KMC PHOTO ?Y PHILIP MOtGAN
50,000th Service Installed
Brunswick Electric Membership Corporation recently connected its 50,0<)0th service. New member
Terry Bowman, Liberty Landing Road, Win na bow, and his family received an electric grill to com
memorate the milestone in co-op growth. Above are Terry and Karen Bowman and their children,
Seal, 7, Mark, 5, and I. on, J. BEMC will hold its annual meeting Saturday morning, Oct. 8, at the
Odell Williamson Auditorium , Brunswick Community College, Supply, with the West Brunswick High
School Jmz Ensemble among the entertainment.
I own To Oversee Street, Utility
Construction At New Subdivision
BY DOUC; RITTER
Holden Heath will oversee construction of streets
and water lines in a new residential subdivision near the
west end of the island under an agreement reached last
week with the developer
Commissioners approved ihe agreement last
Wednesday with Davis lleniford of l>ons. S.C., who
plans to do away with Campground By The Sea and de
velop a 62- lot subdivision in its place
Hemford said last month he wants the lown to coor
dinate the street and water line construction projects so
town officials can make sure the work is done the way
they want it.
" Wc have heard there have been problems with
streets and other utilities not being built up to town de
sires." Heniford told commissioners at their Aug. I
meeting
Under the nimiBW approved last week, the devel
oper will pay for all design and construction costs asso
ciated with the street and water line projects.
Holden Beach will seek bids and award contracts
using Hcniford's money, which will be placed in a spe
cial account
Heniford will give the lown S44,(MJ0 for construc
tion of 6-inch water mains, hydrants and valves in the
subdivision. He also will provide $25,000 for construc
tion of two streets totaling 1.400 feet in length
Asked if the money will be enough to pay for the
projects. Town Manager Gus Ulrich said an engineer
estimated the water line construction will cost $41,976.
Ulrich said the $25,000 should cover the cost of
street construction "It's an estimate based on past
prices we've received for street improvements," he
said.
If the funds initially provided by the developer
aren't enough to cover the costs, Heniford will pay the
extra amount Any funds left in the special account after
all work is finished will he returned to the developer.
Heniford also will pay the town's administrative
costs, which will be based on 1 percent of the total pro
ject cost. The town will start the bidding process after it
receives $2, (MX) from the developer for administrative
costs.
In addition to the agreement with Heniford, com
missioners also accepted the final subdivision plat last
week. Heniford said it is the same plat that was record
ed in the 1970s.
The neighborhood will include 10 oceanfront lots.
Properties on the north side of Ocean Boulevard West
will be 50 feel by 100 feet
Heniford said last month be wants street and water
line construction to begin in '.aiuary. All existing struc
tures on the campground property, including the store
ana pool, will be torn down by the end of the year.
Although the piopcrty is zoned R-2, Heniford said
deed restrictions will only allow development consis
tent with the more restrictive R-l zoning class. Single
family and two-family homes arc allowed in R-l.
Commissioner Sid Swarts suggested the town board
consider changing the zoning to R-l, and Heniford did
not object.
"As far as we're concerned it's done. You can do
what you want to," Heniford said.
The 159-site family campground has been in busi
ness for about 25 years. It is one of two campgrounds
on Holden Beach and one of only three on Brunswick
County's barrier islands.
Join 5Jhz Goop&tatiue
Plea## Clttend IJawt
Annual Meeting
Saturday, October 8
Odell Williamson Auditorium on the campus of DCC in Supply
Over 20 ^ -W; Prizes & Free Coffee
Craft Cokes & Sausage Dogs
Exhibits . / Come Meet the Pillsbury Doughboy
Entertainment Provided By:
?The Guiding Lights *WBHS Jazz Ensemble *Gaye Fulford
?Tiny Miss Southland. Mallory Malter 'Double Dutch Rope Jumpers
Health Checks ? Business Reports ? Auction
Registration - 8:00 a.m. Auction - 8:30 a.m.
Entertainment- 9:00 a.m. Business- 10:30 a.m.
Don't Miss The Fun!
Brunswick Electric
Membership
Corporation
Olfl?4 THE BflUN9VVlCX BfcACON
Purchasing A Business
Requires Detective Work
Thinking about purchasing a busi
ness? Perhaps it's the only way to
realize your dream of owning a busi
ness or maybe it's your solution to a
sluggish job market. Whatever your
reason, acquiring a business de
mands careful planning and a bit of
detective work. The North Carolina
Association of Certified Public
Accountants offers the following ad
vice:
Deciding On A
Business
Before you even think about buy
ing a small business, evaluate your
skills, interests, abilities and attitude.
Decide whether you're able and
willing to commit to the long hours,
tedious tasks and tight finances that
are often associated with small busi
ness ownership.
Once you've established that you
want to proceed, you're ready to
narrow your sights on a particular
industry. Sclcct an industry in which
you already have expertise or, at a
minimum, a strong interest. Then
begin your search for a specific
company. Talk to local accountants,
bankers, attorneys, other business
owners and industry suppliers.
Check with chambers of commerce
and look under business opportuni
ties in the newspaper classified ads
section. Small Business Admi
nistration (SBA) offices and eco
nomic development agencies some
times have information about busi
nesses for sale and may also be
aware of special funding or govern
ment-subsidized loans.
Using the seivices of a business
broker is another option. Keep in
mind, however, that like real estate
agents, business brokers generally
work for the seller and earn a per
centage of the purchase price.
Evaluating A Prospect
Once you've identified a particu
lar prospect, it's time to do a thor
ough examination of the company.
The first thing you'll want to find
out is why the owner is selling.
Maybe th.* owner is retiring or just
ready to move on to a new venture.
However, perhaps there's a new
zoning ordinance about to be passed
that will affect the business. Maybe
a competitive product is about to be
introduced. The existing owner
might hesitate to disclose such infor
mation, so it's up to you to play
sleuth. Make your own inquiries to
neighboring businesses, current cus
tomers, suppliers and even the com
petition, to establish the reason be
hind the owner's desire to sell.
While you're on the company's
trail, leam everything you can about
the company ? how it was started,
how it has grown, what events
shaped its present form. Broaden
your investigation to include the in
dustry and the economy, looking for
evidence of possible trends that
could affect the business 's potential.
The Bottom Line
Next, study the company's finan
cial records carefully. Obtain copies
of financial statements, corporate in
come tax returns, income statements
and balance sheets for the last five
years. Make sure tax returns and fi
nancial statements are signed by an
accountant. Also get copies of cash
flow projections, accounts receiv
able and accounts payable records
and any outstanding loan agree
ments.
To assist you in interpreting this
data and evaluating the company's
health, it's wise to seek the advice of
a CPA who is experienced in small
business acquisitions.
Beyond the paperwork, you'll al
so want to examine the company's
inventory to be sure it is current and
saleable. Also, ascertain the age and
condition of the company's equip
ment.
Assuming the business offers po
tential for groWh, 'now do you ar
rive at a reasonable offering price?
Given the numerous methods of val
uation, it's best to turn to a business
valuation expert who is familiar
with the industry for help in deter
mining a suitable price. Then be pre
pared to negotiate ? long and hard ?
to arrive at a mutually acceptable
purchase price.
Financing The Deal
Because banks are generally more
willing to lend to an established
business, obtaining financing is one
area where buying a business can
have a clear advantage over starting
from scratch. However, you'll still
need to demonstrate that you're a
good credit risk and have the appro
priate expertise and the necessary
collateral to pay off your debt in the
event the business falters. Also,
CPAs say you need a sound business
plan both to obtain financing and
keep your business up and running.
To obtain a free brochure on pur
chasing a business, contact the
North Carolina Association of
Certified Public Accountants at P.O.
Box 81088, Raleigh NC 27623-0188
and request a copy of "Purchasing a
Business: Making the Acquisition
Work for You. "
Money Management is a weekly
column on personal finance pre
pared and distributed by the North
Carolina Association of Certified
Public Accountants.
This Garage
A>>
Customized
Just for
You?
?13 per sq. ft
Other sizes available.
Also available with vinyl siding or \
T1-11 plywood siding.
14x22 Garage Includes:
?9x7 raised panel steel garage door ? 3 foot 6-panel steel service door
? 12 ' hard board lap siding
? Your choice of shingle color* Your c.'ioice of trim and siding paint color ?Your
choice of SSB wood or aluminum window* 20-year three tab shingles
Shallotte <> 754-1581
Security Savings Bank
announces
New Higher Interest Savings
Come by any of our offices and let one of our
staff introduce you to the highest yielding
CDs around.
6-MONTH
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OF DEPOSIT
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OF DEPOSIT
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OF DEPOSIT
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OF DEPOSIT
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A minimum deposit of $500 is required for the above
Certificates of Deposit.
These APYs are accurate as of September 7, 1994. The
offering of these rates may be withdrawn without notice.
Security
SAVINGS BANK SSB
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LENDER
SSB insure!
?Shallotte 'Calabash *Southport *Leland *Long Beach
754-4371 579-3595 457-5246 371-6546 278-6022