Posted by on Aug 2, 2010 in
Uncategorized The food and beverage industry has always been one of the most attractive for the would-be entrepreneur. After all, each one of us must eat and drink to be able to survive and we have to pay much attention to the fundamentals! This may very well be true, but so many interrelated complex issues arise when you look to buy a business, that you should remember that only one in 10 companies such as this will actually survive. Correct valuation upfront and an adequate process of due diligence will help you to survive against these odds and prosper.
One of the key skills that you can possess when you get ready to buy restaurant business assets is the ability to communicate and to decipher information. You will need numerous meetings with the seller and don’t be surprised if the early ones don’t reveal some fundamental facts and figures. It is natural for the seller to be a little protective and to want to gauge your enthusiasm and see whether you are really serious and qualified before divulging delicate data.
Before you can start projecting a position in the future, you need to know some basic facts and figures. How many tables are there in the restaurant and what style of food does it focus on? How many covers, or meals are set per week and by day and if the menu is very specialized how strong are the supplier contracts and the subsequent supply chain?
Labor is a major cost in any business and particularly here. Find out how the costs breakdown and whether the strength of the entire business is based on the skills and strong personalities of key figures, notably the master chef. You may not expect to get a lot of the finer details during the early process, as a seller often wants to keep any news of a potential sale away from the employees until the appropriate moment.
Write up a check-list of questions to ask the owner; you should have hundreds and not be afraid to be very specific, nor to insist on detailed answers. Before you even go there, however, understand that this kind of business involves very long hours and is typically a seven days per week concern. You will definitely be required to be good at managing people, dealing with significant problems and you might have to be patient before you can expect to see any profit from your endeavours.
Some of the challenges you may well face as a new owner include the ability to consummate new relationships with your suppliers. Sometimes certain suppliers may view a change of ownership as their chance to amend contracts to their benefit. You must be able to deal with distraught people, who may be upset because their table is not available, even though they booked it but arrived late. Employee motivation is very important and you should be ready to deal with every situation as it arises, whether that means praise or even termination!
When you’re sure that you are cut out to buy business interests in the restaurant industry, have tabled the right questions and received the comprehensive answers, are happy with your interpretation of the financials and contracts, then you are ready to discuss the value. Experts in this field should be engaged to help you understand what you are dealing with and you should use their findings to help you solidify your thoughts. If you know what the business bottom line is, the salary take of the owner, net profits and owner benefits, then you should adjust this figure according to any capital expenditure you feel is important.
With any restaurant for sale, the three major costs involved – labor, rent and food, should be no more than two thirds of total expenditure and always remember that you will have to have a superb marketing plan so that you can tell everyone about your new creation.
Richard Parker is the President and founder of the prestigious Diomo Corporation – The Business Buyer Resource Center. His celebrated materials, seminars and consulting have encouraged thousands of aspiring business buyers from around the World to pursue their dream to buy a business.
Tags: business, marketing, retail, sales, wholesale
Posted by on Jul 23, 2010 in
Uncategorized Whenever you buy a business, you will have to refer to a complex set of dynamics and will certainly do some work. Many tangible and intangible elements will have to be taken into account and while you may come across benchmarks in the industry, often quoted by those who are looking for a good price, every situation must be looked at differently. This can make it quite difficult when you are thinking about how to value a liquor store for sale, especially if you find a similar proposal nearby at a very different price. On the face of it, each appears to be somewhat similar in style, size and type of location, so why the difference?
Whenever you buy liquor store business interests, the purchase will be represented by many different assets and the seller’s position at that time will be dependent on a variety of different factors. Some of these factors could include efforts already put in by the owner, marketing plans, client demographics, a particular focus on services or products, how well the staff interact and so on. It is therefore particularly important that you glean as much information as you possibly can, conduct comprehensive research and be especially diligent before you begin to decide whether it is right for you.
All of the following issues must be considered when you are contemplating the purchase of a liquor store:
* location.
* are revenues and profits sustainable?
* what is the customer database like, and could it be expanded?
* the terms and condition, portability of the lease.
* demographics and population shifts.
* any pending road construction.
* look at the employees, do any work for cash or favors and are many family members involved?
* any pending threats or opportunities that could significantly impact revenues.
Bear in mind that the liquor store industry tends to want to focus on industry benchmarks and while this is fine for some outline information, you cannot rely on it. No two businesses may be the same and either may focus on particular areas, such as beer and wine, or cigarettes or premium products, while the other focuses elsewhere. Look for abnormalities or something that really jumps out at you and make sure you understand why this should be. When all is said and done, is the bottom line of sufficient interest to you to go forward?
When you are assessing the business financials and particularly the revenues, you must dismiss any cash sales reported by the owner unless these sales are backed up by audited accounts and are included in tax returns. The outgoing owner cannot expect to receive the value for these “under the counter” sales, as he or she may well have not reported them for tax purposes in the first place.
The inventory must be relatively fresh and saleable and not be mainly composed of products that are not popular any longer or likely to sell. For example, a huge stock of winter ales will not sell well as you enter the summer months.
To establish a base upon which to value and then decide to buy a business, look at net income, add owner salary, any perks, received depreciation and interest and then deduct any allocation for capital expenses. You may have to make a capital expenditure in the short to mid-term if you think that improvements, upgrades or other necessary investments are called for.
Richard Parker is the President and founder of the prestigious Diomo Corporation – The Business Buyer Resource Center. His celebrated materials, seminars and consulting have encouraged thousands of aspiring business buyers from around the World to pursue their dream to buy a business.
Tags: business, marketing, retail, sales, wholesale
Posted by on Jul 1, 2010 in
Uncategorized If they are to survive and prosper, pharmaceutical companies have to understand how critically important key account management training really is to their ultimate future, as they gather as much of the latest, most pertinent marketing information, to allow them to both attract and then interact with these very important accounts. There may be a tendency to concentrate on the establishment of a “system,” where a large number of individuals within key roles are all engaged in helping to ensure that the “big picture” is realised. We know that it takes many individuals within an organisation to satisfy the requirements of the key account and that these individuals must all work together in harmony. However, if an organisation puts a rigid marketing structure together without looking at the importance of personal interaction, problems may arise.
The exchange of value is insufficient if effective communication is not given great attention, and this is one of the main reasons why a relationship may fail. The element of one-on-one contact is still the most important and must be handled very carefully. Key account management training will help to position a number of different individuals, so that they are actively aware of what the client wants. A multitude of individual communications may take place. While this is going on, a specific “point person” must be front and centre, and focused on maintaining the critical communication with the key individual in that key account. In the very early stages of development, this relationship must be categorically identified and must be cultivated, or problems will certainly arise.
Customer service may be one of the first areas to be considered for cutbacks during slower times and while certain roles may indeed be effectively consolidated under the total domain of key account management, personal contact with the key client should never be overlooked. The company must be very wary about giving too much credence to one particular individual. The interactive development of two different personalities is often very effective in building business or personal relationships, but it should not be relied upon by itself. A certain amount of redundancy must be included within key account management structures, so that if one particular individual should depart the company, the client relationship will not completely fold under.
In our evolving market, key account management training should never be mundane, or rely on what is adjudged, by some, to be “proven.” The management team responsible for setting up the company structures should be “street smart,” and well aware of what the particular client needs, as a consequence. They should not operate in isolation from the marketing office, but should get out and visit clients. This will help them to understand how to modify their marketing structure and also enable them to act readily and with confidence, should any break in the interpersonal relationship pipeline occur.
Any pharmaceutical company faces a long and difficult road ahead as legislation is sure to impact and as company acquisitions and consolidation take hold. Within the industry, major patents are set to expire and “niche” products and solutions will continue to emerge, so pharma training must become even more diversified and far-reaching, to be able to cope with each and every eventuality.
Alan Gillies is the CEO of L2L Consulting, a cutting-edge pharma consultancy firm which specialises in optimising productivity and performance within international companies by applying tailored organisational strategies.
Tags: business, coaching, management, sales, training
Posted by on Jun 28, 2010 in
Uncategorized Some enterprising individuals are put off by the thought of buying an existing business for sale, as they see it as a veritable leap into the dark. If they have never been involved in such a transaction before, it can seem to be very alien. Most of us are used to engaging in transactions where we buy a tangible product like vehicles or houses and in these cases “what we see is what we get.” A business valuation can be composed of several intangibles as well as inspectable assets and in many cases goodwill factors into the equation. In a service related business, goodwill and a maintainable client list can be critical elements, but the process of due diligence involves the revelation and exploration of numerous areas and documents.
Always remember that there are two different viewpoints here. The seller will have a clear indication of the worth that he or she places on the business. Expect to see a certain amount of natural enthusiasm, as a lot of hard work and dedication has undoubtedly been put into the business by the outgoing seller. While you should always maintain an element of respect for the sellers’ point of view, you must look at all documentation and evidence in the hard light of day and understand that it is up to you to determine if you should buy business interests according to the specific value you set.
When you decide that you want to move forward and investigate whether to buy a business of interest, understand that this may be a lengthy process. At this time, you had better have a good level of common sense and humor and be ready to communicate at length with the seller.
It is highly recommended that you bring in expert advisers and utilize proven resources, especially if you have no real experience of running a business in this line, or niche. This is not to say that you will simply hand off all the work to these advisers, barely looking at the documentation presented to you, as the decision-making must in the end be made by you and you alone. Be prepared to review all documentation and financials yourself first and be sure that you get a reasonable feeling about them all before handing them off for further processing.
A red flag will be raised if some of the financial documents are incomplete, information is missing, or they are poorly balanced or even not reconciled. Certain precedents must be maintained and accounting procedures completed. You may be asked to sign some non-disclosure or non-compete documents before these are made available, but the financials are the rock upon which everything else is built.
Each and every operation is different in its own right and no two businesses are the same. So many external influences are involved and any number of different events can come to bear to create a variety of different situations. You will undoubtedly uncover some surprises and come across unusual figures and facts, but remember that while industry benchmarks are definitely of interest, you are focused on real-world information here.
Richard Parker is the author of the How to Buy a Good Business at a Great Price series. As President and founder of Diomo Corporation – The Business Buyer Resource Center, his materials, seminars and consulting have helped thousands of business buyers realize their dream to buy a business.
Tags: advertising, business, consulting, marketing, sales
Posted by on Jun 27, 2010 in
Uncategorized We have heard in recent times from many of the larger pharmaceutical companies, who tell us how they predict pharmaceutical marketing will change as we go forward. The United States Congress is pushing these companies to tell them how much they pay healthcare professionals as part of their marketing initiatives, during the process of selling their wares. It appears that key doctors have been taken on as consultants, with the aim of telling a particular story about specific products and their benefits; the full scale of these engagements is now apparent.
Congressional health reform will require pharmaceutical companies to declare any payments, fees or gifts made to doctors, practitioners and hospitals, beginning in 2012. This information will be correlated and will be made public from the following year, onwards. Some organisations are choosing to pre-empt this requirement, by making information public already. These payments are being defended as vital, as pharmaceutical sales companies educate people about the benefits linked to their specific products. Although these payments are defended as necessary for ultimate patient care, the public does view them with a certain amount of negativity, in their perception. This is where pharmaceutical sales and marketing must enhance its game, in order for a clearer and more descriptive picture to be painted.
The healthcare field is changing significantly and company executives and pharmaceutical consultants alike must devote much more time to specific sales and marketing initiatives and their pharma training. Whether direct payments are part of an association or not, key account management training must ensure that both parties to the arrangement are clearly focused and understand the depth and breadth of the association. It may be necessary to reposition the relationship, in the light of changes, legislation or public opinion. At the very least, changes dictate that key account management training must focus on the dynamic and be right on the mark for best efficiency.
Many doctors concur with the findings of pharmaceutical companies and make sure that ethical boundaries are not crossed. When they are in discussion with others, doctors make a point of revealing that they have a relationship with these companies and go out of their way to make sure that they’re not being seen as partisan.
However, it is likely that direct payments will become less important and represent a smaller portion of the overall marketing mix, as new legislation rolls out and as reporting restraints are established. Change is often perceived as a threat, but those pharmaceutical companies that are “on top of” their marketing tactics will know how to manipulate their key account management and turn any change into a positive.
There are many external forces involved in this business, as pharmaceutical consultants well know and they are also aware that political developments can change public perception. They will ensure that pharma training keeps up with differing trends and requirements and further ensures that staff are ready to be proactive in a new field of operations. In short, the consultants will always ensure that the organisation is adequately prepared for any eventualities that may transpire.
Alan Gillies is the CEO of L2L Consulting, a cutting-edge pharma consultancy firm which specialises in optimising productivity and performance within international companies by applying tailored organisational strategies.
Tags: business, coaching, management, sales, training
Posted by on Jun 20, 2010 in
Uncategorized The process of closing a sale is far more than just the mechanics of achieving a result, to provide products and services on the one hand and receive financial remuneration on the other. Highly successful sales representatives understand that they need to take into account strategies, personality types, positions and a host of external influences and factors. While it is often possible to reach an agreement in principle, the most important consideration is longevity and a relationship will only survive and prosper if the representative is skilful, applies real value and does not resort to poor, short-cutting techniques.
During key account management training, all the potential hurdles and obstacles that may be encountered, especially if the process of preparation is poor, must be understood as each party’s position is clarified. There is a distinct difference between principled negotiation and positional bargaining, which the pharmaceutical sales rep must understand. Positional bargaining in an outcome that is less than palatable and not equitable. If a softer position is presented, the risk is that concessions may be made just so that an agreement may be achieved, bypassing the problem, while if a hard position is adopted this can lead to pressure on the relationship itself, with potential damage.
The process of negotiation can only succeed if both parties are able to see the other side’s view of the situation. It is important that no process of blame is attached to any particular stumbling block or problem and that one party does not criticise the other for a particular stance. It is important to “get to the bottom” of each issue and to openly discuss the potential outcomes, either way. Each party should have a perceived stake in the outcome of the negotiation and as those discussions proceed, each party will then feel their positive involvement and a wish to find a mutually acceptable conclusion.
These days, pharma training asks a lot of the sales practitioner. It is their job to make sure that the professional is in possession of all education necessary, including facts about dosage, usability, restrictions, effects, side effects, safety and other issues, so that the healthcare professional can do the right job. This places an additional complication in the sales closure process and is one that key account management training should focus on. The process of negotiation between the two parties is quite subtle and it’s important to realise that emotions can come into the picture. There can often be a process of resistance, which may be fuelled by poor sales practice experience in the past.
Before the process of discussion and negotiation is begun, the sales representative should be very clear about the purpose and have a good deal of intelligence and information at hand. This will help to ensure that the process can be completed without confusion or misunderstanding, presenting the position distinctly. Through a clear understanding of interests as they apply to the other party’s position, the sales representative can aim to match the company’s interests in order to achieve parity and success.
Alan Gillies is the Managing Director of L2L Consulting, specialising in enabling pharmaceutical companies to achieve new heights of productivity and performance, throughout all levels of management and revenue generating activities.
Tags: business, coaching, management, sales, training
Posted by on Jun 13, 2010 in
Uncategorized Over the years, a gas station has been seen as a reliable investment, most especially when the price of gasoline was relatively stable and by world standards was seen as low in the United States. Not so long ago there seemed to be little pressure to cut back on oil sales or to cut down on our energy use and carbon emissions due to global warming. Now, however, conspicuous energy consumption is seen as being very bad policy and as gas prices have forged ahead in recent times, we’ve even started to look at electric or hybrid vehicles as alternatives. Nevertheless, it seems clear that as a society we will still rely on gas for our vehicles for the foreseeable future and as we develop, the typical gas station has become more of a convenient destination for a variety of other services and products as well.
This business type is very reliant on its location, which you must bear in mind when looking for a gas station for sale. While the value of the location may appear to be obvious, you must consult the local authorities before you go too far into your process to determine whether any significant road construction projects may be in the pipeline, or if there are critical environmental issues to address such as upgrading storage tanks, or past litigation for infractions. If you’re not careful, your income potential could be decimated!
There may not be a significant margin when it comes to a unit of gasoline sales, so often the value of a gas station when you buy a business will include ancillaries and other products or services. If the location you are looking at is not so advanced in these respects, consider the potential. Could you enlarge or install a convenience store, or license it out to another organization to handle it for you? Could you place a first-class car wash operation on property and benefit from revenues here?
To buy gas station business assets successfully, note that operations that are known to be full service (gas, car wash and c-store) will generally command up to three times whatever the owner benefit figure is. Owner benefits are referred to as salary, profits plus any perks, adjusted for depreciation, interest and any capital expenditure you may be forced to make. A smaller or simpler establishment may be of interest to you, due to the additional potential and in this case you might only expect to pay one or maybe two times the owner benefit.
Be careful when you look at the business financials, refer to your supplier contracts and have a good conversation with the landlord in advance. Be careful when talking to the landlord, as they may often try to ensure that the incoming new owner is fully able to make the business a success, before doing anything!
During the process of observation, you must be very aware as you observe what is going on at the gas station. Be careful if you see the owner working “hands-on” for considerable periods of time. If many of his family members are seen putting in a lot of effort, they may be working below market rates, being paid under the table or maybe not at all; what if you had to recruit paid staff to do their jobs? Make sure that you observe the busier time periods, counting traffic and people, so you can gauge the potential accurately and know how to create a good offer.
Richard Parker is the author of the How to Buy a Good Business at a Great Price series. As President and founder of Diomo Corporation – The Business Buyer Resource Center, his materials, seminars and consulting have helped thousands of business buyers realize their dream to buy a business.
Tags: business, marketing, retail, sales, wholesale
Posted by on Jun 12, 2010 in
Uncategorized Value is very important in any business-to-business relationship and both sides must clearly see its benefits. After all, without value what is the point of the relationship? This value must be apparent on both sides of the coin, in equal amounts, or the relationship is not very likely to survive, let alone prosper. The differential of value is one of the key challenges facing the pharmaceutical company’s executives and their consultants, as they determine how to deliver this value to their clients, most especially those who are classified as “key.” Key account management training seeks to emphasise how important this differentiation is, and trainers should make additional effort to ensure that all employees within the organisation understand the intricacies.
In the ultimate analysis, the pharmaceutical sales company provides products to the professional, which represent a clear value and a distinct benefit to the end user. The purchaser must in turn make sacrifices in order to receive the value of these products and before this value can be consumed. This is how most business-to-business relationships are formed, through an exchange of value in this way. The relationship is elevated, however, if there is potential, perceived value to be gained on either side. These days, key account management training focuses on the fact that additional benefits could be construed in many different ways, such as through important information exchange, service enhancements, market positioning, reputational gain, or a combination of other, maybe more subtle aspects.
Often, a key account value can be construed independently and can be viewed differently from either side. In one analysis, the client may not think that the company is treating their business as “key, in any shape or form.” The interpretation may be entirely one-sided, as it may not need to affect the way that services and products are delivered from the company to the client. The relationship between the two may work entirely well on this basis. In most cases however, the actual relationship itself determines the real value and through collaboration, the relationship prospers and moves forward pro-actively.
If an organisation pays particular attention to key account management training, its entire operation will be devoted to enhancing the relationship and the value derived from a straightforward exchange of product for remuneration may well represent only a small part of the value exchanged. Much attention should be attached to relationship building, with a particular focus on to what extent the key account relationship is important and special. This is where pharma training can become very complicated and can often appear to focus on areas that are not necessarily central to the organisation’s mission statement. Pharma training will clearly show that these relationships are very dynamic and can only be expected to thrive if the company goes above and beyond standard practice.
It is the job of the successful pharmaceutical consultant to ensure that the parent organisation is well aware of how real value should be imparted to each of the key accounts on the books and how such attention to detail can move them ahead of their competitors, who may not be so proactive and careful. Determination of value is a critical component of key account management.
Alan Gillies is the Managing Director of L2L Consulting, specialising in enabling pharmaceutical companies to achieve new heights of productivity and performance, throughout all levels of management and revenue generating activities.
Tags: business, coaching, management, sales, training
Posted by on May 24, 2010 in
Uncategorized Don’t have any confusion about it, buying a business for sale is a multi-step process with each step being essential. You should never think about proceeding to the next position until the preceding step is complete and whatever you do, don’t be tempted to short-cut ever. Adequate preparation and time spent revealing everything there is to know about the business will be well spent here and will help to ensure that no horror stories are uncovered once you take the helm.
A lot of information can be revealed before you even talk to a prospective seller. One of the most important questions you must ask yourself before you go forward is what kind of enthusiasm you possess for the type of business you have your eye on. Do you really want to be involved in that industry and does it represent an area that you truly want to be engrossed in? Be advised, that unless you want to be a completely “absentee” owner and are considering the many additional steps that you need to take if this is the case, you should be enthusiastic about the business that you are getting involved in.
When you are conducting your due diligence, make sure that you inspect all documentation:
* Financials: these documents will include balance sheets, payroll records, tax reports, reconciliation documents and profit and loss statements. Be wary if the seller says that there are a lot of “cash sales,” as unless these have been declared to the tax authorities, you cannot count them and they should be ignored.
* Employee records: including longevity, pay scales, behavior, and attendance.
* Licenses: including federal, state, city, county as appropriate, plus any certification licenses you must possess to operate the business. It would be in your best interests to look at records independently, certainly if you believe there may have been any problems in the past or possible discrepancies.
* Equipment records: detailing the age, cost of replacement, any required inspections and associated results and details on maintenance investments.
* Inventory records: re-saleability, turnover and overall condition.
* Supplier contracts: are they transferable, do you have alternatives and is there goodwill?
* Property records: are any rental agreements transferable to you without any problem, as this can be particularly important.
When you have inspected all agreements, contracts, licenses and records, you may find they are in good order and will work for you and then need to turn to the question of setting a good value as you buy business assets. There are many different ways of looking at this. Here are some of the methods commonly used to calculate:
* Asset-based multipliers, are where a total value of the assets is used to determine a value.
* Rule of thumb, where industry benchmarks are used to establish the value (not recommended).
* Revenue-based multipliers, are where a percentage or a multiple of the monthly or annual revenue is used. Again not recommended.
* Cash flow multiplier – where the business owner’s profit is added to the salary and realized perks, with a number of expenses deducted. This method is most commonly used to determine the value of a business.
Any number of documents and figures can be used by the owner to back up a claim and it is up to you to take these at their value and determine the appropriate conclusions. What is the age and reputation of the business, the level of competition expected, its physical location in many cases, the legal structure of the business, the quality of the premises and/or the difficulty in obtaining a new lease. When it comes to a business for sale, all will help you to determine whether you should buy a business like this, or not.
Richard Parker is the President and founder of the prestigious Diomo Corporation – The Business Buyer Resource Center. His celebrated materials, seminars and consulting have encouraged thousands of aspiring business buyers from around the World to pursue their dream to buy a business.
Tags: advertising, business, consulting, marketing, sales
Posted by on May 24, 2010 in
Uncategorized There certainly is no feeling of freedom to compare with the joy of being self-employed and truly independent. Running a business gives you the opportunity to dictate the amount you earn and prepare for your future adequately. Nevertheless, there is quite a challenge ahead of you and no guarantees of success! Be aware that there are significant risks associated with buying a business and this concept is not for the faint of heart or for someone who is easily confused.
If you have never run a business of any kind before you may be wondering where to start. For many, the thought of buying an existing business is attractive as it can be said that a lot of the “dirty work” has already been done and there is a certain amount of bedrock already established. While this is certainly true, you need to ensure that you walk into any situation with your eyes wide open, do a considerable amount of research, consult qualified experts, ensure that you value the business appropriately and at all costs, conduct your due diligence thoroughly.
If you have determined that you are going to buy business interests, consider all the steps that you will need to take next. Be advised, there are no short cuts here and you should not let your heart overrule what you know to be correct. It is natural to develop an enthusiasm for what you are doing and the prospects ahead and if you see positive signs during your process of discovery, this can lead to you wanting to jump ahead enthusiastically. If you don’t watch out, serious problems can arise.
Successful entrepreneurs know that time in preparation, while it may be a very lengthy process and therefore somewhat costly, is money well spent. Those individuals who have bought a business for sale before will testify that their upfront efforts pay significant dividends as they move forward. Invest some of your money and educational materials and expect to spend a lot of money researching your business in terms of time allocated; do not be tempted to rush through to completion.
The self-employed business person possesses a certain number of essential personality traits and if you’re looking to buy a business, you must also be positive and realistic throughout the process. Right at the top of your list should be common sense and a realization that if something appears to be “too good to be true” then it always is, without question. Keep a good sense of humor as you go through this lengthy procedure and keep a positive attitude.
It’s essential to strive to be a good communicator, as you certainly will need to be, as the seller and other interested parties must be grilled for information, as you impart your needs and requirements to them. Being able to ask the right questions at the right time and correctly interpreting the answers is paramount.
Richard Parker is the President and founder of the Diomo Corporation – The Business Buyer Resource Center. His inspiring materials, seminars and consulting have assisted thousands of business buyers with achieving their life long dream to buy a business.
Tags: business, marketing, retail, sales, wholesale