Christmas Traditions

For many years now after the Thanksgiving feast is over and football games are but a distant memory attention turns to setting up for Christmas.  An integral part of the set up is the Dickens Village figures.  Over the years the collection has grown significantly as has the time required to set it up and to take it down (more required for the latter step).  Lest the efforts be lost to history, these photos will hopefully keep the memory fresh.

Single at 50 - Reflections at 60

Talking with a friend recently we broached the subject about how long I had been single - 10 years. The conversation focused on what surprises I'd encountered and, quite honestly, the list was fairly long.  As I thought back on our conversation, I came up with my top list of life lessons from that decade.

1) Can’t split an egg

Cooking takes on new dimensions when trying to cook for one.  Halving a recipe can be an option, but at some point scaling it down hits a roadblock – the egg.  I can halve a banana, a cup of flour, even a tablespoon of milk, but one-half of an egg still results in one whole egg.   So, the dilemma in cooking is not one of creativity and culinary skill, but one of managing leftovers and testing the boundaries of endurance eating the same meal for dinner 5 nights in a row.

 

2) A naked friend is a necessity

Not to be confused with having a friend who is naked, this is the person who can come to your house and pull you from the tub when the back spasms kick in and you’re trapped.   In some cases, this might push the boundaries of friendship, but having someone to take that call beats the heck out of spending the night on the floor where strangers can find you naked.  

 

3) It is always where you left it

Gremlins (also known as children) did not sneak into the house last night and move the car keys.   As is always the case when you live alone, the keys are where you put them.  In the refrigerator by the leftovers created by the egg that couldn’t be halved – that’s where you put them and that’s where they will be. 

 

4) Just use the good stuff

Eating from the pot on the stove or surrendering to the temptation to simply grab paper plates might seem efficient, but nothing says you have be a slob when you’re single.  Washing dishes is not criminal and takes only a few minutes.  Use the crystal and the china, then let it be a reminder to you of how special you are as a person and at the end of the day, you are worth it!

 

5) Morality is a lost art

This surprised me more than I would have expected.  Far too many people I know (especially older ones) find more excuses to jump into bed with the “new” one.  My favorite ‘excuse’ is the social security game. It goes like this, if we get married, we’ll lose some of our social security, so, we’re just going to live together instead.  I can only shake my head on this one.

 

6) Trouble with the two-brain theory

Although researchers have debunked the idea of discreet two-brain system (left vs right), I have discovered it might still have a little merit.  Without a lot of detail, soon after I became single again areas in which I lack talent became glaring shortcomings and all of them came from the right side.

 

7) Traveling is weird

Going it alone is okay and there is a lot of freedom in scheduling, but the alone part can take over.  Traveling in groups can offset some of this, but it’s not difficult to be alone in a big crowd of casual friends either.   Choices are limited – stay home or brave the weird stuff and go anyway….I go!

 

8) Divorce was not death

Although in the beginning it seemed as if life was over, it wasn’t.  As human beings, we are highly adaptable and with the passage of time new events overcame the old.  It took a while, but slowly the haze that seemed to surround me and siphon the life out of me began to lift.  As it did, it revealed a brand new world waiting to be discovered.

 

9) Being sick sucks

No way to get around this one.  The stomach bug that attacks in the middle of the night is a party of one.  What I have learned is to be a little better prepared; keep water on the nightstand and the cell phone handy – just in case.

 

10) So much to be thankful for

My family and church family, my friends, a great job, reasonably good health, kids who are all happy and settled, healthy grandkids, a nice house and reliable car, respect from the people I value most, money in the bank, and even an optimistic look toward retirement.  Life really is good!

 

KEDM Broadcast - Marketing to Seniors

Americans are getting older. Since 2001, the number of people age 65 and older has increased by over 20%. Today over 43 million Americans are in that age group which is projected to grow to over 70 million people by the year 2030 accounting for about 20% of the population. For a business owner, this represents an enormous opportunity to carve out new markets to meet the unique needs and demands of a senior population.





With the growth in the older population segment, it is tempting to lump seniors into a single category. Because the common physiological effects of aging on sight, dexterity, sensory responses, and cognitive skills impact the older population as a whole, terms like “Baby Boomers” and the “Grey Market” use age to collectively categorize this population into a single segment. This simplistic approach fails to recognize the vast array of differences inherent in this group. While some people will opt to formally retire from the day-to-day rigors of the workplace, many others will continue to work into their 80s, some will pursue new business opportunities, others will teach, travel, and volunteer in their communities. From a business perspective, it is essential to understand this is not a single homogenous group, but rather a diverse population consisting of various niche markets. Opportunities for success within this population group are available, but not by doing business as usual.




Marketing your products to this group, which controls 70% of disposable income, demands an approach that embraces the lifestyles of this group and goes beyond the issues associated with aging. Seniors have been increasingly willing to adopt and adapt to new technologies. More than half of this age group is on Facebook where the average user is online over 8 hours each week. On average they watch 174 hours of television a month, 63 percent more than the 18-to-34 year-old generation. In 2011, the peak age of vehicle buyers shifted upward to 55-to-64 from 35-to-44, according to the University of Michigan Transportation Research Institute, and that trend is here to stay. It is also important to retreat from myths associated with aging. Consider this one: Older consumers buy the same brands they’ve always bought, so why bother catering to them? That is simply not true. Seniors today are looking for new experiences, and two-thirds of them plan to spend more time on hobbies and interests than they do today. In marketing-speak, they’re “winnable.” Another myth is they are cheap. A survey of 3,000 consumers over 60 by consulting firm A.T. Kearney found that they’re not particularly price-sensitive, even if their incomes are below average. Nielsen found that more than 40 percent of Apple Inc. products are bought by seniors. P&G learned that seniors are willing to splurge on expensive pet food. Although earlier generations of seniors were frugal, there are signs that this group of seniors is a group steeped in consumer culture.




Small businesses are uniquely poised to meet the growing demands of this new market. Typically free of large organizational bureaucracy, nimble small businesses can quickly modify products and adjust internal processes to meet the needs of smaller and often fragmented markets.




Change, in the guise of an aging population, is coming. We can help you get ready to meet that challenge. For over 30 years, we have worked with entrepreneurs and business owners who are looking to start or grow their small business. For no-cost assistance with your business needs call us to schedule an appointment at 342-1224 or visit us at www.lsbdc.org. Today’s thought from the Small Business Corner has been presented by the Louisiana Small Business Development Center at ULM.

KEDM Broadcast - Succession Planning

In the wake of devastating life events, the survival of a small business is at risk. Many small business owners have no strategy to respond to the needs which follow a divorce, a death, or a disabling event. No matter how unlikely you believe it is that you will go through one of these events, the impact could be disastrous for you, your family, your business, and everyone associated with it in the absence of a succession plan. A recent article by The Succession Planning Group offers the following guidance.




Based on recent data from the National Center for Health Statistics, Centers for Disease Control and Prevention, a marriage today has a 36% chance of ending in divorce. Unless you have a prenuptial agreement, in the event of a divorce, your spouse is probably entitled to at least a portion of your interest in the company; you may even have your ‘ex’ as a partner.




In a succession plan qualifications for ownership of the company can be spelled out including a resolution for each spouse. The plan can also spell out what would happen to the business in the event of a divorce of a partner and could stipulate the creation of a contingency fund that would provide the funds needed to buy out the interest of the spouse of the owner or a partner.




Regardless of how it happens, a disability can affect the ability of a business owner to continue to manage a business or to make the same level of contribution to the business. Every business owner or partner needs a plan to specify how a disability will affect ownership of the business, contribution to the business or exit from the business. The succession plan should address your future and the company’s future.




The disability portion of your succession plan will address many contingencies, but should include directions on:


• How the decision will be made about the merits of you leaving the business

• Funding disability insurance to pay for your future

• Funding to get the company through a transition

• Funding for partners to buy out your interest in the company according to a succession plan.




Death needs to be considered at every age. The issue that must be addressed in succession planning is what will happen to your business partners, the company and your family after your death. Even if you are young and the likelihood of your death is low, it is important to keep in mind that you have far more options and opportunity if you plan early. The older you are the more expensive life and disability insurance will be to purchase if it can be obtained at all.




Designate a successor for your role in the company and as part of a clear transition plan. Provide for incentives to keep key employees from leaving the company during a transition. Provide adequate cash reserves and insurance to allow your partner or successor to buy your share of the business from your heirs and to carry the business until your successor can demonstrate the stability of the company to lenders, vendors and customers.




Death, disability and divorce are the three things most business owners think of when a conversation about succession planning is begun. Unfortunately, however, only 10 to 20 percent of the business owners who need a succession plan actually have one. If you are one of those without a succession plan, don’t you think it’s time to do something? For over 30 years, we have worked with entrepreneurs and business owners who are looking to start or grow their small business. For no-cost assistance with your business needs call us to schedule an appointment at 342-1224 or visit us at www.lsbdc.org. Today’s thought from the Small Business Corner has been presented by the Louisiana Small Business Development Center at ULM.

KEDM Broadcast - Where's the Money

Where is the money?

“Where can I get money to start my business?”  That is one of the most commonly asked questions when aspiring business owners visit our offices.

Because one of the most common reasons for new business failure is the lack of working capital needed to keep the business operating until it develops a positive flow, it is an important question.

Invariably, the first thought turns toward availability of grants.  When considering a ‘for profit’ company, grant funding is almost nonexistent.  In some specific industries private foundations may offer some funding, but for the vast majority of business starts, the answer is “no grants”.  When considering a ‘not for profit’ organization, some small grants are available on a competitive basis.

The most common source of funding for a business is through more conventional lenders like banks and credit unions.   Many of the same factors lending institutions evaluate for a personal loan are considered with a business loan: borrower’s credit score, a collateral requirement, and the ability to repay the loan are part of the decision process.  It is important to note, not all banks lend on the same projects nor do they evaluate on the same criteria.  So, you may need to shop around to find a lender who will be the right match for what you’re planning.  Another important point to remember is lenders will not loan 100% of the funds needed for a new business and will expect the prospective owner to provide funds in some form such as cash, land, building, or equipment.

Another avenue to finance a new business is to enter into a partnership arrangement with an investor.  This arrangement often means the owner will sacrifice some authority over the business in exchange for funding and it is not the best option for everyone.  If this path is chosen, the rights and responsibilities of each partner should be written into a partnership agreement. This agreement spells out the terms of the relationship and can detail income distribution, ownership percentages, decision making rules, succession plans, and dispute resolution. Because this can be a complex document, we encourage entrepreneurs considering this to engage legal counsel experienced in writing this type of agreement.   

Family members and friends are another potential source of fund. Obtaining money from them may seem like an easy way to bypass some of the issues with traditional lending sources. However, funding in this way should be treated as a business transaction documented and supported by a loan agreement.  That agreement should detail the terms of repayment including due dates, payment amount, interest, and collateral if the loan is secured.  If the money is considered an investment in the business, then the same considerations we just discussed about taking on a partner would be relevant.   Writing down the details of any funding transactions from a family member will help ensure everyone involved understands the scope, purpose, and nature of the investment.  Here again, we encourage entrepreneurs to seek professional advice from someone experienced in this type of arrangement.

A relatively new option for financing is call crowd funding or crowd financing.  Much like the name suggests, the source of funds comes from smaller private individuals or “the crowd”.  These funds can be directly sourced from the public or through third party organizations.  Donor based funding, credit based funding, and equity based funding are examples of crowding funding types and each carries a unique set of risks. This is not for every situation, so, do the necessary research to see if this would work for your business.

Finally, in some cases, government agencies will lend funds or offer guarantees for loans.  Check with the respective agency to determine what is available under each program.