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Welcome to the Fall 2010My Own Business, Inc. (MOBI) newsletter!
My Own Business, Inc. is a 501(c)(3) nonprofit organization providing free educational coursework on our website www.myownbusiness.org to foster successful entrepreneurs.
Each issue will give you information and ideas to help achieve your entrepreneurial goals. Highlights of this issue include:
- Introducing Kelvin Ho, Director of Corporate and Foundation Development
- Succession is not easy
- Sam's Club offering small business loans
- Dear MOBI Column: "I'm planning to sell my business should I use a business broker?"
- Share your success story
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Small Business Textbook
Our complete course including tools to help you write your business plan.
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Introducing Kelvin Ho, Director of Corporate and Foundation Development
Kelvin joins MOBI at a very exciting time. His mission is to cultivate relationships with corporations and foundations that can work with MOBI, tapping the value that our content creates. Leveraging the resources and networks of these large businesses will significantly improve our reach and financial sustainability. Kelvin comes to us with international experience in economic development and public policy, having worked previously with the Singapore government building nonprofit infrastructure in Asia. He is also a firm believer in social enterprise and relishes the challenge of applying that at MOBI. Kelvin has a BSc in Biomedical Engineering from Duke, and an MBA from UCLA Anderson School of Management.
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Succession is not easy
By: Phil Holland, MOBI Founder and Chairman
If your children or other family members are interested and qualified to run your business someday, now is the time to begin establishing a strategy to implement a successful transition plan. But be warned: according to a Bank of America study, while three out of four companies say they have a succession plan, fewer than 40% of businesses have actually implemented them. And just 15% of family businesses even make it to the second generation and even fewer to a third.
So you have a choice: someone is going to end up dictating how your company's assets are transferred. If it's not you it will be someone who will be less invested in the outcome then you are. Here is my list of the top ten do's:
- Understand that family succession is not easy.
- Evaluate the level of interest of family members to run your business.
- Be aware that implementing succession is expensive.
- Realize that all aspects of the plan are interactive.
- Plan, document, and maintain your succession plan.
- Create a succession team.
- Consider bringing your team together including family members.
- Evaluate future growth prospects.
- Look to other options if family succession is not realistic.
- Involve your successor in your business long before taking over.
Sam's Club offering small business loans
During the summer Sam's Club, owned by Walmart launched a pilot program offering SBA loans through a partnership with California based Superior Financial Group. The online program offers micro loans from $5,000 to $25,000 for new or existing small business owners. (Focus is put on minority, women-owned, and veteran-owned businesses.) Sam's Club membership is a requirement but if not a member you can apply online.
The process is simple; a one page application, easy terms, low interest rates and no collateral. If you qualify, loans can be funded in as little as a week. It has not yet been determined how long the program will run. Just under half of Sam's Club customer base are small businesses and perhaps the hope is also that these micro loans will help fuel their growth, increase spending and create brand loyalty.
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Share Your Success Story
By sharing your Success Story the FYI Newsletter offers a double benefit: You can gain widespread recognition by and promoting your business to the more than 200,000 visitors who view the My Own Business site each month. Also your success story will provide lessons and inspiration to the many others who are striving to achieve success. We really want to hear from you.
Visit our Success Stories page and share your good news at http://www.myownbusiness.org/success_story.html.
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Let Your Friends & Family Know About Us:
The best compliment we can receive is the referral of your friends and family. Consider giving the gift of knowledge to anyone you know who is looking to scratch that entrepreneurial itch. Please forward this e-mail or click the link below:
www.myownbusiness.org
My Own Business, Inc. welcomes your comments and questions. Please send to FYI Newsletter, My Own Business, Inc., 13181 Crossroads Parkway North, Suite 190, City of Industry, CA 91746, phone 1-562-463-1800, or e-mail us at info@myownbusiness.org.
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