Thinking Bigger Business—TB Guide for KC Entrepreneurs by Thinking Bigger Business Magazine

TH E

TH INKIN G

B IG G E R

GUIDE KC FO R

E N T R E P R E N E U R S

2016 // 2017

New + Emerging

Established + Growing

Resource Directory

How to Start Strong

Expand Your Horizons

Help Is Out There

• A SPECIAL EDITION FROM THINKING BIGGER BUSINESS MEDIA •

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THE BIGGER PICTURE

Kansas City’s Treasure Trove for Businesses

ince our launch 25 years ago, Thinking Bigger Business Media has stayed

place for doing business. The Thinking

true to its mission of connecting

Bigger Guide was one of the first tools

growth-minded business owners with the

available for describing and categorizing

strategies and resources you need to grow

those resources.

your company to the next level.

Our hope is that the information you

Throughout the years, we’ve expanded our

discover in this publication will be the

platforms to include digital, podcasts and live

springboard you need to push forward to new levels

events to reach even more business owners in a

of success. Whether you’re a prospective entrepreneur

way that you find convenient and accessible. But

deciding whether to take the plunge into business

one of the earliest tools we introduced is still one

ownership, a startup owner who’s put everything on

of the most popular–the annual Thinking Bigger

the line, an established business owner leading your

Guide for KC Entrepreneurs.

company into the next phase of growth, or a business

As our feature article demonstrates, Kansas City

owner who oversees a mature business that may be

is a treasure trove of business resource organizations,

ready for sale, the Guide provides the connections you

and the availability of these resources has earned

need as you Think Bigger about your business.

Kelly Scanlon

our city national recognition as a good

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

// Publisher // kscanlon@iThinkBigger.com

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MAJOR SPONSORS

THANK YOU to the following major sponsors whose investment helps to make this publication possible for Kansas Cityâ&#x20AC;&#x2122;s entrepreneurs Apex Business Advisors Bennett Blue Cross Blue Shield Kansas City Burns & McDonnell Commerce Bank EAG Advertising & Marketing Ewing Marion Kauffman Foundation sipVine Sprint

TH E THINKING BIGGER GU ID E F OR KC ENTR EPR ENEU R S

TABLE OF CONTENTS // 2016-2017

SMALL BUSINESS BASICS

18 What Kind of Business Should I Start? 19 Legal Requirements 20 A Complete Beginner’s Guide to Business Plans 21 How Your Library Can Help You 22 3 Ways to Become a Business Owner 24 Funding for Your New Business 26 What Kind of Legal Entity Should I Form? 28 Keep the Peace With Your Partner STARTUPS

30 The High-Growth Entrepreneur’s Toolbox 32 The 11 Advisers That Your Startup Needs 34 Business Incubators 35 What Investors Really Want to Know About Your Startup 36 Is Your Company Ready for Investors? 38 The Art of The Pitch 40 Business Entity Comparison Chart

WE WANT TO BE THE MOST ENTREPRENEURIAL CITY A recent report showed that KC has deep corporate support, a connected business community, solid tech talent and other strengths. KEEP GROWING

44 Why Exporting Might Be Right for Your Company 45 How Do I Fund an Expansion? 46 Should You Buy Another Business? 48 License to Innovate 49 4 Tips for a Major Equipment Purchase FINANCE

50 Understanding Your Lender 52 3 Essential Financial Tools 54 How to Survive A Cash Crunch 56 Time to Make a Capital Investment 57 Why You Need a Buy-Sell Agreement 59 Are SBA Loans Right for Me?

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

12 FEATURE

A GOOD PLACE TO

START KC offers real advantages for entrepreneurs who launch companies here.

NE W + E MERGI N G

ESTAB L IS H E D + GR OW I N G

R ES O U R C E D I R ECTO RY

18 What Kind of Business Should I Start?

42 4 Ways to Grow Your Small Business

98 Tools for Building Your Company

There’s a tougher question you need to answer first.

You’ve survived the startup stage. What’s next?

There are scores of free and low-cost resources available to help your business. K C E DI T I O N // I T H I N K B I G G ER .CO M

TABLE OF CONTENTS // 2016-2017

60 Financing Options

CONTRACTING + PROCUREMENT

61 10 Ways to Encourage Faster Payments

82 Why Should My Business Get Certified? 84 How Do I Win My First Federal Contract?

SALES + MARKETING

62 How to Hire a Successful Salesperson

87 4 Ways to Win the Big Guys’ Business

64 4 Timeless Marketing Strategies

PRODUCED BY

Thinking Bigger Business Media Inc.

86 The 411 on 8(a)

ADMINISTRATIVE

Kelly Scanlon // Publisher Megan Scanlon // Operations and Events Manager

65 The Power of Purposeful Marketing

EXIT STRATEGIES

66 Being Social on Social Media

EDITORIAL

88 When Everyone Has a Plan

67 How Can Email Help Me?

for Your Business But You

68 Great Closers Start at the Beginning TECHNOLOGY

Jen Ross // Graphic Designer

Selling My Business?

Kevin Fullerton // Design Consultant GUEST WRITERS

James Baxendale, Jeff Beals, Weston Bergmann,

Over My Business?

72 The Future of Artificial

Tim Blakley, Sonci Bleckinger, Barbara Caldwell, Marvin Carolina Jr., Reggie Chandra,

94 What Smart Leaders

Intelligence for Small Businesses

PRODUCTION & GRAPHICS

Carolyn Addington // Production and Traffic Manager

90 What Are My Options for

92 Should My Family Take

70 A Data Security Cheat Sheet

James Hart // Managing Editor

Patrick Chesterman, Devon Costantine, Anne Cull,

Do When They Leave

Michelle Cunningham, Bret Curtis, Katheigh Degen,

73 A New Option for Your Hardware Needs

Jeff DeWolf, Jim Feikert, Mark Greim, Ken Harris, Jack Harwell, Adrienne B. Haynes, Barb Henry,

74 Is VoIP Right for You?

Margo Hoegler, Jim Holland, Lirel Holt, Mike Jackson, John Jantsch, T. Nelson Mann, Michele Markham,

POWER PEOPLE

DIRECTORY OF RESOURCES

76 Leveraging the Right Talent

98 Resource Directory Matrix

78 Hire Power

104 Resource Organizations

79 Why You Can’t ‘Create’ a

120 Small Business Development Centers

Great Workplace Culture

121 Chambers of Commerce

80 How to Fire an Employee the Right Way

124 Regulatory and Compliance Regulations

81 Health Care And Your Business

Melissa Miller, Mike Montague, Ben Olsen, David Patrick, H. Joseph Price Jr., Melissa Roberts, Jeff Shackelford, Kelly Sievers Pruneau, Susan Spaulding, Sara Theurer, Valerie L. Vaughn, Belinda Waggoner, David Wilke, Richard Wood P.O. Box 754, Shawnee Mission, Kansas 66201-0754 (913) 432-6690 // (888) 432-6444 // FAX (913) 432-6676 // editor@ithinkbigger.com sales@ithinkbigger.com // iThinkBigger.com A WBENC-Certified Women’s Business Enterprise

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See our SRDS listing at www.SRDS.com FOR ARTICLE REPRINTS

Read More Online Now you can enjoy all the benefits of the Thinking Bigger Guide For KC Entrepreneurs with our digital edition. This convenient new format benefits entrepreneurs and business owners who are on the go. Access the latest Guide—as well as past issues—in one place.

Contact ReprintPros // Jeremy Ellis (949) 702-5390 or www.reprintpros.com Copyright © 2016, Thinking Bigger Business Media, Inc. All rights reserved. The information gathered and opinions expressed by the authors are intended to communicate information and are not necessarily the views of this publication. The intent of this publication is to provide business professionals with informative and interesting articles and news. These articles, and any opinions expressed in them, are for general information

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only and are not intended to provide specific advice or recommendations for any individual or business. Appropriate legal, accounting, financial or medical advice or other expert assistance should always be sought from a competent professional. We are not responsible for the content of any paid advertisements. Reproduction or use, without permission, of editorial or graphic content, in any manner is prohibited. Thinking Bigger Business(ISSN 1068-2422) is published 12 times a year by Thinking Bigger Business Media,

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L E A P B O L D LY

Playing it safe never leads to success. If you want to be successful you have to take chances. Scary chances. Crap-your-pants chances. You canâ&#x20AC;&#x2122;t wade into opportunity. You have to leap boldly. springboardcreative.biz

FEATURE STORY // BY JAMES HART

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

A Good Place to

START

Why so many entrepreneurs decide to pursue their dreams in Kansas City.

A lot of new business owners “bloom where they’re planted.” There’s no extensive site

Not all these benefits are immediately obvious. In fact, for longtime residents, it might be easy to overlook Kansas City’s search. They don’t comb the map for that innate strengths. one perfect location. They just start their Ask entrepreneurs who are in the companies where they already happen to trenches, and you’ll hear how being based be living. in Kansas City has led to bigger things. But if you own a business here in Case in point: Biometric security firm EyeKansas City, or you plan to start one, Verify was recently acquired by Ant then we’ve got some good news: Our Financial, an affiliate of China’s community offers real competAlibaba Group. It’s a huge sucitive advantages to entreprecess story for a local startup. neurs who choose to make But founder Toby Rush their home here. shares the credit with several According to “InnovaKansas City organizations, tion That Matters,” a report such as Startup Village, where from the U.S. Chamber of EyeVerify was based in its Commerce, Free EnterTob early days, and the University prise and 1776, Kansas City y Rush of Missouri-Kansas City, where Dr. corporations are very supportive Reza Derakhshani and his team develof startups—on this metric, we’re oped the underlying technology for EyeVerify. ranked No. 3 among the nation’s biggest “I believe that it takes a village to succities. The region’s entrepreneurial ecoceed,” Rush said. “The Kansas City commusystem is well connected, rated ninth nity, along with the investing community in nationally, meaning it’s easier for young Omaha, has comprised an excellent village companies to get help. to support me and the EyeVerify team as Our pool of tech talent—a critical we’ve developed our technology from coningredient for innovative startups—is cept to market-leading mobile biometric.” also strong, the report found.

K C E DI T I O N // I T H I N K B I G G ER .CO M

FEATURE STORY // BY JAMES HART

‘OUR DOORS ARE OPEN HERE’

Davide Rossi is the founder of FitBark, other organizations to share their data, so Kansas City’s No. 1 benefit for which makes a wearable activity monitor they can make better decisions and build many entrepreneurs? for dogs—a kind of Fitbit for man’s best public support for new projects. “I hear this from people everywhere, friend. You can buy FitBark from major The company has fans in high places. It and you’re going to think it’s crazy, but our retailers like Amazon and Best Buy. was recently picked for the White House’s doors are open here,” said Maria Meyers, FitBark has already achieved a global Opportunity Project. As part of the publicthe director of the University of Missouripresence: 30 leading research institutions, data project, mySidewalk will help the U.S. Kansas City Innovation Center and the including the Mayo Clinic, and pet Department of Transportation and the founder of KCSourceLink. owners in more than 110 countries Office of the Surgeon General to make their That is, it’s easier for new use the platform. data more easily accessible. entrepreneurs to ask FitBark, previously located The startup—originally known as questions and get help in in New York, was one of the MindMixer—was founded in 2011 and Kansas City than it might first companies picked for the moved to Kansas City in 2014. be if they were based in a Sprint Accelerator powered by “Kansas City had a lot of the kind of larger community. Techstars. And Rossi has gone underlying ingredients to build a good Some of that assistance on to join Pipeline, a Kansas tech company to scale,” Bowden said. comes through formal City-based fellowship for highFor starters, the cost of living is lower, Be programs, like the Sprint v k Ab e growth entrepreneurs. which reduces a young company’s burn y a l dul Accelerator, Digital Sandbox But Kansas City originally rate. Payroll costs less, so the money KC or ScaleUP! Kansas City. caught Rossi’s attention because of anstretches further. Bek Abdullayev, the founder of other reason: the region’s massive concenAnd secondly, the metro area’s technolSuper Dispatch, has gotten the greatest tration of animal health companies. ogy talent is stronger than some people support from his one-on-one connections More than 300 such businesses have a might realize. After all, Bowden notes, with other entrepreneurs. Super Dispatch presence in the KC Animal Health Corridor, Kansas City’s largest employers—Sprint, is a software solution for car haulers. It which stretches from Manhattan, Kansas, to Garmin and Cerner—are technology streamlines operations and billing while Columbia, Missouri. The corridor’s member businesses at heart. They’ve nurtured a tech eliminating paperwork. companies represent more than 56 percent talent pool that’s deeper than cities whose A few years ago, Abdullayev took the of that sector’s worldwide sales. major employers are strictly financial, conbasic idea for Super Dispatch to a Lean “It’s been one of the primary reasons struction or transportation companies. Startup Machine event at the Kauffman why we decided to move the comIt also helped that state and Foundation. Not only did Abdullayev get pany here,” Rossi said. local officials, along with the proof that he had a strong concept—he While FitBark started as Economic Development Cormade about $3,000 worth of sales by the a consumer device, it also poration of Kansas City, made end of the weekend—he also connected collects a very valuable a concerted effort to court with startup founders who were a couple type of data: 24-7, minmySidewalk. The startup was years ahead of him. ute-by-minute records of approved for $1.65 million in These people gave Abdullayev pointers pet activity and behavior state tax credits. about what he should do next. around the planet. Those officials, Bowden “The most valuable introductions early on N ic k Bowden And so, Rossi and his team said, “really made us feel like it were other founders,” he said. “Those are the have pursued partnerships with was important that we were here.” people that truly understand what it takes.” insurance companies, the makers of That sense of common purpose Today, Super Dispatch has a team of pet pharmaceuticals and pet-food compais why so many companies not only choose 12 people, and they’re working on exciting nies—all of which need the insights that projects related to artificial intelligence to start in Kansas City, but stay here, too. FitBark can provide. and the Internet of Things. The startup has EyeVerify, for example, has announced “The community overall is just very wela string of achievements it can point to, plans to stay in Kansas City post-acquisition, coming and great cheerleaders,” Rossi said. including validation from the Sprint AccelRush said. Ant Financial is committed to “For a company in its infancy, it is so helpful, erator and LaunchKC. nurturing the region’s capacity for technso valuable, to get that support early on.” Abdullayev still makes a point of answerology development. ing questions from people who are starting “I could launch a company anywhere, but THE RIGHT out. They’re in the same place where he the Kansas City community is full of talented UNDERLYING INGREDIENTS was a few years ago. people that genuinely want to support each When it comes to cost control and “Without the community,” Abdullayev other and see everyone succeed,” Rush said. employee talent, Kansas City delivers a said, “I would not be where I am today.” “The people here believe that a rising tide solid value for emerging companies. Just raises all boats.” A PHENOMENAL ECOSYSTEM ask Nick Bowden, the CEO of mySidewalk. For some entrepreneurs, moving to Kansas His startup’s platform helps city governJames Hart is managing editor of Thinking Bigger Business City is a way to connect with a larger market. ments, federal agencies, school districts and Media. (913) 432-6690 // jhart@ithinkbigger.com 14

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

Don’t Change

Your Goals. Change

The Game. (We’ll show you how, clear and simple.) At MarksNelson, we don’t just work for you. We work with you, addressing your slightest concern or largest endeavor with equal attention. All to get you where you want to be.

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NEW & EMERGING // BUSINESS BASICS

This is a tough call because sometimes your passion isn’t all that profitable or practical. For example, I would love to open up a breakfast-only restaurant in my neighborhood or create some sort of pet-friendly bar with a great big wraparound porch, but there’s no way I would consider getting into that business. (It’s not a bad business, just not one I think I could pull off.) The flip side, though, is the business that turns up on some research, taps into a coming trend and looks like a sure thing in the business plan—only it’s all about the money. This kind of business can be incredibly profitable, but if it’s not, it will feel like a really bad, low-paying job. THE QUESTIONS YOU SHOULD ASK YOURSELF

What Kind of Business Should I Start? There’s a tougher question you have to answer first.

Again, the magic is in fusing these two strategic objectives into a business you love to go to day in and day out that also has the greatest chance of allowing you to make enough income to get what you want out of life. Assuming you’re considering starting a business to do something you’re passionate about, below is a list of questions you should consider to make that passion pay. 1

( BY JOHN JANTSCH )

his is a question I receive often. T So many people want to start their own business these days, but are at a loss as to what to do. It’s a tough question really and one that needs to be approached as many things in life—from a strategic standpoint first. See, a lot of folks just want to jump right into tactics—what’s hot, what can I make money doing, what are my skills, what’s my background—but that’s only part of the equation. The first thing you must answer is this: What do I want out of life? I know, I know, it’s only the biggest, scariest, hardest question on the planet, and that’s why so many people just skip it. Here’s how that applies to your business, though. 18

PASSION AND PURPOSE OR PROFIT AND PRACTICALITY

There are two kinds of businesses, generally, from a strategic standpoint: the business of passion and purpose, and the business of profit and practicality. Now, when these two kinds of business merge, well, that’s just plain magic, but you may need to decide which kind you’re going start, before you do. A purpose and passion business is one you start because you love to do something, your business itself provides the higher purpose for your life, and maybe you would do this business even if you didn’t get paid. People who are fulfilled in these businesses often make lots of money too, but it’s not really why they do it.

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

7 8

9 10

Can you create a product or service that fills a need you have? Is there already a proven market for what you want to do? Are there healthy competitors doing what you want to do? Can you find a way to stand out from others doing what you want to do? Can you leverage the internet to generate low-cost leads? Can you make 200-300 percent profit on what you want to do? Can you sell a package rather than time? Is there a similar business you can go to work for? Can you start small and grow? Can you see what your picture-perfect day in your business would look like in three to five years?

John Jantsch is a marketing consultant, speaker and best-selling author of “Duct Tape Marketing,” “The Commitment Engine” and “The Referral Engine.” 866-382-8273 // www.ducttapemarketing.com // @ducttape

NEW & EMERGING // BUSINESS BASICS

Learn about legal requirements before opening your business, and identify

doing business; put them in your annual operating budget and create

all the costs. Some aren’t just startup expenses—they become an ongoing cost of

a calendar of dates when taxes and licenses are due for renewal and payment.

CITY

Contact city hall, where offices: WHAT ARE T HE REQ U I REMEN T S OF T HE L O CAL E WHERE YO U PLAN TO O PERAT E YOU R BU S I NES S ?

D O AN Y GOV ERNMEN T REG U L AT I O N S O R L I C EN S I N G REQ U I REMEN T S AF F EC T YO U ?

DO YO U N EED TO REG I S T ER YOU R BU S I NES S ?

COUNTY

STATE

•

» Issue business permits/guidelines, occupational licenses and zoning clearances. » Inform you of additional permits and clearances needed (e.g., from health department, fire department, etc.). If you plan to be home-based, investigate any applicable limitations in your homeowners association covenants.

Contact your state to determine if you have any industry-specific licensing requirements. States generally certify or license certain occupations and activities. Some licenses require education and experience, and some require testing.

•

Check with your state clearinghouse to determine if any federal regulations will apply to your business (e.g., health and safety requirements, environmental regulations).

Contact your city hall and county courthouse—ask for the department that deals with registering small businesses. (In the county, this is often the assessor or the finance department.) You may need to: » Register your fictitious name. » Register business property for tax purposes. » Apply for a merchant’s license if you sell tangible items.

•

Register the form of business under which you will operate—sole proprietorship, partnership, limited liability company or corporation—by filing the appropriate documents with the state.

•

Register as an employer, if applicable. Employers must obtain a Federal Employer Identification Number (FEIN) from the IRS. This can be done by calling 1-800-829-4933 or by visiting www.irs.gov.

• •

Contact city hall for information regarding tax obligations to the city.

WHAT ARE YO U R TAX O BL I G AT I O N S ?

FEDERAL

Contact your state for information regarding corporate and income taxes.

•

Businesses making sales to the final consumer must secure a sales tax number and collect sales tax. Kansas and Missouri have their own requirements on what is subject to sales tax (commonly tangible goods and certain services). Contact the department of revenue (MO 573-751-5860; KS 785-368-8222).

•

Missouri and Kansas have an income tax on wages; employees need to obtain a state tax withholding number. Contact the department of revenue at the numbers listed above.

•

Inquire about unemployment insurance (MO 573-751-3215; KS 785-296-5027) and worker’s compensation (MO 573-751-4231; KS 785-296-4000).

• •

For more information on federal tax regulations, go to www.irs.gov/Businesses.

For more information about specific state registration and tax requirements, visit:

KANSAS // www.kansascommerce.com MISSOURI // www.missouribusiness.net or www.sos.mo.gov K C E DI T I O N // I T H I N K B I G G ER .CO M

NEW & EMERGING // BUSINESS BASICS

A Complete Beginner’s Guide to Business Plans Your plan will help you turn your idea into reality.

( BY JAMES HART )

f you’re someone who hated writing papers in school, it’s easy to understand why the prospect of creating a business plan puts your inner sophomore on edge. But that’s the wrong way to look at business plans. Your plan is a blueprint for taking your idea—the one that you can’t stop thinking about—and turning it into a real, functioning company. By writing a business plan, you’ll be forcing yourself to do the hard work of research and answer important questions that you might otherwise put off. This process will help you crystallize exactly how you want your company to run.

demographic niche you’re trying to hit? Who is your competition? It pays to be specific when you’re defining your market. “Everybody” is not a realistic target audience. By narrowing your focus, you can direct your marketing and advertising muscle to where it’ll do the most good. Kansas City is lucky: Our local libraries have excellent business research departments stocked with powerful databases. You can get detailed numbers on how many of your ideal customers are out there. PRODUCTS AND SERVICES // What are you selling? Could be a physical product, could be a service. Some companies do very well by offering a mix of products and services,

WHAT DOES A BUSINESS PLAN COVER?

Good news: There’s no one perfect way to write a business plan. As you look at business plans that others have prepared— which is a really good idea, by the way— you’ll notice that all of them have their own ideas as far as structure and content go. However, most successful plans do share the following sections: EXECUTIVE SUMMARY // This is a quick summary of your company, what it does, who it serves and why it’s going to succeed. This usually runs about a page—it’s sort of a teaser for the rest of the plan. In fact, many folks like to assemble the rest of their plan first, then double back and write the summary. If you’re seeking a bank loan or an investment, you should quickly state how much you need and how you’ll use it. MARKET ANALYSIS // Who’s

your target customer? How many of them are out there? Is there a particular geographic or

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

like the gardening store that hosts classes or takes on landscaping jobs. Why will customers want your particular lineup? How is it better than your competitors’? SALES AND MARKETING // It’s not enough to have the world’s greatest product if nobody knows you’re alive. You have to put together a sales and marketing plan. How much will you charge, and how does that compare to competitors? You might consider a good-better-best approach. That is, offering different levels of service for different prices. That way, you capture buyers in a range of income levels. How will you get the word out? You’ve got several options, including but not limited to paid advertising, paid search, social media, email marketing and more. And if you’re selling products, where will customers be able to buy them? Brick-andcontinued on page 96 » James Hart is managing editor of Thinking Bigger Business Media. (913) 432-6690 // jhart@ithinkbigger.com

Tap into a deep reserve of research.

( BY DEVON COSTANTINE )

what types of advertising are most effective when marketing to them. One of the most popular databases— and one that many libraries offer—is ReferenceUSA, which consists of more than 5,000 sources of public information, all updated regularly.

f you’re not looking to the library for NO. 2 DEVELOP YOUR SKILLS business information, you are missing out on a free resource that goes beyond Many libraries offer free access to online learning sites like Lynda.com, so that you can rows of books. Libraries are adapting to take a class on SEO copywriting or watch a community needs, and many now offer servideo on designing a website. These will allow vices for entrepreneurs that include online you to learn the fundamenlearning, research databases tals on a wide variety of topand business librarians to ics. Don’t forget about it for help you navigate them. your employees, either. The Here are three ways online learning that libraries you can use your local provide can be a useful tool library’s resources to build MANY LIBRARIES for staff training that ranges your business: from building teamwork to OFFER FREE software tutorials. NO. 1 GET STARTED Many libraries provide NO. 3 GROW ACCESS TO ONLINE access to sample business YOUR BUSINESS plans through their dataLibrary databases are LEARNING SITES. bases. You can use those able to help some entrepreplans as a jumping-off place neurs research sales leads, to develop your own. For and help others learn more example, if the idea you had about their competition. is to open a cupcake shop, The Mergent database can help you read up you can log onto the database, click on other companies. Many libraries also offer on “sample business plans,” type in “bakery,” free subscriptions to national and regional and get multiple results that focus on cupnewspapers that cover your competitors. cake businesses. It’s that simple. Libraries can often help you find indusWhen it comes time to research your try-specific data that applies to forming plan, there are databases for that as well. an advertising strategy for your brand, Libraries can help you find detailed inforpicking which social media platform to mation about both your industry and local focus on or running an online promotion. market. The D&B Million Dollar Database, Your library might subscribe to SRDS.com, for example, is a comprehensive listing a database of the nation’s media outlets, of public and private companies that might which can help you pick the best way to become your competitors or your customers. get your message out. There are consumer lifestyle statistics Next time you need business help, consider and interactive maps that will help you stopping by your local branch. Your ace in the find information on your target demohole may turn out to be your library card. graphic. Before making key decisions like choosing a location for your brick-andDevon Costantine is a business specialist at the Mid-Conmortar store, you can read custom reports tinent Public Library who specializes in writing, social media that show what ZIP codes your potential strategizing and connecting entrepreneurs to the library’s Square One Small Business Services. customers live in, the average breakdown dcostantine@mymcpl.org // www.mymcpl.org/squareone of how they spend their money, and

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NEW & EMERGING // BUSINESS BASICS

3 Ways to Become

a Business Owner What kind of venture is the best choice for you?

( BY RICHARD WOOD )

here’s no such thing as a sure thing in business. You will always, always face risk. But there are different levels of risk, depending on the type of venture you choose. If you are considering starting a business, or buying an existing business, or becoming a franchisee, it is essential that you assess your own tolerance for risk first.

The good news is that, while all businesses have risk, they also come with opportunity, too. Let’s take a look at the wide expanse of entrepreneurial risk and reward and see where you might fit on the Risky Business Scale.

START YOUR OWN BUSINESS

For those who are the most tolerant of the unknown, a startup might be the perfect fit. It also helps to be a bit of a visionary. This type of entrepreneur can identify a problem and develop a new solution. Sometimes they can succeed by coming up with a better way of doing something. This person typically is willing to go against the grain, and is comfortable working alone or in a small team.

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

Startup entrepreneurs also tend to be excitement junkies. They are focused, determined and willing to go through, under or around any wall of business adversity. These folks have guts, nerve, grit and—if possible—relatively deep pockets. Money is hard to get when you’re a young business without a track record. The great thing about starting one business is that you gain skills you can apply to starting others. Many existing companies also use a “startup mind-set” to launch new services and new products.

BUY AN EXISTING BUSINESS

If you’re seeking a little more security, there are a lot of benefits to buying an existing business: existing customers, existing staff and an existing system for generating revenue. Someone else has already set up your payroll and found a building. Plus, an existing business has a track record of sales, income and cash flow, which might make it easier to borrow money from the bank.

You also have the freedom to make your own changes to that business. You could tweak details, clean up operations and run things even better. One word of advice: The more you know the business sector you’re buying into, the better the deal you will strike with the previous owner. There will be less chance for risky surprises. Once you buy one business, you might decide to buy others—a powerful way to achieve economies of scale and grow even faster. Mergers and acquisitions are an effective strategy for corporations. Why shouldn’t you take advantage, too?

BECOME A FRANCHISEE

Some entrepreneurs might not feel comfortable launching a startup or buying an existing business. They might be better off buying into an existing franchise. The franchise model is not as sexy, glamorous or cool, but it is entrepreneurial just the same. And because of the support of the franchisor, it is potentially less risky. This support may come in the form of a time-tested business model and training. Since most elements of franchising are prepackaged and prescribed, this type of entrepreneurship has less owner personalization in it. Franchisees may be told how to set up their operations and may be given required technology and controlled marketing. Sometimes loans are available from the franchisor, but there is also a franchise and marketing fee. Most franchisees also pay a continuing royalty—a percentage of their sales—to the franchisor. Franchises come with numerous opportunities for growth. You could open multiple units in your region or in other territories, or you could become a franchisee for multiple brands. Who knows? You could dream up your own concept and become a franchisor.

Entrepreneurship is exciting and dynamic— and it also can be turbulent and chaotic. One way to control and balance these conflicting elements is to manage risk up front before you invest in a concept. Successful entrepreneurs already know the worst that can happen before they begin their enterprise. So, do your homework. Understand yourself and your tolerance for risk.

That way, you’ll be ready to make the most of your opportunities. Richard Wood is a business development consultant with the University of Missouri-Kansas City Small Business & Technology Development Center, which offers coaching and training to new and established business owners. He has served in executive roles with Eagle Datagistics, Pizza Hut, Holiday Inn and other companies. woodri@umkc.edu // info.umkc.edu/sbtdc

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WHAT SHOULD YOU DO NEXT?

One suggestion is to investigate and “try a business on for size” by getting a job or volunteering in the industry that interests you. Kansas City is also home to several free resources that offer free or low-cost coaching and training for new and aspiring business owners. The SBA-backed Small Business & Technology Development Center at the University of Missouri-Kansas City and the Kansas Small Business Development Center at Johnson County Community College are great places to start.

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NEW & EMERGING // BUSINESS BASICS

Where Do I Find Funding for My New Business? Here are nine ways young companies get the capital they need.

( BY KEN HARRIS )

oung businesses need money in Y order to run. Because of their limited track record, though, startup entrepreneurs often struggle to land a bank loan or line up investors. But money is out there. We’re going to look at nine proven sources. Before we start, a word of caution: Whatever path you choose, don’t expect lenders or investors to hand over money simply because you asked politely. They’ll want to see that you carefully researched and planned your business. That’s why so many want to see a written business plan—especially one that explains how the lenders or investors will get their money back. SAVINGS OR LIQUID ASSETS // This

is the single most common method for funding a business. You could rely on personal savings or other assets: stocks, bonds, real estate or a car without a lien. These can either be sold or pledged as collateral to a personal loan.

FAMILY AND FRIENDS // This

is another successful way for early-stage entrepreneurs to find capital, because loved ones already know and trust the entrepreneur. In most cases, the loan is made for low or no interest. This is still a real loan, though, and if you fail to repay your loved ones, you’re putting those relationships at stake. Make sure you put together a written agreement. Ideally, you should borrow from someone with a business background—and who understands the risks of lending to you.

HOME EQUITY // Startup

entrepreneurs with equity in their home often use that equity to fund their companies. A home equity loan is usually advanced at the time of the loan, and is paid back over 10 to 15 years. Make sure you understand the risk: If you default, you will lose your house. RETIREMENT ACCOUNT // In

some cases, you can borrow money from your 401(k) or your retirement account, but your retirement plan may place restrictions prohibiting the use of these loans for business purposes. You can withdraw money from your account, but you have to pay taxes on the amount withdrawn. In addition, if you are younger than 59 ½ years old, you also will pay a penalty. This could mean that you only get about 60 percent of the amount you withdraw. If you withdraw money from your retirement account—or even get a loan against your account—this could have a negative effect on your retirement. In general, this is a higher risk than other options. BANK LOAN // If

you can qualify and have collateral, you can always apply for a bank loan. However, banks normally do not like to make loans for startup business that have no track record. In some cases, they will make the loan if they can get the guaranty of the SBA. In these cases, you typically need good credit and have some type of collateral that you can pledge against the loan. It could be a car without any lien, equity in real estate or liquid assets such as stocks and bonds. There are different types

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

of SBA-guaranteed loans that can be used, but this is something that your banker can explain in more detail. MICROLOANS // Microloans are a possibility

for small businesses that can’t yet qualify for lending through traditional banks. Kansas City has a handful of microloan programs. The standards for microloans usually aren’t as strict. These loans are for less than $50,000 and usually average around $8,000. The interest rates are slightly higher, though, because of the higher risk. BUSINESS CREDIT CARDS // It’s another option, but one that should be taken seriously because they usually come with a higher interest rate. If you don’t keep up with your monthly payments and retire this debt as quickly as possible, it can be the start of serious money woes. CROWDFUNDING // If you’ve ever used Kickstarter, Indiegogo or Wefunder, you’ve participated in crowdfunding. That’s where a huge group of people each chip in a small amount of money to fund a big goal—like your new business. If you go this route, make sure you understand how your crowdfunding platform operates. Each of them have slightly different rules and fees. Most crowdfunding projects are based on donations, not investments—though federal rules have been updated to allow equity crowdfunding in certain cases. Make sure you know which one your project is. The most successful crowdfunding campaigns give their supporters some sort of incentive or gift, like a T-shirt or early access to a company’s product. ANGEL INVESTOR // An

“angel” is someone (or a group of someones, typically established entrepreneurs or others with high net worth) who put money into an early-stage company in exchange for partial ownership. This is a very rare option, one that most new businesses won’t qualify for.

Ken Harris is a certified mentor with the Kansas City chapter of SCORE, a national nonprofit organization offering free mentoring to less experienced entrepreneurs. Locally, SCORE offers free workshops on starting a business. (816) 235-6675 // kansascity.score.org

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NEW & EMERGING // BUSINESS BASICS

limited liability, the requirements for corporate formalities and the tax consequences. UNDERSTANDING LIMITED LIABILITY

When considering which entity type to establish, it is important to understand the limits of an owner’s liability exposure. Ideally, business owners want a business entity that offers limited liability protection. It stipulates that the owners’ loss exposure is limited to their investment in the business and that their personal assets will generally not be used to satisfy any claims, obligations or debts of the business if the business itself is unable to pay. This protection, however, is not absolute. For starters, not all entity types offer limited liability protection. Depending on the entity and its structure, owners could be held personally liable, or jointly and severally liable in the case of multiple owners. » To be held personally liable means that satisfaction of claims, obligations or debts of the business can be taken both from an owner’s investment in the business and from an owner’s personal assets outside of the business.

What Kind of Legal Entity Should I Form? It’s one of the first—and biggest—decisions you’ll make.

» Joint and several liability applies when there is more than one owner in the business. In this case, claims, obligations or debts can be collected entirely from one partner, and then the partner has the legal right to seek proportionate contributions from the other. While limited liability allows owners to feel comfortable operating their business, there are some exceptions to this protection. For example, contractual guarantees by the owners, failure to pay payroll taxes or file annual documentation, or personal negligence can cause liability to extend beyond entity protections. TYPES OF ENTITIES

( BY ADRIENNE B. HAYNES )

business entity is an organization that has a separate legal identity from its owners or members. Choosing an entity type is one of the most important decisions that an aspiring business owner must make. While owners are not legally required to form an entity, formalizing a business may

lessen the owner’s risk of losing personal assets to pay debts and claims against the business. The legal entity can essentially create a shield between the actions of the owner and the activity of the business. When choosing an entity, business owners should consider several factors, including the nature of business activity, the protections of

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

The most common types of entities are sole proprietorships, limited liability companies, partnerships, corporations and nonprofits. » Sole proprietorships are businesses that are not registered with a secretary of state’s office. They are the easiest to form because they are unincorporated, but there is no limit to an owner’s liability. If

the business has an obligation or debt that it cannot pay, an owner’s personal assets will be used to satisfy the obligations. » Partnerships are associations of two or more people as co-owners of a business for profit. This entity provides limited liability protection to all owners, but when that liability is exceeded, owners are jointly and severally liable for obligations and liabilities, unless they contractually agree to different arrangements. » Limited liability companies are the most common legal entity. This entity choice provides the limited liability protection of a corporation and the ease of a partnership for ongoing corporate formalities. » Corporations offer a higher level of liability protection, but have significantly more corporate formalities. For instance, most states require corporations to have annual shareholder meetings, a board of directors and annual filings.

RESOURCES CAPITAL

» Nonprofits are entities created for a charitable purpose. The designation as a nonprofit does not mean that the business does not intend to make a profit, but that the organization has no “owners” and that money generated will not be used to benefit any organizers. TAX CONSIDERATIONS

When selecting a legal entity for your venture, you also should have a conversation with an accountant about tax implications. Different entities will handle their tax obligations in a different way. » Pass-through taxation occurs when the business entity itself does not pay taxes on its earnings. Rather, that money is “passed through” to its owners, who then record the profits (or losses) on their personal tax returns. This tax structure generally applies to sole pro-

prietorships, limited liability companies, partnerships and S-Corporations. » Double taxation stipulates that taxes must be paid on the entity level and also again when owners or shareholders receive distributions by paying tax on the income. C-Corporations follow this format. Choosing an entity type is one of the most important first decisions for a business, and it’s one with long-lasting implications. Work with your attorney to decide which entity type works best for your venture, to develop the necessary corporate governing documents and to obtain any other necessary permits or licenses for your scope of work. Adrienne B. Haynes is the managing partner of SEED Law LLC, a Kansas City-based business law firm, and SEED Collective, a business consultancy that manages small business programs throughout the Midwest. (816) 945-4249 // www.seed.legal

CONNECTIONS

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STARTING A BUSINESS

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NEW & EMERGING // BUSINESS BASICS

How to Keep the Peace With Your Business Partner You need communication, cooperation and good organizational documents.

( BY T. NELSON MANN )

promising company can have a one-of-a-kind product or service, a waiting list of customers and a string of investors eager to provide capital—

and still end up a failure if its founders can’t get along. During the early days of an emerging business, it’s easy to become excited while developing plans and strategies for a new product or service. There might not be as much enthusiasm for the possible drudgery of production, office work and financial management that follows. Each party may have a different idea of what his or her role (and share of the profits) will be once the company is out of the startup phase.

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That’s why expectations need to be managed and communicated as clearly and early as possible. THE MOST COMMON SOURCES OF DISAGREEMENT

Disagreements over work ethic and workload are probably the most frequent point of friction among business partners. Although this is not to say one is good or another is worse, some founders are prepared to devote a substantial portion of their waking hours to the

company, while others may desire a more balanced lifestyle. This isn’t the only area where founders can find themselves in conflict. Sometimes the original concept for the company requires substantial modification once a product or service enters the marketplace. The enterprise may need to “pivot.” Some founders are flexible in this regard, and others want to proceed full speed ahead, “damn the torpedoes,” without regard to what the marketplace is telling them. Some founders find the risks of an emerging company more disconcerting than others or simply need to assure themselves of a more secure stream of income. Consequently, their original commitment wanes—although they are unwilling to forsake or decrease their equity interests. Future rounds of capital funding may require changes that some of the founders find unpalatable and, thus, impede attempts to raise the monies necessary to continue or grow the company. Anticipated issues, such as valuation and dilution, should be discussed in concept at the outset. WHAT KINDS OF LEGAL AGREEMENTS DO BUSINESS PARTNERS NEED?

An entrepreneur and her or his legal counsel should use good business judgment to determine which documents are essential at the outset. For example, decisions to adopt a phantom unit plan or a unit appreciation rights plan for employees or third parties may be deferred. We do not want legal fees to overburden an enterprise from the outset. Obviously, an operating agreement or its equivalent is necessary. This includes, among other things, the ownership rights and percentages, the management structure, authority for making distributions of profits, indemnification rights and the rights-of-first-refusal, as well as “tag-along” and “drag-along” rights of the members in the event of a sale. Sometimes, companies find it appropriate to actually enter employment agreements with certain of their members for a salary

(guaranteed payment under an LLC for tax purposes), which can assist in defining their duties and responsibilities. Confidentiality, noncompetition and nonsolicitation agreements are essential because it is very likely that at least some of the original founders will depart the organization or seek alternative sources of income. Of course, in order for these to be effective, the definition of the “business” of the company should be clearly described. This is one of the most common omissions. In addition, founders often forget to actually enter into agreements to transfer the intellectual property they own to the company. This should be addressed at the outset for a variety of reasons. HOW OFTEN SHOULD AGREEMENTS BE REVISITED?

Depending on where a company is in its life cycle, its organizational and operational documents should be reviewed at least annually. Although LLCs are not required to hold annual meetings, they are often a good idea. They provide an opportunity for the founders to review where they stand and to discuss future plans, such as funding requirements, implementation of incentive plans, marketing strategies, vendor agreements and the like.

Kansas City SCORE

4747 Troost Ave., Suite 101 Kansas City, MO 64110 https://kansascity.score.org/ 816-235-6675

THE KEY TO ALL SUCCESSFUL PARTNERSHIPS

Communication is absolutely the name of the game. A company’s principals should try to meet at the beginning of each week. This helps ensure that everyone is pulling on an oar and that they are in sync with each other. No legal document is a substitute for regular communication among the owners. Attorneys can help clearly define the respective responsibilities of the principals, but the success or failure of a company will often turn on the owners’ ability to collaborate effectively. Attorney T. Nelson Mann is a principal at Mann Conroy LLC, which provides experienced and technologically savvy legal services to corporate, real estate, biotech, ag and entrepreneurial clients. (816) 388-9686 // www.mannconroy.com K C E DI T I O N // I T H I N K B I G G ER .CO M

NEW & EMERGING // STARTUPS

The High-Growth Entrepreneur’s Toolbox If you want to seize your maximum potential, you need to put these resources to work.

are focused on the future. That’s why you need to be working with a banker who understands entrepreneurial businesses, who will be open to considering your vision. Find a banker that you can be brutally honest with. One tip: Bankers don’t like surprises. Always give bankers more information than they request and always do so in a timely manner. BUSINESS OPERATING SYSTEMS

( BY REGGIE CHANDRA )

ntrepreneurs are by their very nature gamblers, risking time, money and pride on their dreams. It’s never a sure thing. Luckily, there are resources you can use to increase your chances for success. Here are some indispensable tools that can stack the deck in your favor.

A COACH WHO UNDERSTANDS YOUR UNIQUE PERSPECTIVE

Just as every athlete needs a coach to achieve top performance, so do entrepreneurs. Coaches with the right skills and experience can steer entrepreneurs around a multitude of pitfalls and instill the essential disciplines necessary for success. Hire a coach with entrepreneurial experience relevant to your business. Don’t pick someone who has only owned his coaching business and no other businesses. A CLEAR DASHBOARD

Pilots depend on proper instrumentation with real-time information to fly a plane. Successful business leaders use something similar: a dashboard. In most cases, this is a software solution that will automatically track key performance indicators in real time. Dashboards ensure entrepreneurs have the actionable information they need to guide and navigate their business. Access to sophisticated business intelligence dashboards with integrated business infor30

mation is no longer limited to leaders of large corporations. New tools are making dashboards a reality for every entrepreneur at prices anyone can afford. You cannot manage that which you cannot measure. A HIGH-FUNCTIONING TEAM

A business can only be built with people. All entrepreneurs need a team that helps them design and build their vision. It is very important that entrepreneurs hire the right people and place them in the right seats doing the right things. Create a job function, create a score card for the position, create the right personality profile for the position and start the recruitment process. The clearer you are about the functional requirements for the position, the more successful your employee will be. Every hire and every employee need to be measured for two things: attitude and skill. An employee with a great attitude but poor skills or a skilled employee with poor attitude are poison to the organization. Consulting with a talented, experienced recruiter can help you with this. “Who” by Geoff Smart is a must-read for every employer going through the hiring process. And local firm Culture Index (www.cindexinc.com) offers a psychometric test that can help you find employees who behaviorally match your open positions. A VIBRANT RELATIONSHIP WITH A BANK

Most banks offer to lend you money when you don’t need it. They tend to operate on historical data while entrepreneurs

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

Your computer won’t run without an operating system. The same is true for your business. Business systems—the consistent processes and procedures used to operate your company—bring alignment to the entire organization. These systems help you establish the habits, rhythms and processes that ensure every employee in the organization moves in the same direction toward the company goals and mission. Two terrific books on the topic are “Scaling Up” by Verne Harnish and “Traction” by Gino Wickman. You might also check out the websites for Petra Coach (www.petracoach.com) and EOS (www.eosworldwide.com). LEGAL AND INSURANCE SUPPORT SERVICES

Many entrepreneurs will get entangled in litigation as they grow and scale. You need legal representation that can defend you—or even help you avoid conflicts in the first place. Personally, I’ve had great success with smaller and medium-size law firms. They tend to have great integrity. It may take some time, but finding the right law firm can save you millions, I repeat millions, of dollars over the life cycle of your business. Also, you need a great insurance agent. Do be generous in your insurance coverage. I don’t believe entrepreneurship can be taught. You either are an entrepreneur or you are not. However, key skills can be honed with the use of the right tools coupled with ongoing learning and experience. Reggie Chandra is the president and CEO of Rhythm Engineering and the chief visionary officer of Business Instruments, which has developed a flexible and customizable dashboard software built for entrepreneurs (thrive.bi/dashboards). He is a 2008 fellow of the Pipeline Entrepreneurial Fellowship.

AN UNCOMMON BLOCKBUSTER SUMMIT FOR

ENTREPRENEURIAL ECOSYSTEM BUILDERS

How do you build an ecosystem for entrepreneurs?

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DIRECTED AND PRODUCED BY

COMING SUMMER 2017 TO KANSAS CITY, MISSOURI

NEW & EMERGING // STARTUPS

The 11 Advisers That Your Startup Needs A great founder with a bad network will struggle.

( BY WESTON BERGMANN )

ansas City entrepreneurs’ worth is proportionate to three things: their skill sets, the worth of their network and their ability to leverage both of these assets. Reid Hoffman, the founder of LinkedIn, calls this concept, “I to the we.” The “we” is your network, and it’s the exponent of the worth of the founder. A great founder will have a hard time succeeding with a bad network, and a great network with a bad founder will also struggle. What types of people should sit on your board, mentor you and dwell within your network’s alliance? Below you’ll find a nonexhaustive list.

THE GREY HAIR // Experienced men and women can spot problems and opportuni32

ties a mile away. You won’t use these people for advice on some problems—retargeting ads within a digital marketing funnel, for example. But you will on other things, such as navigating the difficulty of having a family while starting a company. THE MARKETER // “Marketing” has a very ambiguous meaning, making it something difficult to fully specialize in all alone. Your sales methods, your branding, your hard copy collateral—these are all aspects of marketing. Even an expert at these things will need to bounce ideas off other people. THE CONNECTOR // Thankfully, for some reason, Kansas City entrepreneurs instinctively understand the importance of building bridges. Certain leaders just seem to know everyone, and these are the types of people you need in your network. You never know when you’ll need a friendly email referral.

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THE TECHNOLOGIST // Is your site broken?

Are you not sure which mobile developer to hire? Do you need to be pointed toward the newest tech platforms and programming schemas? These are just a few situations where it’d be clutch to have a “tech person” near and dear to your startup. No matter what industry you’re in, no matter what stage of business you’re at—more and better technology can always be used to complement the work you’re already doing. THE THERAPIST // A good adviser’s job description should partially be therapy. Sometimes you just need to vent a little about how hard your job is, that your wife is leaving you due to your lackluster work-life balance or any number of other things that should be shielded from your team, yet deserve some attention. THE GROUPIE // Every startup needs to have

a couple of hard-core fans. These people

might be your customers, your vendors and, hopefully, a few come from your network of friends and family. They are the people who are passionate about either you or your mission, and want to help in whatever way they can. Never underestimate the importance of a few fans and the power that they possess. Don’t have these types of people? Keep working, you’ll get them. THE FINANCIAL GURU // You can’t improve what you don’t measure. But if you can’t read or interpret the data, it doesn’t matter whether you’re measuring or not. Having someone who can help with the numbers side of the business will prove to be priceless. THE RAINMAKER // Navigating the Kansas City angel investment scene isn’t exactly the easiest thing to do. You need a rainmaker who has already paved a lot of these roads for you. Your rainmakers might be investors themselves or, sometimes just as important, a connector to the investors. They’ll introduce you to investors and help you prep for the inevitable gauntlet of meetings.

WHAT TYPES OF PEOPLE SHOULD SIT ON YOUR BOARD, MENTOR YOU AND DWELL WITHIN YOUR NETWORK’S ALLIANCE?

THE WRITER // Who is going to edit your blogs, executive summaries or investor proposals? Never underestimate the importance of a writer to a startup. Marketing is at a tipping point. Blogs, Snapchat, search engine rankings—all of it is contingent on content. Content requires a story, and stories are told by writers. THE PR MAVEN // Much like raising angel

investment capital is a relationship game, so is PR. Getting press is an art, and not a science. To navigate these foreign territories, you’ll need someone who speaks the language and has the Rolodex.

// The best legal advice for startups is an ounce of prevention is worth a pound of cure. You need lawyers to help you diagnose legal landmines that you might not have otherwise thought of, and even if you’ve thought of them, you need a lawyer to protect you from them. Startup law can get complicated, fast. Skip putting lawyers on your team at your own peril.

THE LAWYER

Weston Bergmann is founder of BetaBlox, a business incubator and startup accelerator with programs in Kansas City and Tulsa. BetaBlox helps entrepreneurs get their companies off the ground. weston@betablox.com // www.betablox.com

K C E DI T I O N // I T H I N K B I G G ER .CO M

NEW & EMERGING // BUSINESS INCUBATORS

Business Incubators Business incubators provide services and support to young companies in an effort to accelerate their development. Incubators vary in their structure, the services they offer and the types of clients they serve. Typical services include office space with administrative and technology support, business guidance and mentoring, marketing assistance, accounting and financial management. Some incubators also have investment funds or connect clients with outside investors.

BETABLOX Weston Bergmann weston@betablox.com www.betablox.com An incubator and accelerator that helps entrepreneurs get their companies off the ground. About 10 founders are selected at the start of each quarter for a six-month program. After that, entrepreneurs still receive several other services—mentors, classes, an alumni alliance and more— but with an emphasis on scaling. BIOSCIENCE & TECHNOLOGY BUSINESS CENTER (BTBC) Lawrence: Michael Smithyman smithyman@btbcku.com Kansas City: G.R. Underwood grunderwood@btbcku.com or Ruth Bucey rbucey@btbcku.com BTBC operates incubator facilities in Lawrence and at the Kansas University Medical Center in Kansas City, Kan. Features include lab and office space, access to University of Kansas resources and assistance with capital raising and other business concerns. 34

BLUE HILLS CONTRACTOR INCUBATOR Prentiss Earl III (816) 333-7870 x 207 www.5008kc.org Blue Hills Contractor Incubator serves small and medium-size contracting firms by providing office space, training opportunities and relationships. DEAN L. HUBBARD CENTER FOR INNOVATION AND ENTREPRENEURSHIP— NORTHWEST MISSOURI STATE UNIVERSITY Alisa Meyer (660) 562-1701 ameyer@nwmissouri.edu www.nwmissouri.edu/cie The incubator contains 11 lab analysis research areas, a shared scientific instrument room, fulltime analytical chemist and 9,000 square feet of tenant office space.

for biotech, food, tech and other kinds of companies.

ENTERPRISE CENTER IN JOHNSON COUNTY Melissa Roberts (913) 438-2282 mroberts@ecjc.com www.ecjc.com A nonprofit organization that connects entrepreneurs across the region to the resources needed to grow their businesses. Provides affordable office space, education, mentoring and connections to capital.

FARM TO TABLE KITCHEN AT CITY MARKET Jennifer Lewis (816) 842-1271 jlewis@thecitymarket.org www.thecitymarket.org/ farm-to-table-kitchen/overview The Farm to Table Kitchen is an incubator for small businesses such as farmers’ market vendors, food trucks, caterers and more. Its facility is a commercially licensed kitchen at Kansas City’s City Market.

FOOD INNOVATION ACCELERATOR AT K-STATE OLATHE Bryan Severns (913) 307-7317 brysev@ksu.edu olathe.k-state.edu Offers a wide range of services to local food companies, including product development consulting, consumer panels, assistance with food safety and regulatory questions, and more.

part-time plans, along with conference room rentals and mailbox services.

INNOVATION STOCKYARD AT THE KIT BOND INCUBATOR Sara Hagen (816) 749-4012 sara.hagen@ innovationstockyard.com www.innovationstockyard.com Focused on animal health and nutrition startups and emerging companies, provides administrative services, business services and workforce development. Offers office, wet lab and clean-room facilities.

KANSAS STATE UNIVERSITY INSTITUTE FOR COMMERCIALIZATION (785) 532-3900 ic@k-state.edu www.k-state.edu/ic Located at Kansas State University in Manhattan. Provides opportunity assessment, strategic partnership design, technology acquisition, management, licensing and more.

LEAN LAB Katie Boody katie@theleanlab.org www.theleanlab.org Dedicated to fostering innovations in education. Lean Lab offers business development training and can help startups pilot-test their solutions in local schools.

ENNOVATION CENTER Xander Winkel (816) 463-3532 info@ennovationcenter.com www.ennovationcenter.com

HEARTLAND BLACK CHAMBER-URBAN BUSINESS ENTERPRISE CENTER Christal Watson (913) 948-7680 www.heartlandblackchamber.com

MU LIFE SCIENCE BUSINESS INCUBATOR AT MONSANTO PLACE Bill Turpin or Quinten Messbarger (573) 884-0496 mumicincubator@missouri.edu www.missouriinnovation.com/ life-science-incubator

Based in Independence, but serves entire KC region. Offers commercial kitchens, wet labs and office space

Provides office space, business counseling and other services to up-and-coming companies. Offers

Focused on the creation and attraction of new technology ventures to mid-Missouri.

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

NEW & EMERGING // STARTUPS

What Investors Really Want to Know About Your Startup Master these four things before approaching investors.

Some businesses might even have a differentiator that is so unique, it is worthy of a patent. If this is the case for your business, you need to have that patent application in process, or have a plan to allocate some of the money raised toward beginning that process. NO. 4 A DEFENSIBLE ESTIMATE OF YOUR BUSINESS’S VALUE

( BY MELISSA ROBERTS )

ccording to conventional wisdom, investors look for three things before putting money into an emerging business: a huge market, a problem-solving product with early indicators of traction and, above all, a confidence-inspiring team. While these three points are a good place to start, there are other details that are equally important. The reality of funding a growing business is much less like the glitz and glamour of “Shark Tank” and more reliant on the details. Often, the process starts with a one-on-one meeting, and it doesn’t escalate to a formal pitch until later. For those early meetings, as well as for the later, more formal pitches, here are a few less-often-mentioned details that you should have a grasp of before approaching investors.

NO. 1 HOW TO DESCRIBE YOUR BUSINESS IN ONE SIMPLE SENTENCE

This is often called your “elevator pitch” or “wow statement.” It’s crucial to start every meeting, conversation or pitch with a basic, easy-to-understand description of the name of your business and what it does. This doesn’t have to be dramatic, but it does have to communicate the essence of what you do. For example, “Facebook is an online social network that makes it easy to connect with friends and loved ones.” This doesn’t describe all the details of how Facebook connects people or what makes it so easy, but it does give you the basic gist.

much money your business needs to grow, you must first understand the current state of your business. Different kinds of businesses require different metrics to describe performance. For instance, key performance indicators for a restaurant often look very different from those of a scalable technology-based business, like an app. But you should be able to describe if your business is profitable or not; if it’s not, why it isn’t; and when you project that it will generate profit. It’s worth investing the time to learn them inside and out. There are few things less confidence-inspiring than a CEO who turns to the CFO for help answering every question having to do with money. NO. 3 KNOWLEDGE OF YOUR ‘PROTECTABLE’ ADVANTAGES

Every successful business has some competitive advantage—whether that’s a higher degree of quality (such as great customer service), its location or a unique aspect of a product.

A consistent sticking point is often the valuation of a business—the amount of money the business is worth in its current state. Reaching an agreement on the valuation of a company is more art than science, and the biggest determining factor is often negotiating skills. But part of that negotiation is making the best case, grounded in evidence, for what you think a company is worth. This can be extremely technical for early-stage businesses. The Enterprise Center in Johnson County offers regular workshops on establishing a valuation for your early-stage business. By coming to your next meeting prepared to answer questions about these four aspects of your business, you can set yourself up for success with investors. Even so, you’ll likely be asked a question that you can’t answer. When that happens be honest, not defensive, and take that as an opportunity to follow up with that investor later. Melissa Roberts is vice president of communications and outreach for the Enterprise Center in Johnson County, which offers training and other support to entrepreneurs and early-stage companies. (913) 438-2282 // www.ecjc.com

NO. 2 A BASIC UNDERSTANDING OF YOUR COMPANY’S FINANCIAL HEALTH

Few people who start a business today have any formal training in finance. That shouldn’t stop you from understanding the details of your particular company’s finances. Before you can understand how

From environmental consulting to remediation services, the professionals at New Horizons find innovative solutions for our client’s environmental challenges.

K C E DI T I O N // I T H I N K B I G G ER .CO M

NEW & EMERGING // STARTUPS

Is Your Company Ready for Investors? Investors love early-stage companies—if they can deliver.

( BY KELLY SIEVERS PRUNEAU )

ust like human beings need oxygen, businesses need funding if they’re going to get off the ground or grow. For the typical small business, that money comes from the owner’s personal funds or a bank loan. But when it comes to companies with the potential for high growth—especially startups in the tech industry—another option becomes available: equity funding. Capital from equity funding is acquired in exchange for shares of ownership in the company or convertible notes that start off as debt and are later converted into company shares. Put simply, you agree to work with an investor. There are a few important points to remember before you start thinking about raising equity investment. First off, it’s not an option for every company.

THE MOST COMMON INVESTORS IN YOUNG COMPANIES

Kansas City is home to a growing number of seed and venture capital funds, but if you’re a young, growing business, you’re more likely to find help from one of the three following sources.

» Do you have a company that looks to grow very large, very fast—hitting $10 million to $20 million in annual revenue within three to five years? » Do you have a clear-cut path to a profitable exit? That is, how will the investors get their money back? Will you sell your company to a larger concern or an equity fund? Maybe even do an initial public offering (IPO)? Investors in early-stage startups tend to be high-net-worth individuals—or “angels,” as they’re commonly called. Angels are drawn to startups because these ventures can offer a higher rate of return than investors might get in the stock, bond or real estate market. Which means they need to see a strong possibility you will exit your company and be able to offer a 10X return (or greater) to that investor within just a few years. Another word of caution: Before you seek help from an outside investor, the first money you put into your venture needs to come from your own pocket. 36

TH E THINKING BIGGER GU ID E F OR KC ENTR EPR ENEU R S

FRIENDS AND FAMILY PRO These people know you best, are usually willing to take a chance on you and are great references down the road as you raise more funds. Investment from friends and family is a stamp of approval that you should attempt before pitching to angel groups or networks. I always say, “If you can’t raise money from folks that know you, why would a group of random people invest in your venture?”

CON It’s extremely tough to mix personal and professional relationships. Only one in 10 startups succeeds, and losing your family’s money can make for a very awkward Thanksgiving dinner.

INDIVIDUAL ANGEL INVESTORS PRO If you find an individual who has expertise in your space and is willing to invest, that person can bring incredible value to your business and not just in the form of dollars. Your lone angel can use his or her professional network to help you make connections—with clients, vendors, distributors—and accelerate your growth.

WHEN YOU BRING AN INVESTOR ABOARD, YOU ARE SELLING OWNERSHIP. YOU DON’T OWN YOUR ENTIRE COMPANY ANYMORE.

CON Sometimes these folks are hard to find. Many like to stay anonymous.

investor would. Group members have lots of connections and expertise you as an entrepreneur can tap into.

ANGEL INVESTOR NETWORKS

CON Your business model and your exit strategy for how investors get their money back need to be extremely well articulated, as this group of individuals does not know you personally.

PRO Angels aggregate their money so they can invest more than the individual

TIPS FOR A SUCCESSFUL INVESTMENT EXPERIENCE

» It’s tough to get investment for your very first startup. If you don’t have startup experience, get someone on your team who does. » When you bring an investor aboard, you are selling ownership. You don’t own your entire company anymore. And you are not your own person when you have investors; you’re part of a team. You can’t decide everything by yourself. » Choose your investors wisely. As a small business owner, you need guidance and mentoring as much as, if not more than, a check. » You’ll also have to determine how much of the company you’re willing to sell and how much that ownership is worth. You need to set a valuation. Finding that number is as much an art as it is a science. There are formulas you can use to value your business, and there is no need to spend a lot of money on obtaining a valuation. There can be, however, future consequences for both the entrepreneur and the investor when overor undervaluing a company. Kelly Sievers Pruneau is the network manager at the Women’s Capital Connection, which helps the region’s women-led companies find the funding to grow. www.womenscapitalconnection.com

K C E DI T I O N // I T H I N KBIGGER .CO M

NEW & EMERGING // STARTUPS

removed so you end up with only the most essential information and ideas. TELL YOUR STORY

A great pitch sounds like a finely woven story. Typically, the story starts with a problem that potential investors can understand—a problem affecting enough people or businesses that investors can see a large potential market. Your pitch then describes the solution your startup is offering the market. Include details that boost your credibility, such as your team’s unique qualifications and backgrounds that give your company a competitive advantage. A complete pitch deck typically will include: » Your revenue model—that is, how do you make money? » Three- to five-year financial projections » Go-to market strategy » A brief competitive analysis

The Art of the Pitch How do I develop a winning pitch for investors? ( BY JEFF SHACKELFORD )

’m asked almost daily “How important is the live pitch?” and “Why do I need a great pitch deck?” My answer is: “You don’t … if you never plan to raise any capital for your business.” If you do need to raise capital, then you will need a great pitch deck and great pitch delivery. Videos and PowerPoint slides are fine, but nothing replaces a great pitch from the management team. It’s the best way to show potential investors what they want to see and hear. In my role as executive director for Digital Sandbox KC, I’ve had the privilege to meet hundreds of early-stage entrepreneurs over the last several years—and have personally witnessed more than 300 investor pitches. Here’s what works best for most presenters.

THE BASICS

A solid pitch details the who, what, where and why of your startup. But more

than that, the pitch announces you’re here, and you have a great idea and a great team to execute the plan as soon as you raise the needed capital. A great pitch signals an early-stage investor that “you better get on board this train before it leaves the station.” Depending on your audience, your pitch may be 10 to 25 minutes. When our applicants pitch for project funds, we limit their pitch time to precisely 10 minutes. The Q-and-A session is precisely 20 minutes. If you’re delivering a one-on-one pitch in a private meeting, plan on about 20 minutes to tell your story. If it’s an investor conference or group setting, you may be limited to 10 to 15 minutes. Whatever the time limit, it is critical to tell your company’s story (your pitch) as clearly and concisely as possible. To steal a line from a very old TV show, “just the facts, ma’am.” Avoid the urge to add more each time you review your deck. Instead, look for less important tidbits that can be

THINKING E THINKING BIGGER BIGGER GU ID G UEI D F OR E F OR KC KC ENTR ENTR EPREPR ENEU ENEU RS RS 38 38TH ETH

» The ask (the amount of capital you’re trying to raise) and an overview of how you will use those funds In the Sandbox world, pitch decks usually don’t exceed 10 slides—10 minutes, 10 slides! As important as what to include in a good pitch deck is what not to include. This is not the time for a data-dump or a NASA-style technical definition of your product. Nor do investors want to hear about how you and your co-founder have been best friends since kindergarten. Instead of getting into the mechanics, talk about how your solution solves the problem. Tell a single fact about team members that gives your company a distinct competitive advantage. Images and visuals are better than lots of text. If you can, show them, don’t tell them. For a great example, go view the original Airbnb pitch deck (it’s easily found online) and see how they used minimal text and slides to tell their story. Remember, you’re weaving a story. People don’t want to be inundated with facts, figures or technical jargon. DON’T MAKE THESE MISTAKES

» Too many slides in your pitch deck. You’ll get halfway through your presentation and realize your time is running

out. Then you’ll panic and start rushing through slides. » Too much detail per slide. As a result, important points get overshadowed by clutter. Select one or two points that you want investors to take away from each slide. Focus on those. » Lack of practice. And that leads to nervousness, lack of focus and a poor presentation. Investors will think you don’t know your stuff. » Failure to “check all the boxes.” Your deck is missing standard information that investors expect. » Speaking in very general terms. Be clear and specific. Don’t tell us your target market is “huge.” Provide some clear reference points. Google can find virtually any information you need to provide an educated estimate. » Failing to realize the evaluating process begins the minute you walk in the room. Everything you say and do is part of the pitch process. If you and your co-founder get in an argument over an A/V issue, that can be a killer. » Being defensive and dismissive during the Q-and-A session. Nothing turns off an investor faster than an uncoachable, know-it-all founder. WHAT GREAT PITCHERS DO

So what are the things that separate great pitches from those that are lacking? » Practice, practice, practice. Then practice some more. You cannot be overprepared. If you’re properly prepared, your confidence will show. » Anticipate potential questions. And be prepared with clear, concise answers. Write down every question you ever get from a potential investor, and be prepared with a clear answer for next time. » Be specific. Use milestones, dates and meaningful numbers to show your expertise. » Be yourself. Use your own style and let your passion show. Jeff Shackelford is the executive director of Digital Sandbox KC, which provides coaching and proof-ofconcept funding for early-stage companies.

So you want to be your own boss? Discover if entrepreneurship is the right answer for you. Sign up for JCCC’s Entrepreneurial Mindset course (ENTR 130). This class introduces you to the entrepreneurial mindset in its true economic and social context. Study the skills, attitudes and behaviors that successful entrepreneurs have historically possessed. Analyze modern-day successful entrepreneurs who have faced hardships and adversity. In the end, you’ll know if you have what it takes to be your own boss.

For more information, contact: Donna Duffey 913-469-8500, ext. 3475 dduffey@jccc.edu

www.jccc.edu

www.digitalsandboxkc.com K C E DI T I O N // I T H I N K B I G G ER .CO M

NEW & EMERGING // BUSINESS ENTITY COMPARISON

TRANSFER OF OWNERSHIP

All decisions made by the one owner.

Owner has personal liability for all business debts.

Business income is taxed to owner on personal return. Owner also pays self-employment taxes on income.

Accomplished through sale of assets used for business.

Structure can be very flexible as set forth in written partnership agreement. Without agreement, partners have equal voting and financial rights.

All partners have personal liability for partnership debts once partnership assets are exhausted. Creditors may collect from any partner.

Partnership reports income, but owners pay taxes personally based upon their ownership percentage or as provided in partnership agreement. Self-employment taxes paid on owner’s share of income.

A general partner is designated to operate business. Limited partners have restrictions on level of involvement.

General partner has personal liability for partnership debts. Limited partners have no personal liability for partnership debts.

Less flexible than partnerships. Formal structure must be followed. Stock ownership percentage controls voting and distribution of dividends.

S-CORP

S O LE PRO PRIE TO RS HIP

INCOME TAX TREATMENT

G E N ERA L PA RT N ERS H IP

OWNER’S LIABILITY

LIMITE D PARTN E R SHIP

FLEXIBILITY

C -C OR P

L IMITED LIABI LITY C OMPAN Y

Same as C-Corp.

Very flexible. Control may be vested in members or managers. Voting power and share of profits not necessarily tied to ownership percentage.

ANNUAL REQUIREMENTS

LEGAL REQUIREMENTS

No annual report required.

In Missouri, fictitious name registration required if using name other than own. Kansas has no fictitious name registration requirements.

Without partnership agreement, partnership dissolves when partner transfers ownership. Partnership agreement permits transfer of all or some rights with consent of existing partners.

No annual report required.

No registration other than fictitious name in Missouri. Partnership agreement should be written to address death, disability, divorce, bankruptcy and deadlock situations; division of profits and losses; and ownership transfer issues.

Same as general partnership.

Annual report must be filed with secretary of state.

Registration with secretary of state is required. Name must include “Limited Partnership” or “LP” to provide notice of limited liability.

Owners generally not liable for business debts, unless they guarantee corporate obligations, personally incur the liability or liability involves withheld taxes.

C-Corp pays income tax at corporate level. Owners pay income tax when dividends are distributed. Low marginal corporate tax rate and savings for reinvestment may be favorable, but double taxation is often a disadvantage.

Shares easily transferred. Shareholders may restrict transfer of shares through a stock restriction agreement.

Annual report must be filed with secretary of state. Annual meetings of shareholders and directors are required.

Registration with secretary of state, articles of incorporation, bylaws, board of directors are required. Name must include “Incorporated,” “Inc.,” “Corporation,” “Corp.,” “Limited” or “Ltd.” to provide notice of corporate existence.

Same as C-Corp.

S-Corp reports income, but owners pay taxes personally based upon their ownership percentage. Employment-related taxes may be reduced in some situations.

Same as C-Corp, but transfers to parties not eligible for S-Corp ownership will force S-Corp to forfeit its elected tax treatment.

Same as C-Corp.

Same as C-Corp, but restrictions on ownership: no more than 100 shareholders; no nonresident aliens; one class of stock. Timely election of S-Corp with IRS required.

Same as C-Corp.

One-owner LLCs generally taxed as sole proprietorships. LLCs may elect to be taxed as partnerships, C-Corps or S-Corps.

Operating agreement usually contains provisions similar to partnership agreement.

Annual report required in Kansas, not Missouri. Annual meeting of members only if required in operating agreement.

Registration with secretary of state, articles of organization, operating agreement are required. Name must include “Limited Liability Company,” “LLC” or “L.L.C.” to provide notice of LLC existence.

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ESTABLISHED & GROWING // KEEP GROWING

4 Time-Tested Ways to Grow Your Small Business You’ve survived the startup stage. What’s next? ( BY JACK HARWELL )

f you’re reading this, you’re a survivor. You’re among the 50 percent of American businesses that didn’t fail within their first five years. Just getting past Year One is a major accomplishment. According to the U.S. Small Business Administration, more than 20 percent

of new businesses expire within the first 12 months. But now you have a new challenge. Your sales have plateaued, and you aren’t sure how your company can continue to grow. Classic management science defines four strategies for growth: 1

Additional sales in your current market

New markets for your products or services

New products or services in your current market

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

A combination of new products and new markets

Each of these options comes with its own risks and rewards. Regardless of the strategy, you can mitigate the risks—and enjoy richer rewards—if you never lose focus on your core business. ADDITIONAL SALES IN CURRENT MARKETS

Before you pursue new opportunities, start by refocusing on your core business. Make sure you have chased out all inefficiencies, tweaked your product or service offering, and maximized the sales available in your current market. This will ensure your existing business has the best chance of continued success as you pursue growth in other areas. Failing this, you risk losing what you’ve already built.

PURSUING ADDITIONAL GROWTH IN YOUR SMALL BUSINESS WILL BRING NEW CHALLENGES—AND, WITH ANY LUCK, HIGHER REVENUES.

markets simply means finding new customers with similar wants and needs. Expansion into new geographies is often a good option. If you’ve satisfied customers in your current area, it isn’t a stretch to think that you can capture a market in another location. The export market is particularly fertile ground, as 95 percent of the world’s consumers live outside the United States. If delivery of your product or service over long distances isn’t practical, franchising your business model could be a solution. NEW PRODUCTS FOR EXISTING MARKETS

There are several tactics for growing sales in your current markets. Aggressive promotion and pricing could encourage current customers to buy more and new customers to give you a try. These new customers are either currently buying from your competition or haven’t previously been in the market. Acquiring a competitor’s business is another good way to grow your customer base and knock out the competition. NEW MARKETS FOR EXISTING PRODUCTS

Looking to move beyond your core business? In all likelihood, your best, lowestrisk option is to find new markets for your existing products and services. You have proven your product, and you understand your customers’ preferences and why they value your product. Expanding into other

Developing new products can be risky, but you can improve your odds through thoughtful planning and leveraging your expertise in your current market. Look for ways to increase your product line without straying too far from your core business. Extend your current product line by adding or eliminating features to increase your audience of potential customers. A step-up strategy—that is, offering a lineup of offerings with good, better and best levels of value and service—is one way to bring in additional customers who are willing and able to purchase at different price points. Bundling your product with complementary products or services can also enhance the value you bring to your market. One way to do this is to offer support services for your product—for example, an installation service to go along with the purchase of a home theater system. The price of the bundle is typically less than the price of the individual items, making it a good deal for your customers. Another (relatively) low-risk approach is to create a new product or service that would appeal to your current customers. If you are a successful nursery that sells a wide variety of plants, it is not hard to imagine that you could sell pots, potting soil and landscape design services.

NEW PRODUCTS IN NEW MARKETS

This strategy has the highest level of risk. It requires new knowledge, new processes and many unknowns. Careful consideration of risks and rewards should be followed by detailed planning and execution. Smart business owners seek out help when they pursue this strategy—often via a business resource organization like the SBA-sponsored Small Business Development Centers (SBDCs). Your local SBDC provides free, oneon-one counseling to help clients develop growth strategies and plan their execution. That includes conducting a feasibility analysis to verify assumptions and ensure the idea makes sense. The SBDCs can provide demographic and economic data that would normally be out of reach of most small businesses. You may find other specialized help at your nearest SBDC. The Kansas SBDC at Johnson County Community College, for example, offers low-cost programs like GAME (Growth through Action, Measurement and Engagement), a course that shows business owners how to set and pursue a growth agenda; the Strategic Management Program, a service that provides customized strategic plans, quarterly reviews and ongoing mentoring; and Riddle of the Exporter, which demystifies the exporting process. Pursuing additional growth in your small business will bring new challenges, extra work and—with any luck—higher revenues. You can do it. You’re a survivor. Jack Harwell is a consultant for the Kansas Small Business Development Center at Johnson County Community College. He leverages his more than 30 years of experience in manufacturing, distribution, logistics and all things supply chain to assist clients. (913) 469-3878 // www.jccc.edu/ksbdc K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // KEEP GROWING

Why Exporting Might Be Right for Your Company Small businesses can compete—and win—on the international stage.

Businesses that export typically pay 15 percent more in wages than nonexporting businesses. Higher wages allow workers to spend more on goods and services, which means there is more money flowing into local communities.

( BY MELISSA MILLER )

lobal trade has become a hot topic nationally, but if you asked most small business owners if they have ever thought about becoming exporters, the answer would probably be “no.” Why is that? After all, international trade expands the potential market for a company’s products and services. Approximately 95 percent of the world’s population exists outside of the United States, constituting almost 73 percent of total consumer spending. The world’s middle class is getting bigger, and they have more disposable income. By taking advantage of this increased consumer spending, U.S. businesses can expand their consumer base, their sales and, ultimately, their profits. Between 2005 and 2009, U.S. exporters experienced revenue growth of 37 percent, while those exclusively doing business domestically saw revenues fall by 7 percent.

THREE OBSTACLES FOR SMALL BUSINESS EXPORTERS

With so many benefits to exporting, why do less than 1 percent of U.S. businesses export? There are three central reasons for this: IT’S INTIMIDATING //

Let’s face it—the thought of doing business with the unfamiliar is scary, especially with the added risks and uncertainties attached with exporting. What if I don’t get paid? What if someone steals my idea? Is this a credible company? IT’S NOT A PRIORITY //

Many companies do not include exporting in their business plan. I’m too busy with domestic sales. Ain’t nobody got time for that.

IT’S A BIT OF A MYSTERY //

Most businesses are unaware that export support services exist, let alone where to start once they do make the commitment to export. Who do I turn to? What documents do I need? What the heck is an incoterm?

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HELP IS OUT THERE

Kansas City is part of a new program, the Global Cities Initiative, which is trying to encourage more small businesses to become exporters. Researchers found more than 500 companies in our region that aren’t exporting now, but could do so if they received a little coaching and assistance. There are several organizations that offer free or low-cost help, but most entrepreneurs don’t know they exist. To bridge the gap, World Trade Center Kansas City has created the Export Concierge program. After an initial consultation, wouldbe exporters are matched with a wide network of resources that have knowledge and experience in specific areas of international trade: financial needs, legal assistance, logistics services, education assistance, vetting foreign companies, market research and trade lead generation, to name a few. This vast resource network includes private, state and federal organizations ready to assist your business with exportingrelated needs. For example: » The U.S. Small Business Administration and its network of small business development centers are a wealth of information on global trade. They provide counseling and workshops to companies that are starting or scaling up their export activities—or that just need a refresher. » The U.S. Commercial Service, the U.S. Department of Agriculture, the Kansas Department of Commerce, the Missouri Department of Economic Development, the Kansas Department of Agriculture and the Missouri Department of Agriculture all have programs and market data available to assist you in finding potential foreign clients. They can also assist in vetting international customers. The Export Concierge can also connect you with a range of private companies— banks, logistics experts, law firms and more—that can provide you with worldclass expertise in exports. No matter your international business need, there are fantastic resources available to help you compete on the global stage. Melissa Miller is the manager of World Trade Center Kansas City, which serves as the region’s leading resource on international business. (816) 374-5469 // info@wtc-kc.com // www.wtc-kc.com

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ESTABLISHED & GROWING // KEEP GROWING

How Do I Fund an Expansion of My Small Business? Getting funding can be hard, but it doesn’t need to be impossible.

WHY GETTING FUNDING IS HARDER THAN IT NEEDS TO BE

Most new or small business leaders go wrong when: » They think their good idea means it’s easy or automatic to get funding.

( BY LIREL HOLT )

aving been a business mentor for more H than 20 years, I’ve helped a lot of small companies with their expansion plans. The No. 1 obstacle for many of them? Securing outside funding to pay for that expansion. You will need money for growth. Only a teeny, tiny fraction of business owners are self-funded. It’s nearly impossible to grow without borrowing, having investors or selling your soul to get enough gas money to keep the world’s greatest idea rolling.

» They don’t prepare a simple financial model and have their financial statements at the ready. » They can’t tell a clear, precise story on how they will use the funding and pay it back. » The leader doesn’t know how to personally “go without” in order to succeed. » They blame others for their financial problems.

» They think they deserve low interest or a favorable rate when the company is vulnerable. HOW TO GET IT RIGHT

If you don’t explain what you need, on paper, you aren’t going to get funded. So, construct a clear, simple financial model, in Excel, of what the funding needs and uses are. Have it memorized and in hand, and have your financials current and ready as well. Give a verbal explanation that a fifth-grader can understand. Avoid “I’ll have to get that for you,” which shows you aren’t fully prepared. Be prepared. Any delay in funding from a investor shouldn’t be your fault. Delays destroy momentum, waste continued on page 96 » Lirel Holt is the founder of CARSTAR, a franchise of auto body repair shops. He is also a founding mentor with the Helzberg Entrepreneurial Mentoring Program (HEMP). HEMP helps established, but growing small businesses take the next big step in their journey. www.hempkc.org

THE MENU OF OPTIONS

Here are some proven ways to fund or defer funding: » Borrow from family and friends » Borrow from a bank » Sell blood at a blood bank » Get investors » Get a loan from a vendor or supplier » Delay payments to a vendor or supplier and quickly sell more of your existing product » Fire your unproductive worker(s) and work their 40 hours yourself » Launch a Kickstarter campaign » Sell your car (then use your Kickstarter money on a used mo-ped) » Get a mortgage or three. It worked for Dan Aykroyd’s character in the original “Ghostbusters” movie: “Everybody has three mortgages nowadays.” I have done all of the above except use Kickstarter or sell blood. K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // KEEP GROWING

Should You Buy Another Business? An acquisition can be a faster way to growth, if you manage risk wisely.

( BY VALERIE L. VAUGHN )

here often comes a time in the life cycle of a business when the hyper-fast growth enjoyed in the early years tapers off. While some would be pleased with stable revenue and profits, it’s just not good enough for true entrepreneurs who see stability as a sign that it’s time to take aggressive action. Every entrepreneur knows there are basically two ways to grow a business. Organic growth is when the revenues and profits of a business are built through investment in internal resources. Organic growth works,

but if speed is what you’re seeking, inorganic growth is the answer. Inorganic growth means “acquisition,” and it can be an effective way of building your business quickly. Growth through acquisition can be very good but, as with any business, there is risk. While entrepreneurs are a smart group of people, very few automatically know how to avoid risk when buying a business. Let’s look at some of the things you can do to maximize success as you grow your company by acquiring another. 3 KEY QUESTIONS

First, ask yourself the three questions below. Remember, the goal is a successful acquisition, so invest the time to really think through the questions. Be brutally honest with yourself when you answer.

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

IS MY CURRENT COMPANY IN GOOD SHAPE?

Although there are ways to acquire other companies to improve your operational and financial issues, acquisition can also magnify flaws. If an unplanned opportunity to acquire a competitor presents itself, by all means consider it, but know that timing matters. A great acquisition when your company isn’t strong enough to absorb another can destroy both companies. WHAT DO I HOPE TO ACCOMPLISH BY ACQUIRING ANOTHER COMPANY? What is your long-term vision for the company and yourself? What is currently missing that can be acquired to help you achieve that vision? New products or services? New customers? Employee talent? Expansion into a new geography or industry?

DO I HAVE THE RESOURCES TO PULL THIS OFF? Acquiring and integrating another

company—while keeping your existing business successful—can be demanding. Don’t let your desire for expedited growth jeopardize your current business activities. You’ll need sufficient financial resources, time and personnel both during the acquisition and during the process of integrating the two companies. HOW TO GET STARTED

If your current company is strong enough to weather the process, and you have ample resources and a firm understanding of goals for the acquisition, it is time to get started. Assemble your team of advisers. While every deal has different requirements, your team will probably include an M&A professional to help identify and approach target companies, an accountant to help with financial due diligence, a management consultant to help assess the organizational and cultural fit of the two companies, and an experienced transaction attorney. When you answered Question No. 2 earlier, you defined the specific characteristics of potential target companies, so you know what you’re seeking and the benefits a successful acquisition can bring. It may take some time to find the right company to acquire, but don’t rush your analysis and evaluation of candidates. Be patient. A good match will add to your company’s strengths and minimize

IT MAY TAKE SOME TIME TO FIND THE RIGHT COMPANY TO ACQUIRE, BUT DON’T RUSH YOUR ANALYSIS OF CANDIDATES.

its weaknesses. A bad match can undo what you’ve worked so hard to achieve. Once you’ve identified an acquisition target, take the time for continued assessment. Refer back to the list of specific characteristics you created while answering Question No. 2 and compare the target to your list. How closely does the target align with your growth vision? Your goals and initial due diligence will lead you to a price you are willing to offer. Unfortunately, most business owners overvalue their businesses, and acquirers frequently value the same company at far less. Work to understand what is important to the acquisition target company’s ownership, and rely on the expertise of your advisory team to help you structure a deal that works for all. It’s extremely important at this stage to remain focused on business needs. Don’t let emotion, excitement or ego lead you to overpay. STRONGER TOGETHER

Search Google for the success rate of mergers and acquisitions, and you’ll find

that a very high percentage fail. Many times failure occurs because a plan to integrate the companies is not well thought out or implemented. To increase your chance of success, work with ownership and leadership of the target to create an integration plan before you sign on the dotted line to finalize the transaction. Growth through acquisition is not without risk, but it can be the best way to build your company quickly. Buy another business when it fits with your long-term vision for your company and your personal goals. Just remember that a successful acquisition isn’t just defined by a good buy; a success is when the two companies are stronger together than they were apart. Valerie L. Vaughn is a certified business intermediary and a certified mergers and acquisitions professional with Apex Business Advisors, an Overland Park firm that assists with business sales, mergers and acquisitions. If you need assistance acquiring another business, or selling a business, contact Valerie at (913) 433-2315 or vvaughn@kcapex.com.

MANN CONROY, LLC A Legal Advantage for Business T. Nelson Mann

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ESTABLISHED & GROWING // KEEP GROWING

License to Innovate How do I use university research in my business?

THE HALLMARKS OF SUCCESSFUL LICENSEES

( BY JAMES BAXENDALE )

s the owner of a small company, you A probably don’t have your own R&D team or a laboratory where they could create the next groundbreaking invention. But you don’t always need those things to bring an innovative service or product to market. Universities across the country have a wealth of research that has already been developed and is ready to be licensed to private-sector entrepreneurs, including the owners of startups and small businesses. THE BENEFITS OF UNIVERSITY RESEARCH

In most cases, these innovations are the result of many years of governmentsponsored research. They may have generated significant data that you can review before licensing. Prototypes may even be available. Also, the university will usually have invested in patent or copyright protection, so the intellectual property can be adequately defended in court if necessary. Because you’re working with a university-based innovation, you might qualify for a federal Small Business Technology Transfer or Small Business Innovation Research grant. These awards can help innovative startups pay for the early costs of development and testing. The university innovator—the person or team that carried out the original research— can be a valuable resource, too. The innovator will attend numerous conferences as a presenter or display research, which is a great mechanism to bring attention to the market opportunity for the innovation. Having the university innovator engaged going forward with the maturation of the technology is highly recommended. He or she could have invaluable insight into possible improvements and can help troubleshoot during product development. In addition, innovators normally continue research in the area of their innovation. That can lead to improvements on the initial work—or even new innovations that you could license. 48

phy. The license right is generally for the life of a patent or other specified timeframe. How long the negotiation process takes depends on the complexity of the deal and acceptance of the terms as proposed by both sides.

WHAT’S THE FIRST STEP IN LICENSING RESEARCH?

The first step is to contact the university’s technology transfer office and connect with the licensing manager assigned to the technology case. Most often, you’ll have to sign a nondisclosure agreement before opening discussions with the university innovator. If you decide to move forward, negotiations will begin under an option agreement, or a full license agreement will begin. An option agreement would serve as a “stand still” agreement; you would

have the ability to continue reviewing the opportunity for a short period of time without negotiating a full license agreement. Or, in the case of a full license agreement, your company would be designated a nonexclusive or exclusive right to the innovation. The license agreement may specify fields of use and geographic locations where rights are being given. Under the Bayh Dole Act, the government prohibits the assignment of government-funded innovations. Instead, most companies receive a nonexclusive or exclusive license, either with or without certain limitations on fields of use and geogra-

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

The companies that succeed with licensed research generally have good working relationships with the faculty innovator. In fact, they usually have an interest in being aware of other innovations generated by that faculty member’s laboratory. Successful licensees also tend to have professional business relationships with the university’s technology transfer office. These companies understand the risk and time involved in marketing early-stage innovations. In the case of a startup company that is formed on the basis of a university innovation, a successful entrepreneur

would have the attributes described above, but also have the ability to raise capital, drive product development and identify the most promising markets for the innovation. Just remember, major corporations aren’t the only businesses that can roll out innovative products and services. Small companies have a role to play, and licensing university research is one way they can compete. James Baxendale is the director of Whiteboard 2 Boardroom, a part of the University of Missouri-Kansas City Innovation Center. Whiteboard 2 Boardroom helps local businesses license university-created research. (816) 235-6429 // baxendalej@umkc.edu // www.whiteboard2boardroom.com

ESTABLISHED & GROWING // KEEP GROWING

without any extra time to reset the printer, which would cost the client more. And that’s opened the doors to new projects with some of Bennett’s existing accounts, said Craig Bradley, the company’s vice president of manufacturing and Kathy’s son. If you’re mulling over a major investment in equipment, here are a few points to consider. 1 DON’T WAIT UNTIL YOU NEED A REPLACEMENT TO START RESEARCHING A PURCHASE.

Bennett’s printing capabilities were strong even before it bought the new printer. But the company, always looking to stay ahead of the competition, wanted to be the first in its market with a high-speed digital press. Bradley took responsibility for finding one. When he heard about Barberan’s work, he visited Spain to check it out. He sought out other customers to see how the Jetmaster performed for them. 2

TAKE TIME TO THINK THINGS THROUGH.

Are your customers ready for a big leap in technology? Is this going to be a good fit for your business? “You need to do a good cash flow analysis to be sure you can make the purchase,” Kathy Bennett said. “Ultimately, is it going to do what you think it’s going to do?”

4 Tips for a Major Equipment Purchase What the CEO of Bennett has learned about making a big investment.

( BY JAMES HART )

hen Kathy Bennett and her team need to buy a printer, they don’t go to Office Depot. For its latest purchase, her company (also named Bennett) had to travel all the way to Spain. That’s where the Barberan Jetmaster 1680 digital printer is made. Bennett— which produces colorful retail displays and packaging for major brands—invested $5 million in purchasing a Jetmaster 1680 for its facility in Lee’s Summit.

Right now, it’s the only one of its kind in North America. “We’ve always reinvested in the company,” said Kathy Bennett, who founded the business in 1987 with her husband, Doug. “I don’t think you can have a good presence in the marketplace without continually reinvesting in the company and in technology.” To create its displays and packaging, Bennett prints graphics directly on corrugate board. The six-color digital printer can complete jobs faster with its single-pass technology, and at a high level of quality. Being digital simplifies the production process, too—there are no print plates or litho label purchases needed. It’s possible for clients to come up with different versions of its packaging for different markets. Bennett can produce all those variants

THERE MAY BE PROGRAMS THAT CAN ASSIST YOU WITH FUNDING. By utilizing local 3

economic development resources, many governmental jurisdictions can assist in financing and provide favorable tax incentives to assist in technology-based expansions. Another option: The U.S. Small Business Administration’s 504 loans can be used to finance long-term machinery, too. 4 REMEMBER THERE WILL BE OTHER COSTS, BEYOND THE PRICE OF THE EQUIPMENT ITSELF.

When Bennett bought its new printer, it had to invest in training. It also had to set aside materials for testing and experimentation, so Bennett’s team could practice using the Jetmaster. “You have to be willing and be able to devote the time, resources and proper talent,” Kathy Bennett said. If everything checks out and you’ve got the means to add that shiny new piece of equipment? There’s only one thing left to do. “At some point,” she said, “you’re going to have to take a leap of faith.” James Hart is managing editor of Thinking Bigger Business Media. (913) 432-6690 // jhart@ithinkbigger.com K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // FINANCE

Understanding Your Lender Here’s real-world wisdom for a powerful banking relationship.

remote deposit? Can they help you with merchant, payroll and other services? » Gauge their level of interest. Does your point of contact really seem to care about your industry and the market you’re serving? » Ask about the bank’s track record with small businesses. Does this lender have a history of serving smaller companies? How many? » Never mix your business and personal accounts. » Banks like surprises as much as cats like baths. If your company could be facing a money crunch or might be late with a payment, notify your lender as soon as humanly possible. » Of course, you can avoid situations like the one listed above by building a reserve fund, maybe in a savings account with your lender.

( BY BARBARA CALDWELL )

great banking relationship doesn’t just happen. It takes time and effort. But the rewards can be powerful for your small business. If you get to know your loan officer or the manager overseeing your account, that person could help you save money on fees, boost your credit and plug you into his or her network of contacts. It all starts with communication. You should visit with your banker at least once a quarter. Not that you have to wait that long. If something major happens— whether it’s good news, like landing a huge account, or not-so-good, like gaining a tough competitor—reach out and bring your banker up to speed. If you’re just getting started, you might need to take some time and educate your banker about what your business does and

how it functions. But bankers are curious people. Even if you’ve been up and running for years, they still might enjoy a tour of your facilities. Here are some other pieces of wisdom to help you on your banking journey: » Don’t wait until you need help. You should start building a relationship with a lender before you have an urgent need for a line of credit. Opening a savings or checking account with their institution is a good start. » Shop around. Not all banks are alike, and neither are their products, services or fees. Find the ones that work best for your company. Do they specialize in loans guaranteed by the U.S. Small Business Administration? Do they offer

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

If you’re looking for a bank and aren’t sure how to get started, the SBA has an online tool that can help. It’s called LINC, short for Leveraging Information and Networks to Access Capital. All you have to do is visit www.sba.gov/tools/linc and fill out the form there. It takes about five minutes, but once you’re done, LINC will share your need for financing with every SBA lender in your county, as well as several regional and national lenders that work in your area. If any of them are interested, LINC helps you connect with them. Securing the funds you need to start and grow your dream business can be tough. In fact, one estimate says that nearly fourfifths of all small business loan requests are turned down. But there are lenders out there who want to see you succeed. Keep searching, and you’ll find the right one for your company. Barbara Caldwell is an economic development specialist with the U.S. Small Business Administration’s Kansas City District office. (816) 426-4902 // barbara.caldwell@sba.gov

Grow your small business and your world. Get what you need to take your business to the next level. Commerce Bank will work with you to find smart options to help you reach your goals and maintain financial stability. We’ll provide customized solutions to make your life easier by helping you finance equipment, conserve capital or manage cash flow. • Business Checking • Payments Processing • Online Cash Flow Reporting • Business Resource Center Let’s talk business. 816.234.1985 | commercebank.com

ESTABLISHED & GROWING // FINANCE

3 Essential Tools for Mastering Your Company’s Finances Learn to read these reports, and you’ll understand your business better.

( BY JAMES HART )

“ W hat gets measured gets managed.”

Unfortunately, too many business owners can’t exercise full control over their companies because they don’t understand what’s happening with their finances. The good news is this is a fixable problem. You just need to learn how to read three basic reports. BALANCE SHEET

Your balance sheet shows where your company stands at a particular point in time, regarding three specific

measures. It can be boiled down to a simple equation: ASSETS = LIABILITY + OWNER’S EQUITY

Assets are anything that your company owns that has value. That includes tangible goods like equipment and inventory, as well as intangible properties such as patents or trademarks. Cash counts as an asset, too. Liabilities are what your company owes other entities: taxes, payroll, loans, etc.

Equity is the value of your ownership in the company. Imagine your company were to suddenly close and all its assets were used to pay off the liabilities. The equity is whatever would be left over. Typically, balance sheets are structured into two columns. On the left, all the individual assets are noted, with their total dollar value listed at the bottom of the page. On the right are the liabilities and equity, which are added up and listed in raw dollar terms at the bottom of the page.

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The two columns’ totals should be the same. In other words, they should balance. INCOME STATEMENT

The income statement helps you see if you operated at a profit or a loss during a given period of time. Could be annually, quarterly, monthly—whatever you like. Like the balance sheet, your income statement can be simplified to a basic equation, too. REVENUE – EXPENSES = NET INCOME

Most business owners want a little more detail, though, so they can better understand how their companies are operating. So they’ll break out the types of expenses. You’ll start with the amount of money your company made from sales, its gross revenues. You then subtract the cost of those sales. (If you sell hats, your “cost of sales” is how much it cost you to make those hats or acquire them from someone else.) You now have your gross profit. Next, you need to subtract your operating expenses—any costs that can’t be directly tied back to a particular product. That includes administrative staff, marketing, utilities and other overhead. You can also subtract any depreciation here. You’re left with your operating income. You also need to account for nonoperating income and costs. Subtract interest on loans, add interest from savings and subtract however much the company paid in taxes. The result is net income. STATEMENT OF CASH FLOW

The income statement can tell you if you recorded a profit or a loss, but it won’t show you how much cash you actually brought in. (One of the unpleasant truths of business: Some customers take days, weeks or months longer than expected to pay up. Some don’t pay at all.) The statement of cash flow can be broken into three sections. OPERATING ACTIVITIES // You’ll start with your net income and adjust it by adding back depreciation and accounting for

DON’T BE INTIMIDATED BY YOUR COMPANY’S FINANCIAL REPORTS. A GOOD ACCOUNTAT CAN HELP YOU GET STARTED.

changes in accounts payable, accounts receivable and inventory. INVESTING ACTIVITIES //

If the company spent money on a long-term asset, like a major piece of equipment or real estate, or investment securities, you’d account for that here. Or if you made money by selling that asset or security, this is where it should be noted. FINANCING ACTIVITIES // Cash received from bank loans or offerings of your company’s stock

would be listed here. So would payments the company made toward its debt. Bring together all three sections, and you have a clearer picture of your company’s cash position. Don’t be intimidated by your company’s financial reports. A good accountant can help you get started, and Kansas City’s network of business resource organizations regularly host workshops on the topic. Other business owners have mastered this vital skill, and you can, too. James Hart is managing editor of Thinking Bigger Business Media. (913) 432-6690 // jhart@ithinkbigger.com

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ESTABLISHED & GROWING // FINANCE

BE RUTHLESS ABOUT OVERHEAD COSTS

If you are having a cash shortage, be honest with yourself about how much overhead your business can handle. Make tough decisions quickly about cutting overhead. Don’t let the problem drag on for months on end—or it could end up sinking you. CONSIDER SELLING NONESSENTIAL ASSETS

How to Survive a Cash Crunch Nine smart strategies for outlasting tough times.

to pay at a later date? Would your vendors accept partial payment? Slash any expenses as much as you can. Also, keep an eye open for potential fraud that could be causing a loss of cash.

( BY BRET CURTIS, JD, CPA, LLM )

SPEED UP YOUR BILLING CYCLE

here’s a reason why “cash is king” is a T mantra for so many business owners. As advice goes, it’s right up there with “always wear a life vest” when you’re on the water. Healthy cash flow can make the difference between staying afloat during tough times—or sinking under a wave of setbacks. An economic downtown, lost customers, a lack of investors or even a natural disaster can all bring a healthy cash flow to a mere dribble. What should you do if you find yourself in a cash crunch?

Think about invoicing more frequently. Dial it up from once a month to twice a month. Long term, this may give you more cash flow. What if your business is cyclical? Could you adjust your billing cycle to support the seasonality of your business? If you have a delay in billing, is that due to customer demands—or your own internal procedures that developed over time?

THINK ‘TRIAGE’

Prioritize the use of available cash. Put your employees first by giving payroll top priority, along with tax withholdings and employee benefits. These types of costs take precedence when cash gets tight. Then, take a look at your upcoming payments and bills for the next 90 days— or less, as your situation dictates. Are there any commitments that you could negotiate 54

MANAGE YOUR RECEIVABLES

Don’t count your accounts as revenues until your customers pay you. If it makes sense for your company, think about providing incentives for customers who pay up front or require customers to put a deposit down for your services or products. Be sure to let the employees in charge of collections understand your goals for collecting old receivables. Give them authority to offer incentives to customers who are willing to pay early.

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

The short-term benefit of selling an asset is quick cash. But there are longterm questions you should consider. For example, selling a piece of equipment to generate short-term cash may not be worth it, especially if one day you’ll have to buy back the asset and potentially lose money in the process. USE YOUR CREDIT CARDS STRATEGICALLY

Make sure you understand outstanding balances and credit limits for cash advances versus purchases. Consider charging expenses to cards with available merchandise credit, but no available cash advance credit. The idea is to maximize your available cash advances when you need them. TAKE A PREEMPTIVE STRIKE

Don’t wait for an emergency to get help from your CPA. By regularly sitting down with your accountant and reviewing your cash flow statements, you can identify (and avoid) potential problems. Often, businesses that are having cash flow issues hesitate to call their CPA because they want to control fees. However, this is one key adviser who is most likely to help keep you alive to fight another day. TALK TO YOUR BANKER

Your bank wants to see your business thrive. Talk to your lender to find out if they have any short-term financial solutions to help you stay afloat. DON’T PANIC

Getting a full picture of your current situation will help ease your anxiety. And having a plan to get your business back on track will allow you to focus on your customer and your future. Bret Curtis, CPA, JD, LLM is a shareholder in the Mize Houser & Co. P.A. Overland Park location. www.mizehouser.com

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ESTABLISHED & GROWING // FINANCE

Time to Make a Major Capital Investment in Your Company? 7 questions to ask yourself before investing in equipment or real estate.

( BY SONCI BLECKINGER )

a lower rate or longer amortization from ncouraging signs in the economy your lender if you put more money down. might have you thinking about investing in your business. Is now the time to HOW SOON WILL YOU SEE purchase that large piece of equipment? Have YOUR RETURN ON INVESTMENT? you been considering a real estate expansion? How long will it take to recoup your Planning to finance a major capital investinvestment? Depending on the type ment may seem like a burden to business of investment, that period varies. owners, but with a little For equipment, a normal research and a quick payback period might be three self-assessment, the proto five years, allowing additional cess can be simple. Ask years of usefulness, though techyourself these questions nology equipment may be less. as you prepare to meet YOUR LENDER You also need to take labor with your banker: costs and productivity into SHOULD AND account. If expanding on the real HOW MUCH CAN estate front, how much addiYOU AFFORD? WILL ASK A LOT tional labor will you need versus A calculation all lenders how much extra revenue can you use is your Debt Service OF QUESTIONS. produce in a larger space? Coverage Ratio (DSCR).

Take your cash that’s available (your net income after taxes, plus interest and depreciation expense) and divide it by your annual debt service—how much you pay in total loan payments in a year. Lenders tend to like that ratio to be 1.15 or higher, depending on collateral and the amortization period. To increase your DSCR, you may want to ask for a longer amortization on the loan to help ease cash flow. You can always make additional principal payments if cash flow permits. Just be sure to inquire about prepayment penalties.

CAN YOU MAKE A LARGER DOWN PAYMENT?

If you are able, consider making a larger down payment or put more “cash into the project.” It will result in lower monthly payments, and you’ll pay less interest overall. You also may be in a position to ask for

WHAT’S ON THE HORIZON FOR YOUR INDUSTRY?

We’ve seen industries like oil and gas slow down over the past year, yet others are booming. Obviously, your capital investment will meet the immediate needs of your company, but will you need an even bigger space in three years? Are there external factors in your industry that will impact your investment? Being wellversed in your industry and focusing on the trends and benchmarks over the next three to five years is vital.

WHAT IS YOUR COMPETITION DOING?

Are you ahead of the curve with your expansion? What sets you apart from them?

HOW ARE YOUR SALES?

Trending up, right? Are you managing expenses so that net profits reflect that

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

growth? Is the growth sustainable or due to a lucrative short-term contract? How will this new piece of equipment or larger production space affect income and expenses?

WILL THE EFFECTS OF THE INVESTMENT BE IMMEDIATE?

Cash flow may be impacted as you wait for your investment to increase production. An interest-only period could help ease initial cash flow issues. OTHER OPTIONS TO CONSIDER LEASING // By

leasing, you can obtain newer technology equipment faster, there are tax benefits, and you don’t have to pay for repairs or maintenance. However, you don’t own the equipment. You don’t show the asset on your balance sheet, you don’t have the option to sell the equipment, and sometimes you end up paying more than you would have with a purchase.

SBA FINANCING // SBA loans—for real estate or equipment—allow you to put less money down and perhaps amortize longer than a conventional loan. Businesses work with a bank, and the SBA provides a guarantee to the bank. Locate an SBA-preferred lender at www.sba.gov. EQUITY FINANCING // This equity could come from friends and family, but also venture capital companies. This type of financing provides capital in exchange for a share of ownership in your company. Your lender should and will ask a lot of questions. Being prepared to answer those questions will make your capital investment a reality faster. Sonci Bleckinger is vice president of commercial lending at Central Bank of the Midwest. (816) 224-7214 // sonci.bleckinger@centralbank.net // www.centralbank.net

ESTABLISHED & GROWING // FINANCE

Why You Need a Buy-Sell Agreement Prepare your company for a co-owner’s exit.

( BY KATHEIGH DEGEN )

f one of a company’s owners departs, a buy-sell agreement can help to secure the financial well-being of the company and any individuals involved, while passing along control of the company. Since it helps protect the owners, it is mutually beneficial, making it an essential to any co-owned company and any family business. If one of the owners passes away, becomes disabled, retires or is terminated, the buy-sell agreement is activated and

starts being helpful. Essentially, this agreement would follow the wishes of the owners laid out in the agreement. There are basically two types of buy-sell agreements: a stock redemption (entity purchase) plan or a cross purchase plan. Although these two agreements widely cover the same terms and conditions, there are some differences. STOCK REDEMPTION OR ENTITY PURCHASE PLAN

Under an entity purchase plan, the business purchases an owner’s entire interest at an agreed upon price if a triggering event occurs. If the business is a corporation, the plan is referred to as a stock redemption

agreement. In the context of a partnership, it is called a liquidation of interest. If life or disability insurance is used to fund the agreement, the business owns the insurance on the lives of each stockholder and then uses the proceeds to purchase (redeem) their stock at death or disability. This plan can be relatively straightforward as the business is the owner, premium payer and beneficiary of the policies. If whole life insurance with cash value is used as part of the agreement, the cash continued on page 96 » Katheigh Degen is co-owner of Twin Financial Inc. and specializes in business continuation strategies. 9233 Ward Parkway, Ste. 324, Kansas City, MO 64114. // (816) 333-2334 // kdegen@twinfinancial.com Securities and investment advisory services offered through registered representatives of MMLInvestors Services, LLC, Member SIPC (www.sipc.org). Supervisory office: 4801 Gaillardia Parkway, Suite 250 Oklahoma City, OK 73142, (402) 486-1400. Twin Financial is not a subsidiary or affiliate of MML Investors Services, or its affiliated companies. CRN2018-204704

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ESTABLISHED & GROWING // FINANCE

Are SBA Loans Right for Me? They make financing available to small, growing companies.

The SBA values the independence of each small business. WHAT ARE 7(A) LOANS?

( BY DAVID WILKE )

f you need financing for your small business, you may look into SBA loans at some point. Over the years, these versatile lending products have allowed a wide range of companies—companies just like yours—to acquire the capital they need to pursue their goals. While they’re called “SBA loans,” the U.S. Small Business Administration doesn’t lend money directly to the small business. Rather, the SBA guarantees the loan that a lender, such as a bank, makes to a qualifying company. If that business defaults on the loan, the SBA promises to step in and cover a certain percentage of the outstanding loan balance. This helps make financing more widely available to small businesses that might not qualify for conventional loans. Here are some other important facts you should know about SBA loans.

WHO ARE SBA LOANS FOR?

SBA loans are good for entrepreneurs who are relatively new, fast-growing businesses, service industries, business acquisitions and real estate purchases. They’re a terrific option when the business owner is looking for a longer-term loan or has limited collateral to put down. SBA loans are not for investors, landlords or cases where someone is trying to buy a partial interest in a company.

» SBA loans are often approved during a company’s first three years, when it can be harder to secure a conventional loan. WHAT ARE THE MOST COMMON MISCONCEPTIONS ABOUT SBA LOANS?

Many people mistakenly think SBA loans come with more paperwork than conventional loans; the paperwork for both is very similar. Other popular myths? The government will be “running” their business. Not true.

The SBA has a few different loan products, and 7(a) is the most commonly used. It can be used for a range of projects: purchase of equipment or commercial real estate, working capital, the acquisition of an existing business or even the refinancing of current business loans. continued on page 96 » David Wilke is a small business banking sales manager with Commerce Bank, which participates in SBA’s Preferred Lender Program. (816) 234-1985 // David.Wilke@commercebank.com

Today’s SBA: Smart Bold Accessible

WHAT ARE THE BENEFITS OF SBA LOANS?

There are several upsides to securing an SBA-backed loan: » Business owners can typically make a smaller cash injection into their business. » SBA loans may have a longer amortization period, which means a lower monthly payment. » No prepayment penalties for short-term loans. (There is a penalty for prepayment on loans with terms of 15 years or longer.)

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ESTABLISHED & GROWING // FINANCING OPTIONS

Because circumstances vary from business to business, so can

The following information is not the “last word.” These are the

decisions regarding appropriate sources for loans and other capital infusions.

most typical scenarios for startup and established businesses.

SOURCES SA

STARTUP

ESTABLISHED

CASH F L OW F I NAN C IN G

Personal savings Supplier credit (vendors willing to extend credit terms, such as net 30)

•

Customer credit (offer customers a discount if they prepay)

•

Finance company extending credit based on a customer contract

•

Leasing (rental agreement that gives the use of an asset without having to buy it)

TYPE OF FINANCING

•

Line of credit (borrowing against accounts receivable)

•

Accounts receivable factoring (selling receivables to a finance company called a “factor” for a percentage of the total value of the account)

•

EQU I T Y

Venture capitalists, either private (private investors who expect high ROI—25 percent to 40 percent—but don’t want to be involved in operations) or public (e.g., those licensed by the SBA—Small Business Investment Companies, Minority Enterprise Small Business Investment Companies)

•

Angel investors (take a lower equity stake—will inject $25,000 to $1 million—but want operations input; often entrepreneurs themselves)

•

ESOPs (employee stock ownership plans)

•

Private stock offerings

•

Going public

•

Strategic partnering with another firm (e.g., for distribution, marketing channels, etc.)

•

DEB T

Credit cards

•

Loans from friends and family

•

Home equity loans (or cash-out refinancing of a home)

•

Consumer loans (secured by cash value of life insurance policies, brokerage accounts, etc.)

•

Commercial loans (from banks, credit unions, etc.)

•

Government loans, either direct (e.g., disaster loans) or through lending institutions (e.g., SBA 7(a), CAPline)

•

Microloans (for total cash needs between a few hundred dollars and $50,000) Asset-based lending (lenders control collateral and are involved in the business) 60

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•

• •

ESTABLISHED & GROWING // FINANCE

10 Ways to Encourage Faster Payments These strategies will help you boost your cash flow.

( BY MARGO HOEGLER, CPA )

o you ever wish you could just push the “easy button” and your customers would pay on time? For many business owners, collecting accounts receivable is a struggle, but it doesn’t have to be. The key to maintaining your cash flow and keeping your business afloat is consistency. Here are 10 strategies to help you get paid in a timely fashion.

CONSIDER THE CLOUD

// Moving to a cloud-

terms should be set based on factors such as the financial strength of your customers and their reputation in the marketplace. PUT IT IN WRITING // You can’t hold a customer accountable for being delinquent if the terms aren’t clearly spelled out. If you are requesting payment within 30 days, make sure it is in the contract and on the invoice. ENCOURAGE PREPAYMENTS // Some companies require prepayments. Others have all customers pay in advance. You might also consider setting up an electronic funds transfer (EFT) from their bank account.

INCENTIVES // A little reward can go a long way. Offer a trade discount for prompt payment, such as terms of 2 percent net 10 (a 2 percent discount if the invoice is paid within 10 days). You may also want to consider adding a monthly finance charge for late payments. COMMUNICATE // We live in a

social media world. Go online and “follow, like or connect” with your customers. Take note of any big occasions such as birthdays, a new store opening or a product launch. By connecting with them on a more personal level, you can build a continued on page 97 » Margo Hoegler, CPA, is a manager in the accounting services department at MarksNelson LLC. She has more than 15 years of public accounting experience, assisting business owners with financial statement preparation, cash management and forecasting. (816) 743-7700 // mhoegler@marksnelsoncpa.com

based service will improve your billing efficiency. Not only is email faster than traditional mail, you can also automate much of the process. Many services, for example, can be set up to send out late payment reminders without your intervention. Customers can also pay online, beaming the payment straight to your bank account. Using a cloud-based service could help you receive your money four to five times faster than normal. GET ORGANIZED // Take

time to assess your invoicing procedures, and make sure that you are sending invoices promptly. Also, look at your customer needs. Some companies may be able to pay several, smaller invoices faster than one big invoice. Consider progress billing—seeking payment for the percentage of work that has been completed rather than waiting until the entire project is complete.

SET CREDIT LIMITS // Perform credit checks on prospective customers. If the results show too much risk, you may want to pass on the business. Also, contemplate offering moderate terms with the possibility of eventually working up to more flexible terms. Remember that not all customers should have the same credit terms. Credit K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // SALES + MARKETING

How to Hire a Successful Salesperson Here are five tips for finding a rep who’ll bring you more business.

( BY MIKE MONTAGUE )

ales superstars can be extremely valuable to any organization. A good rep can support the salaries of dozens of other employees. Whether you are looking to add your first salesperson or upgrade your current team, you face a difficult and sometimes risky venture. Recruiting a proven top performer to join your team can easily cost you six figures, and finding a young diamond in rough can be a difficult challenge. Follow these five steps when hiring your salesperson to increase your chances of making a profitable hire.

NO. 1

NO. 2 RECRUIT A POOL OF CANDIDATES

It is extremely important that you get a long list of applicants. Most sales hiring mistakes happen because the manager fell in love with one of the candidates and didn’t start or complete the hiring process. This mistake usually happens when the manager is recruiting a candidate away

down your top three and use a salesspecific, objective assessment. Finally, bring back your top pick for a second interview. NO. 4

HIRE FOR ATTITUDE

It is extremely important to put the candidates to the test in the interview. You are hiring for a sales position. That means if candidates cannot keep you on the phone, follow up promptly or sell you on why you should hire them, then they are not the right person, and you should keep looking.

WHETHER YOU ARE LOOKING TO ADD YOUR FIRST SALESPERSON OR UPGRADE YOUR CURRENT TEAM, YOU FACE A RISKY VENTURE.

PROFILE THE JOB

There are four main types of sales roles, and it is important to know which one you need before you look for candidates. » Account Sales or Inside Sales builds existing relationships or fulfills the needs of prospects already coming in your door or website. Reps in this area typically work a long sales cycle. » Commodity Sales is a tougher version of demand fulfillment. People in this area work in a higher pressure, shorter sales cycle. They are typically negotiating on price, not building relationships. » Consultative Sales is process-oriented problem-solving in a long sales cycle to create demand from new prospects or new problems. » Finally, Unique Value Sales demands creativity, problem-solving and a short sales cycle. These hunters work quickly to close sales based on value, not price or relationships. Once you have established the type of sale that fits your business model, you will need to outline the skills necessary to be successful in that role. Use these skills as the “musthaves” in your job description and evaluate 62

the candidates based on who can and will be able to succeed in that type of sale.

from another job, or trusted employees or customers referred the candidate. Your goal should be to get enough candidates that you can disqualify them vigorously. Passing on a good salesperson is not a fraction as costly as hiring a bad one. Your goal in the hiring process should be to eliminate bad candidates. To find your pool of candidates, you will probably need help. Recruiters, job boards, social networking and employee referrals are all good options to add to your list. NO. 3

ASSESS THE CANDIDATES

Once you have your pool of candidates, you will want to run them through a series of qualifications. The more tests you can run before you meet them face to face, the better your chances of hiring a successful salesperson. Typically, hiring directors are bad judges of salespeople. Disqualify candidates by resume, an objective hiring assessment and a phone interview before you set up any interviews. Your list should get smaller at each stage, and only the top candidates should do the face-to-face interview to avoid human error and bias. After that, you can narrow

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There has been exhaustive research by Objective Management Group involving more than 1 million salespeople to isolate the characteristics of the top 1 percent of sales performers, and the overwhelming answer was attitude. It should be blatantly obvious that your final candidate has the positive outlook, personal responsibility, internal drive and trainability to be successful. NO. 5 PROPERLY ONBOARD YOUR NEW SALESPERSON

Your hiring process should not stop when the contract is signed. For most sales positions, a proper onboarding process should take at least 90 days. During that time, you can help them learn the business and gain product knowledge, learn how to sell your product or service, learn the common problems and best practices, and most importantly, learn your expectations for successful sales behavior. Mike Montague is the director of content marketing for Sandler Systems Inc. mike.montague@sandler.com // www.sandler.com

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ESTABLISHED & GROWING // SALES + MARKETING

edge to perform well. Small businesses can and should consolidate marketing vendors, suppliers and agencies or freelancers to achieve streamlined integration. Simply put, by consolidating your marketing sources, the left hand knows what the right hand is doing and vice versa. Doing so means different strategies can work in tandem to reach sales goals. PUT YOUR MONEY WHERE IT PERFORMS BEST

4 Timeless Marketing Strategies Don’t succumb to Shiny Object Syndrome.

( BY MICHELE MARKHAM )

ost business owners come down with Shiny Object Syndrome on occasion, but the risk is especially high when it comes to marketing. Everybody wants to make sure they’re using every tool they can to win more business—or at the very least, not fall behind the competition. Unfortunately, not every marketing trend is created equal. Some will revolutionize your ability to engage customers for decades to come. Some are the second coming of the Pet Rock. Marketing trends work best when they are logically incorporated into timeless strategies—those which are proven to reach your audience and compel them to act. Here are some tried and true ways for marketing your small business:

USE A CRM SYSTEM

Customer relationship management (CRM) systems close the gap between sales and marketing. With a well64

constructed and well-maintained CRM, you can accurately segment your customers, identify their needs and track your relationship with them. Based on where they fall in the sales process, you can then tailor messages in a more meaningful way, which leads to a faster increase in sales and better customer retention and satisfaction. If those benefits alone aren’t enough to convince you that a CRM is worthwhile, here are two more. A CRM system results in an overall better customer experience because you can deliver the right message at the right time. Plus, if the cost was holding you back from buying one, there are CRMs on the market today priced for any business size. CONSOLIDATE YOUR MARKETING EFFORTS

Search marketing is quickly outpacing the ability of do-it-yourselfers to handle matters on their own. It makes sense for small businesses to hire a trusted partner who’s familiar with evolving best practices, who might have status as a Google Partner. But search marketing isn’t a stand-alone activity. It requires strategy development, written content, graphic design and expertise in user experience, as well as SEO knowl-

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Evaluate your marketing budget just like you do your other budgets. Look at which marketing avenues are leading your sales and identify those that aren’t. Then you can move money from the nonperformers to those proven to grow your sales. Maybe it’s time to question what a salesperson said you needed to do. You might need to do something different from what you’ve always done in the past. Incredibly, even in 2016, there are small businesses sticking with Yellow Pages advertising even when they can’t recall the last time a customer found them there. TEAM UP TO ACHIEVE ECONOMY OF SCALE

Collaborative marketing is timeless because it works. For years, like-minded companies have come together in marketing because they target the same audiences. Retail merchants with storefronts in the same shopping center. A VoIP phone service provider and a computer networking company. A specialty pet food company and a veterinary clinic. You get the gist. Trends, while new and well … trendy, can leave you with a useless Pet Rock or a website with Flash animation. Both cool at the time; not so much now. Some trends can be embraced with little financial investment. Others cost thousands of dollars or more and return little, especially as the trend withers away. Small business owners don’t have the luxury of being trendy. Sure, you can incorporate elements, but there’s no magic bullet. Ensuring that every marketing dollar is allocated to align with your marketing goals is what’s most important. Michele Markham is EAG Advertising & Marketing’s president, responsible for all client-related activity. www.smallbusinessmiracles.com

ESTABLISHED & GROWING // SALES + MARKETING

The Power of Purposeful Marketing Your marketing should create the right outcomes. ( BY DAVE PATRICK )

re you happy with your marketing?

I ask this of CEOs, executive teams, small business owners, investors and entrepreneurs. The answer I hear isn’t just no, but NO! A common CEO sentiment: “I keep putting more and more money into marketing, and I’m not seeing the impact.” The better question to ask: Is your marketing purposeful? Sometimes the business model is fundamentally flawed and no amount of marketing can solve it. Examples include Kmart, Peapod, Blockbuster, Al Jazeera America and many more. Sometimes the marketing strategy isn’t in alignment with the business strategy, like JCPenney adding appliances, Burger King selling low-fat fries or Chevy Silverado focusing on quiet cabs. Most often the company is doing “activity” in lieu of purposeful marketing. Lots and lots of activity that might look like marketing, but is really just miscellaneous stuff, annualized year after year without any ROI analysis, with a staff and budget that continues to grow. When my MBA students write business plans, the first drafts of their marketing sections are full of many clever ideas, but unrelated to a larger strategy. Unpurposeful marketing in real companies consists of many ideas, activities, events, promotions, deals and ads—many of them clever, but unconnected to really driving the business model.

Purposeful marketing connects your company’s reason for being, reason for profit and reason for belief into a larger strategic thesis, vision, strategy and plan. You can tell your marketing is purposeful if it … » Leverages knowledge gained from your customers » Communicates your brand promise » Answers the question: Why should I buy from you? » Goes beyond the item and sells the idea » Is relevant, compelling, believable, persuasive » Causes action » Creates real demand » Drives your company’s business model » Delivers measurable results » Generates more business than your marketing budget As you begin to build your 2017 marketing plan, go beyond the conversation of “let’s keep what’s working, and kill what isn’t.” Instead, ask what will get us to purposeful marketing that creates customers, value, demand, revenue, traffic, growth and profit. Dave Patrick teaches advanced brand strategy in the MBA programs at the University of Kansas and the University of Missouri. He’s also the founder and CMO of High Performance Retail Marketing Group, where he partners with CEOs and leadership teams to improve the effectiveness of their marketing.

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ESTABLISHED & GROWING // SALES + MARKETING

The Importance of Being Social on Social Media These four habits will help you build trust with your clients.

( BY ANNE CULL )

re you paying enough attention to customers on social media? We’re not talking about broadcasting your news and making sure everyone is aware of your specials. We’re talking about actually paying attention to the people who keep the lights on in your business. If you don’t know what’s going on with them, it’s quite possible your competitor does, which could mean a not-so-good scenario for you. If you use social media to “listen” to your customers, you will eventually become more like a trusted partner instead of just a vendor, which is the ideal scenario for repeat business. So what can you do if you’ve only been broadcasting? You can start by using social media to listen. Here’s how:

DEVELOP A HABIT OF CURIOSITY

What do you think keeps your highestprofit-producing client up at night? If you suddenly had to take over that person’s business or that person’s life tomorrow, what would be your priorities? Most of us never think through our customers’ lives to that extent, so we miss the boat and try to sell them things they don’t need. Then we try to “engage” them on social media to get them to “like” our page. What does liking our page do for them? Nothing. Unless, of course, we have somehow become part of their world and this person sees us as a trusted friend, not a sales pitch. HOMEWORK Use social networks the same way you use Google search to do research on your customers. The more you understand about the people and companies you do business with, the easier it will be to create quality things (that is, content that’s useful or entertaining for your best customers) to post on your networks. 66

VALIDATE OFTEN

How many times have you read something good in your feed and then scrolled on by? The easiest way to let your customers know you are paying attention to them is by using the “like” button to validate things they post online. You don’t have to like everything they post, and you don’t need to be in their face all the time liking everything they do. Every now and again, however, it is important to validate them so they know you still have their backs. HOMEWORK Go to one of your customer’s social networks and see if you can find a post to “like.” It should be something your best customers would also like. 3

SHARING IS CARING

Sharers sell your products and services without you asking, but if you don’t post things your customers can relate to, no one is going to share anything. And if you never share or retweet anything from your customer’s social networks, why should they share something from yours? Social media is just that … social. The back and forth of sharing and tagging each other is the foundation for building relationships online. Broadcasting and spamming may seem like it gets you in a bunch of newsfeeds, but happy customers who willingly share your posts everywhere are your real assets. Go to one of your customer’s social networks and see if you can find something to share or retweet. This should HOMEWORK

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be something your other customers would also appreciate. 4

CREATE A WEEKLY SYSTEM

Many companies think social media is all about marketing and advertising, but social networks are actually online networking events that go on 24 hours a day. There’s no way you can talk to people all day, every day, so you need a weekly system to help you match your online behavior with your offline behavior. It starts with your own calendar. Blocking time on your calendar each week to “attend” online networking events is the same as blocking time on your calendar to attend a chamber luncheon or other business networking events. When you spend time on LinkedIn, you are essentially at a networking event where your customers may also be present. When you log in to Facebook, you are sort of at a pool party for business. Your goal is to say hello to the people you know and trust, and maybe a few others you’d like to get to know. Offline this works by walking up to your customer at an event and saying, “Hey! Great to see you!” Online, all it takes is a “like.” HOMEWORK Block an hour of time (same amount of time you might block off for an offline business event) and attend an online networking event. This means you will scroll through your newsfeeds and look for things to “like.” The things you choose to “like” will be things you believe would be useful or entertaining for the majority of your customers. You can also retweet something. Make a comment somewhere. Show that you care with an emoji. Just do something that says you noticed, without trying to sell anything. Remember, social media is about being social, and supporting your customers is one of the best ways to get started. Anne Cull is the president of ThinkViral LLC, a business development firm that helps companies use social media to accomplish sales goals. (816) 479-5498 // www.thinkviral.com // @ThinkViralKC

ESTABLISHED & GROWING // SALES + MARKETING

How Can Email Help Me Grow My Business? Done right, it can supercharge your outreach to customers.

( BY SARA THEURER )

hen it’s used well, email can be one of the most powerful weapons in your business’s marketing arsenal. Only a few years ago, I saw articles titled, “Why Email Marketing is Dead.” Today, most marketers will tell you that email never belonged on the endangered marketing species list, and is actually one of (if not the) strongest revenue-producing digital channels. A 2016 industry census by EConsultancy and Adestra found that, on average, business-to-consumer marketers attribute 23 percent of their sales to email marketing.

CHOOSE THE RIGHT EMAIL SERVICE PROVIDER

Success in email marketing starts with finding an email service provider (ESP) that makes it easy to send messages, manage mailing lists and perform other mission-critical tasks. Your marketing team members are only as effective as the tools that they’re given. You wouldn’t bake a soufflé in an Easy-Bake Oven, would you? There is no one-size-fits-all solution for email marketing, so you have to do your homework. Consult the people who will be using the platform every day. Don’t rule out a higher-priced platform if your producers see higher ROI opportunities. Listen to what your team members say they need to succeed, ask lots of questions during vendor demos, and establish measurable key performance indicators (KPIs) for your email campaigns within six, 12 and 18 months. USE DATA TO DRIVE EMAIL STRATEGY

A good ESP will make it easy to gather, track and use data about the people on your mailing list—everything from their first name to their birthday to how often they open your emails.

Having clean, up-to-date customer data in your ESP isn’t just a good idea; it’s pretty much a requirement for any brand that wants to stick out from the inbox crowd. It allows you to personalize email content and automate your digital marketing. In 2016, slapping a first name in a generic email just won’t cut it anymore. Email is unique among marketing channels (digital and traditional) in that you can deliver the most relevant, personalized piece of content to a customer or prospect

at the time it’s most beneficial to them. For example, after someone buys a new T-shirt from your site, you could set up your ESP to send an email showcasing similar shirts. Look at your customer life cycle and decide where triggered emails should be placed to automatically nurture your prospects and customers. Map out touch points based on form and survey submissions, transactions, behaviors like email clicks and gated content downloads and even lack of behavior like not opening an email or abandoning a shopping cart. Setting up triggered emails for these touch points means your marketing team has more time for a/b testing, creating great content and exploring other marketing channels. continued on page 97 » Sara Theurer is a platform solutions specialist with emfluence, a Kansas City-based provider of email and digital marketing services. Learn more about emfluence and register to win an Email Audit here: more.emfluence.com/TBBMAudit. www.emarketingplatform.com

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ESTABLISHED & GROWING // SALES + MARKETING

Great Closers Start at the Beginning When it comes to sales, you can’t just skip to the end.

( BY JEFF BEALS )

he legendary boxer Muhammad Ali once said, “The fight is won or lost far away from witnesses—behind the lines, in the gym and out there on the road, long before I dance under those lights.” At the end of a boxing match, spectators see the glory and adoration of a victorious champion. They don’t see what it takes to get there. They don’t see the hard work or the blood, sweat and tears. It’s the investment of time, effort and discipline leading up to the fight that determines who wins. The same can be said of the selling process. Too many people believe that success in sales comes down to the closing, a magical time when a slick salesperson utters the most eloquent, carefully chosen words, thus dazzling a spellbound buyer into helplessly making a purchase. That common belief is simply false. Just as Ali won fights long before he stepped into the ring, sales are made long before closing time. Ask an inexperienced salesperson to name the most important part of the sales process, and the answer will likely be “the close.” Ask the same person which part of the sales process is most stressful, and the answer will likely be the same. That really shouldn’t be the case. Sales reps worry too much about closing because they don’t realize it’s supposed to be a foregone conclusion. Follow the proper steps, and the close is an anticlimactic formality, just one step in a long process. If you’re waiting until the close to win the deal, you’ve already lost. Good closers start at the beginning. Here are five things you can do throughout the sales process to make closing a breeze.

VALUE SELLING

The most fundamental element in closing any sale is to determine what the prospective client truly values without ever assuming. The salesperson may have more product knowledge than the prospective 68

using your product or service. In the sales world, stories trump data and facts. Humor helps as well. Making the process a little lighthearted can have many of the same benefits of storytelling. We all like to laugh—it’s like exercise but less painful. It releases endorphins into your brain, making you feel better about moving forward.

customer, but that doesn’t mean the salesperson has the ability to read clients’ minds. You need to ask probing questions and listen deeply to the answers. If you do this CALL THE QUESTION properly, and take the necessary amount of After you make your customized pitch, time, you will know just what your prospect it’s time to ask for the order. Unfortunately, wants. When you make your pitch, customthis part can make salespeople feel nervous. ize it to exactly what After all, you have put so the prospect told you. much effort into making Value selling does more the sale that you fear getto ensure a successful ting your feelings hurt and closing than anything your confidence bruised. else you can do. FOLLOW THE PROPER Plus, you may have already spent the commission! FOCUS ON STEPS, AND THE CLOSE Those are normal fears, THE NEXT STEP but when the time is right, Remember the old IS ANTICLIMACTIC. just ask the question. The sales axiom, “ABC— good news is you don’t Always Be Closing?” need a cheesy gimmick to It means you’re always seal the deal. You know looking for an opportuwhat the client cares nity to jump to the end about, and you know you have an ideal and sign up the prospect. Flush product solution, so all you have to say is “ABC” from your mind. “Let’s get you started” or “Are you ready to Sure, it’s a good idea to keep your eye do this?” Avoid clichés like “What will it on the prize, but instead of crouching take to get you in this car today?” ready to pounce on a close, focus on the next step in the process. Don’t rush things. In this day and age, buyers—especially sophisticated ones—don’t take kindly to being pressured. Just keep working the prospect through all the steps in the selling process in the proper order, with adequate time at each step. STORYTELLING AND HUMOR

Stories are a powerful selling tool. An opening story when you first meet a prospect can break the ice. A compelling story during your pitch can peak a prospect’s curiosity. A carefully selected story can effectively answer an objection. A motivational story about a previous client near the end of the presentation is a nice way to bring the whole process to a close. Stories disarm and reassure people, allowing them to picture how great life is

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THINK ABOUT THE FUTURE

Hockey legend Wayne Gretzky once said, “I skate to where the puck is going to be, not where it has been.” Sales pros need to think the same way. No sale should be made in a vacuum. Keep gathering information, and keep building the relationship. You want a lifetime of sales from your customers, not just one. Jeff Beals is a professional speaker, sales consultant and award-winning author who helps professionals enjoy greater success through effective sales, marketing and personal branding techniques. His latest e-book is “Goal Based Networking: Turning Your Socializing Into Profitable Relationships.” (402) 637-9300 // info@jeffbeals.com // www.jeffbeals.com

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A Data Security Cheat Sheet for Small Businesses What’s the best way to protect your sensitive files?

( BY TIM BLAKLEY )

ven if your company doesn’t store the type of data you’d find in a Hollywood spy thriller, those files still have to be secured. Private information— especially the kind included in your customer accounts—is gold to hackers. In fact, as data security increases in big enterprises, small businesses have become a more attractive target for data theft. Having to notify your vendors and customers that their information has been breached is the last thing you want to do. Once lost, trust is difficult to regain. Recovering lost files, if they can be recovered at all, takes valuable time and resources away from handling your current workload. The good news is that you can keep your data secure with a few preventative measures.

START WITH #PASSWORDS!, ANTIVIRUS SOFTWARE AND UPDATES

Some of the easiest ways to secure data are complex passwords, antivirus software and software updates. For passwords, the more complex the better, especially if they include capital letters and symbols. Choose obscure phrases over a pet’s name, and do not use the same password over and over. Set an alert every few months to update your passwords. For antivirus software, make sure the latest version is installed because it is not a set-it-and-forget-it program. Be sure to download any software updates because they contain fixes to newly discovered vulnerabilities. 70

BACKUPS BEEF UP YOUR SECURITY

One of the best methods for securing your data is often the most overlooked and underutilized one—a good backup. There are many applications that will back up your data to another device or to the cloud. Backups act like a time machine that takes you back to a time before your laptop was stolen or your data was infected and held for ransom. Most of these applications can be configured to run automatically, which is helpful should you forget to manually back up. Doing it daily is your best defense against data loss. The massive rise in cryptolocking viruses puts your data at increasing levels of danger. The fastest and least expensive method to recover from this threat is restoring your data from an earlier backedup copy. Oftentimes, it’s your only option. By keeping daily backups, you are out a day’s work at worst. Most operating systems include an option that allows you to make hidden copies of your data. Check to make sure this option is active on your machine as it provides a backup form of backup. However, these shadow copies should not be your only backup source. They can be removed from the computer without your intervention, and lost if your laptop goes missing or is stolen. ENCRYPT YOUR DRIVE

Did you know that your data isn’t protected just because you use a password to log in to your computer? If anything, a log-in password at boot-up gives users a false sense of security. Your drive can be removed and plugged into another computer. Because it’s not the primary boot drive, your drive will show up as if it’s a USB drive—one that contains all your

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data. The contents of your entire drive can be seen and copied without ever entering a password. Encryption protects your data by making it unreadable. If your drive has been encrypted, then that data can never be read or copied without the encryption key. Most encryption software requires you to input a password when the computer boots up initially. That’s all it takes. But if your laptop is lost or stolen, no one can access the data on it without that key. (This is also why it’s important that you keep this password in a safe place.) Data encryption used to be expensive. Plus, encrypted machines didn’t perform as well as their nonencrypted counterparts. In the last several years, encryption software has come way down in price. Many manufacturers include this software in their machines for free, only requiring you to activate it. And the addition of solid-state hard drives has all but eliminated the performance loss many older encrypted machines encountered. YOUR GRANDMOTHER WAS RIGHT

As grandmothers and those who’ve been affected by a data breach can tell you, an ounce of prevention is definitely worth a pound of cure. There are many ways you can lose your data, and the odds of it happening at some point are high for all small businesses. Taking a couple of additional steps to back up and encrypt your data can ensure that information is secure against any of these vulnerabilities. Backups let you restore your data if it’s lost or taken hostage. Encryption will protect it if it falls into anyone else’s hands. Tim Blakley co-founded Invision in 2001 to provide real-world IT solutions and consulting for Kansas City area enterprises. Invision’s approach emphasizes communication between their IT experts and clients. www.invisionkc.com

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The Future of Artificial Intelligence for Small Businesses Science fiction could soon become a fact of life.

( BY MIKE JACKSON )

t’s no secret that in a few short years, artificial intelligence (A.I.) and business automation will reshape the U.S. and global economy. We’ve heard about it for years, but in the last five or so, these concepts that were previously reserved for science fiction novels have started to become reality. Software and apps have started to slowly seep their way into devices and business processes that were previously thought impossible. Amazon Machine Learning, for example, lets small businesses use their existing data to make predictions about how many customers might be walking through the door on a given day. Another company, Prism Skylabs, has created a solution that uses cameras to gather analytics from brick-and-mortar shops—it’ll measure where customers spend most of their time in a store and what paths they take when walking through the space. Although it is tough to truly gauge how the future of automation might affect your business as it is today, it is a good idea to keep an eye on the rapidly evolving industry and prepare for the rapid change that is expected in the future.

THE A.I. ROLLOUT WILL BE SLOW BUT MEANINGFUL

The emergence of accessible artificial intelligence for small businesses is coming. Wow, that sounded ominous, but it’s nothing to be afraid of, probably. Although discussion of A.I. might conjure images of the Terminator T-1000, NBA Hall of Famer and possible cyborg Allen Iverson, or some other work of technology and science fiction, the true rollout of artificial intelligence and automation for small businesses will probably look 72

more like the adoption of computers and software during the 1980s and 1990s. At first, adoption will be slow. There will be naysayers. (And in the case of horses, there will also be neigh sayers.) Some older business will prefer to keep doing things “the way that they have always been done.” But eventually, the forward-thinking A.I. benefactors will win out, simply because they will be able to outpace their competitors. Machine learning and artificial intelligence for

be able to access artificial intelligence applications from third-party providers that focus on specific business processes and information. For instance, in 10 years you might have separate entities that provide A.I. and automation software for different departments like inventory management, payroll and HR. At first, these systems might be industry or process specific. As the technology progresses, these platforms may be able to adapt to new industries, processes and

IT IS A GOOD IDEA TO KEEP AN EYE ON THE RAPIDLY EVOLVING INDUSTRY AND PREPARE FOR THE RAPID CHANGE THAT IS EXPECTED.

small businesses won’t suddenly become the standard overnight, but it will happen more quickly than many expect.

environments. That will be when true A.I. for small businesses becomes feasible for all industries across the board.

A.I. WILL INITIALLY COME FROM THIRD-PARTY VENDORS

START SMALL BUT PLAN TO GROW A.I. ADOPTION

In the beginning, A.I., machine learning and data intelligence will likely be something that small businesses acquire from third-party service providers. As with all new technologies, it will simply be costprohibitive for small businesses to be able to afford their own custom A.I. software. But there will be plenty of outsourced providers that will be able to supply them with very specific A.I. processes. These may come in the form of data analysis, machine learning or marketing automation. One day further down the road, it will be more feasible for companies to invest in their own A.I. applications. As the A.I. revolution begins, most small businesses will

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Even today we can see the beginnings of the A.I. digital revolution creeping into view. There are more startups than ever that are designed to automate very specific tasks for businesses and learn as they do so. You can start adopting A.I. and true business automation today. Start small, but always keep in mind that this is a rapidly evolving industry and there will be countless opportunities to adopt A.I. technologies in the future that will help you to grow your business. Mike Jackson is president and CEO of Pendello Solutions, a Kansas City based company providing business technology management to small and medium-sized businesses. (913) 677-6744 // mjackson@pendello.com // www.pendello.com

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A New Option for Your Hardware Needs Why hardware-as-aservice might be right for your small business.

( BY JAMES HART )

ou might already be familiar with the concept of software-as-a-service (SaaS). Instead of buying software, you subscribe to it. Your small business trades a large, up-front bill for a smaller recurring expense that you pay every month. A growing number of providers are offering a similar option for your physical equipment. It’s called hardware-as-a-service (HaaS). Big companies like Hewlett-Packard and Microsoft have started introducing HaaS programs geared to all kinds of customers. On the surface, that might sound like you’re just leasing your desktops, servers, point-of-sale devices and other machines— not a particularly new idea. But HaaS is different, and depending on your situation, it could offer some real advantages for running your company.

EXTRA HELP WITH YOUR HARDWARE

For starters, HaaS is usually offered by a managed services provider that will install, monitor and maintain your machines. If you’ve been your company’s unofficial IT person, that takes work off your to-do list. Because the provider is actively maintaining and troubleshooting your machines, you have a better chance of enjoying longer, happier use of your equipment—and avoiding downtime that kills your team’s productivity.

to cough up hundreds or thousands of dollars for an unexpected hardware purchase. Your agreement with your provider may explicitly state that it will replace your machines on a schedule—every three years, for example. The provider also takes responsibility for properly disposing of the old machines, destroying any data on their hard drives and certifying that disposal.

is no longer an item on your balance sheet. It’s a recurring, predictable expense. And just like with SaaS, that monthly cost is smaller. For a small company that doesn’t have a massive amount of resources, you aren’t forced to make a big investment in a depreciating asset. You can expand faster, too. If you need to scale back, it’s a matter of “unsubscribing.” (Depending on the terms of your agreement with your service provider, of course.) WHO IS HAAS FOR?

FREEING UP YOUR CAPITAL

The other big benefit to HaaS is its impact on your finances. Your hardware

HaaS might not be right for larger enterprises, which would rather have their own IT team in house, or for microbusinesses, which only have a few machines that don’t require a ton of maintenance. But experts say hardware-as-a-service could be a good choice for small and midsize companies looking to solve their equipment needs at a lower price point.

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REPLACEMENTS AND UPDATES

If your equipment does break down, or if it simply gets too old, your provider is responsible for replacing it. You don’t have to constantly worry about the warranty expiring, and your company doesn’t have

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tices, driving a host of direct and indirect benefits back to the business. AFFORDABILITY // The

phone system is actually provided in the cloud by a hosted VoIP provider. Businesses no longer need to invest in a system on a wall in their business. They only need to purchase the VoIP phone handsets. Thus, they are receiving an enterprise-level phone system at a fraction of the cost.

OBSOLESCENCE AND MAINTENANCE //

These concerns and costs are removed with hosted VoIP applications. It is the responsibility of the provider to continue to invest in their system and evolve their service. Finding parts for an old phone system or paying for repairs as a system ages is no longer required. The only hardware exposure is with the handsets themselves. If they ever need replacing, the cost is a minor expense. As time goes on, new VoIP phones may be available in the provider’s lineup, and they can be mixed in if and when replacements are required. EXPANSION AND GROWTH CONSIDERATIONS //

Businesses no longer need to worry about sizing their phone system to account for business growth. This is especially beneficial to startups, as they don’t need to overinvest on a phone system nor replace an undersized and under-featured system as they grow. With hosted VoIP, you only need to deploy the number of handsets based upon the number of employees needing phones.

Is VoIP Right for You? The technology offers another option for phone service.

( BY MARK GREIM )

hese are exciting times for businesses across the country, as the infrastructure supporting technological advancement has expanded dramatically. Thanks to the introduction of superfast internet speeds by Google Fiber and other providers, businesses can now make technology choices they were not able to in recent years. Businesses are taking

advantage of this opportunity to invest in cloud applications and technology to improve their processes as well as margins. This includes investments in voice over internet (VoIP) systems and service. So, why are businesses moving to hosted VoIP systems and services? Simply put, hosted VoIP is an affordable way to advance companies’ communication prac-

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FLEXIBLE DEPLOYMENT // Because this is a cloud-based system, business can deploy the phones outside of the confinement of the walls of their office. This frees the business to enable a remote workforce, whether those employees are at home, in a remote office or highly mobile. Calls to these associates can be made with internal extensions. To the external caller, they will have no idea that calls are made and received outside of the business location. Additionally, highly mobile employees can have a duplicate account of their desk phone, or a stand-alone account if they don’t have a desk phone, on a softphone application on their smartphone or laptop. Thus, they can make and receive calls from these devices and deliver the caller ID for the business.

ADVANCED FEATURES // There’s a huge feature set available with hosted VoIP systems. Examples are voicemail to email, call recording, direct dial numbers, external transferring, find-me/follow-me, paging solutions, call detail records and much more.

your call traffic cop or as a backup to your initial call groups. The goal is to be able to route callers to the person who will best handle their needs. VoIP phone systems also have great appeal among businesses with multiple branches or locations. They are able to consolidate the provider of their service,

their call is handled in a centralized or decentralized approach. There are instances were VoIP is not a good fit for companies. For example, there are some areas where the internet service is not stable or the bandwidth capacity is not able to handle the data requirements CALL FLOW // One of the greatest attributes of the business. In these cases, the VoIP of the hosted VoIP phone system is that experience would it is essentially a be poor. Additionsoftware program. ally, if the company Good hosted employees have VoIP providers been challenged to work with their embrace changes MANY BRISTLE AT JUST THE IDEA OF AN AUTOMATED ATTENDANT. customers to associated with design a call flow new technology, HOWEVER, THIS CAN BE A POWERFUL TOOL FOR A BUSINESS. that matches VoIP systems may their unique present a managerequirements and rial challenge to improves their the company. communication Hosted VoIP practices. You create consistency among locations, providers are positioned to get to know shouldn’t have to conform to how the syscreate efficiencies through extension your business and will recommend call tem works. Ring groups, call queues, time dialing and transferring or even some flow programming and features that will of day routing and on-call programming function efficiency. enhance your business communications. are among the many tools available to have For example, you can centralize a Interview a few providers, compare their calls handled just the way you want them. function, say the reception function, so approaches to customer service, and find AUTOMATED ATTENDANT // Many bristle at incoming calls from all locations are funone that matches the way you do business. just the idea of an automated attendant. neled to a central group for distribution. However, when deployed correctly, this Or you can decentralize a function, such Mark Greim is the vice president of sales and marketing at can be a powerful tool available to a busisipVine, a provider of a variety of VoIP phone solutions and as customer service, so that the related services. Mark has extensive experience working for startup ness. First, you have a choice of whether ring group or queue is distributed across or entrepreneurial organizations and has a passion for you deploy the automated attendant before multiple locations for more efficiencies. To affordable, reliable and purposeful technology solutions or after a ring pattern. Thus, it can serve as in those environments. www.sipvine.com the external caller, they have no idea that

Cybersecurity threats often start small. But if not addressed, they can grow quickly. Don’t let unwelcome intruders into your network. Huber & Associates is a Missouri-based company with three decades of experience helping businesses keep their data fast, reliable and secure. As threats increase, we are ready to help you implement a cybersecurity solution tailored to your business. IT Educational Seminars Visit teamhuber.com/events for a list of upcoming complimentary events HuberITsolutions.com/security • (816) 977-3401

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Leveraging the Right Talent at the Right Time When should you hire, and when should you outsource?

( BY BELINDA WAGGONER )

here comes a moment in the life of all entrepreneurs when they discover they simply can’t do it all. The next revelation is usually that they actually aren’t very good at several things connected with running, managing and growing a business. The smart ones connect the dots and figure out how to get things done by leveraging their individual talents to do the things they do well, and engaging others to take care of the things that aren’t in their wheelhouse. When business owners get to the place where they’re sinking, usually their minds jump directly to hiring employees. But there are many ways to engage the help of others. Making smart choices between hiring your own employees versus engaging the talents of outsourced experts can make all the difference to your business results.

THE SIX DISCIPLINES

There are generally six baseline disciplines involved in running every business: A

Accounting

Sales

Operations

People (which is more than pure HR)

Product or service development and delivery

Administration

When you start out, you’re almost always wearing all six of those hats. But, if your business is growing, do yourself a favor: You aren’t going to be able to keep pace with all that growth and be effective if you don’t have a game plan for how 76

probably not going to be experienced in or good at a couple of them. Maybe for your business, accounting and admin require a full-time job, but unless you have the ability to hire someone with solid operations or people experience, adding those functions to the job description of a single employee is really selling you’ll manage future work. The businesses your business short. Hire the accounting that fail are generally the ones where the and admin person, but outsource the two entrepreneur tries to do it all, with poor or disciplines of operations and people to business-burying results. experts who can take care of them for you. Even if you don’t have an organizational Then there’s the cost factor. The hourly chart that looks like Jobs A through F cost of an outsourced expert can someabove, your business is still times cause an entrepreneur actually functioning that sticker shock. way. Chances are, of those But I challenge you to six disciplines, you might think beyond that for a only be good at one or two. moment. Choosing to do THERE ARE More importantly, though, it all yourself, or hiring somethere are probably a fair one without the requisite MANY WAYS number of them that not skills, is far more expensive only aren’t you good at but than you might think. While TO ENGAGE THE you don’t actually enjoy— you (or an inexperienced not even a little. hire) is handling things HELP OF OTHERS. You don’t have to be outside of your comfort zone, good at all of them, and for what other things are falling those that you aren’t good by the wayside? Handling at or don’t enjoy, there things incorrectly also causes are always cost-effective waste and rework. In the options to get you the help you need that arena we work in, people, it can also result will do a much better job in a shorter in huge liabilities. Stop for a minute and period of time. figure out what that could cost you. Last but not least, if you’re focusing on ADVICE FOR MEETING areas outside your expertise—tasks that YOUR PEOPLE NEED you aren’t good at and don’t particularly First, analyze which of the above dislike—what opportunity costs are you ciplines would actually be a full-time job experiencing because you’re too tied up within your organization. Hiring employto capitalize on your God-given talents? ees is an expensive proposition; for most Efficiency in leveraging your talent companies, payroll is the largest expense. options is the most important thing Utilizing payroll dollars wisely is essential. you can focus on in business to achieve Second, please don’t fall prey to the profitability. Understanding how to get “I’ll hire someone for the office to take the best help at the best value for your care of accounting, admin, people and business is a significant way you can operations.” Each of the six disciplines is achieve success earlier, faster and with just that—a discipline—and to be handled less stress and liability. effectively, they demand a person with expertise in those areas or they will fail. If you’re hiring the Jack or Jill of all Belinda Waggoner is president of People People, which provides trades to manage multiple functions, HR services to small and midsized you’re actually just hiring “Mini-Me.” businesses. Just like you, that person isn’t going to (913) 940-5391 // be able to get it all done, let alone get it belinda@peoplepeopleus.com // www.peoplepeopleus.com done effectively. And just like you, they’re

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Hire Power How to build a consistent, professional interview process.

( BY BARB HENRY )

here’s no way around it: Interviewing job applicants is a costly process. After all, it costs you the time to create and post a job announcement, to read resumes and applications, to schedule interviews and then, finally, to actually meet with candidates. But your interviews could cost you a lot more if you ask questions that are illegal or inappropriate during any part of the selection process. You absolutely must prepare so that you do not unknowingly place yourself at risk for a lawsuit. Following are some tips to control costs that could impact your schedule and your legal liability.

YOUR MUST-HAVE TOOLS

tion as soon as you receive it, particularly if the applicant is a walk-in. This is important because those people who apply for your job online, by mail or who dropped in when you were not in the office or at the counter should receive the same consideration as those who were a walk-in. Rule of Thumb: Collect resumes and applications during the time window you’ve set, and don’t peek until it ends. Take time to carefully read and remind yourself about the job description. Highlight the requirements and skill sets you listed as necessary for the job. Next, create a list of interview questions you will ask every person you interview. Each candidate’s answers will allow you to determine which applicants have the skills and qualifications you listed and, therefore, are best qualified. PART TWO

Before you begin to conduct interviews, get organized. You’ll need the following things:

SELECTING CANDIDATES AND SCHEDULING INTERVIEWS

A resume, a signed application or both for each job candidate.

You’ve waited at least 10 workdays to accept resumes and applications. Now you’re ready to select those people who appear to be the best qualified. These you will interview.

NO. 1

NO. 2 A job description for the role that outlines its duties and qualifications. NO. 3

A list of interview questions.

A list of what you can and cannot ask. One is included with this article.

» Collect all resumes and applications. Make sure to review or print those that were sent to you online.

Once you have collected and reviewed these items, you’re ready to begin the candidate selection process.

» For ease, place all applications and resumes in alphabetical order.

NO. 4

PART ONE

THE PRE-INTERVIEW PROCESS

Once you’ve posted the job, allow at least two weeks or more to accept applications and resumes so you can build a “pool” of eligible applicants. During the acceptance period, avoid the urge to review a person’s resume or applica78

» Next, with your job description in hand, read each candidate’s resume or application carefully. Find those people whose background and qualifications meet your list of job requirements. Place the applications and resumes of these people into one pile. Those who do not meet your requirements should be placed into a “Does Not Meet” file.

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» Now you’re ready to schedule interviews. Remember, whomever you select to interview must, at a minimum, meet the requirements listed in your job posting. Whoever does not should not be interviewed nor should they receive any further consideration. » Call people from your pile of qualified candidates to schedule an interview. During this invitation stage, avoid asking people questions about themselves. continued on page 97 » Barb Henry is an HR strategist, business partner and corporate leader currently employed with Colgate-Palmolive/Hill’s Pet Nutrition. Barb is president-elect for the Society for Human Resource Management of Johnson County.

What You Cannot Ask During an Interview Here are a few examples of out-of-bounds questions. AGE

How old are you? Are you a Millennial? RACE OR NATIONALITY

You’re Hispanic (or other ethnicity), right? PREGNANCY (EXISTING OR PLANNED)

Are you planning to have a family at any time? DISABILITIES

Any disabilities or problems I should know about? FAMILY AND MARITAL STATUS

Do you have kids? How many? What does your spouse do? HOUSEHOLD SITUATION

Do you have any grandparents living with you? Are you a renter? SPOUSE’S OCCUPATION

What does your husband (or wife) do for a living? RELIGION OR CHURCH ATTENDANCE

Do you have a religious practice that might interfere with work? ARREST RECORD

Have you ever committed a crime? What did it involve?

ESTABLISHED & GROWING // PEOPLE POWER

Why You Can’t ‘Create’ a Great Workplace Culture It all starts with your behavior and values.

ENSURE FAIRNESS // Focus on appropriate compensation and benefits, work-life balance, equal opportunities and equitable, consistent policies. ENCOURAGE GROWTH // Provide personal

and professional learning experiences. That includes formal training, mentoring and career opportunities. CULTIVATE RELATIONSHIPS // Encourage

( BY JEFF DEWOLF )

t doesn’t matter if you have 10 employees or 10,000. The employee problems you face in your company are, in all likelihood, strikingly similar to those faced by other business leaders. That’s because you’re dealing with human beings, all of whom have a set of core needs, desires and expectations that are innate to the human condition. And those needs, desires and expectations are worthy of your attention, if you’re at all concerned about building a thriving workplace culture.

HOW DO YOU CREATE A TERRIFIC CULTURE?

Trick question. You don’t. Culture can’t be deliberately “created” or “instilled”—at least, not like most HR and organization development professionals advise. Rather, culture is like a chain reaction. It’s the manifestation of what senior leaders hold to be true, valuable and rewarded. It’s your leadership values externalized. Put another way, culture is a result. It happens whether you want it to or not. Instead, focus on the things that generate job happiness. Be intentional about providing the workplace elements most people want in an employment scenario, and relentlessly root out those that result in unnecessary frustration. This has to start first in the CEO suite or owner’s office, where budgets are set, priorities are established and norms of behavior are modeled. WHAT MAKES PEOPLE HAPPY?

Happiness is complicated. Obviously, it’s influenced by a host of issues that are, in many cases, out of the control of small business owners and leaders. The employee has the ultimate responsibility for managing his or her own contentment. However, there are elements of workplace life that the small business leader can con-

trol. Here are six ways you can set the stage for great culture. CREATE ACCOUNTABILITY // Make sure

employees understand priorities and expectations. Deliver frequent performance feedback, and ensure there’s a commitment to delivering results. ENCOURAGE OPEN COMMUNICATION // Com-

munication should be clear and frequent among everyone in your organization— upward, downward, laterally, between and within groups.

opportunities for your team members to interact socially. Having a little fun at work often leads to improved teamwork. BUILD TRUST IN LEADERSHIP // Select

and develop capable and caring leaders. Be transparent and honest. Minimize politics. Respect and practice confidentiality. Jeff DeWolf is the president of Wolf Prairie LLC, an Overland Park-based firm devoted to diagnosing organizational issues and prescribing practical businessoriented solutions. (913) 592-9653 // www.wolfprairie.com // jdewolf@wolfprairie.com

Workers’ Compensation. Acquisition. Down Payment. Claims Reporting. Claims Management. Post Accident Drug Testing. Audits. Employee Benefits. Acquisition Administration. Health. Life. Dental. Disability. Human Resources. 401K. Section 125 Plan. Payroll. Report Hours. Write Checks. Vacations. Sick Pay. Eligibility Dates. Job CostCertified Payroll. Garnishments. Taxes. Payroll. FICA. FUTA. SUTA. 940. 941. W-2. Penalties. Safety. Risk Management. Customized Employee Handbooks. Customized Safety Manuals. Drug and Alcohol Policies. OSHA 300 Log. Safety Meetings. Enforce Safe Accident Reporting. Supervision. Hiring. Firing. W-4. I-9. Background Checks. Pay Rate Changes. Workers’ Compensation. Acquisition. Down Payment. Claims Reporting. Claims Management. Post Accident Drug Testing. Audits. Employee Benefits. Acquisition. Administration. Health. Life. Dental. Disability. 401K. Section 125 Plan. Payroll. Report Hours. Write Checks. Vacations. Sick Pay. Eligibility Dates. Job Cost Certified Payroll. Garnishments. Taxes. FICA. FUTA. SUTA. 940. 941. W-2. Penalties. Safety. Risk Management. Customized Employee Handbooks. Customized Safety Manuals. Drug and Alcohol Policies. OSHA 300 Log. Safety Meetings. Enforce Safety. Accident Reporting. Human Resources. Supervision. Hiring. Firing. W-4. I-9. Background Checks. Employee Application. Pay Rate Changes. Workers’ Compensation. Employee Benefits. Acquisition. Down Payment. Claims Reporting. Claims Management. Post Accident Drug Testing. Audits. Employee Benefits. Acquisition and Administration. Health. Life. Dental. Disability. 401K. Section 125 Plan. Supplemental Plans. Payroll. Report Hours. Write Checks. Vacations. Sick Pay. Eligibility Dates. Job Costing. Certified Payroll. Garnishments. Taxes. FICA. FUTA. SUTA. 940. 941. W-2. Penalties. Human Resources. Safety. Risk Management. Customized Employee Handbooks. Customized Safety Manuals. Drug and Alcohol Policies. OSHA 300 Log. Safety Meetings. Enforce Safety. Accident Reporting. Supervision. Hiring. Firing. W-4. I-9. Back816-994-1300 | LEVER1.COM ground Checks. Employee Application. Pay Rate Changes. Workers’ Compensation. Acquisition. Down Pay-

Everything Your Business Isn’t HR | Payroll | Employee Beneﬁts

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ESTABLISHED & GROWING // PEOPLE POWER

How to Fire an Employee the Right Way What you need to know to avoid litigation— and sleep better tonight.

( BY JIM HOLLAND )

hen you run a small business, having committed, reliable, highly engaged employees on your team has tremendous impact on the company’s ability to achieve its goals. Every employee’s performance and attitude make a difference in the company’s culture and progress. Sometimes, though, you encounter an employee who isn’t living up to your expectations. Consider this scenario: After multiple meetings with HR and several restless nights, you’ve made the difficult decision to fire an employee. Unfortunately, the stress doesn’t stop there. Now you have to be concerned with how you fire him: Are you taking the proper precautions to avoid retaliation or litigation? Recognizing that, in a small business, an employee termination can affect other employees’ morale, how can you ensure as little disruption as possible among his co-workers? Will the decision be perceived as fair and justified? Thankfully, there are steps you can take to ensure your business handles the situation legally and respectfully with as little workplace turbulence as possible:

AVOID KNEE-JERK DECISIONS

// Kansas,

Missouri and most other U.S. states are employment-at-will. That means that, as long as the impetus for the termination is not illegal (e.g., involving race, gender or some other kind of discrimination) and there is no union or employment contract, it’s your prerogative to fire the employee without cause. Further, although a company’s employment policies may recommend a series of warnings for infractions that eventually could lead to termination, most policies allow the company to skip the warning steps at its own discretion. 80

That doesn’t mean employee terminations should be cavalier. Quite the opposite, in fact. Firing an employee without the company following its own policies or without a good reason may set the company up for a lawsuit. Before you decide to terminate an employee, ask yourself these six important questions: 1

What is the motivation for the discharge?

Do we have adequate documentation to support the decision?

TELL AS FEW PEOPLE AS POSSIBLE

ALWAYS BE THE

GET THE EMPLOYEE’S PAPERWORK IN ORDER // Ensure an

HARDEST STEP.

employee’s final notices, such as COBRA information, final pay, benefits administration, nondisclosure agreements, etc., are completed, filed and issued correctly.

What is the employee’s background and history with the company?

Have I followed company policies and disciplinary procedures?

Am I treating all other employees the same? (For example, if firing for a policy violation, should any other employee also be fired for the same abuse of the rules?)

Will firing this individual ultimately help achieve business objectives?

Once you’ve answered those questions, you may decide it’s best to put the employee on notice and, during a probation period, give her an opportunity to improve. If you do, make sure you have the communication documented, dated and signed by the employee. TREAD LIGHTLY IF MEDICAL CIRCUMSTANCES

// Be extremely careful before terminating employees whose ability to perform a job may be limited by physical or mental impairments. The decision to discharge an employee because of medical circumstances should only be made by leaders who are familiar with Americans with Disabilities Act requirements.

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you refuse to hear out an employee who gets fired and that employee subsequently files an employment claim against the company. You’ve given the employee’s attorney a chance to argue in court that you wouldn’t talk to the employee. Before you terminate an employee, always give him an opportunity to explain his conduct or performance.

Employees can be volatile when they learn they are going to be terminated. Ensure they do not find out about your plans from a secondhand source. Keep personnel decisions limited to a small group of THE ACTUAL managers and stress the need to keep these deciFIRING WILL sions under wraps.

ARE INVOLVED

GIVE THE EMPLOYEE AN OPPORTUNITY TO TELL HIS OR HER SIDE OF THE STORY // Say

ANTICIPATE QUESTIONS // The actual firing always will be the hardest step. The employee is likely to be upset and defensive and to have questions once you deliver the news. Anticipate this and answer any questions respectfully and succinctly. Being concise is important. Otherwise, you might say something that could land your company in hot water. FINALLY, LET RESPECT AND DIGNITY BE YOUR GUIDES // If you are uncertain about how

to proceed in a certain situation, seek counsel from an employment law attorney. In the meantime, remember the most important rule of all: How you issue a termination often influences the employee’s reaction. A former employee who feels he has been treated fairly and respectfully is less likely to file a lawsuit. Jim Holland is managing partner at Fisher Phillips’ Kansas City, Missouri, office. He practices labor and employment law, exclusively representing management. (816) 842-8770 // jholland@fisherphillips.com.

ESTABLISHED & GROWING // PEOPLE POWER

How Does the Affordable Care Act Apply to Your Small Business? DO YOU HAVE 50 OR MORE

DO YOU HAVE FEWER THAN 50 EMPLOYEES?

FULL-TIME EQUIVALENTS (FTEs)? Then the “Employer Shared ResponsibilIf yes, then you technically count as a “large employer”

ity” rule doesn’t apply to you. You’ll still have to withhold the Addition-

for the purposes of the Affordable

al Medicare Tax for high-earning

Care Act.

employees. And you may have

You need to offer a minimum level of affordable health coverage to your full-time employ-

to report on each employee’s Form W-2 the value of the health coverage you provided them.

ees and their dependents.

If you have fewer than 25 FTEs, you

Otherwise, you could be

may in some cases qualify for a Small

charged an “Employer Shared Responsibility” penalty if one or

Business Health Care Tax Credit. For more information, visit www.bit.ly/1sMU3c5.

more of your full-time employees get a premium tax credit on a state or federal insurance marketplace. As a large employer, you also face a set of reporting

ARE YOU A SOLO ENTREPRENEUR?

requirements. And, if you have any employees earning more than $200,000, you’ll be required to withhold 0.9 percent of their salary for the Additional Medicare Tax. WARNING!

Generally, if you can afford insurance and decide not to buy, you could be on the hook for the “Individual Shared Responsibility” penalty. For 2016, you can be charged

Even if your small business has fewer

whichever is greater: 2.5 percent

than 50 FTEs, it still might qualify as a large employer—

of your household income or a

if it’s part of a “controlled group.”

per-person fee. (The charge is

The controlled-group rule applies in cases where one

$695 per adult and $347.50 per

company owns at least 80 percent of another, or when

child under age 18.)

a small group of owners has ownership and effective

If you go the per-person route,

control of multiple companies. Check with your attorney or tax adviser to get expert guidance.

you won’t have to pay more than $2,085 in penalties. The penalty under percentage-of-income is capped at the annual cost of a Bronze plan through the federal health insurance marketplace.

K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // CERTIFICATION + PROCUREMENT

underutilized business zones) are formal certifications. These require extensive documentation submittals such as tax returns, payroll and resumes. To do business with Veterans Affairs, there is also a formal verification process for VOSBs and SDVOSBs. To add to the confusion, state and local entities have different certifications with different acronyms, such as MBE (minority business enterprise) and WBE (women business enterprise). The disadvantaged business enterprise (DBE) program is a federal certification, but is administered at the state and local level for highway and construction projects. Additionally, MBE and WBE certifications can also be obtained from local, regional and national councils for a fee. Large commercial customers may look to these certifications to meet subcontracting goals. If the certification process is so demanding, why is this still a good idea for many small businesses? Here are five reasons that could make getting certified a worthwhile pursuit.

Why Should My Business Get Certified? Here are five ways it could help your company.

( BY MICHELLE CUNNINGHAM )

hen it comes to selling to the government—whether you’re talking about the federal, state or local level— certifications can be important tools for gaining entry to this complex market. Unfortunately, certifications are not standardized between these different levels of government. Getting certified can be a time-consuming endeavor.

AN ALPHABET FULL OF CERTIFICATIONS

How complicated can certification get? In the federal space, businesses can self-certify as a small business (SB), a 82

small disadvantaged business (SDB), a minority-owned business, a womanowned business and veteran-owned and service-disabled veteran-owned small business (VOSB and SDVOSB). SBA’s woman-owned small business (WOSB) and economically disadvantaged WOSB (EDWOSB) certifications require additional documentation, though at the time of this writing, self-certification is still accepted but with pending changes. SBA’s 8(a) certification (a nine-year mentoring program for socially and economically disadvantaged small businesses) and HUBZone (for companies located in

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

GOVERNMENT PRIME CONTRACTS // A prime contract is a direct contract with a government agency. The procurement process is set up to give additional consideration to the various small business socioeconomic groups seeking access to prime contracts. In federal acquisition, sole-source and set-aside opportunities are allowed with some restrictions. A sole-source contract is one where the purchase of supplies or services is solicited and negotiated with only one source. Set-asides are bid competitions that limit the opportunity to certain groups, i.e. “set-aside for women-owned small businesses only.” This opens up the opportunities for small businesses by reducing competition. State and local governments will set spending goals to do a certain amount of business with certain socioeconomic groups per project or per year. Companies with prime contracts can subcontract a portion of the work to subcontractors, but they call the shots. It’s very desirable to be a prime contractor. GOVERNMENT SUBCONTRACTS // Prime contractors are required to fulfill stated socioeconomic goals in their subcontracting plans. This adds another layer of opportunity for small businesses and helps

them gain valuable experience working on a government contract. COMMERCIAL (PRIVATE-SECTOR) CONTRACTS

// Many large commercial companies have

supplier diversity programs as part of their community outreach. These companies have specific types of certifications they will accept, and will typically note this in their vendor registration. INCREASES COMPANY VISIBILITY // Once

your company is certified, your contact information is listed online in a public database at no cost to you. Buying agencies and prime contractors review these sites when looking for potential contractors, subcontractors or teaming partners. ACCESS TO SPECIAL NETWORKING EVENTS AND CONTINUED EDUCATION // Many

government entities host special events to help you make connections and grow your business. Combine your certification with

a solid marketing effort, and you will be on the right path to winning contracts. For federal contracts, there is an additional reason to get certified. A new mentor-protégé regulation went into effect in August 2016. This regulation states that any small business type (the protégé) may team up with up a mentor (typically a large business) to bid on contracts. This type of teaming has previously been available in this sector. However, there are some significant changes this recent regulation brings. Regardless of the reasons listed above, you must decide for yourself if obtaining a certification is right for you and your company. Keep in mind, getting certified is not a guarantee for winning contracts. Best advice before making your decision? Reach out to other certified companies to discuss their successes. And contact a local business development organization specializing in certification assistance to answer any questions that you have.

3 Questions to Ask Before You Get Certified Before diving into a pile of certification paperwork, you should be able to answer the following questions:

» Do I meet the qualifying requirements of the certification?

» What are the business reasons why I am considering certification?

» Do I need certifications from all levels of government?

Michelle Cunningham is the director of the Missouri Procurement Technical Assistance Center (MO PTAC) at the UMKC Innovation Center. MO PTAC is dedicated to helping businesses compete for and win government contracts. (816) 235-2891 // cunninghammic@umkc.edu

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ESTABLISHED & GROWING // CERTIFICATION + PROCUREMENT

How Do I Win My First Federal Contract? Here are some tactics to get you started.

( BY JIM FEIKERT )

f you’re pursuing the federal government as a client for the first time, you’re going to need a battle plan. That’s because the government operates much differently from the private sector. Although the feds’ “rules of engagement” are clearly defined, they can also be as clear as mud. If that sounds like a contradiction, you are starting to appreciate what it’s like to enter the world of federal procurement and contracts. But with hard work and careful planning, your small business can win the campaign for a government contract. Here are some tactical maneuvers to get you started.

KNOW WHAT YOU ARE GETTING INTO

It is critical to understand that government procurement officials are stewards of taxpayer money. Their job is to obtain the best product or service for the best price, and they’re guided by a complete set of official guidelines. Smaller procurement contracts are not necessarily simpler than larger ones. There are rules and laws associated with every procurement. The Federal Acquisition Regulation (FAR) is the government’s 2,000-plus page “rulebook,” and your

START WITH SELF-ASSESSMENT

Before you invest time and money into the pursuit of a government contract, you should make sure your business affairs are in order. » Is your business financially healthy, and do your financials show positive cash flow? » Does your company or any of its principals owe back taxes? » Is your company of good character and in good standing with the government and the private sector? Are there any debarments or suspension issues on the part of your business or its principals? » Is public information about your business—such as name, address, filings and website—consistent? The federal government will want to see that you’re financially sustainable and reliable. Address these areas before presenting your business to procurement officials. 84

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business needs to comply with these regulations in order to be in the game. You can find a copy of the FAR online at www.acquisition.gov/?q=browsefar. If the fine print feels intimidating, take advantage of the services of an adviser, such as your local Procurement Technical Assistance Center (PTAC). You can find the nearest one by visiting www.aptac-us.org. PTACs are an invaluable resource and ally in understanding the government marketplace, whether you’re competing at the federal, state or local level. The best part: Their services are provided at little to no cost and are confidential. The advisers there can help you navigate the many nuances of the government sector. RESEARCH THE WHO, WHAT, WHEN AND WHERE

Pursuing federal contracts can be a major commitment. According to a 2010

American Express OPEN study, successful small business contractors devote roughly $86,000 per year, in time and money, to going after government work. On average, they submit seven bids annually—and win about three. To improve your odds, you should do your research so you can discover your best opportunities for success. » Does the government buy what your business sells? If so, then which agencies or bases are your target market? » When do those clients typically make a purchase? In what quantities? » Where can your business be most competitive, both in terms of geography and service area? REGISTER YOUR BUSINESS

Once you have completed some research, then start the process of

WITH HARD WORK AND CAREFUL PLANNING, YOUR SMALL BUSINESS CAN WIN THE CAMPAIGN FOR A GOVERNMENT CONTRACT.

officially registering your company with the government. Taking these foundational steps signals your readiness to engage the federal government. Good news: These registrations are free. » Obtain a Tax Identification Number (TIN) or an Employer Identification Number (EIN) through the Internal Revenue Service: www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/ Apply-for-an-Employer-Identification-Number-(EIN)-Online. » Obtain a Data Universal Numbering System (DUNS) registration with Dun & Bradstreet: fedgov.dnb.com/webform. » Identify your company’s North American Industry Classification Systems (NAICS) codes: www.census.gov/eos/ www/naics/. » Identify your Federal Supply Code (FSC) or Product Service Code (PSC) codes: www.acquisition.gov/?q=PSC_Manual. These are optional, but are very helpful. » Register your business at the System for Award Management (SAM): www.SAM.gov. It is also recommended that you complete the optional SBA Profile as part of your SAM registration. Your local PTAC can assist with SAM registration for little to no charge. BE READY TO MARKET YOURSELF

What projects has your business completed in the past, either in the private sector or with the government? Design your marketing material to showcase your successful services or products. Is your marketing collateral professional and easy to understand? If asked, is your business prepared to share marketing brochures, resumes, project profiles and references? This is information the government decision-makers may want to see. Past

performance is of particular importance to procurement officials because it is a strong predictor of potential for success on similar procurements. SEEK SOCIOECONOMIC CERTIFICATIONS

WOSB, EDWOSB, SDVOSB, VOSB, MBE, WBE, DBE, 8(a), HUBZone—there are a multitude of socioeconomic designations that a business can obtain if it meets the required qualifications. These certifications can help your company access several procurement opportunities and programs. Some designations are unique only to federal contracting while other designations apply only at the state and local levels. Very few serve both federal and nonfederal markets. Know which ones are advantageous to your business. If subcontracting to prime contractors, then ask them which designations they desire. STAY COMMITTED

Being successful in the world of government contracts doesn’t happen overnight. Be content with small procurements while working your way toward larger contracts. Just stick to your battle plan, and appoint someone from your business to be the “government expert.” This person will ensure that you are keeping up with new regulation, new programs and new opportunities. With consistent effort, knowledge of the rules and continuous education, you can achieve success in winning your first government contract—and many more! Jim Feikert is the subcenter director for Kansas PTAC, located at Johnson County Community College. The center offers assistance to entrepreneurs pursuing government contracts. (913) 469-2313 // jfeikert@jccc.edu

K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // CERTIFICATION + PROCUREMENT

How 8(a) Can Help Your Business The U.S. Small Business Administration’s 8(a) program helps small, disadvantaged businesses to compete in the marketplace. Over the span of nine years, participants are given coaching and other help to expand their capacity, so they can compete for federal contracts.

WHAT KINDS OF BENEFITS DOES 8(A) OFFER?

» Participants can become eligible for sole-source federal contracts.

» Participants can team up and form “joint ventures,” especially with larger contractors, to pursue federal contracts.

» Participants receive business training, counseling, marketing assistance and other help.

WHO IS 8(A) FOR?

The 8(a) program is for companies that are at least 51 percent owned and controlled by individuals who are socially and economically disadvantaged.

Under federal law, socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias within American society because of their identification as members of groups without regard to their individual qualities. For purposes of the 8(a) Business Development Program, the following individuals are presumed to be socially disadvantaged:

» Black Americans » Hispanic Americans » Native Americans (Separate eligibility requirements exist for businesses owned by Alaska Native Corporations, Indian tribes, Native Hawaiian Organizations and Community Development Corporations.)

According to the SBA, economically disadvantaged individuals are “socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities.” The SBA will consider several factors when determining an individual’s economic status, but generally speaking …

» Participants’ assets cannot exceed $4 million. » Adjusted net worth must be under $250,000. » Personal income, averaged over three years, can’t exceed $250,000. Be sure to visit the SBA’s website (www.sba.gov/8a) for more information on 8(a) economic guidelines.

» Asian Pacific Americans » Subcontinent Asian American Individuals who are not members of one or more of these groups can be considered for the 8(a) program, but they must provide substantial evidence and documentation that demonstrates that they have been subjected to bias or discrimination.

WHERE CAN KC BUSINESS OWNERS LEARN MORE ABOUT 8(A)? Ken Surmeier with the SBA’s Kansas City District Office is a point of contact for companies interested in 8(a). You can reach him at kenneth.surmeier@sba.gov or (816) 426-4919.

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ESTABLISHED & GROWING // CERTIFICATION + PROCUREMENT

4 Ways to Win the Big Guys’ Business

However, by understanding their businesses and their challenges, and by proposing ways to overcome them, you will be seen as a problem-solver who has done his or her homework and who is committed to helping them solve their problems—instead of as someone who merely wants their business. PAY ATTENTION

How to become a supplier to a large company.

( BY MARVIN CAROLINA JR. )

s a small business owner, you are always looking for ways to differentiate your business and your product or service from the competition. One of the best ways of doing that is by working with a larger company. It lends credibility because it says you can work with an industry giant, and if you can work with them, you can work with anyone. That’s a claim not every small business owner can make.

GET REGISTERED

Being selected to be a company’s supplier ultimately requires that you demonstrate your ability to provide value—but first you have to get that company’s attention. You do that by going to its website, registering with its vendor system (i.e. creating your account) and entering your information. Registering gets you in its system and adds you to its list of vendors. Face-to-face contact is always good, so if you meet company representatives at a procurement fair or conference, for example, it allows them to put a face with your name. But if you are not in their system when they are searching for a supplier for their next job, you will not be considered. ENHANCE YOUR ONLINE PRESENCE

When company representatives have evaluated your information but want to know more about your business or your product or service, where will they look for answers? On your website. Your website, which can be visited day or night, is your most valuable marketing tool, so make sure it is well-designed and well-written and conveys the right image. Your website explains your business and your product or service, but an outstand-

ing website does more. Here are two simple ways to enhance your site. First, in addition to listing the features of your product or service, your website should explain the benefits those features provide. While company representatives want to know what features your product has or what innovative process you use to provide your service, what they really want to know is, how does your product or service help them compete in their market? Second, your website should state your unique selling proposition, which is what makes your business and your product or service different from the competition. Do not assume everyone knows your product received the highest grade in the industry or that customers say you provide the fastest service in the industry—they probably do not. So tell them! MAKE ‘EM HAPPY

Here is the secret to making the representative of a corporate giant happy: Do the same things you do to make the small business owner happy. Both want a high-quality product or service, ease of doing business, great communication, creative ideas, quick response time and friendly, helpful customer service. The only difference is scale. The company is larger—perhaps much larger—so you have to be able to provide large amounts of what they need. Another way to make company representatives happy is understanding how they do business. Most small business owners are consumed with their business, their product or service and their industry. So they give little or no thought to their customers’ needs.

The best sales approach is not touting the wonders of your product or service: It is knowing and supplying what your customer needs. I was a beverage supplier in Atlanta for six years and had a customer who always ran low on orange juice. I supplied their soft drinks, but whenever I offered to supply their orange juice, too, they said they had a supplier. One day I noticed they had no orange juice on their shelves. I knew it was one of their best-selling beverages, so I reminded them I sold orange juice. They assured me their supplier would restock their order in a few days, but I insisted they needed orange juice today, and added that I have cases of it on my truck. When their orange juice deliveryman arrived a few days later, they informed him they had a new supplier. I never lost their account. Having a company select your business as its supplier requires patience, so use that time wisely. To increase your chances of being selected, research the company, identify its challenges, understand its goals and let your contacts there know how you can help. Being a vendor to a larger company will make your prestige skyrocket. Most companies are reluctant to contract with small businesses because they are not sure if they can fulfill their large-scale requirements, but if you have worked with one company, other companies (and businesses) will assume you are qualified and capable of working with theirs, too. Marvin Carolina Jr. is vice president of corporate diversity at JE Dunn Construction, where he has spent the last 10 years helping business owners and entrepreneurs across America realize their businesses’ potential. (816) 474-8600 //www.jedunn.com // marvin.carolina@jedunn.com K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // EXIT STRATEGIES

When Everyone Has a Plan for Your Business But You The importance of succession planning for business owners.

or her own company or go work for a competitor, taking those relationships with him or her unless you have a covenant not to compete in place. Your operations manager might decide to take his or her knowledge of how your company functions to one of your company’s competitors for a pay raise. A split-dollar life insurance policy or a deferred compensation plan could motivate your managers not to make these moves, since they would be missing out on a substantial portion of income if they did. YOUR COMPANY’S COMPETITORS

For the reasons above, your competitors might attempt to poach your key employees for their knowledge and relationships. They might also smell blood and try to buy your company at a distressed sale price, especially if your family needs income right away in light of your inability to generate income any longer. The Internal Revenue Service would value your business based on the revenues it generated as a going concern before you became indisposed. YOUR FAMILY

( BY H. JOSEPH PRICE JR. )

usiness ownership is an adventure that requires careful planning and forethought to be successful. Surprisingly, even the savviest business owners often overlook the need for a succession plan in the event of their demise or incapacity. What they don’t realize is that even if they don’t have a plan for what happens to their business under these circumstances, others probably do. Here are some examples.

YOUR COMPANY’S BANK

If you don’t discuss with your bank what your wishes are in case you become unable to run your business, then your bank will have to protect its interests in your company in ways that may not be what you had envisioned. For example, if you don’t ensure that there’s cash available to hire a manager to carry on in your stead, then the bank’s 88

trust department may want to convert your company’s stock into liquid marketable securities that can be easily converted to cash. The bank’s commercial department may also call your company’s promissory notes, making the balance of your company’s loans due immediately. This can result in a detrimental effect on your company’s credit at its most vulnerable time, as well as your family’s credit if you personally guaranteed the loan. YOUR COMPANY’S MANAGERS

One or more of your managers may decide that they should take over your business or move on to one of your competitors, and they may have some leverage to do either based on their position in the company. For example, your sales manager could take your company’s clients and form his

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

Your wife or husband, son or daughter, or any other family member may decide that they should take over the business regardless of their knowledge of how it functions. This could prove disastrous to the business and to the family dynamic. Even if you’ve groomed a family member as a successor, jealousies can lay the groundwork for an intrafamily conflict over the ownership of your business without you. No matter what, it’s important to realize that many people besides you have plans for your business in the event of your untimely incapacity or demise. All of these issues can be addressed ahead of time so that your vision for your business will remain intact and its legacy will be preserved whether you’re there or not. No one can predict the future, but having a business succession plan is a way for you to maintain control of your company regardless of whether you are able to continue running it or not. H. Joseph Price Jr. is of counsel at Dysart Taylor Cotter McMonigle & Montemore, P.C. in Kansas City, Missouri. His practice emphasizes estate, tax and business planning, and asset protection. He is the past president of the Estate Planning Society of KC, and a fellow of the American College of Trust and Estate Counsel (ACTEC). (816) 714-3024 // jprice@dysarttaylor.com // www.dysartttaylor.com

Have you mapped out an exit strategy for your business? With nearly 20 years experience and hundreds of deals successfully closed, Apex is one of the largest and most experienced Mergers & Acquisitions firms in the Midwest. Let us help you maximize the value of your largest investment and pave the way for a smooth transition.

Call for a no-obligation, complimentary consultation. 913-383-2671 or visit us at www.kcapex.com

ESTABLISHED & GROWING // EXIT STRATEGIES

What Are My Options for Selling My Business? You’ve got several choices. The trick is finding the right one.

( BY BEN OLSEN )

nterested in selling your company? Good news, you have a lot of ways to sell. That’s also the bad news. It can be daunting to figure out what option is best for you. I’ll try to spur your thinking at a high level with a review of the most common transactions we see.

SALE TO A STRATEGIC BUYER

A strategic buyer is a company already in your industry, one that will immediately realize synergies through the acquisition. These synergies enable the buyer to pay more for the business, but strategic buyers don’t always want to give you, the seller,

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

the credit for that synergy. So, while this could be the best buyer from a valuation standpoint, it isn’t guaranteed to be. You may also have competitive concerns and will want to be sure you enlist a very capable M&A attorney and adviser who can time the release of information to a strategic buyer so your exposure risk is mitigated. You don’t give away everything at once. Otherwise, if the deal falls through, your competitor could walk away with inside information about you. SALE TO A FINANCIAL BUYER

In our experience, this kind of transaction accounts for about 80 percent of all business sales. A financial buyer is a person or company that can’t realize immediate synergies. They don’t bring anything to the table that is necessarily going to be a game-changer right out of the gate.

business, this is the kind of buyer you’re most likely to sell to. These buyers can vary wildly in their capabilities, sophistication and capital. You will want to be sure to qualify individual buyers for their capital as well as their understanding of the acquisition process. SALE TO MANAGEMENT TEAM

Your management team (if you have one) is an ideal buyer for most businesses. There might be a couple drawbacks, though, starting with a lack of capital. And there might not be a true leader among them who could step up to manage the transaction process as well as the company thereafter. With your management team, due diligence probably won’t take as long because your would-be buyers should already know just about everything about the company. Unfortunately, there’s still that lack of money. You’ll probably need to accept less cash at closing and a potentially longer repayment period on your financing. That said, you should have less risk around the continuity of operations. SALE TO ESOP

A majority of the time, financial buyers will pay a fair price using bank financing. They will want control of the business, though they may want you to retain some equity or at a minimum finance some of the purchase price. For example, they might give you 85 percent of the purchase price in cash at closing and pay you the remaining 15 percent over time. Financial buyers come in many shapes and sizes: PRIVATE EQUITY //

Most PE buyers seek companies with more than $3 million in earnings before interest, taxes, depreciation and amortization (EBITDA). If you don’t have that, you shouldn’t plan on selling to PE for your exit. The exception to this is an “independent sponsor.” Independent sponsors are usually groups of five or fewer folks who get

An Employee Stock Ownership Program is a tremendous vehicle for selling a portion or all of your business to your employees. However, if you have less than $1 million EBITDA or fewer than 25 employees, it might not be feasible. There are also fees and governance issues to consider going forward, so the juice may not be worth the squeeze. Look for resources at www.esopassociation.org.

together and make offers to buy companies, then go find the capital to complete the transaction. They tend to be willing to look at smaller deals but still SALE TO FAMILY OR OTHER want $1 million and SHAREHOLDERS above in EBITDA most IT CAN BE DAUNTING If you have multiple of the time. owners in your business Both types of PE TO FIGURE OUT WHAT and you want out, the buyers want fully formed natural buyer is another and intact management OPTION IS BEST FOR YOU. incumbent shareholder teams to be in place and who can pay you out for remain after the transacyour shares. You still will tion. The investors will have to agree on a valuhelp the business to run ation and timing of payment, which can be better, but won’t actually operate it daily. very complicated. “MAN ON THE STREET” // If your business Ben Olsen is managing partner for The DVS Group. He is $3 million or below in EBITDA and you has more than 10 years in small-business M&A, primarily representing buyers. // www.thedvsgroup.com still do much of the day-to-day work in the K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // EXIT STRATEGIES

Should My Family Take Over My Business? What you should consider before selling to a relative.

( BY PATRICK CHESTERMAN )

ost owners of small businesses face a number of critical decisions related to succession planning or exit strategy. One of the most difficult questions is whether the business should be sold to a family member. Many times the answer is not as easy as one might think.

THE ADVANTAGES OF SELLING TO FAMILY

There are a number of great reasons for keeping a business in the family. First, it can be very rewarding for the owners to know their hard work will continue to benefit family members for years to come. When selling to a relative, the owners already have a tremendous knowledge of the buyer and most likely know if the individual can truly run the business. They can tell if that personâ&#x20AC;&#x2122;s values and visions are a fit for the company.

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

Plus, the entire matter can be discussed confidentially and planned well in advance, so there is a totally seamless transition. A family sale frequently results in a deal whose structure and timing are more advantageous to the seller. Furthermore, a role for the seller in the company post-sale, if desired, is more likely when the buyer is a relative. The familiarity of both parties in a family takeover should result in more open communication throughout the process. Selling to a family member, if done right, should be a smoother process for both

seller and buyer and should conclude with no surprises to either party at any point. CONSIDER POTENTIAL DRAWBACKS

On the opposite side of the coin, there can be some unique challenges when selling a business to a family member. For starters, the owners must determine if there is a relative who is truly capable of running the business. If there is, then it becomes a question of deciding if that person wants to run the family business. Wanting to run a business is very critical to success, and it’s quite different from feeling an obligation to run a family business. Another challenge arises if more than one relative wants to buy the business.

How do you handle such a situation while maintaining peace in the family? Could the business support multiple owners? There is also the issue of price. Family members frequently feel they should get a better price on the business than an external buyer would. Should they, or should they pay market price? What if the relative buying the business cannot secure financing? Is the seller interested in assisting them? The owner must fully analyze the risks associated with owner financing or providing a guarantee on a loan. Nobody wants to sell the business and then, several years down the road, get it back because it wasn’t performing at an acceptable level. WHAT TO DO?

Owners should probably consider selling to a family member if such a transaction is a real option. However, owners must be very honest with themselves when evaluating this possibility. They need to look at a family buyer with even more discretion than if they were selling to a nonfamily buyer. Such a view is required because if the business subsequently runs into difficulty, there could be quite an emotional toll on the family. Also, if the possibility of selling to a relative is to be considered, it should be discussed very early in the succession planning process—before any efforts to market the business to outsiders. PREPARING THE SUCCESSOR

If there is a family member who wants to buy the business, is that person ready to take charge? Grooming a successor takes time. It cannot be done overnight. The would-be owner could gain experience by working and progressing in the family business, but only if there is proper mentoring along the way. Sometimes an individual can receive even better training and experience by working at another company, where the process won’t be clouded by any family relationships in the workplace. If a family member has worked someplace else, been successful and now wants

to come back to take over the family business, it can be a solid indicator of real desire to own the company. Of course, there is always the risk the individual decides not to come back to the family business. The only way owners are going to know what is best in their situation is to have open and frank discussions with the family members involved. They should do so years in advance of planning to sell. Any plan also should address the role of the sellers after the sale. The former owners could become employees with a defined area of responsibility, part-time employees or business advisers. Or the previous owners’ role could be limited to helping with the transition. Whatever the arrangement is going to be with the former owners, it should be clearly defined, put in writing and include a specified period of time. WHEN AND WHERE TO START

An owner cannot start too early in developing a succession plan. The plan can always be amended and updated if needed in the future, and that will probably need to be done a time or two. The value of having developed a plan is you have given thought to the process and the future. The plan will identify things the owners need to address over the course of time. Where the process begins depends on the owners. Many are capable of handling the initial discussions on succession planning by themselves. Other owners will want a third party to assist with those discussions. There are a number of professionals—business advisers, CPAs, consultants, attorneys and others—who can help. Owners should find advisers they trust, who make them feel comfortable. A worthwhile succession plan must be tailored to the business and its owners. The sooner owners start the process, the better for them and their family. Patrick Chesterman is senior managing partner of Lead Business Advisors, a division of Lead Bank. Lead Business Advisors provides financial, operational and strategic advice to businesses across the Kansas City area. (816) 874-4960 // www.lead.bank/business-advisors.aspx

K C E DI T I O N // I T H I N K B I G G ER .CO M

ESTABLISHED & GROWING // EXIT STRATEGIES

What Smart Leaders Do When They Leave How to plan for successful succession in four steps.

is taking over and when the leadership transfer will take place. 4

( BY SUSAN SPAULDING )

very day, about 10,000 people from the Baby Boomer generation retire—nearly 80 million people over the course of 20 years. That includes tens of thousands of business owners who are reaching an age where an exit or transition is required—and neither the organization nor the individual is prepared for it. But here’s what’s really eye-popping: More than $10 trillion is held in more than 12 million privately owned businesses. More than 70 percent of these businesses will change leadership over the next two decades. There’s a lot of emphasis on how individual business owners should prepare for their retirement. But there needs to be just as much care and attention to the business and the people left behind. How does the organizational structure need to change? What knowledge needs to be shared? Is the business going to be sold, or is there a succession plan in place? These are big questions, and if left unanswered, they can throw a business into chaos. COMMON PROBLEMS

Typically, when a business leader or owner leaves, one of four—or sometimes all four!—problems arise around leadership, culture and finances: 1

NO SUCCESSION PLAN IN PLACE //

There isn’t a clear understanding of who is taking over. 2

NO SOLID UNDERSTANDING OF THE

FINANCIALS //

The business’s value is not clearly articulated and monetized.

3 NO COMMUNICATION PLAN // Employees and professional contacts don’t know who

NO RECOGNITION OF RETIRING LEADERS //

There isn’t a clear celebration of what a person contributed to the business and the legacy he or she is leaving behind. When leaders don’t take the time to sort out their business’s succession, culture and finances, it can make their own retirement a difficult transition. In the end, feelings are hurt, employees suffer, and businesses can lose millions as the leadership crisis takes its toll. Fortunately, it’s possible to leave behind a business that’s going to continue an owner’s legacy, do right by the stakeholders and set the foundation for future success. PLANNING A SUCCESSFUL TRANSITION

While it may be a complex process— often taking two or more years to complete— there are a few basic areas that need to be carefully attended to: 1 SUCCESSION PLANNING // Depending on your business, carefully assess what key leadership roles need to be addressed. Identify internal or external candidates who can step up to take your place. Make sure that candidate has both the motivation and the ability to take charge. Communicate this information long in advance of the actual change—people inside and outside the organization need to know! 2 SORT OUT THE FINANCES // Some retiring Boomers plan to sell their business, but are often surprised when they learn that they might not be getting out of it what they had hoped. Hiring a third party to carefully audit and assess your business’s value will help you to anticipate what you can gain by a sale.

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

3 TRANSFER OF SKILLS // Typically, business owners bring a special set of skills to the table. Maybe it’s technical knowledge, or strong team-building skills, or great connections. Identify what those core competencies are, and take the time to share that knowledge with others in the organization. Make sure someone can do what you do as well as you can, if not better. Hiring a strong candidate may be another great choice, as well.

CELEBRATE THE LEGACY // This is one of the most neglected parts of the transition process, and that’s so unfortunate. Many times, people beg off a good send-off with “I don’t like goodbyes.” But a celebration is a good way to preserve the culture and morale of an organization. Take time to celebrate accomplishments, recognize the legacy and pass along best wishes for the future. It’s a daunting process, but when people take the time to do it right, it goes so well. For example, I knew of one couple who had spent decades building a business. When it came time for retirement, one of them was ready to exit, and the other wanted to continue to have some involvement in the business. And they both wanted to ensure that their business went on. As a starting point, they met with advisers and assessed the value drivers of their business. Then they got to work, made some key hires and implemented other changes over several years. Their business continued on without a hitch, and they walked away with a fantastic sense of accomplishment and pride for what they had built. With so much money—and so much work—on the table, it pays to take the time and effort to make sure that your business is as prepared for your retirement as you are. 4

Susan Spaulding is an author and the principal of Recalibrate Strategies. She has developed a powerful but simple set of tools for Life 2.0 where she focuses on collaboratively facilitating great outcomes for her clients whether establishing a new brand, cultivating new markets or recalibrating for personal and business success (816) 560-5416 // www.recalibratestrategies.com // www.recalibratelife.com // Twitter: @Spaulding_Susan

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E DI T I O N // I T H I N K B I G G ER .CO M

A Complete Beginner’s Guide to Business Plans » continued from page 20

mortar shop? Trade shows? Online? Through a wholesale partner? MANAGEMENT AND BUSINESS STRUCTURE // This is where you

introduce the team that’ll be running your business and detail their expertise. That includes owners and key managers. How is your company going to be structured? As an LLC, an S-Corp, a C-Corp, a partnership or a sole proprietorship? If you have partners, who owns what percentage of the business? FINANCIAL PROJECTIONS // If you’re seeking

funding, this section is what your lender or investor will read most intently. You should include, at bare minimum, a profit-and-loss projection and a cash-flow projection for the next 12 months—or longer, should your readership demand it. You might need to work up a balance sheet and a break-even analysis, as well. Your lender may ask for financial statements and personal tax returns for you and the other owners. If you’re seeking funding, state how much you’ll need and exactly how it’ll be put to work in the company.

If you need funding for something you can touch, like tools and equipment, often the lender is more easily interested. Sometimes the seller of hard items will work closely with a lending or leasing company. Additionally, you should always be nice to your vendors: Some of them will go out on a limb to loan you money themselves if they respect you. (And because they can repo and resell the equipment if you don’t pay.) Getting funding for software, programmers, general overhead or payroll isn’t easy. Why? Because being short on these items means you either can’t plan financially or can’t sell the product, and those are indicators of deeper problems. KEEP IN MIND …

Getting funding is usually time-consuming and painful. People don’t just fork money over. Money is hard to come by, and you might not know this, but it is hard to get for the funder as well. Money is scarce. Money is most easily wasted or lost by the inexperienced, and lenders and investors know it. The failure rate of startups remains very, very high. I mentioned I was writing this article to one of my sons, who is now the president of a company. He mentioned three things that are relevant. 1

The leaders of small companies always need to be building relationships that can lead to funding. That’s part of the leader’s job. Be nice to everyone, and establish relationships before you need them.

Be careful about turning down offers. “You remember when I raised $2.1 million as CFO for another company?” my son said. “The CEO said, ‘I think we can do better.’ Then he promptly ran out of time and money, and wound up with only $1 million and gave up almost twice the equity. Know when to take the money.”

NEED HELP?

The U.S. Small Business Administration offers a free online tool for creating business plans at www.sba.gov/tools/business-plan. SCORE provides templates for writing business plans and basic financial reports (www.score.org/resource/business-planning-financial-statements-template-gallery). And Bplans.com has a library of more than 500 sample plans for a wide range of businesses, including restaurants, retailers, service providers and more.

How Do I Fund an Expansion of My Small Business? » continued from page 45

the investor’s valuable time and can kill early-stage expansion. 96

And, finally… “Dad, a long time ago, I thought you told me when you were about 20, you were so out of money you actually sold some blood?” That’s absolutely not true! 3

TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

Why You Need a Buy-Sell Agreement » continued from page 57

value is recorded as an asset of the business on the balance sheet. It is important to note that, depending upon the structure of the corporation, there are different tax implications to consider when using an entity-purchase plan. CROSS PURCHASE PLAN

A cross purchase plan requires each stockholder in a company to purchase and own life insurance on the lives of the other stockholders. Each owner pays the premiums and would be the beneficiary of the policy. The face amount of the policy would be equal to the others’ ownership interest. Upon the death of one owner, the insurance proceeds would be used to purchase the ownership interests from the deceased owner’s estate or family. This plan may become too cumbersome if there are more than two stockholders. In this situation, the owners could use a “trusteed” cross-purchase arrangement. Here a trust would own one policy on each stockholder and represent the others in the transaction, eventually distributing the deceased shareholder’s stock to the remaining stockholders. Disability buy-sell insurance can also be used in a cross purchase agreement to facilitate transfer of ownership upon the total disability of a stockholder. To start the process of obtaining a buysell agreement, contact legal counsel to begin laying out the preferred terms. Once the original plans are created, it is recommended to review and update once every three to five years.

Are SBA Loans Right for Me? » continued from page 59

Typically, a small business will first apply for a conventional loan, which the bank will then review. The loan officers may determine that an SBA loan is a better option for that company. If so, the bank will let the owner know and request additional information and paperwork. Your lender should be able to explain the process to you, and the official SBA.

gov website has a great deal of information about the agency’s loan programs. It also helps to seek out banks that are part of the SBA’s Preferred Lender Program. Preferred lenders have greater expertise in processing SBA loan requests and can offer streamlined service. WHAT KINDS OF THINGS WILL A LENDER WANT TO SEE?

Banks will want to view your business plan and financial projections covering three years, with the first year broken down month by month. You’ll need to fill out an SBA Borrower Information 1919 Form, as well as the paperwork for a conventional loan application package. ANY OTHER ADVICE?

Work with an SBA preferred lender whenever possible. Also, when choosing a lending partner, consider all the value that lender can offer, such as an extensive branch network, industry expertise or specific services. Are loan requests considered by a local office, or is the decision made by out-of-state personnel you’ll never meet?

10 Ways to Encourage Faster Payments » continued from page 61

relationship beyond business. This emotional bond will make it harder for them to avoid you on a payment. BE PROACTIVE // Don’t wait for an invoice to become past due in order to collect. Flag all new customers in your database and use a courtesy call as a way to gently remind them for the first two months. After that, set up email payment reminders including the due date and forms of payment accepted. STATEMENTS // Normally, statements are sent monthly or anytime a customer has more than one invoice outstanding. Statements allow customers to see all the invoices and payments between two dates. COLLECTIONS // After the first missed payment, it’s time to pick up the phone and make that collection call. Don’t be afraid to ask a customer for payment. Prepare to hear excuses, but most importantly, remain professional. Don’t let the customer off the

phone without either taking a payment or scheduling one for an upcoming date. Just remember to keep focused on any outstanding payments owed to your business. Your ability to manage your receivables will have a direct impact on your company’s cash flow and its overall financial health.

How Can Email Help Me Grow My Business? » continued from page 67

Single, behavior-triggered emails can be hyper-personalized, e.g. “Sara, you left this dress in your shopping cart!” But don’t think you can’t personalize emails just because you aren’t selling a product or collecting lots of demographic information. You can make some assumptions about your audience based on what you do know. For example, a restaurant with a loyalty club might track how many menu items customers purchase each time they come in. Those club members who average four to six menu items per visit might be more interested in receiving emails about family events and specials than those who average one item per visit. Beyond marketing, consider how email could strengthen your customer service. What if you sent a customer satisfaction survey to new customers 30 days after they’ve purchased your product? The feedback could be incredibly valuable. You also could show them how to access your support services or solicit testimonials from them. BEYOND OPENS AND CLICKS

Email isn’t the end goal because conversions don’t happen within email—they probably happen in your store or on your website. So make sure every single email has a call to action, driving subscribers to the place where they’ll buy your product or sign up for your service. Instead of pasting your entire blog post or news article in your email newsletter, write a summary or teaser about the article with a “Read More” link back to your website. As part of a larger content strategy, that content doesn’t help your site’s reputation or SEO value if it only lives in email, anyway. When integrated smartly within the customer journey, email has tremendous

potential to grow your business and produce measurable results.

Hire Power » continued from page 78

Simply say: “I received your resume and am very interested in your background. I’m currently scheduling interviews for the week of XXXX. Could you be available during one of the following times to meet and discuss your experience?” Schedule seven to 10 interviews so that you have a selection of candidates. PART THREE

READY TO INTERVIEW

On each day of scheduled interviews, have the position description, list of prepared interview questions and the candidates’ resumes or applications available. » Greet the candidate warmly. » Take the candidate to a quiet area where you can visit without interruption. » Tell each candidate you have a list of questions you’re going to follow so that you ask each person the same questions. Explain that this will help you to properly compare the work background, job experience and overall qualifications of each candidate. » Stick to your questionnaire. You can drill into responses to ask a clarifying question to make certain you fully understand what was told to you. Do not, however, ask any form of illegal question. ILLEGAL QUESTIONS

During interviews, avoid all questions that may create an opportunity to discriminate on the basis of race, religion, age, disability, sex or other protected factors. For example, you cannot ask a job candidate about disabilities during the interview and selection process. However, you can ask a candidate whether he or she will be able to perform the essential duties of the job with a reasonable accommodation. For job description templates, sample interview questions and a list of illegal questions, visit www.bit.ly/2dwbCrC. K C E DI T I O N // I T H I N K B I G G ER .CO M

DIRECTORY OF RESOURCES // MATRIX OF SERVICES

Advanced Manufacturing Institute

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AltCap

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• •

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Child Care Aware of Missouri

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City of Kansas City, Mo., Human Relations Dept.

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Clay County Economic Development Council

• •

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• •

Diversity and Inclusion—Greater KC Chamber

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Downtown Council of Kansas City

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Economic Development Corporation of Kansas City, Mo.

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• •

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Construction Business Institute County Economic Research Institute Inc. (CERI)

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Digital Sandbox KC

EnCorps45 Ennovation Center

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TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

YOUTH ENTREPRENEURS

VETERAN-OWNED

MINORITIES

LOW INCOME

HOME-BASED

DISABLED BUSINESS OWNERS

MATURING BUSINESSES

ESTABLISHED GROWTH-STAGE BUSINESS

STARTUP EARLY-STAGE BUSINESS

ASPIRING CONCEPT-STAGE BUSINESS

TECHNOLOGY/OFFICE SYSTEMS

WOMEN

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Center for Entrepreneurship at Missouri Western State University

TAX SERVICES

• • •

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Bureau of Economic Analysis

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Business Retention and Expansion Program, Kansas

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Blue Valley Center for Advanced Professional Studies BOOST Lee’s Summit

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Blue Springs Economic Development Corporation

STARTUP ASSISTANCE

REGULATORY COMPLIANCE

PROPERTY DEVELOPMENT/ENVIRONMENTAL ASSISTANCE

PROFESSIONAL DEVELOPMENT

• • •

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Bioscience & Technology Business Center

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• •

BetaBlox

Central Exchange

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Athena League

The Builders’ Association

PRODUCT DEVELOPMENT

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Artist INC

Blue Hills Community Services

OFFICE, LABORATORY, INCUBATOR, MEETING SPACE

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Angel Capital Group

BioKansas

NETWORKING

MENTORING/ADVISORY BOARDS

MARKETING & SALES ASSISTANCE

MARKET RESEARCH/FEASIBILITY STUDIES

MANUFACTURING, HIGH TECH & LIFE SCIENCES

MANAGEMENT TRAINING & HR

LEGAL SERVICES

INTERNSHIP PROGRAMS & STUDENT SERVICES

INTELLECTUAL PROPERTY

IMPORT/EXPORT

FREIGHT & DISTRIBUTION

FRANCHISING

FINANCIAL RESOURCES & ASSISTANCE

• •

American Red Cross

Associated Industries of Missouri (AIM)

ENTREPRENEURIAL RESEARCH

EDUCATION/TRAINING

ECONOMIC DEVELOPMENT

CERTIFICATION & PROCUREMENT

BUSINESS PLANNING

TA R G E T

ADVOCACY/PUBLIC POLICY/LEGISLATIVE ISSUES

This matrix is designed to provide a quick reference to the types of assistance offered by the organizations listed in this directory. For example, if you are seeking financing opportunities, glance down the column labeled Financial Resources and Assistance to find the organizations that provide financing assistance.

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Enterprise Center in Johnson County

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Entrepreneurial Leadership Project at MidAmerica Nazarene University

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Ewing Marion Kauffman Foundation

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YOUTH ENTREPRENEURS

WOMEN

VETERAN-OWNED

MINORITIES

LOW INCOME

HOME-BASED

DISABLED BUSINESS OWNERS

MATURING BUSINESSES

STARTUP EARLY-STAGE BUSINESS

ASPIRING CONCEPT-STAGE BUSINESS

TECHNOLOGY/OFFICE SYSTEMS

ESTABLISHED GROWTH-STAGE BUSINESS

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Farm to Table Kitchen at City Market

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Freelance Exchange

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Frontier Financial Partners

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Heartland Business Capital

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Helzberg Entrepreneurial Mentoring Program (HEMP)

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Hispanic Economic Development Corporation

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Full Employment Council

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H&R Block Business & Career Center

TAX SERVICES

STARTUP ASSISTANCE

REGULATORY COMPLIANCE

PROPERTY DEVELOPMENT/ENVIRONMENTAL ASSISTANCE

PROFESSIONAL DEVELOPMENT

PRODUCT DEVELOPMENT

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The Family Conservancy

IBSA Inc.

OFFICE, LABORATORY, INCUBATOR, MEETING SPACE

NETWORKING

MENTORING/ADVISORY BOARDS

MARKETING & SALES ASSISTANCE

MARKET RESEARCH/FEASIBILITY STUDIES

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DIRECTORY OF RESOURCES // MATRIX OF SERVICES

Kansas City Area Development Council

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YOUTH ENTREPRENEURS

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Miami County Economic Development

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Liberty Economic Development Corp.

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Minority Contractors Assn. of Greater Kansas City

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DIRECTORY OF RESOURCES // MATRIX OF SERVICES

Raytown Office of Economic Development

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Thinking BIGGER? Take your growth-minded small business to the next level of success with Thinking Bigger Business magazine.

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DIRECTORY OF RESOURCES // RESOURCE 0RGANIZATIONS

ADVANCED MANUFACTURING INSTITUTE (AMI)

Jeff Tucker 510 McCall Road Manhattan, KS 66502 (785) 532-3421 PHONE jwtuck@ksu.edu EMAIL WEBSITE www.k-state.edu/ami The Advanced Manufacturing Institute at Kansas State University is dedicated to providing innovative technology and business development solutions through a wide array of business and engineering services. AMI offers a full range of capabilities, including IP research and creation; competitive product studies; market and customer research; product and process development; product prototyping and testing; custom equipment design and fabrication; control system development; and system integration. ALTCAP

Ruben Alonso 3200 Wayne Ave. Kansas City, MO 64109 (816) 216-1851 PHONE ruben@alt-cap.org EMAIL WEBSITE www.alt-cap.org AltCap is a 501(c)(4) community development financial institution (CDFI) committed to providing alternative capital for community impact. AltCap offers alternative, nontraditional financing opportunities to job-creating businesses and catalytic real estate development projects through the New Markets Tax Credit program, provides targeted loan funds that support microlending to startups and small businesses, and works with several strategic partners to deliver resources to small business owners and residents of low- to moderate-income communities throughout Kansas City, Mo. AMERICAN RED CROSS

211 W. Armour Blvd. Kansas City, MO 64111 (816) 931-8400 PHONE WEBSITE www.redcross.org/mo/kansas-city TWITTER @kcredcross The American Red Cross offers training on CPR, first aid, OSHA rules and other health-related concerns for small businesses. The organization also sells AEDs and other first-aid equipment. ANGEL CAPITAL GROUP

Shane Spencer (816) 533-5040 PHONE shane@angelcapitalgr.com EMAIL

WEBSITE

BIOKANSAS

TWITTER

Dennis Ridenour 4220 Shawnee Mission Parkway, Suite 350-B Fairway, KS 66205 (913) 495-4334 PHONE dennis@biokansas.org EMAIL WEBSITE www.biokansas.org TWITTER @biokansas BioKansas (formerly known as KansasBio) serves as the voice of the bioscience community in Kansas, connecting, educating and advocating to grow bioscience jobs in human, animal and plant science technologies across the state. BioKansas is a member- and donor-funded 501(c)(3) public charity. BioKansas programs include monthly bioBreak networking events that are open to people who are involved with and interested in the biosciences, health care and medical devices. BioKansas runs awards programs for students in high school through post-doc studies, including the BioGENEius Challenge.

www.theangelcapitalgroup.com @angelcapitalgr Angel Capital Group is a syndicate of angel groups and funds. The network brings angel investors and entrepreneurs together in an environment that celebrates innovation, rewards strategic risk-taking and focuses on performance. The group aggregates capital to validate and invest in innovative business models created by outstanding entrepreneurs. The group optimizes risk and returns by curating companies and proving the scalability of their revenue model, bringing national resources to local companies. ARTIST INC

Lisa Cordes 4747 Troost Ave., Ste. 121 Kansas City, MO 64110 (816) 235-6769 PHONE info@ArtistINCkc.com EMAIL WEBSITE www.ArtistINCkc.com Artist INC is a program of the UMKC Innovation Center in collaboration with Mid-America Arts Alliance. Artist INC connects artists of all disciplines throughout the Midwest region to the resources and opportunities that will help them promote their work and strengthen their artistic practice. ASSOCIATED INDUSTRIES OF MISSOURI (AIM)

Ray McCarty 3234 W. Truman Blvd. Jefferson City, MO 65109 (573) 634-2246 PHONE rmccarty@aimo.com EMAIL WEBSITE www.aimo.com Associated Industries of Missouri is the stateâ&#x20AC;&#x2122;s oldest and premier business association. AIM has represented the interests of Missouri employers in front of the General Assembly, the courts, statewide agencies and the public since 1919. Members of AIM are kept informed of governmental and court actions that impact Missouri businesses. ATHENA LEAGUE

www.athenaleague.org Athena League fosters and empowers earlystage and established female entrepreneurs. The organization hosts speakers, networking sessions and other events that encourage women entrepreneurs. WEBSITE

BETABLOX

See list of business incubators, page 32.

104 TH E THINKING BIGGER G U I D E F OR KC ENTR EPR ENEU R S

BIOSCIENCE & TECHNOLOGY BUSINESS CENTER

See list of business incubators, page 32. BLUE HILLS COMMUNITY SERVICES

Prentiss Earl III 5008 Prospect Ave. Kansas City, MO 64130 (816) 338-7870, ext. 207 PHONE WEBSITE www.5008kc.org Blue Hills Community Services, a notfor-profit community development corporation, is a catalyst for neighborhood development, educational programming, community improvement and small business growth. Blue Hills Community Services is rebuilding forgotten neighborhoods, helping residents and businesses reclaim the urban core and laying the foundation for positive, sustainable growth. BLUE SPRINGS ECONOMIC DEVELOPMENT CORPORATION / GROW BLUE SPRINGS

Teresa Evans City of Blue Springs 903 W. Main St. Blue Springs, MO 64015 (816) 228-0111 PHONE tevans@bluespringsedc.com EMAIL WEBSITE www.bluespringsedc.com The Blue Springs Economic Development Corporation (EDC) promotes business development and investment, job creation and economic development. The EDC provides business assistance, support, community information and referral services to existing

and new employers to expand the city’s tax base through business development. BLUE VALLEY CENTER FOR ADVANCED PROFESSIONAL STUDIES

Corey Mohn 7501 W. 149th Terrace Overland Park, KS 66223 (913) 239-5900 PHONE WEBSITE www.bvcaps.org Blue Valley CAPS is a program for juniors and seniors in the Blue Valley School District. Students work on projects in bioscience, business, engineering and human services, helping them develop the skills required by the 21st century workplace. Blue Valley CAPS students regularly collaborate with small and large businesses on real-world problems. BOOST LEE’S SUMMIT

Matt Baird 220 S.E. Main St. Lee’s Summit, MO 64063 (816) 524-2424 PHONE mbaird@lschamber.com EMAIL WEBSITE www.boostleessummit.com BOOST Lee’s Summit is a web-based and community-supported training and coaching program for entrepreneurs in Lee’s Summit and the surrounding Jackson County area. Members can access an online, interactive training regimen, along with in-person coaching and mentoring, including access to professional business resources. The program is powered by the Lee’s Summit Chamber of Commerce. THE BUILDERS’ ASSOCIATION— KANSAS CITY CHAPTER, AGC

Don Greenwell 720 Oak St. Kansas City, MO 64106 (816) 531-4741 PHONE dgreenwell@buildersassociation.com EMAIL WEBSITE www.buildersassociation.com The Builders’ Association serves the commercial construction industry and represents approximately 800 general contractor, subcontractor, supplier and service provider member companies employing about 25,000 people. It has an Education & Training Center—a 100,000-square-foot apprenticeship and management training center, which is also home to the 4,000-square-foot Builders’ Advancement Center—in North Kansas City; an administrative office and plan room service center at 720 Oak St. in Kansas City, Missouri;

and training and plan room service centers in Jefferson City and Springfield. Its sister organization, the Kansas City Chapter of the Associated General Contractors of America, currently represents approximately 120 firms and is part of the largest and oldest national construction trade association in the United States. BUREAU OF ECONOMIC ANALYSIS, U.S. DEPARTMENT OF COMMERCE

DiJon Ferdinand 4600 Silver Hill Road Washington, DC 20233 (301) 763-1822 PHONE dijon.f.ferdinand@census.gov EMAIL WEBSITE www.bea.gov The Bureau of Economic Analysis (BEA) promotes a better understanding of the U.S. economy by providing the most timely, relevant and accurate economic accounts data in an objective and cost-effective manner. BUSINESS RETENTION AND EXPANSION PROGRAM, KANSAS DEPARTMENT OF COMMERCE

Susan NeuPoth Cadoret 1000 S.W. Jackson St., Ste. 100 Topeka, KS 66612 (785) 296-7198 PHONE Susan.NeuPothCadoret@ks.gov EMAIL WEBSITE www.kansascommerce.com The Business Retention and Expansion Section provides assistance to in-state businesses. These companies range from startups to Fortune 500 companies. Staffers develop incentive proposals, which include tax credits and workforce training grants; serve as a liaison with other state agencies, including the departments of revenue, labor and health and environment; and serve as a single Kansas contact point to ensure project confidentiality. CENTER FOR ENTREPRENEURSHIP AT MISSOURI WESTERN STATE UNIVERSITY

Annette Weeks 4525 Downs Drive, Popplewell Hall, Room 203 St. Joseph, MO 64507 (816) 271-4283 PHONE aweeks@missouriwestern.edu EMAIL WEBSITE csb-cfe.missouriwestern.edu The Center for Entrepreneurship in the Craig School of Business furnishes counseling assistance free of charge to small business owners. Assistance is available for all stages of entrepreneurship, including starting a business, operating a business and growing a business. The center staff will provide one-onone business coaching and connect clients to additional resources and programs.

CENTRAL EXCHANGE

CiCi Rojas 1020 Central Kansas City, MO 64105 (816) 389-8850 PHONE natalie@CentralExchange.org EMAIL WEBSITE www.centralexchange.org TWITTER @CentralEx Central Exchange (CX) provides a venue and voice for women seeking to reach their full personal and professional potential. With more than 1,000 members, CX represents a cross-section of women and men from throughout the Kansas City area. The organization hosts hundreds of programs on leadership, professional and personal development each year. CHILD CARE AWARE OF MISSOURI

1-800-200-9017 mo.childcareaware.org Child Care Aware helps families locate child care, preschool and afterschool programs for their children. The organization’s website includes an online search tool for finding child care options in Missouri. PHONE

WEBSITE

CITY OF KANSAS CITY, MO, HUMAN RELATIONS DEPARTMENT

Phillip Yelder City Hall 414 E. 12th St., Fourth Floor Kansas City, MO 64106 (816) 513-1836 PHONE hrdgeneral.inquiries@kcmo.org EMAIL WEBSITE www.kcmo.gov/humanrelations/ The Human Relations Department (HRD) is responsible for investigating and processing complaints of civil rights violations that have occurred within the city limits of Kansas City, Missouri. The department is also charged with helping companies become certified as disadvantaged, minority or women-owned enterprises; as small local business enterprises; or as Section 3-certified businesses. The department also monitors city construction contracts for compliance with prevailing wage laws, as well as compliance with the city’s ordinances regarding construction workforce and utilization of certified companies on all contracts that meet ordinance criteria. HRD sponsors two yearly events that are open to all: a Civil Rights Summit every spring celebrating fair housing legislation, and the Kansas City Government Contract and Procurement Forum in August. K C E DI T I O N // I T H I N KBIGGER .CO M

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DIRECTORY OF RESOURCES // RESOURCE 0RGANIZATIONS

(816) 235-6661 jeffshackelford@ digitalsandboxkc.com WEBSITE www.digitalsandboxkc.com Digital Sandbox KC and its Energy Sandbox (which works with startups in the energy industry) provide proof-of-concept resources to support early-stage commercialization processes, including access to technology, business and market experts and funding for early-stage market validation, prototyping and beta-testing services. Funding currently available for companies on the Missouri side of the metro area and in Olathe. PHONE

CLAY COUNTY ECONOMIC DEVELOPMENT COUNCIL

Jim Hampton 1251 N.W. Briarcliff Parkway, Ste. 25 Kansas City, MO 64116 (816) 468-4989 PHONE info@clayEDC.com EMAIL WEBSITE www.clayEDC.com The Clay County Economic Development Council is committed to economic development in the Kansas City Northland of Clay County, Missouri, and provides the following resources and programs: site selection and building searches for expansion; Midwest Small Business Finance, which offers 504, 7(a) and other SBA loans; the six-month Doniphan Leadership Institute program for executives; and the Northland Angel Investor Network. CONSTRUCTION BUSINESS INSTITUTE

Adrienne B. Haynes info@cbi-online.com EMAIL WEBSITE www.cbi-online.com The Construction Business Institute is a nonprofit business education resource for construction contractors. Through technical assistance, business coaching and a rich curriculum, the institute helps contractors build strong companies. COUNTY ECONOMIC RESEARCH INSTITUTE INC. (CERI)

11111 W. 95th St., Ste. 210 Overland Park, KS 66214 (913) 599-1616 PHONE reports@cerionline.org EMAIL WEBSITE www.cerionline.org CERI is a nonprofit organization with a mission to support economic development in Johnson County through the provision of data and technical assistance. CERI publishes a variety of reports and resource data to assist local businesses in marketing and strategic planning. CERI is a local repository of U.S. Census data for the region. In addition, the institute performs small area demographic studies and publishes numerous reports, including monthly economic indicators, wage surveys, Johnson County promotional brochures, a majoremployers directory, labor shed report and other special economic and demographic studies. DIGITAL SANDBOX KC

Jeff Shackelford 4747 Troost Ave. Kansas City, MO 64110

DIVERSITY AND INCLUSION— GREATER KC CHAMBER

Greg Valdovino 30 W. Pershing Road, Ste. 301 Kansas City, MO 64108 (816) 374-5494 PHONE valdovino@kcchamber.com EMAIL WEBSITE www.kcchamber.com The Greater Kansas City Chamber values and promotes diversity because it enhances the business community and the region’s economic development. DOWNTOWN COUNCIL OF KANSAS CITY

Sean O’Byrne 1000 Walnut, Ste. 200 Kansas City, MO 64106 (816) 421-1539 PHONE sean@downtownkc.org EMAIL WEBSITE www.downtownkc.org TWITTER @godowntownkc The Downtown Council of Kansas City is committed to creating a vibrant, diverse and economically sustainable downtown. As a private nonprofit membership organization, the Downtown Council (DTC) has more than 280 members who represent Kansas City’s best businesses, property owners, small entrepreneurial companies and nonprofit organizations. ECONOMIC DEVELOPMENT CORPORATION OF KANSAS CITY, MO

Bob Langenkamp 1100 Walnut, Ste. 1700 Kansas City, MO 64106 (816) 221-0636 PHONE blangenkamp@edckc.com EMAIL WEBSITE www.edckc.com The Economic Development Corporation (EDC) is a not-for-profit full-service economic development organization that provides assistance to new, existing and expanding

106 TH E THINKING BIGGER GU ID E F OR KC ENTR EPR ENEU R S

businesses located in Kansas City, Missouri, or those considering a Kansas City location. Entrepreneurial resources include low-cost, long-term financing through EDC loan programs and financial assistance information; application and qualification for state and local incentives, such as Enterprise Zone benefits and Missouri Customized Training grants; and coordination of services and assistance. The primary financing tool utilized by the EDC Loan Corporation is the SBA 504 loan program. The EDC Loan Corporation is able to provide 504 loans throughout Missouri. ENCORPS45

Robert Curland (816) 210-5550 PHONE WEBSITE www.encorps45.com TWITTER @Encorps45 EnCorps45 is an organization for professionals age 45 and older who are looking to reinvent themselves, including through business ownership. Members can participate in networking sessions and educational workshops. ENNOVATION CENTER

Xander Winkel 210 N. Forest Ave., Suite 120 Independence, MO 64050 (816) 463-3532 PHONE info@ennovationcenter.com EMAIL WEBSITE www.ennovationcenter.com TWITTER @in_Ennovation The Ennovation Center is a business incubator that provides space and resources to 70-plus clients. It offers commercial kitchen, office, light tech manufacturing and shared coworking spaces in its facility. The center works with a wide range of companies and offers an ever-evolving spectrum of resources to help small and early businesses grow. ENTERPRISE CENTER IN JOHNSON COUNTY

See list of business incubators, page 32. ENTREPRENEURIAL LEADERSHIP PROJECT AT MIDAMERICA NAZARENE UNIVERSITY

Dr. Graydon Dawson 13625 S. Mur-Len Road Olathe, KS 66062 (913) 971-3873 PHONE rgdawson@mnu.edu EMAIL WEBSITE www.kc-entrepreneur.com The Entrepreneurial Leadership Project at MNU is a Kauffman FastTrac affiliate offering FastTrac training and other courses for entre-

preneurs who are developing and deploying business plans. Classes are offered in Olathe at the Santa Fe Commons campus. EWING MARION KAUFFMAN FOUNDATION

4801 Rockhill Road Kansas City, MO 64110 (816) 932-1000 PHONE info@kauffman.org EMAIL WEBSITE www.kauffman.org TWITTER @KauffmanFDN The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation that aims to foster economic independence by advancing educational achievement and entrepreneurial success. Founded by the late entrepreneur and philanthropist Ewing Marion Kauffman, the foundation is based in Kansas City, Missouri, and has approximately $2 billion in assets. FABLAB AT METROPOLITAN COMMUNITY COLLEGE

Jen Dec 1775 Universal Ave. Kansas City, MO 64120 fab.lab@mcckc.edu EMAIL WEBSITE www.mcckc.edu/fablab FabLab is a lab full of tools, technology and training where students and local businesses can conceptualize, design, develop, fabricate and test almost anything. The lab offers six different prototyping technologies, threedimensional scanning, metal working, vacuum forming, an array of woodworking equipment, welding equipment and many other types of tools and technologies, including a fully capable CADD and three-dimensional modeling lab. THE FAMILY CONSERVANCY

444 Minnesota Ave., Ste. 200 Kansas City, KS 66101 (913) 342-1110 PHONE shanson@thefamilyconservancy.org EMAIL WEBSITE www.thefamilyconservancy.org TWITTER @tfckc The Family Conservancy has strengthened the healthy development of more than 5 million Kansas City children and families since 1880. The organization focuses on three main areas to ensure success: quality early child care and education, with an emphasis on mental and physical health; mental health counseling, including help for trauma and abuse victims; and anti-poverty and quality parenting initiatives, which help families break the cycle of poverty and raise successful and healthy children.

FARM TO TABLE KITCHEN AT CITY MARKET

Jennifer Lewis 21 E. Third St. Kansas City, MO 64106 (816) 842-1271 PHONE jlewis@thecitymarket.org EMAIL WEBSITE www.thecitymarket.org/ farm-to-table-kitchen/overview The Farm to Table Kitchen is an incubator for small businesses, including farmers’ market vendors, food trucks, caterers and more. The facility is a commercially licensed kitchen at Kansas City’s City Market. FREELANCE EXCHANGE

Diane Schmidt P.O. Box 412442 Kansas City, MO 64141-2442 (816) 200-0411 PHONE info@FXofKC.com EMAIL WEBSITE www.kcfreelanceexchange.com The Freelance Exchange of Kansas City provides a network of support and a friendly atmosphere in which to exchange ideas and best business practices with those who are self-employed in the advertising and marketing industry. Additionally, the Freelance Exchange serves as the best resource for local ad agencies and businesses of all shapes and sizes to find quality, affordable talent easily and quickly. FRONTIER FINANCIAL PARTNERS

Clark Churchill 11025 Hauser St. Overland Park, KS 66210 (913) 424-7856 PHONE churchill@ EMAIL frontierfinancialpartners.com WEBSITE www.frontierfinancialpartners.com Frontier Financial Partners’ central focus is the SBA 504 loan program, but FFP also can identify other financing sources that may better meet the borrower’s needs. FFP is very knowledgeable about the following programs: SBA 504 Loan Program, SBA 7(a) Loan Program, USDA Business & Industry Guaranty Loan Program and the CDBG Loan and Grant Program. FULL EMPLOYMENT COUNCIL

Edgar Cooper 1740 Paseo Blvd. Kansas City, MO 64108 (816) 471-2330 PHONE ecooper@feckc.org EMAIL WEBSITE www.feckc.org

The Full Employment Council offers services tailored to the needs of employers, including customized training in time, targeted recruitment, screening assistance and wage reimbursement. HEARTLAND BUSINESS CAPITAL

Brett Larson 8900 Indian Creek Parkway, Ste. 150 Overland Park, KS 66210 (913) 599-1717 PHONE brett@hbcloans.com EMAIL WEBSITE www.hbcloans.com Heartland Business Capital (HBC) specializes in the Small Business Administration 504 loan for financing commercial real estate for businesses in the Kansas City metropolitan area. The benefits of the 504 loan include a 20-year fixed rate and as little as 10 percent equity injection. HELZBERG ENTREPRENEURIAL MENTORING PROGRAM (HEMP)

Christina Dreiling 2000 Baltimore Ave., Ste. 200 Kansas City, MO 64108 (816) 471-HEMP (4367) PHONE christina@hempkc.org EMAIL WEBSITE www.hempkc.org The Helzberg Entrepreneurial Mentoring Program (HEMP) is dedicated to strengthening entrepreneurial leaders through excellence in mentoring. Applications to participate in the program as a mentee are due at the beginning of August of each year. Applicants must have been in business for at least three years and be the ultimate decision-maker for a business that generates around $1 million in annual revenue, with five or more full-time employees. In addition, the applicant must have a desire to substantially grow the business. HISPANIC ECONOMIC DEVELOPMENT CORPORATION (HEDC)

Pedro Zamora 2130 Jefferson St. Kansas City, MO 64108 (816) 221-3442 PHONE pzamora@kchedc.org EMAIL WEBSITE www.kchedc.org TWITTER @kchedc HEDC offers one-on-one consultation services for current and aspiring entrepreneurs with a focus on providing education and information. With offices in Jackson County, Missouri, and Johnson and Wyandotte Counties in Kansas, HEDC is conveniently located K C E DI T I O N // I T H I N KBIGGER .CO M

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for clients throughout the greater Kansas City metropolitan area.The organization provides loans and microfinancing options to small businesses, particularly those owned by women and minorities, that don’t qualify for traditional bank financing. The loans can range in size from $500 to $50,000, but most tend to be for $8,000 on average. The money can be used for inventory, working capital, equipment or real estate.HEDC team members are bilingual and entrepreneurs with many years of education and practical experience, allowing the organization to provide quality services that clients have come to expect for the past 20 years. While the target market is the Hispanic community, HEDC services are available to any and all interested in the business development services. H&R BLOCK BUSINESS & CAREER CENTER

Central Library, Kansas City Public Library 14 W. 10th St. - Third Floor Kansas City, MO 64105 (816) 701-3717 PHONE bcc@kclibrary.org EMAIL WEBSITE www.kclibrary.org/business-career The H&R Block Business & Career Center offers online and print materials for entrepreneurs, including information on business plans; company, industry and marketing research; business management; business financing; business writing; and other topics. The Block Center also has research space and computers devoted to business research. Appointments can be made in advance and are encouraged. IBSA INC.

Lazone Grays 629 S.E. Quincy Topeka, KS 66603 (913) 735-4272 PHONE admin@ibsa-inc.org EMAIL WEBSITE www.ibsa-inc.org TWITTER @ibsaonline IBSA is a Kansas nonprofit agency that provides development and support services to emerging entrepreneurs. IBSA assists low- to moderate-income entrepreneurs in the development of feasibility studies and business plans, computer needs analysis and setup, document preparation and ongoing counsel to help troubleshoot areas as needed. IBSA has been active in the promotion and advocacy of policies and procedures that increase corporate and government procurements with disadvantaged, minority, women, veteran and

low-income microenterprises. The agency conducts statistical or data research and shares these findings with government, advocacy and development agencies upon request. INDEPENDENCE AVENUE COMMUNITY IMPROVEMENT DISTRICT

Bobbi Baker Hughes 2657 Independence Ave. Kansas City, MO 64124 (816) 231-3312 PHONE indieavecid@gmail.com EMAIL WEBSITE www.indieavecid.com This community improvement district runs along Independence Avenue from the Paseo to Ewing. It was established to address “crime and grime” in addition to “making cash registers chime” along the corridor. Services include beautification efforts, marketing, events and more. INDEPENDENCE ECONOMIC DEVELOPMENT COUNCIL

Tom Lesnak 210 W. Truman Road Independence, MO 64050 (816) 252-5777 PHONE info@inedc.biz EMAIL WEBSITE www.inedc.biz TWITTER @independenceedc The Independence Economic Development Council (INEDC) is a nonprofit, publicprivate partnership for the purpose of supporting and enhancing the economic growth of Independence. INEDC contracts with the City of Independence and the Independence Chamber of Commerce to perform economic development services. INITIATIVES WORLDWIDE

Melicent Boysen 11184 Antioch, Ste. 269 Overland Park, KS 66210 (816) 365-9287 PHONE mboysen@initiativesww.com EMAIL WEBSITE www.initiativesww.com Initiatives Worldwide assists entrepreneurs, innovators and enterprises with the development and commercialization of new products, business growth or expansion, acquisitions and mergers. IW’s principal has provided business consulting services for more than 30 years in diverse industries and was a regional director of NASA’s Mid-Continent Technology Transfer Center, one of NASA’s six regional technology transfer centers.

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INTERNAL REVENUE SERVICE-LOCAL OFFICES

www.irs.gov KANSAS Overland Park 6717 Shawnee Mission Parkway Overland Park, KS 66202 (816) 966-2840 PHONE Topeka 120 S.E. Sixth Ave. Topeka, KS 66603 (785) 235-3053 PHONE MISSOURI Kansas City 30 W. Pershing Road Kansas City, MO 64108 (816) 966-2840 PHONE St. Joseph 1211 N. Belt Highway St. Joseph, MO 64506 (816) 966-2840 PHONE INTERNATIONAL SOCIETY FOR PHARMACEUTICAL ENGINEERING—MIDWEST CHAPTER (ISPE)

www.ispe.org ISPE is the world’s largest not-for-profit association dedicated to educating and advancing pharmaceutical manufacturing professionals and their industry. WEBSITE

INTERNATIONAL TRADE COUNCIL OF GREATER KANSAS CITY INC.

Pam Dobies 4747 Troost, Ste. 119E Kansas City, MO 64110 (816) 235-6654 PHONE office@itcgkc.org EMAIL WEBSITE www.itcgkc.org The International Trade Council of Greater Kansas City (ITCGKC) is a membership-driven 501(c)(3) organization that connects Kansas City area professionals in the international business and academic communities, delivers timely international trade education, and bridges access to relevant resources. ITCGKC’s signature programs include the Global Research Initiative, where members guide graduate student teams through focused global business research for an area firm; and the TradeWins international trade simulation for students or young professionals preparing for a global business career. INTERURBAN ARTHOUSE

Nicole Emanuel 8001 Conser St., Ste. 290 Overland Park, KS 66204

(913) 432-1916 info@interurbanarthouse.org WEBSITE www.interurbanarthouse.org InterUrban ArtHouse is a nonprofit organization and incubator devoted to fostering the arts, including artists as entrepreneurs. Through its ArtWorks program, InterUrban ArtHouse offers training for local artists on finance, law, planning and other vital matters. PHONE EMAIL

INVENTING WORKSHOP

Carrie Jeske 7280 N.W. 87th Terrace, Ste. 208 Kansas City, MO 64153 (816) 255-4600 PHONE info@i3resources.org EMAIL WEBSITE www.inventingworkshop.com This nonprofit provides early logistical support to startups and inventors across the country. Through its Inventor Development Fund, it will help pay for patents, websites and other needs. INVENTORS CENTER OF KANSAS CITY

Curt McMillan P.O. Box 411003 Kansas City, MO 64141 (913) 322-1895 PHONE inventkc@gmail.com EMAIL WEBSITE www.inventorscenterofkc.org TWITTER @inventkc The Inventors Center of Kansas City (ICKC) is a nonprofit organization dedicated to helping inventors find education, inspiration and connection to bring their ideas to fruition and achieve entrepreneurial success. ICKC hosts a free meet-up, on the third Tuesday of each month in Union Station’s Arthur Stilwell Room. The meet-up is open to the public. INVESTMIDWEST VENTURE CAPITAL FORUM

Christine Walsh One Metropolitan Square, Ste. 1300 St. Louis, MO 63102 (314) 444-1151 PHONE cwalsh@stlregionalchamber.com EMAIL WEBSITE www.investmidwestforum.com InvestMidwest is an annual forum that is held every spring in Kansas City or St. Louis. About 45 Midwestern companies specializing in technology, life sciences, food, agriculture and bioenergy are chosen to present their ideas to an audience of investors. The 17th annual InvestMidwest will be held on March 28-29, 2017, in Kansas City, Missouri. The

application for presenting companies is available at www.investmidwestforum.com. JACKSON COUNTY, MO, PURCHASING DEPARTMENT

415 E. 12th St., Room G-1 Kansas City, MO 64106 (816) 881-3267 PHONE purchasing@jacksongov.org EMAIL WEBSITE www.jacksongov.org The Jackson County Purchasing Department handles the procurement of goods and services for county departments. Vendors can view bids, print bid documents and submit company profile information at www.jacksongov.org. JOHNSON COUNTY K-STATE RESEARCH AND EXTENSION

Rick Miller 11811 S. Sunset Drive, Ste. 1500 Olathe, KS 66061 (913) 715-7000 PHONE rick.miller@jocogov.org EMAIL WEBSITE www.johnson.k-state.edu Johnson County K-State Research and Extension helps business owners make informed decisions about starting a small business. The classes offered are designed to introduce business owners to some key resource providers and other small business owners. The organization also offers technical assistance for food, horticulture and agriculture-related businesses. JOHNSON COUNTY, MO, ECONOMIC DEVELOPMENT CORPORATION

Tracy E. Brantner 300 N. Holden, Ste. 301 (Third floor of the Johnson County Courthouse) Warrensburg, MO 64093 (660) 747-0244 PHONE info@growjocomo.com EMAIL WEBSITE www.growjocomo.com The Johnson County, Missouri, EDC offers a wide range of help to new and existing businesses, including assistance with site selection, financing, microloans, workforce training and more. JUSTINE PETERSEN

Jim Boyle (314) 565-6900 jboyle@justinepetersen.org WEBSITE www.justinepetersen.org Justine PETERSEN, a St. Louis-based nonprofit, operates a microloan program for small PHONE EMAIL

businesses in the Kansas City region. Loan amounts are between $500 and $50,000 with most in the $8,000 to $10,000 range. The program seeks to assist companies that may not have access to traditional bank loans. KANSAS BUSINESS CENTER

1-877-521-8600 info@networkkansas.com WEBSITE www.kansas.gov/businesscenter The Kansas Business Center is the official state resource for information, filings and personal assistance to start or maintain Kansas businesses. The Kansas Business Center will provide businesses the resources to help them monitor their annual requirements. PHONE EMAIL

KANSAS CITY AREA DEVELOPMENT COUNCIL (KCADC)

Tim Cowden 30 W. Pershing Road, Ste. 200 Kansas City, MO 64108 (816) 221-2121 PHONE kcadc@thinkkc.com EMAIL WEBSITE www.thinkkc.com The Kansas City Area Development Council (KCADC) is charged with creating new jobs, new payroll and new capital investment throughout the entire two-state, 18-county region of Greater Kansas City. As a private, nonprofit organization, KCADC is led and funded by the 250 largest corporations and the 50 major communities in the metro area. KCADC is committed to promoting the KC region’s business and lifestyle assets. KANSAS CITY AREA LIFE SCIENCES INSTITUTE INC.

Sharon Newman 30 W. Pershing Road, Ste. 210 Kansas City, MO 64108 (816) 753-7700 PHONE snewman@kclifesciences.org EMAIL WEBSITE www.kclifesciences.org TWITTER @KCALSI The Kansas City Area Life Sciences Institute is helping lead the transformation of the Kansas City region into a nationally recognized center of excellence in life sciences research, development and commercialization. The institute fosters relationships between the academic and private-sector life sciences communities; assists in life sciences advocacy at the local, state and national levels; supports economic development, technology transfer and commercialization programs; and provides a wealth of other services.

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KCDMA

KANSAS DEPARTMENT OF COMMERCE

Jane Male 638 W. 39th St. P.O. Box 419264 Kansas City, MO 64141 (816) 561-5323 PHONE info@kcdma.org EMAIL WEBSITE www.kcdma.org KCDMA is the local affiliate of the nation’s largest and most active direct marketing association. The organization provides educational workshops and networking events.

Kansas Statewide Certification Program (KSCP) Rhonda Harris 1000 S.W. Jackson St., Ste. 100 Topeka, KS 66612 (785) 296-3425 PHONE rharris@kansascommerce.com EMAIL WEBSITE www.kansascommerce.com/index.aspx?NID=231 This program is responsible for certifying disadvantaged, minority and women-owned businesses as Disadvantaged Business Enterprises (DBE), Minority Business Enterprises (MBE) and Women Business Enterprises (WBE). Qualifying businesses can enhance their opportunities to gain contracts and subcontracts with governmental and private entities committed to the inclusion of disadvantaged, minority and women-owned businesses in the contracting and procurement process. The Kansas Department of Transportation’s Office of Contract Compliance is a partner in the administration of the statewide certification program and leads in certifying companies that are interested in highway-related work.

KANSAS CITY SMALL BUSINESS NETWORKING EVENT

John King (816) 374-5433 king@kcchamber.com EMAIL This is a monthly networking opportunity including chambers of commerce, small business development organizations, colleges, universities and federal, local and state agencies. It’s a great opportunity for small businesses to connect with procurement officers and other potential clients. PHONE

KANSAS CITY STARTUP FOUNDATION

Matthew Marcus 4436 State Line Road Kansas City, KS 66103 (913) 526-3133 PHONE info@kcstartupfoundation.org EMAIL WEBSITE www.kcstartupfoundation.org Kansas City Startup Foundation (KCSF) is a sustainable solution ensuring the continued existence of a resourceful, accessible, supportive startup and entrepreneur ecosystem in Kansas City. KCSF’s mission is to unify and champion Kansas City’s startup and entrepreneur ecosystem through initiatives that facilitate and foster collisions, co-learning and community. KCSF’s vision is a Kansas City that is the “Most Entrepreneurial City in America.” KANSAS CITY VOLUNTEER LAWYERS & ACCOUNTANTS FOR THE ARTS (KCVLAA)

Danielle Merrick P.O. Box 413199 Kansas City, MO 64141 (816) 974-8522 PHONE info@kcvlaa.org EMAIL WEBSITE www.kcvlaa.org KCVLAA provides legal and accounting assistance to qualifying artists and arts organizations from all creative disciplines. Its ArtSmarts program provides seminars in arts law to help artists avoid common pitfalls in their professional arts careers. 110

Office of Minority and Women Business Development Rhonda Harris 1000 S.W. Jackson, Ste. 100 Topeka, KS 66612 (785) 296-3425 PHONE rharris@kansascommerce.com EMAIL WEBSITE www.kansascommerce.com/ index.aspx?NID=231 Promotes business development with a focus on minority-owned and women-owned businesses. The program provides information and referrals in the following areas: procurement, contracting, subcontracting, financing and business management. The office also partners with other business advocates to sponsor business education workshops and seminars. A directory of certified minority- and women-owned businesses is available online to assist those searching for businesses, products and services. Export Assistance and Marketing Chang Lu Olathe Office 22201 W. Innovation Drive, Ste. 180D Olathe, KS 66061 (913) 307-7378 PHONE chang.lu@ks.gov EMAIL WEBSITE www.kansascommerce.com The Kansas Department of Commerce’s international team assists Kansas companies

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with global market development and exporting efforts through the following programs: » Professional services—offering international market research, partner and distributor search and individualized counseling » Trade missions and trade shows—creating opportunities for Kansas companies to meet with prospective partners in target markets » Kansas International Trade Show Assistance Program—helping Kansas companies to participate in international trade shows by reimbursing a portion of the exhibitionrelated expenses » International Recruitment—working with local communities to attract foreign investment » International Credit Reports—providing objective and accurate business credit reports on potential clients and business partners » Certificate of Free Sale—certifying the specified commodities are legally sold or distributed in the open market, freely without restriction, and approved by the regulatory authorities in the United States » Governor’s Exporter of the Year Award— recognizing the outstanding work of Kansas exporters and their contributions to the Kansas economy » State Trade Expansion Program (STEP)— assisting Kansas nonexporters to get started and existing exporters to export more KANSAS INSURANCE DEPARTMENT

Ken Selzer 420 S.W. 9th St. Topeka, KS 66612 (785) 296-3071 PHONE commissioner@ksinsurance.org EMAIL WEBSITE www.ksinsurance.org The Kansas Insurance Department provides free insurance shopping information, including complaint information and worker’s compensation. KANSAS PROCUREMENT TECHNICAL ASSISTANCE CENTER

Jim Feikert Regnier Center, Room 244 12345 College Blvd. Overland Park, KS 66210 (913) 469-2313 PHONE jfeikert@jccc.edu EMAIL Kansas PTAC at Johnson County Community College offers counseling and other services to companies competing for government con-

tracts. The center can help business owners sort through contracting opportunities to find the best ones for their company. Other services include assistance with bid and proposal preparation and help with 8(a), WBE, DBE, MBE, SDVOSB and HUBZone certifications. KCBIZCARE

City of Kansas City, Missouri 1118 Oak St. Kansas City, MO 64106 (816) 513-2492 PHONE kcbizcare@kcmo.org EMAIL WEBSITE www.kcmo.gov/kcbizcare/ TWITTER @kcbizcare A free resource, advocacy and information center for owners of new and existing businesses operating within the city of Kansas City, Missouri. KCBizCare is located in a storefront office in the parking garage just west of City Hall. Services include: » Identification of local, state and federal government requirements for businesses located or doing business in the City of Kansas City, Missouri. » Guidance and assistance in navigating the city’s licensing, permitting and approval processes. » Referrals to nonprofit agencies that offer education, resources and business support. » Public access to city computers to research property and zoning information, access records and submit online applications. KCSOURCELINK

Jenny Miller 4747 Troost Kansas City, MO 64110 (816) 235-6500 PHONE info@kcsourcelink.com EMAIL WEBSITE www.kcsourcelink.com TWITTER @KCSourceLink With a comprehensive business calendar and interactive directory of 230-plus business-building resources, KCSourceLink connects you to the right resources to help your business start, grow and scale, and it works to fill gaps in KC’s entrepreneurial services. KCSourceLink provides these referral services to entrepreneurs and small businesses at no cost. KC TECH COUNCIL

Ryan Weber 210 W. 19th Terrace, Ste. 200 Kansas City, MO 64108

(816) 895-2820 info@kctechcouncil.com WEBSITE www.kctechcouncil.com The KC Tech Council is committed to growing the existing base of technology firms; recruiting and attracting technology companies; aggregating and promoting our regional IT assets; and providing peer interaction and industry news. The council works to connect, promote and support the KC region’s tech industry and its member companies. It offers a jobs board, www.chutekc. com, that highlights Kansas City companies and their open positions. PHONE EMAIL

KEARNEY AREA DEVELOPMENT COUNCIL

Shawna Searcy P.O. Box 291 Kearney, MO 64060 (816) 628-3343 PHONE shawnasearcy@kearneyadc.com EMAIL WEBSITE www.kearneyadc.com The Kearney Area Development Council (KADC) was formed in 1994 to promote economic opportunity and to improve the quality of life in the Kearney area. K-STATE POLLUTION PREVENTION INSTITUTE

Larey Sadiq 11811 S. Sunset Drive, Ste. 1500 Olathe, KS 66061 1-800-578-8898 PHONE sbeap@ksu.edu EMAIL WEBSITE www.sbeap.org TWITTER @sbeap The K-State Pollution Prevention Institute provides free, confidential and technical environmental assistance. PPI houses the Kansas Small Business Environmental Assistance Program (SBEAP). KU INNOVATION & COLLABORATION

Julie Nagel 2029 Becker Drive, Ste. 142 Lawrence, KS 66047 (785) 864-6401 PHONE kuic@ku.edu EMAIL WEBSITE kuic.ku.edu TWITTER @KU_IC The University of Kansas encourages the commercial development of intellectual property (IP) to enhance the research capability of the university to serve the public good. KUIC manages the intellectual property of all University of Kansas campuses. Services include developing workshops and seminars

on the technology transfer process; identifying research that may be developed into beneficial commercial products; working with inventors to protect inventions through the patenting, copyright, trade secret and trademark processes; promoting collaborative research agreements with companies; working with inventors and commercial partners to transfer inventions to the public; and fostering an entrepreneurial environment for faculty and students. LEAPP AHEAD

Jim McGraw and Bill Musgrave (816) 215-5237 PHONE info@leappahead.com EMAIL WEBSITE www.leappahead.com LEAPP Ahead is an entertaining and educational program developed by Jim McGraw, former COO at Marion Laboratories and a founding member of the Kauffman Foundation’s board. The program delivers the effective principles of business leadership Jim followed for 30 years working with Ewing Marion Kauffman. The three-part presentation takes less than two hours and can be delivered all at once or in two or three separate settings. You’ll learn Mr. K’s values, his operational clarities and the importance of leadership, empathy and the power of persuasion. LEAVENWORTH COUNTY DEVELOPMENT CORPORATION

Steve Jack 1294 Eisenhower Road Leavenworth, KS 66048 (913) 727-6111 PHONE WEBSITE www.lvcountyed.org Leavenworth County Development Corporation is a 501(c)(6) public-private organization whose primary mission is to facilitate the creation and retention of jobs and capital investment in Leavenworth County. The LCDC can assist with site selection and various financing and incentive programs. LEAVENWORTH MAIN STREET PROGRAM INC.

Wendy Scheidt 416 Cherokee Leavenworth, KS 66048 (913) 682-3924 PHONE director@leavenworthEMAIL mainstreet.com WEBSITE www.leavenworthmainstreet.com Leavenworth Main Street works to keep downtown Leavenworth economically healthy through historic preservation and revitalizaK C E DI T I O N // I T H I N KBIGGER .CO M

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tion. The organization promotes businesses there, lists available space for shops and residences, offers renovation funding through its Incentives Without Walls program and hosts activities that showcase the downtown area. LEE’S SUMMIT ECONOMIC DEVELOPMENT COUNCIL (LSEDC)

Rick McDowell 218 S.E. Main St. Lee’s Summit, MO 64063 (816) 525-6617 PHONE rmcdowell@leessummit.org EMAIL WEBSITE www.leessummit.org The Lee’s Summit Economic Development Council (LSEDC) is a public-private sector partnership devoted to improving the economic well-being of Lee’s Summit. LIBERTY ECONOMIC DEVELOPMENT CORP.

Mark Stombaugh 105 N. Stewart Court, Ste. 200 Liberty, MO 64068 (816) 883-2503 PHONE WEBSITE www.thinklibertymo.com The Liberty EDC is tasked with recruiting new businesses and helping all Liberty-area businesses grow and prosper. MARTIN CITY COMMUNITY IMPROVEMENT DISTRICT

Missy Wilson 311 E. 135th St. Kansas City, MO 64145 (816) 308-1023 PHONE manager@martincity.org EMAIL WEBSITE www.martincity.org or www.facebook.com/MartinCity- CommunityImprovementDistrict The Martin City CID works to improve infrastructure, transportation, public safety and other essentials in this south Kansas City neighborhood. The CID also operates marketing campaigns to attract new business and tourism and hosts special events there. METROPOLITAN COMMUNITY COLLEGE– BUSINESS & TECHNOLOGY CAMPUS

Jackie Gill 1775 Universal Ave. Kansas City, MO 64120 (816) 604-1000 PHONE WEBSITE mcckc.edu/explore/campuses/businesstechnology/welcome.asp The Business & Technology Campus is a leading provider of technical education in the Kansas City region. It also offers an array of services to businesses and employers. 112

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1775 Universal Ave. Kansas City, MO 64120 (816) 604-1000 PHONE WEBSITE www.mcckc.edu/iwi The institute offers an array of consulting services including assessment, recruitment, quality management, database solutions and customized training, boasting the area’s only OSHA Training Institute Education Center. MIAMI COUNTY ECONOMIC DEVELOPMENT

Janet McRae 201 S. Pearl, Ste. 202 Paola, KS 66071 (913) 294-4045 PHONE jmcrae@miamicountyks.org EMAIL WEBSITE www.ThinkMiamiCounty.com Miami County’s team acts as a resource and referral center, recruits new businesses, assists businesses in starting and growing and provides hands-on workshops along with one-on-one business advising. Additionally, it acts as an intermediary with resource providers, and it prepares and distributes reports and research data on demographics, businesses, employment market profiles, census data, workforce characteristics and available sites. MID-AMERICA MANUFACTURING TECHNOLOGY CENTER

Mark Chalfant 10550 Barkley, Ste. 116 Overland Park, KS 66212 (913) 649-4333 PHONE info@mamtc.com EMAIL WEBSITE www.mamtc.com The Mid-America Manufacturing Technology Center (MAMTC) consults with manufacturers across the state on how to grow their operations. The center uses proven techniques to assist companies with their challenges of growth. The organization helps streamline Kansas companies of nearly any size, manufacturing any product and using any technology. MID-AMERICA REGIONAL COUNCIL

David Warm 600 Broadway Blvd., Ste. 200 Kansas City, MO 64105 (816) 474-4240 PHONE marcinfo@marc.org EMAIL WEBSITE www.marc.org The Mid-America Regional Council (MARC) is a nonprofit association of city and

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county governments and the metropolitan planning organization for the bistate Kansas City region. MARC works particularly in the areas of transportation and environmental planning, aging, early learning, emergency preparedness and 911, public health and local government support services. MARC can provide market profiles, census, business and employment reports that can be customized by county, census tract or ZIP code. MID-AMERICA TRADE ADJUSTMENT ASSISTANCE CENTER

Donna Porch 4200 Little Blue Parkway, Ste. 590 Independence, MO 64057 1-800-336-8205 PHONE mid-amer@taacenter.org EMAIL WEBSITE www.taacenters.org Mid-America TAAC is a federally funded program providing technical and financial assistance to Missouri, Kansas, Nebraska and Iowa manufacturers affected by import competition. Mid-America TAAC is staffed by individuals with private industry backgrounds. They assist in determining eligibility and in preparing application documents, and they act as an intermediary between the firm and the Department of Commerce, which sponsors the program. Eligible manufacturers are assisted in two ways. First, TAAC staff conducts a thorough assessment of the firm to identify and prioritize opportunities for increased profits, job creation and long-term financial stability. Second, TAAC offers two cost-share grants that can be used to implement projects with consultants or industry-specific experts that are focused on improving a firm’s internal operations and competitive abilities. The smaller grant of $30,000 requires a 25 percent company match. The larger grant of up to $150,000 requires a 50 percent company match. MID-CONTINENT PUBLIC LIBRARY— SQUARE ONE SMALL BUSINESS SERVICES

Morgan Perry 4200 Little Blue Parkway, Ste. 590 Independence, MO 64057 (816) 848-4489 PHONE mperry@mymcpl.org EMAIL WEBSITE www.mymcpl.org/events/square-one The Mid-Continent Public Library’s Square One Small Business Services employs a team of small business specialists who can help

local entrepreneurs with business plan development, social media, market research and other areas. Square One also hosts a full slate of workshops and educational events for small business owners. MIDWEST CENTER FOR NONPROFIT LEADERSHIP (UMKC)

Mark Culver 4747 Troost, Ste. 207 Kansas City, MO 64110 (816) 235-2305 PHONE mcnl@umkc.edu EMAIL WEBSITE www.mcnl.org The mission of the Midwest Center for Nonprofit Leadership (MCNL) is to enhance performance and effectiveness in the nonprofit sector through high-quality, communityoriented education, applied research, problem solving and service. MIDWEST SMALL BUSINESS FINANCE

Frances Sheffield 1251 N.W. Briarcliff Parkway, Ste. 25 Kansas City, MO 64116 (816) 468-4989 PHONE loans@simplymoreloans.com EMAIL WEBSITE www.simplymoreloans.com Midwest Small Business Finance is a Certified Development Company licensed by the SBA to help small businesses with real estate and equipment financing via 504 loans. Midwest Small Business Finance offers assistance to small businesses with an array of other loan programs providing lowmoney-down, fixed-interest-rate financing of fixed assets on smaller projects. Loan programs include a Revolving Fund for Platte and Clay counties, Rural Revolving Fund for 20 counties in northwestern Missouri and an ILP Fund for Missouri and Kansas where all the money loaned on this program is rolled back into the fund to help other small businesses. MIDWEST WOMEN’S BUSINESS ENTERPRISE COUNCIL

Adrienne B. Haynes Central Exchange South 6201 College Blvd, Ste. 245 Leawood, KS 66211 (816) 389-8864 PHONE adrienne@mwbec.org EMAIL WEBSITE www.mwbec.org TWITTER @MWBEC The mission of the Midwest Women’s Business Enterprise Council (MWBEC) is to assist

women-owned businesses by increasing their access to opportunities through WBENC certification, business resources and engagement with MWBEC’s corporate partners.

existing businesses in Missouri. You can find a full listing of programs for businesses at the following website: www.ded.mo.gov/businesses/BusinessAssistance.aspx

MINORITY CONTRACTORS ASSOCIATION OF GREATER KANSAS CITY

MISSOURI DEPARTMENT OF INSURANCE, FINANCIAL INSTITUTIONS AND PROFESSIONAL REGISTRATION

Joseph E. Mabin 3200 Wayne, Ste. 204 Kansas City, MO 64109 (816) 924-4442 PHONE mca.gkc@gmail.com EMAIL MCA-GKC is a nonprofit trade association representing M/WBE contractors. Its primary focus is advocacy for contracting opportunities for its member companies. It works to maximize public-sector opportunities and increase private-sector jobs for M/WBE concerns. MCA-GKC operates a full-service plan room for display of both public and private projects. The organization holds seats on oversight boards that govern public-sector inclusion programs, and it works with general contractors seeking to assist M/WBE inclusion goals.

301 W. High St., Room 530 P.O. Box 690 Jefferson City, MO 65102 (573) 751-4126 PHONE WEBSITE difp.mo.gov The department handles several functions, all designed to protect consumers. This includes the licensure and regulation of insurance companies and insurance professionals in the state, oversight of the state’s banks and credit unions, and professional licensing for more than 400,000 people and companies. It also operates the Insurance Consumer Hotline (1-800-726-7390) and CLAIM, which offers help with Medicaid questions, at 1-800-390-3330 or www.missouriclaim.org.

MISSOURI BIOTECHNOLOGY ASSOCIATION (MOBIO)

MISSOURI DEPARTMENT OF NATURAL RESOURCES

Kelly Gillespie 428 E. Capitol Ave., Ste. 300 Jefferson City, MO 65102 (573) 761-7600 PHONE kelly@mobio.org EMAIL WEBSITE www.mobio.org The Missouri Biotechnology Association (MOBIO) focuses on maintaining the growth of the biotechnology industry in Missouri. MOBIO is made up of a broad base of companies, higher education institutions and research groups affecting the life sciences.

Kansas City Regional Office 500 N.E. Colbern Road Lee’s Summit, MO 64086 (816) 251-0700 PHONE contact@dnr.mo.gov EMAIL WEBSITE dnr.mo.gov The Missouri Department of Natural Resources’ Kansas City Regional Office works to protect the Kansas City region’s air, land and water quality. The department also provides financial and technical assistance and training to local businesses, communities and citizens.

MISSOURI BUSINESS PORTAL

Mike Downing WEBSITE www.business.mo.gov This online resource serves as a single point of entry for business registration, filings, licenses and permits for doing business in Missouri. MISSOURI DEPARTMENT OF ECONOMIC DEVELOPMENT

301 W. High St., Room 680 P.O. Box 1157 Jefferson City, MO 65102 (573) 751-4962 PHONE ecodev@ded.mo.gov EMAIL WEBSITE www.ded.mo.gov The Department of Economic Development assists in creating jobs, community redevelopment and the growth and expansion of

MISSOURI ENTERPRISE

4240 Blue Ridge Blvd., Ste. 501 Kansas City, MO 64133 1-800-956-2682 PHONE WEBSITE www.missourienterprise.org TWITTER @MOEnterprise Missouri Enterprise is composed of experienced manufacturing and business management professionals who deliver hands-on business and technical assistance to small and medium-size manufacturing companies. It provides manufacturers with access to new technologies, training and hands-on assistance in several areas: business growth, continuous improvement, sustainability, workforce and technology commercialization. K C E DI T I O N // I T H I N KBIGGER .CO M

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MISSOURI LINKED DEPOSIT PROGRAM

Clint Dweifel (573) 751-2372 PHONE lindeddeposits@treasurer.mo.gov EMAIL WEBSITE www.treasurer.mo.gov/content/ low-interest-loans The Missouri Linked Deposit Program is administered through the state treasurer’s office to enable financial institutions to make low-cost loans to businesses and farms to create jobs and help Missouri’s economy grow. MISSOURI OFFICE OF EQUAL OPPORTUNITY

Interim Director Walter J. Pearson 301 W. High St., HST Room 630 Jefferson City, MO 65101 (573) 751-8130 PHONE oeo@oa.mo.gov EMAIL WEBSITE oeo.mo.gov The Office of Equal Opportunity (OEO) promotes a diversified workforce within state government and assists women and minorities in developing opportunities to contract with the state, economically empowering traditionally underserved communities and improving the overall fiscal vitality of Missouri. MISSOURI PROCUREMENT TECHNICAL ASSISTANCE CENTER

MO PTAC—KANSAS CITY Michelle “Shelly” Cunningham 4747 Troost, Ste. 105 Kansas City, MO 64110 (816) 235-2891 PHONE cunninghammic@umkc.edu EMAIL WEBSITE www.missouribusiness.net/ptac MO PTAC—ST. JOSEPH REGION Clint Dougherty 4125 Mitchell Ave. St. Joseph, MO 64507 (816) 279-1691 PHONE doughertycb@missouri.edu EMAIL WEBSITE www.missouribusiness.net/ptac To help small businesses compete for local, state and federal government contracts, MO PTAC offers the following services to Missouri businesses: bid matching (matching a client’s products or services with what the government is currently buying); bid and proposal preparation assistance; registration assistance; certification assistance for 8(a), HUBZone, SDVOSB, WOSB, EDWOSB, MBE, WBE and DBE; procurement research and marketing assistance; educational seminars; and electronic commerce training. 114

MISSOURI SBIR/STTR TECHNICAL ASSISTANCE PROGRAM

MISSOURI WOMEN’S COUNCIL

Sally Williams 4747 Troost, Room 104 Kansas City, MO 64110 (816) 235-6074 PHONE williamssall@umkc.edu EMAIL WEBSITE www.missouribusiness.net/ technology One of the primary programs of the Missouri Small Business and Technology Development Centers (SBTDC) is the SBIR/ STTR technical assistance program, offered through the UMKC SBTDC, a partner program of the UMKC Innovation Center. Technology specialists help Missouri businesses and researchers take their intellectual property from the idea stage to commercialization, and assist them in obtaining federal R&D funds through Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants. The technologies and products are transferred from the laboratory to the marketplace. Both these programs require that certain eligibility criteria must be met.

MO-KAN DEVELOPMENT

MISSOURI SMALL BUSINESS REGULATORY FAIRNESS BOARD (SBRFB)

Nancy Zurbuchen, chair 301 W. High St., Room 680 P.O. Box 1157 Jefferson City, MO 65102 (573) 526-6306 PHONE SBRFB@ded.mo.gov EMAIL WEBSITE www.sbrfb.ded.mo.gov The SBRFB provides a key interface between state regulatory agencies and affected small businesses. The board works with state agencies to make sure that Missouri rules and regulations do not create an unfair burden. MISSOURI TECHNOLOGY CORPORATION

Bill Anderson 301 W. High St., Ste. 680 Jefferson City, MO 65101 (573) 526-0470 PHONE MTC.info@ded.mo.gov EMAIL WEBSITE www.missouritechnology.com The Missouri Technology Corporation is a public-private partnership that fosters the growth of new and innovative companies, especially in bioscience and technology. It operates a series of funding programs to help companies start and grow in Missouri.

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301 W. High St., Ste. 680 P.O. Box 1157 Jefferson City, MO 65101 (573) 751-0810 PHONE WEBSITE www.womenscouncil.org The Missouri Women’s Council offers information and resources on starting your own business, being a woman in business, finding a great job, upgrading your skills, working from home and obtaining state contracts. The council is an agency within the Department of Economic Development. Jon Ecker 224 N. Seventh St. St. Joseph, MO 64501 (816) 233-3144 PHONE jecker@mo-kan.org EMAIL WEBSITE www.mo-kan.org Mo-Kan Development is a certified development company authorized by the U.S. Small Business Administration (SBA) to package 504 loans and 7(a) guaranteed loans to the small business community in the entire state of Missouri and the counties of Atchison, Brown, Doniphan, Jackson, Jefferson and Nemaha in Kansas. MOSOURCELINK

Jenny Miller 4747 Troost Kansas City, Mo 64110 (866) 870-6500 PHONE info@mosourcelink.com EMAIL WEBSITE www.mosourcelink.com MOSourceLink connects small business owners with a network of resource organizations that provide business-building services. MOUNTAIN PLAINS MINORITY SUPPLIER DEVELOPMENT COUNCIL

Consuella McCain 11320 W. 79th Lenexa, KS 66214 (816) 221-4200 PHONE consuella@mpmsdc.org EMAIL WEBSITE www.mpmsdc.org Through its programs and services, the mission of the Mountain Plains Minority Supplier Development Council is to provide academic institutions, corporations, government entities and nonprofits with greater access to the goods and services of minority-owned businesses in order to develop lasting and mutually beneficial relationships.

MULTICULTURAL BUSINESS COALITION

Adrienne B. Haynes mbckansascity@gmail.com EMAIL WEBSITE www.mbckc.org TWITTER @MBC_KC The Multicultural Business Coalition engages the multicultural business community by providing a forum of communication for organizations that serve a significant portion of multicultural business owners; increasing collaboration between said organizations; increasing the rate of multicultural-owned business participation and recognition in the general business ecosystem; and conducting research and providing data on multicultural business trends. NATIONAL ASSOCIATION OF WOMEN BUSINESS OWNERS–KANSAS CITY (NAWBO-KC)

Brandy McCombs 11249 Strang Line Road Lenexa, KS 66215 (816) 714-9333 PHONE info@nawbokc.org EMAIL WEBSITE www.nawbokc.org The National Association of Women Business Owners (NAWBO) strives to stimulate business and economic opportunity for local, national and international women entrepreneurs. NAWBO attracts, supports and motivates women entrepreneurs through dynamic programming, committed and influential corporate partners, membership growth, financial strength and professionalism. Most importantly, this organization provides an opportunity to develop a network of peers. NATIONAL ASSOCIATION OF WOMEN IN CONSTRUCTION—KANSAS CITY CHAPTER #100

Barb Allen www.kcnawic.org This is a national association that supports the advancement and employment of women in construction. WEBSITE

NATIONAL FEDERATION OF INDEPENDENT BUSINESS

KANSAS Dan Murray 534 S. Kansas, Ste. 830 Topeka, KS 66603 (785) 217-3442 PHONE dan.murray@NFIB.org EMAIL WEBSITE www.nfib.com/kansas MISSOURI Brad Jones 308 E. High, Ste. 110 Jefferson City, MO 65101

(573) 634-7660 brad.jones@nfib.org WEBSITE www.nfib.com/missouri The National Federation of Independent Business (NFIB) is the nation’s largest advocacy organization representing small and independent businesses. The NFIB was created to give small and independent businesses a voice in governmental decision-making. The organization advances the concerns of small business owners among state and federal legislators and regulators. PHONE EMAIL

NETWORK KANSAS

(877) 521-8600 (toll free) www.networkkansas.com TWITTER @networkkansas Established by the Kansas Center for Entrepreneurship, NetWork Kansas is devoted to the growth of entrepreneurship and small business throughout Kansas. Backed by more than 500 partners statewide, the NetWork Kansas service promotes an entrepreneurial environment by connecting entrepreneurs and small business owners with expertise, education and economic resources. PHONE

WEBSITE

NORTHEAST INDUSTRIAL ASSOCIATION (NEIA)

Joe LaMothe P.O. Box 33551 Kansas City, MO 64120 (816) 231-8811 PHONE joe.lamothe@ipr-mwt.com EMAIL WEBSITE www.kcneia.org The Northeast Industrial Association, founded in the 1940s, is a corporate/resident member organization whose purpose is to develop and promote the welfare of the Northeast Industrial District of Kansas City, Missouri, including its industries, residents, real estate and merchants. A monthly luncheon, quarterly newsletter, networking opportunities and community events are member benefits. NORTHEAST KANSAS ENTERPRISE FACILITATION

Teresa McAnerney P.O. Box 635 Wathena, KS 66090 (785) 364-0583 PHONE tm@nekef.org EMAIL WEBSITE www.nekef.org The Northeast Kansas Enterprise Facilitation Initiative provides free, confidential, one-on-one business management coaching to entrepreneurs in Atchison, Brown, Doniphan, Jackson and Nemaha counties. Assistance is

available to both aspiring and existing business owners. Examples of services include: assistance in forming a business plan and seeking funding; educational resources; help in developing a marketing plan; and support in attaining the correct licenses needed for your business. NORTHLAND ANGEL INVESTOR NETWORK

Jim Hampton 1251 N.W. Briarcliff Parkway, Ste. 25 Kansas City, MO 64116 (816) 468-4989 PHONE info@ClayEDC.com EMAIL WEBSITE www.NorthlandInvestors.com The Northland Angel Investor Network (NAIN) provides a unique opportunity for both investors and company founders by creating a synergistic opportunity to fund and build companies in Clay County, Missouri. NORTHLAND CENTER FOR ADVANCED PROFESSIONAL STUDIES

Sandy Henshaw 2000 N.E. 46th St. Kansas City, MO 64116 (816) 977-8111 PHONE shenshaw@northlandcaps.org EMAIL WEBSITE www.northlandcaps.org The Northland Center for Advanced Professional Studies (Northland CAPS) is a profession-based educational model that works with seven school districts in the Northland (Excelsior Springs, Kearney, Liberty, North Kansas City, Park Hill, Platte County and Smithville) to provide professional and entrepreneurial experience for students. It is designed to expose high school juniors and seniors to work environments and equip them with the skills needed to be successful in the global workforce and in a competitive college environment. Students in Northland CAPS are fully immersed in high-demand, high-skill careers, collaborating side by side with employees at the site. They gain professional skills such as problem solving, time and project management skills, business ethics and self-discipline. Northland CAPS partners with private businesses, large and small, to help create a workforce for tomorrow. OLATHE ECONOMIC DEVELOPMENT COUNCIL

18001 W. 106 St., Ste. 160 Olathe, KS 66061 (913) 764-1050 PHONE chamber@olathe.org EMAIL WEBSITE www.olathe.org/economicdevelopment-council K C E DI T I O N // I T H I N KBIGGER .CO M

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The Olathe EDC provides support to companies that want to start, expand or relocate in Olathe. ONEKC FOR WOMEN

Sherry Turner 920 Main St., Ste. 100 Kansas City, MO 64105 (816) 595-1296 PHONE sturner@onekcforwomen.com EMAIL WEBSITE www.OneKCforWomen.com The Women’s Employment Network, Women’s Business Center, Women’s Capital Connection and WE-Lend provide services that create financial growth and independence. This alliance more fully integrates many of the current services each organization offers. The collective mission of this alliance is to empower women to become economically self-sufficient and prosperous through career development and business growth. The integration of existing programs provides options for the following clients: unemployed, underemployed, transitioning, business startup, existing businesses, microenterprises and businesses seeking funding. 1 MILLION CUPS–KANSAS CITY

Kauffman Foundation Conference Center 4801 Rockhill Road Kansas City, MO 64110 WEBSITE www.1millioncups.com/kansascity TWITTER @1MillionCupsKC This grassroots event—which takes place every Wednesday at 9 a.m.—features two startups that present their business models to an audience of entrepreneurs, mentors, investors and other community members. PARKVILLE ECONOMIC DEVELOPMENT COUNCIL

Mike Kellam 8880 Clark Ave., Ste. 218 Parkville, MO 64152 (816) 268-5006 PHONE mike.kellam@parkvilleedc.com EMAIL WEBSITE www.parkvilleedc.com The Parkville Economic Development Council encourages and coordinates responsible economic activity and community improvement in Parkville, and assists new companies and existing businesses. PIPELINE

Joni Cobb 1919 W. 45th Ave. Kansas City, KS 66103 (913) 307-0004 PHONE info@pipelineentrepreneurs.com EMAIL 116

www.pipelineentrepreneurs.com @PIPELINEorg Pipeline is a fellowship of high-performing entrepreneurs who call the Midwest home. The organization’s entrepreneurs have access to a renowned national network of experts who share a passion for the Pipeline family. Through Pipeline, entrepreneurs invest in their own professional development, and also give generously of their time, talent and capital to enable them to build global businesses from wherever they choose. Pipeline takes zero equity in member companies, focusing on the entrepreneur first. The fellowship year is just the beginning. Pipeline is available for life. WEBSITE TWITTER

PLATTE COUNTY ECONOMIC DEVELOPMENT COUNCIL

Alicia Stephens 11724 N.W. Plaza Circle, Ste. 400 Kansas City, MO 64153 816-270-2109 PHONE astephens@plattecountyedc.com EMAIL WEBSITE www.plattecountyedc.com The Platte County Economic Development Council has a long history of fostering business success. The PCEDC helps its existing business base expand and works to recruit new businesses to Platte County. PCEDC has several areas of focus, including public policy, infrastructure, marketing and recruitment, and business retention. It tracks available building space and sites for new and expanding businesses. PCEDC works with local, regional and state partners to provide financial and program assistance. It serves as the connector between businesses and those who can help a business grow. RAYTOWN OFFICE OF ECONOMIC DEVELOPMENT

10000 E. 59th St. Raytown, MO 64133 (816) 737-6000 PHONE info@raytown.mo.us EMAIL WEBSITE www.raytown.mo.us/ The office provides assistance to businesses that want to start, expand or relocate in Raytown, including helping with site selection and pursuit of financial incentives. RIGHTFULLY SEWN

Jennifer Lapka Pfeifer P.O. Box 410861 Kansas City, MO 64141 WEBSITE www.rightfullysewn.org Rightfully Sewn offers training and other support for local designers and seamstresses,

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and it hosts educational events designed to foster Kansas City’s fashion culture. RMI

Herb Spiegel 7817 Rosewood Drive Prairie Village, KS 66208 (913) 642-3055 PHONE hspiegel@kc.rr.com EMAIL WEBSITE www.rmiinc.org RMI is a regional certified development company specializing in 504 loans for real estate and equipment. SCALEUP! KANSAS CITY

Jill Meyer 4747 Troost Ave. Kansas City, MO 64110 (816) 235-6063 PHONE meyerjz@umkc.edu EMAIL WEBSITE www.scaleupkc.com ScaleUP! Kansas City is an elite program for small business owners looking to increase their company’s revenues. Participants are exposed to training, coaching and peer roundtables over the course of four months. ScaleUP! is for business owners who lead a company that has been in business at least two years, generates annual sales between $150,000 and $500,000 and operates in a market that could produce more than $1 million in annual sales. There is no cost to participate in ScaleUP! SCORE

Ed Doering 4747 Troost Ave., Ste. 128 Kansas City, MO 64110 (816) 235-6675 PHONE chapter.0019@scorevolunteer.org EMAIL WEBSITE kansascity.score.org SCORE provides free mentoring and free workshops for entrepreneurs and small businesses. With more than 50 local volunteer business mentors, the group can match you with the specific help and direction you need to start a new business or expand an existing one. All services and resources are provided at no cost. THE SEWING LABS

Lonnie Vanderslice 803 E. 27th St. Kansas City, MO 64108 (816) 665-5279 PHONE thesewinglabs@gmail.com EMAIL WEBSITE www.thesewinglabs.community The Sewing Labs offers training in sewing and related skills. One of the organization’s

goals is to help students find good-paying jobs or even create their own businesses. SHAWNEE ECONOMIC DEVELOPMENT COUNCIL

Elli Bowen 15100 W. 67th St., Ste. 202 Shawnee, KS 66217 (913) 631-6545 PHONE WEBSITE www.Shawnee-EDC.com or www.ShawneeKSChamber.com The Shawnee Economic Development Council works collaboratively with the City of Shawnee and the Shawnee Chamber of Commerce to drive job creation, business expansion and retention, and real estate development in Shawnee. Promoting Shawnee as a distinctive business location with an enhanced quality of life, the SEDC provides quality economic development projects that will have a significant impact upon the economic growth of Shawnee, including fostering and encouraging all facets of development—industrial, commercial and residential. SOUTHWEST JOHNSON COUNTY ECONOMIC DEVELOPMENT CORP.

Greg Martinette One New Century Parkway New Century, KS 66031 (913) 489-3990 PHONE greg@swjocoksedc.com EMAIL WEBSITE www.swjocoksedc.com The Southwest Johnson County Economic Development Corporation stimulates economic growth by demonstrating to new and existing companies the unique business advantage of a southwest Johnson County location. SPRINT ACCELERATOR

210 W. 19th Terrace Kansas City, MO 64108 WEBSITE www.sprintaccelerator.com Located in the Crossroads, the Sprint Accelerator is a center for corporate innovation and entrepreneurial engagement that showcases Sprint’s continued commitment to community. The accelerator leverages experience and challenges mindsets to promote and accelerate meaningful innovation. It cultivates relationships through shared ideas and combined efforts. And it drives visibility, growth and mentorship through facilitated connections and targeted resources.

STARTUP REWIND

Deer Creek Country Club 7000 W. 133rd St. Overland Park, KS 66209 WEBSITE www.startuprewind.com TWITTER @StartupRewind The Overland Park South Rotary Club hosts Startup Rewind, a monthly meeting that showcases presentations from local startups. Startup Rewind meets on the first Wednesday of the month at Deer Creek Country Club from 7:15 to 8:30 a.m. STARTUP VILLAGE

www.kcstartupvillage.org The Kansas City Startup Village (#KCSV) is an entrepreneur-led, organic, grassroots initiative helping to bolster the Kansas City entrepreneur and startup community. It supports a concentrated and collaborative area of startups centered around the Google Fiber “fiberhood” of Hanover Heights near 45th and State Line Road. WEBSITE

THE SURPLUS EXCHANGE

Ben Martin 518 Santa Fe Kansas City, MO 64105 (816) 472-0444 PHONE b.martin@surplusexchange.org EMAIL WEBSITE www.surplusexchange.org Surplus Exchange is a national model for electronics recycling. The nonprofit is Kansas City’s first Basel Action Network Certified e-Steward, providing proper recycling of all consumer electronics. Surplus Exchange also offers furniture and electronics to small businesses and low-income students, and it is open to the public. TECHNOLOGY COUNCILS OF NORTH AMERICA (TECNA)

918 E. Santa Ana Blvd. Santa Ana, CA 92701 (714) 550-0309 PHONE info@tecna.org EMAIL WEBSITE www.tecna.org TWITTER @TechCouncils TECNA represents dozens of IT and technology trade organizations that, in turn, represent more than 16,000 technology-related companies in North America. TECNA shares best practices between state and regional technology trade associations and advocates at the federal level on issues important to the technology sector.

TOPEKA/SHAWNEE COUNTY FIRST OPPORTUNITY FUND

Glenda Washington 120 S.E. 6th Ave., Ste. 110 Topeka, KS 66603 (785) 231-6048 PHONE gwashington@gotopeka.com EMAIL WEBSITE www.gotopeka.com Services include a microloan program, small business incentive program (for Shawnee County residents only), business matchmakers, counseling and small business training. UMKC ENTREPRENEURIAL LEGAL SERVICES CLINIC

Danielle Merrick 4747 Troost, Ste. 213 Kansas City, MO 64110 (816) 235-6341 PHONE elsclinic@umkc.edu EMAIL WEBSITE law.umkc.edu/academics/clinical- programs/entrepreneuriallegal-services-clinic/ The UMKC Entrepreneurial Legal Services Clinic at the UMKC School of Law offers the legal services needed by new and existing entrepreneurs who cannot afford the market rate for those services. Services —which are provided by UMKC law students under the supervision of licensed and experienced attorneys—include contract drafting and review, regulatory compliance and tax advice. U.S. DEPARTMENT OF COMMERCE

Office of Business Liaison 1401 Constitution Ave. N.W. Washington, DC 20230 (202) 482-1360 PHONE WEBSITE www.commerce.gov/os/office-business-liaison Commerce’s Office of Business Liaison serves as the first point of contact between business leaders and the agency. U.S. COMMERCIAL SERVICE—KANSAS CITY

Nyamusi Igambi 1000 Walnut, Ste. 500 Kansas City, MO 64106 (816) 421-1876 PHONE Office.KansasCity@trade.gov EMAIL WEBSITE www.export.gov/missouri/ kansascity With its network of offices across the United States and in more than 80 countries, the U.S. Commercial Service uses its global presence K C E DI T I O N // I T H I N KBIGGER .CO M

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and international marketing expertise to help U.S. companies sell their products and services worldwide. U.S. GENERAL SERVICES ADMINISTRATION, OFFICE OF SMALL BUSINESS UTILIZATION

Amy Lara 2300 Main St., FIoor 2NE Kansas City, MO 64108 (816) 926-7203 PHONE business.counseling@gsa.gov EMAIL WEBSITE www.gsa.gov/r6smallbusiness TWITTER @GSAR6smallbiz The Office of Small Business Utilization offers information on doing business with the U.S. General Services Administration (GSA) and its federal clients. GSA supports the federal community by providing commonly used products and services that assist agencies and the military in conducting their day-to-day operations. GSA oversees federal operations, such as the leasing, maintenance and construction of public buildings; the federal telephone system; the federal fleet of vehicles; and the federal supply system. The Kansas City office serves the states of Missouri, Iowa, Nebraska and Kansas. U.S. SMALL BUSINESS ADMINISTRATION

Patricia Brown-Dixon Regional Administrator, Region VII 1000 Walnut St., Ste. 530 Kansas City, MO 64106 (816) 426-4840 PHONE Jon Malcolm Richards District Director, Kansas City 1000 Walnut St., Ste. 500 Kansas City, MO 64106 (816) 426-4900 PHONE BUSINESS DEVELOPMENT Barbara Caldwell (816) 426-4902 PHONE barbara.caldwell@sba.gov EMAIL WEBSITE www.sba.gov The U.S. Small Business Administration’s (SBA) mission is to help people get started in business and to stay in business. Through a variety of financial, technical and management assistance programs, the SBA offers new and experienced entrepreneurs access to resources to help them start and expand their small businesses. The Kansas City District serves the eastern third of Kansas and the western half of Missouri. See individual listings in this guide 118

for particular programs affiliated with the SBA, such as the Small Business Development Centers, SCORE, Veterans Business Resource Center and Women’s Business Centers. In addition, the SBA offers the following programs. BUSINESS RESOURCE CENTER 4747 Troost, Ste. 128 Kansas City, MO 64110 (816) 235-6675 PHONE chapter.0019@scorevolunteer.org EMAIL WEBSITE www.scorekc.org The Business Resource Center has an extensive small-business reference library of books and publications to help entrepreneurs plan their business, expand an existing business or venture into new business areas. Computers and software are available for client use. All services and resources are provided at no cost. LENDER RELATIONS DIVISION Danny Lobina 1000 Walnut St., Ste. 500 Kansas City, MO 64106 (816) 426-4916 PHONE daniele.lobina@sba.gov EMAIL The agency’s finance programs enhance the ability of lenders to provide long- and shortterm loans to small businesses that might not qualify through normal lending channels. There are four basic types of SBA lending and equity investment programs available: the 7(a) Loan Guaranty Program, the 7(m) Microloan Program, the 504 Certified Development Company Loan Program and the Small Business Investment Company Program. GOVERNMENT CONTRACTING PROGRAM Christopher Eischen Procurement Center Representative Government Contracting Area IV (816) 426-4911 PHONE christopher.eischen@sba.gov EMAIL The SBA negotiates small business goals with each federal agency to ensure that the government-wide small business goal of 23 percent, required by the Small Business Reauthorization Act of 1997, is met. The SBA monitors the agencies’ progress toward achievement of the goal. To increase opportunities for small businesses in the federal acquisition process, the SBA negotiates goals for small business setasides, identifies new small business sources and counsels small companies on how to do

TH E THINKING BIGGER GU ID E F OR KC ENTR EPR ENEU R S

business with the federal government. Assistance is also available for prime contracting and subcontracting. HUBZONE PROGRAM Ken Surmeier 1000 Walnut St., Ste. 500 Kansas City, MO 64106 (816) 426-4919 PHONE kenneth.surmeier@sba.gov EMAIL This program encourages economic development in historically underutilized business zones (HUBZones) through the establishment of federal contract award preferences for qualified small businesses located in such areas. To qualify for the HUBZone Program, a small business generally must be located in a HUBZone, be owned and controlled by one or more U.S. citizens, and have at least 35 percent of its employees residing in a HUBZone. VETERANS BUSINESS RESOURCE CENTER

Darcella Craven 315 Lemay Ferry Road, No. 114 St. Louis, MO 63125 (314) 531-VETS (8387) PHONE www.vetbiz.com WEBSITE The Veterans Business Resource Center helps veterans and transitioning service members who want to launch, grow or sell their businesses. The center provides counseling, mentoring, resources and education for veterans, active-duty personnel who are transitioning to civilian life, and Reserve and National Guard members. WAKARUSA VALLEY DEVELOPMENT INC.

Troy Roberts 4321 W. 6th St., Ste. B Lawrence, KS 66049 (785) 749-7600 PHONE info@wakarusavalley.org EMAIL WEBSITE www.wakarusavalley.org TWITTER @WakarusaValley Wakarusa Valley Development Inc. (WVDI) is a nonprofit, community-based organization certified by the U.S. Small Business Administration to originate and service SBA 504 loans throughout Kansas. In addition, WVDI works with local banks and small businesses that seek funding under the SBA 7(a) loan guarantee program by providing packaging services and technical assistance.

WHITEBOARD 2 BOARDROOM

James Baxendale 4747 Troost Ave. Kansas City, MO 64110 (816) 235-6429 PHONE baxendalej@umkc.edu EMAIL WEBSITE www.whiteboard2boardroom.com The Whiteboard 2 Boardroom program provides a number of services to the bistate entrepreneurial community. These include, but are not limited to, identification of CEO talent and mentors for new companies; access to innovations developed at regional academic institutions, research organizations and corporations; establishment of strategic partnerships; and identification of sources of capital. Whiteboard 2 Boardroom also offers its Tech Alert System, a yearly subscription fee-based system in which W2B staff will search its technology portfolio for matches to technology requests received from entrepreneurs and established companies. WOMEN CONSTRUCTION OWNERS AND EXECUTIVES USA

3509 Connecticut Ave. N.W. Washington, DC 20008 1-800-788-3548 PHONE info@wcoeusa.org EMAIL WEBSITE www.wcoeusa.org Women Construction Owners and Executives USA unites women across the nation to promote contracting opportunities and influence legislation. Services include assistance in WOSB government contracting, peer-to-peer networking, workshops and conferences, resource assistance and referrals.

metro Kansas City community who intend to grow their businesses. Services include workshops, FastTrac NewVenture classes, certification education, peer-to-peer mentoring round-tables, access to volunteer advisers, access to capital, credit-building assistance and more. The Women’s Business Center connects women entrepreneurs with the resources best suited to assist them with their business challenges. The WBC also works with two capital programs: WE-Lend, a microloan fund for women business owners, and the Women’s Capital Connection, a women’s angel investor network. WOMEN’S EMPLOYMENT NETWORK (WEN)

Sherry Turner 920 Main, Ste. 100 Kansas City, MO 64105 (816) 822-8083 PHONE WEBSITE www.kcwen.org The Women’s Employment Network (WEN) is a nonprofit organization dedicated to providing women with the skills, training and confidence to help them achieve economic self-sufficiency for themselves and their families. WEN’s mission is to assist women in raising their self-esteem and achieving economic independence through sustained employment. In addition to employment preparation and job search training, WEN offers individualized coaching, computer training, career clothing and professional case management to help women address personal barriers to employment success. WORKFORCE PARTNERSHIP

Danica Rome JOHNSON COUNTY 9221 Quivira Road Overland Park, KS 66215 LEAVENWORTH COUNTY 515 Limit, Ste. 200 Leavenworth, KS 66048 WOMEN’S BUSINESS CENTER

Brande Stitt 4220 Shawnee Mission Parkway, Ste. 350 B Fairway, KS 66205 (913) 492-5922 PHONE bstitt@kansascitywbc.com EMAIL WEBSITE www.kansascitywbc.com The Women’s Business Center is a resource for women entrepreneurs in the

WYANDOTTE COUNTY 626 Minnesota Ave. Kansas City, KS 66101 (913) 577-5946 danicar@workforcepartnership.com WEBSITE www.workforcepartnership.com The Workforce Partnership can connect local employers with qualified job candiPHONE EMAIL

dates in Johnson, Leavenworth and Wyandotte counties. It offers a wide range of employer solutions in the areas of hiring and recruiting, training, retention and expansion to businesses of all sizes. Its staff will design a unique strategy based on the individual needs of your company. WORLD TRADE CENTER KANSAS CITY

Ivry Karamitros and Melissa Miller 30 W. Pershing Road, Ste. 201 Kansas City, MO 64108 (816) 374-5469 PHONE info@wtc-kc.com EMAIL WEBSITE www.wtc-kc.com World Trade Center Kansas City is the largest international business network of its kind in the Kansas City metropolitan region—a who’s who of the top global business executives in the region. Today, more than 2,500 Kansas City firms are impacted by WTCKC global connections, events, international visitors programs and business services. On April 7, 2016, World Trade Center Kansas City launched the Export Concierge program as part of the final Global Cities Initiative (GCI) export plan for the KC region. The Export Concierge provides one-to-one guidance and resource referrals to current and prospective exporters, helping them navigate the complex process of entry into foreign markets. WYANDOTTE ECONOMIC DEVELOPMENT COUNCIL

727 Minnesota Ave. Kansas City, KS 66101 (913) 371-3198 PHONE info@wyedc.org EMAIL WEBSITE www.wyedc.org The Wyandotte Economic Development Council is a nonprofit economic development corporation that promotes and strengthens Wyandotte County’s economy. The EDC provides businesses site identification assistance; incentives; retention and expansion information; and workforce solutions.

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DIRECTORY OF RESOURCES // SMALL BUSINESS DEVELOPMENT CENTERS

SMALL BUSINESS DEVELOPMENT CENTERS The Kansas and Missouri Small Business Development Centers (SBDCs) offer no-charge, one-on-one business counseling to new and established business owners. Center counselors can help you tackle business problems and plan for new opportunities. The SBDCs, which are supported by the U.S. Small Business Administration, also offer workshops on accounting, marketing, government contracting and other topics at reasonable prices.

JCCC SMALL BUSINESS DEVELOPMENT CENTER

Elisa Waldman 12345 College Blvd., Regnier Center Room 240 Overland Park, KS 66210 (913) 469-3878 PHONE ksbdc@jccc.edu EMAIL WEBSITE www.jccc.edu/ksbdc TWITTER @jcccksbdc In addition to training and general business consulting, the Kansas Small Business Development Center at Johnson County Community College (JCCC KSBDC) has expertise in helping small businesses grow. Its special programs include GAME (Growth through Action, Measurement and Engage-

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ment), a series of active learning sessions to help business owners achieve growth; the Strategic Management Program, which provides customized strategic plans, ongoing mentoring and other services; and Riddle of the Exporter, devoted to exporting issues. The JCCC KSBDC serves Johnson, Miami and Wyandotte counties in Kansas.

The Northwest Missouri State University SBTDC counsels small businesses and individuals on management, marketing, financial analysis and other issues. It also coordinates and conducts research into technical and general small business problems. The center serves clients throughout northwest Missouri.

KU SMALL BUSINESS DEVELOPMENT CENTER

UMKC SMALL BUSINESS AND TECHNOLOGY DEVELOPMENT CENTER

Will Katz 646 Vermont, Ste. 200 Lawrence, KS 66044 (785) 843-8844 PHONE willkatz@ku.edu EMAIL WEBSITE www.business.ku.edu/ ku-small-businessdevelopment-center The center, based at the University of Kansas, provides low-cost training seminars and one-on-one counseling services to Kansas-based businesses. The KU-KSBDC serves Douglas, Franklin, Jefferson, Atchison, Leavenworth and Doniphan counties in Kansas. MISSOURI S&T SMALL BUSINESS AND TECHNOLOGY DEVELOPMENT CENTER

Keith Strassner 900 Innovation Drive, Ste. 145 Rolla, MO 65401 (573) 341-4690 PHONE ecodevo@mst.edu EMAIL WEBSITE ecodevo.mst.edu The Missouri S&T SBTDC is a technology-based business development center. The SBTDC seeks to promote technologies developed at Missouri S&T and help clients launch their business ideas. NWMSU SMALL BUSINESS AND TECHNOLOGY DEVELOPMENT CENTER

Rebecca Lobina 3003 Frederick Ave. St. Joseph, MO 64506 (816) 364-4105 PHONE evansr@nwmissouri.edu EMAIL WEBSITE www.nwmissouri.edu/services/ sbtdc/

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Carmen DeHart 4747 Troost, Ste. 104A Kansas City, MO 64110 (816) 235-6063 PHONE umkcsbtdc@umkc.edu EMAIL WEBSITE sbtdc.umkc.edu The University of Missouri-Kansas City SBTDC can help entrepreneurs and businesses at every stage, from concept to startup, growth to renewal, maturity to succession. The center offers business counseling and coaching, training and tools to start businesses and the insight and expertise to make them grow. The center offers ScaleUP! Kansas City, a free program for the owners of established businesses. Participants receive training, counseling and other services to grow their revenue. UNIVERSITY OF MISSOURI EXTENSION–JACKSON COUNTY SBTDC

Jeff Samborski 1600 N.E. Coronado Drive Blue Springs, MO 64014 (816) 252-5051 PHONE samborskij@missouri.edu EMAIL University of Missouri Extension is the statewide educational outreach arm of the University of Missouri system. In the Kansas City region, University of Missouri Extension SBTDC provides one-on-one business consulting and training. Business programs coordinated by MU Extension SBTDC in the Kansas City area include FastTrac NewVenture, GrowthVenture and QuickBooks.

DIRECTORY OF RESOURCES // CHAMBERS OF COMMERCE

ASIAN AMERICAN CHAMBER OF COMMERCE OF KANSAS CITY

Sook Park 8645 College Blvd., Ste. 110 Overland Park, KS 66210 (913) 338-0774 PHONE sook_park@asianchamberkc.com EMAIL WEBSITE www.asianchamberkc.com BASEHOR CHAMBER OF COMMERCE

P.O. Box 35 Basehor, KS 66007 (913) 724-9000 PHONE info.basehorchamber@gmail.com EMAIL WEBSITE www.basehorchamber.org BELTON CHAMBER OF COMMERCE

Diane Huckshorn 323 Main St., P.O. Box 350 Belton, MO 64012 (816) 331-2420 PHONE chamberbelton@gmail.com EMAIL WEBSITE www.beltonmochamber.com BLUE SPRINGS CHAMBER OF COMMERCE

Lara Vermillion 1000 W. Main St. Blue Springs, MO 64015 (816) 229-8558 PHONE EMAIL

lvermillion@bluespringschamber.com WEBSITE www.bluespringschamber.com BONNER SPRINGS-EDWARDSVILLE AREA CHAMBER OF COMMERCE

Regina Utter 309 Oak St. (inside Union Bank & Trust) Bonner Springs, KS 66012 (913) 422-5044 PHONE info@bsedwchamber.org EMAIL WEBSITE www.bsedwchamber.org BROOKSIDE BUSINESS ASSOCIATION

6814 Troost Ave. Kansas City, MO 64131 (816) 523-5553 PHONE natalie@southtown.org EMAIL WEBSITE www.brooksidekc.org DE SOTO CHAMBER OF COMMERCE

Sara R. Ritter, IOM 33150 W. 83rd St., P.O. Box 70 De Soto, KS 66018 (913) 583-1585 PHONE

EMAIL WEBSITE TWITTER

sritter@desotoks.org www.desotoks.org @DeSotoKSChamber

EXCELSIOR SPRINGS AREA CHAMBER OF COMMERCE

Tosha Jackson P.O. Box 632, 461 S. Thompson Ave. Excelsior Springs, MO 64024 (816) 630-6161 PHONE tosha@exspgschamber.com EMAIL WEBSITE www.exspgschamber.com GARDNER EDGERTON CHAMBER OF COMMERCE

Jason E. Camis 109 E. Main St., P.O. Box 402 Gardner, KS 66030 (913) 856-6464 PHONE jason@gardneredgerton.org EMAIL WEBSITE www.gardneredgerton.org TWITTER @GEKSChamber GLADSTONE AREA CHAMBER OF COMMERCE

Amy Harlin 7001 N. Oak Trafficway, Ste. 101 Gladstone, MO 64118 (816) 436-4523 PHONE WEBSITE www.gladstonechamber.com TWITTER @gladchamber GRAIN VALLEY CHAMBER OF COMMERCE

James Pycior 711 Main St. Grain Valley, MO 64029 (816) 847-2627 PHONE director@grainvalleychamber.org EMAIL WEBSITE www.grainvalleychamber.org GRANDVIEW CHAMBER OF COMMERCE

GREATER TOPEKA CHAMBER OF COMMERCE/GO TOPEKA

120 S.E. Sixth Ave., Ste. 110 Topeka, KS 66603 (785) 234-2644 PHONE info@topekachamber.org EMAIL WEBSITE www.topekachamber.org HARRISONVILLE AREA CHAMBER OF COMMERCE

Sara Craig 106 S. Independence Harrisonville, MO 64701 (816) 380-5271 PHONE sara@harrisonvillechamber.com EMAIL WEBSITE www.harrisonvillechamber.com HEARTLAND BLACK CHAMBER OF COMMERCE

Christal Watson 736 Armstrong Ave. Kansas City, KS 66101 (913) 948-7680 PHONE EMAIL

christal@heartlandblackchamber.com WEBSITE www.heartlandblackchamber.com TWITTER @heartlandbcc HISPANIC CHAMBER OF COMMERCE OF GREATER KANSAS CITY

Carlos Gomez 2001 Grand Blvd., Ste. 700 Kansas City, MO 64108 (816) 472-6767 PHONE cgomez@hccgkc.com EMAIL WEBSITE www.hccgkc.com INDEPENDENCE CHAMBER OF COMMERCE

Kim Curtis 12500 S. 71 Highway, Ste. 100 Grandview, MO 64030 (816) 761-6505 PHONE ksc@grandview.org EMAIL WEBSITE www.grandview.org/chamber

Alex Colley 210 W. Truman Road Independence, MO 64050 (816) 252-4745 PHONE alex@ichamber.biz EMAIL WEBSITE www.ichamber.biz TWITTER @IndepChamber

GREATER KANSAS CITY CHAMBER OF COMMERCE

KANSAS CITY KANSAS AREA CHAMBER OF COMMERCE

Christine Murray 30 W. Pershing, Ste. 301 Kansas City, MO 64108 (816) 374-5455 PHONE murray@kcchamber.com EMAIL WEBSITE www.kcchamber.com TWITTER @kcchamber

Daniel Silva 727 Minnesota Ave. Kansas City, KS 66101 (913) 371-3070 PHONE info@kckchamber.com EMAIL WEBSITE www.kckchamber.com K C E DI T I O N // I T H I N KBIGGER .CO M

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DIRECTORY OF RESOURCES // CHAMBERS OF COMMERCE

KANSAS CITY KANSAS WOMEN’S CHAMBER OF COMMERCE

LEE’S SUMMIT CHAMBER OF COMMERCE

NORTHLAND REGIONAL CHAMBER OF COMMERCE

Arlana Coleman P.O. Box 12611 Kansas City, KS 66112 (816) 522-7526 PHONE kckwcc@gmail.com EMAIL WEBSITE www.womenschamberkck.org

Matt Baird 220 S.E. Main St. Lee’s Summit, MO 64063 (816) 524-2424 PHONE mbaird@lschamber.com EMAIL WEBSITE www.LSchamber.com

Sheila Tracy 634 N.W. Englewood Road Kansas City, MO 64118 (816) 455-9911 PHONE sheila@northlandchamber.com EMAIL WEBSITE www.northlandchamber.com

KANSAS CITY WOMEN’S CHAMBER OF COMMERCE

LENEXA CHAMBER OF COMMERCE

OLATHE CHAMBER OF COMMERCE

Karla Elenz Martinez P.O. Box 901525 Kansas City, MO 64190 (816) 701-9890 PHONE karla@kcwomenschamber.com EMAIL WEBSITE www.kcwomenschamber.com TWITTER @kcwomenschamber

Sarah Dietz 11180 Lackman Road Lenexa, KS 66219 (913) 888-1414 PHONE sdietz@lenexa.org EMAIL WEBSITE www.lenexa.org

KEARNEY CHAMBER OF COMMERCE

Debbie Holt 106 S. Jefferson St. Kearney, MO 64060 (816) 628-4229 PHONE kearneychamber@fairpoint.net EMAIL WEBSITE www.kearneychamber.org LAWRENCE CHAMBER OF COMMERCE

646 Vermont, Ste. 200 Lawrence, KS 66044 (785) 865-4411 PHONE info@lawrencechamber.com EMAIL WEBSITE www.lawrencechamber.com TWITTER @lawrencechamber LEAVENWORTH-LANSING AREA CHAMBER OF COMMERCE

Brandon Johannes 518 Shawnee St. Leavenworth, KS 66048 (913) 682-4112 PHONE brandon@llchamber.com EMAIL WEBSITE www.LLChamber.com LEAWOOD CHAMBER OF COMMERCE

Kevin Jeffries 13451 Briar, Ste. 201 Leawood, KS 66209 (913) 498-1514 PHONE chamber@leawoodchamber.org EMAIL WEBSITE www.leawoodchamber.org TWITTER @leawoodchamber

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LIBERTY AREA CHAMBER OF COMMERCE

Gayle Potter 1170 W. Kansas St., Ste. H Liberty, MO 64068 (816) 781-5200 PHONE info@libertychamber.com EMAIL WEBSITE www.libertychamber.com MID-AMERICA GAY AND LESBIAN CHAMBER OF COMMERCE

Michael Lintecum P.O. Box 5961 Kansas City, MO 64171 (816) 474-3558 PHONE info@maglcc.org EMAIL WEBSITE www.maglcc.org NORTHEAST JOHNSON COUNTY CHAMBER OF COMMERCE

Deb Settle 5800 Foxridge Drive, Ste. 100 Mission, KS 66202 (913) 262-2141 PHONE dsettle@nejcchamber.com EMAIL WEBSITE www.nejcchamber.com NORTHEAST KANSAS CITY CHAMBER OF COMMERCE

Bobbi Baker Hughes 2657 Independence Ave. P.O. Box 240392 Kansas City, MO 64124 (816) 231-3312 PHONE NEKCchamber@aol.com EMAIL WEBSITE www.nekcchamber.com

TH E THINKING BIGGER GU ID E F OR KC ENTR EPR ENEU R S

Laura Baldwin 18001 W. 106th St., Ste. 160 Olathe, KS 66061 (913) 764-1050 PHONE lbaldwin@olathe.org EMAIL WEBSITE www.olathe.org TWITTER @OlatheChamber OVERLAND PARK CHAMBER & ECONOMIC DEVELOPMENT COUNCIL

Beth Johnson 9001 W. 110th St., Ste. 150 Overland Park, KS 66210 (913) 491-3600 PHONE bjohnson@opchamber.org EMAIL WEBSITE www.opedc.org and www.opchamber.org PAOLA CHAMBER OF COMMERCE

Mark Farmer 6 W. Peoria St. Paola, KS 66071 (913) 294-4335 PHONE info@paolachamber.org EMAIL WEBSITE www.paolachamber.org/ PARKVILLE AREA CHAMBER OF COMMERCE

Marsha VanDever 8701 N.W. River Park Drive P.O. Box 12123 Parkville, MO 64152 (816) 587-2700 PHONE info@parkvillechamber.com EMAIL WEBSITE www.parkvillechamber.com PLATTE CITY AREA CHAMBER OF COMMERCE & ECONOMIC DEVELOPMENT COUNCIL

Angie Mutti 620 Third St., P.O. Box 650 Platte City, MO 64079 (816) 858-5270 PHONE angie@plattecitymo.com EMAIL WEBSITE www.plattecitymo.com TWITTER @PCChamber

RAYMORE CHAMBER OF COMMERCE

Cherie Turney 1000 W. Foxwood Drive, P.O. Box 885 Raymore, MO 64083 (816) 322-0599 PHONE raymorechamber@sbcglobal.net EMAIL WEBSITE www.raymorechamber.com RAYTOWN AREA CHAMBER OF COMMERCE

SOUTH KANSAS CITY CHAMBER OF COMMERCE

Vickie Wolgast 406 E. Bannister Road, Ste. F Kansas City, MO 64131 (816) 761-7660 PHONE vwolgast@southkcchamber.com EMAIL WEBSITE www.southkcchamber.com

Vicki Turnbow 5909 Raytown Trafficway Raytown, MO 64133 (816) 353-8500 PHONE staff@raytownchamber.com EMAIL WEBSITE www.raytownchamber.com TWITTER @raytownchamber

SOUTHTOWN COUNCIL

RIVERSIDE AREA CHAMBER OF COMMERCE

Sharon Mitchell 613 S. Race St., P.O. Box 15 Spring Hill, KS 66083

Hope Carriger 2950 N.W. Vivion Road Riverside, MO 64150 (816) 741-9985 PHONE info@riversidemochamber.com EMAIL WEBSITE www.riversidemochamber.com TWITTER @RiversideMoCOC ST. JOSEPH CHAMBER OF COMMERCE

R. Patt Lilly 3003 Frederick Ave. St. Joseph, MO 64506 (816) 232-4461 PHONE plilly@saintjoseph.com EMAIL WEBSITE www.saintjoseph.com SHAWNEE CHAMBER OF COMMERCE

Linda Leeper 15100 W. 67th St., Ste. 202 Shawnee, KS 66217 (913) 631-6545 PHONE lleeper@shawneekschamber.com EMAIL WEBSITE www.shawneekschamber.com TWITTER @shawneechamber SMITHVILLE AREA CHAMBER OF COMMERCE

Lia Jennings 105 W. Main St. Smithville, MO 64089 (816) 532-0946 PHONE smithvillechamber@sbcglobal.net EMAIL WEBSITE www.smithvillechamber.org

6814 Troost Ave. Kansas City, MO 64131 (816) 523-5553 PHONE natalie@southtown.org EMAIL WEBSITE www.southtown.org SPRING HILL CHAMBER OF COMMERCE

PHONE EMAIL WEBSITE

(913) 592-3893 chamber@springhillks.org www.springhillks.org

WALDO AREA BUSINESS ASSOCIATION

6814 Troost Ave. Kansas City, MO 64131 (816) 523-5553 PHONE natalie@southtown.org EMAIL WEBSITE www.waldokc.org WESTON CHAMBER OF COMMERCE

Jennifer Toy 526 Main St. Weston, MO 64098 (816) 640-2909 PHONE visitor@westonmo.com EMAIL WEBSITE www.westonmo.com

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DIRECTORY OF RESOURCES // REGULATORY & COMPLIANCE INFORMATION

REGULATORY & COMPLIANCE INFORMATION The following organizations and agencies deal with common regulatory details that affect small businesses. Since regulations vary by industry, investigate carefully.

BAR CODING

PHONE

GS1US Princeton Pike Corporate Center 1009 Lenox Drive, Ste. 202 Lawrenceville, NJ 08648 (609) 620-0200 PHONE WEBSITE www.gs1us.org

BUSINESS LEGAL STRUCTURE

KANSAS SECRETARY OF STATE Memorial Hall, 1st Floor 120 S.W. 10th Ave. Topeka, KS 66612-1594 (785) 296-4564 PHONE WEBSITE www.sos.ks.gov MISSOURI SECRETARY OF STATE 600 W. Main St., Room 322 Jefferson City, MO 65101

WEBSITE

1-866-223-6535 info@sos.mo.gov www.sos.mo.gov

BUSINESS SERVICES

KANSAS DEPARTMENT OF COMMERCE See listing in Resource Organization Section, pg. 110. MISSOURI DEPARTMENT OF ECONOMIC DEVELOPMENT See listing in Resource Organization Section, pg. 113. BUSINESS NAME (FICTITIOUS)

KANSAS SECRETARY OF STATE Memorial Hall, 1st Floor 120 S.W. 10th Ave. Topeka, KS 66612-1594 (785) 296-4564 PHONE WEBSITE www.kssos.org MISSOURI SECRETARY OF STATE Corporation Division 600 W. Main St. State Information Center, Room 322 Jefferson City, MO 65101 1-866-223-6535 PHONE WEBSITE www.sos.mo.gov

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INSURANCE: EMPLOYER

KANSAS DEPARTMENT OF LABOR UNEMPLOYMENT INSURANCE TAX CONTRIBUTIONS, OFFICE OF SECRETARY 401 S.W. Topeka Blvd. Topeka, KS 66603 Topeka: (785) 296-5027 PHONE Lenexa: (913) 648-6161 PHONE WEBSITE www.kansasemployer.gov MISSOURI DEPARTMENT OF LABOR AND INDUSTRIAL RELATIONS

DIVISION OF EMPLOYMENT SECURITY Kansas City Claims Center (816) 889-3101 PHONE Main Office P.O. Box 59 Jefferson City, MO 65104 (573) 751-3215 PHONE WEBSITE www.labor.mo.gov/DES

124 TH E THINKING BIGGER GU ID E F OR KC ENTR EPR ENEU R S

INSURANCE: WORKERS’ COMPENSATION

KANSAS DEPARTMENT OF LABOR Division of Workers’ Compensation 401 S.W. Topeka Blvd. Topeka, KS 66603 Topeka: (785) 296-4000 PHONE Lenexa: (913) 642-7650 PHONE WEBSITE www.dol.ks.gov/workcomp MISSOURI DEPARTMENT OF LABOR & INDUSTRIAL RELATIONS Division of Workers’ Compensation P.O. Box 58 Jefferson City, MO 65102-0058 1-800-775-2667 PHONE WEBSITE www.labor.mo.gov/DWC Kansas City Office 1410 Genessee St., Ste. 210 Kansas City, MO 64102-1047 (816) 889-2481 PHONE TAXES: FEDERAL

INTERNAL REVENUE SERVICE PHONE

Business & Specialty Tax Line: 1-800-829-4933 WEBSITE www.irs.gov TAXES: LOCAL

CITY—Contact your City Hall for requirements. COUNTY—Contact your County Courthouse for requirements. TAXES: STATE

KANSAS DEPARTMENT OF REVENUE Business Taxation Scott State Office Building 120 S.E. 10th St. Topeka, KS 66612 (785) 368-8222 PHONE WEBSITE www.ksrevenue.org/business.html MISSOURI DEPARTMENT OF REVENUE Division of Taxation Harry S. Truman State Office Building 301 W. High St., Room 102 Jefferson City, MO 65101 (573) 751-3505 PHONE WEBSITE www.dor.mo.gov/business

DIRECTORY OF RESOURCES // MUNICIPAL GOVERNMENT LISTINGS

MUNICIPAL GOVERNMENT LISTINGS Small business owners often need to contact the cities in which they operate for information about business regulations and licensing, tax issues, economic develop-

ment and other matters. The following is a list of area cities in Kansas and Missouri, and whom to contact for business-related information. Note that the city clerk can direct you to other departments when necessary to answer your questions.

BELTON (816) 331-4331 City Hall: 506 Main St. City Clerk: Patti Ledford www.belton.org

GRAIN VALLEY (816) 847-6200 City Hall: 711 Main St. City Clerk: Cheney Parrish www.cityofgrainvalley.org

LAWRENCE (785) 832-3000 City Hall: 6 E. Sixth St. City Clerk: Sherri Riedemann www.lawrenceks.org

OAK GROVE (816) 690-3773 City Hall: 1300 S. Broadway St. City Clerk: Cathy Smith www.cityofoakgrove.com

RAYTOWN (816) 737-6000 City Hall: 10000 E. 59th St. City Clerk: Teresa Henry www.raytown.mo.us

BLUE SPRINGS (816) 228-0110 City Hall: 903 W. Main St. City Clerk: Sheryl Morgan www.bluespringsgov.com

GRANDVIEW (816) 316-4800 City Hall: 1200 Main St. City Clerk: Becky Schimmel www.grandview.org

LEAVENWORTH (913) 682-9201 City Hall: 100 N. Fifth St. City Clerk: Carla Williamson www.lvks.org

RICHMOND (816) 776-5304 City Hall: 205 Summit St. City Clerk: Tonya Willim www.cityofrichmondmo.org

BONNER SPRINGS (913) 422-1020 City Hall: 205 E. Second P.O. Box 38 City Clerk: Amber McCullough www.bonnersprings.org

OLATHE (913) 971-8600 City Hall: 100 E. Santa Fe St. City Clerk: Donald Howell www.olatheks.org

GREENWOOD (816) 537-6975 City Hall: 709 W. Main City Clerk: Dot Watkins www.greenwoodmo.com

LEAWOOD (913) 339-6700 City Hall: 4800 Town Center Drive City Clerk: Deb Harper www.leawood.org

OTTAWA (785) 229-3600 City Hall: 101 S. Hickory St. City Clerk: Carolyn Snethen www.ottawaks.gov

RIVERSIDE (816) 741-3993 City Hall: 2950 N.W. Vivion Road City Clerk: Robin Kincaid www.riversidemo.com

BUCKNER (816) 650-3191 City Hall: 315 S. Hudson City Clerk: Larry Neidel www.cityofbuckner.org CLAYCOMO (816) 452-5539 City Hall: 115 E. Hwy. 69 Village Clerk: Dennis King www.claycomo.org DE SOTO (913) 583-1182 City Hall: P.O. Box C 32905 W. 84th St. City Clerk: Lana McPherson www.desotoks.us EDWARDSVILLE (913) 441-3707 City Hall: 690 S. Fourth P.O. Box 13738 City Clerk: Zack Daniel www.edwardsvilleks.org EXCELSIOR SPRINGS (816) 630-0752 City Hall: 201 E. Broadway City Clerk: Shannon Stroud www.cityofesmo.com FAIRWAY (913) 262-0350 City Hall: 4210 Shawnee Mission Parkway, Ste. 100 City Clerk: Kathleen Axelson www.fairwaykansas.org GARDNER (913) 856-7535 City Hall: 120 E. Main City Clerk: Jeanne Koontz www.gardnerkansas.gov GLADSTONE (816) 436-2200 City Hall: 7010 N. Holmes City Clerk: Ruth Bocchino www.gladstone.mo.us

HARRISONVILLE (816) 380-8900 City Hall: 300 E. Pearl City Clerk: Kim Hubbard www.ci.harrisonville.mo.us HIGGINSVILLE (660) 584-2106 City Hall: 1922 Main St. P.O. Box 110 City Clerk: Jeanette Dobson www.higginsville.org INDEPENDENCE (816) 325-7000 City Hall: 111 E. Maple Ave. City Clerk: Sarah Carnes-Lemp www.ci.independence.mo.us KANSAS CITY, KAN. / WYANDOTTE COUNTY (913) 573-5000 City Hall: 701 N. Seventh St. County Clerk: Bridgette Cobbins www.wycokck.org KANSAS CITY, MO. (816) 513-6401 City Hall: 414 E. 12th St. City Clerk: Marilyn Sanders www.kcmo.gov KEARNEY (816) 628-4142 City Hall: 100 E. Washington St. City Clerk: Jim Eldridge www.ci.kearney.mo.us

LEEâ&#x20AC;&#x2122;S SUMMIT (816) 969-1000 City Hall: 220 S.E. Green City Clerk: Denise Chisum www.cityofls.net LENEXA (913) 477-7500 City Hall: 12350 W. 87th St. Parkway City Clerk: Danielle Dulin www.lenexa.com LIBERTY (816) 439-4400 City Hall: 101 E. Kansas Deputy City Clerk: Janet Pittman www.libertymissouri.gov LOUISBURG (913) 837-5371 City Hall: 5 S. Peoria St. City Clerk: Traci Storey www.louisburgkansas.gov MERRIAM (913) 322-5500 City Hall: 9001 W. 62nd St. City Clerk: Juli Pinnick www.merriam.org MISSION (913) 676-8350 City Hall: 6090 Woodson Road City Clerk: Martha Sumrall www.missionks.org

OVERLAND PARK (913) 895-6000 City Hall: 8500 Santa Fe Drive City Clerk: Marian Cook www.opkansas.org PAOLA (913) 259-3600 City Hall: 19 E. Peoria City Clerk: Dan Droste www.cityofpaola.com PARKVILLE (816) 741-7676 City Hall: 8880 Clark Ave. City Clerk: Melissa McChesney www.parkvillemo.gov PECULIAR (816) 779-5212 City Hall: 250 S. Main St. City Clerk: Janet Burlingame www.cityofpeculiar.com

ROELAND PARK (913) 722-2600 City Hall: 4600 W. 51st St. City Clerk: Kelley Bohon www.roelandpark.org SHAWNEE (913) 631-2500 City Hall: 11110 Johnson Drive City Clerk: Stephen Powell www.cityofshawnee.org SMITHVILLE (816) 532-3897 City Hall: 107 W. Main City Clerk: Lisa Drummond www.smithvillemo.org SPRING HILL (913) 592-3664 City Hall: 401 N. Madison St. P.O. Box 424 City Clerk: Glenda Gerrity www.springhillks.com SUGAR CREEK (816) 252-4400 City Hall: 103 S. Sterling Ave. City Clerk: Jana Olivarez-Dickerson www.sugar-creek.mo.us

PLATTE CITY (816) 858-3046 City Hall: 400 Main St. City Clerk: Amy Edwards www.plattecity.org PLEASANT HILL (816) 540-3135 City Hall: 203 Paul St. City Clerk: Nici Wilson www.pleasanthill.com

LAKE QUIVIRA (913) 631-5300 City Hall: 10 Crescent Blvd. City Clerk: Diane Newton

MISSION HILLS (913) 362-9620 City Hall: 6300 State Line Road City Clerk: Nicole Hoffman www.missionhillsks.gov

PRAIRIE VILLAGE (913) 381-6464 City Hall: 7700 Mission Road City Clerk: Joyce Hagen Mundy www.pvkansas.com

LANSING (913) 727-3233 City Hall: 800 First Terrace City Clerk: Sarah Bodensteiner www.lansing.ks.us

NORTH KANSAS CITY (816) 274-6000 City Hall: 2010 Howell St. City Clerk: Crystal Doss www.nkc.org

RAYMORE (816) 331-3324 City Hall: 100 Municipal Circle City Clerk: Jeanie Woerner www.raymore.com

TONGANOXIE (913) 845-2620 City Hall: 321 S. Delaware St. City Administrator: Nathan McCommon www.tonganoxie.org TOPEKA (785) 368-3940 City Hall: 215 S.E. Seventh St. City Clerk: Brenda Younger www.topeka.org WESTWOOD (913) 362-1550 City Hall: 4700 Rainbow Blvd. City Clerk:Fred Sherman www.westwoodks.org

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CERTIFICATION CITY/STATE

City of Kansas City, Mo. (kcmohrd.mwdbe.com) Certifies women- and minority-owned businesses to meet supplier diversity goals on designated projects. (816) 513-1836. State of Kansas (www.kansascommerce.com) Certifies minority- and women-owned businesses to supply goods and services to the state or to companies in Kansas. (785) 296-3425. State of Missouri (oeo.mo.gov) Certifies women- and minority-owned businesses and offers business development programs. (573) 751-8130. FEDERAL

Department of Transportation–Office of Small and Disadvantaged Business Utilization (www.transportation.gov/osdbu) Certifies qualified women- and minority-owned businesses. 1-800-532-1169 SBA/8(a) Business Development Certification (www.sba.gov/8abd) More information is also available from the SBA’s Kansas City District Office at (816) 426-4900. SBA/HUBZone Empowerment Contracting Program Certification (www.sba.gov/hubzone) Allows businesses in historically underutilized business zones to receive contract bidding benefits. SBA/Women-Owned Small Business Certification (www.sba.gov/wosb) This program is for businesses at least 51 percent owned by one or more women and with management and daily business operations controlled by one or more women. Data Universal Numbering System (DUNS) (www.dnb.com) Visit this site to obtain a DUNS number or contact Dun & Bradstreet at 1-800-591-8534. CREDIT BUREAUS

Credit bureaus are credit reporting agencies. To check your credit with the major credit bureaus, visit www.equifax.com, www.experian. com or www.transunion.com.

DEMOGRAPHIC INFORMATION

U.S. Census Bureau (www.census.gov) is the source for demographic information on consumers and businesses in the United States. You can specify literally thousands of socioeconomic and demographic data points (e.g., race, sex, age, ZIP code, residence, income, place of work, education). And the data can be used to plan marketing campaigns, sites and sales territories. EXPORT/IMPORT AGENCIES & ORGANIZATIONS

American Association of Exporters and Importers 1717 K St. NW Ste. 1120 Washington, DC 20006 (202) 857-8009 PHONE WEBSITE www.aaei.org Chambers of Commerce See Chambers of Commerce section, pg. 121. Export-Import Bank of the United States (Ex-Im Bank) 811 Vermont Ave. N.W. Washington, DC 20571 1-800-565-EXIM PHONE WEBSITE www.exim.gov International Trade Council of Greater Kansas City See listing in Resource Directory, pg. 108. Kansas Department of Agriculture 1320 Research Park Drive Manhattan, KS 66502 (785) 564-6700 PHONE WEBSITE agriculture.ks.gov Kansas Department of Commerce Export Assistance and Marketing See listing in Resource Directory, pg. 110. Missouri Department of Agriculture International Marketing Program P.O. Box 630 1616 Missouri Blvd. Jefferson City, MO 65102 (573) 751-4211 PHONE mda.mo.gov/abd/intmkt WEBSITE

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Missouri Department of Economic Development Economic Research & Information Center P.O Box 3150 Jefferson City, MO 65102 WEBSITE www.missourieconomy.org U.S. Department of Commerce U.S. Commercial Service-Kansas City See listing in Resource Directory, pg. 117-118. EXPORT SUPPORT/PROVIDERS

www.export.gov The U.S. government’s export portal provides export counseling, trade assistance, market research, trade statistics and reference information. www.privacyshield.gov Offers information for U.S. companies seeking to comply with European Union data protection requirements. www.trade.gov The International Trade Administration works to help U.S. businesses compete abroad. www.KCSmartPort.thinkkc.com The online component of Kansas City SmartPort. Created to assist companies with international trade activities, including getting started, facilitating electronic document filing, locating service companies and improving current international shipping logistics. www.foodexport.org An association of dozens of states, organized to provide assistance to food exporters. www.usda.gov Provides information about the U.S. Department of Agriculture. You can find Foreign Agriculture Service information at www.fas.usda.gov. INTERNATIONAL CULTURAL ISSUES

www.getcustoms.com “Kiss, Bow or Shake Hands” offers important information for doing business in dozens of countries, including tips on gift giving, a guide to making toasts and guidelines on greetings. MARKET DEVELOPMENT

www.europages.com The European Business Directory contains a database of millions of companies in Europe. www.xe.com/currencyconverter This site bills itself as the world’s most popular internet currency converter, with more than 180 currencies.

MARKET RESEARCH

globaledge.msu.edu This Michigan State University site contains numerous links to other international business resources. STRATEGIC PLANNING

www.export-ready.com Designed to provide export readiness information for the starting exporter; be sure to check out the Export Marketing Information Series. www.iesc.org The International Executive Service Corps is a network of active and retired businessmen and businesswomen available to counsel and train businesses overseas. www.uscib.org The U.S. Council for International Business is a pro-trade, pro-marketliberalization organization. FINANCIAL INFORMATION

Angel Capital Association (www.angelcapitalassociation.org) Brings together many of the angel organizations in North America to share best practices and collaboration opportunities. Franchise Solutions (www.franchisesolutions.com) Links business owners to franchises and provides franchising guidance. Securities & Exchange Commission (www.sec.gov) Provides a comprehensive section on small business and the SEC.

Federal Citizen Information Center (publications.usa.gov) Provides links to an array of consumer publications and small business publications. GovSpot.com Links to many government sites and references areas of interest to small businesses. Regulations.gov A website where federal documents that are open for comment can be found, reviewed and commented on. These documents are published in the Federal Register. Social Security Administration (www.ssa.gov) Provides information about employer wage reporting, selling to the SSA, vendor payments, international agreements and details about the SSA’s services for businesses. U.S. House Committee on Small Business (smallbusiness.house.gov) Offers information about bills and hearings dealing with small business. U.S. Senate Committee on Small Business & Entrepreneurship (sbc.senate.gov) Contains information on legislation, publications, press releases and hearings relevant to small businesses. U.S. Small Business Administration (SBA) (www.sba.gov) See listing in Resource Organizations, pg. 118. GREEN

GOVERNMENT SITES

Bridging the Gap (www.bridgingthegap.org) Promotes sustainability in the Kansas City region by connecting business, government and community. Programs include the Green Business Network, which promotes smart sustainability practices within the Kansas City business community.

Business USA (business.usa.gov) Helps small businesses understand legal requirements and locate government services.

E-Cycle Missouri (ecyclemo.org) Connects businesses with computer recyclers and demanufacturers of electronic office items.

Department of Homeland Security (www.dhs.gov) Provides information to small businesses about keeping employees safe in the event of a terror attack. The website also contains information on doing business with the agency, including rules for unsolicited proposals, importing and exporting, and disaster relief for businesses.

EPA-Small Business Gateway (www.epa.gov/smallbusiness/) A resource for small business environmental questions.

WallStreet Research (www.wallstreetresearch.org) Provides hundreds of thousands of links to business and financial sites, organized by category.

GreenBiz (www.GreenBiz.com) Resources on how to align environmental responsibility with business success. Daily news, tools and resources available for businesses to access.

Heartland Habitat for Humanity ReStore (www.heartlandhabitat.org/restore) Offers ways for reusing your old building materials. KC Habitat for Humanity ReStore (www.habitatkc.org/restorekc) Collects and resells old building materials. Kansas Department of Health and Environment, Small Business and Community Support (www.kdheks.gov/sbcs/) Provides environmental resources for small business owners in Kansas. Allows business owners to stay current with environmental standards. K-State Pollution Prevention Institute See listing in Resource Organizations, pg. 111. Mid-America Regional Council See listing in Resource Organizations, pg. 112. Quick links to specific programs » www.recyclespot.org Allows searches by material type, location and entity to find the closest places to recycle many different materials. » www.marc.org/rideshare Offers information about carpooling in the metro area. » www.marc.org/environment The direct link to the organization’s environmental initiatives. Missouri Department of Natural Resources See listing in Resource Organizations, pg. 113. EPA Compliance Assistance (www2.epa.gov/compliance) An online guide to environmental compliance resources. Surplus Exchange See listing in Resource Organizations, pg. 117. U.S. Green Building Council-Central Plains Chapter (www.usgbccentralplains.org) Dedicated to the promotion of sustainable building practices. HOME-BASED BUSINESS RESOURCES

Homeworkers.org A website dedicated to serving people who work in a home workplace environment. National Association for the Self-Employed (www.nase.org) Provides educational opportunities and significant discounts on business and personal services, and also works to enact K C E DI T I O N // I T H I N KBIGGER .CO M

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legislation that gives small businesses an equal footing with their corporate counterparts. SMBReviews.com Small and home-based business resources, such as news, books, software, affiliate programs, professional assistance links and free downloadable forms and letters. Home Biz Tools (www.homebiztools.com) Provides information for a variety of home-based business needs. HUMAN RESOURCES

Occupational Safety & Health Administration (www.osha.gov) Provides information about OSHA laws, regulations and compliance. Workforce (www.workforce.com) Comprehensive directory of human resource management topics, products, services and tools. IMMIGRATION

National Immigration Forum (www.immigrationforum.org) Provides information about all aspects of the immigration debate, including employer information and issues. National Immigration Law Center (www.nilc.org) Provides information relating to immigration, allowing business owners to stay current with changing procedures and laws. National Conference of State Legislators-News on Immigration Legislation (www.ncsl.org/research/immigration/ state-laws-related-to-immigration-andimmigrants.aspx) Shows the current actions states are taking on immigration. Kansas Department of Labor (www.dol.ks.gov) Provides information about labor regulations for Kansas. Kansas Hispanic & Latino American Affairs Commission (www.khlaac.ks.gov) Part of the Kansas governorâ&#x20AC;&#x2122;s office, the commission offers insight into the Hispanic and Latino community, and acts as a liaison between the community and the state.

Missouri Department of Labor (labor.mo.gov) Provides information about labor regulations for Missouri.

research and development, international competition, automation and issues about standards.

U.S. Chamber of Commerce (www.uschamber.com/immigration) Outlines what the chamber will pursue in the area of immigration reform.

Manufacturing.net (www.manufacturing.net) Covers the latest news on important global manufacturing topics.

U.S. Citizenship and Immigration Services (www.uscis.gov) Find answers to your E-Verify and I-9 questions. The E-Verify employer hotline is at 1-888-464-4218.

National Association of Manufacturers (www.nam.org) Serves manufacturers and employees in every industrial sector.

U.S. Immigration and Customs Enforcement (www.ice.gov) Offers information about immigration issues that affect business owners and how to work with the government to resolve them. INTELLECTUAL PROPERTY

MINORITY

Latin Business Today (www.latinbusinesstoday.com) Provides information, research, news stories and business services that address the worldwide Hispanic market.

American Patent & Trademark Law Center (www.patentpending.com) Provides legal information about patents and trademarks to help inventors protect new ideas and products from patent infringement.

Minority Business Development Agency (www.mbda.gov) Part of the U.S. Department of Commerce, MBDA encourages the creation, growth and expansion of minorityowned businesses in the United States.

U.S. Copyright Office-Library of Congress (www.copyright.gov) Contains a database of millions of copyrights, searchable by name, title, subject and call number.

National Center for American Indian Enterprise Development (www.ncaied.org) Committed to developing and expanding the American Indian private sector by establishing business relationships between Indian enterprises and private industry.

U.S. Patent and Trademark Office (www.uspto.gov) Contains government information on patents and trademarks, including a searchable database. LEGAL

FindLaw for Business (smallbusiness.findlaw.com) Connects small business owners with legal information. Lawlnfo (www.lawinfo.com) Contains a legal directory for all states as well as links to internet resources, such as the federal appeals courts and other judiciary agencies. Lists of legal support services and self-help resources are also available. MANUFACTURING

ISO: International Organization for Standardization (www.iso.org) The official website for ISO information. Manufacturing & Technology News (www.manufacturingnews.com) Provides manufacturing and business news, and identifies trends in manufacturing and process

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National Council of Asian American Business Associations (www.national-caaba.org) Strives for an environment where Asian American and Pacific Islander businesses are thriving in a robust global and domestic economy and contributing to communities. National Minority Supplier Development Council (www.nmsdc.org) Certifies businesses that are owned by an ethnic minority. Certification is accepted by corporations across the country. Office of Small and Disadvantaged Business Utilization, U.S. Dept. of Commerce (www.osec.doc.gov/osdbu) An advocacy and advisory office responsible for promoting the use of small, small disadvantaged, 8(a), women-owned, veteran-owned, servicedisabled veteran-owned and HUBZone small businesses.

Organization of Chinese American Women (www.ocawwomen.org) Dedicated to advancing the social, political and economic well-being of Asian Pacific Americans in the United States. U.S. Hispanic Chamber of Commerce (www.ushcc.com) Works to advocate, promote and facilitate the success of Hispanic business. MISCELLANEOUS

Entrepreneurship.org An online community designed to build entrepreneurial economies as well as serve as a resource for entrepreneurs, policy-makers, investors, mentors, researchers and academics. LogisticsWorld (www.logisticsworld.com) Contains links to websites related to the transportation and logistics industries. PROCUREMENT STATE

Missouri (oa.mo.gov/purchasing) Provides information on bidding in the state of Missouri. Kansas (admin.ks.gov/offices/procurement-andcontracts) Provides information on bidding in the state of Kansas. FEDERAL

Army Contracting Command (www.acc.army.mil) Army Engineering and Support Center (www.hnc.usace.army.mil) Defense Contract Audit Agency (www.dcaa.mil) Defense Logistics Agency (www.dla.mil) Department of Defense (www.defense.gov) Department of Defense, Office of Small Business Programs (www.acq.osd.mil/osbp) Department of State, Office of the Procurement Executive (www.statebuy.state.gov) Department of Transportation, Office of Small and Disadvantaged Business Utilization (www.transportation.gov/osdbu) Federal Acquisition Regulation and FAR Supplement (www.acquisition.gov) Contains the basic contracting principles and practices all Department of Defense agencies must follow.

FedBizOpps (www.fbo.gov) The GSA’s point-of-entry for federal government procurement opportunities. Fedmarket (www.fedmarket.com) A source of information and contacts for the federal government. General Services Administration, Office of Small Business Utilization (www.gsa.gov/ aboutosbu) Provides counseling on federal bidding opportunities, online registrations, help with introducing products and services to the government, networking opportunities and procurement conferences/seminars. GovCon (www.govcon.com) A website for the government contracting industry. Marshall Space Flight Center– Business Opportunities (www.nasa.gov/centers/marshall/about/ business.html) Missouri Procurement Technical Assistance Center See Resource Directory, pg. 114. SAM.gov This website is where companies must register before doing business with the federal government. The System for Award Management replaces several older websites, including CCR and ORCA. SUB-Net (web.sba.gov/subnet) Prime contractors use this site to post subcontracting opportunities. RESEARCH

BizStats (www.bizstats.com) Home of free, accurate business statistics—well-organized and easy to access.

TECHNOLOGY

Biotechnology Information Institute (www.bioinfo.com) Contains a large database of biomedical, pharmaceutical and biotechnology resources. Federal Laboratory Consortium for Technology Transfer (www.federallabs.org) Promotes technology transfer from federal labs across the country. VETERAN & DISABLED VETERAN-OWNED BUSINESSES

GSA Service-Disabled VeteranOwned Small Business Initiative (www.gsa.gov/service-disabled) Assists service-disabled, veteran-owned small businesses in doing business with the federal government. SBA Office of Veterans Business Development (www.sba.gov/VETS) Dedicated to formulating, executing and promoting policies and programs that provide assistance to veterans who wish to start small businesses. VETBiz (www.vetbiz.gov) and U.S. Department of Veterans Affairs, Office of Small and Disadvantaged Business Utilization (www.va.gov/osdbu) Provide resources for veterans in business. WOMEN

American Business Women’s Association (www.abwa.org) Brings together businesswomen of diverse occupations to provide opportunities to help themselves and others grow personally and professionally through leadership, education, networking support and national recognition. Association of Women’s Business Centers (www.awbc.org) A national network of women’s business centers.

Dun & Bradstreet (www.dnb.com) The world’s leading source of commercial information and insight on businesses.

Boardroom Bound (www.boardroom-bound.com) Helps companies find prequalified director-candidates for corporate board service.

EDGAR (www.edgar-online.com) A research site for analyzing publicly traded companies.

eWomenNetwork (www.eWomenNetwork.com) Committed to helping women and their businesses achieve, succeed and thrive in the new economy.

KnowX (www.knowx.com) Allows users to conduct public record searches on businesses, people and assets. Many searches have a fee.

Institute for Women’s Policy Research (www.iwpr.org) Promotes and works on equality issues that affect women. K C E DI T I O N // I T H I N KBIGGER .CO M

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Ladies Who Launch (www.ladieswholaunch.com) Targeted at women entrepreneurs, this website is full of blogs, success stories, how-tos and more. National Association for Female Executives (www.nafe.com) Provides resources to women business leaders. National Association of Women Business Owners (www.nawbo.org) Propels women entrepreneurs into economic, social and political spheres of power worldwide. National Association of Women in Construction (www.nawic.org) Committed to enhancing the success of women in the construction industry. National Women Business Owners Corporation (www.nwboc.org) Has a private national certification program that verifies ownership and control of businesses by women. National Women’s Business Council (www.nwbc.gov) Promotes initiatives, policies and programs designed to support women’s business enterprises at all stages of development. U.S. National Committee for UN Women (www.unwomen-usnc.org) Provides financial support and technical assistance to innovative programs promoting women’s issues. Women’s Business Development Center (www.wbdc.org) Delivers business services and financial assistance to empower women toward entrepreneurship and economic self-sufficiency.

Women’s Business Enterprise National Council (www.wbenc.org) National advocate for women-owned businesses as suppliers to U.S. corporations. Women in Government Relations (www.wgr.org) Committed to the advancement and empowerment of women at all career levels of government relations. Women Impacting Public Policy (www.WIPP.org) A national nonpartisan public policy organization that advocates for women business owners and women in business. Women Presidents’ Organization (www.womenpresidentsorg.com) This nonprofit organization is for women presidents of multimillion-dollar companies. It strives to improve business conditions for women entrepreneurs. Women in Technology International (www.witi.com) Strives to help women advance by providing access to and support from other professional women working in all sectors of technology.

how-to articles and includes many profiles of young entrepreneurs. International Money Museum (ecedweb.unomaha.edu/museum.htm) This interdisciplinary teaching kit, available through the UMKC Center for Economic Education, stimulates students’ interest in exploring and understanding the economy. Junior Achievement of Greater Kansas City (www.jamidamerica.org) Offers programs to educate and inspire students from kindergarten to 12th grade to value free enterprise, business and economics. The Network for Teaching Entrepreneurship (www.nfte.com) A national nonprofit organization that brings entrepreneurship education to low-income young people. Enactus (www.enactus.org) An international organization that provides leadership training and hosts entrepreneurial competitions for college students around the world.

Collegiate Entrepreneurs’ Organization (www.c-e-o.org) Offers leadership training and professional development programs through a national network of young business owners.

U.S. SBA Young Entrepreneurs (www.sba.gov/content/young-entrepreneurs-series) A website developed by the U.S. Small Business Administration to guide young people to resources for starting a business.

Future Business Leaders of America (www.fbla-pbl.org) A membership organization for students (middle-level, secondary and collegiate/post-secondary) interested in a business or business-related career.

YoungBiz.com (www.youngbiz.com) Offers professional development workshops for teachers, summer camps and workshops on entrepreneurship and investing.

Business Owners’ Idea Café (www.businessownersideacafe.com) Designed to appeal to self-starters, this website offers

Your Success Now (www.ysn.com) Offers links to a wealth of resources for younger entrepreneurs.

YOUNG ENTREPRENEURS

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