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6A – Daily News – Wednesday, February 24, 2010 12600 Hwy 99E, Red Bluff Located 5 Miles from I-5 • 530-527-6483 Hrs: 9am-6pm Monday-Saturday Expires 3-2-10 80%-85% Lean GROUND BEEF $ 2 49 lb. Choice Angus TOP SIRLOIN STEAK $ 4 99 lb. Choice Angus CHUCK ROAST $ 3 19 lb. Now Accepting E.B.T., Debit, Credit Cards CHECK OUT OUR IMPROVED SPICE RACK HONEY • SPICES • RUBS • MARINADES "Your neighborhood pharmacy since 1952" We've got you covered • Healthcare Including Prescriptions & Non-Prescriptions • Wide Variety of Gifts, Cards & Picture Frames • We Deliver Locally PRICE'S PHARMACY 1322 Solano St., Corning 530.824.3495 Fax 530.824.9227 Barbara Dimmick, Gift Buyer Commerce business&enterprise Income Tax Preparation by Rex Cerro and Rose Hablitzel Enrolled Agent Including: IRS and FTB Representation also providing: Bookeeping and payroll 208 Elm St., Red Bluff, CA. 96080 (530) 527-8225 Fax: (530) 527-1006 Judge offers courts presentation Good Morning, Red Bluff, the monthly chamber networking pro- gram, continues Thursday and will be, hosted by Sears at 570 S. Main St. Good Morning, Red Bluff Chair- woman Carol Wood reminds us that the popular morning get-togethers offer chamber members a great opportunity to network and do business with one another. The meeting, which starts at 7:50 a.m., will feature a Community Leadership Pro- gram session that provides information on community issues and promotes increased involvement of the business sector in community leadership positions. This session will feature A Look at Tehama County's Courts present- ed by Tehama County Superior Court Judge Richard Scheuler. Future meetings include: March - McGlynn, McGlynn, & Bottke; April - Skyward Studios; May - Heartfelt Designs. *** A special drawing for up to $10,000 is being conducted and coordinated again this year by the Red Bluff-Tehama County Chamber of Commerce to help underwrite the chamber's efforts to stage a spectac- ular 4th of July fireworks show. The fireworks show will be at around 9:30 p.m on July 4, capping off a day-long series of events, attractions and activities for the entire family, which will take place at the Tehama District Fairground. The special drawing will feature the sale of only 300 tickets at $100 each with a grand prize of up to $10,000, according to the cham- ber's 4th of July Event Chairwoman Tonya Redamonti. Additional cash prizes, based on the sale of all 300 tickets, will include a second prize of $1,000; third to fifth prizes of $500 each; sixth and seventh prizes of $250 each; and 40 addition- al prizes of $50 each. Reda- monti says prize amounts are based on 300 tickets sold. Tickets are available at the chamber office at 100 Main St., NuWay Market in Los Molinos, Red Bluff Yamaha at 22805 Ante- lope Blvd., Napa Auto Parts in Corning, the fairground and Plat- inum Mortgage, 239 S. Main St. Redamonti says the activities at the fairground leading up to the fireworks finale will include: Lawn Mower Races, NAS - Sanctioned Strong Man Competition, Miss Teen Contest, Carnival, Horseshoe Tournament, BMX Racing, Car Show, Water World Kids Zone and food and refreshments booths. Local clubs and organizations are invited to participate and local lawn mower racers are specifically invited to take part in the races. Race promoter and coordinator Bob Carrel reports that entry informa- tion will be available soon. For details on the drawing and further information on the 4th of July celebration activities, please call the chamber office at 527-6220 or the Tehama District Fairground at 527-5920. *** Roger Brooks, founder and CEO of Destination Development Inter- national, will be the keynote speak- er at an upcoming Tehama County Economic Forecast event — "Seeds of Opportunity" — co-sponsored by the Job Training Center, Tehama Economic Development Corpora- tion and Rolling Hills Casino, March 15 at the casino. The event includes a morning of speakers representing local govern- ment including Corning City Man- ager Steve Kimbrough; Red Bluff City Manager Martin Nichols and County Administrative Officer Bill Goodwin. Audrey Taylor, president of Chabin Concepts, will report on Economic Development for Tehama County, while Dr. Robert Eyler, Economics chairman for Sonoma State University, will pre- sent Northstate Economic Outlook for 2010. TEDC Chairman and chamber board member Bill Moule says the four-hour event takes place 8 a.m. to noon with breakfast provided. Cost is $25 per person with regis- tration required. For additional information, call the Job Training Center at 529- 7000 or visit www.jobtrainingcen- ter.org. ——— The We Mean Business column is prepared and submitted by the Red Bluff-Tehama County Chamber of Commerce. Restaurant, wine and public safety • Business Spotlight – Our spotlight is on the Iron Skillet Restaurant at Petro's, 2151 South Ave. in Corn- ing, 824-0717. Iron Skillet has been in business since May 4, 1985 and has been a member of the Corning Chamber of Commerce for those 25 years. It is open 24 hours a day, seven days a week for those late night din- ners, early breakfasts or midnight snacks. Iron Skillet employs 37 and has recently finished remodeling the restaurant and has included some won- derful historical photos of Corning hung throughout the restaurant. If you haven't been there recently you will want to check out the new décor, new booths and light- ing. Plus it is selling homemade fudge, assorted choco- lates and taffy and Corning olives and olive oil at the register. Iron Skillet is known for its home style cooking and especially the chicken fried steaks. You may order from the menu or choose a variety of delicious foods from the buffet that includes soup and salad bar. Junior De La Torre, general manager, is married with three beautiful daughters. He loves to camp, work in his yard and ride bikes with his family when he is not working. • Wine Festival – The Corning Rotary along with Rolling Hills Casino invite you to attend the 5th Annu- al Wine, Food and Art Festival, 4-9 p.m. Friday and noon to 9 p.m. Saturday. You may purchase tickets prior to the event from any Rotary member or at Butte Community Bank, Premier- West Bank and Bank of America. Pre-sold tickets are $15 or $20 at the door. With your ticket you will receive a wine glass and wine and clam chowder tasting. There will be an exhibition of local artists from the Red Bluff Art Association and students from Corning Union High School. • Awards Dinner – The Corning Exchange will honor local fire fighters and peace officers at its annual awards dinner, 7 p.m. Saturday at the Veteran's Memo- rial Hall. It is open to the public and tickets are $14 at the door. • Corning Chamber needs to hear from our members – The chamber would like to know what you think. If you are a member, we would like to hear from you by March 15 as to what you think about changing our monthly newsletter, the Chamber Reporter, to an elec- tronic newsletter sent via email. What impacts, if any, would it have on you as a member? Please let us know by emailing us at corningcham- ber@sbcglobal.net or call 824-5550. If you do not have email or would prefer a hard copy we will send postal newsletters to those who wish. Give us your opinion so that we know what our members want. Thank you for your response. ——— This column is prepared and submitted by the Corning Chamber of Commerce. Selling your small business? Thinking about step- ping down from your small business to retire or pursue other passions? If you hope to sell it for a profit, there are many things to consider and do to ensure a successful transaction and transition. Assess and assign value. Arriving at a realis- tic valuation for your busi- ness can be tricky. Setting your price too high will deter serious buyers. Set- ting your price too low may also undermine a sale. Find out what com- parable businesses have sold for to help determine your price. Your figure should take into account inventory, receivables, equipment, property, mar- ket share and other busi- ness assets and be based on historical and projected revenues. SCORE, a vol- unteer organization dedi- cated to helping small business owners, recom- mends enlisting the help of a third party to obtain an independent valuation of your business. Clean house and crunch the numbers. Just as you would tidy up your home before opening your doors to buyers, clean up your business before putting it on the market. Your office or plant should be spic and span, but orderliness goes deeper than that. Straight- en your books and get the necessary paperwork together to demonstrate financial viability. A seri- ous buyer will ask for profit-and-loss statements, balance sheets and tax returns going back several years. You'll also need to provide a list of inventory, equipment, furniture and whatever else will be included in the sale. Market your business. Approach the sale of your business as you would the sale of any product: with a marketing plan. Create a brief document that describes the business opportunity and its income-generating poten- tial. Run ads in trade pub- lications or online com- munities to get the word out that your business is for sale. To safeguard your proprietary information, ask interested parties to sign a confidentiality agreement before reveal- ing details about your business. Choose the best candi- date. If it matters to you whether your business thrives under new owner- ship, then finding the right buyer is very important. Don't overlook the possi- bility of handing your business off to a capable employee or even selling to a competitor who wants to expand. Look for some- one you believe has the right motivation and skills to maintain and grow your business. It's perfectly acceptable to ask for financials and other histo- ry from a prospective buyer before you open your books for review. This step will help you weed out individuals who are "just looking" or finan- cially unable to purchase your business. Even as you enter final negotiations with a buyer, it's important to continue to answer inquiries and keep the doors open for other bidders just in case the deal in process falls through. Help finance the sale. Most small business deals are not 100 percent cash arrangements. To facilitate a sale, you may need to finance a portion of the transac- tion. Talk to your bank in advance to determine if your business qualifies for financing. You will have a smaller tax bill by receiv- ing payments over time versus in one lump sum. However, going the installment route also introduces risk and makes it even more important to find a suitable buyer who will continue to operate your business successful- ly. If your successor fails, you may end up receiving less than you had counted on. Consult professionals. There are a number of pro- fessionals whose services can help make the sale of your business easier and less risky. Ask your accountant to make sure your books are in order and to perform additional number crunching as needed to demonstrate the worth of your business. A business broker or mergers and acquisitions profes- sional can help you locate a buyer and negotiate the sale. A financial advisor can help you examine the financial conse- quences of sell- ing your busi- ness, both in terms of tax lia- bility and income. Once you find a buyer, a lawyer can draw up your purchase agree- ment and escrow arrange- ment. Give it some time. Realize that selling your business, even a small one, is a process that takes time. Plan on a minimum of six months to a year or more to prepare your business, locate a buyer and seal the deal. One risk of being in a hurry to sell is you put yourself in a weaker bar- gaining position and will not have the leverage to command top dollar. In addition, you may not be able to attract a quality candidate if you rush prospective buyers. Take your time and do things right. ___ Alan Foley is a financial advisor and business financial advisor for Ameriprise Financial, 2150 Main St., Ste. 8, and can be reached at 528-1328. Alan Foley Small business fair The Small Business Development Center at Shasta College and College of the Siskiyous and the Small Business Administra- tion announce the Small Business Fair – Workshop & Resource Expo 9 a.m. to 4 p.m. Tuesday, March 9. This is an opportunity for small businesses to attend break-out sessions and workshops and visit more than 10 community resource booths. The break-out sessions and workshops will be offered on the following topics: • Ask the Experts Panel • Doing Business with the State/Federal Govern- ment • E-Commerce…Not Just for New Businesses • Marketing Without Money • Business Financing – How to Get'er Done • Creating Successful Elevator Pitches • Shasta Enterprise Zone Tax Credits • Sales and Use Tax Updates • Discover the Benefits of the Non-Profit Resource Center • Work Opportunity Tax Credits There is no-cost to attend. Pre-registration required, call 225-2770. Visit www.sbdcsc.org. Becoming state certified The Northeastern California Small Business Devel- opment Center at Butte College is presenting the work- shop "How To Do Business and Become Certified with the State of California" on Feb. 23. The free workshop will be held 9 a.m. to noon at 19 Williamsburg Lane, Chico. Pre-registration is required by calling 895-9017.