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Becoming an Entrepreneur - Tim Mclellan
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Becoming an Entrepreneur - Tim Mclellan

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Tim Mclellan, a partner in B2B CFO talks about what it takes to become an Entrepreneur.

Tim Mclellan, a partner in B2B CFO talks about what it takes to become an Entrepreneur.

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  • 1. Becoming an Entrepreneur Tim McLellan Partner, B2BCFO® March 1, 2012 www.b2bcfo.com
  • 2. My Background• 25 years in “Corporate America”• Last corporate job was closing down a $300 million 1,100 employee business unit.• Thought – “There must be a better way!” 2
  • 3. How Do I Make Money?• Serve as Part Time CFO for several businesses.• Work with companies that have outgrown their in house bookkeeping / accounting capabilities.• Help businesses increase profitability, monitor performance, bank loans, fund future growth plans• Responsible for finding clients, negotiating and setting fees.• Part of a nationwide network of 200 partners, 8 in Atlanta. 3
  • 4. Being your own boss - Pros• You can make all the decisions• Flexible schedule• Clear Goals and Objectives• Work Harder = Increase Income• If it doesn’t work, fix it.• Tax deductable expenses• Is it really more risky? 4
  • 5. Being your own boss - Cons• Start up costs• No regular paycheck• No paid vacation or holidays• Health insurance may be a challenge• It’s lonely at the top 5
  • 6. Franchise or Not?• Any business can be a franchise – Restaurant – Financial Services – Home Repair – Auto Repair – Business Consulting 6
  • 7. Franchise or Not?• Franchise – Initial fee plus ongoing monthly payments – Buying a system – process, training, advertising, market research – Territory restrictions – Business restrictions – Due Diligence – call current franchisees 7
  • 8. Franchise or Not?• No Franchise – Initial cash outlay is lower – No operating procedures – No territory restrictions – No business restrictions – You will make mistakes that cost you time and money 8
  • 9. Buy Existing Business• You purchase customer list, business methods, patents / trademarks, employees, business assets• Why is business being sold? – Retirement, etc – new buyer will pay a premium – Fire Sale – new buyer will get a “deal”, but may not be able to turn business around. 9
  • 10. Financing your Business• Personal Savings• Retirement Accounts – borrow from 401(k), invest 401(k)• Home Equity (?)• Friends and family• Angel Investors• Venture Capital• After Start Up: – Accounts Receivable Factoring, Credit Card Advances – Bank Loan secured by assets of business. 10
  • 11. Results! Revenue by Year2006 2007 2008 2009 2010 2011 2012P 11
  • 12. Selling / Networking• Chambers of Commerce• Rotary, Kiwanis, etc• Church• Other parents• Linked In• Facebook, Twitter, etc 12
  • 13. $15 Resource 13