Succeeding in Your Business from Creators Syndicate

Exorcising the Ghost of Partners Past for 05/22/2012

Tue, 22 May 2012 00:00:00 -0700

"Three years ago, I started a business with two other guys. We set up a limited liability company (LLC) and split the ownership 40 percent, 40 percent and 20 percent.

The business grew for about a year but then really tapered off when the recession hit. All three of us had to take "day jobs" just to make ends meet, but we kept the business going on life support in the hope ...

Updated: Tue May 22, 2012

When You've Bought a Franchise, but the Numbers Don't Add Up for 05/15/2012

Tue, 15 May 2012 00:00:00 -0700

"A partner and I invested in a franchise last year. The franchise offers a variety of healthy foods, but focuses primarily on soups and salads.

We were offered a number of territories, but chose a large downtown area in an upscale Midwestern city.

The problem has been finding the right location for the first restaurant. We have found a potential site, but the rent is extremel ...

Updated: Tue May 15, 2012

How a Place Where 'Everybody Knows Your Name' Makes Sure Everybody Knows Its Name for 05/08/2012

Tue, 08 May 2012 00:00:00 -0700

I was privileged to be one of the "makeover artists" at this year's New York Business Xpo, held last week at the Javits Center in New York City. More than 400 exhibitors and some of the top entrepreneurship experts in the country have made this event a "must attend" each of the last seven years.

At this year's event, for the first time, Jane Applegate, a leading small ...

Updated: Tue May 08, 2012

Notes From a Business Plan Competition (Part 2 of 2) for 05/01/2012

Tue, 01 May 2012 00:00:00 -0700

During the afternoon session of last week's Business Plan Competition sponsored by The Entrepreneurship Foundation (www.entrepreneurshipfoundation.org), the focus was on "personal businesses" (retail and service concepts that weren't likely to grow beyond a local or regional market). Here are my "judge's notes" on some of the more interesting business plans that were present ...

Updated: Tue May 01, 2012

Notes from a Business Plan Competition (Part 1 of 2) for 04/24/2012

Tue, 24 Apr 2012 00:00:00 -0700

Each year, the Entrepreneurship Foundation (www.entrepreneurshipfoundation.org) hosts a business plan competition in New Haven, Connecticut.

"Teams" from universities throughout New England submit business plans to the competition, and the 25 best are selected for an all-day "pitch" session to a three-judge panel consisting of a venture capitalist, an angel investor, ...

Updated: Tue Apr 24, 2012

“Hoarding” Is Bad, So Don't Do It, Okay? for 04/17/2012

Tue, 17 Apr 2012 00:00:00 -0700

As I am writing this, I am covered in dust.

A couple of weeks ago, my mom entered a skilled nursing facility, leaving me a task I have dreaded for the past couple of decades:

Cleaning out her apartment.

I'm an only child, so there's no one I can share the task with. And she has lived there for the past 52 years.

So what's the big deal, you ask? Most people would fi ...

Updated: Tue Apr 17, 2012

Crowdfunding and the New Federal J.O.B.S. Act [Part 2] for 04/10/2012

Tue, 10 Apr 2012 00:00:00 -0700

In last week's column, I dissected the "crowdfunding" provisions of the new federal "Jumpstart Our Business Startups Act" (J.O.B.S. for short). The new law, which was signed by President Obama last week, changes the federal securities laws so as to enable startups and other privately owned companies to raise capital from strangers on the Internet (known as "crowdfunding ...

Updated: Tue Apr 10, 2012

Crowdfunding and the New Federal J.O.B.S. Act for 04/03/2012

Tue, 03 Apr 2012 00:00:00 -0700

As I am writing this, a new law called the "Jumpstart Our Business Startups Act" (J.O.B.S. for short) has passed both houses of Congress and is sitting on the president's desk awaiting signature.

Among other things, the law will change the federal securities laws to make it easier for small companies to raise capital from total strangers by "crowdfunding" — soli ...

Updated: Tue Apr 03, 2012

To Resell, or Not To Resell, That Is the Question for 03/27/2012

Tue, 27 Mar 2012 00:00:00 -0700

"I am a recent immigrant to the United States from (for purposes of this column, we will refer to the reader's country of origin as 'Whereverland').

"I am the owner of an online retail store targeting a niche market of Whereverland people living in North America. We sell our stuff exclusively online, in the Whereverland language, and I have a team of graphic designers that is m ...

Updated: Tue Mar 27, 2012

The Lorax, the Once-Ler, the Environment and the Entrepreneur for 03/20/2012

Tue, 20 Mar 2012 00:00:00 -0700

As you are reading this, the hot new children's movie is a 3D-CGI film adaptation of Dr. Seuss' book "The Lorax."

For the record, I am a lifelong fan of Dr. Seuss (the late Theodor Geisel, who died in 1991 at the age of 87). I had all of his books as a kid and actually had the chance to meet him — albeit only for a few minutes — when I was an undergraduate at Dartmo ...

Updated: Tue Mar 20, 2012

Disaster Recovery Made Simple for 03/13/2012

Tue, 13 Mar 2012 00:00:00 -0700

"I am a lawyer who works in a small town in the Midwest. A tornado struck last week, for the first time in over 30 years, and my office was destroyed.

"I have insurance, which will replace most of my office furniture and equipment, but the worst part was that my computer hard drive was destroyed, containing all of my client's information and contracts and at least five years' w ...

Updated: Tue Mar 13, 2012

Do You Know Who Your Enemies Are? for 03/06/2012

Tue, 06 Mar 2012 00:00:00 -0800

I have an 84-year-old mom who lives about an hour away from where I live. Once a month, I have to take her to her doctor's appointment. The routine never changes: I pick up Mom, drop her off at the doctor, go to a nearby grocery and pick up the 27 things she needs to get her through the month, pick her up at the doctor's office, have lunch at a nearby delicatessen, bring her home, put her groce ...

Updated: Tue Mar 06, 2012

Building a Successful Authorized-Rep Program for 02/28/2012

Tue, 28 Feb 2012 00:00:00 -0800

"My wife and I have started a line of all-natural cosmetics. We launched our website a while back and have received several inquiries from customers who love our products so much that they want to become sales representatives for us.

"Both of our mothers were Avon ladies when we were children, so we know a little bit about how this works. What are some of the legal issues we'll ...

Updated: Tue Feb 28, 2012

Getting the ‘Three Stooges' out of Your LLC's Operating Agreement for 02/21/2012

Tue, 21 Feb 2012 00:00:00 -0800

"I just started a limited liability company (LLC) with three partners. Our attorney drafted an operating agreement for us, but I'm a little confused by the buyout provisions he drafted.

"The agreement says that if one of us dies, becomes disabled, or otherwise withdraws from the company, we have to buy his shares in the company so the remaining partners can retain control. So f ...

Updated: Tue Feb 21, 2012

Cold Calling That Might -- Just Might -- Work for 02/14/2012

Tue, 14 Feb 2012 00:00:00 -0800

"I run a one-person consulting service that provides marketing, public relations and other image and branding consulting services to large corporations.

"I generate most of my new business through personal networking. The problem is that personal networking is extremely time-consuming. Even when I do get an appointment with a decision-maker at a large corporation, everything I ...

Updated: Tue Feb 14, 2012

Sizing up the ‘Fulfillment by Amazon' Program for 02/07/2012

Tue, 07 Feb 2012 00:00:00 -0800

Anyone who's ever sold anything online — either directly from a website or on one of the major e-commerce platforms such as eBay or Amazon — knows that often the most unpleasant part of the process is packing, shipping and fulfilling orders. It is labor-intensive, and the time involved can eat into your profits (by limiting the number of orders you can process at any one time).

...

Updated: Tue Feb 07, 2012

When Can Landlords ‘Unreasonably Withhold' Consent to Lease Transfers? for 01/31/2012

Tue, 31 Jan 2012 00:00:00 -0800

"I am a small landlord who owns several commercial buildings. One of my tenants, who runs a small retail store, is looking to sell his business and retire. There are several years left to go on his lease, and because he's such a good tenant, the rent is somewhat below market value for this area.

"The buyer is a young man just out of military service. His credit history is good, ...

Updated: Tue Jan 31, 2012

What to Do When an Inventor Wants His Technology Back for 01/24/2012

Tue, 24 Jan 2012 00:00:00 -0800

"A couple of friends and I formed a corporation a while back with a noted inventor who lives in our area.

"The entire purpose of this company was to bring to market a piece of technology the inventor had created, and for which he holds a U.S. patent. Because of the difficult economy, we've had more trouble raising money for this business than we thought — to the point tha ...

Updated: Tue Jan 24, 2012

Getting a New Product From Patent to Market for 01/17/2012

Tue, 17 Jan 2012 00:00:00 -0800

I am an inventor who just got a U.S. patent for a wonderful new mechanical device that will revolutionize a particular industry.

I am in the process of forming a company with three partners to manufacture and sell this device. My first partner has a manufacturing company that is capable of producing up to 1,000 units a year. My second partner is a financial expert who has arranged a ...

Updated: Tue Jan 17, 2012

The Greatest Motivator -- and How to Harness It for 01/10/2012

Tue, 10 Jan 2012 00:00:00 -0800

We'll be 10 days or more days into January by the time you read this, and I'm willing to bet that most of you have already given up on one or more of your New Year's resolutions.

The key to success with any resolution — personal, business or otherwise — is willpower. We all start out with the best of intentions, but when you set yourself a goal and fail to reach it, it's alwa ...

Updated: Tue Jan 10, 2012