Sunday, 24 February 2013

George Galloway's Israel denial may repel the mainstream, but it further cements his reputation within his religious constituency

The CEO may not know much about rape but he?s learned, it seems, a trick or two from Iran?s crowd-pleasing president, Mahmoud Ahmadinejad. The lesson couldn?t be simpler: when things are going badly, deny Israel?s right to exist. The opportunity presented itself at an Oxford University debate this week when the Respect MP was scheduled to speak in favour of a motion calling on Israel to withdraw from the West Bank. His opponent, a third-year student called Eylon Aslan-Levy, had just begun to speak when Galloway interrupted him.

?Are you an Israeli?? he demanded. When the student confirmed that he was, Galloway responded that he didn?t debate with Israelis. ?I?ve been misled, sorry,? he declared and walked out. It was a typical Galloway performance, characterising himself as the victim of what was actually very bad manners on his part. Didn?t he ask in advance who else was taking part? Galloway?s behaviour has caused outrage in some quarters and I have no quarrel with that, even though I?m not a fan of the current Israeli government or its policies. But the important thing to understand about Galloway is that it?s years since he spoke for a broad range of people on the left.

Journalists tend to have a soft spot for him ? he provides good copy, if nothing else ? but he was thrown out of the Labour Party a long time ago, and he?s alienated those of us who opposed the Iraq war but still believe the last Labour government did some good things.

Even so, Galloway?s brand of populism found admirers who managed to stomach his long-ago interview with Saddam Hussein and his more recent defence of the Holocaust- denying Ahmadinejad: ?The truth is Ahmadinejad is not an extremist. There are people in Iran who think he is far too moderate, far too centrist.? Galloway has denied that Iran executes gay men just for being gay, causing fury among gay activists, but until recently his rows tended to be one-offs and with specific interest groups.

The difference in the past few months is that Galloway has now taken on half the human race. It may be that his stunning by-election victory in March last year blunted his political antennae, but it wasn?t the smartest move, in the midst of a lively revival of feminism, to express downright idiotic and offensive views on rape. The MP?s recent pronouncements have led significant numbers of people to regard him as a preening buffoon with rebarbative attitudes towards gender. Much-married George has a problem with women, in other words, and that?s where we need to look when thinking about the origins of this latest brouhaha.

Connoisseurs of bad theatre might wish to re-run the video podcast from last August in which the MP, shirtsleeves rolled up and thumping the table like a revivalist preacher, denounces the women who?ve accused Julian Assange of sexual assault and rape. With a curious oval disc moving behind his head (it looks like a poorly attached halo but is more likely part of a chair), Galloway lays down the law: ?Even taken at its worst, if the allegations made by these two women were true, 100 per cent true, and even if a camera in the room captured them, they don?t constitute rape, at least not rape as anyone with any sense can possibly recognise it. And somebody has to say this.?

It?s vintage Galloway, positioning himself as the iconoclast who?s prepared to say aloud what everyone else is only thinking. But on this occasion, many of us were actually thinking that the MP had himself failed to understand the law ? or, to put it succinctly, ?what a prat?.

His claim in the same podcast that ?not everybody needs to be asked prior to each insertion? was guaranteed to offend half the population, many of whom said so on Twitter, and it didn?t endear him to female members of his own party. Respect?s leader, Salma Yaqoob, condemned his views on rape and resigned her post a month later. Bradford?s first Muslim lord mayor, the Labour councillor Naveeda Ikram, said that women were ?outraged? and pointed out that ?Muslim women, in particular, played a large role in electing Mr Galloway for Bradford West?.

It was a pretty spectacular miscalculation, but not one that came as a surprise to those of us who have followed his career. Galloway has pretty standard Catholic views on abortion, talking about women who ?kill their children unborn?, even if they sit rather oddly with his boast about having ?carnal knowledge? with more than one woman on a trip to Greece in the 1980s. Nor is it surprising that he?s ended up representing the nearest thing Britain has to a religious party, asking voters during the by-election campaign to think about how they would justify their choice of candidate on Judgement Day.

Such tactics don?t play well in largely secular Britain, but Galloway has an even bigger problem. When she resigned as the party?s leader, Yaqoob said she had always admired Galloway?s ?anti-imperialist stances?. But she also said that having to choose between that and standing up for the rights of women was ?a false choice?. Many Muslim women don?t like patriarchy, any more than women on the secular left. Rewind to this week: ditch patriarchal attitudes or stage a diversion over Israel? No contest, son, as Galloway himself might say.

Source: http://www.independent.co.uk/voices/comment/george-galloways-israel-denial-may-repel-the-mainstream-but-it-further-cements-his-reputation-within-his-religious-constituency-8507035.html

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Tuesday, 19 February 2013

Video: Thousands saying thank you to Pope Benedict XVI



>>> it was an overwhelming display of affection outside the vatican today as tens of thousands crowded st. peter's square for one of pope benedict xvi final public appearances. the pope will set step dune 11 days from now setting in motion the search for a new leader and maybe a new direction for the catholic church . nbc's anne thompson is at the vat tan cannes tonight with more. anne?

>> reporter: good evening, lester. tonight, the pope is on a week-long lenten retreat inside vatican with the dives his papacy numbered. now, every public appearance of benedict sass must-s -- benedict 's is a mist-see event. for more than 50,000 people, this was the place to be a vigil of faithful and curious in st. peter's square to say thank you and good-bye to pope benedict xvi .

>> i definitely wanted to come and witness it.

>> reporter: 20-year-old thaddius howard of georgia brought an american flag .

>> i wanted to let the pope know that he is supported by all of us from america.

>> reporter: in six different languages, benedict addressed the crowd.

>> thank you for the prayers and support you have shown me. are.are in german, he spoke of his difficult days. [ speaking german ]

>> reporter: in spanish, he asked for prayers for himself and the future pope. [ speaking spanish ]

>> reporter: benedict 's retirement creates a situation not seen in the church in centuries two living popes. john thavis who could have earth the vatican for 30 years says benedict is not a meddler.

>> he probably will ensure whatever he does, woe never upstage the next pope.

>> reporter: while appreciated today as a holy man, critics say benedict 's executive skills fell woefully short.

>> there's a need for someone who has managerial skills in terms of running the ship of state . neither john paul ii nor benedict were managers by nature.

>> reporter: benedict 's failures made public in documents leaked by his butler last year, laying out the betrayals and infighting in the vatican bureaucracy known as the cure ya, on securing the pope's message and hurting his efforts to revitalize the church. how much of that can be blamed on the kur rhea?

>> i think most of it, frankly.

>> reporter: george weigle, nbc's vatican analyst, says that leaves the next pope with a crucial task.

>> he has to find someone who can clean house and who can make the cure ya an instrument of what we call the new eadvantage lizization now, an impediment to t.

>> reporter: still up in the air, the date when the cardinals will actually start getting down to work to choose a new successor. currently, the conclave is scheduled to start some time between march 15th and march 20th , but the vatican says that date could be moved up. lester?

>> anne thompson in rome tonight.

Source: http://video.msnbc.msn.com/nightly-news/50842936/

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Saturday, 16 February 2013

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Source: http://www.facebook.com/arenafan/posts/464297580290758

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CNN Incredulous Over GOP 'Fixation' on Benghazi, Opposition to Hagel

The same network that wondered if Sen. Rubio's sip of water was a "big deal" is now asking just why Republicans are "so fixated on Benghazi" when they asked Defense Secretary nominee Chuck Hagel about the Libya fiasco.

"This, despite testimony on Benghazi from General Petraeus, Hillary Clinton, Admiral Mike Mullen, Defense Secretary Leon Panetta, General Martin Dempsey, among others. But it's not enough," an obviously flustered Carol Costello huffed. The CNN headline later flashed, "Why are Republicans so fixated on Benghazi?" [Video below the break. Audio here.]

Then, during the 10 a.m. ET hour, Costello lashed out at the GOP's "partisanship" and contrasted it with President Lincoln's passing the 13th Amendment. So nominating Hagel is akin to abolishing slavery?

"History in the U.S. Senate. Not the Lincoln and the 13th Amendment kind of history, but the partisanship kind," Costello lamented. And she continued her juvenile whining about "partisanship."

"[Y]you get a chance to poke your finger in his [Hagel's] eye, and you take it if you're a senator. That's what they do for a living," GOP strategist Rich Galen explained. Costello replied: "[T]hat's ridiculous. They just did it to poke you in the eye, or poke Democrats in the eye?"

She also asked "what's the most danger? What do they most fear about Chuck Hagel?" as if the GOP has no real reason to oppose him. "[I]t boggles my mind," she insisted on the GOP delaying Hagel's nomination.

A transcript of the segment, which aired on February 15 on CNN Newsroom at 9:32 a.m. EST, is as follows:

CAROL COSTELLO: History on the Senate floor, and in a special "Political Buzz" today, three minutes of hot talk on Benghazi, Chuck Hagel, and of course, partisanship. Playing today, chief congressional correspondent Dana Bash, CNN contributor and ESPN senior writer L.Z. Granderson, and Republican strategist Rich Galen.
?
RICH GALEN, GOP strategist: The only person that's being paid on this program.

(Laughter)

COSTELLO: Oh my gosh!

LZ GRANDERSON: Wow, we're starting there already. Boy!

GALEN: I've been sitting here trying to think what to say.

COSTELLO: Before we begin the conversation, a little explanation. Republicans have successfully blocked the confirmation of Chuck Hagel for Defense Secretary in part because of Hagel's controversial remarks on gays and Jews and his terrible performance during his confirmation hearings, but also because five months ago, terrorists attacked the U.S. Consulate in Benghazi, Libya.

Sen. LINDSEY GRAHAM (R-S.C.) We will continue pushing and asking questions about Benghazi, not because it's personal, not because we're Republicans and he's a Democrat, but because America needs to learn what happened and we need to learn from our mistakes.

COSTELLO: This, despite testimony on Benghazi from General Petraeus, Hillary Clinton, Admiral Mike Mullen, Defense Secretary Leon Panetta, General Martin Dempsey, among others. But it's not enough. Republicans now want to know more about what happened as the attack in Benghazi went down and who changed those talking points. They want more answers from the President. So, let's talk. So Dana, is Chuck, is the blockage of Chuck Hagel's confirmation because of Benghazi, as Lindsey Graham illustrates, or is it because of something else?

DANA BASH: It really is mostly because of Chuck Hagel. Benghazi was, they sort of have been on a crusade to get more answers for Benghazi and like you see many, many times here in the Senate, they saw Chuck Hagel and his nomination as a way to use that as leverage to get answers and they did.

[HEADLINE: "Why are Republicans so fixated on Benghazi?"]

BASH: They got an answer about what the President's role was on that day. But really this is mostly about Chuck Hagel and you know, John McCain is actually the perfect example of why it is about the man himself. And that is he said last night after he had kind of given lots of different explanations, all of them I think are credible from his point of view, that the real fundamental thing that has bothered most of Hagel's fellow Republicans here, former colleagues here, is the way that he defied his party, defied his president, then George W. Bush, on Iraq. And that really did not sit well with many Republicans here, and they remember that. It's a whole bunch of other issues but that at its core is the fundamental problem.

COSTELLO: So Rich, I'll ask you as a Republican strategist, are the concerns over Chuck Hagel serious enough to filibuster and block confirmation? That's the first time this has ever happened in the history of U.S. politics.

GALEN: Well, everybody says that, but that would get two thumbs up in the political fact-checks. John Bolton was blocked and I think at that time, U.S. Ambassador to the U.N. was a cabinet level slot. But here's the thing about ? the Republicans, I think Dana, have said that they'll probably let this thing go after the ten-day Presidents' Day holiday. So they're holding it up for another 10 or 12 days. The president only nominated him on January 6th or 7th, whenever that was, so it's not like this thing has been hanging around for six or seven months and the Republicans are dragging their feet, dragging their feet. I suspect Senator Hagel will be the Defense Secretary and from somebody who has to write three days a week, having Hagel at Defense and Kerry at State, that's like manna from heaven.

COSTELLO: Yeah but still, it boggles my mind, L.Z. ? that ? okay so, we're pretty certain that Chuck Hagel's going to be nominated or confirmed anyway, so why waste our time?

GRANDERSON: It makes for good theater. You know, I encourage all of your viewers, you know, when they get done watching us, to just google Chuck Hagel and Senator McCain. And you don't have to go very far before you see quotes from Senator McCain praising Chuck Hagel, calling him an outstanding citizen and someone that he would be proud to serve with had he become president back in 2008. What has changed since when those quotes were given, to today? The only thing I can think that has changed is the fact you have a president they don't like and they want to stick it to him. This is about theater more than anything else. Mitch McConnell praised him as well on the way out, so I'm trying to figure out what has happened over the short period of time. Everything he said about defying W, that happened prior to those comments being made. And ?

GALEN: But L.Z., he has given speeches and written and joined, been on the board of organizations that frankly make me a little uncomfortable, and again I'm on the side of giving a president wide latitude in picking his cabinet. But those things have happened since he left the Senate, so I'm not sure it's fair to compare what McCain said four or eight years ago and what he is saying today.

BASH: And if I could just maybe shed some light on that, it was back in 2000, when Chuck Hagel was actually John McCain's national co-chair of his presidential campaign, that's when McCain said that he personally, he would even have Chuck Hagel as his Defense Secretary. And what did change is what I mentioned before, it really was Iraq that changed, that sent them on their separate ways personally, but much more importantly on a policy level. And that was the fundamental problem at its foundation but there's no question that Republicans see Hagel's positions on Iran as a big problem, and then, yes, of course, that's on top of that is the fact that they don't love the fact that the President nominated him, someone who they think is, for lack of a better way to say it, a political traitor, to be the next Defense Secretary.

GALEN: And Dana you're reporting on the day that ?

(Crosstalk)

GALEN: Let me just get back to this. On the day that ? and I'll stop. On the day that he testified, your reporting was fantastic in the dismal job that he was doing and I believe he used, you used the word "shocked" coming from senators' mouths. So I think for a lot of, for some Republicans that feel like me, that the President should get who he wants, they think that if that's how badly he did in that forum and he's been a member of the Senate, that maybe we need to give this just one more breath before we vote yes.

COSTELLO: Okay. L.Z., wrap it up for us.
?
GRANDERSON: I just, well I just wanted to point out that while it's true his initial quotes, John McCain's initial quotes were in 2000, the Associated Press has quotes from him as early as 2008-2009 still praising the man, so it's not as if I'm reaching all the way back for a decade for old quotes. These are still relatively new in the political cycle. And so I agree, Chuck Hagel did a horrible job. I'm just trying to figure out why are these two men who praised him fairly recently in the cycle, why are they trashing him this hard? I think it's personal, in addition to his performance.
?

Source: http://newsbusters.org/blogs/matt-hadro/2013/02/15/cnn-incredulous-over-gop-fixation-benghazi-opposition-hagel

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Friday, 8 February 2013

UT Arlington engineer wins NSF award to support microfluidic analyses of tissue, cell samples

UT Arlington engineer wins NSF award to support microfluidic analyses of tissue, cell samples [ Back to EurekAlert! ] Public release date: 7-Feb-2013
[ | E-mail | Share Share ]

Contact: Herb Booth
hbooth@uta.edu
817-272-7075
University of Texas at Arlington

Device could yield quicker drug development

A UT Arlington mechanical engineer has been honored by the National Science Foundation with a $400,000 Early Career Development grant to support her work with microfluidic devices, which promise to improve 3D tissue and cell sample analyses.

Hyejin Moon, who joined The University of Texas College of Engineering in 2007, has developed a novel approach to testing microscopic amounts of tissue and cells on microchips.

Her devices produce more accurate images and conditions of huge numbers of samples. It's a process that can more quickly identify disease biomarkers and efficacies of libraries of drug cocktails that has applications for speedier drug development.

"Dr. Moon's research has the potential to improve medical testing and disease diagnosis," said Jean-Pierre Bardet, dean of the College of Engineering. "We are pleased that the National Science Foundation has invested in this important work."

Moon said her microfluidic device technology is a faster and more reliable method of analyzing samples than traditional testing performed in petri dishes, processes that can take weeks or months to show results. Testing performed on the chips can be easily repeated, saving time and increasing accuracy, she said.

"What's even better is that the device engineers the cell and tissue samples into a 3D configuration," said Moon, who is an assistant professor in the Mechanical & Aerospace Engineering Department. "That's closer to an accurate portrayal of our bodies."

The research will involve bio, chemical, electrical and mechanical engineers, she said.

Moon said her research ultimately may lead to the development of devices that could be used by patients in their own homes.

###

The work is an example of research excellence at The University of Texas at Arlington, an institution of more than 33,800 students and more than 2,200 faculty members in the heart of North Texas. Visit www.uta.edu to learn more.


[ Back to EurekAlert! ] [ | E-mail | Share Share ]

?


AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.


UT Arlington engineer wins NSF award to support microfluidic analyses of tissue, cell samples [ Back to EurekAlert! ] Public release date: 7-Feb-2013
[ | E-mail | Share Share ]

Contact: Herb Booth
hbooth@uta.edu
817-272-7075
University of Texas at Arlington

Device could yield quicker drug development

A UT Arlington mechanical engineer has been honored by the National Science Foundation with a $400,000 Early Career Development grant to support her work with microfluidic devices, which promise to improve 3D tissue and cell sample analyses.

Hyejin Moon, who joined The University of Texas College of Engineering in 2007, has developed a novel approach to testing microscopic amounts of tissue and cells on microchips.

Her devices produce more accurate images and conditions of huge numbers of samples. It's a process that can more quickly identify disease biomarkers and efficacies of libraries of drug cocktails that has applications for speedier drug development.

"Dr. Moon's research has the potential to improve medical testing and disease diagnosis," said Jean-Pierre Bardet, dean of the College of Engineering. "We are pleased that the National Science Foundation has invested in this important work."

Moon said her microfluidic device technology is a faster and more reliable method of analyzing samples than traditional testing performed in petri dishes, processes that can take weeks or months to show results. Testing performed on the chips can be easily repeated, saving time and increasing accuracy, she said.

"What's even better is that the device engineers the cell and tissue samples into a 3D configuration," said Moon, who is an assistant professor in the Mechanical & Aerospace Engineering Department. "That's closer to an accurate portrayal of our bodies."

The research will involve bio, chemical, electrical and mechanical engineers, she said.

Moon said her research ultimately may lead to the development of devices that could be used by patients in their own homes.

###

The work is an example of research excellence at The University of Texas at Arlington, an institution of more than 33,800 students and more than 2,200 faculty members in the heart of North Texas. Visit www.uta.edu to learn more.


[ Back to EurekAlert! ] [ | E-mail | Share Share ]

?


AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.


Source: http://www.eurekalert.org/pub_releases/2013-02/uota-uae020713.php

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Thursday, 7 February 2013

Japan leads Asian shares higher as yen slides

Men walk past an electronic stock indicator of a securities firm in Tokyo, Wednesday, Feb. 6, 2013. Shares were mostly higher in Asia early Wednesday, tracking gains in the U.S. and Europe, as the Japanese yen pushed sharply higher. The Nikkei 225 stock index gained 3 percent, or 329.98, to 11,376.90 as exporters shares soared on expectations of stronger sales thanks to the yen's gains against other major currencies. (AP Photo/Shizuo Kambayashi)

Men walk past an electronic stock indicator of a securities firm in Tokyo, Wednesday, Feb. 6, 2013. Shares were mostly higher in Asia early Wednesday, tracking gains in the U.S. and Europe, as the Japanese yen pushed sharply higher. The Nikkei 225 stock index gained 3 percent, or 329.98, to 11,376.90 as exporters shares soared on expectations of stronger sales thanks to the yen's gains against other major currencies. (AP Photo/Shizuo Kambayashi)

A man watches an electronic stock indicator of a securities firm as a woman stands by him in Tokyo, Wednesday, Feb. 6, 2013. Shares were mostly higher in Asia early Wednesday, tracking gains in the U.S. and Europe, as the Japanese yen pushed sharply higher. The Nikkei 225 stock index gained 3 percent, or 329.98, to 11,376.90 as exporters shares soared on expectations of stronger sales thanks to the yen's gains against other major currencies. (AP Photo/Shizuo Kambayashi)

(AP) ? Japan drove gains in Asian shares Wednesday as the yen slid to a near three-year low following the early resignation of the Bank of Japan governor.

The Nikkei 225 stock index surged 3.4 percent, or 371.38 points, to 11,417.95 as export shares soared on expectations of stronger sales thanks to the yen's fall against other major currencies.

Toyota Motor Corp. jumped 5.1 percent, Honda Motor Corp. added 2.9 percent and Sony climbed 1.9 percent.

The Japanese yen was trading at 93.80 yen per U.S. dollar, its lowest level in almost three years after BOJ Gov. Masaaki Shirakawa announced he will step down three weeks early for logistical reasons. Some investors took it as sign that whoever replaces Shirakawa will be likely to comply with pressure from the government to ease monetary policy to help stimulate economic growth.

Shirakawa said he is stepping down in tandem with his top deputies on Mar. 19 instead of when his own five-year term ends on April 8 and that his decision was not motivated by political pressure. But the central bank has been perceived as resisting pressure for more drastic monetary easing, despite its agreement to set a 2 percent inflation benchmark as demanded by Prime Minister Shinzo Abe.

Hong Kong's Hang Seng Index rose 0.6 percent to 23,277.79 and South Korea's Kospi added 0.2 percent to 1,941.32. Australia's S&P/ASX 200 gained 0.8 to 4,921.40. China's Shanghai Composite Index fell 0.1 percent to 2,431.86. Benchmarks in Singapore, Taiwan and Indonesia rose.

"The recovery in overseas markets provided an excuse for the market to bounce back" after falls earlier in the week, said Kwong Man Bun, chief operating officer at KGI Securities in Hong Kong.

He said that strong gains in the Hong Kong market are partly being driven by higher liquidity thanks to the yen's weakness, which has brought on a flurry of carry trades in which traders borrow in a weaker currency with low interest rates, such as the yen, and use the funds to buy higher-risk shares in other markets, such as Hong Kong.

Wall Street and European stock markets pushed higher Tuesday after new indicators suggested the combined economy of the 17 euro countries is past the worst of its recession and the U.S. recovery remains on track.

A surge in U.S. home and stronger earnings helped push U.S. shares higher. The Dow Jones industrial average gained 99.22 points to 13,979.30, recovering much of what it lost Monday in the worst sell-off so far this year. The index traded above 14,000 during the day before falling back in the last hour.

The Standard & Poor's 500 gained 15.58 points to 1,511.29. The Nasdaq composite was up 40.41 points to 3,171.58.

In energy markets, benchmark crude for March delivery was up 4 cents to $96.68 per barrel in electronic trading on the New York Mercantile Exchange.

The euro was little changed at $1.3580.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-02-06-World%20Markets/id-84b11870f6ac4e89aa08734f3105d40a

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Friday, 1 February 2013

Would You Pay $6.2 Million for This Business? - NYTimes.com

From time to time, I intend to take a look at businesses for sale. We?ll examine them from two perspectives ? how attractive the business is at the asking price and what lessons the business may hold for the owners of other businesses.

The first business I want to look at is a heating, ventilation and air conditioning business in the southeastern United States. For obvious reasons, we cannot identify the specific business or owner. This listing was brought to my attention by the brokerage site, Bizbuysell.com. (Editor?s note: The author has no current or potential financial stake in the sale of this business, nor does the author certify the accuracy of financial or other information provided by the seller and/or seller?s broker.)

Normally construction companies are among the hardest businesses to sell. Buyers often look at them and pass. Why? If the buyer is a competing business, it will often think, ?Let them go out of business, and I?ll just take them over for free.? If it?s a financial buyer ? from outside the area or from a different industry ? the lack of recurring cash flow may be the stumbling block.

The seller of this particular business is being represented by a broker, Jim Dunmire, of the Murphy Business and Financial Corporation. Mr. Dunmire specializes in selling H.V.A.C. businesses, a subset of the construction industry that tends to be somewhat easier to sell than other construction businesses. Below is the basic listing information:

Type of Business: H.V.A.C.

Location: Southeastern United States.

Asking Price: $6.250 million, for the business and real estate.

Employees: 26 full-time, two part-time.

Furniture, Fixtures and Assets: $280,000.

Real Estate: 12,900 square feet, estimated value $800,000.

Intellectual Property: Training programs and a successfully developed niche.

Financials

Year

Sales

Free Cash Flow

Cash Flow/Sales

2009

$4.84 million

$1.78 million

35.5%

2010

$5.29 million

$1.97 million

37.2%

2011

$4.67 million

$1.69 million

36.1%

?

Business Overview

The company has been in business for 14 years. Its founder is the owner and chief executive of the company, which services only homeowners. It does no commercial work and no new home construction work, which is unusual in the industry.

As a rule, the company says it does not bid for work. All of its projects have been negotiated with the customer, and the company policy is to not reduce prices to meet competition. In addition, the company takes only jobs that fall within a radius of 20 minutes from the company offices. There is a marketing plan in place that has been producing new business in a predictable manner.

The company trains all new employees in a training center at the main office. New employees aren?t allowed into the field until they have been fully trained in the operations and service skills the owner believes they need.

My Take on This Company

According to Mr. Dunmire, this is a company that has strong profits that are more than three times the industry average (it is 10 times more profitable than the average H.V.A.C. company, according to Robert Morris Associates, a database that analyzes company profitability). If I were a potential a buyer, I would be eager to look under the hood and find out how the company has produced those results.

The company appears to have a strong niche. The owner has learned how to say no to business that doesn?t fit his niche and only accepts jobs that work for his business model. As a result, it seems the company has become very efficient at serving these customers.

In addition, the company has eliminated two significant forms of waste that are common to the industry. By staying within a 20-minute radius, the company avoids having its personnel waste time driving around. And by training its employees at its facility, and not in the field, the company allows trainers to focus on getting a new person acclimated ? and not on getting a job done.

Challenges in This Deal

Mr. Dunmire told me the asking price for this business is 3.2 times its free cash flow. This is about a third higher than most companies in the industry ask.

In addition, it is likely that there is little chance for growth in the niche this company occupies. This means a buyer looking to grow would have to either expand lines within the footprint ? which I would not recommend ? or find a way to clone the business in other geographic areas.

It?s likely the owner has developed excellent systems and documentation for the results the company produces. During due diligence, it will be important to learn precisely how the profits are produced.

A first glance, this business looks like a great opportunity for a strategic buyer, such as a competitor. That said, some strategic buyers may be skeptical of the results ? regardless of the documentation provided. For that reason, a financial buyer may be more likely to buy this high-margin business.

My Suggestions to a Buyer

Any buyer of this company should hold off on making any changes in operations, marketing or training until it has spent a significant amount of time understanding the secret sauce that has made it successful. But a buyer looking for growth should come with a plan to duplicate the operation in other areas. (Here?s a guide to selling a business that Barbara Taylor wrote, and here is one from Bizbuysell.com.)

What questions would you want to ask if you were the buyer? Do you think the business is priced right? What would you pay for this business?

Josh Patrick is a founder and principal at Stage 2 Planning Partners, where he works with private business owners on creating personal and business value.

Source: http://boss.blogs.nytimes.com/2013/01/30/would-you-pay-6-2-million-for-this-business/

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