Terry Brunner, State Director, USDA Rural Development Agency

An energy-efficient water pump just went online at the San Miguel County ranch of Robert Quintana, and solar panels now power the Lifestyle Medicine office building in the county seat of Las Vegas, N.M. Both projects received partial funding from the Rural Energy for America Program (REAP) — a rural development program of the U.S. Department of Agriculture that offsets the cost of replacing outdated or inefficient energy technology in eligible rural businesses.

The Quintana ranch’s new electric pump powers a circle irrigation system that provides water to 193 acres of farmland; REAP contributed a $5,439 grant toward the $21,000 system that replaced the old diesel pump setup. Fourteen solar panels were installed on the roof at Lifestyle Medicine in downtownLas Vegas, and they produce enough electricity to reduce the facility’s energy costs. Owner Dr. Bradley Kanode received a $4,854 grant to help install the $19,000 solar-power system.

New Mexico’s two U.S. senators, Tom Udall and Jeff Bingaman, participated in a Jan. 3 tour and dedication of the project sites. Tour coordinators applauded Quintana and Kanode for installing the energy-saving technology and helping their businesses grow while showing others how they can save money by reducing energy costs. Bingaman chairs the Senate’s Energy and Natural Resources Committee.

Through REAP, USDA’s Rural Development agency grants money and guarantees loans that pay up to 25 percent of the cost of installing an alternative energy system for small businesses, ranchers and farmers in areas where fewer than 50,000 people live. Given New Mexico’s predominantly rural nature, this means that eligible businesses in most cities — aside from Albuquerque, Rio Rancho, Las Cruces and Santa Fe — qualify for the program. Grants are limited to $500,000 for renewable energy systems and $250,000 for energy efficiency improvements.

The federal program is designed to assist farmers, ranchers and rural small-business owners who can demonstrate financial need. All agricultural producers, including farmers and ranchers who generate 50 percent or more of their gross income from agricultural operations, can apply. The project must be technically feasible and must be placed on property owned by the applicant.

Most rural projects that reduce energy use and result in savings for an agricultural producer or small business are considered energy efficiency projects. These include retrofitting lighting or insulation and updating inefficient and outdated heaters or air conditioning units. Eligible renewable energy projects include those that produce any form of energy — heat, electricity or fuel — from wind, solar, biomass, geothermal, hydropower and hydrogen-based sources.

Rural small business owners or agricultural producers who would like to seek financial support for such a project through REAP can call any local USDA Rural Development field office or the state office in Albuquerque (505-761-4953), or they can visit USDA Rural Development’s website at http://www.rurdev.usda.gov. USDA Rural Development’s mission is to increase economic opportunity and improve rural Americans’ quality of life. The agency promotes growth in homeownership, finances business development and supports the creation of critical community and technology infrastructure.

Download 226_USDA Helps Businesses Upgrade Energy Systems PDF

Ray C. Roberts CPA, Managing Partner, Accounting & Consulting Group LLP

More than 95 percent of New Mexico businesses are defined as small by the U.S. Small Business Administration, and many were founded by entrepreneurs who intend to pass the assets they build to their children. Yet less than half take the steps necessary to ensure their heirs will inherit a viable enterprise.

Whether a business owner plans ahead for retirement or is forced to leave her company by illness or death, a succession plan is the single greatest tool for ensuring that her family and employees are protected. A succession plan can be the glue that keeps a business from breaking apart and destroying the assets an owner has worked hard to build.

There are many reasons owners neglect this important planning. Some don’t want to think about their own mortality, or they plan to work for many years to come. Others are afraid of creating family divisions by choosing one child over another as their successor. But without a succession plan in place, families can be quickly torn apart.

Transition is best done as a slow and methodical process rather than a disruptive and frightening event. Planning for the eventual absence of a key manager – usually the owner – can maintain the value of the company, retain key employees, use tax laws to the family’s best advantage and continue the founder’s legacy. In closely held companies, a plan can defuse the emotion inherent in an unexpected death or incapacitation.

Besides allowing time for grooming of the intended successor, a planned transition encourages involvement by the entire management team, often resulting in overall buy-in that promotes problem solving. Some companies set up a transition-planning team whose goal is to ensure the greatest chance of business success and longevity. Prior planning also allows for reevaluation if the intended successor shows signs of not being up to the task. The plan can also consider external influencers such as changes in the marketplace, new technologies, pending laws and competition.

Tax Considerations

One area of profound importance to future generations is taxation. A certified public accountant can help with decisions about transferring assets and help heirs maneuver through the minefield of capital gains and ordinary income questions. Some firms may be advised to change the business’s legal form, creating different stock levels that address control and voting rights. Other accounting vehicles, such as grantor retained annuity trusts (GRATS) and grantor retained income trusts (GRITS), can be employed to lower tax liabilities.

If no family heir-apparent exists, an owner may decide to sell the business to another firm or to employees through an employee stock ownership plan, thus preserving jobs.

With tax laws in flux, the importance of a succession plan only grows greater.

Succession planning is just one topic addressed at workshops led by Accounting and Consulting Group LLP. Long-range planning will be discussed at executive-level workshops held in Albuquerque and Roswell in early February. Get details at www.bizcalendar.org or call 505-883-2727. For information about Accounting & Consulting Group LLP, visit www.acgnm.com.

Download 225_Succession Plans Keep Legacy Alive PDF

Brent M. Eastwood, PhD, Director of Business Advocacy, NM EDD

To launch a business in New Mexico, an entrepreneur needs a legal structure, business name, employer identification number (EIN), state registration, business license and other permits. As complicated as it sounds, it takes most entrepreneurs only a few days to obtain what’s needed.

Legal structure: Most businesses begin as sole proprietorships or limited liability corporations (LLCs). The sole proprietor buys assets in his own name, and all business profits, losses and deductions go on the owner’s personal tax return. The business owner is personally liable for the business’s debts, obligations and liabilities. Sole proprietors don’t need to register with regulators to establish themselves, but they should check with local and state tax authorities to ensure the business complies with applicable tax laws.

Name: The legal name of a sole proprietorship is the owner’s full name, even if the business uses another moniker. A partnership’s legal name consists of the partners’ surnames or whatever name the partnership chooses. Corporations and LLCs have more latitude to register a legal name with the state; a corporation’s legal name doesn’t need to mention the owners’ names. A company uses its legal name in all business conducted with government entities. The company’s owner can operate under a fictitious name; in New Mexico, he can do it without registering with the state for a trade name or trademark.

Employer ID: An EIN, or federal tax ID number, identifies a business to taxing authorities. An owner whose principal business, office or agency or legal residence is in the United States or its territories can apply online and receive the number immediately if she has a valid taxpayer ID number such as a Social Security number or individual taxpayer ID.

Combined Reporting System number: All New Mexico businesses need a CRS number from the state Taxation and Revenue Department, which uses it to track major business taxes. This number is your state tax ID. Apply for this number (ACD-31015) at any local tax office or online at https://tap.state.nm.us to receive a CRS identification number immediately; applying by mail takes up to two weeks. A business with an average total monthly tax liability greater than $200 for any combination of taxes on the CRS-1 form must report monthly; other businesses can report less frequently.

Business license and other permits: Business owners must secure a business license for about $35 at their municipal office, where they’ll learn about and obtain other necessary permits and licenses that apply to their business. Licensing businesses allows the city to regulate zoning, parking, signage and other aspects of running a business.

Employer Account Number (EAN number): Entrepreneurs with employees are covered by the New Mexico Workers’ Compensation Act, and the EAN identifies the employers for unemployment insurance purposes. Register first with the New Mexico Department of Workforce Solutions, then with a district office of the Taxation and Revenue Department for the worker’s compensation personnel assessment fee.

Laws change frequently, and business owners should verify legal requirements at local taxing authorities or through legal counsel.

For more information, visit www.gonm.biz or contact your local NM Small Business Development Center.

Download 223_Getting Down to Business in NM

Paul F. Goblet, Financial Advisor, NM SBIC

While national indicators show unemployment beginning to ease and consumer confidence rebounding, the depth and duration of the recession that began four years ago exacted a heavy toll on businesses as sales revenue plummeted and cash flow dropped to a trickle.

Traditional bank lending dropped by $1 billion annually since 2008, and companies have seen their lines of credit reduced or eliminated during the banking crisis – just when they needed them most.

But 2011 was not all gloom and doom in New Mexico– especially relative to other states. While real estate prices are depressed and bankruptcy filings and foreclosures continue, local economies have been more resilient due largely to the number of state and federal government jobs, the service sector, technology development from the national labs and universities and the number and diversity of small businesses. Bureau of Labor monthly statistics indicate that New Mexico’s unemployment rate was consistently lower than the national average throughout the year.

New Mexico weathered the doldrums better than many other states because of job-creation measures taken long before the recession began. Set up as capital delivery systems that invested in and made loans to businesses, the measures were designed to build businesses that would create jobs and hire people.

In 2001, state legislators established the New Mexico Small Business Investment Corp. (NMSBIC) to help businesses access capital. The organization recently reported to Gov. Susana Martinez that its capital has been used to make loans to nearly 2,200 businesses statewide via its relationship with alternative lenders, such as the New Mexico Community Development Loan Fund, ACCION New Mexico and WESST. These funds purposely target businesses with loans of $2,500 to $200,000.

An aspiring entrepreneur who hopes to use these resources to capitalize on the improving economy should know the landscape has changed. Lenders and investors today are more conservative and want proof that a business owner knows his destination from the start. They want to see a realistic, honest business plan so they can determine the venture’s viability. They want to know about assets and liabilities, sources of revenue, the credit history and financial solvency of the principals and the prospects for success. The savvy entrepreneur views this disclosure as an opportunity to gauge his survival possibilities before getting in too deep.

WESST and ACCION also help entrepreneurs develop a solid business plan and connect with customers, as do local chambers of commerce, industry associations, and Small Business Development Centers, many of which sponsor frequent workshops and classes. The statewide business calendar (bizcalendar.org) helps entrepreneurs find workshops and networking opportunities. And Finance New Mexico delivers information about state, local and federal business resources through articles printed in newspapers throughout the state – more that 220 in the past five years.

With all these advocates in the business’s corner, New Mexico is doing what it can to promote even stronger growth in 2012.

Download 222_Future Improving for NM Businesses PDF

Andrew Siegel, Owner, Payday Inc.

Hiring a new employee is just the beginning of the company’s relationship with this member of its work force. An employee who seems ideal during a job interview might prove a poor match for the job once the probation period ends and he settles into the workplace routine. Studies show that over 70 percent of workers are disengaged. Much of that is because of mismatch between a person’s natural talents and the requirements of the job.

While a small-business owner who asks questions tailored to the behavioral and professional requirements of a specific job improves the odds of recruiting the right person, hiring isn’t an exact science. Human resource consultants who use job benchmarking tools can improve the odds; but in the long run, matching employees to the right job in a small business requires ongoing involvement in workplace dynamics and a willingness to make adjustments where needed.

Ongoing involvement is worth the time it takes. Costs associated with employee turnover range from 50 to 200 percent of an employee’s annual salary, depending on the pay rate of the position. Costs include advertising of the position, reference checks, bonuses, training and low production during the time the new employee gets up to speed.

Be involved

In a small business, each employee must function as part of a team whose members all are working in the same direction and striving for the same goals. One poorly working part might not cripple a large corporation, but it can seriously impact the success of a small enterprise.

A savvy small-business owner stays involved with employees throughout their employment and is willing to move people around to suit the job performance and skills of each team member. If a normally cheerful and enthusiastic employee suddenly appears withdrawn and unmotivated, it’s up to the manager to take the initiative to discuss the change of attitude. The employee might be going through a temporary bad patch that’s completely unrelated to work; but his behavior might also indicate unhappiness with the job and a willingness to fill a position that suits him better.

Career advancement

Some employees are so well matched to a job that they are satisfied to stay in that position for their entire working lives. Employees that derive satisfaction from mastering a specific job can be indispensable in a business of any size — but especially in a small venture.

Other people need ongoing stimulation to stay engaged at work. If the job isn’t one that naturally provides such challenges and opportunities, it’s up to the business owner to intervene before a valued employee becomes disengaged or begins looking elsewhere for something that fills this inner drive. Simple changes and support that promote performance or leadership development may be all that are needed. Human resource consultants can help in these areas.

Because the business world is dynamic, not stagnant, a savvy business owner who wants to make the most of the people who work for him must be willing to make changes that improve employee morale, productivity and job satisfaction.

Download 220_Engage Employees to Increase Productivity PDF

Trevor Loy, General Partner, Flywheel Ventures

When searching for investors, many entrepreneurs and inventors first present their product or technological innovation and then vaguely present the target market as “people who need this product.” But this isn’t how customers think when deciding whether to spend money.

Consumers start with a problem or “pain point” they desperately want to go away. They watch for anything that proposes to solve this problem. Discovering it, they decide whether it’s affordable or whether another product offers a better or cheaper solution. They might even decide they’re willing to live with the inconvenience if the solution is too costly.

The most successful venture capitalists first want to know how well the entrepreneur understands the target market’s problems. Only then do they want to hear about the solution.

Defining What Ails Us

The most compelling investment for a venture capitalist is one that has a meaningful number of potential customers with this same “pain point” and a strong desire to live without the pain. These potential customers must have the financial resources to buy the remedy, and they must be willing to pay more than what it costs the entrepreneur to make and market the product or service. These potential customers must be identifiable. They must be easy to contact, sell to and support. And there must be a way for them to express their delight with a product so that demand builds the way a virus spreads — exponentially. That’s the kind of rapid growth that attracts the attention and resources of a venture capitalist.

Fewer than 10 percent of entrepreneurs start by identifying a problem and then attempt to develop a product or solution that targets that opportunity. For this reason, I teach students in my entrepreneurial business classes to thoroughly analyze the market before they spend any time on a business plan. This approach forces students to describe all the elements of a compelling market opportunity from the customer’s perspective without proposing a possible solution. If it looks profitable to present a solution, that’s when the inventor needs to offer it.

Getting Their Minds Right

Entrepreneurs with science and engineering or manufacturing and operations backgrounds have an especially difficult time shifting to a mind-set that puts the priority on analyzing what a customer would buy and not on the product. They often seem unable to embrace the idea of exploring a market opportunity unless they have already chosen a specific product or solution they want to bring to market. This subtle misjudgment of priorities drives most venture investing mistakes and might account for the poor performance of the industry in the past 10 years.

The product or service is essential, of course, but its conception should be driven by what will serve and delight customers by solving their problems and eliminating their pain. Most successful entrepreneurial teams can take the proper approach by adopting disciplined and efficient “customer development.” This involves seeing things from the customer’s perspective and constantly tweaking the product or solution until it holds the greatest and widest appeal.

Flywheel Ventures manages several funds, including the New Mexico Gap Fund, which invests up to $200,000 in seed-stage business ideas. For more information, visit www.flywheelventures.com.

Download 219_Venture Capitalists Put Market Before Product PDF

Kim Blueher, Director of Lending, WESST

WESST is a statewide small-business development and training organization that works with many small-scale entrepreneurs who have never accounted for all the underlying costs of getting their product or service to market. Some haven’t asked themselves how to know they’re operating at a profit and how few sales they can make and still break even.

An example is a well-known ceramist who sought help from WESST because her healthy sales at arts and crafts fairs weren’t covering her basic living expenses. When WESST guided her through a price evaluation for her product, she discovered she was only charging about $2 more than what it cost her to make her ceramic dishes: She had neglected to add the time of her own labor to her costs.

Adding up the true costs

Most entrepreneurs are highly skilled and passionate about their work, yet many resist calculating the actual costs of doing business. If they did, they would realize they are operating at a loss.

Rather than blaming poor cash flow and trying to finance the business through credit card debt and small-business loans, the entrepreneur should first understand all production costs, including intangibles like time. He should then determine the appropriate price for the product or service — a tricky task, as pricing is an art and a science.

The variables to consider when setting price are competitors’ prices, the relative quality of a product or service, the convenience the product provides and customers’ emotional buying habits. If the price is too high, some customers will settle for something else, while others may be convinced the expensive product is a better one. Lowering the price sometimes generates larger sales volume, but if the price is too low, the business won’t be profitable.

Once an entrepreneur knows her costs and her potential price, she can set the break-even point and adjust the price based on expected volume to achieve profitability.

The best investment

WESST once worked with two women who wanted to open a dance studio. After performing a break-even analysis, the women realized they would need to conduct six or seven full classes each day just to cover their costs. This unrealistic scenario convinced them to change directions.

This illustrates how taking the time to truly understand the pricing model of a business is one of the best investments a business owner can make. Such financial savvy can help him navigate the rough waters of the economy and changing markets.

WESST supports hundreds of artists and craftsmen through workshops held at its New Mexico training centers in Albuquerque, Rio Rancho, Las Cruces, Roswell, Farmington and Santa Fe. It also supports clients through events such as this year’s Winter Craft Fair, where more than 40 New Mexico artists will offer their products at the Santa Fe Incubator, 3900 Paseo del Sol from 3 to 7 p.m. Dec. 14. For workshops, visit www.wesst.org and click on the events tab.

Download 218_WESST Helps Artisans Get the Right Price PDF

Floyd Morelos, Vice President, Century Bank

One silver lining in the economy’s slow recovery is that deflated real-estate values have given many business owners the opportunity to purchase the building they’ve been leasing or to buy land on which they can construct a new building for their business. The federal government helps by offering loan guarantees through its 504 loan program. Under temporary provisions of the Small Business Jobs Act, the 504 program lets borrowers refinance mortgages on properties they already own.

Created in 1980 to encourage economic development, the 504 program has made it easier for businesses — the biggest job-creators in the country — to expand through the acquisition of assets. The program provides long-term, fixed-rate financing for the purchase of land, buildings, machinery, equipment and certain improvements.

Under the legislation, the Small Business Administration is temporarily lifting the provision that requires expansion-only loans. This is especially good news for businesses with equity in real estate that may be difficult to refinance.

How it works

Under established rules, a 504 loan could be used for any “fixed asset” used for expansion. It could be used to buy land or a building or to construct a new facility or renovate an older one. Other eligible site improvements have included road building, installing utilities, adding a parking lot, landscaping and buying durable machinery and equipment with a 10-year work life.

The program allows the borrower to assume as little as 10 percent of the cost of the project being financed. The federal government underwrites 40 percent and takes a subordinate position. This has allowed the borrower’s bank or financial institution to limit its risk to 50 percent, thereby improving the overall loan package.

As of this year, under the expanded temporary provisions, borrowers can finance up to 90 percent of the appraised value of property they own. Borrowers with more than 10 percent equity can thus obtain cash to pay eligible business expenses. Any business with a commercial mortgage two or more years old may refinance its debt, regardless of maturity.

The temporary rules are also more attractive to financial institutions, allowing them to deliver more money to businesses. Rather than asking a bank to underwrite 50 percent of a project, the SBA only requires the bank to assume an amount equal to or greater than the SBA amount. This lets the business use the maximum amount of long-term, low interest, fixed-rate financing available.

Joseph Sierra, who heads the 504 loan program at Century Bank in Santa Fe, feels the program is under utilized. “In my opinion, the majority of the business environment isn’t aware of the program,” he said. “With favorable rates and terms ranging from 10 to 20 years, it’s surprising that more businesses aren’t taking advantage of the program.

The temporary provisions expire Sept. 27, 2012, when 504 loan program rules revert to previous specifications. For more information, contact Joseph Sierra at 505-798-5914.

Download 215_Jobs Act Frees Cash for Small Business Borrowing PDF

Christy Valdez, President and CEO, ReForm Spine & Injury Care Center

As U.S.troops withdraw from Iraq and Afghanistan, the military’s focus is moving from international hot spots to hospitals and veterans centers at home. Images of service men and women striving to function with the loss of limbs stir compassion, but no images adequately portray the pain of those struggling to reintegrate into families and communities or those suffering from the debilitating effects of post-traumatic stress disorder (PTSD).

Nearly one of five recently returning veterans describes symptoms of PTSD. ForVietnamvets, the statistics are more alarming; 25 years after a 1988 study of Vietnam veterans, 80 percent of its subjects reported recent PTSD symptoms. Hispanic male veterans had the highest rate of PTSD, although reanalysis of the data revealed variables other than ethnicity may have been in play. The most commonly reported symptoms of PTSD are depression, anxiety and alcohol abuse. Symptoms can vary by gender and are typically more severe in those with higher levels of combat exposure.

As the needs of veterans have increased — or become clearer — savvy and sympathetic businesspeople are offering comfort and solutions. For some, the increase in PTSD and combat-related illnesses is an opportunity to serve those who have served the country. Others see business opportunities in focusing on needs that are not adequately addressed by overburdened, underfunded veterans programs.

Research institutions look for proof of success before deploying therapies, while real-world practitioners address patient needs by modifying treatments used successfully for other illnesses. Effectiveness is evidenced by feedback from patients and visible improvements.

The benefits of massage therapies are widely known. Medical massage targets specific areas of the body, under a doctor’s direction, to relieve chronic pain. Therapeutic massage, which increases serotonin and dopamine as it reduces cortisol, lessens feelings of anxiety and imminent danger typical of PTSD sufferers. New modalities, such as soft tissue corrective therapy developed at ReForm Spine and Injury Care Center, stem from massage therapies.

ReForm has also incorporated a new PTSD treatment developed by an Albuquerque-based licensed massage therapist who is a natural therapeutic specialist. Called toggling, the therapy allows patients trained in the protocol to reverse the internal pressure that powers their emotions, putting them in control and relieving symptoms.

Health care is one of the fastest-growing global industries, and veteran health care is a specialty niche that gives practitioners an even greater sense of satisfaction when veterans’ challenges are addressed. For business owners who are alert to new market opportunities like those presented by wounded warriors, benefits are delivered to stockholders and employees in the form of greater satisfaction and revenues — and to veterans in the form of relief from debilitating stress and illness.

Download 214_Businesses Shift Focus to Veterans Needs PDF

R.A. Bobbi Hayes, CPA, CITP, CFE, CFF, CCIFP, Partner, Accounting & Consulting Group LLP

Business owners striving to make it through the tough economy need to know how cash flows in and out of their business. A good place to start is with a budget – a basic tool used to forecast when cash will be collected and when expenses must be paid.

Many owners of small and midsize businesses don’t take the time to create a budget, or they neglect to update the one they have. In this slow economic recovery, every dollar is precious and it’s more important than ever to know where money is going. Financial institutions also want to know; banks are beginning to require that borrowers include a budget with their loan requests.

Since a business budget is such a valuable tool, understanding how to create a good one is vital to obtaining successful results and improving a business’s chance of survival.

A good business budget has six key components.

Current description of the business and its market. Describe the economic factors affecting the business and its cash flow. Information about how sales are recorded and collected (cash, credit card) and the estimated length of time between billing and collection should be included. The same details should address how bills are normally paid. Even if a budget was prepared several years ago, it needs to be updated. Business activities fluctuate and this section should reflect precisely what the business is doing right now.

Explanation of how the budget supports the company’s mission, vision, values, goals and objectives. Budget items should tie into and support the company’s overall goals. Items that don’t correspond to goals should be questioned. If the company doesn’t already have a mission statement, this is a good time to consider and compose one. This step ensures money isn’t being spent in ways that don’t help the business.

Line-items that describe and account for allocated funds. Typical examples include staff and payroll; real estate, including rents and utilities; equipment needs; and materials needed for production. Don’t forget to adjust for costs that fluctuate, such as gasoline expenses. Costs should be split between fixed expenses – those such as rent that continue whether or not sales are made  – and variable that change based on production or sales levels. Although it can be tedious to maintain a detailed budget for all company expenditures, the extra work provides essential information to manage cash flow. The budget can track expenses and guide spending decisions that will keep cash flow aligned with the business’s goals.

Performance expectations. A budget is useful for analysis only if it is updated regularly to accurately reflect actual spending. Items that may have been under- or over-budgeted, and thus caused cash to deviate from projections, can be analyzed and controlled in the future.

Supporting appendices. These may include historical budgets and their corresponding results analyses. Other items to consider are summary documents broken down by departments, tables and graphs that depict market and cost trends, organizational charts, and a glossary of terms.  Supporting documents should provide a record of why certain decisions were made and whether estimates were based on the prior year’s expenditures or forecasts based on changing market conditions.

Executive summary. This section condenses all of the information in the budget and is a good way to obtain practical “takeaway” information. More important, the executive summary can make the budget more digestible to lenders and outside investors.

Accounting & Consulting Group, LLP is a full service public accounting firm with six offices throughout New Mexicoand an affiliated firm in Lubbock, Texas.  R.A. Bobbi Hayes, CPA is the firm’s Albuquerqueoffice Partner-in-Charge.  For more information on cash flow and how to leverage it to optimize your business fiscal well-being, attend her Cash Flow class, being held September 23, 2011, at the Albuquerqueoffice.  For more information, contact Marla Gorena, MBA at mgorena@acgnm.com.

Download 207_Budgets Matter to Business PDF