Exit Stage Left

-->

If you think an exit strategy is only something you need when you get on an airplane, you may need to revisit your business plan.  An exit strategy can help you when you are planning to start your business, and is something that investors will ask about. Knowing how you want your business to eventually end up will help you immensely when starting up or preparing your business goals and benchmarks.

Exit strategies may include selling your business, paying your investors back, retiring, acquisition by a larger company or the elusive IPO (Initial Public Offering).  I say elusive because according to a recent article, Exit Strategies for Your Business, by Stever Robbins, there are only 7,000 public companies in the U.S. amid millions of companies, so your chances of great fortune are better playing the lottery.  The author goes on to say, “But if you’re a bootstrapper, believing in a fair IPO is a touchingly naïve act of faith. Besides, do you have any idea what’s actually involved in an IPO?” (Entrepreneur).

Here’s another great blog post I ran across:  Strategic business transitions keep communities vibrant.  This article talks about the importance of planning in farms and rural businesses, but the same lessons apply to entrepreneurs and family owned businesses.  Exit plans can also be extremely helpful for family-owned businesses and entrepreneurs.  I’ve heard stories of the patriarch passing away and then the heirs can’t get along and the business ends up failing, or one offspring wants to run the company a different way than his or her sibling(s) and it ends up destroying not only the company but the family.  With the aging workforce, this becomes even more important to get things in place.

Finally, here’s another link with a step-by-step list to plan your exit. Whether it’s business, succession, strategic or exit, there are also plenty of free resources on this topic and other business resources available online at SCORE and the SBA.

Apples to Apples

-->

Apple growers in the Yakima Valley ship a million apples every week – a million!  The apple industry contributes over $10 million to our local economy, yet only 2% of the apples grown here are eaten in Washington State.  As I was learning more at a recent economic development symposium, it struck me that entrepreneurs can learn many lessons from the apple industry (and farmers and agriculture as a whole, but that’s enough for a whole book).

One of the most important takeaways about the apple industry was the need for diversification to stay competitive.  Remember Red Delicious?  I remember growing up, there were Red and Yellow Delicious, or Granny Smiths.  There wasn’t anywhere close to the varieties there are now, even compared to five years ago.  Now we’ve got Gala, Fuji, Jonagold, Pink Lady and even more new species coming out now. Today’s consumers want a a wide variety of choices and they want it all available in real time.  Who wants to pre-order Galas at the supermarket?

There is so much that the agriculture industry and farmers have done to stay innovative over the year that is driven by market demand and competition.  As an entrepreneur, you need to be proactive and try to anticipate what your customer needs, before he/she even realizes the need.  It comes down to innovation and sustainability.  Just think over the years about products that are obsolete but the companies have diversified product lines to meet customer demand.  KitchenAid has evolved from mixers into a whole line of kitchen products and gadgets, Hallmark has had to diversify to remain competitive with the onset of do-it-yourself cards or cheaper online alternatives and Apple (the other Apple) Computer is constantly rolling out new, innovative products.

How do you stay ahead of the market?  What type of data do you collect from your customers or how do you anticipate demand?

MBA in a Day

-->

September 15, 2010
10:00 am	to	2:00 pm

MBA in a Day is the kick-off event, sponsored by Banner Bank, to the Enterprise Challenge, a multi-round three month business plan competition with CASH prizes of $17,500!  The Enterprise Challenge will be held from September through December 2010 and is designed to identify and reward innovative business ideas and solid business plans to Yakima County entrepreneurs.  Top prize will be $10,000, 2nd place $5,000 and 3rd place $2,500.

This event will feature:

• Business education breakout sessions on Legal Issues, Financial Management, Business Planning Basics and Marketing;
• Limited English Track with all of the above topics;
• A luncheon with keynote speaker, Rebecca Lovell, Executive Director from the Northwest Entrepreneur Network.  Ms. Lovell has literally reviewed thousands of business plans and will be giving tips on what it takes to be successful entrepreneur.
• The day will conclude with a session on the Enterprise Challenge – what it takes to compete, the detailed schedule and more.
• Stay tuned for any updates and be sure to visit the Enterprise Challenge page.  Send us an email and we’ll add you to the mailing list!

MBA in a Day

Date: Wednesday, September 15th

Time: 10:00 a.m. to 2:00 p.m.  Registration begins at 9:30 a.m.

Location: Clarion Hotel in Yakima

Cost: $40 per person OR included in $100 Enterprise Challenge contest entry fee (for teams, one participant only).

MBA in a Day Sponsor: Banner Bank

MBA Session Sponsors:

• Financial Management: Martin Holland Peterson, PLLC
• Legal Issues:  Larson Berg Perkins PLLC
• Business Planning Basics:  Wheatland Bank
• Marketing:  Enigma Marketing
• Limited English Track:  UW Foster Business & Economic Development Center and UW Heritage Partnership

REGISTER NOW! MBA Registration Form and pay online when directed with PayPal.

Thank you to our generous sponsors of the Enterprise Challenge:

Gold	U.S. Department of Commerce
Silver	Wells Fargo
Bronze	Central Valley Bank
Venture	UW Business & Economic Development Center
Angel	Enigma Marketing
Investment Round	LeMaster Daniels

Stay tuned for more on this exciting competition!  Registration forms for Enterprise Challenge will be online by August 13th.

Lessons from Silicorn Valley

-->

Yes, that is correct.  SiliCORN Valley.  Otherwise known as Fairfield, Iowa, a town of nearly 10,000 that is becoming well known as the ‘Entrepreneurial Capital of Iowa‘.  This town has had over 4,000 jobs created and has attracted over $280 million in venture capital investment over the past 20 years.  Per capita income has TRIPLED in the same time frame and at the same time, Fairfield ranks 5th in the nation for philanthropic giving.  Essentially, they have turned the town into a giant incubator for entrepreneurs.

We have been putting a lot of emphasis on entrepreneurship over the past two years for exactly these reasons.  We want to encourage entrepreneurs to grow their business ventures in Yakima County and remain here as well.  Strengthening the support network for entrepreneurs is also a key factor to our Valley’s Entrepreneur Network.  Part of the success of Fairfield is due to networking, mentoring, and growing companies that are out of the ‘start-up’ phase.  We will continue efforts in these three areas to help ‘grow our own’ entrepreneurs in our area.

We are on the right track.  We have put numerous resources and effort into expanding our Entrepreneur Network.  There are tons of links on our website to business plan assistance, online training, financing your business and more.  Our local SCORE Chapter is also actively seeking new members that are willing to mentor up-and-coming entrepreneurs.  There are also many local resources to help small businesses whether it is the SCORE Chapter, your local Chambers of Commerce, the Small Business Development Center and Rural Community Development Resources.  Give me a call or email me if I can help match you up with a resource to fit your needs.