Small Business

SMALL BUSINESS HOW TO GROW YOUR BUSINESS

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SMALL BUSINESS GUIDE

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FUNDING CONSIDERATIONS FOR YOUR SMALL BUSINESS

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BY JON CARLISLE AND GREGORY LEWIS, CONNECTICUT SMALL BUSINESS DEVELOPMENT CENTER BUSINESS ADVISORS

ecuring funding for your small business has many considerations depending on the type of funding you are seeking. For new businesses, you may have needs beyond what you, your family and friends can provide as investment. It may be time to consider a traditional loan through a bank or a micro loan through a community lender. For more established businesses, you may be looking to get a line of credit or equity financing to expand your business.

As you start to think about applying for a loan, you may be wondering what lender you should work with. The US Small Business Administration has a Lender Match tool, which helps businesses get identify and connect with a lender aligned with their specific needs. All you have to do is answer a few questions about your business and within two business days, Lender Match will provide you a number of different lenders who you can contact.

Applying for a loan can be time consuming and arduous. The Connecticut Small Business Development Center (CTSBDC) can help. Its team of 15 advisors can help you explore financing options, assess your capacity for financing, help you refine a business plan typically required by a lender and work with you to create your revenue and expense projections to demonstrate your ability to repay your loan. Advisors will help you consider lender terms and determine the best fit for your situation.

The Small Business Administration (SBA) works with lenders to offer various loan programs for fixed assets and working capital.

These different programs offer competitive terms and unique benefits, such as a lower down payment or flexible overhead requirements that may be attractive for small businesses for a variety of reasons.

One of the programs SBA offers is the 7(a) program, which includes the Standard 7(a) loan, 7(a) Small Loan, SBA Express, Export Express and International Trade loans. Depending on the type of loan, the maximum amount and guarantee may differ, however there are standard requirements that all businesses must adhere to when applying for these loans. Some of the required information includes financial statements (both personal and business), business license or certificate, loan application history and income tax returns.

A 7(a) loan can be used for several busi-

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Ashley Kalinauskas, founder of Torigen Pharmaceuticals and CTSBDC business advisor Gregory Lewis meet to discuss funding opportunities, like SBIR/STTR grants, to help small, research-focused businesses.

ness-related expenditures, including longand short-term working capital, the purchase of machinery, equipment, fixtures, supplies, the purchase of real estate or construction costs or to refinance/consolidate existing debt.

The 504 loan program from the SBA is a long-term fixed-rate financing program for up to $5 million in fixed assets. 504 loans are available specifically through Certified Development Companies (CDCs) that help regulate nonprofits and promote economic development. In order to be eligible for a 504 Loan, you must be a for-profit company, have a tangible net worth of less than $15 million and have an average net income of less than $5 million after federal income taxes for the two years preceding your application.

Once you receive a 504 loan, you may use this money to purchase assets that will help your business grow or create new jobs. This could include buying an existing building or land, long-term machinery and equipment or improving upon existing facilities or land, streets, utilities, parking lots and landscaping.

504 loans cannot be used for working capital or inventory or consolidate existing debt.

CTSBDC advisors can also assist you with non-SBA loans or alternative financing options such as asset-backed financing or equity investment through venture capital or angel investors.

Businesses conducting research and development may consider seeking grant

funding through the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

SBIR/STTR can provide small businesses with nondilutive grants to commercialize their innovations. These programs are a great opportunity for highly creative businesses in a wide variety of industries to get the support they need to launch new products while stimulating scientific and technological growth. For STTR, small businesses are required to collaborate with a nonprofit research institution in order to foster technology transfer between the entities.

SBIR/STTR is a three-phase process, which brings businesses through proof of concept, research/research and development and commercialization. There are currently 11 different federal agencies with SBIR programs, five of which also have STTR programs. Each of these agencies may issue their own program and solicit proposals for a variety of R&D topics. The opportunity this provides for small research-focused businesses can oftentimes propel them forward and bring new products to market.

CTSBDC and its partners have the resources and experience businesses require to navigate the SBIR/STTR application process successfully. More importantly, the support needed beyond SBIR/STTR remains in place to help companies introduce their innovations to the marketplace — growing both the companies and Connecticut’s economy.

“…We’re putting the community back into community banking.” “…We’re putting the community

back into putting community banking.” “…We’re the community With a team that believes in relationships, The First Bank of Greenwich continues to focus on the community back into community banking.”

With a team that believes in relationships, The First Bank of Greenwich continues to focus on the community

With a team that believes in relationships, The First Bank of Greenwich continues to focus on the community

The First Bank of Greenwich Lending Team. Bob Cappazzo photography The First Bank of Greenwich Lending Team. Bob Cappazzo photography

You can’t have a discussion about banking with Frank Gaudio without hearing about the importance of You can’t have a discussion about banking with Frank relationship building. As President & CEO of The First Gaudio without hearing about the importance of Bank of Greenwich, Frank champions a philosophy relationship building. As President & CEO of The First that Bank many have discarded.

“What’s Youofnational can’t havebanks a discussion about banking with Frank Greenwich, Frank champions a philosophy happened in Westchester is happening throughout Gaudio aboutdiscarded. the importance that manywithout nationalhearing banks have “What’sof the nation.

Community banksAsisare disappearing”, relationship building.

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Community banks are disappearing”, thatshares. manybanking national have discarded.

“What’s into community inbanks the Westchester area.”

Frank “We’re putting the community back in Westchester isFrank happening throughout Like every member of the team has built, intohappened community banking in the Westchester area.” theevery nation.

Community Like member ofare thebanks team Frank hasFirst built, he believes relationships the keyare todisappearing”, The shares.

“We’re putting thekey community back believes relationships are the to The First Bankhe ofFrank Greenwich’s continuous growth. intoofcommunity banking in the Westchester area.”

Bank Greenwich’s continuous growth.

Like every member the teamDavid Frank Ritacco, has built, This includes newest teamofmember he believes relationships are the key to First This includes newest team member David Ritacco, Vice President, Commercial Lending Officer.The David Bank of Greenwich’s continuous growth.

Vice President, Commercial Lending Officer. David knows a thing or two about community banking. knows a thing or two about community banking.

StartingThis fresh out ofnewest collegeteam as a member Bank Teller, David David Ritacco, Startingincludes fresh out of college as a Bank Teller, David worked his way up the banking ladder holding numerVice President, Commercial Lending Officer. worked his way up the banking ladder holding David numera thing or two about community banking. ous positions which gave him the the foundation to be ousknows positions which gave him foundation to be Starting fresh outthe of the college asWestchester a Bank Teller, David a successful Lender in local Westchester market. a successful Lender in local market. worked his way minded, up the banking ladder holding CivicCivic and community David alsoalso serves as numerand community minded, David serves as ous positions gave him “Volunteer the foundation to be a Board member onwhich the Non-Profit New a Board member on the Non-Profit “Volunteer New a successful Lender in the local Westchester market. headquartered in Tarrytown. spent York”York” headquartered in Tarrytown.

He He alsoalso spent Civic and community minded, David also serves as several a Real Estate Committee member several yearsyears as a as Real Estate Committee member a Board member on the Non-Profit “Volunteer New for March The March of Dimes and chaired several for The of Dimes andin chaired several York” headquartered Tarrytown.

He also spent events serving the community. events several serving the community. years as a Real Estate Committee member for The March of Dimes andgrew chaired several David upWaccabuc in Waccabuc grew up in events serving theDavid community. and now lives in Goldens

and now lives in Goldens Bridge with his wife and two up in Waccabuc BridgeDavid with grew his wife and two daughters. “I couldn’t be more and now lives in Goldens daughters.

“I couldn’t be more excited to be here. Frank and Bridge his wife and two excited to be with here.

Frank thedaughters. entire team have aand passion “I couldn’t be more the entire team have athat’s passion forexcited our community to be here. Frankinfecand for our community that’s tious. to infecgrow the Opportunities entire team have a passion tious. tocommunity grow in Opportunities theour Westchester for community that’s infecin the tious.

Westchester community Opportunities to grow in the Westchester community

As Executive Vice President & Chief Lending Officer, exist because Westchester has been underserved for so Evan Corsello sees the benefits of this relational long. In the middle of all these bank mergers, we get to The First Bank of Greenwich Bob Cappazzo photography AsTeam.

Executive Vice President & Chief Lending Officer, exist because Westchester has been underserved for so Lending approach. “Frank Gaudio established three Community show people what true community banking looks like.”

Evan Corsello sees the benefits of this relational long. In the middle of all these bank mergers, we get to Advisory Boards in Westchester, Stamford, and GreenWhen asked to explain, David replies, “Community approach. “Frank Gaudio established three Community show people what true community banking looks like.” wich.

They consist of around&450 individuals who live banking local lenders making thatfor so As Executive Vice Chief Lending exist is because haslocal beendecisions underserved Advisory Boards in President Westchester, Stamford, andOfficer, GreenWhen asked toWestchester explain, David replies, “Community and work in our communities.

By building relationships benefit the communities where we serve and live.

It’s Evan Corsello seesofthe benefits this relational long. Inisthe middle of allmaking these bank get to wich.

They consist around 450ofindividuals who live banking local lenders localmergers, decisionswe that with these folks, we’ve learned knowing owners.

Frank we serve approach.

Gaudio established three Community show business people what true community banking like.” and work in“Frank our communities.

By building relationships benefit the communities where andlooks live. It’s whatthese ourStamford, business andlearned residenandknowing I live inasked Westchester...we do replies, “Community Advisory Boards in Westchester, and GreenWhen to explain, with folks, we’ve business owners.David Frank wich. They 450 individuals who livebank. banking localof lenders making that putting tial clients want from their lifeand here.

Asinais part our commu“We’re the consist of around what our business and residenI live Westchester...we do local decisions and work in our communities.

By building relationships benefit the where live. It’s putting Since their implementation, nity, we’re sure we serve and tial clients want from their bank. life here.working As acommunities parttoofmake our commu“We’re the community back into with these folks, we’ve learnedfrom knowing business owners.

Frank Since their implementation, we’reand working to make sure we’ve increased our assets ournity, friends neighbors thrive.” community back into community banking in what our business and residenand I live inand Westchester...we do we’ve increased our assets from our friends neighbors thrive.” $40 million to $540 million.” community banking tial clients want frommillion.” their bank. life here.

As a part ofbegins our commuputting the in Building relationships $40 million to $540 the“We’re Westchester area” Evan explains, “We understand Building relationships begins Since their implementation, nity, we’re workingtotoKevin make sure the Westchester Evan “We in-house, according community backarea” into — Frank Gaudio, whatexplains, they need andunderstand we have we’ve increased our assets from our friends and neighbors thrive.” in-house, according to Kevin — Frank Gaudio, what they needtoand wesure have O’Connell, VP, Commercial President and Chief Executive Officer community banking in what it takes make we $40 million.”

O’Connell, VP, Commercial President andBank ChiefofExecutive Officer whatmillion it takestoto$540 make sure we The First Greenwich Lending Officer for The First Building relationships begins can deliver.

We’ve built a team the Westchester area” The First Bank of Greenwich Evan explains, “We understand Lending Officer for The First can deliver. We’ve built a team Bankin-house, of Greenwich.

Kevin appreaccording to Kevin that understands loan structure, — Frank Gaudio, what they need and westructure, have Bank of Greenwich.

Kevin apprethat understands loan ciates thethe relational team First O’Connell, VP, Commercial President and Chief term Executive Officerand thewhat flexibility, importance creating viable it takes of toofcreating make sure we ciates relational teamapproach approachofofThe The FirstBank Bank term flexibility, and the importance viable The First Bank of Greenwich Lending Officer for The First of of Greenwich.

“Instead ofofcookie-cutter can deliver.

We’ve built a team lending solutions.

As a small community bank with Greenwich.

“Instead cookie-cutterlending, lending,we we lending solutions. As a small community bank with Bank ofways Greenwich.

Kevin look forfor ways totosay That means thatoutside understands loan structure, look sayyes. yes.

Thatappremeanswe wework workas asaateam. team. big abilities, we welook look outside thebox box provide big bank bank abilities, the totoprovide ciates the relational team approach of The First Bank I have direct access term flexibility, and the importance of creating viable I have direct accesstotoour ourtop topdecision-makers, decision-makers,and and financing for businesses that don’t meet the rigid financing for businesses that don’t meet the rigid of Greenwich.

“Instead of cookie-cutter lending, we lending solutions.

As a small community bank with wewe work together totomake work together makethings thingshappen happenfor forour our mega-bank requirements.” mega-bank requirements.” look for ways to say yes. That means we work as a team. big bank abilities, we look outside the box to provide customers.

Everyonecomes comestogether togethertotohelp helpthe the customers.

Everyone I have direct access to our top decision-makers, and financing for businesses don’t meetaccomplished the rigid Frank Gaudio reflects what they’ve client what theyneed needtotosucceed.” succeed.”

Frank reflectson onthat what they’ve accomplished client getget what they we work together to make things happen for our mega-bank requirements.” and what lies ahead.

“I“Icouldn’t be prouder ofofthe and what lies ahead. couldn’t be prouder theteam team customers.

EveryoneOfficer comesMaureen together to help the SVP, Senior Lending Hanley echoes SVP, Senior Lending Officer Maureen Hanley echoes we’ve created. created. Whether you have aaten dollar ororten we’ve Whether you have ten dollar ten Frank Gaudio reflects on what they’ve accomplished client get what “It’s theywhat needIto succeed.” that sentiment. love mostabout aboutour ourbank. bank. million dollar dollar account with us, treated like that sentiment.

“It’s what I love most million us,you’re you’re treated likefamily, family, and what lies account ahead. “Iwith couldn’t be prouder of the team Everyone is accountable for creating the best customer no exceptions. We’re growing because our clients want Everyone is accountable for creating the Hanley best customer SVP, Senior Lending Officer Maureen echoes no exceptions.

We’re growing because our clients we’ve created. Whether you have a ten dollar or ten want experience possible.” She goes on to share, “People to do business with a true community bank. I guess you that sentiment.

“It’s what I love about“People our bank. experience possible.”

She goes on most to share, dollar account withcommunity us, you’re treated family, tomillion do business with a true bank.like I guess you matter to our management and every employee, so could say that our bank is growing because other banks Everyone accountable for creating the best customer matter to ourismanagement and every employee, so no exceptions.

We’re growing because our clients could say that our bank is growing because otherwant banks management doesn’t move the goalposts or shift the aren’t. And I don’t believe we’ll ever stop looking for experiencedoesn’t possible.”

She goes on to share,shift “People management move the to do business withbelieve a true community bank.

I guessfor you aren’t.

I don’t we’ll everwe stop looking rules. They empower us to the takegoalposts care of theorcustomer. ways toAnd improve the level of service provide.

We matter to our management and every employee, so couldtosay that ourthe bank is growing because other banks rules.

They empower us to take care ofdisappear the customer. ways improve level of service we provide.

We Even during the pandemic, we didn’t have innovative things coming.” management doesn’t move the goalposts or shift the aren’t.some And exciting, I don’t believe we’ll ever stop lookingWhen for Even during the pandemic, we didn’t disappear orrules. tighten theempower reins.

In fact, have some exciting,oninnovative things coming.”

When asked toimprove expound this,ofFrank replies with a smile They us towe takeearned care ofmany the customer. ways to the level service we provide.

We or new tighten the reins.

In became fact, we disheartened earned manywhen customers who asked to expound on this, Frank replies with a smile in his voice, “Stay tuned.

It’s going to be great!”

Even during the pandemic, we didn’t disappear have some exciting, innovative things coming.” When new who disheartened when they couldn’tthe talk tobecame their own inasked his voice, “Stay tuned. going to bewith great!” orcustomers tighten reins.

In fact, webanker.” earned many to expound on this,It’s Frank replies a smile theynew couldn’t talk to their own banker.” customers who became disheartened when they couldn’t talk to their own banker.”

in his voice, “Stay tuned. It’s going to be great!”

SMALL BUSINESS GUIDE

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HOW TO WIN GOVERNMENT CONTRACTS

BY DENISE WHITFORD AND JOSEPH WILLIAMS, CONNECTICUT SMALL BUSINESS DEVELOPMENT CENTER BUSINESS ADVISORS

New England Bioassay owner Kimberly Willis, left, and CTSBDC Business Advisor Denise Whitford have worked together over two years to help the business win multiple municipal contracts for aquatic toxicity testing.

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oing business with the federal or state government can provide small businesses a great opportunity to expand their revenues and develop new experience. However, many small-business owners may feel intimated by taking on a government contract and not know where to begin.

If you are interested in government contracting, here are some steps you can take to ease yourself in: 1. Evaluate: Is doing business with the government the right decision for your business?

It is important to understand your core capabilities and competitive advantages as well as what federal agencies buy, when they buy it and how much they buy. Evaluate what you know about your competition –– who is or might be seeking government contracts. You may want to explore whether you can get a “foot in the door” by partnering with existing government suppliers. By having a strong knowledge of your customer, your capability and your competitors, you are properly preparing for winning contracts.

2. Plan: Based on your evaluation, it’s time to develop a plan that addresses the details of pursing government contracts and positions your business to successfully deliver on a contract. Prepare a “deeper dive” into what your prospective government customer has purchased and from whom. Understand the terms and conditions of a government contract – not just the pricing. When did the customer want delivery? Can you abide by their terms? What is the penalty or cost of not meeting the customer’s demands? Can you fit your new customer into your order entry and delivery processes? Do you have the labor, equipment and working capital to enable you to take on this new business?

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How will you get there?

3. Registration: You must register with certain vendor tracking systems before you can bid on a government contract. These include Dunn & Bradstreet, System for Award Management (SAM), Dynamic Small Business Search (DSBS) and perhaps others.

4. Prepare: If your business is eligible to be certified as a member of an underrepresented group, you should understand the time and process involved with securing this certification. It doesn’t have to take a long time, but it is important to get certified before bidding on a government contract. Certifications such as Women-owned (Women’s Business Entity or Women-owned Small Business), Minority-owned or Veteran-owned will provide you with access to contracts set-aside for these business groups and enable you to form joint ventures with noncertified businesses.

You will want to have these certifications in place as you develop your marketing materials and promotional strategies. You’ll need a clear, direct statement of your capability, which is a short explanation of what you can deliver and who you have delivered for (your customers, of course). Your website should be up-to-date and include the latest information about your goods and services and your customer base. You should understand government payment processes and mechanisms, so if ordering is done online your site is set up for payment.

5. Pursue: Finally, you are ready to start pursuing government contracts. There are computerized bid matching services, which provide daily search and email alerts so you are notified ASAP about new opportunities.

Small businesses are encouraged to actively pursue these contracts and opportunities using resources like SAM.gov, which will al-

ways have the latest updates to federal RFPs. For the state of Connecticut, contracts are listed with the Department of Administrative Services and can be filtered by NAICS code and alerts can be set up so you receive notifications of updates to these solicitations. It may also be helpful to attend industry days or training conferences so you can network with business advisors and purchasing agents.

6. Achieve: When you are awarded a government contract, it is important that you have or quickly develop a government-accepted accounting system to help prepare you for any audit, report or modification that may need to be made to the contract to keep the business. If you do not have the accounting systems in place, there is a chance you may lose your contract.

Government contracts are not the only opportunity available to small businesses and entrepreneurs. For example, federal grants may be available depending on the nature of your business. Small Business Innovation Research and Small Business Technology Transfer (SBIR/ STTR) grants enable small businesses to explore their technological potential and provide the incentive to profit from its commercialization. This competitive grant program requires a business or individual have a relationship with a research university. There are several in Connecticut that have collaborated with businesses on successful grant applications. Other federal grant programs also support new or enhanced technology or services.

There are a number of resources that are critical for small businesses when they are pursuing federal and state contracts. The Connecticut Small Business Development Center (CTSBDC) is a great place to start.

CTSBDC advisors will provide, at no-cost and on a confidential basis, an assessment of your business concept and your plan to pursue government contracts. Advisors will walk you through the government certification process and help you think about what you need to plan and prepare for a successful government proposal. CTSBDC works closely with other resource partners who can also help, such as the Connecticut Procurement and Technical Assistance Center (CT PTAC), which is dedicated to supporting small businesses seeking government contracts, the Women’s Business Development Council, the Women’s Business Center and community and nonprofit lenders and others who can help you meet your government contracting objectives.

CONSIDERATIONS FOR EXPANDING YOUR BUSINESS

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BY STEVEN SEMAYA AND MICHELLE KOEHLER, CONNECTICUT SMALL BUSINESS DEVELOPMENT CENTER BUSINESS ADVISORS

hen a business is doing well, it can be tempting to want to expand in order to maximize your revenue. Having a clear understanding of your business, especially where your profit is derived, is critical. As is clearly defining goals — both business and personal. Taking these into consideration can help business owners objectively decide if expansion makes sense for them and if so, guide in developing a strategy that will achieve their goals. Whether you are looking to buy/lease a new location, expand a product line, acquire an existing business or perhaps take on a partner to grow your business it is important to consider the “why” behind the expansion and not to leap at opportunities without considering all factors, including how it will impact the current business.

Here are a few considerations to keep in mind: 1. Expand your line of products or services: Can you increase revenues by offering more without increasing overhead? If you are a service business, what additional services are complimentary? If you are a product business, what other products could your customers buy from you? As a business owner, keeping an eye on industry and market trends and regularly asking yourself these questions may help you spot opportunities for revenue growth and increased profits.

2. Mergers and Acquisitions: Is there an opportunity to purchase another business that compliments yours? Or is there an opportunity to purchase a turn-key business without having to go through all of the startup steps? What are the short term AND longterm considerations for a merger and/or acquisition? Acquiring a business OR merging businesses comes with their own unique process for due diligence, set of challenges and potential opportunities. Notably, having an attorney review the purchase from a legal side is essential to avoid any issues that may arise from liens on the existing business, lawsuits or other legal matters. While expanding your operations may be a great idea, once acquired/merged, the new business owner is now responsible for any existing issues the business may have, including debt, poor image, bad culture, etc. It is extremely important to do your research and be prepared with a strategy when considering a merger or acquisition.

3. New location: Would expanding your

CTSBDC assisted Skippers Restaurant open their second location in Old Saybrook, CT and attended the grand opening of that location.

physical location offer enough return on investment to warrant a purchase or move?

Whether you want to buy a building or move to a new location to reach new demographics or expand your product offering, a new space can provide many new opportunities — or it may be detrimental. Remember that location can be extremely important for some businesses, such as those in the food and hospitality industry. A new location may bring increased fixed costs (higher rent/ mortgage, utilities, for example) that may pinch profit margins for some time. On the positive side, a new location may provide increased exposure to your current target market or access to new customers.

4. Strategic partnering: Are there opportunities to work with another company to sell or promote one another’s complimentary products or services? Sometimes it may be more beneficial to both businesses to find a commonality and do some cross-promotion.

This can be especially useful for businesses with limited resources, either financial or physical.

Regardless of the type of expansion you’re considering, it is critical to have a well-established business plan that clearly outlines the strategy and goals for the business. Setting concrete personal and professional goals for the expansion will be a great litmus test to see how the business is doing against projections and planning. Rather than setting one big-picture goal for the business, it may be helpful to have milestone goals to check in

on how the expansion is going.

For example, if a manufacturer is looking to grow by entering a new market via product-line expansion the overall goal is to be in this new market. However, by breaking this down into smaller goals along the way (distribution channel and supply chain needs, equipment and labor capacity) the manufacturer can make sure that its expansion is well-planned and positions your company well to grow long term.

As this manufacturing business looks to enter this new market, there may be several barriers to entry. Will the new product line require additional capital investment? How will capital be raised and what impact will the form of this raise have on the firm’s capital structure?

What is the true market opportunity for the business? What will happen to profit margin?

Many of these questions can be answered with the help of an advisor from CTSBDC. Advisors at CTSBDC have exclusive access to market research and business planning tools, which can be used to evaluate opportunity and refine the business plan.

When it comes to funding the expansion, there are many different options to choose from. If a business is considering debt funding, what bank or community lender should they work with? Maybe equity investing is an option for the company. Does it make sense to bring on a partner for the venture? These questions can appear overwhelming for a small-business owner. Connecticut Small Business Development Center has a team of expert advisors to help you evaluate your options and guide you forward at no-cost.

SMALL BUSINESS GUIDE

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CORTLANDT: WHERE LIFE WORKS

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here is a hidden gem nestled against the eastern banks of the Hudson River, less than an hour train ride from midtown Manhattan. It is the town of Cortlandt, where life works at home, work and play and it is prime for investment. The commercial space available offers a business twice the space at half the cost. During this current hiring crunch a tremendous advantage Cortlandt possesses is a willing, educated and diverse workforce. The lifestyle of Cortlandt is second to none and the town’s location provides great transportation, including two railroad stations. With an average household income, within a 10-mile radius, of $113,830 and population with an average age of 41.4 years, the market is ripe for all types of goods and services.

Under the direction of town Supervisor Linda Puglisi, Cortlandt completed an award-winning Sustainable Master Plan four years ago, that focused on economic development.

It prompted the town to focus on trends for the future of employment, which especially today continues to evolve.

The Plan targeted four strategic areas for economic growth.

These four “districts” are: Transit Oriented District centered around one of Cortlandt’s two Metro-North stations; Medical Oriented District around New York Presbyterian-Hudson Valley Hospital; Cortlandt Boulevard a major corridor that carries 16,000 cars per day to various retail, office and service businesses; and the Waterfront Sustainability District where multiple opportunities exist to create a recreational/cultural presence. Each of these districts has a strategic magnet, yet plenty of opportunity in surrounding undeveloped or under-developed properties — some owned by the town, which is seeking public/private partnerships.

Perhaps most important to investors and developers is the welcoming attitude. Cortlandt wants you to do business here and its leadership will do all it can to make the approval process easy and expeditious. Depending upon the proposed project, the Town Board may act as lead agency, thus reducing a second round of public hearings and approval votes.

The town recently revised its Zoning Code to simplify certain actions such as lot-line adjustments and reuse of office and retail buildings, by eliminating an applicant’s burden of appearing before a Board. This streamlines the process and eliminates prior bottlenecks easing the granting of permits to adapt buildings that have outlived their original purpose but with some modification become well-suited for today’s changing landscape. Town Supervisor Puglisi working with Deputy Supervisor Richard Becker and the Town Board, have established coordinated meetings so that an investor or developer can meet at one time with all the key stakeholders.

This affords the investor instant and complete feedback and

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indicates the feasibility of the project before the expenditure of time and money for development costs.

A prime consideration for business is the town’s stable leadership, fiscal certainty and commitment to economic growth. The Supervisor and Town Board have served together for decades, so a developer can feel at ease that a project that is green-lighted one year isn’t derailed after the next local election. The town has tripled its reserve fund over the past 30 years and property taxes have increased on average at only 1% over the past 30 years. It has committed more than $160 million to capital projects to enhance infrastructure, while protecting open space.

Cortlandt is 40 square miles with 15 miles of riverfront, over 40 recreational sites, a major shopping corridor along with targeted enclaves of small businesses and friendly residential neighborhoods. It is within a 35-minute drive of two commercial airports (Westchester County Airport and Stewart Airport), has two Metro-North stations as well as the only Amtrak station between Yonkers and Albany. There are miles of highways, getting to, from and through Cortlandt or if you prefer, it is served by Westchester County’s Bee Line bus or even ride your bike on many of the wide, smooth roadways.

Among projects moving forward this year are the Kinosaito Art Center in the hamlet of Verplanck, the soon-toopen Dog Haus restaurant at the Cortlandt Town Center and several ethnic restaurants. Shortly, plans will be revealed for a repurpose of the former Shop Rite on Route 6, and two public/private partnerships to develop an indoor recreation center and a hard-cider-making facility on the Hudson River. As this goes to press, Cortlandt will be joined by the New York State Cider Association and others to host the First Annual Hudson Valley “Pour the Core” Hard Cider Festival on Sept. 25 along the banks of the Hudson River.

Cortlandt, too, is noted for its historical record, cultural events and its recreational outlets. Surrounding the city of Peekskill and with New York City a short train ride away, Cortlandt provides that touch of urban life when desired, while giving your business, employees and customers the benefits of open space and outdoor entertainment and activities, even at home.

Cortlandt truly is where life works. What works for you?

The town of Cortlandt’s team is ready, able and waiting to turn your vision into reality. Cortlandt want your business.

For more information about the town of Cortlandt visit https://wherelifeworkscortlandt.com/ or contact George Oros, town of Cortlandt Economic Development Coordinator at 914-522-6774 or email goros@townofcortlandt.com.

THE TOWN OF CORTLANDT IS WHERE LIFE WORKS AT HOME, WORK AND PLAY...

AND IT IS PRIME FOR INVESTMENT! Commercial space is often available with twice the space for half the cost, along with access to a highly educated and diverse workforce of all ages. Plus, the town is committed to aiding investors and entrepreneurs through streamlined approval processes.

Four Strategic Areas for Growth

In all, there are four strategic areas of potential economic growth, based on Cortlandt’s award winning Sustainable Master Plan completed in 2016: Transit-Oriented District, (TOD) Medical Oriented District, (MOD) Cortlandt Boulevard Area, (CBA) Waterfront Sustainability District, (WSD) The Master plan focuses on trends for the future of employment, such as work from home options and co-work spaces in order to reduce commute times, reduce negative impacts on the environment and attract a new talented workforce.

Orange County

Putnam County

Rockland County

TOWN OF CORTLANDT

Westchester County

Long Island Manhattan

WHAT WORKS FOR YOU? For more information about Cortlandt contact: George Oros, Town of Cortlandt Economic Development Coordinator at goros@townofcortlandt.com or call (914) 522.6774 Linda Puglisi, Town Supervisor

Visit us at www.wherelifeworkscortlandt.com

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OPERATING A SUCCESSFUL FAMILY-OWNED BUSINESS

BY JIM JACKSON, CONNECTICUT SMALL BUSINESS DEVELOPMENT CENTER BUSINESS ADVISOR

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ccording to professors John A. Davis and the late Renato Tagiuri, a family-owned business is defined as one in which two or more family members influence the direction of the business through the exercise of management roles, kinship ties or ownership rights. This definition captures some of the subtleties involved in running a family business.

Family-owned businesses offer many attractive qualities but also come with their own unique set of challenges. One significant challenge can be recognizing when you’re wearing the “family hat” and when you’re wearing the “business hat.” Conflicts can arise because families generally operate on principles of fairness and equity while businesses tend to operate on principles of performance and contribution. As family members work together, their roles can be blurred as employees given their status as either family members, owners of the business or a manager for the business. Very often, these three roles intersect each other and may present challenges as people navigate their role.

Owners of a business tend to step back and consider the “big picture” in terms of succession and estate planning, long-term strategy and overall future direction of the company.

Managers on the other hand may be more focused on day-to-day operations and how the strategic plan is being carried out in the business itself. Managers are responsible for evaluating overall performance and ensuring that the business is conforming to policies and procedures. Family members may be more considerate of the emotional side of the business and ensuring that it is being run fairly and equitably and is staying true to family values and vision.

To balance all of these roles and reduce the risk of problems arising there are a few key tenets that you may consider: 1. Write a combination business and family plan: Many family-owned businesses fail as they pass through the generations due to a lack of a formalized business/ succession plan. By establishing this early and communicating the plan with those involved, you will be well-positioned into the future for your business to succeed.

As one generation is looking to retire and pass the business along, long-term successful family-owned businesses have been planning for this day for years. Without proper training and development, the business will be in the hands of someone who is not pre-

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CTSBDC Business Advisor Shelly Koehler has worked with Seth Bahler, 0wner of Modern Milkman to help his fifth-generation family-owned business navigate continued operations throughout the pandemic.

pared and therefore may put the business you worked so hard to establish in jeopardy.

2. Seek outside advising: Establishing an outside Board of Advisors may be extremely beneficial to guide your business. This Board can provide objective guidance as the business moves forward, where family involvement may come with a bit of bias.

Technical assistance from organizations like the Connecticut Small Business Development Center is available on a confidential, no-cost basis. Advisors from CTSBDC are available to help bridge the gap between emotional and rational business planning.

3. Clearly define roles and responsibilities: By ensuring everyone is aware of their role in the company, you minimize the risk of conflict arising. As small-business owners, it is common for one employee to take on many responsibilities, but it is important that it is understood exactly where everyone’s role stands.

This may also be helpful when it comes to salary and compensation discussions. For family-owned businesses this topic can be extra complex but if the business owner or manager has set clear goals for each employee, that may serve as an objective way to make those decisions. When it comes to compensation, it is especially important that all employees are treated equally and fairly and that the process is well-established in this way.

4. Be open to other ideas: If you offer each family member the opportunity to share their perspectives, the business may be able to move forward in a direction that had not previously been discussed. By involving other family members in decisions, your busi-

ness will be open to grow and employees/ family members will feel valued.

5. Remember: this is business: When you are trying to run a successful business and family is involved, it is critical to keep your mission and goals in clear view. Although roles may intersect at times, making your best effort to keep business and personal separate will only serve to the success of both your business and personal life.

Whether you are looking for assistance in writing a business or succession plan, need help with estate planning or are thinking of selling the business there is plenty of assistance available. The University of Connecticut Family Business Program offers business and family-systems programming to prepare and propel your business through innovative business strategy, organizational structure, management practices, human resources, leadership development and succession planning.

Additionally, the University of New Haven has a Center for Family Business, which provides peer-to-peer engagement for family business owners.

The Connecticut Small Business Development Center also provides assistance to family business owners. Working one-on-one with an advisor, CTSBDC can help you navigate these and other challenges that may arise. CTSBDC advisors can help you conceptually design a succession plan that you are then able to bring to an attorney to formalize. For small, family-owned businesses that are just getting started CTSBDC is a great resource to be able to leverage their experience in areas you may not be as familiar with so you can focus on other aspects of your business.

OPERATING A WOMEN-OWNED BUSINESS DURING A PANDEMIC

BY JIM JACKSON, CONNECTICUT SMALL BUSINESS DEVELOPMENT CENTER BUSINESS ADVISOR

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n March 2021, Connecticut Small Business Development Center (CSBDC) hosted a panel of women entrepreneurs to discuss their experience as business owners during this pandemic. These women have shown resilience in the face of adversity and offer insight into what silver linings may come out the pandemic for their business.

Constantine Alleyne owns Alleyne & Company LLC and its subsidiary Civilian Corrections Academy, which offers organizations and their employees consultancy, pre-boarding and in-service training, mentoring and career planning service.

Amy Lavoie is the Founder of a Piece of the Puzzle, Behavioral Interventions. As an education professional for over 18 years, Amy possesses a steadfast commitment to helping children with Autism Spectrum Disorder (ASD).

HAYVN Founder Felicia Rubinstein is a true trailblazer, starting her career as an engineer at GE and Apple before “Women in STEM” was a movement. HAYVN is a women-centered coworking space in Darien, Connecticut, designed to be just that — a “haven” for women to “connect, create and get stuff done.”

Neviana Zhgaba is the co-owner Aquila’s Nest Vineyard, an experience-focused vineyard, winery and event venue, located on a 41-acre property in Newtown, Connecticut.

Neviana and her husband share a vision of producing wines that bring people together, cultivating stronger communities, provoking storytelling and promoting local art.

Please describe the challenges brought about by the pandemic, requiring you to alter the way you ran your business?

Connie: My initial business model was based on in-person classes, so I have had to move to an online learning platform, which was quite the undertaking.

Felicia: When Covid hit, we were never forced to close. Since we have private offices we were able to stay open and have people in their co-working spaces. What was predicted for 2030 in terms of coworking seems to be trending toward happening sooner based on the pandemic.

Amy: We had to close a center, which had just opened for families to bring their children into for services. Most of our services remained in person at private homes until we were approved to provide services through telemedicine.

left: Felicia Rubinstein, HAYVN; Neviana Zhagba, Aquila's Nest Vineyard; Amy Lavoie, A Piece of the Puzzle Behavioral Interventions; and Constantine Alleyne, Alleyne & Company LLC.

How was running your business and running your ‘nonwork life’ impacted by the pandemic?

Felicia: I would focus on “eating the frog” and tackling the three worst things I had to do for the day first thing. I also had a great support group, including my advisor at CTSBDC to help me with the business side of things.

Neviana: For every entrepreneur, it’s important to have a circle of support that is able to help you in the areas you need help with as you focus on your business. Keeping only the responsibilities that work for you as a business owner and mother was very important.

Connie: Having a schedule was critical for me during the pandemic. I needed the structure to get everything done, especially with having kids and trying to run a business.

What changed for your business during Covid and what did you find successful?

Connie: There were a lot of onsite industry conferences that were cancelled that offered the opportunity to get in front of my target audience. This pushed me to be more intentional about engaging people in other ways, like on LinkedIn, to get my message out. I also had to change my marketing approach to engage people on a local level that I wasn’t able to contact in person as I had been planning to.

Felicia: Pretty much everything changed.

We jumped right in and pivoted with the pandemic. We offered virtual lunch and learns for every day of the week MarchJune 2020. We de-densified our offices and purchased cleaning supplies. We reorganized our staff and marketing efforts to focus on making our message clear and caring for our community. We have doubled in membership size from the start of the pandemic.

Amy: We ended up having a lot of growth after a rough initial couple of months. Be-

ing able to offer services through telehealth allowed us to be available for families on a more flexible basis.

What is the most important lesson you’ve learned about running your business over the last year?

Amy: I have gotten a closer look at how strong my team is. We have gotten through an incredibly challenging time in our business and I am so thankful to have such a strong team I am able to depend on to run my business.

Felicia: During the last year, it was great to reach out to other businesses similar to mine around the world and share ideas of how to grow.

Neviana: We are looking forward to building our partnerships with other small businesses that bring a sense of community to your business. Having new capabilities, like online booking, is a great silver lining of the pandemic.

Constantine: I have learned so many new skills during this time that I hope to be able to keep up with going forward for my business.

As businesses continue to recover the pandemic, assistance is available to help you move your business forward. Connecticut Small Business Development Center has a team of advisors that work with small-business owners on a one-on-one, no-cost, confidential basis. Last year, CTSBDC assisted 2,555 women-owned businesses with a range of needs - everything from growth strategy, market and industry research and marketing strategy, accessing loans or equity investment for their business, entering new markets and starting a business – and more. If you are a women-owned business in Connecticut, there are many resources available that CTSBDC can provide or connect you to, including resources from the Women’s Business Council, the Women’s Business Center and other organizations located throughout Connecticut.

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CTSBDC: EXPERT BUSINESS ADVISING TO SMALL-BUSINESS

he Connecticut Small Business Development Center (CTSBDC) provides business advising to small-business owners and entrepreneurs to start, grow and thrive in Connecticut. Our professional staff of 15 business advisors offers no-cost confidential and expert business advising to small-business owners and entrepreneurs to overcome challenges and reach their goals.

Our business advisors are organized by specialty to meet the client’s most pressing need. When clients register for our advising, they will be assigned an advisor who is well-suited to meet their needs. CTSBDC business advisors have a wealth of knowledge based on their own expertise and education that they leverage for each of their clients. From applying for a commercial loan, to starting a first business or even reaching international markets, CTSBDC advisors support business owners and entrepreneurs to meet a wide range of needs.

In reviewing a client’s business concept and strategy, CTSBDC is able to provide access to resources the client might not be able to access on their own, such as geographic-based demographics, consumer spending data, market research, industry trend reports and software and guidance to develop revenue and expense projections, cash flow forecasts and more. Advisors’ knowledge of financing options available from traditional and nontraditional lending institutions enables them to help business owners make informed decisions and be more successful in accessing the financing they need.

From Oct. 1, 2020 to Sept. 1, 2021 the Connecticut Small Business Development Center provided technical assistance to 4,874

businesses, helped these businesses access $65,159,996 in capital and helped 182 businesses start in the state. Notably, CTSBDC has assisted, counselled and trained 2,445 women-owned businesses and 1,558 minority-owned businesses. CTSBDC helped small businesses access $40,418,746 in emergency funding through programs such as the Paycheck Protection Program, Emergency Injury Disaster Loan, Restau-

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rant Revitalization Fund and the Shuttered Venue Operators Grant.

CTSBDC is funded in part through a cooperative agreement with the U.S. Small Business Administration, the Connecticut Department of Economic and Community Development and the University of Connecticut. It is housed within UConn’s School of Business and has advisor locations throughout the state.

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