business can be “tough and stressful,” they were happy with the marketing and the valuation — that the final sale price was for an expected amount.

“I mean this when I say that this transaction was as easy as listing and selling a house with a real estate agency,” Daniela Bouneou said.

Click to read the complete article.