Posts tagged SBA
As I previewed the schedule on line in Plancast, Speed Bootstrapping at the Boulder Chamber seemed like the best option for me for several reasons. I am a busy executive and my time is limited. The event was being hosted by a law firm who specializes in Startups, security laws and presumably they had been to the show. Joyce Colson from Colson Quinn emceed the event and she kept everybody on a timer. Thank God! ( seriously, it works best) The event was being held at the Chamber which is neutral ground so I wouldn’t be hassled by BSW organizers for being “press” which happened last year. Also, I am a Chamber member and I knew I could count on Angelique for access. There was also no alcohol being served so this was was going to be a sober nuts and bolts workshop where I could learn something It was not going to be the constant college party scene which consumes much of the Boulder Startup scene.
I was not disappointed. Speed Bootstrapping 101 was a series of check-ins by 7 business organization experts. Matt Fargo from Kurtz Fargo a cpa firm which specializes in tech corps gave a blistering litany of dos and don’ts for business financials. The most memorable being use quick books and outsource your book keeping to a specialist so that it gets done right. This way investors will understand what the hell you have when the time comes. Thank God we did both at Channel 1 networks.
Then the lawyers spoke. Rob Quinn almost had a pained look when he spoke of some basic mistakes startups make which hurt them badly down the road. This was another way for me to check to see if we did our preliminary work correctly. Protection of intellectual property ? check. Signed sub-contractor agreements? check. Signed no compete non disclosure statements? check. Set up LLC cause it is simplest? check Pay people cash and not in stock so company is not diffused? check. Paying in stock are big mistakes made by early startups.
Of course I have been in business for over 20 years, grew up in a business family so I can thank my father and family for some of my business ac cumin In 2006 I had the guidance of Bob Greenley and atty Amelia Tantilla early on in Channel 1 Networks, so I avoided big mistakes. Ray Skibitsky told me not to take venture capital since we were already making money.
Then a commercial real estate broker talked about complicated leases and who to trust and who not to. Very valuable. We will need a broker when we move, that’s for sure. Liz Ryan talked about how to hire good employees. Ideas I had never heard before. The Chamber talked about all of the SBA loans available. Did you know that there are loans available that will pay for 90% of commercial real estate? Why lease when you can own for the same money??
Also, there was a banker another accountant and another lawyer who spoke. They covered all of the bases.
So How did I do? I hate to be smug. But I scored 100%. Not one pitfall in the area of big stupid business mistakes. I feel more ready than ever to move on and sell our company to Google. One thing is for sure, I need to hire this team assembled at Bootstrapping 101 to help sell my company. For this I have to hand it to Boulder Startup Week, there was a gem among the beer cups. lol ( an a good time was had by all)
The event was well attended by serious minded business people and I feel fortunate to have been there. If this event was repeated monthly at the chamber it could only help all Boulder business’s succeed.
From the Startup Capitol of America