Posts Tagged cash flow

Calling all Entrepreneurs: Does Your Spirit Move You?


Stephen Lagerfeld (2010) described his father’s work as a spirit transcending economics. As his father traveled to work each day he shook his head in pity at the “poor tied-and-jacketed drones” (p. 1) heading in the opposite direction. Although Lagerfeld’s father did not enjoy the security of stable employment, he had his own nursery business, which spawned several other ventures and employed more than 50 people. Lagerfeld said employing other people moved his father the most. Lagerfeld portrayed entrepreneurship as “the pursuit of happiness” (p.1) through autonomy and self-creation. Money is nice, but the entrepreneurial spirit overshadows all else.

Although Lagerfeld’s father almost lost everything during the recession in the early 1970s, he managed to escape with a decent retirement until his death. Lagerfeld’s father did not mind having to work six days a week and many hours without the same security of the drones to find happiness.  Lagerfeld’s father’s greatest joy came from the entrepreneurial spirit and his independence and self-expression (Lagerfeld, 2010).

Entrepreneurs often traverse in an opposite direction and rebel from traditional work. Entrepreneurs are the engine of creation and employment. Entrepreneurs enjoy the challenge more than the money. Capitalism relies on the entrepreneur to get through the rough times and rejuvenate the economy.

Does your spirit move you? If you have the spirit we can help you. Learn more.

References

Lagerfeld, S. (2010). The spirit moves us. [Brief article editorial]. The Wilson Quarterly, 34(2), 4.

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The Small Business Financing Disconnect


Most small businesses start with a business plan to get financing for a venture, but entrepreneurs prefer managing risk through effectuation. Effectuation entails entrepreneurial control over what an entrepreneur can do to achieve a wanted result when the means to that result involves taking an uncertain action. The effectual thinker takes action toward an imagined state incapable of continuous planning because the entrepreneur is uncertain about the result of the action (Gabrielsson & Politis, 2011; Read & Sarasvathy, 2005; Sarasvathy, 2001; Sarasvathy & Dew, 2005).

Entrepreneurs create business plans to achieve early financing and develop plans like they understand the outcome of their actions, but this often is not the case. Entrepreneurs performance typically is significantly off from early plans not because of bad planning, but because of uncertain actions taken toward imagined outcomes. Planning is valid when actions are certain to produce a known result.

Financiers fail to recognize this disconnect, and conventional planning does not fit when an entrepreneur works toward an imagined outcome. Financial planners rely on existing business models and not newly created ones. Not until the entrepreneur perfects the model can planning have true substance in predicting a wanted result.

Financial planning done for business plans at best presents a plan conforming to existing conditions. When an entrepreneur wants to create a new market or product conditions do not yet exist to support such plans. Such conditions cause financiers to rely on risky projections.

This disconnect raises a question about how to evaluate a venture without a financial track record when future actions are dubious. What can an entrepreneur do to convince a financier of the merits of the venture when financial planning projections are so far-off from true results? I want to know your thoughts. Do you want to learn more?

References

Gabrielsson, J., & Politis, D. (2011). Career motives and entrepreneurial decision-making: examining preferences for causal and effectual logics in the early stage of new ventures. Small Business Economics, 36(3), 281-298. doi: 10.1007/s11187-009-9217-3

Read, S., & Sarasvathy, S. D. (2005). Knowing what to do and doing what you know: Effectuation as a form of entrepreneurial expertise. Journal of Private Equity, 9(1), 45-62. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=19164962&site=bsi-live

Sarasvathy, S. D. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management. The Academy of Management Review, 26(2), 243. Retrieved from http://proquest.umi.com/pqdweb?did=72362644&Fmt=7&clientId=13118&RQT=309&VName=PQD

Sarasvathy, S. D., & Dew, N. (2005). New market creation through transformation. Journal of Evolutionary Economics, 15(5), 533-565. doi: 10.1007/s00191-005-0264-x

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David and Goliath: The Dyson story


The Dyson vacuum cleaner story is an interesting case study about a man taking on the established vacuum cleaner industry by believing in a superior product. Dyson believed in making the world better through ingenuity and took on the giants. Dyson took on the role of the consummate protagonist (Carruthers, 2007).

Dyson grew up in a family in which he had little direction and he developed a distaste for conventional institutions. Dyson’s parents knew of his rebellious side and wanted him to take up teaching, become a doctor, or become a professional. Dyson gained an understanding of industrial product design through the art school he attended in London (Carruthers, 2007). Entrepreneurs typically have a disdain for the way conventional businesses do things and have it in their DNA to reject conventional wisdom. Rebellion is an integral part of the entrepreneur’s mold.

Entranced with the idea of improving the vacuum cleaner, Dyson began his adventure by stripping down the Hoover Junior to understand its poor performance. Dyson introduced the cyclone and clamber in developing his prototype. At first, Dyson had no fear, but balked when low-income, a big overdraft occurred, and he faced the uncertainty. Dyson experienced several brushes with bankruptcy (Carruthers, 2007). Entrepreneurs have to learn how to deal with their fear and overcome it by moving on. Keeping an eye on the opportunity trumps the original fear, but the entrepreneur faces failure each time he encounters a hurdle and has to deal with it in a positive way. Risk-taking is scary even to the most accomplished entrepreneur.

Jeremy Frey had mentored Dyson and provided the original funding for his venture. Dyson met Frey at college, and the millionaire and founder of Rotork served as an innovative person with whom he could identify. Dyson spent three years working on thousands of  prototypes and testing them. Dyson found industry unwilling to accept or license his ideas, but Japan did eventually license the Apex and G-Force products. Dyson relied on inventing and marketing himself instead of the conventions of big business and its marketing tricks (Carruthers, 2007). Entrepreneurs are bold people who reject established mediums and want to improve on them, but fighting with the enemy has its risks.

Dyson decided rather than to license his work to produce the product himself. Self-manufacturing the products, obligated Dyson to raise capital by borrowing against his property putting his family at risk. Dyson decided to take this path and export directly to the to the United States (Carruthers, 2007). This experience shows entrepreneurs have to look danger square in the eye and have the confidence to deal with it.

The last challenge for Dyson is to bring the product to the United States, the world’s largest market, where he must beat Hoover, Amway, and Black and Decker. Although Dyson set up manufacturing in Asia, he must confront the Big Three on their own turf in the United States. To bring the product to the United States, Dyson has to distastefully import the product from Asia and play by the rules. Dyson successfully captured enough of the United States market, but faced intense competitive pressure from his rivals. Hoover infringed on Dyson’s patent rights and Dyson filed suit to protect his business. Despite the challenge, Dyson wins the battle and confirms his success (Carruthers, 2007). Entrepreneurs often want to create the rules they play by, but sometimes have to conform to win the larger battle. The Dyson story shows how entrepreneurs can persist and improve existing products. David beat Goliath!

What have you learned from the Dyson story? Please let us know your thoughts. If you need help getting started I urge you to seek our help now. Learn more.

References

Carruthers, I. (2007). Chapter 5: The Entrepreneur’s Story Great brand stories Dyson: The domestic engineer: How Dyson changed the meaning of cleaning (pp. 85-99). London: Marshall Cavendish Limited.

 

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Stop the Predator Soothsayers


One of the traits of a good entrepreneur is to stop people trying to take advantage of them by foretelling the future. So often I see people trying to sell their products and services telling the small business founder if he or she does not buy the product the sky will fall on them. Savvy entrepreneurs filter the predator soothsayers claims to conserve capital.

My advice to a new business founder is to buy goods and services as you need them only if they are absolutely necessary to the business’s plans. Predators will try to sell the small business founder everything under the sun. If the predator is so hungry, the small business founder should ask for a free trial with no strings attached to see if the product or service performs as intended. Before signing on, business founders should ask themselves if the product or service is absolutely necessary or if they can get by without it.

Capital preservation is critical when a business is in an embryonic stage. The small business founder should take great care to preserve capital. I have seen too many small businesses spend foolishly and eat the capital the company needs to survive. A savvy entrepreneur learns to make do with less. Learning to say no is a tough assignment, but pays dividends in the long-run. When in doubt, return to the business plan and only say yes to those items included in the business plan.

Are predator soothsayers knocking on your door? How do you deal with them? If you need help learning to say no I encourage you to get help now. Contact us for help.

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Starting a New Business Doesn’t Have to Be Taxing


One of the most often forgotten about benefits new business founders overlook is the ability to carry forward and carry back a net operating loss. Founders of new business struggle to find sources of cash flow available to bootstrap their way to sustainable profits. A new entrepreneur founding a business should consider the benefits of cash flow from the net operating loss.

A company has a net operating loss when its business expenses exceed it business income. Business expenses excludes any capital losses, personal exemptions, and 50% of the gain from the sale or exchange of a qualified business stock. Business expenses also exclude alimony paid, contributions to an individual retirement account or self-employed retirement plan, payments to a health savings account, and most itemized deductions with some exceptions.

A founder can carry back a loss two years before the year in which the company incurred the loss creating a refund of previously paid taxes. A company can carry forward any remaining losses for up to 20 years reducing future tax liabilities. When a new business struggles to make ends meet it should not lose sight of this important tax benefit.

Most new businesses take 3 to 5 years to achieve profitability, but meanwhile the company can preserve cash. Using the net operating loss deduction can produce cash from the refund of taxes paid previously. This refund produces cash a business owner can use in the business.

Have you built the net operating loss into your cash budget? If you want to take advantage of the net operating loss, but have not already done so I encourage you to get help now. Contact us.

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Have You Had A Frontal Lobotomy Yet?


Often I hear the advice the way to improve products and services is to keep all the costs involved to a minimum. Although keeping costs low is a good way to achieve enough of a margin to make a product or service viable, cost cutting can create other problems. For example, the product or service can have less value to the customer or consumer and cause them to select other more desirable products and services. In short, cutting all costs indiscriminately often is counterproductive.

Just yesterday I listened to a video interview of Steve Jobs and he embraced the idea the main goal is to produce products that customers want and need. Jobs commented that when he came back to Apple when it had experienced financial difficulty many of the corporate managers had a hard time understanding the idea of creating value customers want and need. The approach of Apple corporate managers focused more on cost cutting and less on creating value.

Jobs highlighted the idea that one-size-fits-all approaches do not work as well as more reasoned approaches that consider what customers want and need. Jobs said his philosophy to the turnaround of Apple came from thinking like a small company. Jobs found many good people still existed in the company even after he left. What made these people stay is their belief in the product despite the push by management to cut costs at every chance.

Creative people need space to create value and can substitute parts instead of cutting costs at every opportunity. Jobs explained Apple created the I-pod using substitution instead of cost cutting at every turn. Substitution allows creative people to consider consumers needs and wants instead of putting out a product that has less value to them. Job’s philosophy to work like a small company relies on the communications between company employees and consumers unlike big companies focusing strictly on product margins.

My advice is not to let anyone tell you to leave your brains at the door. Cost cutting is desirable when used correctly, but can also have adverse effects. Think of customers and consumers first before demanding cost cuts. Cost cutting is not an end-all solution. Have you had a frontal lobotomy yet? What does your company tell you?

I want to hear your comments. If you want some other ideas I encourage you to get help now. Learn more.

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Credit Unions: An Alternative to Community Bank Financing of Small Business Loans


I read a blog post today about how banks have started to lend to small business again. Considering the bad treatment banks have given their customers I wonder how they will treat small businesses after cutting off lines of credit and other lending to them during the financial crisis. I suggest considering the credit union as an alternative to a bank for small business lending. Personally, I like getting treated as a person instead of as a commodity and credit unions have many advantages. I just opened an account with a credit union and I found the I received much better treatment and the credit union valued not just my business, but me as a person.

I remember an SBA loan I had with a small bank that a larger bank later took over. For several years the bank and I had a good relationship. One day I received a notice the larger bank had bought the bank and the new bank no longer wanted SBA loans as part of its business. The new management made it difficult to preserve the good relationship by charging new fees for everything imaginable. A few years into the recent financial crisis I saw this bank on a list of the banks the Fed had shut down.

Because small business financing sources have evaporated during the global recession, small business should consider using credit unions. Credit union unlike small banks are cooperative nonprofit organizations. As nonprofit organizations credit unions have an exemption from tax resulting in lower costs allowing them more latitude in making loans. Credit unions also enjoy  lower costs from volunteer labor and employer sponsorship giving them the ability to offer lower rates. Besides offering small business loans, credit unions also offer other products like credit cards and car loans (Feinberg & Rahman, 2006).

The trend is for large banks to buy smaller banks especially in larger markets. This trend has resulted in less lending to small businesses causing a need for alternative funding sources like credit unions to service small businesses. Consolidating small banks has created less of an interest in small business lending. The lack of interest stems from the difficulty large banks have dealing with soft data, the more hierarchical bank’s need for more approvals, and lower credit supplies by the larger organization (Ely & Robinson, 2009).

Oriz-Molina and Penas (2008) found one way to mitigate opaque risk from small business is to shorten loan terms to watch the progress of small businesses. The more conventional approach is to want greater collateral over a longer term. Credit unions also have the ability to gain a better understanding of owners’ personal wealth. Although credit unions can focus on better addressing opaque risks using these approaches, larger banks often rely on credit scoring to approve small business loans to achieve a competitive advantage (Immergluck & Smith, 2003).

Despite the ability of larger banks to gain a competitive advantage in lending to small business, credit unions are closer to small business customers and able to forge better relations. Large banks have shown poor behavior in recent years making them less attractive than more personal, smaller thrift institutions. For example, banks have added new fees and restricted lending to only the strongest small businesses. Improved relations with small businesses promotes long-term relations despite shorter lending terms.

Consolidating small community banks into larger banks has caused banks to become less personal and more selective. Credit unions fill a social gap in the market because of consolidation of these community banks and the cost advantage they have from the nonprofit status. Credit unions can expand from solely personal to more commercial lending to fill this gap.

What sources have you considered for your business in achieving financing? Are credit unions part of the mix? Do you want to know more about the value of commercial lending by credit unions? Find out more about how you can benefit.

References

Ely, D. P., & Robinson, K. J. (2009). Credit unions and small business lending. Journal of Financial Services Research, 35(1), 53-80. doi: 10.1007/s10693-008-0038-3

 Feinberg, R. M., & Rahman, A. F. M. A. (2006). Are credit unions just small banks? Determinants of loan rates in local consumer lending markets Eastern Economic Journal, 32(4), 647-659. doi: 1241333261; 35361511; 11879; EEJ; INNNEEJ0000065491

 Immergluck, D., & Smith, G. (2003). How changes in small business lending affect firms in low- and moderate-income neighborhoods. Journal of Developmental Entrepreneurship, 8(2), 153-175. doi: 502848551; 8351081; 38473; DVEN; INODDVEN0000469300

Ortiz-Molina, H., & Penas, M. F. (2008). Lending to small businesses: the role of loan maturity in addressing information problems. Small Business Economics, 30(4), 361-383. doi: 10.1007/s11187-007-9053-2

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Distinguishing the Forest from the Trees


Small businesses have several tools to use in planning to work toward its goals and broader mission. A business must both look at the forest and the trees in working toward its goals and mission. The business must both look at the big picture as well as specific measures it can use to reach the mission and improve performance. A business looking at the big picture has to decide where it fits in the economy by filling gaps and developing a business model. To reach the forest, one must navigate through the trees to see a path to bring the big picture into focus.

Humanistic management tools like six sigma statistical measures to improve work routines and customer service leading to competitive advantage. For example, leaders in the past did not view human resource management as an executive role, but with statistical methods have ramped up human resource management to a more prominent position. Executives before taking advantage of this innovation looked at human resources as a more of an administrative task processing employee records, planning and scheduling training, and aiding in employee selection. The ability to add value to the organization has lifted human resource management to a new level (Fazzari & Levitt, 2008). Six sigma is a project-driven approach designed to improve processes and products by continually reducing defects allowing an organization to improve strategic planning efforts through heightened coaching and mentoring (Hekmatpanah, Sadroddin, Shahbaz, Mokhtari, & Fadavinia, 2008).

Although six sigma offers statistic tools to improve strategic planning, strategic planning is the center of quality control. Strategic planning helps management by supplying factual information affecting decision-making and promoting critical thinking and risk analysis  (Burge, 2008). Strategic planning assesses the big picture, whereas humanistic tools focus on specific parts of an organization’s systems and processes. Strategic planning highlights gathering business intelligence related to the overall vision to improve operational and financial performance (Glaser & Stone, 2008).

Baldvinsdottir, Burns, Norreklit, and Scapens (2009) asserted that balanced scorecard theory provides management accountants with innovative promising quick fixes to business problems. Baldvinsdottir et al. argued that balanced scorecard offers a well-rounded view rather than a narrow focus to business problems. This approach highlights the right performance signals to help move an organization toward achieving competitive advantage. Balanced scorecard is useful in promoting group productivity by filtering out poor ideas and carrying through worthy ideas (Hughes, Caldwell, Paulson Gjerde, & Rouse, 2005).

Both strategic planning to identify the big picture, and humanistic techniques like balanced scorecard and six sigma help in clearing the path for a company to work towards its mission. These two procedures work in harmony with one another and are not exclusive of each other. The trees are part of the larger forest and develop a path toward planned growth.

How do you distinguish the forest from the trees in your organization? Please leave a comment. Learn more.

References

Baldvinsdottir, G., Burns, J., Norreklit, H., & Scapens, R. (2009). The management accountant’s role. Financial Management (14719185), 33-34. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=44479842&site=ehost-live

Burge, R. (2008). Quality’s center point. Industrial Engineer: IE, 40(6), 42-46. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=31962040&site=ehost-live

Fazzari, A. J., & Levitt, K. (2008). Human resources as a strategic partner: Sitting at the table with Six Sigma. Human Resource Development Quarterly, 19(2), 171-180. doi: 10.1002/hrdq.1233

Glaser, J., & Stone, J. (2008). effective use of business intelligence. hfm (Healthcare Financial Management), 62(2), 68. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=29363737&site=ehost-live

Hekmatpanah, M., Sadroddin, M., Shahbaz, S., Mokhtari, F., & Fadavinia, F. (2008). Six Sigma process and its impact on the organizational productivity. Proceedings of World Academy of Science: Engineering & Technology, 45, 375-379. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=35136399&site=ehost-live

Hughes, S. B., Caldwell, C. B., Paulson Gjerde, K. A., & Rouse, P. J. (2005). How groups produce higher-quality balanced scorecards than individuals. Management Accounting Quarterly, 6(4), 34-44. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=18733218&site=ehost-live

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Small Business Financing: Let’s Play Where’s Waldo


Finding financing for a small business is like playing Where’s Waldo. Where’s Waldo is a game in which a player looks for a funny guy in a red-striped shirt and stocking cap in a maze. Waldo blends into the crowd and is difficult to find.

Small businesses look to find a source of financing among a maze of potential financiers and hazards. Financing can include angel investors, venture capitalists, banks, and other sources of equity and debt. Ma and Gui (2010) classified direct small business financing in the United States into venture capital and securities financing. Ma and Gui explained indirect financing comes from commercial bank loans. Some commercial bank loans have a government guarantee from the Small Business Administration. Mezzanine financing is another hybrid source of financing valuable because a company can treat much of it as equity even though it combines features of debt and equity (Silbernagel, Vaitkunas, & Giddy, n. d.). The maze is difficult to navigate because the terms differ from one source to another. The small business should target equity financing whenever possible because debt financing is more risky. Micro financing and crowd funding are some new entries to the maze, but an old favorite is bootstrapping.

A person playing Where’s Waldo has to examine the maze with great scrutiny to find Waldo blending in to the crowd. Waldo is a friendly guy, but is crafty in making himself inconspicuous among the crowd. Waldo may have hidden motives in avoiding making himself obvious.

A small business needs to have an awareness of the hidden motives different financiers may have. Some financiers use convertible features to gain control of a company. The small business should have an awareness of these features to prevent a takeover. Small business founders work hard to find a working model for their business and should protect themselves from possible takeovers by reviewing the terms of the financing. Protecting a controlling interest in the firm is a critical role for a small business founder to keep control and avoid the board from firing him.

When one finds Waldo, the game is over and the player can start a new puzzle. A small business founder looking for the right financing locates it the search is over, but he must remember to make sure the terms allow for keeping control of the company.

What sources of financing have you considered? Want to learn more about small business financing and how to preserve a controlling interest? Learn more.

References

Ma, J., & Gui, J. (2010). Study on the small and middle enterprises financing mode in financial crisis. International Business Research, 3(1), 76-79. doi: 2225515451; 56706961; 137934; NBRS; INNNNBRS0000568443

Silbernagel, C., Vaitkunas, D., & Giddy, I. (n. d.). Mezzanine Finance, from http://pages.stern.nyu.edu/~igiddy/articles/Mezzanine_Finance_Explained.pdf

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How a Turnaround is Like Founding a New Company


Once I took a position as the chief financial officer of an organization with a history of over 100 years. The institution in its early years thrived because of its location bordering a city nearly the size of Chicago with a booming coal mining industry. The location bordered on the one of the Great Lakes cutting off half the circumference of the target market.

Eventually, the coal mining industry declined and the city bordering the organization dwindled in population because of lack of other industry in the area. Recreation supplied the next biggest industry in the area because of ideal conditions for snowmobiling, cross-country skiing, and other winter sports. In the summer, the area provided ideal conditions for hunting and fishing. These industries failed to provide enough jobs and opportunities to keep the city alive.

The organization I worked for had its numbers drop by nearly 70% because the organization depended on people within a hundred mile radius of it. When I arrived I found the finances in a shambles and an accumulated deficit resulting in a negative net worth. At first, this condition alarmed me, but I knew I had a calling to turn this ship around.

A turnaround of this magnitude is like starting a new business because it needs a radical transformation. Fortunately, the executive team committed to a radical transformation of finding a new model for the organization that would turn around the organization and create positive cash flows. Weekly we explored new ideas and acted on cutting drains on the organization’s cash flows. In this way, the turnaround is more difficult than starting a new business because a new business does not have to deal with getting rid of existing programs causing a drain on cash flows.

The result of these efforts balanced the organization’s budget and identified new programs capable of producing positive cash flows. When I did my doctoral research I discovered that many companies that go public have accumulated deficits of the same magnitude and about 70% of them eventually fail. This revelation surprised me and I thought about how many companies can use the same help a turnaround expert provides. Big and small companies have similar failure rates. ‘

Although the cause is different, the need to identify a working model is the same. Without transforming an organization by finding a working model that produces positive results any organization will subject itself to failure. This revelation also caused me to think about the benefits of going public versus remaining private. Often, companies go public far before they rightfully should and prematurely remove the founder whose role it is to find a working model.

Public companies start to create more bureaucratic settings, while the organization needs to stay nimble enough to allow the working model to develop and meet consumer needs. Bureaucratization adds costs and reduces flexibility to adapt to make the model work. I believe many companies act too fast to go public because they believe it provides a safety net for raising capital. I believe a slower more deliberate growth may benefit many companies and allow the founders to keep their company and learn how to manage it instead of getting shown the door.  Founders work hard and if they are serious should hold on to their creation and learn how to improve it.

I believe other consultants place too much emphasis on getting big too fast. Companies might do well to slow down and grow organically than fall prey to seeking the safety net of a public company. Slowing down allows the founder to start to see the forest from the trees and build a sustainable model without risking the founder’s position.  

My company works to build organic growth by building on gaining the experience and education needed to grow organically. I believe a serious entrepreneur has an attachment to his or her creation and needs a different focus to preserve an identity with the company the founder creates.

What is your goal in founding a company? Would you prefer to stay involved in the company you create or do you want to exit and put the company in someone else’s hands? Please leave a comment to let me know your view.

If you are serious about preserving your identity with the company you want to create I urge you to try the services of my company by signing on now.

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