Dominators!

There are many misconceptions about how to go about valuing your business. In general, most business owners have a value in their mind that is usually several times more than the actual value a sophisticated, competent buyer ultimately pays.

When Jon-Anthony Lui was growing up, he watched closely as his father achieved success in franchising, selling products such as real estate and insurance. But the bright young entrepreneur found his niche when he began working for Tutor Doctor, which offers one-on-one tutoring to children in the home.

Don't just tell your employees to be present or to provide genuine hospitality without telling them <how.> Make it black-and-white, and make it measurable.

Annie Aggarwal, whose parents Renu and Bharat Aggarwal moved to Texas from India in 1989, recalls her extended family's surprise in 1997 when her mother decided to use her savings to purchase a Subway franchise in Houston.

Tom Garrett breaks down his 30 years with Arby's--first as an assistant manager, then as the brand's largest franchisee, and finally as CEO of the franchisor--this way: "I like to say that 25 of those years were great, 3 were mediocre, and 2 were miserable--in that order."

Innovation in non-traditional locations defines Gina Puente's approach to business. When we profiled her in 2010, she told us how her family business, Puente Enterprises, had created La Bodega Winery, a winery in an airport, in the mid-1990s.