The Entrepreneurs Advocate

Archive for the ‘Family Issues’ Category

“It is critical that young people are exposed to Entrepreneurship and basic finances. Pass this on to any budding Entrepreneurs” CC

SBA News Advisory

PRESS OFFICE                  

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SBA Offers Free Youthpreneur Webinar Series To Promote Entrepreneurship and Financial Literacy

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Recognizes National Entrepreneurship Week & America Saves Week February 20-28, 2010

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Release Date:  February 22, 2010   

Contact:  Cecelia Taylor (202) 401-3059

Advisory Number: MA10-02     

Internet Address: http://www.sba.gov/news

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WHAT: The U.S. Small Business Administration will host a series of

Youthpreneur Webinars in recognition of National Entrepreneurship Week and America Saves Week.  The topics will emphasis youth entrepreneurship and engage the next generation of small business owners in skills building and financial empowerment.  They will be able to learn the basics of entrepreneurship, strategies for today’s business world, and using social networking to advance business ideas. 

WHEN: February 23-25, 2010

Daily, 11:00 a.m. and 3:00 p.m. (ET)

WHO: Be inspired and learn from some of the best in business and

entrepreneurship.

Webinar presenters and topics include:

Jennifer Matthews, President and CEO

Creating Financial Literacy, LLC

Topic: Why My Credit Score Matters NOW

Tuesday, February 23 at 11:00 a.m.

Vince Shorb, President, The National Youth Financial Educator’s Council

(NYFEC)

Topic: Financial Education/Entrepreneurship Tuesday, February 23 at 3:00 p.m.

Steven Harris, President

JS Investment Group

Topic: Youth Entrepreneurship and Financial Literacy Wednesday, February 24 at 11:00 a.m.

Michael Simmons, Co-Founder & CEO, Extreme Entrepreneurship Tour

Topic: Why Every Student Should Be an Entrepreneur Wednesday, February 24 at 3:00 p.m.

Shonika Proctor, CEO, Renegade CEO’s

Topic: Me…Myself…and Why? A Business Roadmap for Determined Teens Who are Making Their Way Thursday, February 25 at 11:00 a.m.

Jason Duff, Founder and CEO, Community Storage & Properties, LTD and COMSTOR Outdoor, LTD

Topic: How to Leverage Top Internet Tools to Grow and Market Your Business at No Cost Thursday, February 25 at 3:00 p.m.

HOW:  For free visual and audio access to the Webinar go to

www.ReadyTalk.com

Click “join a meeting” and enter access code 3761101 Then dial 866.740.1260 and enter access code 3761101 (plus the #key) System Requirements:

- Windows, Mac, Linux and Solaris operating systems

- Internet Explorer, Safari and Firefox Web browsers

- Separate telephone line needed for the audio portion

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February 20 – 27 is National Entrepreneurship Week, a celebration of the heritage of entrepreneurship in America and NEW opportunities for a NEW GENERATION!  For details on the events, check out the National Entrepreneurship Week Website www.nationaleweek.org

February 21 - 28 is America Saves Week. Individuals are encouraged and assisted with assessing their savings progress.  Assistance will be provided by organizations and professionals with an interest in improving the financial security of individuals and families.  For more details, visit the America Saves Week Website www.americasavesweek.org

In these tough economic times, it is more important than ever to plan ahead.

That is why it gives me great pleasure to invite you and your clients to a seminar on Planning Your Exit from Business Ownership. This seminar is presented by the Stetson University Family Enterprise Center in partnership with Holland & Knight, LarsonAllen and my company, Bankers Advocate.

It will be held at the Stetson University Center at Celebration, Florida on Thursday, November 5, 2009.

Whether the exit from ownership is in six months or six years, this factual and hard-hitting seven hours will provide you with the information that you or your clients need for a successful Ownership Exit and/or Transfer.

Learn from Seasoned Professionals how to:

• STRUCTURE YOUR BUSINESS for a Successful Exit
• IMPROVE THE BOTTOM LINE Profits until you Sell
• DEAL with CONFIDENTIALITY ISSUES
• RECEIVE MAXIMUM VALUE for your Business
• KNOW the Types of Buyers and their Value Drivers
• HOW to Sell or Transfer to FAMILY/KEY EMPLOYEES
• AVOID TAX & LEGAL PITFALLS in the Process

This is an opportunity to participate in a valuable interactive seminar and a great networking event.

Can you afford not to attend?

You can view the brochure and register online by clicking on the links below.

To view a detailed seminar brochure : CLICK HERE

To register for the conference on line: CLICK HERE

We hope that you will join us. Please pass this on to anyone who you think would benefit.

Sincerely,

Chris Curtin
COO, Bankers Advocate
(561) 882-1331

PS: Reply to this blog and receive a special friends of Bankers Advocate deep discount.

Business Renewal Series: Survive Hard Times, Navigate the Economy and Control Your Own Destiny… 

The Stetson University Family Enterprise Center in partnership with The Turnaround Management Association presents a unique group of seminars, The Business Renewal Series.  

 http://www.turnaround.org/Events/Calendar.aspx?objectID=9647

Survive Hard Times, Navigate the Economy and Control Your Own Destiny is the first of the series and deals with topics that have become increasingly more important as we deal with the economy, rapidly changing business conditions, rising costs and aggressive global competition. Many businesses are in need of a turnaround or renewal in order to survive and to build a platform for long term profitable growth. Recognizing this need and taking action are the first critical steps towards reinventing the business and controlling your own destiny.  Leaders must identify the causes of performance decline, impairment and stagnation early to avoid a crisis. If the company is in crisis mode, they must understand the options and develop an action plan. Strategy, financial capital and human capital must be integrated and aligned into an action plan that is clearly understood, managed and measured for results. 

Mention you saw it in the Bankers Advocate Blog and receive the Early Bird rate of $149.

WHO SHOULD REGISTER?

Executives, managers and other company leaders. Consultants, financial advisors, lenders, attorneys and accountants. Multiple participants from the same company are welcome. 

WHY SHOULD YOU ATTEND?

Business in turnaround or renewal cannot survive without a clear strategic direction and action plan. This program provides a framework to assess the state of the business, understand the options for performance improvement and to take action. The future of the business may depend on attending. 

WHEN?

Friday, November 21 2008 

WHERE?

Stetson Center at Celebration
800 Celebration Avenue

Celebration, FL 34747

SEMINAR FEES 

$189 per individual includes Continental Breakfast, Lunch and Seminar 

$169 per each additional individual attending from the same company 

Later this week on June 19th in Ft Myers and June 20th in Ft Lauderdale, I am participating in two Planning Your Exit from Business Ownership Seminars. BB&T, Ruden McClosky and Richard Hall CPA are my gracious sponsors. Whether you want to Exit your business in six months or six years, this factual and hard hitting four hours of material will give you the information you need to make one of the more important decisions in your life.

Don’t worry, you won’t be sold or asked to buy anything. I half kiddingly tell all attendees that my only goal is that you will see that the Exiting Process is so complicated you dare not do it without professional help (of course I hope you consider Bankers Advocate). Some of the topics discussed will be:

STRUCTURE YOUR BUSINESS for a Successful Exit
IMPROVE THE BOTTOM LINE Profits until you Sell
SUCCESSFULLY SELL your Business
DEAL with CONFIDENTIALITY ISSUES
RECEIVE MAXIMUM VALUE for your Business
HOW to Sell to FAMILY or KEY EMPLOYEES
AVOID TAX & LEGAL PITFALLS in the Process

We have a few spots still available for both Seminars. Readers of this blog can still get the early discount rate if they RSVP by this Tuesday night. Call the office at (561) 882-1331. I hope to see you there.

Everyone wants to help their children succeed. Many believe the best path for them is the same path they chose-Entrepreneurship. Before you help your children buy or start a business let’s look at some caveats:

Can you afford it? The $100,000 that you are loaning to your kids (make it a formal loan, with loan docs, interest rate, amortization schedule, UCC filing, etc.), can you afford the loss if none of it ever comes back? The odds are pretty high that their and anybody else’s start-up will fail. If the loss of the money will jeopardize your retirement or lifestyle-Don’t do it. Also, there are tax ramifications that need addressed before making the loan.

Do they have what it takes? As an Entrepreneur, you probably started out on a shoe string, clawed your way up, lived frugally and deferred a great deal of personal gratification. How about your kid’s? Have they only know an easier life and take your sacrifices for granted? Not everyone is cut out to be a business owner and make payroll with a Visa advance.

What is their skill set? What do they know about the restaurant, car wash or cleaning business? What is their educational and working background? Can they read a Balance Sheet or Income Statement? Can they close the sale with a critical, must have prospect? You love your kids, but a greater love is not setting them up to fail.

Is it the right business or the right business for them? Why will banks lend to almost anyone to buy a reputable franchise, even if the buyer/borrower has no industry experience? A franchise gives them a proven system and business model as a security blanket. On the other hand, for someone to get an SBA insured loan to purchase an independent, non-franchise business, the lender will weigh experience in the industry heavier than the borrower’s personal credit.

In addition, a wonderful franchise in a lousy location makes for a failing business. Many name retail franchisee locations are struggling mightily in this tough economic environment. Prepare yourself  and your child to spend considerable time and monies on due diligence above and beyond the initial investment.

Your children may do wonderful things with the money you lend them, but forewarned is forearmed and much family grief can be eliminated with some good planning and review.

If you are contemplating selling to the next generation or to key employees as part of an Exit Strategy, Question #1 is:

Do you need money from the sale to fund your retirement?

If you retirement needs are already met, you can afford to be be more benevolent or take more risks with the structure of the sale. If a sizable portion of your retirement monies depends on a liquidity event from the sale of your business, then certain steps need to be taken.

After a business valuation, an SBA backed loan can be utilized for borrowing up to $2 million. For larger transactions, there is a universe of Asset Based Lenders and Private Equity Groups. However, your company’s financial reporting and profile of the buyer(s) have to be managed and presented correctly to the right lender. You only get one chance at a good first impression.

We get calls all the time from frustrated sellers who’s family member or employee have been trying to buy their business for 6 months and they need help. Sadly, confidentiality has probably been breached and lender’s appetite for the loan has soured because it was poorly packaged and served up. Also, your current bank might be the wrong source for a business acquisition loan.

We typically have 2-4 generational or key employee transfer engagements at any point in time. This is very satisfying work as it gives us great pleasure in helping the next generation/key employees take the reins and grow their own business and wealth. Visit us at www.bankersadvocate.com for more information.