3. ENTREPRENEURIAL BACKGROUND
• The Fire Emperor 1980 to 1984
• Anduk Industry Supply 1981 to 1985
• The Dim Sum Room 1982 to 1984
• Parker, Messana & Associates, Inc. 1991 to Date
• Charles B. Tibbitts & Associates Purchased 1996
• IndustryBid.com 1999 to 2001
• White Slug Enterprises 1988 to Date
• ParkerMessana, Inc. 2008 to Date
• E3 Energy Partners, LLC 2008 to Date
4.
5. STARTING YOUR BUSINESS
• Corporate Structure
• Business Plan
• Financing
• Planning
• Financial Management
• Marketing
• Growth Plan
• Exit Plan
6. SELECTING A CORPORATE STRUCTURE
• Common Structures
– Sole Proprietorships
– Partnerships
– Corporations
– S Corporations
– Limited Liability Company (LLC)
• What Level of Vulnerability/Liability?
• How Big Do You Want to Be?
• What Level of Structure/Complexity?
• Tax Implications?
• Do You Plan to Make a Profit?
7. FINANCING YOUR BUSINESS
• Personal • Private Equity
• Bank Loan • Other
• SBA Loan Guarantee
• Put Together a Realistic Pro Forma
• Be Conservative in Your Business Plan
Keep in Mind…
• Your Projections of Profit are not as Good as You Think
• The Person with the Money Controls Your Business
8. FINANCIAL MANAGEMENT
• Manage Your Cash Flow
• Monitor Your Financial Ratios
• Keep Current on Financial Statements
• Track Performance Metrics
9. MARKETING
• Where do you fit in the market?
– General Services
– Specialty
– Boutique
• Know your competition
• What makes you unique?
– Mission Statement
– Elevator Pitch
• Network – Network – Network
• Everybody in Your Organization is a Salesman
10. WHAT IS YOUR EXIT PLAN?
• Sell
• Transition to Employees
• Transition to Family
• Go Public
• Split
• Go Out of Business
• Work ‘til You Drop
• You’ll Get This Business When You Pry It
from My …
11. HOW TO SUCCEED
• Have a Passion for Your Business
• Thoroughly Plan and Organize All Aspects
• Have a Tolerance for Risk
• Be Financially Conservative
• Learn From Your Failures
• Know Your Limitations – Have Partners / Staff
that Compliment Your Weaknesses
• Be Flexible
12. PITFALLS
• Insufficient Planning
• Non-Viable Business Model
• Not Managing Cash Flow
• Not Having the Right Skill Mix
• In Business for the Wrong Reason
• Insufficient Marketing
• Poor Management
