Leslie McCarthy Apodaca, Director, Greater Albuquerque Chamber of Commerce; and Partner, Rodey, Dickason, Sloan, Akin & Robb, P.A.

Serving on the board of a nonprofit organization can be professionally and personally satisfying, or it can be an exercise in boredom and frustration. Getting the most from board membership requires a good fit between individual and organization, and that requires some research.

Pros and Cons

The benefits of board service are generally recognized, which is why the busiest and most successful members of a community often serve on community boards. Board membership offers an opportunity to collaborate with others who are interesting and like-minded. Board members can learn new skills and use skills they already possess to improve and benefit an organization they support. Most people who volunteer to serve on boards say they do so because of a desire to have an impact, to effect positive change and to give back to the community.

Networking opportunities and public recognition are other benefits of board service. Many business people join boards to get their names before the public and demonstrate their abilities through the work they do on behalf of the organization. For example, a certified public accountant might serve as an organization’s treasurer. But others are simply passionate about an organization’s mission, as when a classical music lover serves on a symphony board.

That said, board members need to approach board service with caution. They have a fiduciary relationship to the organization they serve and thus potential liability for financial mismanagement, including for allowing Internal Revenue Service penalties to accumulate. Before agreeing to serve, a potential board member should ask whether the board has ever been sued (lawsuits could suggest a tendency among board members to operate outside the scope of their authority) and ask to see an organization’s financial information; any reluctance to open the books is a warning sign. The organization should provide adequate directors and officers (D&O) insurance to protect members in the event of a lawsuit.

Deciding Whether to Serve

Many nonprofits, particularly in today’s cash-strapped economy, are relying on board members far more heavily than in the past for their financial contributions, technical expertise, time and connections. Prospective board members should determine the likely expectations and commitments — as well as the length of their term — before agreeing to serve.

Regular duties and obligations are often spelled out in a handbook that includes the organization’s bylaws, operational structure and board guidelines. Some boards, for example, expect members to lead fundraising activities, attend meetings, sponsor events, buy tables and donate to the organization.

Most boards have an executive committee made up of the president, vice president, secretary, treasurer and at-large members. The executive committee often takes responsibility for specific business such as oversight of the executive director, but exact responsibilities are typically spelled out in the bylaws. Some organizations set term limits for board members to ensure that the organization gets regular infusions of fresh energy and ideas.

Download 241_Board Membership Offers Connections and Fulfillment PDF

Edward R. Herrera, Acting Director, Office of International Trade, NM EDD

Glenn Mallory traveled to Chile and Argentina this winter to gauge the potential market for Kalwall, an energy-saving translucent building material made and marketed by Illuminación Natural Inc. and its Southwest affiliate, Daylighting Solutions. The trade mission was coordinated by the New Mexico Economic Development Department’s Office of International Trade.

“I had worked in both markets several years ago with no tangible results,” Mallory said. But on this trip, “I got very clear ideas about the potential in both markets. It will take months of follow-up and persistence to determine whether or not there will be direct economic benefit from the mission, but one small order would pay for the cost of making the trip, so it is worth the investment.”

The state legislature created the Office of International Trade to support job creation, retention and expansion by helping New Mexico companies capitalize on opportunities in the competitive global marketplace. Export-market success is critical for small and midsize companies, as about 96 percent of consumers live outside the U.S. By recent government estimates, companies that export pay higher salaries on average and have reported a 32 percent increase in revenue compared with a 19 percent decrease among those companies that restrict themselves to the domestic market. Of the 50 states tracked, New Mexico had the third greatest growth in overseas exports in 2011 after registering an overall 37 percent increase over 2010 exports.

Businesses that are accepted for the trade missions travel with representatives of the EDD who have set up meetings for them in the countries they’re visiting. Some funding is provided through the Small Business Administration’s STEP (State Trade and Export Promotion) program, but businesses pay about 50 percent of travel costs. The department is organizing a trip to the Asia-Pacific region May 10-22, 2012 for companies with concrete plans to develop and expand their market in that fast-growing region.

The South America trip was Mallory’s second trade mission. “I went to India three years ago and just last month received an inquiry from a company that I met on the mission,” he said. “It is a long-term investment; I am looking five to 10 years out, and the trade missions will hopefully guide me in future efforts (whether or not they) result in immediate or direct business. The participation in trade missions is an effort on our part to be proactive and to better understand markets where we see potential.”

Besides coordinating the trade missions, the EDD provides business representatives advice on how to clear the language, cultural and structural barriers that might otherwise frustrate their efforts to penetrate the international marketplace. The department conducts workshops and seminars to make businesses aware of global opportunities and explain the export process. Department experts can help New Mexico businesses establish overseas distribution channels, arrange export finance and letters of credit, explain international shipping and logistics and global pricing strategies and assist with cross-cultural communications in a specific country or region.

The state department coordinates export promotion programs in partnership with the federal government through the U.S. Department of Commerce Export Assistance Center, which is housed in the EDD.

For more information on the EDD’s trade missions program, visit the department’s website (www.gonm.biz) and click on the International Trade tab.

Download 240_Trade Missions Help Businesses Expand Into Global Market PDF

Monica Abeita, Regional Development Corp. for NNM Connect

Three New Mexico men – metallurgist Terry Lowe from Metallicum, a subsidiary of Manhattan Scientifics; designer and manufacturer Dan Blacklock from Danlin Products; and dentist and educator Walt Schuman from BASIC Dental Implants — recently collaborated to develop, manufacture, and market dental implants that use an enhanced variant of titanium made by Manhattan Scientifics. Titanium improves the way dental implants are anchored into the jawbone.

But the team needed special equipment and expertise to evaluate and describe the distinctive characteristics of their breakthrough material, which goes by the trademarked name of Biotanium. The partners applied for help from the New Mexico Small Business Assistance program – a joint project of Los Alamos and Sandia national laboratories and the state of New Mexico. NMSBA provides technical assistance through expertise from lab scientists and engineers at no cost to small businesses located in New Mexico. The assistance is aimed at solving technical challenges for which there is no solution readily available in private industry.

The three companies received a leveraged NMSBA project, which funds laboratory research for multiple businesses with a shared problem that is too large or complex for an individual project. They were paired with LANL’s Joseph Mang, Robert Dickerson and Marilyn Hawley, who used powerful imaging technology to confirm that the surface features of Biotanium make it an ideal environment for bone cell attachment and proliferation and could promote dramatically faster and stronger recovery for patients than other materials.

“We received two key benefits from NMSBA,” Lowe said. “Data on our product and competitive products helped us to validate our market advantage, and the LANL analyses showed us ways to enhance the benefits of Biotanium implants.”

Lowe anticipated the company will develop additional products — for example joints, spinal devices and cardiovascular stents — based on this new metal, and plans are under way to employ up to 28 people at a manufacturing facility in Albuquerque.

Small businesses can submit proposals for leveraged projects like this one to NMSBA starting May 4 through June 8. The proposal should explain the problem, identify what expertiseLos Alamos or Sandia national laboratories offers that can’t be found in the private sector at reasonable cost and describe the expected economic benefit to the businesses involved.

Leveraged projects must be completed within one year and are funded at the equivalent of between $20,000 and $100,000 in technical assistance.

Businesses wishing to apply for a leveraged project can attend information sessions to learn more about the program. Sessions will be held May 8 in Los Alamos, May 11 in Farmington, May 16 in Santa Fe and Las Cruces, May 17 in Albuquerque and May 22 in Carlsbad. Visit the NMSBA website at www.nmsbaprogram.org for details.

Businesses ready to apply should follow the instructions on the NMSBA website. If the proposal is selected, NMSBA will request additional information due by Aug. 3 and a presentation on Aug. 15 (for Sandia leveraged projects) or Aug. 16 (for LANL leveraged projects). Proposals selected for technical assistance funding will be notified the first week of September.

For more information, contact Becky Coel-Roback at 505-667-1710 or becky_cr@lanl.gov, or Jenni Degreeff at 505-844-9623 or jldegre@sandia.gov.

Download 239_Lab Helps Solve Technical Problems PDF

Trevor Loy, Partner, Flywheel Ventures

When presenting an opportunity to investors, entrepreneurs usually begin by describing their invention and explaining why people need it. Next they present the financial team’s projections about what customers would probably pay for the product or service and what the entrepreneurs want to charge. They end by introducing the entrepreneurial team and detailing members’ credentials.

This approach is the inverse of what venture capitalists like me care about and consider when evaluating an investment. I want to hear about a venture the way I want to read a book or watch a movie: I want a story. Who are the protagonists and the other main characters? What goals do the characters hope to achieve, and how valuable would the goal be if it’s reached? What challenges do the characters anticipate and how will they respond to them? Finally I want to know my role so I can decide if I want the part.

Outlining the story

Character introduction is where most stories begin. In this case, the characters are entrepreneurial team members. I want to know how they know one another, the history of their working relationships, their strengths and weaknesses and what roles or skills they lack. This is the heart of the story.

Next I’ll want to hear about the competitive advantages of the product and its technology foundations, as well as how the inventor plans to get the product to market. I’ll zero in on the subset of technological capabilities relevant to the market opportunity being presented and watch for evidence that the entrepreneurs can execute a rapidly changing process of product development.

Next come the financial projections. An entrepreneur who has thought deeply about product sizing, pricing, sales cycle length and the costs of sales channels, distribution, support and marketing will see miscalculations and come up with answers faster than potential competitors. Financial analysis is another way of evaluating the entrepreneurial team: The best teams articulate and test their assumptions, take responsibility for the real-world results of those tests and decisively tailor their approach based on that feedback. They move rapidly through observe, orient, decide and act (OODA) decision-making; once decisions are made, they act. By analyzing a startup’s financial assumptions and projections, I’m really measuring the entrepreneurial team’s intellectual honesty, customer-centered mind-set and OODA loop speed.

Finally, I want to know what money and other assistance the team needs from me and when it’s needed. With all this material, I can decide if there’s a place for me in the story.

Flywheel Ventures manages several investment 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 238_Telling a Story that Drives Investment PDF

Walt Taylor, Commercial Loan Officer, Accion New Mexico ∙ Arizona ∙ Colorado

A new brewery is coming to Albuquerque in June, run by three local beer-loving entrepreneurs. Bosque Brewing is the brainchild of partners Jotham Michnovicz, Kevin Jameson and Gabe Jensen; in their corner is nonprofit lender Accion, which extended a loan of $100,000 to help the partners build a brew house and cover their initial operating expenses.

The idea for the brewery started two years ago, before any of the partners had ever made a batch of home brew, Jameson said. The three were united by longtime friendships, one family tie — Michnovicz and Jenson are cousins — and membership in the same church. All three attended New Mexico State University in Las Cruces.

After intensive study, practice and research, the men had the recipes they wanted for several types of European-style beers: German ale, brown ale, red rye, India pale ale and English-style ale. They wrote a business plan that drew on their collective experience in the business and technology fields and prepared to approach potential lenders.

First stop was the Small Business Administration, but Jameson said SBA wasn’t positioned to lend such a small amount of money and required a much greater investment from the entrepreneurial team. “A microbrewery is considered high risk, like a restaurant,” he said.

A friend told the trio about Accion New Mexico ∙ Arizona ∙ Colorado; since 1994, the organization has underwritten the startup or expansion of nearly 3,500 small businesses with loans as small as $200 and as large as $300,000. Typically thought of as a microlender, Accion’s loans can go even higher – up to $500,000 – if Accion partners with the SBA on a loan such as the 504 loan that is secured by a business’s property.

Accion liked the men’s credit histories and their plan to have two partners support the brewery financially with income from their day jobs while the third runs the brewery full time until it’s capable of supporting all the owners. Both Accion and Bosque Brewing share a commitment to the local economy.

“Our experience was right, and they liked our business plan,” Jameson said of Accion. That plan is to begin by producing 42 barrels of beer each month or 500 barrels per year — first for regional distribution as a canned product. As their production capacity increases, they plan to provide draft beer to local restaurants and pubs.

Accion can support its new clients by connecting them to a mentor – sometimes other entrepreneurs who have borrowed from Accion. By providing support to its borrowers to help them succeed — including one-on-one education, workshops, mentorship and marketing assistance — Accion specializes in serving entrepreneurs who want more than just money when starting a new business. “They won’t tell us how to run the business, but they’ll help us if we need it,” Jameson said.

Many businesses turn to Accion because they can’t get the capital they need from traditional financial sources, often because their credit needs are too modest or they lack business or credit history or collateral. The organization also offers more established businesses a range of credit products. For more information about Accion, visit http://www.accionnm.org/.

Download 237_Accion Helps Trio Launch New Brewery PDF

Caroline Dennis, President, Wired Nation

Given the numerous products and promises of the information technology (IT) security industry and the frequent news stories about data breaches, it’s not surprising that business owners don’t know where to start when it comes to protecting themselves from information-highway robbers. Some wonder why they should spend money on sophisticated security systems when hackers can get around them.

Even if a business doesn’t hire someone to watch over its systems, it can implement some basic IT security measures to significantly reduce its vulnerability.

Know the Enemy

Small businesses often deceive themselves into thinking hackers won’t hurt them because hackers are after big money from big businesses. But small organizations are perfect targets because hackers know that small businesses typically have minimal security. Hackers likewise prey on business travelers — especially executives — who use unprotected mobile phones, Blackberrys, iPads and Kindles to conduct business.

Hackers get into computer systems in several common ways. They can extract information about a business by gaining the confidence of an unsuspecting employee, which is why staff members need regular training about basic IT security practices. Hackers know that companies have lots of software running on their computers, and most of these computers are not patched and updated regularly, making them vulnerable to the malware or keystroke logging programs hackers use to steal account information. And weak passwords are easy for cyberthieves to crack.

How to be More Secure

A business owner should first identify what data or intellectual property is most important to protect based on the potential impact of its loss or corruption. To begin protecting it, he should:

Strengthen passwords: People often use the same simple password on multiple sites because it’s hard to keep track of dozens of them. The free program Password Safe (http://passwordsafe.sourceforge.net/) offers a way to store, generate and manage passwords. (A password can still be stolen by keystroke logging malware, but this is a risk for any password-protected asset.)

Use encryption programs: Businesses that use services like Dropbox or search engines like Google should know that any information launched into cyberspace is out there for public consumption. SpiderOak (https://spideroak.com/) is a free online backup, synch and sharing program that encrypts, or scrambles, the data on a computer before it’s uploaded to the Internet. It works with Windows, Mac and Linux operating systems.

Monitor computer logs: A company’s firewall, server or router generates logs that require regular monitoring, as they usually give the first warning of intrusions or suspicious activity. If the business doesn’t have time to monitor these systems, it can hire a managed service provider to keep watch and perform regular patching. Log management software packages are another way to catch a problem before it becomes severe and costly.

Encrypt files sent by email: Sensitive documents sent via email can expose a business to hacking. AxCrypt (http://www.axantum.com/axcrypt/) is a free, open source product that works with Windows to allow an individual or business to send email attachments in an encrypted format. The person receiving the email needs to know the passphrase to open the file, and this should never be sent by email.

Attend the IT Security Summit New Mexico: On May 3, Santa Fe Community College hosts a one-day security summit where anyone from IT and information assurance professionals to business professionals and entrepreneurs can learn about the latest computer security trends, network with peers and share remediation strategies. Industry experts in research, business, academia, law enforcement and government will address cyberthreats, and a panel discussion called “Virtualization Strategies: A Security Perspective” features chief information officers and IT security professionals from the University of New Mexico, private industry and Los Alamos National Laboratory discussing the security implications of server consolidation projects. The conference is sponsored by the New Mexico Technology Council (NMTC) and the New Mexicochapters of Information Systems Audit and Control Association (ISACA) and the Information Systems Security Association (ISSA). Because space is limited, people are urged to register at www.fbcinc.com/itssnm.

Learn more about Wired Nation.

Download 236_How Businesses Protect Themselves from Hackers PDF

Jennifer Sinsabaugh, Operations Director, NM MEP

New Mexico businesses interested in exporting their products or services — or expanding their export capacity — can take advantage of special training sessions being offered in Albuquerque by ExporTech, a collaboration of the National Institute of Standards and Technology and the U.S. Export Assistance Centers of the U.S. Department of Commerce. The event is set in Albuquerque because of that city’s central location, but businesses throughout the state are encouraged to attend, even if it means a long drive, to take advantage of the national resources being offered.

The sessions — April 24, June 5 and July 30 — are jointly conducted by the New Mexico Manufacturing Extension Partnership (MEP), the U.S. Export Assistance Centers, the New Mexico Economic Development Department, New Mexico Small Business Development Centers, EXIM Bank, FedEx and other partners. Stephan Helgesen of Second Opinion Marketing and Kay Carrico of In-Compasse International will participate as principal export consultants because of their extensive export expertise and experience.

MEP is a part of the National Institute for Standards and Technology, the federal government agency that works with industry to develop and apply technology, measurements and standards. Among exporters, it is best known for the ExporTech program, which has a long history of helping U.S. manufacturers build successful export strategies and is offered in collaboration with numerous state trade offices and other regional partners throughout the country.

“We are excited about starting up this very worthwhile program here in New Mexico and are pleased to have two of New Mexico’s most experienced consultants on board,” said Ron Burke, director of New Mexico MEP. “We’re looking for companies that want to add new markets and more profits to their bottom line.”

ExporTech uses a facilitated small-group process to help companies develop a simple global growth plan based on a series of carefully designed tools and templates. It provides experts to vet participants’ plans and connect the companies with organizations that help them move quickly beyond planning to actual export sales. Each workshop is limited to six to eight companies so there’s sufficient time and attention given to each company’s specific challenges.

The companies meet for three one-day sessions over three months. Between sessions, participants develop their export plans with the help of expert coaches. The program’s small workshop size and customized format focus on merging strategy with results so companies walk away with information and guidance tailored to their business. In the final work session, a panel of experienced international businesspeople reviews and provides feedback on each participating company’s export growth plan.

The first session meets 8:30 a.m. to 5 p.m. on the second floor of New Mexico State University’s Albuquerque campus at 4501 Indian School Road N.E. Lunch is provided. The session costs $1,000 per person for all three sessions thanks to corporate sponsorships from FedEx and New Mexico Bank and Trust. Each company can bring three executives. Payment by credit card, postal order or check must be received by April 17, 2012.

For more information, visit www.newmexicomep.org or call 505-262-0921.

Download 235_Export Experts Come to New Mexico PDF

Doug Lee, Managing Director, WESST Enterprise Center

A digital media studio that opens soon at the 3-year-old WESST Enterprise Center business incubator in downtown Albuquerque will provide more resources to entrepreneurs and small businesses in New Mexico.

When the Comcast Digital Media Studio opens in July, WESST will have a studio to film workshops we can then stream live to all our offices in New Mexico.  This means our workshops will have a uniform message for our resident and non-resident clients, regardless of whether they’re based in Albuquerque or at our satellite offices in Rio Rancho, Santa Fe, Las Cruces, Roswell and Farmington.  Of the estimated 1250 business incubators in the U.S., fewer than six have video studios.

The studio was originally designed as a resource mainly for New Mexico-based filmmakers when the state’s film industry was experiencing rapid growth. We have complemented those plans to include:

• Location for the creation of e-learning, business content focused on the new entrepreneur in both New Mexico and throughout the U.S.
• Green screen cyclorama for film and video game industries
• A facility for live, interactive streaming of education and business-related content
• A project to provide collaboration and intern opportunities between WESST and UNM and CNM and other institutions of higher learning
• A professional recording facility for use by marketing and advertising agencies
• A film studio with quality computer editing, cameras,  audio and projection equipment

The studio also will be used to produce short, informative videos that business owners can access on the WESST website.  By providing quick answers to the kinds of questions clients often ask, these videos should make it easier for businesses to more efficiently navigate WESST’s support and service system.  Especially exciting is the opportunity the studio will present for community media artists and filmmakers.  It’s envisioned as a place where community and business groups can conduct meetings and film them or stream them live to remote locations.

Studio Design at WESST Enterprise Center

This green screen technology is most commonly seen in television weather reports where the actual weather map is a computer-generated image inserted on a green screen.  The weather forecaster sees only the green screen while the audience sees the forecaster and the map.  In film, it also allows animation and human actors to interact seamlessly.

We at WESST are excited about the many ways the studio will complement New Mexico’s business assistance programs – those provided by other organizations and those WESST has long provided for our member companies and any New Mexico resident needing guidance or capital to start or build a business.  Between 2009 and 2011, businesses at the incubator created 197 new jobs and $23.3 million in revenue, and we expect that number to grow as businesses make use of this rare resource.

For more information about WESST’s business assistance programs and workshops, visit www.wesst.org.

Download 234_Video Studio to Connect Businesses to Resources PDF

Kendra Zacharias-Trujillo, Rio Grande Insurance Services Inc.

Many contractors — especially those with a demonstrated reliability and good credit — resent that they’re required to be bonded for the work they do and consider bonds an unnecessary expense for something that doesn’t appear to provide a tangible benefit.

But bonds protect the interests of both parties to a contract: They’re a form of credit that helps the contractor attract serious, big-ticket clients, and they assure the client that he will receive money to cover the costs of finishing a project that isn’t completed to contract terms.

A bond is a promise made by the bonding company to pay one party if the second party fails to meet an obligation. In that sense, it’s a form of insurance. If a contractor defaults or a client presents a valid claim, the bonding company pays cash to the limit of guarantee — the bond amount — and the contractor must then pay back — or indemnify — the bond amount to the bonding company.

The type of bond that’s needed depends on the scope of work involved. Contract bonds common in the construction industry guarantee the project’s owner that a general contractor will fulfill a contract completely. Other construction-industry bonds include bid bonds (a contractor will enter into a contract if awarded the bid), performance bonds (the work will be done as specified by contract); payment bonds (a contractor will pay for services and materials) and maintenance bonds (a contractor will repair and maintain a facility for a specified time). Contractor license bonds are issued to artisan contractors, such as electricians, carpenters, masons and other tradesmen.

Some federal, state or municipal governments require license and permit bonds before issuing a license or permit to certain types of businesses. These bonds promise the government that a business owner will comply with underlying state laws, municipal ordinances or other regulations.

When dealing with bonds, contractors need to note the “penal sum”; this is the maximum amount that might be paid if there’s a default. The penal sum is what the bonding company uses to assess the risk involved in extending the bond and to decide how much of a premium to charge the contractor to secure the bond.

Premiums are also based on a contractor’s creditworthiness and net worth. Anyone required to obtain a bond can lower his cost by maintaining good credit, completing the terms of any bond so default is avoided and generally having a good reputation within his industry. The cost of the bond is determined by how much risk the bonding company feels it will assume if it has to pay out and can’t collect from the contractor who defaulted; this is no small consideration, as many contractors went out of business during the recession and some couldn’t complete the jobs they were working on.

As much as contractors and other business owners dislike forking over money for a bond, it’s part of the cost of doing business in any given industry.

Download 233_Bonds Benefit Both Contract Parties PDF

Priscilla Dakin, Dakin Business Group Business Brokerage

Many business owners dream of selling their business at a price that will pay them in retirement what they earned while working. The ones who achieve this goal start planning and preparing well before retirement by saving a portion of personal income from the business in retirement accounts and diverse investments and by managing the business so it’s offered for sale at the peak of its success.

Not everyone needs to earn the same amount of money in retirement as he did while working, but many business owners hope to get as much money as possible for their business so they can invest in other income-generating instruments. That requires the business to be valued as high as possible.

Most businesses are valued by multiplying their earning power by a predetermined number that’s usually based on the type of business it is; for some industries, it’s a multiple of two or three. The earning power is determined by adding to the net profit the non-cash or discretionary expenses not necessary to running the business, such as the owner’s wages and compensation package, the loan or lease payment for the company car, depreciation and taxes. The owner derives more cash from operating the business than what the bottom line shows, so she needs to add the value of those items to the net income to measure how much cash the business truly generates.

Because most potential buyers want to see three to five years of the business’s financial books, the owner should start grooming his company at least that many years before he sells it. The business sales price is based on past earnings, so the owner wants to demonstrate increasing profit during that three- to five-year period. That often requires a shift in business practices: A business owner who tries to minimize taxes by maximizing expenses and deductions needs to reorient to maximizing profit several years before selling the business. She does this by reducing expenses and increasing efficiency to increase revenue. Capital investments in new products or services, which don’t typically turn an immediate profit, should be made before the three- to five-year presale period so losses and big capital expenditures won’t skew the business’s sale price.

A business can also shed obsolete or slow-moving inventory, write off uncollectible accounts receivables and pay off company loans to the owner to clean up financial statements. If the owner wants to sell the business without waiting three to five years and wants his accountant to quickly make the books look good, such changes should be transparent so the buyer sees the removal of the owner’s personal items as an act of professionalism, not subterfuge. All these actions, along with top-notch personnel and other management practices, should increase what a buyer is willing to pay for a profit-making business.

A business owner who appreciates the value of her business from the start and keeps its growth on track will sell when it’s going strong and is most appealing to a potential buyer.

Download 232_Live Off Assets From Business Sale PDF