1. Is there a "best method" for determining the value of a business? Why? How should a prospective buyer go about establishing the value of a business?

2. What are the critical areas that need to be evaluated in the due diligence process when evaluating whether to buy an existing business?

3. What are the key components in composing a 60-second elevator speech to present to potential lenders or investors?

4. According to the feature, Keeley met Peter Lytle, the angel investor who funded his startup, at:

a. an alumni event for a community college they both attended

b. a Small Business Development Center workshop

c. a Chamber of Commerce event in Minneapolis

d. the awards ceremony for a business plan competition that Keeley won

e. a social event for aspiring entrepreneurs and investors sponsored by the city of St. Paul

5. You are a small biotechnology firm and need the financial support and the set-up to perform clinical trials on your formulas, what might be your best, and least risky, source of funding? Why?

6. What are the most common sources of debt financing and what are their pros and cons?

7. If you are an entrepreneur who has decided to use franchising as a means of growing your venture, what are the steps you need to take to develop a franchise system?

8. If you buy a franchise, you must pay a percentage of every unit you sell to the franchisor. That percentage is called?

a. a commission

b. a royalty

c. a franchise fee

d. collection fee