Tuesday, December 16, 2008
Saturday, November 29, 2008
Things to Give Thanks For
In this season of 'Thanksgiving' there are so many things that I should be 'Giving Thanks' for that this posting is and should be almost redundant.
First of all, you and I should always be in a spirit of Thanksgiving; according to the author of the best-selling book, 'The Secret'. To para-phase her;'Before your feet hit the floor in the morning, you should be 'Giving Thanks' for all that you already have!' I fully agree, even if I don't always remember to do so.
As an American, I should always be in a spirit of 'Thanksgiving'. (I love to travel and have been fortunate enough to have visited a number of different countries around the world.) I very much enjoy many, if not most, of the places that I have visited. I have a particular affection for the Carribean (Jamaica, V.I.), South America (Caracas) Africa (Dakar) and Asia (Hong Kong) The Philippines(Taft,Eastern Samar), Europe (London, Paris),but none of those places can hold a candle to the United States of America.
Americans enjoy more Freedom, more Opportunity and more Diversity than any other nation on earth! ( Even the poorest American is better off than most people in the world!)
I need no better example of this than the recent election of a multi-racial (African-American, etc.) man as President of the United States of America! We have our problems and we are far from a 'Perfect Union', but we are something special.
We are the beacon for people all over the world!
As a family man, I should always be in a spirit of 'Thanksgiving'. My family is the most important thing, in this world, to me. I observe my Son daily and he usually does or says something to completely 'amaze me', each and every day! (My Daughter is an adult, but she is amazing all by herself! ) The same and more can be said for my Wife. My Mother, Brother and Sisters, Cousins, Aunts and Uncles leave me in awe of who they are as Human Beings. My Friends humble me. Sometimes I stop and think and 'Give Thanks' that I know the people that I know.
The Small Business Owners, Non-Profit Organizations and Entrepreneurs that I see and serve every day, make me want to work harder to help ensure their success. (I happen to serve on an Advisory Board of a national organization and on the Board of Directors of a State wide organization.) The work of these groups makes me so proud to be associated with them. I Consult with and have come to know a good number of Small Business Owners, from various backgrounds and communities. I see how hard these people work and how committed they are to doing what they do. I am so 'Thankful' to have the opportunity to know them up close and to know them well. Being around them, makes me want to work harder and to be a better human being.
In spite of all of the problems facing the nation(Financial/Credit Crisis, Lay-offs, Job Losses, Foreclosures, etc. ) I 'Give Thanks' that I am able to put all of this in perspective... As someone said to me, the other morning, as we were ascending St. Mountain together; 'If you woke up today and you were breathing, you won, be Thankful!'
I keep that in mind and do my best to remain in a state of 'Thanksgiving'!
First of all, you and I should always be in a spirit of Thanksgiving; according to the author of the best-selling book, 'The Secret'. To para-phase her;'Before your feet hit the floor in the morning, you should be 'Giving Thanks' for all that you already have!' I fully agree, even if I don't always remember to do so.
As an American, I should always be in a spirit of 'Thanksgiving'. (I love to travel and have been fortunate enough to have visited a number of different countries around the world.) I very much enjoy many, if not most, of the places that I have visited. I have a particular affection for the Carribean (Jamaica, V.I.), South America (Caracas) Africa (Dakar) and Asia (Hong Kong) The Philippines(Taft,Eastern Samar), Europe (London, Paris),but none of those places can hold a candle to the United States of America.
Americans enjoy more Freedom, more Opportunity and more Diversity than any other nation on earth! ( Even the poorest American is better off than most people in the world!)
I need no better example of this than the recent election of a multi-racial (African-American, etc.) man as President of the United States of America! We have our problems and we are far from a 'Perfect Union', but we are something special.
We are the beacon for people all over the world!
As a family man, I should always be in a spirit of 'Thanksgiving'. My family is the most important thing, in this world, to me. I observe my Son daily and he usually does or says something to completely 'amaze me', each and every day! (My Daughter is an adult, but she is amazing all by herself! ) The same and more can be said for my Wife. My Mother, Brother and Sisters, Cousins, Aunts and Uncles leave me in awe of who they are as Human Beings. My Friends humble me. Sometimes I stop and think and 'Give Thanks' that I know the people that I know.
The Small Business Owners, Non-Profit Organizations and Entrepreneurs that I see and serve every day, make me want to work harder to help ensure their success. (I happen to serve on an Advisory Board of a national organization and on the Board of Directors of a State wide organization.) The work of these groups makes me so proud to be associated with them. I Consult with and have come to know a good number of Small Business Owners, from various backgrounds and communities. I see how hard these people work and how committed they are to doing what they do. I am so 'Thankful' to have the opportunity to know them up close and to know them well. Being around them, makes me want to work harder and to be a better human being.
In spite of all of the problems facing the nation(Financial/Credit Crisis, Lay-offs, Job Losses, Foreclosures, etc. ) I 'Give Thanks' that I am able to put all of this in perspective... As someone said to me, the other morning, as we were ascending St. Mountain together; 'If you woke up today and you were breathing, you won, be Thankful!'
I keep that in mind and do my best to remain in a state of 'Thanksgiving'!
Thursday, October 9, 2008
I Voted Today!
I happen to live in the Atlanta (Dekalb County) Georgia and I exercised my right as an American Citizen today; I voted.
In Dekalb County, as in most of the country, we have two(2) methods of Advance Voting for election. We have Absentee Voting and we have Advance Voting.
Advance Voting allows any registered voter to cast their vote in an election at a select number of County mandated locations during the week preceding the Election Day (Nov. 4th). Absentee Voting allows any registered to cast his/her vote in the office of the County Elections Officials for up to 30 days prior to Elections Day.
I chose to use the option of Absentee Voting because I thought that I would not like to be facing the large crowds that I anticipate during the week prior to Elections Day. Well, you can imagine how surprised I was when I stepped in the Elections Office and discovered that about 300-400 people were in line!
This was on a Thursday, just before Noon! Although it only took about 30 minutes for me to complete the entire process, I almost left because I was so discouraged by all of those eager voting citizens.
I think that it is truly wonderful to see such a level of citizen participation in election process. The one thing that frustrated me was how completely uninformed I was when it came to all the other issues that were on the ballot. There were a number of issues and candidates,on the ballot, that got little or no press coverage!
Every news item, leading up to the election, concentrated on the top of the ticket; the Presidential Candidates. There was barely a mention to all of the other 'local' candidates, even in the local news coverage of the election! There was absolutely no coverage of the various referendums and other 'tax affecting' issues on the ballot! I only remembered to review the various ballot issues while I was waiting in line to cast me ballot.
I am of the opinion that this is the way 'incumbent' politicians want it! The less you know, the better off they are! They can include 'tax increases' under the guise of improving something and you don't even know it when you cast your vote.
I would strongly suggest that anyone planning on voting in the General Election, go on-line and preview the many 'other' issues on the ballot that you will be using, when you vote. That way, you will already be familiar with the issues and other candidates on the ballot.
Don't go in as unprepared as I was and then have to rely on your best guess in order to do what is your right and duty as a citizen; Vote! An informed electorate is Democracy's best friend! It is also an incumbent's worse nightmare.
In Dekalb County, as in most of the country, we have two(2) methods of Advance Voting for election. We have Absentee Voting and we have Advance Voting.
Advance Voting allows any registered voter to cast their vote in an election at a select number of County mandated locations during the week preceding the Election Day (Nov. 4th). Absentee Voting allows any registered to cast his/her vote in the office of the County Elections Officials for up to 30 days prior to Elections Day.
I chose to use the option of Absentee Voting because I thought that I would not like to be facing the large crowds that I anticipate during the week prior to Elections Day. Well, you can imagine how surprised I was when I stepped in the Elections Office and discovered that about 300-400 people were in line!
This was on a Thursday, just before Noon! Although it only took about 30 minutes for me to complete the entire process, I almost left because I was so discouraged by all of those eager voting citizens.
I think that it is truly wonderful to see such a level of citizen participation in election process. The one thing that frustrated me was how completely uninformed I was when it came to all the other issues that were on the ballot. There were a number of issues and candidates,on the ballot, that got little or no press coverage!
Every news item, leading up to the election, concentrated on the top of the ticket; the Presidential Candidates. There was barely a mention to all of the other 'local' candidates, even in the local news coverage of the election! There was absolutely no coverage of the various referendums and other 'tax affecting' issues on the ballot! I only remembered to review the various ballot issues while I was waiting in line to cast me ballot.
I am of the opinion that this is the way 'incumbent' politicians want it! The less you know, the better off they are! They can include 'tax increases' under the guise of improving something and you don't even know it when you cast your vote.
I would strongly suggest that anyone planning on voting in the General Election, go on-line and preview the many 'other' issues on the ballot that you will be using, when you vote. That way, you will already be familiar with the issues and other candidates on the ballot.
Don't go in as unprepared as I was and then have to rely on your best guess in order to do what is your right and duty as a citizen; Vote! An informed electorate is Democracy's best friend! It is also an incumbent's worse nightmare.
Monday, September 1, 2008
The Asian Way: An American Dream
As you may or may not know, I live in Georgia, (USA) not the other Georgia, near a famous site, Stone Mountain. The peak of the mountain is approximately 1600' above sea level, thus making it perfect for a nice , relatively easy' morning hike. For almost every day for the past 2 years, I have hiked this mountain and met some of the most wonderful people. Most all of these wonderful people have an amazing story!
On a recent morning hike, I ran into my friend Ann. Ann is a young Asian woman who is beautiful, well educated, always friendly. I had met her almost a year ago and talked with her a number of times during that time although we had never really had an in-depth conversation.
On this morning, I began discussing my desire to do some work with some of the young men from single parent households that I often encounter. (My son Christian, is a 7 year old 2nd grade student in the local system system and I get to see many of his classmates and hear about their issues.)
As Ann and I walked and talked, she began to share her own family's story.. Her father had come to the U.S.A. for a time, during the Korean War, and saw something here that made him go back to Korea and announce to this wife that America was where he wanted the family of three children and to live; it is where he saw his opportunity to achieve his dreams and the dream he had for his family.
Ann explained that her Mom and Dad proceeded to sell everything that they owned, including the family's car, in order to get to America. In spite of selling everything, the family still had to make a loan from Korean Air Lines (KAL) in order to afford the airline tickets to get to the U.S.( It actually took several years before they could pay off the loan to KAL.)
Upon arrival in the U.S., they made the decision to move to the Atlanta (Georgia) area. At that time, in the early 1970's, there was a very small Asian community here and most of them were not Korean. The family settled in the Lawerenceville area of Atlanta and both the parents took jobs that they could find; one working in one area and the other working quite a distance away,in another part of town. Her father would have to be at work at 7:00am and the mother, around the same time; in a different part of town and a distance away. The family owned only one car and the only solution was for the father to drive the mother to her work place where she would wait, outside and in the dark, until someone arrived to open the place for workers. The children, Ann and her brothers and sisters, with the help of the oldest, prepared themselves and went to school. This went on throughout their elementary school careers.
Well her parents worked and worked and saved and saved until an opportunity was presented to her father to take a 'better' job with a Small Business; a fruit stand in the Atlanta Municipal Market in downtown Atlanta. Several years later, the opportunity was presented to 'invest' in a Small Business of their own, in the same Municipal Market! Their many years of hard work paid off and they were eventually able to 'Buy' another location, in the same Municipal Market. Ann told me of the many, many days and nights that the entire family would spend working in the family business. There were many times when their friends and classmates were out having fun and 'hanging out' when she and her siblings were doing the 'grunt' work, at the Municipal Market Store. (Once, when her father took sick and could no longer work, her sister had to withdraw from college in order to drive the truck to pick up fruit from the State Farmers Market each day!)
Eventually, her father passed away, but her mother along with the rest of the family continued to operate the business. All of the children completed their college education; Ann graduated from Georgia Tech with an Engineering Degree! (Ga. Tech is one of the nation's best engineering schools.)
The family finally sold the businesses at the Atlanta Market, but 'invested' in another Small Business; the Dry Cleaning Business. While they no longer had to lift the heavy fruit baskets and trays, the work of running a family dry cleaning business is still hard work!
Over the years, her mother became one of the largest and greatest benefactors for the Korean Community in Atlanta and for her church!
I share this story because it was such a powerful one for me. I was awe struck, as Ann shared it with me. Their story speaks volumes about what's possible in this country. It made me proud of her, her family and of their being 'outstanding' examples of a family realizing 'The American Dream'!
On a recent morning hike, I ran into my friend Ann. Ann is a young Asian woman who is beautiful, well educated, always friendly. I had met her almost a year ago and talked with her a number of times during that time although we had never really had an in-depth conversation.
On this morning, I began discussing my desire to do some work with some of the young men from single parent households that I often encounter. (My son Christian, is a 7 year old 2nd grade student in the local system system and I get to see many of his classmates and hear about their issues.)
As Ann and I walked and talked, she began to share her own family's story.. Her father had come to the U.S.A. for a time, during the Korean War, and saw something here that made him go back to Korea and announce to this wife that America was where he wanted the family of three children and to live; it is where he saw his opportunity to achieve his dreams and the dream he had for his family.
Ann explained that her Mom and Dad proceeded to sell everything that they owned, including the family's car, in order to get to America. In spite of selling everything, the family still had to make a loan from Korean Air Lines (KAL) in order to afford the airline tickets to get to the U.S.( It actually took several years before they could pay off the loan to KAL.)
Upon arrival in the U.S., they made the decision to move to the Atlanta (Georgia) area. At that time, in the early 1970's, there was a very small Asian community here and most of them were not Korean. The family settled in the Lawerenceville area of Atlanta and both the parents took jobs that they could find; one working in one area and the other working quite a distance away,in another part of town. Her father would have to be at work at 7:00am and the mother, around the same time; in a different part of town and a distance away. The family owned only one car and the only solution was for the father to drive the mother to her work place where she would wait, outside and in the dark, until someone arrived to open the place for workers. The children, Ann and her brothers and sisters, with the help of the oldest, prepared themselves and went to school. This went on throughout their elementary school careers.
Well her parents worked and worked and saved and saved until an opportunity was presented to her father to take a 'better' job with a Small Business; a fruit stand in the Atlanta Municipal Market in downtown Atlanta. Several years later, the opportunity was presented to 'invest' in a Small Business of their own, in the same Municipal Market! Their many years of hard work paid off and they were eventually able to 'Buy' another location, in the same Municipal Market. Ann told me of the many, many days and nights that the entire family would spend working in the family business. There were many times when their friends and classmates were out having fun and 'hanging out' when she and her siblings were doing the 'grunt' work, at the Municipal Market Store. (Once, when her father took sick and could no longer work, her sister had to withdraw from college in order to drive the truck to pick up fruit from the State Farmers Market each day!)
Eventually, her father passed away, but her mother along with the rest of the family continued to operate the business. All of the children completed their college education; Ann graduated from Georgia Tech with an Engineering Degree! (Ga. Tech is one of the nation's best engineering schools.)
The family finally sold the businesses at the Atlanta Market, but 'invested' in another Small Business; the Dry Cleaning Business. While they no longer had to lift the heavy fruit baskets and trays, the work of running a family dry cleaning business is still hard work!
Over the years, her mother became one of the largest and greatest benefactors for the Korean Community in Atlanta and for her church!
I share this story because it was such a powerful one for me. I was awe struck, as Ann shared it with me. Their story speaks volumes about what's possible in this country. It made me proud of her, her family and of their being 'outstanding' examples of a family realizing 'The American Dream'!
Sunday, April 27, 2008
Fund Raising 101
As a Small Business Consultant (www.thesmallbizexpert.com) I find it amazing that so many Small Business types begin their business without a Business Plan and more importantly, the necessary funding to give their business a fair chance of Small Business Success.
I am working with several Small Business Clients who operate successful ventures, but who are at a tremendous disadvantage when attempting get financing for their businesses. One client, Ms. W (not her real name) operates XYZ Academy (not the real business name either). Ms. W is a favorite client of mine and she has a noble calling for her business. She is committed to her business and her staff , parents and children love her!
Her problem is this! She, like many Entrepreneurs, started the business on a string and a prayer. She did not have a well thought-out business plan and had no real funding to boot. (I met her because I was the Manager of the property that she ultimately leased for her business.) It is almost a miracle that she has survived, under the circumstances. (Extremely high rent, No real Business Plan, inadequate financing, etc.)
As we have now identified a property which they can own, instead of continuing to pay extremely high rental rates, she is encountering problems getting the most favorable interest rates and the loan to value (LTV) is much lower than they need in order to make the deal work.
We started this acquisition process with the idea that we could find financing at the 80-90%LTV level; i.e. with a 20% down-payment by my clients. We could only identify financing at the 60%LTV level. This was due in large part to the lack of business financials. (If we had the financials, the process would be completed with an SBA loan at the 90% LTV level.) Now, instead of being prepared to close immediately, we have to work at identifying additional (GAP, Bridge) financing to make up the difference between the 60%LTV Loan offered and the 80-90% Loan needed by my clients.
The lesson to be shared, from the example above is this:
1. Complete a Business Plan before you start you business. (Refer to it often!)
2. Identify your sources of Funding. (ABC; Always Be Collecting (Funds)).
3. Keep your Financials up to date.
Follow these simple suggestions and you will save yourself a lot of time and even more money.
If you have questions or suggestions, please direct them to us at : gdstanford@thesmallbizexpert.com.
I am working with several Small Business Clients who operate successful ventures, but who are at a tremendous disadvantage when attempting get financing for their businesses. One client, Ms. W (not her real name) operates XYZ Academy (not the real business name either). Ms. W is a favorite client of mine and she has a noble calling for her business. She is committed to her business and her staff , parents and children love her!
Her problem is this! She, like many Entrepreneurs, started the business on a string and a prayer. She did not have a well thought-out business plan and had no real funding to boot. (I met her because I was the Manager of the property that she ultimately leased for her business.) It is almost a miracle that she has survived, under the circumstances. (Extremely high rent, No real Business Plan, inadequate financing, etc.)
As we have now identified a property which they can own, instead of continuing to pay extremely high rental rates, she is encountering problems getting the most favorable interest rates and the loan to value (LTV) is much lower than they need in order to make the deal work.
We started this acquisition process with the idea that we could find financing at the 80-90%LTV level; i.e. with a 20% down-payment by my clients. We could only identify financing at the 60%LTV level. This was due in large part to the lack of business financials. (If we had the financials, the process would be completed with an SBA loan at the 90% LTV level.) Now, instead of being prepared to close immediately, we have to work at identifying additional (GAP, Bridge) financing to make up the difference between the 60%LTV Loan offered and the 80-90% Loan needed by my clients.
The lesson to be shared, from the example above is this:
1. Complete a Business Plan before you start you business. (Refer to it often!)
2. Identify your sources of Funding. (ABC; Always Be Collecting (Funds)).
3. Keep your Financials up to date.
Follow these simple suggestions and you will save yourself a lot of time and even more money.
If you have questions or suggestions, please direct them to us at : gdstanford@thesmallbizexpert.com.
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