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Libertyville, Illinois: In this episode
of the show we learn about financing, about partnering, and about the
restaurant business. But most of all, this is a story about two men who never
abandoned their dreams.
Both dropped
out of corporate America.
Bill and Pat
cashed out after thirty years. Then, they put it all at risk. Their wives
thought they were having a delayed midlife crisis. But the statistics were with
them. They were over 40 years old. Dropouts- turned- entrepreneurs, with those
years of marketing and management experience, have over a seventy-percent
success rate. They know what works at least some of the time. Studies show that
this combination -- experience, actualizing a deep-seated dream, and risking it
all (they could not afford to fail) -- profoundly increases the chances for
success.
Mickey Finn's
Brewery & Pub is a classic small business case study.
So what are
you waiting for? All those employees over at Ford should take notes. Bill says,
"Pat knew when his time was right to leave corporate life and buy the bar in
1990. I knew when my time was right. And everyone will know. There just comes a
time in your life when you say, `I gotta do something different; I don't want
to be doing this when I'm 65 years old."
You also have
to know when to cash out and let the next generation take over. Mickey Finn's
Brewery is now owned by Brian Grano, who was good customer, a friend of Bill,
and a neighbor -- he only lived a couple of blocks away. The general manager is
John Elmquest, Pat's son.
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- Selection: Four episodes of the show were
based on the
Great American Main Street
Award winners, a program of the National Trust for Historic Preservation.
The other three related episodes of the show include:
- Exit Strategy and Succession Planning.
70% of all businesses fail to pass the baton to the next generation. They fail
to reach sustainability beyond their personality. That business is called a
lifestyle business.
If you
want to be rewarded for all your hard work, by the time you hit 40 years of
age, you had better have some ideas about your own exit strategy and a
succession plan. By 50 years old, you should have the basic elements in place.
By 55, we all should be working on it. By 60, we need to be harvesting some of
our equity (ESOP - DPO - IPO). In the key point of the study guide just above,
review points 5 and 6.
- JOIN, JOIN, JOIN: Your professional associations in your industry
are your key to continuing education, market research, collaborations,
strategic partnerships, capital and so much more ... often you'll find that you
enjoy like-minded people and many will become friends for life. If you become
part of the restaurant business associations, addiliate or join these
groups:
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- FIRST PRINCIPLES: Starting a
business is the road to economic independence for most of us average people.
Read a little more to see why
incorporating a business keeps the passion of
the American revolution alive!
- SUPPORT PUBLIC
TELEVISION:
Become a member of your local station. If you are
already, great. If not and your business is doing well, consider joining the
Producers' Club ($1000).
- NEED MONEY? RASING CAPITAL? Be sure to
check out their publications about
Capital Raising References for
Small Business and these State Directories.
To find an Small Business Investment Company near
you, there are two primary resources, the
SBA and the SBIC trade association:
NASBIC or National
Association of Small Business Investment Companies.
Do you know how you
measure up within your industry? There is no better group than the RMA to help
you learn. Ask your local banker to explain the RMA's Annual Statement for key
crticial ratios within your indutry. Bring your financials and be ready to
compare.
- 1500+
Questions and Answers within SmallBusinessSchool. Within every show there
are about 15 questions and answers. Within the school, there is a place to
record your answers to these questions. Your answers to the same questions that
Hattie has asked all the other business owners become part of your own secure
database where you have options to re-display your best answers within this
site as your own
profile page (that is this page), essentially
an executive summary , a
study
guide and/or a
transcript.
Also, check
out the National
Association of Investment Companies (NAIC).The USA is an empowerment zone, yet there
is no free lunch. It still requires hard work and repayment. But, why not? Take
your best ideas and join the party. It is the best dance there is. The dance of
life is about value creation. Today, there are dozens of programs that help
guarantee loans and match you with private placements through the SBA and SBICs
and other government agencies.
To wit, there
is a mandate in Congress that 23% of all government contracts go to small
business! Just put these words in Google: 23% government contracts to small
business (without quotes). Remember, though, the goal is to lower the
cost of government. If you are going to take on some of the burden, be
ready to compete, under-promise and over-deliver. Help disintermediate big
government by taking on government contracts. Small business can easily out
perform big business and bureaucrats. We, small business, are earmarked -- a
legal requirement -- to receive 23% of all government contracts. In some
departments in some agencies it is approaching 50%. |
