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Recent investigations in the study of demographic trends at global level are currently making light on a very controversial aspect, although ignored by global institutions, like O.N.U., U.N.D.P., G 20, same by organizations with attributions in the educational field (as UNESCO, Youth International Authorities and other). The so-called “demographic winter” phenomenon, which reveals the dramatic consequences of the “modern” life, marked by familial and moral decline, by miscarriage, vulgarization and the homosexuality “normalization”, by the poisoning influence of the majority of mass-media and the “Hollywood culture” are inoculating egocentrism, frivolity and irresponsibility. Considering this demographic trend offers a new dimension to the way in which abundance and resource of the world are distributed and also gives a new vision on elementary educational issues.The globalization of education is reflecting itself in the extension and unification of educational practices, used by all those public or private entities, involved as active social educators. Over time, the public education systems in developed or emerging countries, which promote formal education, are illustrating with consistency the practice of a classical education system. In the field of non-formal education there are used more innovating and diverse methods of education, but unfortunately few of this are oriented upon individual behaviour reshaping in the global context, and they are looking only to proliferate consumerist habits, by preparing youngsters for a successful professional career start. The presence of NGO’s with international coverage and professional training companies has fixed the currently understood “development in education” in comfortable limits. This makes room for a reshape of educational fundamentals and, more obvious, for the ultimate purpose of learning.Most people think that education should equip them with the proper exploitation instruments so that they can forever trample over the masses. Still other thinks that education should furnish them with noble ends rather than means to an end. The function of education, therefore, is to teach one to think intensively and to think critically. But education which stops with efficiency may prove the greatest menace to society. The most dangerous criminal may be the man gifted with reason, but with no morals.Socially speacking, the technological revolution, the broaden access to information and the modern lifestyle facilities have made possible the appearance of an irreversible phenomenon in the conflict between generations. In our present times, the children, “sons of globalization” have access to multiple sources of information, with the internet being most of the time an instrument of self-education. The balance is leaning in the favour of the power of informed youth, who become “the teachers”, explaining the new world order to the eldest. This theory takes into consideration the acceleration of technology and the way of our lifestyle, but, beyond its observational character, it does not bring up the discussion on the relevance of educational systems, visible outmoded, which attempts to destroy the moral and statutory principles. The wisdom is transmitted from the old generation to the youth, and not backward.Therefore we are raising the question regarding the way organisms responsible for educational issues should reconsider the basic fundamentals of this basic activity, which clearly has guided the evolution of our world so far. It isn’t enough for organizations like U.N.E.S.C.O or U.N.D.P. to confront the absence of primary education and the discrimination regarding access to education in underdeveloped countries, to avoid resettling the educational needs inside an inappropriate system. It is necessary to deal with these aspects in proper time, because we consider education the key-element which can slow down the process of planet and people self destruction.The proposal regarding fundamentals reshaping and reviewing the individual education, approached in all stages and cycles of life, starts with the assumption that “Man has to be educated to act responsible towards the environment and civilization, and not interfere in the harmony and balanced world development with his behaviour”. This observation, not exactly recent, triggered a chain of initiatives in the educational system in countries like France, Italy, Germany, including Romania, but I consider that implementing a discipline of Civic Education, in the gymnasium module is not enough, neither convincing.We feel that the new fundamentals and principals of education, which must be known, understood and applied by every teacher, through all the range of educational processes in the long life learning of individuals, and also in the non formal educational process, whereat people have access during existence are:1. Self-consciousness – is essential because it allows every individual to find his role in society, to know his weak points and to develop them according to his unique talents genetically inherited. A person aware of his/her self can easily act in choosing the occupation or the carrier to practice that he or she will be able to direct his energies to and recognize the real problems that the world and society faces. Consciousness-based education, introduced in 1971 by Maharishi Mahesh Yogi, is unique in its ability to effectively develop the total brain potential of every student.2. Stimulating creativity – this special quality is reflected in the mental and social process of generating new ideas, concepts, associations, and permits individual adaptation to unpredictable contexts and situations. There are simple techniques, associated to lateral thinking that can promote this capacity, for example: improvisation, fiction as imaginary product, (Randomness, Improvisation, P.S.).3. Communication – in the actual forms and methods used as learning practices, communication is not capitalized at being the supreme value, because mostly individual activity it’s encouraged, which promotes inappropriate values like egoism, indifference, self-interest. Without communicating problems and discussing difficult situations, there is no way to claim solving the issues in optimal parameters of time, quality and accuracy. The man can not act in terms of social responsibility, as a “macro attitude”, which I consider as being shallowly approached, especially in the economical environment.4. Promoting a responsible role in society – education must train one for quick, resolute and effective thinking. To think incisively and to think for one’s self is very difficult. We are prone to let our mental life become invaded by legions of half truths, prejudices, and propaganda. At this point, I often wonder whether or not education is fulfilling its purpose. A great majority of the so-called educated people do not think logically and scientifically. Even the press, the classroom, the platform, and the pulpit in many instances do not give us objective and unbiased truths. To save man from the morass of propaganda, in my opinion, is one of the chief aims of education. Education must enable one to sift and weigh evidence, to discern the true from the false, the real from the unreal, and the facts from the fiction. This is the way in which he or she could develop and exercise an active role in society.5. Changing opening – in order to be able to intervene in the actual course of the life circle, accepting and promoting the changes is considered a healthy habit, which stimulates the flexibility and the disruption of existing corporately stereotypes, which are heading humanity to destruction, because of the ignorance or simply because of unknown problems that Terra is facing. From this perspective, the change tackling implies a real transformation at psychological level and of human behaviour, therefore to satisfy those priorities needed to be handled immediately. Here we refer to: the necessity of a re-conversion of world economy from a military economy to civil one, immediate solutions for energetic and environmental problems, as well as for the underdevelopment and poverty aspects propagated into the world.6. Global vision upon world – the actual educational system, as a whole, is constituted by a sum of operations (method -> evaluation -> communication), whose final objective must reflect a pragmatic and global view on the world. At present, the youth is informed regarding global problems through sources like mass media, not making possible a healthy analysis, not making possible a debate and a thoroughness facilitation that could lead to the understanding and building-up personal opinions regarding aspects like underdevelopment, global economical relations, international monetary system, etc.7. The ability of solving problems – solving problems is the easiest way to re-create conditions and actions in an artificial manner, experience which allows pupils and students to deal with in a constructive way and to develop solutions for different problems. Learning systems which are basically constructed like this are superior because it helps individuals to recognise and adapt to specific economic, social, psychological, spiritual context and to detect real problems in any form, associating optimal alternatives of decision. For example, simulating a complex economical context for a start-up enterprise leads to the stimulation of individual creativeness and decision-making abilities.8. Multidisciplinary teams – to permit the reshaping and the restructuring of scholar curricular in the needed form in order to develop these abilities and capacities, we are suggesting even some changes in the study of discipline, considering the logical and contextual relations between them, providing an understanding of all existing correlations at a certain point. For example, Public Finances should be studied in the International Monetary System context and not separately. At the same time this characteristic involves, according to those said before, the start point of collaborations between students coming from different specialization, in order to accomplish complex projects with a multidisciplinary approach. In this case, the elaboration of a business plan would unite students from different specializations in economical science discipline (services, marketing, management) and students from engineering, agriculture and others profile Universities.In recent years, there have been promoters that recognise the importance of remodelling and updating the learning systems and they have introduced some of this principals through various pedagogic and psychology methods and ideas, which became guide-lines in Universities educational activities from regions around the world. A recent example at this point is the study made by Clay Shirky, author of “Here Comes Everybody”, in which he proposed an innovating learning model, named Open Model of Education. In the Closed Model of Education or Classical System, education is limited because the ideas that a school or district can consider can come from only a limited number of sources, usually teachers, administrators, and consultants. A great deal of thought must be put into the consideration of ideas because the time and cost of failure are so high. Time spent with meetings, staff training, and materials, has a cost. This means the filter for ideas is very high. Only those ideas that seem to have the most benefit will be implemented, though there is no way to know in advance that one of the ideas picked will bring the desired benefit, and one of the ideas left on the table could be the most effective and beneficial.It is true that by putting into practice an educational system based on the same universal fundamentals it essentially means stimulating globalization through its universal optic itself. Although the manner in which this model contributes to the globalization phenomenon is clear, still we must consider the fact that the final purpose of education is no other then confronting globalization’s effects and influences, as well as the global negative impact upon environment and, ultimately, upon the way people live everywhere. Education will allow us to know the actual estate of the world, with all its pluses and minuses, and also will increase the awareness of the impact of every individual upon the world and upon the next generations. In other words, we consider politics, economy or administrative sciences weapons of less importance in the process of global issues eradication, compared to education, as a social science.To conclude, I would like to specify the way these ideas were generated and which were their fundamentals. This actual study is not a result a thorough research activity, neither a genius idea. I am myself a “product” of a classic, formal educational system, but also had some benefits form the non-formal educational system by involving myself in a volunteer organization that developed soft skills and hard skills both. I consider that these educational practices are not adapted enough to the global context that we are facing everyday, and that specialized literature is exposing, bringing up to light its pronounced effects of human existence on Terra. I am a person that does not hold sufficient information and power to be a voice and to be able to get involved in a sustainable and constant development of society, whose values are not profit, nepotism, indifference towards future generations, but responsibility to create and offer equal chances. I am an ambassador of a civilization which is plunging headfirst, shy daring to change the dissonant order and murderously world.

Purchasing an established business can be a daunting and complicated process for many individuals. Understanding the steps involved in the acquisition and doing the necessary planning and preparation will enable the buyer to increase their chances for a successful transaction. Following an established and proven process will not only reduce the stress that often comes with chartering new territory but also eliminate many of the risks and unknowns that often derail a business acquisition.

PERSONAL ASSESSMENT
The first step in buying a business starts with introspection. This process should be a thoughtful and honest examination of the candidates’ strengths and weaknesses, skill set, as well as their likes and dislikes. This analysis will assist in narrowing the selection for the logical and best choice of business enterprise to pursue.What talents, skills, and experience do you bring to the table and what are the types of businesses that can excel with these attributes behind the helm. Here are a number of questions that the introspection phase should involve:

What type of business do you want to operate? Is it one where you are the owner/manager or do you prefer to have a management team in place?

What hours are you available to dedicate to the business? Obviously, owning a small business will never be a 9 to 5 endeavor. Having said that, it will be important to determine the time available to manage the business. Do you prefer a B2B business that operates M-F 8-6pm or are you more flexible and would consider a consumer oriented business that is open late or often over the weekends?

Are you successful at sales, meeting with clients, and being the face of the business or are you better suited to a managerial role and running the business from behind the scenes with an established sales force in place?

Are you able to travel and be away from home for several days or do you require a business that keeps you close to the family each day of the week?

Do you have a background and expertise in the manufacturing of products or is it the service industry or distribution model that is more your forte?

Do you have any licenses or certifications that qualify you for a certain business? If not, are you prepared to obtain the necessary credentials required for successful ownership if the targeted business requires such certifications?

What are the things that you really enjoy doing? What are the things that you prefer not to do? The best advice is to start considering businesses in industries that the buyer is passionate about.
These are a few of the questions that will help an individual assess the types of businesses that they are best suited for and assist in narrowing the range of enterprises where the buyers skill set, experience, capabilities and passions can be leveraged.

DEVELOP INVESTMENT CRITERIA

Now that you have established the type of business that is a ‘good fit’ the next step is to put pen to paper and concisely define your investment criteria. If you will be seeking bank financing it will be important that the investment criteria match your resume or the transferrable skills that you are bringing to the table. The investment criteria will state the following:

What is the price range of the business that you can afford to buy?

What is the geographic location for the business you seek to buy?

What type of business are you looking for?

Manufacturing

Wholesale/Distribution

Service

Retail

Web-based

What industry should the business be in?

Management structure (owner managed or management team in place)?

Size of business. In terms of:

Revenues

Profits/Earnings

Number of employees

Number of locations

Recurring revenue model vs. project based

LENDER PREQUALIFICATION

If you plan to use bank financing to acquire a business it is important that you obtain a prequalification before your search process. Not only will this the ‘prequal’ provide you with the data as to how large of a business you qualify to purchase but it will also demonstrate to the business broker and seller that you are a serious buyer. If you are serious about buying a business and will need to obtain financing, receiving a bank prequalification is a required step at some point in time. Therefore, what would be the reason for procrastinating and not having this in place at the outset? There is zero downside and only considerable benefits. Contact your business broker as they will be able to recommend a financial institution that does business acquisition lending for the type of business you are interested in purchasing. This is an area where having the right lender is critical.

BUSINESS SEARCH (Individual or Retained)

What is the process that you are following to locate and qualify businesses for purchase? Will you be conducting the search on your own or will you utilize the services of a professional business intermediary or broker. There are literally thousands of business for sale at any given moment. A process needs to be established for conducting the search and qualifying businesses. Few of these businesses are of the quality, caliber, and profit level that distinguish them as being best in breed. What have you done to ensure that you will stand out and be given the proper consideration when engaging a broker regarding a business for sale? The business-for-sale marketplace is plagued by unprepared and non-serious buyers inquiring about any enterprise listed for sale. It takes the right preparation, message, and professional team to establish contact and quickly get to the point where the business can be qualified as a legitimate candidate or one that should be dismissed. Too many prospective buyers fall prey to the late business internet search process and clicking on any business that catches their interest. Unfortunately, serious buyers get lost in the field. This is where the prior steps come in handy – having a personal bio, an established investment criteria, as well as a lender preapproval.

QUALIFICATION

A business that is professionally represented for sale will have a number of documents available for review by prospective buyers (e.g. Financials, Asset list, Business Summary, etc). Buyers will need to execute an NDA in addition to demonstrating that they are qualified both from a financial standpoint as well as an experience standpoint to be considered a serious candidate.At this stage the buyer should already have completed individual research or have first-hand knowledge on the industry. For those without direct industry experience there are trade magazines for just about any business sector not to mention the wealth of data available on the World Wide Web.The buyer should have a list of questions already prepared, designed for one purpose – determining if the business meets the majority of elements within the investment criteria. The buyer should understand the value of the business. If the business is priced outside of their financial ability they should not be evaluating the business and wasting anyone’s time, most importantly their own. It will be important for a serious buyer to recognize that there is no such thing as a perfect business and each will have different strengths and weaknesses. Most buyers are seeking businesses with growing revenue, a stable customer base, excellent staff, established policy & procedures, and increasing profits. What are the most important qualities that you are seeking? Ranking the criteria is often helpful when qualifying businesses. Finding a business which meets some but not all of the criteria is more the norm than the exception. In many cases, the buyer may be positioned and experienced to improve certain business aspects that are deficient. Following this approach will also enable the buyer to quickly and efficiently eliminate those businesses which will not be a suitable fit, an endeavor that will save all parties considerable time. A quick no is far better than a slow no for everyone’s sake. Lastly, the buyer should recognize that the better the business is, the more they will be expected to pay.After the initial information exchange the buyer should prepare a second set of questions based upon the particulars of the specific business. After receiving this information the time has been reached where the buyer knows whether their basic criteria has been met. The buyer is clear on the business valuation, the financials, and the business operations and the seller (through the broker) should be clear on how the candidate will be financing the transaction.A teleconference should be arranged by the business broker to fill in any gaps of information and to allow specific business questions to be asked by the buyer and answered directly by the seller. Should this interaction satisfy the requirements of all parties a personal meeting and site visit is often arranged. During this meeting the buyer, seller, and broker can discuss the framework for a transaction that will satisfy the needs of each party. Only serious contenders should be involved at this point. Now is not the time to waste anyone’s time as a tire-kicker if the goal is not to proceed. Buyers should be clear that regardless of signing the NDA, data such as names of specific clients will not be divulged, not just at this point, but until the transaction closes.

LETTER OF INTENT – TERMS SHEET

A Letter of Intent (LOI) and Terms Sheet are typically non-binding documents which are used for one fundamental purpose… to determine if there is a meeting of the minds between the buyer and seller on the price and terms of the sale. The LOI will outline the strategic points of the agreement. Investing time at this stage and preparing a more detailed document will avoid misunderstandings and prevent key terms from being renegotiated later. Some of the broad points that should be addressed include:

Who is buying the business?

What is being acquired (Assets, Stock)

Transaction price and how that money is being paid

Loan commitment letter date.

Proposed closing date.

Is there a consulting agreement and if so, what are the terms?

What are the contingencies for the transaction to close?

LOAN COMMITMENT LETTER

With an executed (signed) LOI in hand the buyer will now need to obtain a ‘Loan Commitment Letter’ from the lender. A loan commitment letter is produced by the bank and will confirm that the buyer is approved for financing to acquire the business. The Loan Commitment Letter is generated after a thorough review of both the buyer’s data as well as the target business’ data.

DUE DILIGENCE

Most business acquisition transactions will require bank funding. The bank will have a proven, structured, and very detailed due diligence process and it is this methodology that the buyer should rely upon when acquiring a business. Why attempt to recreate the wheel? The bank works solely on behalf of the buyer and their fundamental interest is in ensuring that the buyer is acquiring a business that has the required financial framework for the new owner to be successful and positioned to repay the principal and interest on the acquisition loan. The bank will provide a DD checklist that covers a wide variety of documents, including but not limited to the following areas:

Financial Statements & Tax Returns

Asset & Inventory List

AP & AR

Corporate Books & Records

Contingent Liabilities

Sales & Marketing Materials

Employee Agreements & Benefit Plans

Equipment, Vehicle, & Property Leases

Customer and Supplier Contracts or other Agreements

Insurance Policies

PURCHASE CONTRACT

The business for sale contract aka Definitive Purchase Agreement (DPA) is typically drafted by the Buyer’s ‘Transaction Attorney’ after the LOI is in place. If the proper care was taken in developing the LOI, the DPA should be a much easier document to produce. In circumstances where the major deal components were not properly negotiated or addressed in the LOI, the DPA becomes much for complicated and a higher risk level is associated with the transaction closing.Upon execution of the LOI, the DD period commences and the DPA should begin being drafted. The DPA is the binding contract covering all aspects of the transaction. The DPA will cover all assets that are connected to the purchase, including but not limited to:

Assets/Stock being acquired

Price, Terms, & Payment

Representations & Warranties

Covenants

Indemnification

Non-Competition Agreements

Lease Assignments

Landlord Consents

Consulting Agreements

Asset Allocation
In most transactions the DPA is executed at the closing table but this is not a requirement. In certain circumstances, the buyer and seller will elect to execute this Agreement prior to the actual close.The DPA is the actual contract that consummates the sale of the business. It will include a number of Schedules and Exhibits detailing all of the terms of the sale. This is a custom Agreement and the level of detail, length, and companion schedules and attachments is predicated on the particular business.During this stage the buyer should already have their new business entity established (assuming it is not a stock sale), business bank accounts created, insurance policies prepared, merchant credit card accounts (if applicable) in place, etc.

THE CLOSING

The closing should be the easiest part of the process. Why? Because all of the above steps have been followed diligently by both parties. For business-for-sale transactions the “closing” is simply the process by which both the buyer and seller execute (sign) all of the documents that have already been discussed and agreed to. Having the right transaction team in place from the start (transaction attorney, business broker, and lender) will make this a smooth process. Each of the advisors has their role and when done properly the closing becomes an uneventful step.

TRANSITION

The terms and conditions of the business transition will vary based upon the type and complexity of the individual business. Obviously, the specifics will have already been spelled out and agreed to in the DPA. For some businesses, a customary 4 week transition period is all that is required. For others, the Seller will assist for an extended period of time, often under an employment or consulting contract. When bank financing is involved, especially the SBA, the Seller is typically restricted to a consulting or employment contract that does not extend beyond 12 months. The transition period is the stage where the seller and new owner implement the change of ownership and how that is communicated to employees, customers, suppliers, etc.The transition of ownership represents a big change and the goal is (often) to make it as seamless as possible. To be effective, this process must be planned in advance with all stakeholders in agreement

Understanding Banking and Finance CareersCareers in banking are both lucrative and rewarding, but at the same time are varied and diverse. Before choosing a career in finance, one should take a step back and consider which type of position would suit the individual. For example, should one apply for a career in retail banking or try for a more lucrative position within a multinational corporate bank? The final decision is an important one. Therefore, we hope this brief yet informative guide will help you find your way.Retail BankingRetail banking represents the branch networks of High Street banks. The entry-level career in this type of banking is the counter teller whose job it is to deliver service with a smile to visiting members of the public. Duties mostly involve routine deposits and withdrawals of funds from personal and business bank accounts, but can include basic advice on various financial products. The qualifications required for this type of position are at least a secondary education and some form of customer service and cash handling experience. Other retail banking positions include personal managers and business managers, usually promoted from the counter staff, whose job it is to open new bank accounts, issue loans and offer advice about financial products including insurance and mortgages. Lastly, we have the bank manager who oversees the branch and its activities. Retail banking jobs do not require university qualifications and so thus are a perfect career choice for less academic individuals.Investment BankingInvestment banking covers far more specialized financial services, looking after the needs of commercial, industrial and governmental clients. Careers in this field include investment bankers, stockbrokers and financial analysts. Duties consist of the setting up and management of corporate loans, the handling of company acquisitions and mergers and the day to day trading of stocks and shares. To qualify for an investment banking career, one has to boast excellent written and verbal interpersonal skills and have a good academic track record, i.e. A levels, with at least one degree in any subject. Graduate training courses and internships are available, but are in short supply, meaning competition for places is tight. A wise move for those wishing fast-track to high-end finance jobs would be to study for a degree in a related field, such as accountancy, economics or financial planning, and use such a qualification to move into a relevant finance banking career.