The one trait the majority of all millionaires have in common is that they owned their own business. Every year thousands of people attempt to follow in their footsteps and start their own business. Failure rates are high for new businesses with over half of them out of business within five years. How do you avoid this fate? There are certain things you can do that will let you succeed at your own business. Here are the skills sets that successful business owners say are critical to have if you want to succeed.

Defined Goals
The one thing that separates successful companies from failures is planning. If you want to succeed then you need to have a well-defined plan. This plan should be in writing and it should include step-by-step directions. This plan will be your roadmap that shows the best and quickest way for you company to gain profitability. All actions taken should be measured against your goals to see if they are driving you one step closer to success. Not having a plan is the quickest way to failure.

Initiative
The hardest part of starting a new business is taking that first step. You have to have the initiative to get things started and to keep them moving forward. You will not have a manager telling you what you need to do nor will you have co-workers holding you accountable. It is very easy to procrastinate if something needs to be done or the task appears daunting. If something needs to be accomplished, you will have to step up and make sure it is completed. Nothing happens unless you make it happen.

Hard Work
There is no substitute for hard work when you start your own business. Usually you are the only employee. If things get done and the business succeeds, it is because you put in the time and effort to complete the task. You have to be willing to do whatever it takes to get the job done.

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If you want to own your own business, it is easier to buy an existing business than it is to start you own business from scratch. An established business allows you to skip past the startup phase entirely, which is where 50 percent of all new businesses fail. If you buy a business then you can concentrate your efforts on making the business larger and more profitable.

Buying a business does not have to be a challenge. You want to avoid overpaying for the business or buying a lemon. The easiest way to avoid this is to follow these three steps in buying your own business.

STEP 1: Due Diligence
The first step is due diligence where you determine whether or not this company is one you want to buy and at what price you are willing to pay for it. Find out why the seller is selling the business. This may involve talking to the employees, suppliers, and customers. Once you are satisfied that the reason is not to flee from something negative that you will be inheriting, you can do further due diligence.

Your examination of the company will start with analyzing the last three years of financial data. You should uncover any pending lawsuits, relationship with supplier and customers, intellectual property rights such as copyrights or patents, and any potential liabilities.

STEP 2: Make Offer
There are formulas that are commonly used to value a business and this should be the starting point to determine how much to offer. The value needs to be adjusted to account for any information uncovered during the due diligence period. Having an accurate picture of the value of the business will help you to decide whether or not to proceed and the maximum price you are willing to pay.

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Misconception 2. The buyer should be happy just because I am selling it to him.

Business owners invest their money, time and sweat in businesses. Sleepless nights, time away from family, no vacations – that’s what the owner gets, especially in the beginning. No wonder that all the above translates into substantial value in  business owner’s eyes. The history itself adds to the value day by day. “I built it from the ground up, I took it from $5,000 per month losses to $10,000 profit, I trained the employees, I negotiated the contracts – the buyer should be happy just because I am selling it to him…”.

Well, let’s look at it from business buyer’s prospective. Business buyers rightfully think that business financial performance is the common denominator. They don’t know how you got where you are and take your current business performance at its face value.

Lets look at the example of two similar businesses, Business A and Business B, each generating $10,000 in monthly net income for their respective owners. Business A was around for 10 years during which time the owner never had a vacation, worked 12 hours per day and defaulted on business loans twice. Business B was around for 3 years, has more employees, owner is rarely there. Although both businesses generate the same income, the perception of value for the Business A owner is greater because he invested more time and effort to get where he is, went through hardship, etc. Business B owner may be more skillful, or lucky, or organized, or had more working capital,… or all of the above. From business buyer’s stand point, Business B has greater value than Business A because it’s better organized and allows for more free time to the owner.

Business sale is performed between two equal partners: business seller and business buyer.

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You are looking to Start a Business.  You are Running a Business.  You are Buying a Business.  You are Selling a Business. What is the most important step in any one of these ventures, And no the answer is not having unlimited deep pockets. To start, run, sell,or buy a business you need to understand that business.  You need to understand not only the operational side of your business, you need to understand the financial side of your business.  I am a business broker in Florida and I help people buy and sell businesses (and current and former business owner).  This last week I completed a very busy week of helping an out of town business buyer visit several different businesses.  Our intent of visiting these multiple businesses was an effort to understand the businesses. To buy a business you have to understand the business.  A small business owner truly needs to understand the financial health of their business.

 Many, Many Many small business owners DO NOT understand the financial side of their business.  Do you feel as an entrepreneur you need to understand the difference between a debit and credit or if you buy something if it should be a capital purchase or an operating expense.  So many small business owners and entrepreneurs run their business using their gut as their guide, they can feel if their business is going good or bad.

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Closet Tailors is a business experiencing massive demand and is in need of individuals to help them cope. As such, they are looking for people who desire to run their own franchise business. This is a fabulous chance to take full advantage of training, support, and financial assistance to run your own franchise and capitalize on the major rewards that are available.

About Closet Tailors
Closet Tailors is a specialist in the organization system industry. It is perhaps one of the few truly interesting opportunities that any entrepreneur may have to establish a business within that industry. The niche really is in demand, given the fact that people constantly need more storage space. As a result of increasingly busy lives, fewer people have the time and energy to sort out and maintain the large number of belongings that can be squeezed into any home without producing clutter. Closet Tailors provides a custom solution to that problem by producing unique storage systems within any given home.

Created by Home Franchise Concepts Inc., Closet Tailors is an incredibly successful business because of the level of personal customer service offered to clients. Company representatives go into a home and discuss designs, measurements, and professional installation of the custom-designed solutions that every homeowner wants. As you can imagine, this opens up an excellent and profitable opportunity for entrepreneurs.

Franchisee Benefits With Closet Tailors
Because they are incredibly dedicated to advancing the company, Closet Tailors offers a vast array of benefits.

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SALES GROWTH – Every business needs sales growth. When the company bottom line is lacking and cash flow is deficient a business owner may pour thru his/hers monthly financials or spreadsheets reviewing line entries to find out where the business is and to find any glaring problems. Most often this analysis results with the same outcome.

INCREASE SALES or DECREASE EXPENSES – I, and many other business owners, recognize that reducing expenses is always a good thing, and during an economic downturn such as the one we are presently experiencing it is more than necessary. But my experience is that you can only reduce expenses so much. It helps your situation month after month to attempt to reduce your expenses to improve your bottom line, (and is a great business discipline), yet at some point you get to the place that you cant really reduce expenses much more, YOU NEED TO GROW SALES. Sales growth also occurs across many different efforts, but these different efforts can be simplified to categorize sales growth as:

1. Internal Sales Growth (or referred to as organic growth)
2. Growth thru Acquisition

Companies may tend to use just one of the above means, or both of them. In my last business our sales growth came thru a combination of both internal growth and growth thru acquisition. Both means have advantages and potential disadvantages. But both should be considered. The longevity of the business may also dictate what means to utilize for sales growth. Speaking from personal experience of growing and running a business for 20 years here are a few of my findings.In the early years annualized sales growth of high double digits and or low triple digits was very attainable thru internal growth. But as your sales grows and your year over year comparisons are based on higher sales numbers attaining the higher sales growth figures became more difficult.

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Stock markets are dominated and whipsawed by mega-computers, lightning-fast trading and huge value swings. Small and mid-size businesses offered by business brokers offer the opportunity to achieve full disclosure, growth and prosperity…without “gaming.” Video Game Markets An announcement in October 2010 traced the May 2010 “flash crash.”

WASHINGTON—A trading firm’s use of a computer sell order triggered the May 6 [2010] market plunge, which sent the Dow Jones industrial average tumbling nearly 1,000 points in less than a half-hour…

A report by the Securities and Exchange Commission and the Commodity Futures Trading Commission determined that the so-called “flash crash” occurred when the trading firm executed a computerized selling program in an already stressed market. (DANIEL WAGNER, 2010)

Although not named in the report, the trade has been traced to my backyard, the firm Waddell & Reed in Overland Park, Kansas, a trade for $4.1 billion which, even in these markets, is a lot of money! The report goes on to say that others followed suit (“sheep in a pen” has often been used to describe this behavior) and the market collapsed.

Solutions were offered (delayed trading, etc) but we all know that the stock market is dominated by the large firms and the solutions are likely to be unsuccessful…or, like so many government solutions, make matters worse.

OPINION: Investing in these markets has more in common with a video game or a slot machine bet than in REAL VALUE INVESTING. Benjamin Graham would have a stroke Graham’s books Security Analysis (with David L. Dodd) and The Intelligent Investor influenced so many of us, notably Warren Buffet since their publication in the 1930’s.

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1-800-DryClean is a profitable and established business that is currently offering an opportunity to apply for a franchise within the United States. If successful, you will run a 1-800-DryClean franchise of your own and be eligible for third party financing if required. You will also enjoy ongoing training and support throughout your partnership with them.

About 1-800-DryClean
1-800-DryClean prides itself on being a staple of the dry cleaning industry and one of the most dominant businesses in the market today. This has been the case for some years now as a result of the business format that this particular franchise takes. It prides itself on providing convenience to its customers on a daily basis because the rest of the market is just not cutting the mustard. Instead of requiring customers to drop off and pick up their dry cleaning, 1-800-DryClean literally removes the hassle from the whole process.

With the 1-800-DryClean phone number, the customer calls and the local service will pick up and drop off the dry cleaning as and when needed. This door-to-door service provides convenience at an affordable price and takes a huge chunk out of the $10 billion industry as a result!

No Experience Required
You do not have to be a dry cleaner to take advantage of the 1-800-DryClean opportunity at all because you will be working with a local dry cleaner to provide the service. You are simply required to ensure that the dry cleaning is picked up and dropped off. As such, any business minded individual can make the most of this opportunity.

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Coverall Cleaning Concepts is offering franchise opportunities to those looking to run their own business. They are accepting applications to join their franchise from those qualified to take the company forward, providing a package of comprehensive benefits in return. Such benefits financial assistance, training, and support to all franchisees, thus making this opportunity irresistible. Take a look below to see why this could be the chance you have been waiting for. 

About Coverall Cleaning Concepts
Coverall Cleaning Concepts is a huge company, with more than 9,000 franchise owners spread across 90 regions of the world. They have 45,000 regular customers worldwide, and there is great potential to reach even more given the fact that demand is significantly higher than supply, which has necessitated this expansion. Coverall Cleaning Concepts enjoys the best reputation by far in the commercial cleaning industry, and it is experiencing rapid growth in this sector.

Coverall Cleaning Concepts pride themselves on offering high-value services to all sorts of commercial locations, from retail to warehouses to offices, and so on. There is an impressive range of services available as well. The company’s phenomenal business model provides franchisees with the best possible start in the cleaning business, partly because it has been specifically developed to encourage entrepreneurial advancement.

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“I’m Looking to Buy a Business“.  As a business broker based here in Florida  this is a statement that I hear often.  Within  the industry various statistics are stated regarding business buyers.  I have heard that 9 out of 10 of those that say they want to buy a business actually don’t buy a business.  Based on my experiences that statistic may hold true.  There are so many currently employed that during their 40- hour work week aspire to “be their own boss” by starting their own business or buying their own business.  There are many unemployed out there that also think they may want to buy or start a business.  So while there are probably as many as millions of those both currently employed or unemployed that aspire to buy a business or start  a business, there is a much much smaller subset of those that even attempt to act on those aspirations.  Of that small percent that actually act on their dreams and or  goals a small percent may contact a business broker such as myself, and a small percentage of that group may find themselves at a closing table signing documents and actually buying a business.

Many business acquisitions are done with out the assistance of a business broker.

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A+ Nannies is a progressing business that is seeking individuals to join the company as franchisees. This opportunity includes full training and support, and you will also have access to third party financing assistance. With franchise opportunities across the United States, now is the time to consider owning and operating your own business. Read the outline below for an overview of this opportunity and then you may request additional information for more specific details.

About A+ Nannies
A+ Nannies is an organization that works with families to find the best possible nanny for their children. There are no employees because it does not act as an agency but rather as a go between to find the most suitable candidates for nanny jobs all over the country. A+ Nannies ensures that the individual nanny has been fully screened before accepting a position to ensure that families can have peace of mind that their little ones are safe. For example, they will perform background checks, ask for references, verify qualifications, and complete a pre-screen interview. After this stage is complete, the individual nanny may then do the following for a family in need:

• Full/part time permanent roles
• Temporary nannies for school breaks, sick child care, and vacations
• On call babysitters at hotels, for special events, and even date nights
• Post-natal helpers to give mom a helping hand after giving birth

A+ Nannies provides an essential service and you can tap into that and make children a little bit safer, as well as benefit on the business side.

A+ Nannies, A+ Benefits
A+ Nannies is a worthwhile business to invest in because it provides an essential service.

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10 Minute Manicure is an excellent franchise that has consistently won awards for the opportunity that it offers, and now they are looking for suitable businesspeople to join the franchise. They offer third party financing assistance if you need it as well as training and support to get your business career off to a good start. Applications are accepted from Florida, Alabama, Georgia, South Carolina and North Carolina at the moment, so please request further information to avoid disappointment because these opportunities are in high demand right now!

About 10 Minute Manicure
10 Minute Manicure offers a service that taps directly into the modern lifestyle. Very few people can afford to spend an hour in the salon these days because there is so much to do. As such, 10 Minute Manicure makes it possible to do exactly what the name suggests - have a 10 minute manicure.

10 Minute Manicure is a fantastic concept that has been around for some time now and taps into the heart of the health and beauty machine that generates billons of dollars every single year. They offer high quality services in a quick and easy individual session. Outlets are located at airports, retail areas, close to office buildings, and in other similar locations that are easily accessible and readily available when you have 10 minutes during lunch or after work to fit a manicure in. As such, anybody wanting a manicure but without the time to book into a salon can have one on their terms, and that means a lot where the business is concerned.

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ColorAll Technologies International is offering a great opportunity for individuals seeking to invest in a successful franchise. This is an excellent offer if you wish to run your own business and benefit from the backing of an incredibly well known brand. All the training and support you need comes as part of the package, and applications are now being accepted.

About ColorAll Technologies International
ColorAll Technologies International is part of the auto repair industry, and it is the fastest growing company in the United States for onsite repair. Established in 1990, it was designed specifically to deliver its services to the homes or offices where people’s cars require paint touch-ups due to dents, scrapes, scratches, and other markings. Effectively known as “color reconditioning”, the services offered by the company soon became extremely popular with fleet services, car rental companies, owners of agricultural vehicles, and various other industries, as well as average car owners.

As a specialist in an industry with few rivals, ColorAll Technologies International has established an excellent reputation and great popularity from the quality work performed by its experts. However, demand is now such that they need more people to grow with their business, which is where you come in.

ColorAll Technologies International Franchise Advantages
As long as there are cars on the road and vehicles of all shapes and sizes are in use, there will always be a demand for ColorAll Technologies International services. It is a recession-proof business that does not fail. You can profit regardless of the economic climate, and the services provided by your business would save drivers and companies a great deal of money.

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Discount Party Store is an amazing company that is growing at a fantastic rate as a result of high demand. As such, they are offering major business opportunities to individuals looking to boost or begin their business portfolios. They offer full training, ongoing support, and financial assistance as part of this comprehensive package. Now is the time to capitalize on this opportunity to get ahead in your business career. Be sure to ask for additional information below.

About Discount Party Store
Discount Party Store is a growing company with huge potential as a result of the philosophy behind the business itself. Developers will go to suppliers and actively negotiate lowest possible prices before sending the inexpensive and yet high-quality merchandise to the stores under the company name. As such, those stores can then sell the goods at discounted rates while making an incredible profit at the same time. The company has been around since 1992, having found that this business concept worked incredibly well, attracting people in search of bargains!

Discount Party Store can save consumers a great deal of money, which is why the company is looking to expand. Its market demand has grown exponentially over the past few years. The dollar-store niche market has few competitors that can hold a candle to Discount Party Store, mainly because of the high quality of their products. You could certainly make your future buzz with excitement if you become a Discount Party Store owner.

The Life Of A Discount Party Store Owner
If you take advantage of this opportunity, you will own and run your own Discount Party Store under the brand. However, there is a certain level of independence vital to expanding your entrepreneurial horizons.

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10 Minute Manicure is an excellent franchise that has consistently won awards for the opportunity that it offers, and now they are looking for suitable businesspeople to join the franchise. They offer third party financing assistance if you need it as well as training and support to get your business career off to a good start. Applications are accepted from Florida, Alabama, Georgia, South Carolina and North Carolina at the moment, so please request further information to avoid disappointment because these opportunities are in high demand right now!

About 10 Minute Manicure
10 Minute Manicure offers a service that taps directly into the modern lifestyle. Very few people can afford to spend an hour in the salon these days because there is so much to do. As such, 10 Minute Manicure makes it possible to do exactly what the name suggests – have a 10 minute manicure.

10 Minute Manicure is a fantastic concept that has been around for some time now and taps into the heart of the health and beauty machine that generates billons of dollars every single year. They offer high quality services in a quick and easy individual session. Outlets are located at airports, retail areas, close to office buildings, and in other similar locations that are easily accessible and readily available when you have 10 minutes during lunch or after work to fit a manicure in. As such, anybody wanting a manicure but without the time to book into a salon can have one on their terms, and that means a lot where the business is concerned.

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1-800-WATER DAMAGE is a recession proof business that is highly in demand and currently has brand new opportunities available for individuals looking to join a major franchise to improve their business prospects. There is some third party franchising assistance available and ongoing training and support, so why not grab this excellent opportunity to establish your own highly profitable business? Applications are accepted from all states with the exception of California and Virginia.

About 1-800-WATER DAMAGE

1-800-WATER DAMAGE is an established franchise with a hugely reputable brand name. Known throughout the United States, it specializes in water damage restoration and thus is in demand as a result of global climate changes and natural weather conditions. The increasing levels of water damage to homes and businesses alike through natural means and accidents has led to the phone number becoming one of the most recognized around today. When called in, they actively work to dry out homes and business premises within just a few days so people can get back to their normal daily routine without experiencing any major setbacks.

Most 1-800-WATER DAMAGE customers are insured, meaning that their policies pay for the work to be done, so recessions and economic hard times have absolutely no impact on the business As an emergency service, they are called in to limit further damage and use modern technology to remove any damp or standing water that has arisen. As a franchise, 1-800-WATER DAMAGE has become incredibly successful with a number of accolades being awarded in recent years.

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CTi – Concrete Technology is offering qualified candidates the opportunity to own a dealership as a direct result of the company’s plans to expand its highly successful business. It offers significant levels of profitability, complete training and support, and the opportunity of a lifetime to get you started in business.

About CTi – Concrete Technology
CTi – Concrete Technology was founded in 1991 in Florida’s Tampa Bay area. The company specializes in concrete restoration and beautification. As the leading company in its field, and certainly the most popular, they are in high demand. In fact, word of their services has spread so quickly throughout the United States that they are in the middle of a full national expansion.

The products on offer at CTi – Concrete Technology are of such high quality that their reputation grows stronger every day. Many people choose to avoid hiring expensive contractors to replace their concrete patios and similar worn-out areas of their home, so they turn to CTi – Concrete Technology. With affordable products that also exhibit great beauty, there is no need to go anywhere else. As such, available profits within this opportunity are unlimited!

Why CTi?
CTi – Concrete Technology has advantages for dealership owners that go way beyond the cutting-edge technology and high-quality products they have at their disposal. Selling their product line is easy, given the sheer beauty, but there are additional rewards that should attract you and prove too tempting to resist under this amazing opportunity, such as:

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All American Ice Cream & Frozen Yogurt Shops are currently looking for new franchisees to run new stores under their brand. They are offering third party financing assistance as well as training and support to successful applicants within the United States. It is the magnitude of the opportunity that they are offering you that will undoubtedly attract your interest.

About All American Ice Cream & Frozen Yogurt Shops
Having been a successful franchise for over 20 years, All American Ice Cream & Frozen Yogurt Shop happens to be a major brand name given that it is in highly visible places like roadside malls, regional shopping malls, specialty retail locations, and other similar locations. All of these areas tend to have high visitor traffic and so can capitalize on that. People of all ages and socio-economic groups recognize the name and visit every time they are in the area.

All stores have a similar layout and color scheme, making the interiors instantly recognizable and homely, which may be why individuals and families visit and remain a part of the customer base for years to come. If the interior does not attract customers then the product range will. With non-fat frozen yogurt, ice cream, low calorie soft serve frozen treats, low dairy desserts, smoothies, and various beverages available, there is something for everyone, all of it appealing, tasty, and strangely addictive! All of this adds up to potential profits for franchisees that are driven, ambitious, and looking for an opportunity to succeed.

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1-800-GOT-JUNK is currently offering an amazing franchise opportunity and is looking for individuals that can contribute to their business. With financing assistance, training and support all available, this opportunity looks appealing at first glance but will look even more inviting when you take a closer look.

About 1-800-GOT-JUNK
1-800-GOT-JUNK’s founder, Brian Scudamore, has built his business up from nothing, literally. He bought a pickup truck at the age of 18 and began his own junk removal business. Although he was initially successful, the entrepreneur was not content to remain a small fish in the junk removal pond and began to expend his business piece by piece. As the demand for junk removal and his reputation for a fast and effective service grew, he soon found that there was a national demand for his services and 1-800-GOT-JUNK was born.

1-800-GOT-JUNK is a very impressive company on paper and reality. Unlike some other companies out there, it has been around in one form or another for over a decade and has consistently grown throughout its history. However, its existence has never been more relevant than it is today. With the environment and disposal of waste being at the top of everyone’s priority list, the junk removal industry is booming and you can now be a part of it. It is currently the largest business of its kind in the world!

Free Publicity For The Growing Industry
1-800-GOT-JUNK was founded in 1989 and has appeared in the media extensively ever since. With appearances on CNN, MSNBC, and The Oprah Show, amongst others, 1-800-GOT-JUNK has become a household name and an easily recognizable brand. This is fantastic news for you if you become a franchisee.

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Big O Tires is currently accepting applications from individuals seeking to join their highly successful franchise. With third party financing assistance available and ongoing training and support, this could be your big opportunity to further your business knowledge and take the first step onto the entrepreneurial ladder. Applications are encouraged from Arizona, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma, Oregon, South Dakota, Utah, Washington, and Wyoming.

About Big O Tires
Big O Tires is a household name owing to its 40 years in the industry. Established in 1962, the company was initially a tire buying cooperative to fill the void left by the major chains. The idea was to supply independent tire dealers who couldn’t afford to purchase from the larger companies, which often were more expensive. As the tires were cheaper and the service was better, Big O Tires soon grew into a much larger company than it was ever intended to be. It grew to the point at which franchising it seemed the only option to fulfill the massive demand for its products.

Big O Tires stocks the biggest and best in tire manufacturers, with brands like Michelin, Sumitomo, Goodyear, Falken, Yokohama, and BF Goodrich, among others. There is also a range of tires on their own private label, which highlights just how far they have come. Although the franchise now spans over 500 stores in the US, not to mention the ones in Canada, the company is still consistently expanding.

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