Hispanic Chamber of Commerce of Metro Orlando
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Hispanic Chamber of Commerce of Metro Orlando
HCCMO Update By Diana Bolivar
P.8
Protecting Your Intellectual Property
P.19
G&C Ambienpetrol V, INC
A Local Company and The Gulf Crisis By Pam Ledford
P.20
A Look at Trademarks
Business Legal Structures
By Yasmin Tirado-Chiodini
By Rosalina Stober
P.11
P.21
Funding A Start-Up Company
Alternative Funding Solutions
In The Grip Of The Great Recession What is the Strength of our Economy
P.16
The Gulf Crisis
The upside to this crisis.
How to use Social Media in your Biz. By Robert Newland
Locals Options Abound For Unique Meetings And Retreats Orlando’s Best Venues! By Daniel Fuller
P.22 From Work To Play
A Snapshot Of The Atlantis Resort In The Bahamas By Yasmin Tirado-Chiodini
By Pam Ledford
Hispanic Chamber of Commerce of Metro Orlando
Issue #4
P.15
LinkedIn Matters!
September 2010
By Paul Roldan
content
P.7
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editorial team Tony Lagos
Diana Bolivar
Giorgina Pinedo-Rolon
Gaby Ortigoni
Gio Communications
OUC: The Reliable One
Rollins College
Editor in Chief
Martiza Martinez
Iancarlo Suárez
University Of Central Florida
Creative & Art Director
Rosalina Stober
Pam Ledford
Hispanic Business Initiative Fund
Freelance Writer
Hernan Tagliani
Robert Newland
Angel Aviles
The Group Advertising
Newland Associates
Conrad Santiago, CFP, MSFS/Ameriprise Financial Services, Inc.
HCCMO staff Marilen Marnett
Ramón Ojeda
Diana Bolivar
President
Director of Marketing & Sales
Events and Operations Coordinator
Luisa Garcia
Iancarlo Suárez
Administrative Assistant
Graphic Design & Social Media Coordinator
Pablo Prahl Marketing & Sales Coordinator
Mugette Baco Administrative Assistant
HCCMO board members Executive Board Yasmin Tirado-Chiodini, Esq.
Antonio L. Caravia
Chair Tirado-Chiodini, PL
Chair-Elect Exterior Walls, Inc
Betty Martínez-Lowery Secretary Walt Disney World Co.
Scot A. Silzer Legal Advisor Silzer Law Chartered
Luz B. Ruiz Treasurer OUC: The Reliable One
Board of Directors Leticia M. Diaz, PhD.
Carlos M. Colombo
Lucas Boyce
Louis Carrion
Ex-Officio Colombo, Hurd & Brandt
Director Orlando Magic
HBIF Representative
Director Barry University School of Law
Jose Lopez
Maritza Martinez
David J. Maxon
Christy Pennell
Director Medieval Times
Director UCF
Director Progress Energy
Director CenturyLink
Giorgina Pinedo-Rolon
Sharon C. Smoley
Irma E. Stenman
Jan Stratton
Director Gio Communications Inc.
Director Advanced Disposal Central Florida, LLC
Director Metro Orlando EDC
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Hispanic Chamber of Commerce of Metro Orlando
Director Universal Orlando
In the last issue, I wrote about our concerns for the Gulf oil spill. No doubt the Gulf Shores were impacted by the Deep-water Horizon oil spill. Our Gulf received significant oil spills in the water and on some beaches in Florida. However, since the well was capped in mid-July, no new oil has flowed into the Gulf and our impact has been minimal. We continue to watch the gulf oil clean up and BP’s response to this catastrophic experience. Please continue to support our great State of Florida by visiting the Gulf region. Join me and my staff at our Latin Food and Wine Festival, October 1st and 2nd. Visit www.latinfoodandwine.com for more information. December 4th marks the date for our premier gala event of the season, the 13th annual Don Quijote Awards. This is an important event for our Hispanic community as it recognizes top Hispanic entrepreneurs, professionals and leaders in our community. I am sure you will not want to miss this year’s exciting DQA.
President Hispanic Chamber of Commerce of Metro Orlando ramon@hispanicchamber.net
With today’s small businesses struggling to obtain credit and all of the demands and burdens placed upon them, it is important to remember this is an election year. Of importance for us as Latinos and for our Central Florida community at large is the 2010 midterm elections. Numbers released in May of 2009 by the U.S. Census Bureau show that the economic slowdown has not stopped the growth of the Hispanic population in Central Florida. In fact, the entire Central Florida region has continued to grow, with Orange County undergoing a final symbolic step in its demographic shift of the last few decades. The census also estimated that there are about 659,000 Hispanics in the counties of Brevard, Lake, Orange, Osceola, Polk, Seminole and Volusia. That’s about 18 percent of the region’s 3.6 million residents. In Osceola, Hispanics had already become a significant majority. They now make 42 percent of that county’s nearly 264,000 residents. Orange County has by far the most Latino residents. It is also the largest of all the counties in terms of population with more than 1 million residents – and about a quarter of those are Hispanics. For more information, please visit www.uscensus.gov. It is not enough that we are growing in numbers; we must be present and vote during political elections. I encourage each and every one of you to get out and exercise your right to vote on Tuesday, November 2, 2010. It is the only way our needs as a community can be met. Become part of the political process!
Ramón Ojeda
A WORD FROM THE PRESIDENT:
Purchase your tickets today! Visit www.donquijoteawards.com
trustees
On a side note, I would like to request your invaluable feedback on VISIÓN Magazine. Tell us what you think and what topics you would like to see in future editions. You may email us at info@hispanicchamber.net
F o u n d i n g trustees
trustees
Hispanic Chamber of Commerce of Metro Orlando
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Pio Pio Latin Cuisine on Semoran Blvd has perfected its culi-
2500 South Semoran Blvd. • Orlando, FL. 32822
nary skills since 1994, when it’s first Restaurant in Queens, NY opened for business. Specializing in Pollos a la Brasa (Rotisserie Chicken) Pio Pio Latin Cuisine is the premier Colombian and Peruvian Restaurant in Central Florida. Dine-In and enjoy many of our exquisite platters. When you visit us at Pio Pio Latin Cuisine, you will not only be delighted by our food, you will also enjoy our home style hospitality making your every visit one to remember.
www.PioPioRestaurantFL.net
Pio Pio Latin Cuisine OFFERS DELIVERY AND CATERING services so you can also enjoy the great tasting food from the comfort of your own home or work. Just give us a call at: (407) 207-2262 / (321) 947-6147 6 | Visión
Hispanic Chamber of Commerce of Metro Orlando
HCCMO Update By Diana Bolivar
F
all is just around the corner and with it comes a fantastic array of events the HCCMO is planning for you. October 1st and 2nd the Latin Food and Wine Festival gives you an opportunity to enjoy Latin American cuisine at its best. The Festival begins with Savor the Night on Friday, October 1st hosting outstanding culinary displays of typical foods, beverages and cooking styles, for you to enjoy, from Spain, Peru, Colombia, Mexico, Brazil, Italy and other Latin countries. These various cuisines will be accompanied by wonderful beverages such as sangria, mojitos and regional wines. Savor the Night is an intimate culinary affair with great entertainment. Join us and meet emcee Scott Joseph, DJ Memo and Alicastro, who together will make this evening a night to remember. The Festival continues with our Grand Tasting. Celebrate Latin America’s unique cuisine on Saturday, October 2nd, at the beautiful Dellagio Town Center in the Dr. Phillips area. The HCCMO will unite our Latin communities and present a food festival Grand Tasting filled with gourmet delights, wonderful spirits such as beer, rum and wine, and entertainment from such artists as Ariel Nan, Ravelli, Zuva, and the Grupo Kompas. Latin America is a diverse area which holds various cuisines varying from nation to nation. This is a chance for you to delight your senses in this palatable festival filled with delicious food from our stunning Latin countries. Taste Paella, Ceviche, and Latin inspired dishes with chimichurri, guacamole, pico de gallo, mole and mouthwatering desserts such as dulce de leche, tres leches cake, and flan. For more information visit www.latinfoodandwine.com. We hope to see you at the Latin Food and Wine Festival!
OCTOBER 2
2010
presented by:
www.latinfoodandwine.com
GRAND TASTING LATIN FOOD & WINE FESTIVAL EVENT
For more information call (407) 428-5870
FOOD
&WINE FESTIVAL
OCTOBER 2, 2010 • 6:00PM DELLAGIO TOWN CENTER - DR. PHILLIPS AREA
7940 Via Dellagio Way, Orlando, FL 32819
sponsored by:
Our October and November Business After Hours will be held on October 20th (hosted by the Orlando Magic), November 4th (hosted by Martinez Mangradi), and November 18 (hosted by the HCCMO and the West Orange chamber). Join the HCCMO and its members for Central Florida’s leading networking opportunities. Our BAH gives our members and the community an opportunity to build long lasting relationships and gives individuals the chance to discuss and share ideas while learning about other local businesses. For more information about our monthly BAH, visit the calendar of events at www.hispanicchamber.net or email info@ hispanicchamber.net.
Tickets are now on sale for the prestigious Don Quijote Awards. The Hispanic Business Initiative Fund (HBIF) and the HCCMO are proud to present on Saturday, December 4th, at the beautiful Walt Disney World’s Contemporary Resort, its 13th Annual Don Quijote Awards. This is the premier business and professional recognition event of the Central Florida Hispanic community. The 13th annual Don Quijote Awards will feature culture, culinary delights and entertainment from the beautiful country of Argentina. We invite you to be part of this historical gala. Visit www.donquijoteawards.com for more information.
One Landmark Center 315 E. Robinson St. Suite 465 Orlando, FL 32801 407.428.5870
www.hispanicchamber.net
Hispanic Chamber of Commerce of Metro Orlando
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Business PROTECTING YOUR INTELLECTUAL PROPERTY: TRADEMARKS By Yasmin Tirado-Chiodini What are Trademarks? Trademarks are mainly used by businesses that wish to reach future purchasers through phrases, names or symbols, which serve to differentiate them from other businesses. Examples of trademarks that are names or phrases are: Coca-Cola and Pepsi (known beverage companies), McDonalds and Burger King (known fast food restaurants), and phrases “Just do It!” (Slogan for the sport gear company Nike) and “Coke is it!”(Used by CocaCola). Trademarks also protect colors and logos, as well as company names, which may be protected when used to identify products or services commercially offered by the business. Trademarks afford a minimal level of protection under common law. However, registration at a federal or state level offers the most protection. A trademark can be registered at a federal level under the Lanham Act, and also at a state level (in Florida, under Chapter 495 of the Florida Statutes). To be “registrable,” a mark must be used commercially in the marketplace, must be distinctive or be capable of turning into a distinctive mark with time, use and promotion. The rule “First in use, first in right” applies in registration of trademarks. This means that the person or business that uses the mark first will obtain the right to use it, if it can demonstrate “first use” and there is no other valid registration for the mark. If the mark used by the business is not distinctive, then this mark may not differentiate the business and it is prone to use by others. In this case, there is no recourse for protection. Eventually, a business using a non-distinctive mark may be “diluted” in the marketplace. Background The term Intellectual Property refers to ideas, inventions and words or designs that are used to distinguish a product or business. The protection of intellectual property provides a competitive advantage that will differentiate a business from its competition and will help the business become a market leader. Some inventors or authors register their intellectual property and then license it or sell it for profit. The laws in the United States provide various ways to protect intellectual property. The three main kinds of legal tools provided are: Trademarks, Copyrights and Patents. There are other forms of protection, including the Trade Secret. Trademarks protect distinctive indicators (such as names or logos) used to identify products or services to consumers, Copyrights protect the expression of an idea (such as a song, a book or a painting), and Patents protect an idea (such as a process or design). The articles on this intellectual property series will discuss in general the legal protection afforded by each of the above tools, the logistics of registration, and the estimated cost of obtaining their protection. The first article in the series focuses on trademarks.
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Hispanic Chamber of Commerce of Metro Orlando
The following terminology is used to describe types of trademarks, for the purpose of determining their potential for registration: Generic marks – These describe a product or service category and are typically not registrable. The applicable rule is that no one can trademark words that are commonly used in the daily vocabulary to designate the very product the mark represents. For example, registering the mark “car” for a car would not be allowed. Descriptive marks – These describe the class to which the product belongs and are also typically not registrable. For example: “General Medicine Doctor,” “Upscale Hair Salon.” Suggestive marks – These marks include in them an element of the product or service, without being descriptive. For example: “Pizzeria Uno” (for a pizzeria) or “Split Ends” (for a hair salon). These marks are registrable because they are distinctive. Arbitrary or “Fanciful” marks – These marks are actually madeup words created solely for the purpose of becoming trademarks. For example: “Tylenol” or “Advil” (for medicines), “Band-Aid” (for medicated adhesive bands) or “Panasonic” (for electronic equipment). These marks are registrable because they are distinctive. A trademark owner must avoid letting their fanciful mark be used as an identifier for the actual name of the product
Business (e.g., use of Band-Aid as a “generic” name for any adhesive band) as this may cause the trademark to be “diluted” and lose its protection. Trademark Registration Strength and Symbols Common law and state law trademark protection are not as strong as the protection offered by federal registration. Additionally, only federal registration provides the trademark owner with a right to use the symbol ® (used for products and services), which denotes the stronger federal protection. With the common law protection and state registration the mark can only bear the symbols “™” for products or “SM” for services. Duration Trademarks registered federally last for 10 years and they must be renewed periodically to verify their use in commerce. To avoid losing protection, the owner is responsible for demonstrating the mark’s use and for protecting the mark at all times. A mark’s owner must submit a declaration of continued use (or if there has been an interruption in use, an excuse for non-use) between the fifth and sixth year of registration. Trademarks registered at a state level in Florida last 5 years and must be renewed six months prior to expiration. Like marks registered at a federal level, the owner is responsible for demonstrating its use in commerce during the mark’s life.
REGISTRATION PROCESS AND COST Federal Registration The agency fee for trademark federal registration at the U.S. Patent and Trademark Office (USPTO) varies depending on the registration process, whether it has been used in commerce or not, and manner of submittal, and ranges between $325 and $425. After evidence of use and payment are submitted, a trademark examiner will evaluate the mark, and if approved, it will be published for opposition. If there is no opposition, the mark will register in due course. Generally, this process can take around 18 months, but it may vary. The total cost for federal trademark registration legal services by a qualified attorney depends on the attorney and the type of mark. These may fall around $1000-$2000 per mark, per class, and it can be greater, depending on the time the attorney invests in exchanges with the client and the registration agency. Additional costs can be incurred if the attorney needs to answer correspondence from the USPTO or respond to an opposition, among other circumstances. State Registration In Florida, the state agency fee required to register a mark is currently $87.50 per class. This cost is subject to change. This fee is lower than the federal cost, but the federal protection is broader, as discussed earlier. The cost for legal services varies, but it is typically less than the federal registration.
Registration Agency Contacts The United States Patent and Trademarks Office (USPTO) regulates the registration of patents and trademarks and can be accessed through the Website http://www.uspto.gov. In Florida, the Department of State processes all state trademark registrations. More information can be found at their Website http://www.sunbiz.org. Registration Services No provider can guarantee a trademark registration. However, an applicant should carefully select a provider that can properly assess the potential for registration and not merely complete an application without due legal analysis and research. Registration by a Qualified Attorney The registration process by an attorney entails, at a minimum, a client counseling session, a legal analysis of the mark, and trademark research in common law, agency and other resources and databases. This research is geared to examine similar or equal marks registered and/or commercially used in the marketplace. The service also entails completing forms, conducting client interviews and briefings, exchanges with agency examiners, and other necessary services to further the registration. Registration Using Commercial or Non-Legal Providers Many trademark registration services offered via Internet or nonlawyers are risky, as they generally do not include the level of analysis provided by a qualified attorney. Some of these services simply consist of the systematic submittal of an application without the benefit of legal counseling, legal analysis, research or follow-up. Therefore, an applicant should be weary of using nonqualified providers, and should engage a qualified legal provider who will focus on the successful registration of the mark, instead of completing a trademark application without researching its potential for registration. Conclusion In conclusion, trademarks provide a competitive advantage that differentiates the business from its competition, help a business become a market leader, and safeguard the business and its owner’s investment. Unprotected trademarks can dilute the business’ effort and reputation, potentially causing irreparable losses. Registering a trademark is a worthy business investment. The trademark owner should procure registration services from qualified providers to ensure registration success and long-term cost minimization. The next articles of the Intellectual Property series will cover Copyrights, Patents, and Trade Secrets, as well as the importance of using Confidentiality and Non-Competition Agreements as a useful resource to protect a company’s intellectual property from loss during ordinary course of business.
Copyright © 2008-2010 Yasmin Tirado-Chiodini. All Rights Reserved. Yasmin Tirado-Chiodini is a business attorney and entrepreneur practicing business law in Central Florida. This article is an excerpt from her book “Does Your Compass Work? Practical Guide for Florida Businesses.” For more information, contact her at Yasmin@Tirado-Chiodini.com or visit www.doesyourcompasswork.com. This article does not intend to provide legal advice. For legal advice, the reader must consult an attorney of their preference.
Hispanic Chamber of Commerce of Metro Orlando
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Hispanic Chamber of Commerce of Metro Orlando
FUNDING A START-UP COMPANY By Paul Roldan
The economic challenges of the last few years have created a global financial mind-shift. Specifically, the increased rate of unemployment in the United States has led many to consider entrepreneurship as a possible course of action regarding their financial futures. This has been even more evident in Florida where the unemployment rate is higher than the national average. Florida has traditionally been a small business friendly state, with Central Florida being named as one of the best places to start a business a few years ago in a national magazine. The last couple of years, however, have seen a dramatic decrease in the number of new registered small business in Florida. In 2009 103,113 domestic profit businesses were registered in Florida, witnessing a 37% drop from a previous high of 170,207 in 2004. These numbers show an inherent incongruency as technically more individuals are considering entrepreneurship today than ever before.
Hispanic Chamber of Commerce of Metro Orlando
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Small Business
A major cause of the decrease in new startups has been the tightening of the credit markets. With the banking industry having experienced such great losses, increased unemployment rates, increased levels of foreclosures and short sales, obtaining financing to start a business has become extremely challenging. However, in the midst of this challenge, the government has made efforts to ensure small business lending would recover amidst this economic downturn. The first quarter of this year has witnessed some recovery, especially with the White House committing to transfer $30 billion from the Troubled Asset Relief Program (TARP) to the Small Business Lending Fund. This promise has not yet been sealed as it has to make its way through the legislative process; but the intention to boost small business lending is nationally evident. This being the case, however, the process for obtaining funding will still be rigorous as the economic times have rendered banks relentless regarding the taking on of new risks. So, how does a person obtain funding for their potentially million dollar idea of a business? These difficult times have brought back the original, once traditional ways of doing business. In the years of economic infancy in America, persons who sought funding to start a business did so through good old fashioned relationships. You knew the local banker personally. As such, the banker could attest to your character, this being the principal criteria for whether the bank could trust you to pay it back. Although the marked difference in economic size of this country requires more than just a character
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Hispanic Chamber of Commerce of Metro Orlando
test to approve a loan, this foundational element still proves to be a strong impetus in the right direction. A company that had launched in 2004 and had grown quickly since then found itself suffering the challenges of this economic downturn resulting in a $170,000 loss in a year. As such, the owner found herself in need of capital to float the temporary downturn but with the challenge of not being able to get financing through her bank because of the company’s most recent financials. So she decided to pursue funding through a smaller bank by establishing a relationship with the loan officer. He, the loan officer, thoroughly examined the company, asking the reasons for the losses and soon found that the company still had a solid foundation but was merely the temporary victim of this economic downturn. In March, the bank approved the business owner a loan for $709,000, by which she paid off a previous loan to her previous bank and was able to shore up her cash reserves for operations. It took her a year to get to that point, but this type of diligence is what small business owners need in today’s economic environment to survive and then thrive. Should I use monies from my retirement plan to start my company? While this is a possible venue as a means for funding a start-up, it is not highly recommended. It has taken several years to build up a nest egg of whatever size your retirement plan represents. It is not prudent to then deplete your future’s nest egg and use it to start up a business which does have inherent risk. While
Small Business the point here is not to discourage anyone from considering entrepreneurship, the reality is that 80% of all businesses fail in the first 5 years. This risk should not be coupled with the risk of not having any monies to fall back on by depleting your retirement savings. On the contrary, risk should be met with risk preventive measures. As such, one should try to place this risk on someone with deeper pockets (ie a financial institution). By obtaining financing through a bank, the risk is now shared rather than being completely assumed by you and your financial future. This being the case, how does one best position oneself to obtain financing? Again, these times require that you go back to basics. Here are a few steps to take to enhance one’s probabilities of obtaining capital funding:
1
Establish a strong business case – Any institution or investor will need to see a strong case for taking on such a risk. As such, a well thought out business plan, with both industry and economic data, should be prepared to make the case. At the end of the discussion the investor or institution will want to know that the potential return is better than the potential risk and this is best proved through the mixed use of empirical and hard financial data with forecasts to incentivize the lender.
2
Shop the loan – Smaller banks are sometimes more aggressive in pursuing start-ups and more user friendly, allowing for the individual to connect with the actual loan officers. This could prove very useful when presenting your case as the discussion can be centered around the viability of the business more than merely the formula a larger bank might use to screen applicants.
3
Exhaust all possible resources – While financing may have been a do it yourself process historically, these times sometime require collaborative efforts in obtaining capital funding. As such, organizations such as the Hispanic Business Initiative Fund (HBIF) Accion USA, SCORE, etc. have been extremely helpful in providing the necessary technical assistance, or financial relationships to give small businesses the impetus necessary to obtain financing.
At the end of the day, businesses that are willing to go the extra mile, diligently positioning themselves to present their case, are the ones that are obtaining the resources that do exist but require a bit extra push for institutions or investors to be convinced. Historically, this characteristic of business diligence has led to the creation of the greatest companies this country has hosted as companies that can germinate and establish themselves in tough times are almost secured huge returns when the economy turns around and handsomely rewards the such.
FICTITIOUS NAMES IN FLORIDA By Yasmin Tirado-Chiodini
In Florida, when a person conducts business under a different name from their company name or their own individual name, they must register that name with the Florida Department of State as a "Fictitious Name.” Florida Law also requires that the registrant certify that the fictitious name was advertised at least once in a newspaper in the county where the principal place of business of the applicant will be located. Registering a fictitious name is totally different from registering a trademark or forming a legal entity. The purpose of the requirement to register the fictitious name is to give public notice only. The registration does not give the registrant rights to own or use the name registered, nor does it protect the registrant from others using the same or similar name. Specifically, registering a fictitious name does not register a trademark or service mark, nor does it give the registrant rights afforded under trademark law. In addition, the registrant does not form a legal entity or receive legal entity name rights previously acquired by others in the same or similar name. There is a completely separate process and meaning to registering a trademark or to forming a legal entity, such as a corporation. A Sole Proprietor operating under a fictitious name does not have the protection afforded by a legal entity which has a “veil or wall” protecting the business owner from the business creditors, because the fictitious name does not create a legal entity. It should be noticed that an enterprise registered legally under the Department of State can also obtain a fictitious name and operate “doing business as” such a name. This situation is different from the sole proprietor situation because the company has the protection of the veil even before obtaining the fictitious name and operating under it. Fictitious names are valid for 5 years and expire on December 31st of the fifth year. Each fictitious name Registration must be renewed between July 1 and December 31 of the expiration year to maintain a valid registration. The current registration fee is $50. Failure to comply with the Florida Fictitious Name law requirements can result in a misdemeanor of the second degree. For additional information on fictitious names, visit the Florida Department of State, Division of Corporations Website at http:// www.sunbiz.org and click on the “E-Filing Services” Menu on top of the page. Copyright © 2008-2010 Yasmin Tirado-Chiodini. All Rights Reserved. Yasmin Tirado-Chiodini is a business attorney and entrepreneur practicing business law in Central Florida. This article is an excerpt from her book “Does Your Compass Work? Practical Guide for Florida Businesses.” For more information, contact her at Yasmin@Tirado-Chiodini.com or visit www.doesyourcompasswork. com. This article does not intend to provide legal advice. For legal advice, the reader must consult an attorney of their preference.
Hispanic Chamber of Commerce of Metro Orlando
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FEATURING THE CULTURE OF:
ARGENTINA The 13th Annual
CUISINE ● WINE ● LIVE ENTERTAINMENT
$100.00 Individual Ticket $1,500.00 Corporate Table Valet parking included
407-428-5872
www.DonQuijoteAwards.com
Proud Sponsors as of September 9, 2010:
SM
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Hispanic Chamber of Commerce of Metro Orlando
Economy IN THE GRIP OF THE GREAT RECESSION Economists like Seyfried recognize that increased debt is misleading: As debit increases, consumers start to feel wealthier. But that increased wealth comes with another price tag. Instead it creates a financial bubble, and when the wealth is gone the debt remains. “Burdened with this high debt, consumers are unable to significantly increase spending once the recovery begins,” Seyfried says. “Meanwhile, lenders switch from providing easy credit to being stingy with credit, partly to compensate for prior poor lending practices and partly because debt-ridden consumers are not as credit worthy. It takes years for consumers to get debt under control, thus consumer spending remains subdued for an extended period of time.” Seyfried is also watching the current job market take unprecedented hits “like no other recession since the Great Depression.” Consider these comparisons: Total job loss of 8.5 million - 6% compared to 5.2% in 1948-49 Decline of 4.5 million service-sector jobs - 4.8% compared to 2.5% in 1957-58 Largest increase in unemployment rate - 5.7% compared to 4.4% in 1973-75 Largest decline in total hours worked – 9.7% compared to 7% in 1973-75 Loss of 11.4 million full-time jobs - 9.5% compared to 4% in 1981-82
Thank God for the Recession-Robert Carter
C
entral Florida, take note: The economic downturn will continue to cause headaches for the next few years even as the economy shifts into recovery mode.
“The next few years are likely to be a period of sluggish growth and modest declines in unemployment as we slowly recover from the deepest downturn since the Great Depression,” says local economist Dr. Bill Seyfried. “With the worst behind us, the focus is now on the strength of the recovery.” He cautions that recovery will be impacted by decreased spending, continued high unemployment, high debt and tight credit. Seyfried is widely recognized as an expert in macroeconomics. He teaches courses in “Latin America and Global Economy” and “Economics for Managers” in the Crummer Graduate School of Business at Rollins College. He has published extensively in such professional journals as The Economist and the Journal of Economics. His recent findings, released under the heading of “In the Grip of the Great Recession,” pictures an economic picture framed by financial panic. Financial panic, for example, results when credit becomes too loose. “Lenders ignore the risk of the possibility that assets may decline in value.” He adds, “This is a critical point to grasp in order to understand what the economy recovery is likely to look like.”
As of June 2010, United States unemployment numbers decreased slightly but remained high at 9.5%. But that percentage, Seyfried says, actually translated to 16.5% when a broader measure is applied: part-timers looking for full-time jobs and discouraged job seekers abandoning their job searches. In Florida, unemployment in broad terms exceeds 19%. How so? Companies increase the number of hours current employees work rather than create new jobs. Individuals who first gave up on their job searches return to the labor force. “The official unemployment rate for both the United States and Florida should not change for the remainder of the year before gradually declining in 2010. As a result, unemployment will remain stubbornly high for years,” Seyfried predicts. Seyfried also says limited wage growth will create other problems, including stagnant consumer spending. Companies will be hindered in their ability to raise prices, causing inflation to remain low over the next several years. How has this sluggish economy affected the Latino community? Compared to the overall population, Seyfried’s research indicates fewer lost jobs among Hispanics. “Though there was a smaller rate of job loss among Hispanics, the unemployment rate rose more as the number of Hispanics in the labor force grew, while the overall labor force stagnated since the start of the recession. So far in 2010, job growth for Hispanics has outstripped those for the overall population - 1.7% growth for Hispanics as compared to 1% for the overall population.”
Hispanic Chamber of Commerce of Metro Orlando
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TH E GULF CRISIS By Pam Ledford
F
loridians are breathing easier these days with the August 5 announcement that BP successfully sealed its renegade oil well in the Gulf of Mexico, an underwater well that had already tossed tar balls against the Florida coastline.
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Hispanic Chamber of Commerce of Metro Orlando
Cover Story Five days later more good news surfaced: Officials reopened federal waters off the Florida Panhandle for commercial and recreational fishing. With roughly 200 million gallons of oil having flowed into the Gulf of Mexico, prolonged damages to Florida’s economy could have reached $10.9 billion, a preliminary analysis released in early June showed. The report’s author, Dr. Sean Snaith of the University of Central Florida, also projected job losses of 195,000. Snaith, who heads UCF’s Institute for Economic Effectiveness in the College of Administration and Business, is a nationally recognized economic forecaster. To develop his preliminary analysis, Snaith used the values of the tourism and leisure economies in 23 Gulf Coast counties. He used 10 percent and 50 percent measurements to project the impact of losses there on other business and throughout the state. Damages “spread out and ripple,” Snaith said. “Tourism is one thread. The impact can happen in ways not readily seen,” he added. For example, produce distributors lose business when restaurants close, and trucking companies that would have hauled
produce to those restaurants see their revenues decline as well. Then in July, as optimism began to grow that the well would be successfully sealed, Snaith ran a second set of numbers. His revised analysis now projects a $2 billion spending loss across the state, a change of about 80 percent. Regardless of the latest projections, Snaith still expects growth in Florida’s leisure and hospitality sectors to stall until 2012. “BP may have successfully placed a cap on the well head at the bottom of the Gulf of Mexico, but not before the oil spill put a cap on Florida’s tourism,” he said. “In fact, the beleaguered construction sector will begin to recover more quickly than leisure and hospitality.” The oil spill’s impact on tourism in Central Florida has been harder to assess. Dr. Deborah Breiter, chair of UCF’s department of tourism, events and attractions in The Rosen College of Hospitality Management, has watched for changes in the Central Florida tourism climate. “From what I have heard from people in industry, there has been very little effect in Central Florida thus far,” she said. “But that doesn’t mean people aren’t concerned about future ramifications.” The Orlando/Orange County Convention & Visitors Bureau
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Cover Story Disney World Resort and SeaWorld Orlando) have also been marketing and providing travelers with great offers,” he said. “Additionally, the Orlando/Orange CVB has worked closely with our travel partners to showcase Orlando’s great options and market to our top demographic - families.” Another factor is the rebound in business travel that has helped to increase visitation and overnight stays, Sain said. “We hope that the increased visitation is a long-term trend for the destination. Obviously, we’ve had a few years of declines and we hope that the worst is behind us.” In response to calls from consumers wanting to know if Orlando would be affected by the spill, the Orlando/Orange County CVB added a map to its website to “show Orlando’s proximity to the coasts, not to lure people away from the beaches,” Sain said. “One of the easiest ways to explain the location was to put a map showing Orlando’s location and distance to the coasts.” reported that hotel occupancy for June and July was up over last year. Total visitation for 2010 is expected to increase by 2-3 percent. But President Gary Sain hasn’t seen indications that the Orlando area received substantial increases in travel and tourism because of the Gulf oil situation. Sain attributes the bump in summer travel to several factors, including the opening of Wizarding World of Harry Potter at Universal’s Islands of Adventure. “Our theme park partners (Walt
Economist Snaith acknowledges it’s hard to predict the future. The reality is that “the economy is what it is.” Personally, the UCF economist would rather view the future from a “glass half-full” perspective rather than from a “doom and gloom” strategy - a criticism often lobbed at forecasters. “You have to focus on the positives,” Snaith said. “Here in Orlando, we live in a tremendous part of the country.” Remember, he added, “economic recessions are followed by expansion.”
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Cover Story G&C AMBIENPETROL V, INC
a local company and the Gulf Crisis...
By Pam Ledford Ambientpetrol President Carmen Nieves is pleased her company is gaining national attention for its work in organic bioremediation technology. Regardless of the final outcome in the Gulf oil selection process, she said, “this is already a big achievement.” Nieves has more than 20 years experience in the recovery of petroleum-based products and bioremediation techniques. Ambientpetrol’s 68-page State of Qualifications to take part in the Gulf Coast clean up includes support from two other area businesses: Tri-Tech Analytical Laboratories, Inc., a microbiology laboratory; and Alpha-Omega Training and Compliance, Inc., which provides health and safety and remediation services. At the forefront of the proposal is the use of Ambientpetrol’s proprietary organic product, Bro-Plus™, an application that has a high concentration of non-pathogens bacteria, enzymes and nutrients in a trademarked-protected formulation. The product, Nieves said, “promotes an accelerated rate of the bioremediation process activating the natural microorganisms present in the contaminated sites.” It is applied as a fine spray. Bros-Plus™ Technology was developed 12 years ago in Venezuela by Nieves’s brother, a chemical engineer, for their family-owned company. The product has been used internationally for other application purposes, including oil pits and spills, industrial applications, municipal water, drilling operations, and use in fresh and salty water to clean contaminated hydrocarbons. Specific usages include degrading metals; cleaning oil and grease from vegetable oil byproducts; cleaning tanks, installations and tools contaminated with hydrocarbons; and decontaminating garbage trucks and installations. To support its claims that Bro-Plus™ could provide a solution to bioremediation efforts along the Gulf Coast, Ambientpetrol civil and environmental consultant Rod Vargas, P.E., collected soil and vegetation samples from Grand Isle, La. Vargas has first-hand knowledge of Louisiana marshes and sensitive ecological areas: He graduated from the University of Louisiana at Lafayette.
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n Orlando bioremediation company is one step closer to participating in the clean up and restoration of environmentally sensitive coastlines damaged by four months of oil spillage into the Gulf of Mexico. G&C Ambientpetrol V, Inc. was notified in August that BP and government agencies have narrowed the field from 115,000 applicants to 330. Ambientpetrol now enters the final stage in its category - soil testing. It is also among eight companies selected nationwide by the Florida Department of Environmental Protection Agency to test damaged soil on Florida beaches. In addition, the company participated in the August 25 Louisiana Department of Environmental Quality GREEN BUSINESS EXPO. Participation was by invitation only.
Microscopic evaluations on soil, vegetation and Gulf water were then conducted by Tri-Tech Analytical Laboratories. The lab first analyzed non-treated samples that were thick with no apparent microscopic life. Tests were tested in various stages. After 1½ hours of treatment, the lab found evidence of photosynthesis occurring. Green growth and live microscopic organisms were present. No oil was found. These lab results, Vargas said, reinforce Ambientpetrol’s claim that Bros-Plus™ “could be an alternative to physical removal techniques which disrupt plant and animal life” along the Gulf Coast. In addition to Nieves and Vargas, the management team is made up of Felipe Calderon, vice president of sales, and May Nohra, marketing and business director. With the recent arrival of 6,500 gallons of Bros-Plus™ the team is actively expanding its client base. Ambientpetrol has plans to build its own manufacturing site in Florida within 5 years. Hispanic Chamber of Commerce of Metro Orlando
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Business BUSINESS LEGAL STRUCTURES By Rosalina Stober
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n business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business, but you can improve your chances of success with good planning, preparation, and insight. Once you’ve decided to move forward with establishing a business, you can lessen the risks and protect yourself and your personal assets by considering all your options and the possibility of incorporating of your business. The legal structures for a business are varied, and include the following: SOLE PROPRIETORSHIPS: The vast majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. Sole proprietors own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts. In the eyes of the law and the public, the sole proprietor is one and the same with the business. PARTNERSHIPS: In a partnership, two or more people share ownership of a single business. Like proprietorships, the law does not distinguish between the business and its owners. The partners should have a legal agreement that sets forth how decisions will be made, profits shared, disputes resolved, etc., and must also decide up front how much time and capital each will contribute. Types of partnerships to be considered are the General Partnership, Limited Partnership and Partnership with Limited Liability, and Joint Venture.
CORPORATIONS: A corporation; chartered by the state in which it is headquartered, is considered by law to be a unique entity, separate and apart from those who own it. A corporation can be taxed; it can be sued; it can enter into contractual agreements. The owners of a corporation are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes. LIMITED LIABILITY COMPANY (LLC): The LLC is a hybrid business structure that is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Formation is more complex and formal than that of a general partnership. LLCs must not have more than two of the four characteristics that define corporations: Limited liability to the extent of assets, continuity of life, centralization of management, and free transferability of ownership interests. There are always risks involved when starting a small business. In addition to risk implications, there are tax implications that come along with each of these structures. Prior to making a decision, consult an attorney and an accountant to help evaluate and explain the pros and cons of each option. If you are thinking about starting a business, the Hispanic Business Initiative Fund (HBIF) offers guidance at no cost. HBIF’s orientation, “Cómo Empezar Su Negocio/How to Start a Business”, is a great way to start. This seminar explains the pros and cons of each structure and reviews all the planning steps necessary to start a business. HBIF’s scholarship program also allows entrepreneurs to work free of charge with an attorney and an accountant to set up the legal and accounting structures at the inception of the business. To register a business in Florida, visit www.sunbiz.org.
For more information, visit www.HBIFFlorida.org or call 407.428.5872 to speak with an HBIF representative.
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Human Resources LINKEDIN MATTERS! By Robert Newland
http://www.linkedin.com/in/newland
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ou’ve probably heard a lot about LinkedIn by now. If you are a professional, a sales executive, a business owner or are job searching you will: A. already have a LinkedIn account; B. are talking about getting one; or C. people want to know why you are crazy enough not to have one. LinkedIn is not a passing fad, or a place where you tell people what you ate for lunch or comment on the weekend’s concert. If you are looking to expand your network of peers, trying to connect with decision makers or identifying employment contacts, LinkedIn is the place where many people connect to do just that. Here are some tips to ensure your LinkedIn profile makes you look your best: •
Make sure your profile is public and includes your contact information – If people can’t find you, they cannot learn about you. Remember, people will research you in LinkedIn before they do business with you.
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Get recommendations by company colleagues and clients – There’s no better calling card than solid feedback from others who now you. However, be aware of reciprocal recommendations – They can look like favors and not true value statements.
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Join groups and remain active – One of the better ways to gain credibility is to participate in group discussions where you display your expertise. You can also use groups to expand your network.
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Make sure you profile is an elegant, succinct summary of your competencies. Most people either put too much information or barely any. – Extremes are not good.
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Include your LinkedIn contact information everywhere! That means business cards, resumes, email signatures. Make sure your LinkedIn profile uses your name. – The default is a series of numbers that are difficult to remember.
I will close this column with one final piece of advice. When you network in LinkedIn, you have to make it a meaningful experience. For example, LinkedIn has a default “I’d like to add you to my network”. This generic invite says nothing about who you are or why someone should connect with you. Now imagine this approach. You are interested in meeting decision makers in the Latino business community so you join the Hispanic Chamber of Metro Orlando LinkedIn Group. Now you start participating and providing your expertise in discussion groups. Your next step is to research the group participants in order to identify business prospects for you. We are running out of space for this column, but I’m sure that you are getting the picture. – LinkedIn matters! Now, go online and keep on learning about this wonderful tool to unleash the incredible benefits you can derive from being LinkedIn!
LOCALS OPTIONS ABOUND FOR UNIQUE MEETINGS AND RETREATS By Daniel Fuller
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uring 2009, Orlando welcomed approximately 47 million visitors, making it one of the most soughtafter global destinations. Of those, more than 9 million traveled here for business reasons, including attending meetings, tradeshows and conventions. And there’s good reason why. The destination offers a broad range of hotel, dining and entertainment options, along with a world-class convention center and versatile meeting space. In fact, Orlando provides an inspired atmosphere that allows meeting and event attendees to connect with each other and become productive. This also means that local Orlando organizations seeking opportunities for staff retreats, client events, executive meetings or team-building exercises have a diverse array of sites to select from. Of course, the Orange County Convention Center — the second largest facility in the United States — is available for large-scale company or industry events. And many of the area’s nearly 450 hotels offer meeting space for smaller and medium-sized groups. But to really rally the troops you need to think beyond the norm. Luckily, Orlando is home to some very unique venues and activities that allow you to get down to business or have fun. How about a staff retreat at the UCF Executive Development Center or a team-building exercise at CityArts Factory, both in downtown Orlando. You could hold an evening reception at a theme park or at Harry P. Leu Gardens. Or you could take the gang for the adrenaline rush of simulated skydiving at IFLY Orlando or the thrill of hang gliding at Wallaby Ranch Hang Gliding Flight Park. To impress your clients, consider booking a meeting at a swanky hotel like the Waldorf Astoria Orlando or The Peabody Orlando’s new 31-story tower expansion that is expected to open in the fall. Yet sometimes sitting down to break bread with colleagues for a job well done — or discussing the details of an important business proposal with a potential new customer — makes the most impact. Most notably, areas like Pointe Orlando and “Restaurant Row” on Sand Lake Road offer dozens of casual and fine dining options — as well as live entertainment — that cater to group dining. Some even allow organizations to buy out the entire restaurant for a special event. And if your organization is seeking to “give back” to the community as part of a corporate team-building initiative, there are also numerous donation programs and volunteer projects with a wide range of groups that includes Give Kids the World, A Gift for Teaching and Clean the World. The Orlando/Orange County Convention & Visitors Bureau can assist your organization in planning the ultimate Orlando meeting, staff retreat or event. Visit OrlandoMeeting.com to find out how.
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From Work To Play A SNAPSHOT OF THE ATLANTIS RESORT IN THE BAHAMAS By Yasmin Tirado-Chiodini
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had the pleasure of visiting the Atlantis Resort during a recent family trip to the Bahamas this summer. There, I was welcomed by Ulan Dawkins, Sales Manager, who gave me a tour of the property. Atlantis is a striking resort offering many entertainment alternatives for all in the family.
renowned artist Dale Chihuly accompanied me as I walked from the Royal Towers lobby to the open casino, passing through a vast array of fine shops, jewelry stores and boutiques, a movie theatre, and numerous restaurants, including Bobby Flay’s Mesa Grill. I eventually arrived into the spacious Convention Center.
As my cruise-ship approached the Bahamas port, I could clearly see the Atlantis trademark Royal Towers. Transportation to the resort was a breeze. As I entered the main lobby, memories of Italy immediately kicked in. Grandiose multicolor marble columns and a massive ornate cupola serve as main greeters inviting guests to the Atlantis’ diverse vacation experience. This is a one-of-a-kind resort, where guests can have fun, entertainment and also enjoy relaxation.
The various Atlantis hotels are all interconnected to ensure a holistic experience for all guests, with equal access to the many amenities. Golf enthusiasts can enjoy the Ocean Club Golf Course. There is also an Olympic pool, part of the gym, surrounded by breathtaking marine views. Kids and teens will enjoy the many club activities. During my visit, I also had the opportunity to enjoy a casual meal outdoors, as well as a tropical drink. Food alternatives are readily available all around the resort and pools, and the personnel are courteous and service-oriented.
The unique 141-acre Aquaventure water park has state-of-the-art water slides, lazy river rides and pools at every turn, offering fun for every member of the family, regardless of their age. Guests can also enjoy swimming with dolphins or simply watch them play from a quiet spot at the Dolphin Cove beach. The entire resort is surrounded by aquariums and pools filled with colorful marine life. The hotel rooms are inviting and comfortable, and they offer astounding views of the beaches and the carefully manicured landscape, featuring private views of ponds with sharks and manta rays. Atlantis also presents a diversity of indoor entertainment. A showcase of glass art by the
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As with every vacation, you will get more from your experience if you plan ahead! While a visit to Atlantis may be intimidating to some, there are many ways to approach an Atlantis vacation on a budget. For example, guests can take advantage of the many Atlantis promotional offers, and they can also purchase day passes for food and drink, which will probably offer some convenient savings. Also, kids stay free at the hotel, and every guest’s visit to Aquaventure is complimentary. Overall, my short visit to Atlantis was very enjoyable. I invite you to visit the resort if you have a desire for a different and exciting Caribbean adventure, one that will open a window to “A New World!”
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