ADVICE AND RESOURCE INVOLVEMENT:

I have written about the EnterpriseCorp in a previous blog but it is worth discussing this gem again. As the “entrepreneurial arm” of Greater Louisville Inc. (the City of Louisville Chamber of Commerce), this organization provides advice and assists local businesses and entrepreneurs in growing their businesses through analysis, strategic development, capital growth assistance and resource involvement. EnterpriseCorp.’s focus on providing resources to the local Louisville Metro business community is where the organization really shines. It offers business plan templates, models for investor presentations, identifies and provides assistance with funding sources, presents CEO roundtables and much more. It is well worth it to take advantage of the resources that EnterpriseCorp. provides local Louisville businesses and entrepreneurs.

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On July 23, 2014, Kentucky Governor Steve Beshear signed into law House Bill 445, which expands the Kentucky Investment Fund Act and provides tax credits to “angel investors” with the aim of encouraging individuals to invest in small local startups and businesses.

Effective January 1, 2015, angel investors who invest a minimum of $10,000 dollars in local businesses with “high growth potential” in fields like information technology, bioscience and advanced manufacturing, can receive a tax credit equal to 50 percent of their investment if the startup is located in a county that the state has determined is economically depressed. Investors can receive up to a 40 percent tax credit of an investment in businesses located anywhere else within the Commonwealth. The maximum annual credit that can be awarded to an angel investor is $200,000 dollars. The law also provides some tax incentives to angel investors outside of Kentucky. Investors who reside outside of Kentucky can transfer tax credit to state residents and under the new law. If the Kentucky resident purchases the credit, the out of state investor can then recoup some of their investment. [Read more…]

BUSINESS STRUCTURE

A typical mistake of a small start-up business is not availing itself of a business structure that may shelter the business owner from personal liability.  Corporations and Limited Liability Companies may afford such protection.

BUSINESS PLAN

A well thought-out and well vetted business plan is an essential element to business success. Business plans should include, without limitation, market analysis and planning, financial projections and cash flow analysis, organization of management team, sales strategies, just to name a few items. A business may be subject to liability and incur significant legal costs due the lack of sufficient forethought. [Read more…]

I will be putting one foot after another Dancing With the Prospect Stars in support of the Special Olympics. Come join me on 2/9/14 at the Mellwood Arts Center in Louisville, KY. To learn more please go to www.dancingwithprospectstars.org.

I recently returned from Israel where I had the privilege of watching my daughter, Peyton, compete in the 19th Maccabiah Games representing the United States of America in swimming. The Maccabiah Games is the third largest international sporting event in the world. Thousands of athletes from around the world converge every four years in Israel to excel in their respective events. (By the way, Peyton won a gold and two silver medals).

The sporting venues are filled with fans cheering on their countries and athletes. At the swimming venue, there was downtime from the competition that allowed me to intermingle with the other spectators. [Read more…]

The Louisville, Kentucky business community holds a gem that is harbored by Greater Louisville, Inc. (Louisville, KY’s chamber of commerce). It is known as “EnterpriseCorp”. EnterpriseCorp provides advice and growth capital services for local businesses.

EnterpriseCorp assesses and assists your business through the use of benchmarking, operational analysis, strategic development, and implementation of the strategies. EnterpriseCorp’s advisory counsels are comprised of successful individuals who provide beneficial advice.

Growth Capital is imperative in the development and the continuation of your business. EnterpriseCorp can be used as a mechanism to help identify capital streams in various forms (e.g. grants, angel investors, accelerators, venture capital, and equity funds). EnterpriseCorp can introduce you to the players in the growth capital arena. [Read more…]