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Deadly Sins – Updated Version 6.66
Kylie Evans asked:
Happy Egg-Day!
Easter is a pretty flexible holiday for many.
If you are Christian, it is a day of celebration – for according to the gospel, today is the day that Jesus arose from the dead, after a nasty run in with the Romans, and was able to go about his business of healing and feeding the masses.
I have never read a story with such a happy and completely surreal ending; but then again, I also read this week that officials in Manila were issuing health-warnings to the general public about the hazards of not getting their tetanus shots and using clean nails for their own annual DIY crucifixions.
I believe the Filipino Surgeon General also went on to suggest the use of 30+ sunscreen. After all, if one is going to nail oneself to a couple of pieces of 2 X 4 and hang around for awhile, one can’t be too careful about melanomas and the like. (I can only wonder if there is a specific section in IKEA in Manila for such activities).
Easter Sunday is also the quintessential event on the calender for Chocolaphiles. Chocolate Eggs, Bunnies and Bilbies (for my non-Australian friends – An Easter Bilby is a short, squat little mammal that is currently endangered for many reasons, not the least of which is that people keep dipping them in cacao and eating them)
With the amount of sugar consumed during this period, it is little wonder that Easter marks inordinate sales figures for the retailers of Play Station I – MMCCCXXIIV. What better a time to buy a mind-numbing, intellect-stunting piece of equipment that will keep the little sugar-crazed blighters from shaving the cat and filling the sink with sun-dried tomatoes and Pine-O-Kleen.
Given that I am not a religious person, and I am one of the few people in the street…the town…the globe (according to reliable sources) that has a distinct aversion to all things chocolate, it should come as no surprise that Easter is a little bit of a non-event for me (I keep hoping that an Easter Deli-man will arrive with eggs made of King Island Brie and mild Hungarian salami but this is inevitably met with annual disappointment)
So, normally I approach this public holiday (by the way, cheers for that Herod…) with a fairly relaxed attitude, but still adhering to some of the culinary tenets set out in the Good Book.
I drink plenty of wine and eat lots of disgustingly good fish. I may not go to such extremes as nailing myself to the kitchen cupboard, but I endeavor to at least assume a sedentary position six times a day, before and after meals.
What sets this year apart from the rest of my Easters to date, is that I read yesterday that Pope Benedict XVI has decided to add 7 new “deadly sins” to the list of what will apparently send you over into the Ninth Circle of Hell.
Included in these new list of dogma-related No-Nos are:
*Thou shalt not be a billionaire
* Thou shalt not help create poverty
*Thou shalt not contribute to the widening gap between the rich and the poor
*Thou shalt not use “Bioethical” violations such as birth control
Okay, let’s just dissect a few things here…..
If the Vatican wants to put a stop to excessive wealth, then it should look in it’s own backyard.
I would be more than happy to support such theological threats of eternal damnation if perhaps the Pope and his cardinals would maybe start selling off some of their own odds and sods.
Bit of a “two birds with one stone” that one. They could tear down some of their gilded cathedrals and have a good, old-fashioned cent-auction say, in Darfur. In one hit we get rid of some of the obscenely excessive wealth, and by doing such, make positive steps towards relieving the poverty.
Just a side note too – if gross expenditure of wealth is the new and trendy sin du jour Number 1, the Catholic Church might want to perhaps engage the services of a public defender for any future cases against naughty priests. Any cash leftover could be used in addressing sin du jour Number 3 – Thou shalt not contribute to the widening gap between the rich and the poor.
Which brings me to the new and improved sin-alert regarding the banishing of “Bioethical” violations such as birth control.
Forgive my hell-raising here Benedict, pal, but perhaps if some of those living in the more impoverished countries, such as Bangladesh, had a little more access to “Bioethical violations” ie: birth control, we could probably stem some of the poverty there as well. Reducing gross overpopulation, and thus poor living conditions, could be achieved by introducing a little *** education and a supply of condoms.
Note to the Billionaires: Therein lies your “Get Out Of The Underworld” Free card.
If the Vatican INSISTS on giving us more things to be afraid of and/or ashamed of by way of introducing new sins, can we not, at least swap a few of the new ones for the old ones?
If I have to curtail my working and spending habits, could I at least be able to indulge in a little Gluttony and Sloth. It’s a slog trying to continually say “No” to that fourth glass of Merlot, and do not even get me started on how I have managed, only in the name of all that is pure and holy, to finally figure out how the vacuum works.
If I MUST pour all of my time and energies into closing the gap between the obscenely rich and the desolate poor- do you think it would be TOO much to ask if the Lord Almighty might look the other way whilst I occasionally lust after a shirtless Matthew McConnaghy?
I will endeavor to observe these new rules and regulations, upon fear of dancing cheek-to-cheek with Beelzebub, but I have got to say, I am not happy Jan!
If I had my way (or looked good in a smock and a tall, silly hat) the new and improved sins would read something like this:
*Thou shalt not watch FOX news
*Thou shalt not wear large and inane yellow sunglasses and go around acting like a purile meat-head.
*Thou shalt not ring people at 10pm…from Delhi…. to ask them if their Internet provider is serving all of their telecommunication needs.
*Thou shalt not invite people over for coffee only to ambush them with AMWAY
*Thou shalt NOT submit his/her (whoops….that would be just “his”) resume for Pope and white-out the bits regarding support for genocide during their time in the ****** Youth Programme.
So, on that note, I am off to drink some alcohol and watch a DVD with a decent cameo of Orlando Bloom’s buttocks, all the while being very careful not to spill any Pito chip crumbs on the doona.
Those chips are the BEST, and wasting any of them is tantamount to a deadly sin………. if ever I knew one.
Happy Egg-Day!
Easter is a pretty flexible holiday for many.
If you are Christian, it is a day of celebration – for according to the gospel, today is the day that Jesus arose from the dead, after a nasty run in with the Romans, and was able to go about his business of healing and feeding the masses.
I have never read a story with such a happy and completely surreal ending; but then again, I also read this week that officials in Manila were issuing health-warnings to the general public about the hazards of not getting their tetanus shots and using clean nails for their own annual DIY crucifixions.
I believe the Filipino Surgeon General also went on to suggest the use of 30+ sunscreen. After all, if one is going to nail oneself to a couple of pieces of 2 X 4 and hang around for awhile, one can’t be too careful about melanomas and the like. (I can only wonder if there is a specific section in IKEA in Manila for such activities).
Easter Sunday is also the quintessential event on the calender for Chocolaphiles. Chocolate Eggs, Bunnies and Bilbies (for my non-Australian friends – An Easter Bilby is a short, squat little mammal that is currently endangered for many reasons, not the least of which is that people keep dipping them in cacao and eating them)
With the amount of sugar consumed during this period, it is little wonder that Easter marks inordinate sales figures for the retailers of Play Station I – MMCCCXXIIV. What better a time to buy a mind-numbing, intellect-stunting piece of equipment that will keep the little sugar-crazed blighters from shaving the cat and filling the sink with sun-dried tomatoes and Pine-O-Kleen.
Given that I am not a religious person, and I am one of the few people in the street…the town…the globe (according to reliable sources) that has a distinct aversion to all things chocolate, it should come as no surprise that Easter is a little bit of a non-event for me (I keep hoping that an Easter Deli-man will arrive with eggs made of King Island Brie and mild Hungarian salami but this is inevitably met with annual disappointment)
So, normally I approach this public holiday (by the way, cheers for that Herod…) with a fairly relaxed attitude, but still adhering to some of the culinary tenets set out in the Good Book.
I drink plenty of wine and eat lots of disgustingly good fish. I may not go to such extremes as nailing myself to the kitchen cupboard, but I endeavor to at least assume a sedentary position six times a day, before and after meals.
What sets this year apart from the rest of my Easters to date, is that I read yesterday that Pope Benedict XVI has decided to add 7 new “deadly sins” to the list of what will apparently send you over into the Ninth Circle of Hell.
Included in these new list of dogma-related No-Nos are:
*Thou shalt not be a billionaire
* Thou shalt not help create poverty
*Thou shalt not contribute to the widening gap between the rich and the poor
*Thou shalt not use “Bioethical” violations such as birth control
Okay, let’s just dissect a few things here…..
If the Vatican wants to put a stop to excessive wealth, then it should look in it’s own backyard.
I would be more than happy to support such theological threats of eternal damnation if perhaps the Pope and his cardinals would maybe start selling off some of their own odds and sods.
Bit of a “two birds with one stone” that one. They could tear down some of their gilded cathedrals and have a good, old-fashioned cent-auction say, in Darfur. In one hit we get rid of some of the obscenely excessive wealth, and by doing such, make positive steps towards relieving the poverty.
Just a side note too – if gross expenditure of wealth is the new and trendy sin du jour Number 1, the Catholic Church might want to perhaps engage the services of a public defender for any future cases against naughty priests. Any cash leftover could be used in addressing sin du jour Number 3 – Thou shalt not contribute to the widening gap between the rich and the poor.
Which brings me to the new and improved sin-alert regarding the banishing of “Bioethical” violations such as birth control.
Forgive my hell-raising here Benedict, pal, but perhaps if some of those living in the more impoverished countries, such as Bangladesh, had a little more access to “Bioethical violations” ie: birth control, we could probably stem some of the poverty there as well. Reducing gross overpopulation, and thus poor living conditions, could be achieved by introducing a little *** education and a supply of condoms.
Note to the Billionaires: Therein lies your “Get Out Of The Underworld” Free card.
If the Vatican INSISTS on giving us more things to be afraid of and/or ashamed of by way of introducing new sins, can we not, at least swap a few of the new ones for the old ones?
If I have to curtail my working and spending habits, could I at least be able to indulge in a little Gluttony and Sloth. It’s a slog trying to continually say “No” to that fourth glass of Merlot, and do not even get me started on how I have managed, only in the name of all that is pure and holy, to finally figure out how the vacuum works.
If I MUST pour all of my time and energies into closing the gap between the obscenely rich and the desolate poor- do you think it would be TOO much to ask if the Lord Almighty might look the other way whilst I occasionally lust after a shirtless Matthew McConnaghy?
I will endeavor to observe these new rules and regulations, upon fear of dancing cheek-to-cheek with Beelzebub, but I have got to say, I am not happy Jan!
If I had my way (or looked good in a smock and a tall, silly hat) the new and improved sins would read something like this:
*Thou shalt not watch FOX news
*Thou shalt not wear large and inane yellow sunglasses and go around acting like a purile meat-head.
*Thou shalt not ring people at 10pm…from Delhi…. to ask them if their Internet provider is serving all of their telecommunication needs.
*Thou shalt not invite people over for coffee only to ambush them with AMWAY
*Thou shalt NOT submit his/her (whoops….that would be just “his”) resume for Pope and white-out the bits regarding support for genocide during their time in the ****** Youth Programme.
So, on that note, I am off to drink some alcohol and watch a DVD with a decent cameo of Orlando Bloom’s buttocks, all the while being very careful not to spill any Pito chip crumbs on the doona.
Those chips are the BEST, and wasting any of them is tantamount to a deadly sin………. if ever I knew one.
Best Beach Vacations in the Philippines
Christel Lumabas asked:
One unique fact about the Philippines is that we have more than 7,000 islands altogether– and this fact can excite most travelers from around the world. Since the Philippines is situated near the equator, the country is considered as the tropics, with temperatures perfect for a day at the beach. Philippine travel usually consists of island hopping, checking out some virgin sceneries, and visits to great local cities.
For serious travelers, they may opt for luxury vacations in the Philippines through exposure to the beauty of the country’s natural resources.
In every foreign place, one would not help but think of communicating with the locals. But when you are in the Philippines, any travelers with English speaking skills need not to worry, because around 85 percent of the locals can understand English. In any case, for any vacation or travel spot in the country, there is a Filipino in the area that can speak and understand English.
Language barriers aside, the exchange rate may also be quite favorable for travelers. With cheap accommodations, food, and services, any traveler may easily have a luxurious vacation without them feeling the pain in their wallets. In other words, everything is on sale.
The tropical islands of the Philippines showcase some of the best beaches in Southeast Asia, and also the most colorful coral reefs in the world. The far fetched island of Palawan features one of the country’s best hotel accommodations, with popular guests such as Mariah Carey and Brian McKnight. The island boasts of clear blue waters, pristine white sand, and rich sea life– all with a relaxed environment. Palawan may be considered as a spot for luxury vacations, simply because of the exquisite accommodations and hotels, such as the infamous Amanpulo. The resort features world class amenities that can rejuvenate and change your perspective of the country altogether. Amanpulo can be reached through charter plane from Manila, and usually costs around $300 per person. Once there, any guest can enjoy all amenities for $850 per person, for a whole week! So if you want to see and experience the Amanpulo in Palawan, try to book ahead of time so as to have proper reservations.
Another popular destination when it comes to luxury vacations would be the in the island of Boracay. This long stretch of pure white sand beach offers not only relaxation, but a boost on social gatherings with beach front parties and good restaurants, offering both local and foreign delicacies. Boracay provides luxury vacations for locals and foreigners visiting the country, with full hotel accommodations to huts by the beach front. Other key destinations include Cebu and Davao, and also key historic landmarks such as Bataan and Corregidor, not to mention the fascinating sights in Manila and Iloilo.
One unique fact about the Philippines is that we have more than 7,000 islands altogether– and this fact can excite most travelers from around the world. Since the Philippines is situated near the equator, the country is considered as the tropics, with temperatures perfect for a day at the beach. Philippine travel usually consists of island hopping, checking out some virgin sceneries, and visits to great local cities.
For serious travelers, they may opt for luxury vacations in the Philippines through exposure to the beauty of the country’s natural resources.
In every foreign place, one would not help but think of communicating with the locals. But when you are in the Philippines, any travelers with English speaking skills need not to worry, because around 85 percent of the locals can understand English. In any case, for any vacation or travel spot in the country, there is a Filipino in the area that can speak and understand English.
Language barriers aside, the exchange rate may also be quite favorable for travelers. With cheap accommodations, food, and services, any traveler may easily have a luxurious vacation without them feeling the pain in their wallets. In other words, everything is on sale.
The tropical islands of the Philippines showcase some of the best beaches in Southeast Asia, and also the most colorful coral reefs in the world. The far fetched island of Palawan features one of the country’s best hotel accommodations, with popular guests such as Mariah Carey and Brian McKnight. The island boasts of clear blue waters, pristine white sand, and rich sea life– all with a relaxed environment. Palawan may be considered as a spot for luxury vacations, simply because of the exquisite accommodations and hotels, such as the infamous Amanpulo. The resort features world class amenities that can rejuvenate and change your perspective of the country altogether. Amanpulo can be reached through charter plane from Manila, and usually costs around $300 per person. Once there, any guest can enjoy all amenities for $850 per person, for a whole week! So if you want to see and experience the Amanpulo in Palawan, try to book ahead of time so as to have proper reservations.
Another popular destination when it comes to luxury vacations would be the in the island of Boracay. This long stretch of pure white sand beach offers not only relaxation, but a boost on social gatherings with beach front parties and good restaurants, offering both local and foreign delicacies. Boracay provides luxury vacations for locals and foreigners visiting the country, with full hotel accommodations to huts by the beach front. Other key destinations include Cebu and Davao, and also key historic landmarks such as Bataan and Corregidor, not to mention the fascinating sights in Manila and Iloilo.
PHILIPPINES CONDOMINIUMS
Christopher John Koh asked:
THE GRAMERCY RESIDENCES PHILIPPINES CONDOMINIUMS
For more details, visit my website http://www.condosphilippinesrealestate.com
I would like to offer The Gramercy Residences at Century City, from Century Properties, Inc., Set to rise along Kalayaan Avenue , Century City is touted as “the development of the new century” and “a city within a city.”
Century City is a fully-integrated development masterplanned by Jon Adams Jerde of the Jerde Partnership International, world-renowned urban planner of the global landmarks Bellagio Hotel in Las Vegas, Universal Citywalk in Los Angeles, Roppongi Hills in Tokyo Japan, City of Dreams in Macau and the 2006 Winner for Best Master-Planned Community Zlote in Warsaw Poland. It will comprise of luxury residential towers, entertainment and shopping centers, Grade A office buildings in Makati ‘s only IT park, a private recreational club, and an IT school that will be just a short walk or an elevator ride away from the residential towers.
LOCATED WITHIN GRAMERCY’S SKYPARK
The Gramercy Residences will be the only 24/365 hyper-amenitized luxury high-rise in the Philippines boasting of features and luxuries never before attempted anywhere else in the world.
AMENITIES
1. Three World-class Swimming Pools
Featuring a freeform infinity pool, a 25-meter lap-pool with multiple lanes, and a children’s pool – all with breathtaking Makati skyline views.
25-meter Lap-pool with multiple lanes Kiddie Pool Other Auxiliary/wading Pools
2. Cascading Waterfalls
The sound of rainfall like rhythm fills the air with a sense of serenity while the waterfall doubles as a distinct visual interest.
3. Three Distinct Gyms
The Gramercy will have three gyms open 24 hours a day — a general-purpose gym, a purely weights gym, and a third gym with purely aerobic machines.
4. Cafe and Restaurant
Enjoy the fantastic city view 36 levels above the ground as you take a sip of your morning brew or indulge in a hearty lunch
5. Yoga/Pilates Room
Tucked away behind a lush landscape, this facility provides a tranquil workout area for wellness seekers.
6. Spa and Massage Center
From ******* and massages to a relaxing steam bath, the spa at Gramercy provides an escape for those who want to recharge and rejuvenate.
7. Day Care Center
While you work, your small bundle of joy will receive the best care and attention from the center’s experienced and well-trained staff.
8. THX Theater
Aside from the state-of-the-art cinemas within Century City, the Gramercy will have its own surround-sound theater where you can watch your favorite films.
9. DVD Library
Choose from a whole range of Gramercy’s exclusive collection of blockbuster movies, classical masterpieces and award-winning films.
10. Resident’s Lounge
A communal space perfect for casual meetings and conversations.
11. Conference Room
A flexible function room with global communication capabilities, such as video conferencing and wireless Internet for communal use.
12. Library/Book Club
Take your pick from local and international bestselling reads.
OTHER AMENITIES WITHIN GRAMERCY
Internet and Cable TV Ready units
Children’s Playground
Meditation Garden
Wine Bar & Storage
Beauty Salon
Emergency Clinic
Place of worship
Other 5-Star Services within Gramercy
FULLY-SERVICED
The Gramercy will be fully-serviced, a dream come true for those who live the modern lifestyle. Imagine ordering a sumptuous meal served in your bedroom from any of Century City’s restaurants. Or having a personal shopper bring up some new arrivals from your favorite boutiques downstairs, a housekeeper taking care of your household chores, or the Gramercy day care center and playschool ensuring that your kids have countless hours of educational fun.
5-Star Services at the Gramercy 24-hour doormen Delivery service from all Century City restaurants Massage and spa services Personal shopping and delivery services, including groceries, cleaners, pharmacies Messenger services for local pick-ups and deliveries Newspaper delivery Pet-walking and sitting services Pick-up and delivery services for laundry and dry cleaning Technical support services for computers, entertainment centers and telecommunication equipment Extra storage space for sale for boxes, old clothes, sports equipment and the like. Your food can be delivered to your unit even late at night from any of Century City’s top restaurants Enjoy a relaxing massage anytime you want—even at 2 a.m. after a tiring workday With technicians on stand by 24 hours to fix your PC, Internet connection or any other broken electrical fixtures. Hang out with friends in any of Century City’s bars and restos, open until the wee hours of the morning
To learn more about the Jerde Partnership, please go to: www.jerde.com.
INSPIRATION
Inspired by the spirit of the great city of New York, The Gramercy Residences will be the first tower to rise at Century City.
This ultra-exclusive hyper-amenitized condo project takes its name from Manhattan’s ultra-exclusive Gramercy Park, a fenced-in private park in New York City’s most prestigious of neighborhoods, accessible only to the well-heeled residents of the buildings in the area who are assigned keys to the park. It is here that Cyrus Field conceived the Trans-Atlantic Cable, Mark Twain played pool, and an eight-year old John F. Kennedy chased the squirrels on a lazy afternoon.
It is the exclusivity, the history, and the central characteristics of Gramercy Park in New York, that has inspired in no small measure, the first urban icon set to rise in progressive Century City: The Gramercy Residences will feature interiors and aesthetics that evoke the Big Apple’s unmistakable flair, and the exclusivity and style of its Manhattanite namesake.
THE RESIDENCES
With Century City’s citizens, a new paradigm in residential high-rise development will be set, with all residential units not only providing Century Properties’ highly-acclaimed, Fully-fitted, Fully-furnished concept, but taking bespoke living to the next level with more interior design options to allow you to truly personalize your future home. Among them is the piece de resistance: The breathtaking SKYPARK with waterfalls, infinity pools, a designer restaurant, health club and more, 36 storeys above the ground and traversing the entire width of the building.
6 DESIGN OPTIONS
LUSH
Enjoy the comforts of living in an inviting contemporary style.
AZULI
An interplay of arresting blue, pristine white and butter yellow adorn this lively pad, topped off with complementary oriental accent pieces.
SLEEK
Neutral shades combined with dazzling silver, reflective light fixtures and funky artwork make this pad truly stylish and unique.
SAVANNAH
Subdued contemporary design merges with bold animal prints and rich dark leather to create the perfect pad for the adventurous frequent traveler.
ARISTO
This elegant living space combines modern design with contrasting neutrals and tones, and touches of old world furniture.
BARLEY
Black and gold merge to create a strong sense of character in this design, given a further edge by retro-classic furniture, carved mirrors and high-gloss finishes.
STANDARD UNITS CONFIGURATION:
Studio Unit - 28 sqm. to 34 sqm.
1 Bedroom Unit -39 sqm. to 45 sqm.
2 Bedroom Unit - 66 sqm.
3 Bedroom Unit - 153 sqm.
LOFT UNITS CONFIGURATION:
1 Bedroom loft Unit - 44 sqm. to 58 sqm.
2 Bedroom loft Unit - 88 sqm. to 107 sqm.
3 Bedroom loft Unit - 149 sqm.
Also, we have other condominium projects like the Knightsbridge Residences in Century City Makati, the “Soho Central” in Mandaluyong, the “Grand Soho Makati” in Buendia/Salcedo Village, and a high-end house and lot project “The Canyon Ranch” in Carmona, Cavite.
Should you require additional information, I would be very happy to assist you. Just let me know if you are interested and I will send you our pricing and sample quotations. If you have friends who may also be interested in our project, I would appreciate very much if you can refer our project.
Warm regards,
Mr. Christopher John T. Koh
Century Sales Officer
CENTURY PROPERTIES INC.
21st Flr. Pacific Star Building, Sen. Gil Puyat Ave. Cor. Makati Ave.
Makati City Philippines 1200
Mobile no. (+63)929-3737239/ (+632) 8563834
Email: mycenturyproperties@yahoo.com
Website: http://www.condosphilippinesrealestate.com
THE GRAMERCY RESIDENCES PHILIPPINES CONDOMINIUMS
For more details, visit my website http://www.condosphilippinesrealestate.com
I would like to offer The Gramercy Residences at Century City, from Century Properties, Inc., Set to rise along Kalayaan Avenue , Century City is touted as “the development of the new century” and “a city within a city.”
Century City is a fully-integrated development masterplanned by Jon Adams Jerde of the Jerde Partnership International, world-renowned urban planner of the global landmarks Bellagio Hotel in Las Vegas, Universal Citywalk in Los Angeles, Roppongi Hills in Tokyo Japan, City of Dreams in Macau and the 2006 Winner for Best Master-Planned Community Zlote in Warsaw Poland. It will comprise of luxury residential towers, entertainment and shopping centers, Grade A office buildings in Makati ‘s only IT park, a private recreational club, and an IT school that will be just a short walk or an elevator ride away from the residential towers.
LOCATED WITHIN GRAMERCY’S SKYPARK
The Gramercy Residences will be the only 24/365 hyper-amenitized luxury high-rise in the Philippines boasting of features and luxuries never before attempted anywhere else in the world.
AMENITIES
1. Three World-class Swimming Pools
Featuring a freeform infinity pool, a 25-meter lap-pool with multiple lanes, and a children’s pool – all with breathtaking Makati skyline views.
25-meter Lap-pool with multiple lanes Kiddie Pool Other Auxiliary/wading Pools
2. Cascading Waterfalls
The sound of rainfall like rhythm fills the air with a sense of serenity while the waterfall doubles as a distinct visual interest.
3. Three Distinct Gyms
The Gramercy will have three gyms open 24 hours a day — a general-purpose gym, a purely weights gym, and a third gym with purely aerobic machines.
4. Cafe and Restaurant
Enjoy the fantastic city view 36 levels above the ground as you take a sip of your morning brew or indulge in a hearty lunch
5. Yoga/Pilates Room
Tucked away behind a lush landscape, this facility provides a tranquil workout area for wellness seekers.
6. Spa and Massage Center
From ******* and massages to a relaxing steam bath, the spa at Gramercy provides an escape for those who want to recharge and rejuvenate.
7. Day Care Center
While you work, your small bundle of joy will receive the best care and attention from the center’s experienced and well-trained staff.
8. THX Theater
Aside from the state-of-the-art cinemas within Century City, the Gramercy will have its own surround-sound theater where you can watch your favorite films.
9. DVD Library
Choose from a whole range of Gramercy’s exclusive collection of blockbuster movies, classical masterpieces and award-winning films.
10. Resident’s Lounge
A communal space perfect for casual meetings and conversations.
11. Conference Room
A flexible function room with global communication capabilities, such as video conferencing and wireless Internet for communal use.
12. Library/Book Club
Take your pick from local and international bestselling reads.
OTHER AMENITIES WITHIN GRAMERCY
Internet and Cable TV Ready units
Children’s Playground
Meditation Garden
Wine Bar & Storage
Beauty Salon
Emergency Clinic
Place of worship
Other 5-Star Services within Gramercy
FULLY-SERVICED
The Gramercy will be fully-serviced, a dream come true for those who live the modern lifestyle. Imagine ordering a sumptuous meal served in your bedroom from any of Century City’s restaurants. Or having a personal shopper bring up some new arrivals from your favorite boutiques downstairs, a housekeeper taking care of your household chores, or the Gramercy day care center and playschool ensuring that your kids have countless hours of educational fun.
5-Star Services at the Gramercy 24-hour doormen Delivery service from all Century City restaurants Massage and spa services Personal shopping and delivery services, including groceries, cleaners, pharmacies Messenger services for local pick-ups and deliveries Newspaper delivery Pet-walking and sitting services Pick-up and delivery services for laundry and dry cleaning Technical support services for computers, entertainment centers and telecommunication equipment Extra storage space for sale for boxes, old clothes, sports equipment and the like. Your food can be delivered to your unit even late at night from any of Century City’s top restaurants Enjoy a relaxing massage anytime you want—even at 2 a.m. after a tiring workday With technicians on stand by 24 hours to fix your PC, Internet connection or any other broken electrical fixtures. Hang out with friends in any of Century City’s bars and restos, open until the wee hours of the morning
To learn more about the Jerde Partnership, please go to: www.jerde.com.
INSPIRATION
Inspired by the spirit of the great city of New York, The Gramercy Residences will be the first tower to rise at Century City.
This ultra-exclusive hyper-amenitized condo project takes its name from Manhattan’s ultra-exclusive Gramercy Park, a fenced-in private park in New York City’s most prestigious of neighborhoods, accessible only to the well-heeled residents of the buildings in the area who are assigned keys to the park. It is here that Cyrus Field conceived the Trans-Atlantic Cable, Mark Twain played pool, and an eight-year old John F. Kennedy chased the squirrels on a lazy afternoon.
It is the exclusivity, the history, and the central characteristics of Gramercy Park in New York, that has inspired in no small measure, the first urban icon set to rise in progressive Century City: The Gramercy Residences will feature interiors and aesthetics that evoke the Big Apple’s unmistakable flair, and the exclusivity and style of its Manhattanite namesake.
THE RESIDENCES
With Century City’s citizens, a new paradigm in residential high-rise development will be set, with all residential units not only providing Century Properties’ highly-acclaimed, Fully-fitted, Fully-furnished concept, but taking bespoke living to the next level with more interior design options to allow you to truly personalize your future home. Among them is the piece de resistance: The breathtaking SKYPARK with waterfalls, infinity pools, a designer restaurant, health club and more, 36 storeys above the ground and traversing the entire width of the building.
6 DESIGN OPTIONS
LUSH
Enjoy the comforts of living in an inviting contemporary style.
AZULI
An interplay of arresting blue, pristine white and butter yellow adorn this lively pad, topped off with complementary oriental accent pieces.
SLEEK
Neutral shades combined with dazzling silver, reflective light fixtures and funky artwork make this pad truly stylish and unique.
SAVANNAH
Subdued contemporary design merges with bold animal prints and rich dark leather to create the perfect pad for the adventurous frequent traveler.
ARISTO
This elegant living space combines modern design with contrasting neutrals and tones, and touches of old world furniture.
BARLEY
Black and gold merge to create a strong sense of character in this design, given a further edge by retro-classic furniture, carved mirrors and high-gloss finishes.
STANDARD UNITS CONFIGURATION:
Studio Unit - 28 sqm. to 34 sqm.
1 Bedroom Unit -39 sqm. to 45 sqm.
2 Bedroom Unit - 66 sqm.
3 Bedroom Unit - 153 sqm.
LOFT UNITS CONFIGURATION:
1 Bedroom loft Unit - 44 sqm. to 58 sqm.
2 Bedroom loft Unit - 88 sqm. to 107 sqm.
3 Bedroom loft Unit - 149 sqm.
Also, we have other condominium projects like the Knightsbridge Residences in Century City Makati, the “Soho Central” in Mandaluyong, the “Grand Soho Makati” in Buendia/Salcedo Village, and a high-end house and lot project “The Canyon Ranch” in Carmona, Cavite.
Should you require additional information, I would be very happy to assist you. Just let me know if you are interested and I will send you our pricing and sample quotations. If you have friends who may also be interested in our project, I would appreciate very much if you can refer our project.
Warm regards,
Mr. Christopher John T. Koh
Century Sales Officer
CENTURY PROPERTIES INC.
21st Flr. Pacific Star Building, Sen. Gil Puyat Ave. Cor. Makati Ave.
Makati City Philippines 1200
Mobile no. (+63)929-3737239/ (+632) 8563834
Email: mycenturyproperties@yahoo.com
Website: http://www.condosphilippinesrealestate.com
Hotels in Philippines- Confirming Comfortability
Ritu Raj Mishra asked:
Lying between the Philippine Sea and the South China Sea and consisting of around 7,107 islands, Philippines is enriched with verdant nature, vibrant culture and various adrenaline pumping activities. Obviously, with all these enticements, this land of beauty has created its niche in the world’s travel map. Keeping a track with the inflow of travelers, the hospitality sector in the country is sprouting day by day. The hotels in Philippines have created a comfort zone for all travelers having different budgets and needs. So, while exploring this amazing archipelago, you will definitely enjoy the caress of comfortability available back at your home.
Mainly, tropical climate is noticed in the country of Philippines, which makes March to May hot, June to October rainy and November to February cold. However, the best time to explore this country is from December to the middle of May. Getting in this country is easier as well. Two major cities, Manila and Cebu have connected Philippines with the rest of the world by air. Even more, it is also possible for travelers to come here by sea from the nearby parts of Malaysia and Indonesia.
As a famous tourist spot, Philippines has so many things to offer to its guests. Beguiling beaches and hair-raising beach activities are the prime attractions to the travelers here. Especially, Boracay Island, Mactan Island, Panglao, Samal Island, Negros Island will entice you to get marooned amidst sun, sand and sea. In addition, the country has been adorned with some unforgettable sights. These are like, Banaue, Chocolate Hills, Hundred Islands National Park, Lake Taal & Taal Volcano, Siquijor Caves and so on. So, your itinerary for Philippines mustn’t miss all these places.
Nonetheless, Philippines houses a wide range of hotels sprawling in different parts of the country. Besides Manila and Cebu, other places including Bacolod, Bohol, Boracay, Butun, Davao, Palawan etc. boast a wide range of hotels. All kinds of accommodation ranging from luxury beach resorts to budget hotels are available here. And definitely, it gives an assurance of accommodation to all travelers having different budgets.
Some renowned hotel groups like Intercontinental, Hyatt, Sofitel, Shangri-La, Holiday-Inn, Pan Pacific, Crowne Plaza, Mercure have possessed a number of hotels in Philippines. Accenting on high-end facilities and services, all these hotels offer sheer comfort and luxury to their guests. On the other hand, the budget hotels in the island have catered to necessary amenities and services, with which budget travelers will enjoy their sojourn without comprising anything with their comfort.
Most of Philippines hotels have their official websites, where the briefs of their locations, rooms and amenities are available. Apart from that, other websites also publish unbiased testimonials and travelers’ reviews on various hotels in the country. All these information will enable you to choose your accommodation during your trip to Philippines.
Lying between the Philippine Sea and the South China Sea and consisting of around 7,107 islands, Philippines is enriched with verdant nature, vibrant culture and various adrenaline pumping activities. Obviously, with all these enticements, this land of beauty has created its niche in the world’s travel map. Keeping a track with the inflow of travelers, the hospitality sector in the country is sprouting day by day. The hotels in Philippines have created a comfort zone for all travelers having different budgets and needs. So, while exploring this amazing archipelago, you will definitely enjoy the caress of comfortability available back at your home.
Mainly, tropical climate is noticed in the country of Philippines, which makes March to May hot, June to October rainy and November to February cold. However, the best time to explore this country is from December to the middle of May. Getting in this country is easier as well. Two major cities, Manila and Cebu have connected Philippines with the rest of the world by air. Even more, it is also possible for travelers to come here by sea from the nearby parts of Malaysia and Indonesia.
As a famous tourist spot, Philippines has so many things to offer to its guests. Beguiling beaches and hair-raising beach activities are the prime attractions to the travelers here. Especially, Boracay Island, Mactan Island, Panglao, Samal Island, Negros Island will entice you to get marooned amidst sun, sand and sea. In addition, the country has been adorned with some unforgettable sights. These are like, Banaue, Chocolate Hills, Hundred Islands National Park, Lake Taal & Taal Volcano, Siquijor Caves and so on. So, your itinerary for Philippines mustn’t miss all these places.
Nonetheless, Philippines houses a wide range of hotels sprawling in different parts of the country. Besides Manila and Cebu, other places including Bacolod, Bohol, Boracay, Butun, Davao, Palawan etc. boast a wide range of hotels. All kinds of accommodation ranging from luxury beach resorts to budget hotels are available here. And definitely, it gives an assurance of accommodation to all travelers having different budgets.
Some renowned hotel groups like Intercontinental, Hyatt, Sofitel, Shangri-La, Holiday-Inn, Pan Pacific, Crowne Plaza, Mercure have possessed a number of hotels in Philippines. Accenting on high-end facilities and services, all these hotels offer sheer comfort and luxury to their guests. On the other hand, the budget hotels in the island have catered to necessary amenities and services, with which budget travelers will enjoy their sojourn without comprising anything with their comfort.
Most of Philippines hotels have their official websites, where the briefs of their locations, rooms and amenities are available. Apart from that, other websites also publish unbiased testimonials and travelers’ reviews on various hotels in the country. All these information will enable you to choose your accommodation during your trip to Philippines.
The Sweat Free Lifestyle with Rexona
Deirdre Gonzales asked:
the many brands of deodorants around the world and in the Philippines, Rexona is considered as one of the top brands in providing sweat free lifestyle for all the people that use it. So where did it come from? According to rexona philippines, Rexona is one of the many brands manufactured by Unilever, a multi-national corporation that owns many of the world’s consumer product brands in foods, beverages, cleaning agents and personal care products. One of its best personal care products is Rexona.
Rexona was first developed in 1908 by an Australian pharmacist and his wife. Because of the successful marketing of Rexona, both by rexona philippines and rexona UK (known as Sure in UK and Ireland), it now has 8 lines of deodorant, each having different effects than the other. For example, there is a formula to eliminate white marks on dark clothing and a product line developed for low-income consumers. Rexona products are created with “body-responsive technology.”
Scientists from Rexona recently noted that the body produces two types of sweat, one from over-heating and another from emotional stress. These two types of sweat generate different chemicals and odors from different glands in the body. Cooling sweat is created all over the body, but sweat from emotional strain is created in fewer, more specific sites, including under the arms. Rexona has a formula to address both types of sweat. The over-heating sweat formula was tested on people in a sauna. The emotional stress sweat was tested on people interrogated in a mean and fast-paced manner to answer riddles and sums.
Rexona’s recognition in line with personal care products were mainly because of its unique features rarely found on other brands. Another reason for it’s popularity is with its commercials. Several commercials made by rexona philippines became very popular. One is the First Day Funk by Parokya ni Edgar and another is the First Day High by Kamikazee. Rexona was also featured on some popular-culture. The Filipino *** show Bubble Gang made notable spoofs of the product. Another one is the Sistah Fun. The Stunt City commercial filmed in Australia for the UK audience won a Gold Lion at Cannes Lions International Advertising Festival in 2005. In 2008 Rexona Mexico won the Silver Cyber Lion with the letssavefermin.com. Visit at http://www.myayala.com.
the many brands of deodorants around the world and in the Philippines, Rexona is considered as one of the top brands in providing sweat free lifestyle for all the people that use it. So where did it come from? According to rexona philippines, Rexona is one of the many brands manufactured by Unilever, a multi-national corporation that owns many of the world’s consumer product brands in foods, beverages, cleaning agents and personal care products. One of its best personal care products is Rexona.
Rexona was first developed in 1908 by an Australian pharmacist and his wife. Because of the successful marketing of Rexona, both by rexona philippines and rexona UK (known as Sure in UK and Ireland), it now has 8 lines of deodorant, each having different effects than the other. For example, there is a formula to eliminate white marks on dark clothing and a product line developed for low-income consumers. Rexona products are created with “body-responsive technology.”
Scientists from Rexona recently noted that the body produces two types of sweat, one from over-heating and another from emotional stress. These two types of sweat generate different chemicals and odors from different glands in the body. Cooling sweat is created all over the body, but sweat from emotional strain is created in fewer, more specific sites, including under the arms. Rexona has a formula to address both types of sweat. The over-heating sweat formula was tested on people in a sauna. The emotional stress sweat was tested on people interrogated in a mean and fast-paced manner to answer riddles and sums.
Rexona’s recognition in line with personal care products were mainly because of its unique features rarely found on other brands. Another reason for it’s popularity is with its commercials. Several commercials made by rexona philippines became very popular. One is the First Day Funk by Parokya ni Edgar and another is the First Day High by Kamikazee. Rexona was also featured on some popular-culture. The Filipino *** show Bubble Gang made notable spoofs of the product. Another one is the Sistah Fun. The Stunt City commercial filmed in Australia for the UK audience won a Gold Lion at Cannes Lions International Advertising Festival in 2005. In 2008 Rexona Mexico won the Silver Cyber Lion with the letssavefermin.com. Visit at http://www.myayala.com.
Due Diligence 101 or What you Don’t Know Can Kill You!
Willard Michlin asked:
Introduction:
This article is written as a general discussion on the subject of “Due Diligence”. It is for informational purposes and not intended to be a definitive guideline for your exact situation. You should consult the appropriate professionals with regard to your specific transaction or situation. Further, this article is in no way advocating, suggesting or implying that anyone engages in any type fraudulent activities whatsoever. These are simply the things a buyer should be aware of when doing due diligence in buyer a business.
You spent months finding the right business. The seller says that you cannot go by what the tax return shows but the business is making a lot of money, and he can prove it. Your inspection of the profit and loss statement shows that sales have been increasing slightly in the last few years. Most important, and the best news of all is; the price is right! Does it sound too good to be true? I am sorry to tell you this, it probably is.
I think it was Benjamin Franklin who said, “A fool and his money are soon parted.” Mr. Franklin must have known a lot of business buyers. When buying appliances that break in a month, it costs you a few dollars. When you go to a swap meet and are cheated because the solid gold watch is really gold plated, it costs you a few hundred bucks. When a used car salesman cheats you, by selling you a lemon, where the speedometer has been turned back 100,000 miles, it costs you a few thousand dollars. Getting cheated buying a business can cost you many thousands to hundreds of thousands of dollars. The only investment or purchase that I know of where you can be cheated out of more money is in the area of real estate. Real Estate fraud can runs into the hundreds of millions of dollars and does. You would be shocked at all the people between 1875 and 1950 who saw ads for prime real estate in Florida and bought swamp land. What about prime Louisiana beach front with Alligators living outside your front door? I have written a series of articles on fraud and it keeps getting bigger and bigger.
I hope that the point is made. Never buy a business on someone’s word. Actually, you should never buy anything on someone’s word. Confirm everything, believe nothing and understand that you are still going to find out things, after the close of escrow, which is going to surprise you. A similar example is one known by every employer. A staff worked for a company for 4 months and complained to the personal officer that the job was just too difficult. He kept complaining that he needed more training and lower quotas. You feel sorry for him. You talk to him and talk to him about it. You listen and believe all the excuses he gives you for poor production. Finally he quit, blaming you for something that you did, this just before you were going to give up and fire him. Then you started to take over the work of finishing his incomplete projects. You are shocked, as you always re, at what he did wrong and what he had covered up, that he was not doing. This is what happens when you buy a business. You find out all the actions that the seller, not his staff, had stopped doing, from the day that he decided to sell the company.
Many businesses are doing well. Sometimes the owners have personal things going on in their home life. Sometimes they have medical problems. Many times the business is not doing well and the seller is frustrated. It is very common for a seller to work hard to build his business, but because of many reasons, it doesn’t produce what the seller wants. He gets frustrated and one day he gives up. That is usually the day he calls that business broker he met and asks the big question. How long will it take you to get me out of this place? In his mind, he is gone. He just counts the days until he physically walks out.
Have I scared you? Good. There is a plus side. It is worth all the grief that you go through to buy a business when you get in to the drivers seat, put all the marketing actions into place and start driving your own business.
In 2000 I had a client buy a car wash soap manufacturing business for $2 Million dollars. The seller swore it was making $500,000 profit per year. Due Diligence showed it was only making $300,000. When presented with the auditors report, the seller claimed the audit was wrong. The buyer bought the company, knowing he was overpaying for the business. Why? He had done his research on the production department and sales department. He went out on the deliveries with the drivers, and met customers. He determined that he could double the sales and profit within one year. After he bought the business he found two things to be true. The profit was $300,000, as my audit found. He could double the sales and profit within 12 months, and did. The seller tried to ***** the buyer, but in the end, justice was served. The seller screwed himself more than he screwed the buyer by not running his business correctly. If he had he could of sold it for a lot more than $2 Million dollars.
Ok, enough with the fun stories for now. Let’s get down to the details of what to look for when doing “Due Diligence.”
Due Diligence Defined:
The phrase is composed of two words. “Due” which the dictionary defines as “Proper or adequate” and Diligence, which is defined as “Degree of care or caution expected of a person. Especially as a party to an agreement.” Caution is the watchword in this definition.
Financial Statements – What to look for:
Add Backs:
If you bought the business through a business broker you should have received the business financial statement with a separate worksheet showing adjustments to those statements. These adjustments show the owner’s benefits received from the business besides the profit and salary he receives. These can also be defined as personal expenses that need to be added back to the profit. Depreciation, incomes taxes, interest expense are add backs that are not personal. Personal includes such things as family auto expenses, owner life insurance, owner health insurance, business entertainment that was not really spent on clients, business trips not really for business, home office expenses, family cellular phones and much much more.
Make the seller show you the details on some or all of these expenses to verify that they are really personal and not actually business expenses that shouldn’t be added back to profit. Spend time asking detailed questions with the general ledger in front of you. Go through individual charges and what they mean, until you fully understand what is being added back and why.
Inventory:
Inventory of resale merchandise must be checked for two reasons. One is you have to pay for it. Be careful, you do not want to buy merchandise that is old, worthless and not saleable anymore. Only pay for current marketable product. The price you are supposed to pay for the inventory is the seller’s cost. The price for old slow inventory is negotiable. Always spot check the price and count the merchandise listed on the inventory list. Do people put down that there is three of an item when there are only two? Of course, especially when they think no one is going to be checking them out. Comparing prices from purchase invoices is how you check prices. You cannot check every item against the actual cost but you can do 5% of the items. Pick at random, not by any suggestion made by the seller or others. If you do not understand how marketable the inventory is that you are buying, hire an expert, from that industry. Your broker should be able to help you in finding someone. Do not be cheap, and think you do not need to spend the money on an expert adviser. I will take a lunch bet that they will pay for them selves many times over.
The second reason for checking inventory is that if a seller doesn’t take inventory at least yearly and adjust his inventory value in his accounting records, accurately; the profit figure you are receiving will not be accurate. As a rule, the higher cost of goods sold, the lower the profit. Some business owners reduce the inventory value on the books, intentionally, to a lower value so as to make the business show a higher cost of goods sold, which then creates a smaller taxable profit. If they do this year after year, the profit may or may not be accurate for the current year. It might take a CPA to figure this one out for you, if you do not have a background in retail.
Equipment value:
Next thing to check on the financials is the real, current value of the equipment you are buying with the business. The balance sheet might, if it shows all the equipment the company owns, give you the cost of the equipment when it was purchased. If you are buying assets rather than cash flow, the equipment valuation becomes more important. No one wants to overpay for used equipment. Also check that the equipment works and is actually being used rather than sitting behind the building with other junk.
Cash Sales:
If all income is being reported, check sales volume activities that you have observed against the daily records during your “Due Diligence” to see if the volume corresponds to what was reported last year in the same month. If you see income of $500 per day but the seller shows sales of $1,000 per day, you need to find out why. Some smart buyers sit in the business all day, watch the sales and observe the activities of the staff. This works if the seller is not putting on a full fledge production fraud for you the buyer.
Fraud:
How does a seller defraud a buyer on current sales activity levels? Sellers who keep poor records or no records, many times, suggest the buyer doing a 15-day visual inspection. This helps but it is very dangerous to rely solely on physical inspections alone because the seller can still defraud the buyer. Here is the most famous of the stories I have heard over the years.
Seller owns a dry cleaner. The buyer and seller have opened escrow and the deal is subject to a 15-day physical observation period. The seller doesn’t want the buyer to find out that business volume is very slow. The seller tells all his friends to bring their dry cleaning in to the shop for a two-week period, at no charge. They bring in the clothing, get it cleaned, pick it up and pay for it. Later the business owner meets the customers and reimburses all of them for the cost of their dry cleaning. The day after escrow closes all that business traffic stops. Think it never happens? The same is true of restaurants. Seller tells all his friends to bring all of their friends in for a free meal. Customers pay the bill and some time later or at home, the business owner reimburses all the customers for the cost of their meals.
Actual time sellers spend working:
Determine how many hours the seller really works. You are buying an income stream based on a known number of hours of work. Make sure the seller isn’t working 80 hours and telling you he is only working 40 hours, per week. I had an absentee fast food owner tell the buyers and me that he worked part time – 5 hours per week. Closer inspection showed he was working 25 hours per week. One auto repair seller, we’ll call him Bob, said he never was at the business, because he had a second full time job. Inspection found he was working 30 hours a week (4 plus hours every night, and 8 hours on Saturdays).
Find out what job functions the seller does:
Get a list of functions that the seller does. Is one of them bookkeeping? Sometimes the wife does the books part time and this is never said. Again you may find the owner does the bookkeeping, at home, every night, for an extra hour. In an auto repair shop, you may find the owner is doing auto body repair work, personally, on Saturdays, which is work that you, as a buyer, will never be able to duplicate. You need to be sure you know how to do every job function that the seller does or learn them. The time to find out what technical knowledge you need to have to take over the business is when you are doing your investigation, not the day after escrow closes.
Verification of things that are not on the Financial Statements:
It is a common occurrence that businesses do not record all of their income on their financial statements. Yes, this is true. Many people do not, in fact, report the truth on their tax returns. In fact, when I am talking about small retail or service businesses that deal with the public directly, I find it is over 90%. “Will the people with an honest set of books, please leave the auditorium. There are two golf carts outside waiting to chauffer you home. You do not need to hear this.”
The balance of this article will discuss how a buyer might do their “Due Diligence” for different types of businesses. These types of businesses include Restaurants, auto repair shops; real estate services contractors, non-real estate repair/ services, and retail stores.
Restaurants- Non-Franchise:
Restaurants compose over 25% of all businesses for sale. This is not because they all go broke, as the SBA reports. It is because 28% of all retail businesses are food service or food sales. It is the largest segment of the consumer market. Because it is a retail consumer business, it deals in 33% cash. Every independent-non-franchise food service business I have been into shows zero profit on the books. Some even go overboard and show a tax loss. It is because they do simple tax planning that does not require an MBA degree to figure out. If the business doesn’t show all of its cash, or any of its cash, the expenses will equal the reported income. This alone makes it attractive to many buyers. We will not discuss the moral issues of this attitude; it is what it is. What we have to discuss is how do you, the buyer, can prove that the business is making a profit? And, if it is, how much?
Restaurants come in two categories. 1. Fast food-counter sales. 2. Sit down. Fast food restaurants have computerized cash registers that record the sales into its computer, which has a memory. This memory has daily totals going back to the beginning of the computer’s history. Most owners close out their cash registers at the end of the day and print out the tape of each day’s activities. This does not automatically wipe out the information for the day. The computer does, I am told, have a delete button on it allowing the owner to wipe out the full memory in the computer, in the event of an audit. I have also been told, but do not believe, that an electrical blackout can wipe out the memory in the computer and that is why one seller said he couldn’t give me access to this information.
If we are talking about a sit down restaurant sales information, you can use the daily order ticket, which are then imputed into the computer. This gives 3 sources: tickets, computer and daily tape totals.
When this information is not available, for any reason, an experienced restaurant consultant can tell you the sales activities just by inspecting the restaurant and counting the number of customers eating at 4 key times in a day, and on several key days per week. Then the consultant can figures out what the average sales ticket amount is. With this information like magic the consultant knows the gross sales figure, for the year.
A double check procedure for restaurant consultants is to then look at the food purchases and its costs and can confirm that it matches the actual sales figures. One consultant that was hired to review a Johnny Rocket restaurant for $7,000 did the audit and put together a marketing program for the buyer. The marketing program included delivery and catering. Both of which do not normally show up on the computerized cash register.
Restaurants – Franchise:
You would imagine that franchise restaurants records would be very accurate because the franchise company gets a percentage of the gross income. The bigger ones connect up to the individual franchise and know what is happening faster then the owner. As stated above, the only sales that can be made and not declared to the computer are catering or delivery orders, which could be done without ringing them up.
Some franchises do not hook up to the individual franchise computers and do not do audits regularly. This allows the franchise to report reduced income to the company and the IRS. In case either comes to audit, they press the delete button on the computer. If you as a buyer can get access to the computer you know the numbers are correct even if they are not complete. It is impossible for the staff or the owner to change the computer records. The information can only be deleted. Again catering and take out may not be on the computer. Theft from employees can only be in the form of 1. Employees that give free food to friends. 2. Employees not ringing up an order, which is difficult when businesses put up signs saying, “If you do not get a receipt, your order is free.”
Some sellers are so paranoid of the IRS, they are not willing to show anyone their private records or computer tapes for fear that the buyer could be an IRS agent. My personal opinion, and what I advice sellers to do, is to get their books legal and honest and hire themselves a top notch CPA, like Donald Trump, and use every legal trick in the book. Martha Stewart didn’t go to jail for inside trading. They got her on lying, even if she didn’t do any lying. There are legal ways to avoid taxes so that fraud is not necessary. If you cannot find a good accountant, I will recommend one.
If you ask someone “Are you a government employee or IRS agent?” and they lie to you; that might be considered entrapment and a good possible defense in court. But, I ask you. Is it worth the grief?
The normal action of sellers, in this situation, is to require that the buyer take the business based on the recorded records and guess as to how profitable the place really is. This is a very difficult situation for the brokers and buyers, since sellers do not price their business based on these reported numbers but base their price on the real numbers.
I hope this is of some help to you in doing due diligence on a restaurant you might be interested in buying.
Auto Repair Shops:
Auto repair shops are almost as bad as restaurants when it comes to under-declaring cash. The normal procedure for most, I have run across, is to declare only the checks and credit card charges. The cash they put into their pocket. The good thing, in doing audits is that almost every one of these owners keeps their work orders-invoices. These are kept in monthly manila folders and put into a drawer or file cabinet. They never tell you that they keep these records, but they do. They even tell me, as the broker, that all backup documents have been destroyed, but they are not. When I insist that they cannot sell their business without providing these invoices, they tell me of their existence. With the sales invoices an audit of income becomes simple. Since the sellers keep them in a manila folder by months, you only have to pick monthly folders at random and total the actual invoices. Then compare them to what the “State Board of Equalization” report says and calculate what percentage of the total was declared. If you do this for a few months, a pattern will develop. Some sellers have even run a calculator tape of the month’s activities and/or written it in a private ledger. You can check the actual invoice tapes against the private ledger records to confirm the private ledger information is correct.
Real Estate Services/Repairs Contractors:
Real estate service contractors include new construction general contractors and sub-contractors, contractors that come to your house to offer repairs on your house (plumbers, heating and air-conditioning contractors, gardeners, landscapers, termite companies, roofers, carpet cleaners, cabinet re-modelers, carpet/drapery stores, tile stores, pool service providers, pool installation contractors, landscapers, etc.) These contractors, if the owner does the work himself, do not keep their job tickets-invoices after they are paid for their services, in cash. If the company has service men, then the owner is usually the dispatcher or other administrative person. In this situation seller, most likely, will have kept all of his invoices, so as to be able to look up prior history records of their customers. They might not have recorded the income on their records but they will have the basic records. Theses records may in a total mess, but the records do exist. If they do not, then buy the business based on what the seller can prove to you, or what you can reasonably estimate based on what percentage of the business you think is cash. What they are only going to prove to you is the total of checks and credit card charges, which is what the seller has declared on the tax return.
Non Real Estate Repair/ Services:
Non real estate repair/service companies include such things as large and small appliance repairs, barbershops/hair salons, nail shops, massage parlors, health clubs, pet grooming, wedding photographers, and movie theaters. These businesses usually do not even write up a ticket so unless a central cash register is used for recording income there will be no record at all. Again this is like a restaurant with cash register tapes. If the work is done at the customer’s location, then you study the serviceman’s truck schedule. If you only have some work records, from some work done in the field, you can determine what the average repair dollar volume is and then if you calculate how many calls are made on an average day, you only have to multiply the two numbers.
If we are talking about hair salons, nail shops or barber shops we can gather information about how many chairs there are, how many chairs are rented on a weekly bases and what rent the owner is collecting. If the technician is not paying rent then they are on a commission split. If you know the rental income and the income split you are well on your way to determining the real profit of this kind of business. Remember to ignore the income of the owner since you as a hairdresser or non-hairdresser owner would not get the income of the old owner. The old owner will probably rent space from you so you only add another rented chair to the income.
Retail Stores:
A retail store is a store that carries an inventory of products that they resale. Sometimes they offer installation, which then might put them into the service company instead of a retail store. The main distinction is that they sell a product instead of a service. This includes everything from Home Depot, pet stores, clothing stores, gift shops, supermarkets, vitamin stores, and sign shops. Retail stores have cash registers and daily tapes of their sales. This is handled similarly to a restaurant and should be audited in the same manner. (See Restaurant Section Above) In addition to the cash register information, you also have purchase records, which can be studied to determine the cost of the merchandise as a percentage of the selling price. With this relationship-percentage of cost to sale price known you can calculate either the cost of goods sold or gross sales if you have either to start with. A few smart owners buy some merchandise for cash in order to prevent a tax auditor from catching them by using this same manner. If the seller does this, he will admit it to you, if you ask.
When All Else Fails With a Retail Business:
The only way to protect yourself is disclosure so that you have grounds to sue for fraud. Make the seller put the real sales numbers, cost of goods percentage and any other information you are given and can not document down on a piece of paper and then have the seller sign and date the paper. If after the close of escrow you find the seller lied to you, the document will give you grounds to sue for fraud or misrepresentation. The important thing is be able to show a judge in writing what the buyer told you and to be able to show that he did this in writing. If the seller told you but never did it in writing you cannot prove it. “If it isn’t written, it isn’t so”
Medical Professions and Non Medical Professionals:
Professionals are a form of service business; except they charge a higher hourly rate and they have to keep patient/client files. Most people pay their professionals by credit card or check, because these expenses are usually tax deductible as medical or financial advice. If the seller doesn’t declare all the income, ask what back up records there are. Clients always get receipts for services and payments. There are records, find them and you will have all the income.
When all else fails in Figuring Cash Income:
If you have followed all of the earlier advice on documenting cash income and they in truth do not have documentation, you are in big trouble. You may have reached the end of your rope. You now have two options left. 1. Walk away. 2. If you still want to buy this business I only have one last suggestion. It is not fool proof but it is a method. Cash appears to be approximately 30%-35% of total sales. You could make this assumption to come up with a real total. Add 50% to the sales showing on the books, this amount is from credit cards and check sales. This is not an exact science; it is only a close estimate. Cash sales could actually be anywhere between 25% or 35%. I never figured it that close.
Cash Expenses Verification:
When you think of unrecorded cash transactions we usually think of undeclared income. Undeclared income is the biggest category, but not the only one. The other is cash expense not deducted on the books. The biggest expense item in this category is cash payroll.
Unrecorded Cash Payroll:
In an attempt to reduce the payroll expense, business owners will pay some of their staff’s payroll in cash. Why would they do this? Workman’s Compensation Insurance, FICA Taxes-Employer and Employee portion – Federal and State Income Taxes. Any accountant would scream at his client “You are missing out on a legal tax deduction.” Let me explain why someone would forego the tax write off by paying cash expenses.
When you pay an employee $100.00 per day, on the books, the employee gets about $70.00 net on his check. If you give him $80.00 in cash, he is happy. He doesn’t have to worry about going into a higher tax bracket.
The employer has to pay approx 10% to cover the employers FICA and other Federal employment taxes. You, as employer also have the workman’s compensation insurance premium. If we are talking auto repair mechanics compensation insurance alone costs 15%. If we are talking new real estate construction workers we can be talking a cost rate between 25% up to 120%. A roofer’s compensation premium is greater than his gross salary. Lets look what payroll taxes cost for a normal worker. The auto mechanic insurance rate of 25% is added to the 10% Federal costs plus the wages give us an expense that equals 135% of the wages. This comes out with the employer paying $135.00 and the employee receiving $70.00. There is a loss of $65.00 per day per employee. Some employers would rather save the $65.00 and not get the income tax deduction for the expense. Also with all the unrecorded cash the business shows, it isn’t important to have a loss on the books, since there is no need for more deductions to lower taxes. The business is already not paying any taxes.
Because there is a danger that an employee might be injured and file a claim under workman’s compensation insurance, it is common among small businesses to show part of the wages on the books and the balance in cash. This means that an employee earning $40,000 per year might have $18,000 recorded on a W-2 form, creating a very low federal tax rate or no tax due at all. Since the employee is being paid part of his wages on the books if he is injured on the job he is fully insured for accidents with State Workman’s Compensation Fund, State Disability Funds, State unemployment insurance and all Social Security benefits. This is a win-win for employer and employee, even if not for the government. As a buyer you must figure all this out, and adjust the expenses accordingly.
Unrecorded Operating Expenses:
Because owners are collecting so much cash, they need a place to spend it. If you make a major purchase, you cannot just walk in and pay cash for a car. The IRS will be notified of this cash transaction. Owners with a lot of cash will pay for all repairs, gardeners and everything for the home that costs less than $10,000, in cash. Why $10,000? That is the recording cut off that a vendor or bank is required to report when receiving funds in cash. If a business owner still has too much cash, sellers will start paying for business expenses. They start with the expenses where a service man gives a discount for cash. I found two restaurants that were paying for the hood cleaning service in cash, partly because they got a discount for paying in cash. By asking the correct questions, you can discover what is being paid in cash.
Unrecorded Labor:
Because we are talking small businesses, the wife comes in to the business full or part time. One of the children may come in to work part time. You must be aware of these employees who may or may not be paid. This is another form of cash payroll. If you have to replace these people with paid employees, these expenses need to be calculated in to the adjusted profit and loss calculation. .
Sometimes the family member is being paid some wages but not full market value. The adjustment is still needed but in this case only by the difference between actual payroll and the fair market payroll amount.
Conclusion:
It is a hard life when you own your own business; you work long hours. Many people feel that is better than the alternative, which is to work for someone else, pay high taxes, never know if you will be laid off and after years of hard work, never have anything to show for it all.
If you are going to buy a business with your hard earned money, you want to make sure you get what you paid for. Many people believe it is all right to cheat the taxman but otherwise are very honest citizens. Others feel it is all right to cheap any poor sucker that comes along. Don’t be a sucker, do your due diligence and get what you paid for.
Then build your new business into something you can be proud of and enjoy. While building your new business make a point to study everything you can about Tax planning, tax avoidance and reducing taxes legally. I started in College learning about the tax codes, and there are so many ways to save taxes legally, you would never believe it. You will sleep better at night, I promise you. Then 10-20 years from now when you want to sell your business, you can ask top dollar and get it. This because a buyer can do a simple due diligence and know that your business is doing exactly what your books say you are doing.
DO YOUR DUE DILIGENCE and buying your own business can be a pleasant and rewarding experience!
Introduction:
This article is written as a general discussion on the subject of “Due Diligence”. It is for informational purposes and not intended to be a definitive guideline for your exact situation. You should consult the appropriate professionals with regard to your specific transaction or situation. Further, this article is in no way advocating, suggesting or implying that anyone engages in any type fraudulent activities whatsoever. These are simply the things a buyer should be aware of when doing due diligence in buyer a business.
You spent months finding the right business. The seller says that you cannot go by what the tax return shows but the business is making a lot of money, and he can prove it. Your inspection of the profit and loss statement shows that sales have been increasing slightly in the last few years. Most important, and the best news of all is; the price is right! Does it sound too good to be true? I am sorry to tell you this, it probably is.
I think it was Benjamin Franklin who said, “A fool and his money are soon parted.” Mr. Franklin must have known a lot of business buyers. When buying appliances that break in a month, it costs you a few dollars. When you go to a swap meet and are cheated because the solid gold watch is really gold plated, it costs you a few hundred bucks. When a used car salesman cheats you, by selling you a lemon, where the speedometer has been turned back 100,000 miles, it costs you a few thousand dollars. Getting cheated buying a business can cost you many thousands to hundreds of thousands of dollars. The only investment or purchase that I know of where you can be cheated out of more money is in the area of real estate. Real Estate fraud can runs into the hundreds of millions of dollars and does. You would be shocked at all the people between 1875 and 1950 who saw ads for prime real estate in Florida and bought swamp land. What about prime Louisiana beach front with Alligators living outside your front door? I have written a series of articles on fraud and it keeps getting bigger and bigger.
I hope that the point is made. Never buy a business on someone’s word. Actually, you should never buy anything on someone’s word. Confirm everything, believe nothing and understand that you are still going to find out things, after the close of escrow, which is going to surprise you. A similar example is one known by every employer. A staff worked for a company for 4 months and complained to the personal officer that the job was just too difficult. He kept complaining that he needed more training and lower quotas. You feel sorry for him. You talk to him and talk to him about it. You listen and believe all the excuses he gives you for poor production. Finally he quit, blaming you for something that you did, this just before you were going to give up and fire him. Then you started to take over the work of finishing his incomplete projects. You are shocked, as you always re, at what he did wrong and what he had covered up, that he was not doing. This is what happens when you buy a business. You find out all the actions that the seller, not his staff, had stopped doing, from the day that he decided to sell the company.
Many businesses are doing well. Sometimes the owners have personal things going on in their home life. Sometimes they have medical problems. Many times the business is not doing well and the seller is frustrated. It is very common for a seller to work hard to build his business, but because of many reasons, it doesn’t produce what the seller wants. He gets frustrated and one day he gives up. That is usually the day he calls that business broker he met and asks the big question. How long will it take you to get me out of this place? In his mind, he is gone. He just counts the days until he physically walks out.
Have I scared you? Good. There is a plus side. It is worth all the grief that you go through to buy a business when you get in to the drivers seat, put all the marketing actions into place and start driving your own business.
In 2000 I had a client buy a car wash soap manufacturing business for $2 Million dollars. The seller swore it was making $500,000 profit per year. Due Diligence showed it was only making $300,000. When presented with the auditors report, the seller claimed the audit was wrong. The buyer bought the company, knowing he was overpaying for the business. Why? He had done his research on the production department and sales department. He went out on the deliveries with the drivers, and met customers. He determined that he could double the sales and profit within one year. After he bought the business he found two things to be true. The profit was $300,000, as my audit found. He could double the sales and profit within 12 months, and did. The seller tried to ***** the buyer, but in the end, justice was served. The seller screwed himself more than he screwed the buyer by not running his business correctly. If he had he could of sold it for a lot more than $2 Million dollars.
Ok, enough with the fun stories for now. Let’s get down to the details of what to look for when doing “Due Diligence.”
Due Diligence Defined:
The phrase is composed of two words. “Due” which the dictionary defines as “Proper or adequate” and Diligence, which is defined as “Degree of care or caution expected of a person. Especially as a party to an agreement.” Caution is the watchword in this definition.
Financial Statements – What to look for:
Add Backs:
If you bought the business through a business broker you should have received the business financial statement with a separate worksheet showing adjustments to those statements. These adjustments show the owner’s benefits received from the business besides the profit and salary he receives. These can also be defined as personal expenses that need to be added back to the profit. Depreciation, incomes taxes, interest expense are add backs that are not personal. Personal includes such things as family auto expenses, owner life insurance, owner health insurance, business entertainment that was not really spent on clients, business trips not really for business, home office expenses, family cellular phones and much much more.
Make the seller show you the details on some or all of these expenses to verify that they are really personal and not actually business expenses that shouldn’t be added back to profit. Spend time asking detailed questions with the general ledger in front of you. Go through individual charges and what they mean, until you fully understand what is being added back and why.
Inventory:
Inventory of resale merchandise must be checked for two reasons. One is you have to pay for it. Be careful, you do not want to buy merchandise that is old, worthless and not saleable anymore. Only pay for current marketable product. The price you are supposed to pay for the inventory is the seller’s cost. The price for old slow inventory is negotiable. Always spot check the price and count the merchandise listed on the inventory list. Do people put down that there is three of an item when there are only two? Of course, especially when they think no one is going to be checking them out. Comparing prices from purchase invoices is how you check prices. You cannot check every item against the actual cost but you can do 5% of the items. Pick at random, not by any suggestion made by the seller or others. If you do not understand how marketable the inventory is that you are buying, hire an expert, from that industry. Your broker should be able to help you in finding someone. Do not be cheap, and think you do not need to spend the money on an expert adviser. I will take a lunch bet that they will pay for them selves many times over.
The second reason for checking inventory is that if a seller doesn’t take inventory at least yearly and adjust his inventory value in his accounting records, accurately; the profit figure you are receiving will not be accurate. As a rule, the higher cost of goods sold, the lower the profit. Some business owners reduce the inventory value on the books, intentionally, to a lower value so as to make the business show a higher cost of goods sold, which then creates a smaller taxable profit. If they do this year after year, the profit may or may not be accurate for the current year. It might take a CPA to figure this one out for you, if you do not have a background in retail.
Equipment value:
Next thing to check on the financials is the real, current value of the equipment you are buying with the business. The balance sheet might, if it shows all the equipment the company owns, give you the cost of the equipment when it was purchased. If you are buying assets rather than cash flow, the equipment valuation becomes more important. No one wants to overpay for used equipment. Also check that the equipment works and is actually being used rather than sitting behind the building with other junk.
Cash Sales:
If all income is being reported, check sales volume activities that you have observed against the daily records during your “Due Diligence” to see if the volume corresponds to what was reported last year in the same month. If you see income of $500 per day but the seller shows sales of $1,000 per day, you need to find out why. Some smart buyers sit in the business all day, watch the sales and observe the activities of the staff. This works if the seller is not putting on a full fledge production fraud for you the buyer.
Fraud:
How does a seller defraud a buyer on current sales activity levels? Sellers who keep poor records or no records, many times, suggest the buyer doing a 15-day visual inspection. This helps but it is very dangerous to rely solely on physical inspections alone because the seller can still defraud the buyer. Here is the most famous of the stories I have heard over the years.
Seller owns a dry cleaner. The buyer and seller have opened escrow and the deal is subject to a 15-day physical observation period. The seller doesn’t want the buyer to find out that business volume is very slow. The seller tells all his friends to bring their dry cleaning in to the shop for a two-week period, at no charge. They bring in the clothing, get it cleaned, pick it up and pay for it. Later the business owner meets the customers and reimburses all of them for the cost of their dry cleaning. The day after escrow closes all that business traffic stops. Think it never happens? The same is true of restaurants. Seller tells all his friends to bring all of their friends in for a free meal. Customers pay the bill and some time later or at home, the business owner reimburses all the customers for the cost of their meals.
Actual time sellers spend working:
Determine how many hours the seller really works. You are buying an income stream based on a known number of hours of work. Make sure the seller isn’t working 80 hours and telling you he is only working 40 hours, per week. I had an absentee fast food owner tell the buyers and me that he worked part time – 5 hours per week. Closer inspection showed he was working 25 hours per week. One auto repair seller, we’ll call him Bob, said he never was at the business, because he had a second full time job. Inspection found he was working 30 hours a week (4 plus hours every night, and 8 hours on Saturdays).
Find out what job functions the seller does:
Get a list of functions that the seller does. Is one of them bookkeeping? Sometimes the wife does the books part time and this is never said. Again you may find the owner does the bookkeeping, at home, every night, for an extra hour. In an auto repair shop, you may find the owner is doing auto body repair work, personally, on Saturdays, which is work that you, as a buyer, will never be able to duplicate. You need to be sure you know how to do every job function that the seller does or learn them. The time to find out what technical knowledge you need to have to take over the business is when you are doing your investigation, not the day after escrow closes.
Verification of things that are not on the Financial Statements:
It is a common occurrence that businesses do not record all of their income on their financial statements. Yes, this is true. Many people do not, in fact, report the truth on their tax returns. In fact, when I am talking about small retail or service businesses that deal with the public directly, I find it is over 90%. “Will the people with an honest set of books, please leave the auditorium. There are two golf carts outside waiting to chauffer you home. You do not need to hear this.”
The balance of this article will discuss how a buyer might do their “Due Diligence” for different types of businesses. These types of businesses include Restaurants, auto repair shops; real estate services contractors, non-real estate repair/ services, and retail stores.
Restaurants- Non-Franchise:
Restaurants compose over 25% of all businesses for sale. This is not because they all go broke, as the SBA reports. It is because 28% of all retail businesses are food service or food sales. It is the largest segment of the consumer market. Because it is a retail consumer business, it deals in 33% cash. Every independent-non-franchise food service business I have been into shows zero profit on the books. Some even go overboard and show a tax loss. It is because they do simple tax planning that does not require an MBA degree to figure out. If the business doesn’t show all of its cash, or any of its cash, the expenses will equal the reported income. This alone makes it attractive to many buyers. We will not discuss the moral issues of this attitude; it is what it is. What we have to discuss is how do you, the buyer, can prove that the business is making a profit? And, if it is, how much?
Restaurants come in two categories. 1. Fast food-counter sales. 2. Sit down. Fast food restaurants have computerized cash registers that record the sales into its computer, which has a memory. This memory has daily totals going back to the beginning of the computer’s history. Most owners close out their cash registers at the end of the day and print out the tape of each day’s activities. This does not automatically wipe out the information for the day. The computer does, I am told, have a delete button on it allowing the owner to wipe out the full memory in the computer, in the event of an audit. I have also been told, but do not believe, that an electrical blackout can wipe out the memory in the computer and that is why one seller said he couldn’t give me access to this information.
If we are talking about a sit down restaurant sales information, you can use the daily order ticket, which are then imputed into the computer. This gives 3 sources: tickets, computer and daily tape totals.
When this information is not available, for any reason, an experienced restaurant consultant can tell you the sales activities just by inspecting the restaurant and counting the number of customers eating at 4 key times in a day, and on several key days per week. Then the consultant can figures out what the average sales ticket amount is. With this information like magic the consultant knows the gross sales figure, for the year.
A double check procedure for restaurant consultants is to then look at the food purchases and its costs and can confirm that it matches the actual sales figures. One consultant that was hired to review a Johnny Rocket restaurant for $7,000 did the audit and put together a marketing program for the buyer. The marketing program included delivery and catering. Both of which do not normally show up on the computerized cash register.
Restaurants – Franchise:
You would imagine that franchise restaurants records would be very accurate because the franchise company gets a percentage of the gross income. The bigger ones connect up to the individual franchise and know what is happening faster then the owner. As stated above, the only sales that can be made and not declared to the computer are catering or delivery orders, which could be done without ringing them up.
Some franchises do not hook up to the individual franchise computers and do not do audits regularly. This allows the franchise to report reduced income to the company and the IRS. In case either comes to audit, they press the delete button on the computer. If you as a buyer can get access to the computer you know the numbers are correct even if they are not complete. It is impossible for the staff or the owner to change the computer records. The information can only be deleted. Again catering and take out may not be on the computer. Theft from employees can only be in the form of 1. Employees that give free food to friends. 2. Employees not ringing up an order, which is difficult when businesses put up signs saying, “If you do not get a receipt, your order is free.”
Some sellers are so paranoid of the IRS, they are not willing to show anyone their private records or computer tapes for fear that the buyer could be an IRS agent. My personal opinion, and what I advice sellers to do, is to get their books legal and honest and hire themselves a top notch CPA, like Donald Trump, and use every legal trick in the book. Martha Stewart didn’t go to jail for inside trading. They got her on lying, even if she didn’t do any lying. There are legal ways to avoid taxes so that fraud is not necessary. If you cannot find a good accountant, I will recommend one.
If you ask someone “Are you a government employee or IRS agent?” and they lie to you; that might be considered entrapment and a good possible defense in court. But, I ask you. Is it worth the grief?
The normal action of sellers, in this situation, is to require that the buyer take the business based on the recorded records and guess as to how profitable the place really is. This is a very difficult situation for the brokers and buyers, since sellers do not price their business based on these reported numbers but base their price on the real numbers.
I hope this is of some help to you in doing due diligence on a restaurant you might be interested in buying.
Auto Repair Shops:
Auto repair shops are almost as bad as restaurants when it comes to under-declaring cash. The normal procedure for most, I have run across, is to declare only the checks and credit card charges. The cash they put into their pocket. The good thing, in doing audits is that almost every one of these owners keeps their work orders-invoices. These are kept in monthly manila folders and put into a drawer or file cabinet. They never tell you that they keep these records, but they do. They even tell me, as the broker, that all backup documents have been destroyed, but they are not. When I insist that they cannot sell their business without providing these invoices, they tell me of their existence. With the sales invoices an audit of income becomes simple. Since the sellers keep them in a manila folder by months, you only have to pick monthly folders at random and total the actual invoices. Then compare them to what the “State Board of Equalization” report says and calculate what percentage of the total was declared. If you do this for a few months, a pattern will develop. Some sellers have even run a calculator tape of the month’s activities and/or written it in a private ledger. You can check the actual invoice tapes against the private ledger records to confirm the private ledger information is correct.
Real Estate Services/Repairs Contractors:
Real estate service contractors include new construction general contractors and sub-contractors, contractors that come to your house to offer repairs on your house (plumbers, heating and air-conditioning contractors, gardeners, landscapers, termite companies, roofers, carpet cleaners, cabinet re-modelers, carpet/drapery stores, tile stores, pool service providers, pool installation contractors, landscapers, etc.) These contractors, if the owner does the work himself, do not keep their job tickets-invoices after they are paid for their services, in cash. If the company has service men, then the owner is usually the dispatcher or other administrative person. In this situation seller, most likely, will have kept all of his invoices, so as to be able to look up prior history records of their customers. They might not have recorded the income on their records but they will have the basic records. Theses records may in a total mess, but the records do exist. If they do not, then buy the business based on what the seller can prove to you, or what you can reasonably estimate based on what percentage of the business you think is cash. What they are only going to prove to you is the total of checks and credit card charges, which is what the seller has declared on the tax return.
Non Real Estate Repair/ Services:
Non real estate repair/service companies include such things as large and small appliance repairs, barbershops/hair salons, nail shops, massage parlors, health clubs, pet grooming, wedding photographers, and movie theaters. These businesses usually do not even write up a ticket so unless a central cash register is used for recording income there will be no record at all. Again this is like a restaurant with cash register tapes. If the work is done at the customer’s location, then you study the serviceman’s truck schedule. If you only have some work records, from some work done in the field, you can determine what the average repair dollar volume is and then if you calculate how many calls are made on an average day, you only have to multiply the two numbers.
If we are talking about hair salons, nail shops or barber shops we can gather information about how many chairs there are, how many chairs are rented on a weekly bases and what rent the owner is collecting. If the technician is not paying rent then they are on a commission split. If you know the rental income and the income split you are well on your way to determining the real profit of this kind of business. Remember to ignore the income of the owner since you as a hairdresser or non-hairdresser owner would not get the income of the old owner. The old owner will probably rent space from you so you only add another rented chair to the income.
Retail Stores:
A retail store is a store that carries an inventory of products that they resale. Sometimes they offer installation, which then might put them into the service company instead of a retail store. The main distinction is that they sell a product instead of a service. This includes everything from Home Depot, pet stores, clothing stores, gift shops, supermarkets, vitamin stores, and sign shops. Retail stores have cash registers and daily tapes of their sales. This is handled similarly to a restaurant and should be audited in the same manner. (See Restaurant Section Above) In addition to the cash register information, you also have purchase records, which can be studied to determine the cost of the merchandise as a percentage of the selling price. With this relationship-percentage of cost to sale price known you can calculate either the cost of goods sold or gross sales if you have either to start with. A few smart owners buy some merchandise for cash in order to prevent a tax auditor from catching them by using this same manner. If the seller does this, he will admit it to you, if you ask.
When All Else Fails With a Retail Business:
The only way to protect yourself is disclosure so that you have grounds to sue for fraud. Make the seller put the real sales numbers, cost of goods percentage and any other information you are given and can not document down on a piece of paper and then have the seller sign and date the paper. If after the close of escrow you find the seller lied to you, the document will give you grounds to sue for fraud or misrepresentation. The important thing is be able to show a judge in writing what the buyer told you and to be able to show that he did this in writing. If the seller told you but never did it in writing you cannot prove it. “If it isn’t written, it isn’t so”
Medical Professions and Non Medical Professionals:
Professionals are a form of service business; except they charge a higher hourly rate and they have to keep patient/client files. Most people pay their professionals by credit card or check, because these expenses are usually tax deductible as medical or financial advice. If the seller doesn’t declare all the income, ask what back up records there are. Clients always get receipts for services and payments. There are records, find them and you will have all the income.
When all else fails in Figuring Cash Income:
If you have followed all of the earlier advice on documenting cash income and they in truth do not have documentation, you are in big trouble. You may have reached the end of your rope. You now have two options left. 1. Walk away. 2. If you still want to buy this business I only have one last suggestion. It is not fool proof but it is a method. Cash appears to be approximately 30%-35% of total sales. You could make this assumption to come up with a real total. Add 50% to the sales showing on the books, this amount is from credit cards and check sales. This is not an exact science; it is only a close estimate. Cash sales could actually be anywhere between 25% or 35%. I never figured it that close.
Cash Expenses Verification:
When you think of unrecorded cash transactions we usually think of undeclared income. Undeclared income is the biggest category, but not the only one. The other is cash expense not deducted on the books. The biggest expense item in this category is cash payroll.
Unrecorded Cash Payroll:
In an attempt to reduce the payroll expense, business owners will pay some of their staff’s payroll in cash. Why would they do this? Workman’s Compensation Insurance, FICA Taxes-Employer and Employee portion – Federal and State Income Taxes. Any accountant would scream at his client “You are missing out on a legal tax deduction.” Let me explain why someone would forego the tax write off by paying cash expenses.
When you pay an employee $100.00 per day, on the books, the employee gets about $70.00 net on his check. If you give him $80.00 in cash, he is happy. He doesn’t have to worry about going into a higher tax bracket.
The employer has to pay approx 10% to cover the employers FICA and other Federal employment taxes. You, as employer also have the workman’s compensation insurance premium. If we are talking auto repair mechanics compensation insurance alone costs 15%. If we are talking new real estate construction workers we can be talking a cost rate between 25% up to 120%. A roofer’s compensation premium is greater than his gross salary. Lets look what payroll taxes cost for a normal worker. The auto mechanic insurance rate of 25% is added to the 10% Federal costs plus the wages give us an expense that equals 135% of the wages. This comes out with the employer paying $135.00 and the employee receiving $70.00. There is a loss of $65.00 per day per employee. Some employers would rather save the $65.00 and not get the income tax deduction for the expense. Also with all the unrecorded cash the business shows, it isn’t important to have a loss on the books, since there is no need for more deductions to lower taxes. The business is already not paying any taxes.
Because there is a danger that an employee might be injured and file a claim under workman’s compensation insurance, it is common among small businesses to show part of the wages on the books and the balance in cash. This means that an employee earning $40,000 per year might have $18,000 recorded on a W-2 form, creating a very low federal tax rate or no tax due at all. Since the employee is being paid part of his wages on the books if he is injured on the job he is fully insured for accidents with State Workman’s Compensation Fund, State Disability Funds, State unemployment insurance and all Social Security benefits. This is a win-win for employer and employee, even if not for the government. As a buyer you must figure all this out, and adjust the expenses accordingly.
Unrecorded Operating Expenses:
Because owners are collecting so much cash, they need a place to spend it. If you make a major purchase, you cannot just walk in and pay cash for a car. The IRS will be notified of this cash transaction. Owners with a lot of cash will pay for all repairs, gardeners and everything for the home that costs less than $10,000, in cash. Why $10,000? That is the recording cut off that a vendor or bank is required to report when receiving funds in cash. If a business owner still has too much cash, sellers will start paying for business expenses. They start with the expenses where a service man gives a discount for cash. I found two restaurants that were paying for the hood cleaning service in cash, partly because they got a discount for paying in cash. By asking the correct questions, you can discover what is being paid in cash.
Unrecorded Labor:
Because we are talking small businesses, the wife comes in to the business full or part time. One of the children may come in to work part time. You must be aware of these employees who may or may not be paid. This is another form of cash payroll. If you have to replace these people with paid employees, these expenses need to be calculated in to the adjusted profit and loss calculation. .
Sometimes the family member is being paid some wages but not full market value. The adjustment is still needed but in this case only by the difference between actual payroll and the fair market payroll amount.
Conclusion:
It is a hard life when you own your own business; you work long hours. Many people feel that is better than the alternative, which is to work for someone else, pay high taxes, never know if you will be laid off and after years of hard work, never have anything to show for it all.
If you are going to buy a business with your hard earned money, you want to make sure you get what you paid for. Many people believe it is all right to cheat the taxman but otherwise are very honest citizens. Others feel it is all right to cheap any poor sucker that comes along. Don’t be a sucker, do your due diligence and get what you paid for.
Then build your new business into something you can be proud of and enjoy. While building your new business make a point to study everything you can about Tax planning, tax avoidance and reducing taxes legally. I started in College learning about the tax codes, and there are so many ways to save taxes legally, you would never believe it. You will sleep better at night, I promise you. Then 10-20 years from now when you want to sell your business, you can ask top dollar and get it. This because a buyer can do a simple due diligence and know that your business is doing exactly what your books say you are doing.
DO YOUR DUE DILIGENCE and buying your own business can be a pleasant and rewarding experience!
Banaue Philippines – Home of One of the Great World Wonders
August 28, 2009 by Anita
Filed under Destinations
Sai Vallejos asked:
The mere mention of Banaue immediately brings to mind the world-famous rice terraces, a 20,000-hectare engineering marvel built more than 2,000 years ago by Ifugao tribes people, using only their bare hands and crude implements.
The terraces, which have drawn awe-struck tourists from all over the globe, have merited a place in the World Heritage List and are touted, with good reason, as the Eight Wonder of the World. A long hard trek through the “Stairway to the Sky” is best rewarded by a refreshing dip in the spring-fed stream of Guihob or the magnificent Tappiya Waterfalls, which has an enormous basin for swimming.
Bontoc, not to be outdone features such picturesque attractions as Tucucan, with its hanging bridges of vines and logs, Mainit Hot Springs, and its medicinal sulphuric waters, and the petroglyphs of Alab, which have been declared as a national cultural treasure.
Sagada is the country’s answer to Shangri-la. The long, arduous journey on the Halsema Highway, is well worth what awaits: sylvan landscapes, natural marvels, and some of the most friendly people this side of the archipelago.
It’s no surprise that many visitors have decided to forego the wearying return trip and make this quiet mountain town their new home. the morbidly attractive “hanging coffins,” the astonishing limestone formations of Sumaguing Cave, and the invigorating waters of Bokong Falls are just a handful of reasons to explore this areas but the chilly mountain weather, irresistible mountain brew, and pleasant company of the laid-back townsfolk and travelers are equally good reasons to stay in town and watch the day lazily crawl by.
BRIEF HISTORY
Mountain Province became a special province of the Philippines in 1907. It was made up of the sub-provinces of Bontoc-Lepanto, Amburayan, Apayao, Benguet, Ifugao and Kalinga. The Provincial Supervisor, Samuel Kane, was appointed Governor of the province and Bontoc was then the capital town.
In February 1942, the dreaded Japanese Army arrived in Bontoc via the Nueva Viscaya and Kalinga route. A garrison was established in the town. The Anglican Mission dormitories were served as quarters for the officers. Dr. Hillary Clapp was made governor of Mountain Province and during his term, the people were spared from so much suffering from the Japanese colonizers.
On January 9, 1945, the American Forces landed in Lingayen and the Japanese forces retreated northwards. In February of the same year, American planes dropped incendiary bombs in Bontoc and bombed again the place the following month. It razed the town so the people fled to the mountains for cover while the Japanese troops arrived daily fleeing towards Aparri and Kiangan to join the troops of General Yamashita.
In August 1945, USAFE troops arrived and the people came out from their hiding. Peace came earlier in Bontoc than the rest of the country.
On July 4, 1945, the Philippine Republic was born. Bontoc slowly rose from the ruins of the war and the following years marked the changes and developments. Being the provincial capital, people flocked to Bontoc and business flourished. Hotels, lodging houses, restaurants, stores and houses sprouted.
The Baguio-Bontoc road was rehabilitated with the assistance of Lepanto Mining Corporation and the Dangwa Development Corporation. Mountain Province became an independent province on March 25, 1967 when President Ferdinand E. Marcos officially appointed and inducted into office the first set of provincial officials: Alfredo Lamen as Governor; Victor Dominguez as Vice-Governor; and Pablo Felva and Alejo Manao as Board Members. On April 7, 1967, the new Mountain Province came into operation.
This date was unanimously adopted by the Sangguniang Panlalawigan on their regular meeting held on June 10, 1980 as the Mountain Province Day.
To date, Mt. Province is growing in popularity as a “Spelunkers Delight and Weavers Paradise”. It is becoming a favorite destination of both local and foreign visitors.
LANGUAGE/DIALECT
The inhabitants are generally speaking Kankanaey with Bontoc as their major dialect. Others speak Gaddang and Kalinga. English and Ilocano are widely spoken and understood.
HOW TO GET THERE
From Manila, the quickest way to Banaue is by bus 9 hours. From Banaue to Sagada take a jeepney to Bontoc (2.5 hrs) and connect with another jeepney to Sagada (40 minutes).
Source: The Philippine Department of Tourism
The mere mention of Banaue immediately brings to mind the world-famous rice terraces, a 20,000-hectare engineering marvel built more than 2,000 years ago by Ifugao tribes people, using only their bare hands and crude implements.
The terraces, which have drawn awe-struck tourists from all over the globe, have merited a place in the World Heritage List and are touted, with good reason, as the Eight Wonder of the World. A long hard trek through the “Stairway to the Sky” is best rewarded by a refreshing dip in the spring-fed stream of Guihob or the magnificent Tappiya Waterfalls, which has an enormous basin for swimming.
Bontoc, not to be outdone features such picturesque attractions as Tucucan, with its hanging bridges of vines and logs, Mainit Hot Springs, and its medicinal sulphuric waters, and the petroglyphs of Alab, which have been declared as a national cultural treasure.
Sagada is the country’s answer to Shangri-la. The long, arduous journey on the Halsema Highway, is well worth what awaits: sylvan landscapes, natural marvels, and some of the most friendly people this side of the archipelago.
It’s no surprise that many visitors have decided to forego the wearying return trip and make this quiet mountain town their new home. the morbidly attractive “hanging coffins,” the astonishing limestone formations of Sumaguing Cave, and the invigorating waters of Bokong Falls are just a handful of reasons to explore this areas but the chilly mountain weather, irresistible mountain brew, and pleasant company of the laid-back townsfolk and travelers are equally good reasons to stay in town and watch the day lazily crawl by.
BRIEF HISTORY
Mountain Province became a special province of the Philippines in 1907. It was made up of the sub-provinces of Bontoc-Lepanto, Amburayan, Apayao, Benguet, Ifugao and Kalinga. The Provincial Supervisor, Samuel Kane, was appointed Governor of the province and Bontoc was then the capital town.
In February 1942, the dreaded Japanese Army arrived in Bontoc via the Nueva Viscaya and Kalinga route. A garrison was established in the town. The Anglican Mission dormitories were served as quarters for the officers. Dr. Hillary Clapp was made governor of Mountain Province and during his term, the people were spared from so much suffering from the Japanese colonizers.
On January 9, 1945, the American Forces landed in Lingayen and the Japanese forces retreated northwards. In February of the same year, American planes dropped incendiary bombs in Bontoc and bombed again the place the following month. It razed the town so the people fled to the mountains for cover while the Japanese troops arrived daily fleeing towards Aparri and Kiangan to join the troops of General Yamashita.
In August 1945, USAFE troops arrived and the people came out from their hiding. Peace came earlier in Bontoc than the rest of the country.
On July 4, 1945, the Philippine Republic was born. Bontoc slowly rose from the ruins of the war and the following years marked the changes and developments. Being the provincial capital, people flocked to Bontoc and business flourished. Hotels, lodging houses, restaurants, stores and houses sprouted.
The Baguio-Bontoc road was rehabilitated with the assistance of Lepanto Mining Corporation and the Dangwa Development Corporation. Mountain Province became an independent province on March 25, 1967 when President Ferdinand E. Marcos officially appointed and inducted into office the first set of provincial officials: Alfredo Lamen as Governor; Victor Dominguez as Vice-Governor; and Pablo Felva and Alejo Manao as Board Members. On April 7, 1967, the new Mountain Province came into operation.
This date was unanimously adopted by the Sangguniang Panlalawigan on their regular meeting held on June 10, 1980 as the Mountain Province Day.
To date, Mt. Province is growing in popularity as a “Spelunkers Delight and Weavers Paradise”. It is becoming a favorite destination of both local and foreign visitors.
LANGUAGE/DIALECT
The inhabitants are generally speaking Kankanaey with Bontoc as their major dialect. Others speak Gaddang and Kalinga. English and Ilocano are widely spoken and understood.
HOW TO GET THERE
From Manila, the quickest way to Banaue is by bus 9 hours. From Banaue to Sagada take a jeepney to Bontoc (2.5 hrs) and connect with another jeepney to Sagada (40 minutes).
Source: The Philippine Department of Tourism
The Philippines – Tips for Where to Go in Southern Luzon
Wikidtravel asked:
With over 7000 islands the Philippines is a great adventure. Still a country overlooked by a lot of backpackers because of its distance away from the mainland. With its tropical white sand beaches and turquoise sea it truly is paradise.
Manila is a vibrant city and very western. You have shopping malls seemingly on every other street with all the American fast food chains. Malate is the tourist area with all the bars and restaurants. This may not be to some peoples taste as a lot of the bars in this area are targeted to the single middle aged male.
Not far from Malate is Intramuros which was built by the Spanish in the 16th century, is essentially a town within itself. It is a walled city with a moat that surrounds it (now a golf course). There is many a sight to see within Intramuros with amazing buildings on every corner and great cathedrals and forts. One was to see all the sites is to hire yourself a guide and tour the city with a horse and carriage so you can get to see everything in one day and also get all the information on what you are actually looking at.
South of Manila you have Pansagan, where Pansagan River is located. The banks of this river is where the final scenes of Apocalypse Now was filmed. There is not much in this little town apart from the trip up the river which is great fun. You hire a boat with two boat men who will pull you up river against the rapids to a waterfall where you can get a “waterfall massage” which is essentially where you lay down on your front on a bamboo raft and they pass you underneath the water so that the water falls hard upon your back. It does slightly hurt but is also much fun. After you will then make your way back down the river with the rapids which can be quite frilling depending on what time of year you are there.
On the southern tip of Luzon is Donsol. This is a must trip for anyone who visits the Philippines, from this little town you can get a boat out for the day to go whale shark spotting in which when one is spotted you get in the water with them in all your snorkel gear and swim with them for as long as they wish, in other words until they dive to deep water. Whale sharks are the largest fish in the sea measuring up to 10 metres in length.
With over 7000 islands the Philippines is a great adventure. Still a country overlooked by a lot of backpackers because of its distance away from the mainland. With its tropical white sand beaches and turquoise sea it truly is paradise.
Manila is a vibrant city and very western. You have shopping malls seemingly on every other street with all the American fast food chains. Malate is the tourist area with all the bars and restaurants. This may not be to some peoples taste as a lot of the bars in this area are targeted to the single middle aged male.
Not far from Malate is Intramuros which was built by the Spanish in the 16th century, is essentially a town within itself. It is a walled city with a moat that surrounds it (now a golf course). There is many a sight to see within Intramuros with amazing buildings on every corner and great cathedrals and forts. One was to see all the sites is to hire yourself a guide and tour the city with a horse and carriage so you can get to see everything in one day and also get all the information on what you are actually looking at.
South of Manila you have Pansagan, where Pansagan River is located. The banks of this river is where the final scenes of Apocalypse Now was filmed. There is not much in this little town apart from the trip up the river which is great fun. You hire a boat with two boat men who will pull you up river against the rapids to a waterfall where you can get a “waterfall massage” which is essentially where you lay down on your front on a bamboo raft and they pass you underneath the water so that the water falls hard upon your back. It does slightly hurt but is also much fun. After you will then make your way back down the river with the rapids which can be quite frilling depending on what time of year you are there.
On the southern tip of Luzon is Donsol. This is a must trip for anyone who visits the Philippines, from this little town you can get a boat out for the day to go whale shark spotting in which when one is spotted you get in the water with them in all your snorkel gear and swim with them for as long as they wish, in other words until they dive to deep water. Whale sharks are the largest fish in the sea measuring up to 10 metres in length.
Doljo Beach in Bohol Philippines
Peter Garant asked:
Doljo beach is becoming a tourist attraction in Panglao island in Bohol. It is known for the pretty seashells. It is a beach full of marine biodiversity.
Bohol is one of the top tourist destinations in the Philippines today. In going to Bohol you could go by air or by sea through a ship. Traveling by air is definitely much faster because it usually just takes about an hour while traveling by ship may take almost a day however it is less expensive thus saving you some cash. From Manila you can get a flight going to Tagbilaran. You can take any flight from Cebu Pacific, Asian Spirit, Air Philippines and Philippine Air lines that will first have a stop on Cebu.
There is also a boat taking you to Tagbilaran which is just one and half hour ride to save some money. The boat should be the fastest kind because the regular kind of boat usually takes four hours of travel. After arriving in Tagbilaran Doljo beach is just twenty minutes away. The best way to save money however is to take a regular ferry ride from Cebu which would go to Tubigon and then after getting there you should take the bus going to Doljo beach. The cost of an airplane ride to Tagbilaran is usually priced at two thousand pesos up to three thousand pesos.
Doljo beach is a beach located on the island of Panglao. This island is on the north western side of Bohol. This beach is three kilometers wide and it is not so much explored and developed yet. The sand is white and this beach slopes in a gentle way to the part of the sea that is deep. Doljo beach is also filled with many coconut trees which makes it all more appealing. The beach is also known for the beautiful and unique seashells. There is a lot of marine creatures that can be explored under the clear Doljo beach waters. There are local folks who have set up their own business by renting out chairs for those having a day trip like picnickers.
The first explorers to see Panglao was the Spaniards in 1803. The Spanish conquerors at that time saw some locals fishing by the shore and they asked the name of the island. The locals who could not understand them answered “panggaw” which is actually the device they were using to fish. Panglao came from the term “panggaw” which was a device used by Filipino ancestors for fishing. Today Panglao island is a leading spot attracting more tourists every year and Doljo beach is one of the main attractions of the island.
There are many attractive diving spots that can be found on Doljo beach. Some of the most popular spots are the House Reef and the Point diving site. The spots are teeming with a variety of corals and fishes. During the season where southwest monsoon winds is strongest then snorkeling is a better choice of activity. There are many resorts in Doljo beach which can offer an affordable price and it is advisable to check their website and inquire their current rates first before going to Doljo beach.
Doljo beach is becoming a tourist attraction in Panglao island in Bohol. It is known for the pretty seashells. It is a beach full of marine biodiversity.
Bohol is one of the top tourist destinations in the Philippines today. In going to Bohol you could go by air or by sea through a ship. Traveling by air is definitely much faster because it usually just takes about an hour while traveling by ship may take almost a day however it is less expensive thus saving you some cash. From Manila you can get a flight going to Tagbilaran. You can take any flight from Cebu Pacific, Asian Spirit, Air Philippines and Philippine Air lines that will first have a stop on Cebu.
There is also a boat taking you to Tagbilaran which is just one and half hour ride to save some money. The boat should be the fastest kind because the regular kind of boat usually takes four hours of travel. After arriving in Tagbilaran Doljo beach is just twenty minutes away. The best way to save money however is to take a regular ferry ride from Cebu which would go to Tubigon and then after getting there you should take the bus going to Doljo beach. The cost of an airplane ride to Tagbilaran is usually priced at two thousand pesos up to three thousand pesos.
Doljo beach is a beach located on the island of Panglao. This island is on the north western side of Bohol. This beach is three kilometers wide and it is not so much explored and developed yet. The sand is white and this beach slopes in a gentle way to the part of the sea that is deep. Doljo beach is also filled with many coconut trees which makes it all more appealing. The beach is also known for the beautiful and unique seashells. There is a lot of marine creatures that can be explored under the clear Doljo beach waters. There are local folks who have set up their own business by renting out chairs for those having a day trip like picnickers.
The first explorers to see Panglao was the Spaniards in 1803. The Spanish conquerors at that time saw some locals fishing by the shore and they asked the name of the island. The locals who could not understand them answered “panggaw” which is actually the device they were using to fish. Panglao came from the term “panggaw” which was a device used by Filipino ancestors for fishing. Today Panglao island is a leading spot attracting more tourists every year and Doljo beach is one of the main attractions of the island.
There are many attractive diving spots that can be found on Doljo beach. Some of the most popular spots are the House Reef and the Point diving site. The spots are teeming with a variety of corals and fishes. During the season where southwest monsoon winds is strongest then snorkeling is a better choice of activity. There are many resorts in Doljo beach which can offer an affordable price and it is advisable to check their website and inquire their current rates first before going to Doljo beach.
