recentpopularlog in

jerryking : owners   44

Private Libraries That Inspire
April 25, 2019 | WSJ | By Katy McLaughlin.

Difficult to build and maintain, these elaborate spaces contain the passions and obsessions of their owners. Libraries That Inspire -- These spectacular rooms house the owners’ collections of books, antiques, art and ephemera representing their unique, life-long passions and interests.

Forget the Dewey Decimal System: Entrepreneur and inventor Jay Walker’s 25,000 books, manuscripts, artifacts and objects are organized in his personal 3,600-square-foot library “randomly, by color and height,” he said. When he walks into his library, part of his Ridgefield, Conn., home, the room automatically “wakes up,” glowing with theatrical lighting, music and LED-lit glass panels lining various walkways. He finds items to peruse by a system of memory, chance, and inspiration, he said.

The Walker Library of the History of the Human Imagination is a dramatic example of the rarest of residential amenities: A vast, personal, custom-built repository of intellectual stimuli. In the age of the e-reader, it is a status symbol on par with wearing a Patek Philippe watch when the cellphone already tells the time. For wealthy homeowners, personal libraries provide both a quiet refuge from the world and a playground for their minds—as well as a solution to the challenge of warehousing books from which they cannot bear to part......To create enough shelf space and to counteract the visual heaviness of walls lined with books, private libraries may aim for two or more open stories......The private library is a classic example of a highly personal amenity that is expensive for the builder of a dream home to create and hard to recoup upon resale. .......the library has stimulated new ideas that have translated into an array of inventions and helped him make many new friends.

For some private library owners, especially those who aspire to world-class book collections, the serious expenditure isn’t in the physical structure, but in the contents. “It is not uncommon for collectors at this level to be spending in excess of $1 million a year” on books ......
antiques  antiquities  art  bespoke  books  collectibles  collectors  curation  design  high_net_worth  ideas  inspiration  insurance  Katy_McLaughlin  life_long_learning  personal_libraries  physical_place  owners  passions  shelf_space  status_symbols  uniqueness 
april 2019 by jerryking
Investment fund makes $1-billion bet on owners who control their companies - The Globe and Mail
The Canadian Business Growth Fund

“Canadian entrepreneurs find it difficult to secure the funding they need to grow, while maintaining control of their business,” said Mr. Rossolatos, who started his own career as a private-equity investor at TorQuest Partners Inc., then ran tech company Avante Logixx Inc. for seven years. He said the new fund, created by the federal Liberal government but backed by the country’s largest financial institutions, will offer an alternative to traditional venture-capital and private-equity funds, which typically demand control of a company in exchange for their money.

“Our goal is to help entrepreneurs scale up their mid-market businesses as a patient, minority capital partner,” Mr. Rossolatos said. The growth fund formally opens its doors on Tuesday with a $545-million capital commitment from 13 Canadian banks and insurers, which have the option of increasing that backing to $1-billion if the concept proves to be a money maker. Mr. Rossolatos joined the fund in January and has spent the past five months setting up the business and hiring a team of a dozen investment professionals.

Backers expect the new fund will help solve what’s perceived to be a chronic problem for small to medium-sized Canadian companies: Owners sell control relatively early in the businesses’ development, and miss out on the opportunity to build regional or even global champions.
Andrew_Willis  owners  private_equity  privately_held_companies  mid-market  mid-sized  global_champions  CEOs 
june 2018 by jerryking
With Sale, Essence Is Once Again a Fully Black-Owned Magazine
JAN. 3, 2018 | The New York Times | By SANDRA E. GARCIA.

Essence magazine is once again a fully black-owned publication.

The magazine, a mainstay of black culture for almost half a century, was bought by Richelieu Dennis, the founder of Sundial Brands, a large personal-care products company, from Time Inc.,
black-owned  magazines  digital_media  African-Americans  Essence  owners  publishing 
january 2018 by jerryking
The young person's guide to extreme success: What I wish I had known when I was 20 - YouTube
Your life is nothing more than a series of choices....you are the compilation of your choices!!
Rule #1: Think carefully about relationships and children.
Rule #2: Learn how to start a business, just in case.
Rule #3: Always think like an investor in every part of your life (investing--Sun Tzu "The battle is won before it begins"; invest your time like its money, learn how to ignore the world when necessary, 1, 3, 5, 10 yr. goals--figure out what you need to do that day, schedule how you will use your time each day)
Rule #4: Educated geeks are now running the world (educational mediocrity is unacceptable); (listen to everybody, stop talking so damn much).
Ruel #5: Protect your mental and physical health [(exercise, keep losers away from the things you value (i.e. mind, body, spirit, family, time, business)] Be miserly with my time.
Rule #6: Stop being normal!!
advice  preparation  life_skills  relationships  parenting  conflict_resolution  Sun_Tzu  owners  self-education  exercise  positive_thinking  affirmations  time-management  Pablo_Picasso  geeks  delayed_gratification  Boyce_Watkins  choices 
september 2017 by jerryking
11 tips for freelance success
Thanks in part to globalisation and the state of the world economy, the number of
freelancers and freelance opportunities have grown rapidly in the past
decade.
For individuals, freelancing offers the possibility of an
entrepreneurial lifestyle and a level of self-determination that is hard
to find at a nine-to-five.

For businesses that may not have the luxury
of hiring a full-time employee or need expertise that is hard to find
and/or develop in-house, retaining a freelancer may be the most
attractive way to get a job done.

But freelancing isn't all roses. Most individuals who become freelancers
aren't billing themselves out at thousands of dollars a day, and many
fail to earn more than they used to earn (or could
earn) as full-time employees.

Some, sadly, are unable to find their way
and are forced out of freelance-dom.
For those wanting to 'make it', here are 11 life-saving tips.

Dot your i's and cross your t's
While few freelancers like dealing with legal issues and attorneys, having a formal agreement in place for each gig can help protect you against non-payment and avoidable legal headaches.

As such, savvy freelancers will seek out competent legal counsel early on, and at a minimum, invest in the drafting of a solid template agreement that can be applied to common projects.

Demand a deposit for every project
New freelancers in particular are often hesitant to require an up-front deposit from clients, believing that it will cost them business. But the truth is that no reasonable client will refuse to pay a reasonable deposit, making the deposit one of the best tools for filtering out the clients most likely to be deadbeats.

Once a long-term client relationship is established, it may be appropriate to consider alternate arrangements, but it's wise to treat those arrangements as you would a loan that doesn't require a down payment.

In other words, understand what you could lose if the loan is not repaid, and make sure that loss is tolerable.

Don't get distracted by the "hourly versus fixed price" debate
While it's not always the case, the general belief is that freelancers love hourly engagements and clients love fixed price engagements.

At the end of the day, however, the "hourly versus fixed price" debate is usually a red herring. If you're billing hourly for a project, your client is going to want an estimate of how many hours the project will take to complete.

And if you're billing a fixed amount for a project, you're going to base the amount on an hourly rate and the number of hours you believe the project will take to complete.
The key is making sure that you have enough information to establish the scope of the work required, and that you have enough skill to accurately estimate work time based on scope.

If scope isn't established and/or you're not capable of estimating accurately, the project is at risk regardless of whether you're billing by the hour or for the whole shebang.

Invoice well, invoice religiously
One of the most common reasons individuals fail at freelancing is that they don't generate the cash they need when they need it. In other words, they have clients and gigs, but it's a constant struggle to pay the bills.

Many freelancers find the lesson that strong revenue does not necessarily equate to strong cash flow to be a harsh one, but once learned, it's much easier to address the matter.

Building strong cash flow starts with invoicing. First, you need to set fair if not favorable invoicing terms (hint: net 45 or 60, or higher, can be painful).

Then, you actually need to submit your invoices in a timely fashion (eg. when they're able to be submitted or due), something that, surprisingly, many freelancers fail to do even though there are plenty of cost-effective tools that can make the process easy.

Minimize your ratio of new client acquisition to billable work
Freelancing can be very profitable -- when you're billing. But many freelancers spend a lot of time not billing, and for many of these freelancers, new client acquisition is the biggest source of non-billable time.

It shouldn't be. While you probably don't want to be dependent on one or two clients, if you're spending more than 25-30% of your time each month looking for new ones, you may eventually find it hard to be successful.

Find your optimal rate
One of the best ways to minimize the amount of new client acquisition you need to engage in is to find your optimal rate and pricing structure. Charge too little and you'll find it hard to thrive. Charge too much, however, and you'll find that your clients may send you a lot less work than they'd otherwise like to.
At the end of the day, finding your optimal rate is effectively the same thing as maximizing your revenue. A freelancer who bills 120 hours a month at $100/hour makes more money than a freelancer who bills 60 at $150/hour, and incidentally, is probably more likely to be staying sharp and working on interesting things.

Focus on what you do best and what you want to do, not on what you can do
Many freelancers make a huge mistake: they make their sole criteria for taking on a project the answer to the question, "Can I do this, and make money?" Instead, it pays to focus on what you do best and take on work that's aligned with your long-term positioning and goals.

Everything else can distract you from getting to where you want to go, even if it helps pay a few bills in the short-term.

Be realistic about scale
Service businesses have unique scaling challenges, and individual freelancers will obviously find it difficult to grow revenue beyond their hourly rate times the number of hours in a working day.

For ambitious, established freelancers, building a team or outsourcing may seem like a good way to grow revenue. But growing the number of hours you can bill in this fashion and maintaining quality can be very difficult to do.

Also consider that this type of expansion may force you to do more project management, so make sure your project management skills are sufficient and, more importantly, than you're willing to trade some of your 'real' work for project management.

Don't underestimate the importance of location
The stereotypical freelancer lifestyle can be attractive, but don't get too infatuated with the notion that you can live on the beach in some exotic, inexpensive land while billing out design or development work at London day rates.

The market for freelancers is competitive, and location can matter. If the majority of your clients are based in, say, New York, and you're based in Phuket, the distance between you and your clients could eventually become a major liability.

Don't be afraid to part ways with clients
Few things are as rewarding than long-term client relationships. But that doesn't mean that you should maintain a client relationship for the sake of maintaining the relationship.

If a once-solid client becomes a headache (eg. they're not paying you on time or are treating you disrespectfully), you shouldn't feel obligated to keep providing your services. And sometimes, your areas of focus may diverge from a client's needs.

In these cases, doing what's right for you (moving on), as difficult as it may be, is probably also what needs to be done if you're going to do right by your client.

Become a business owner
Most freelancers start off thinking of themselves as a 'freelancers', but at some point, a successful freelancer should recognize that she's really a business owner.

That means learning about, and taking responsibility for, business activities like bookkeeping, accounting and marketing. Doing this can often mean the difference between success and failure, as there are many talented freelancers who fail to succeed because they're poor business owners.

As an example, consider the importance of building a cash position. A good business owner will try to build a solid cash position, as this can provide a safety net for a rainy day, expansion capital, or the ability to offer more flexible payment terms to clients.

A freelancer who is not a good business owner, on the other hand, is less likely to think of her freelancing operation as a business for which a strong cash position is desirable or necessary.
aligned_interests  charge_for_something  emergency_funds  freelancing  gig_economy  hard_to_find  jck  owners  safety_nets  screening  via:Memeserver 
december 2016 by jerryking
Daniel S. Glaser: The Challenge of Keeping It Simple
JULY 15, 2016 | The New York Times | By ADAM BRYANT.

When I joined Marsh more than 30 years ago, he said to me, “Danny, all I can tell you is that there’s going to be a lot of people who don’t think like an owner, and you should always be thinking like you are the owner of the business, and make your decisions like that.”..Empathy is more important as he matured: "Now I have a basic belief that almost everyone wants to contribute and do well. Some people, for a whole variety of reasons, have difficulty doing that, and at least an attempt or two should be made to try to help them."...I’ve always felt that the world is filled with smart people who love complicating stuff. Working to simplify, to try to get down to that first principle, is really important.....My feeling is that companies that do well for long stretches of time have a tendency to become either complacent or arrogant, and both of those are bad paths. So how do you prevent that? To me, you do that by trying to create this striving, challenging, questioning culture, where there’s always a smarter way of doing something, and you feel a permanent dissatisfaction with obtained results.
bonuses  empathy  CEOs  leadership  leaders  complacency  arrogance  hubris  hiring  organizational_culture  forward_looking  simplicity  Marsh_&_McLennan  owners  dissatisfaction  first_principle  restlessness 
july 2016 by jerryking
Pillars of Black Media, Once Vibrant, Now Fighting for Survival - The New York Times
JULY 2, 2016 | NYT | By SYDNEY EMBER and NICHOLAS FANDOS.

As racial issues have once again become a prominent topic in the national conversation, the influence of black-owned media companies on black culture is diminishing.

“Ebony used to be the only thing black folks had and read,” Ms. Spann-Cooper said. “As we became more integrated into society, we had other options.”

Continue reading the main story
To that end, Time Inc. now owns the magazine Essence and Viacom owns Black Entertainment Television. The Oprah Winfrey Network, a partnership between Ms. Winfrey and Discovery Communications, has been around since 2011. The Undefeated, ESPN’s site covering the intersection of race and sports, debuted in May. The emergence of Black Twitter has also given African-Americans a powerful voice on social media.

Johnson Publishing stressed that the Clear View Group, the private equity firm that bought Jet and Ebony, was an African-American-led company and positioned the sale more as a partnership. “...Traditional media companies have struggled for years to adapt to a digital world, but the pressure on black-owned media has been even more acute. Many are smaller and lack the financial resources to compete in an increasingly consolidated media landscape. Advertisers have turned away from black-oriented media, owners say, under the belief that they can now reach minorities in other ways.

++++++++++++++++++++++++++++++++++++++++
See my Pinboard reference to [Carol Williams' concern] that agencies catering to multicultural audiences employ mass marketing strategies that look to target such consumers simply by casting minorities in ads, or making assumptions based on social media data.

“It becomes an issue of, ‘If they see themselves in a commercial, they’ll buy the product,’ rather than it being about the messaging and how that messaging is delivered to them,” she said.

Some companies are also using digital technology to “withdraw what they perceive as insights out of these communities,” she added, instead of “developing research techniques to really get to know this culture.”
African-Americans  owners  digital_media  mass_media  FCC  broadcasting  publishing  consolidation  television  culture  magazines  radio  black-owned  Carol_Williams  Essence  Ebony  print_journalism 
july 2016 by jerryking
The Choices That Led Small Business Owners to Wealth - The New York Times
FEB. 12, 2016 | NYT | By PAUL SULLIVAN

have to make decisions to professionalize the business, put systems in place and have a plan that allows them to do longer-term planning. Those decisions can make the difference between being a small-business owner and a business executive with significant wealth....“There is no bright-line test when a company gets to a certain size or age to do these things,” said Kevin M. Harris, head of the family business group at Northern Trust. “It is based on where the company wants to go.”

Determining which decisions were the ones that made the difference is sometimes not an easy task, and the stories that are retold are often the ones that turned out well. Yet it is worth considering what can go wrong.

Entrepreneurs who failed to find success were often resistant to change
small_business  wealth_creation  decision_making  entrepreneur  risk-taking  mindsets  JCK  thinking_tragically  Northern_Trust  owners  private_banking  choices  internal_systems  professionalization  high_net_worth 
february 2016 by jerryking
The networker: Martin Sorrell of WPP - FT.com
March 13, 2015| FT | Andrew Hill.

After 30 years, WPP now embraces some of the best-known names in marketing, advertising and public relations, including Ogilvy & Mather, J Walter Thompson and Burson-Marsteller.
In the process, Sorrell has become one of the best-connected executives in the world....Sorrell performs a similar role at WPP, using a combination of visionary pronouncements and obsessive micromanagement of clients, finances and employees. ....later this year a new chairman, Roberto Quarta, will take over. Quarta, a tough Italian-American with a background in private equity, is expected to be less submissive to WPP’s chief executive than previous chairmen. The question of how long Sorrell ­continues in his role, who could succeed him, and what will happen to the WPP empire if he goes, will be the most important issue on Quarta’s desk....“[If] I have been behaving as an owner, rather than as a ‘highly paid manager’ . . . mea culpa. I thought that was the object of the exercise,” he wrote.
Martin_Sorrell  WPP  advertising  advertising_agencies  succession  deal-making  WEF_Davos  legacies  JWT  Ogilvy_&_Mather  owners  Burson-Marsteller 
march 2015 by jerryking
What is the one word that will make you rich? - Quora
(1) No. Say no to anyone/anything that will waste your time: negative people; vampires seeking to suck you dry and dump their shit on you; folks seeking freebies; excess leisure time and instant gratification.
(2) Ownership--that is, the personal ownership of assets. Control something, then exercise your right to leverage and collect from it.
(3)
(4)
wealth_creation  instant_gratification  say_"no"  owners  ownership 
march 2015 by jerryking
Roger Ferguson of TIAA-CREF: Always Act as if You’re an Owner - NYTimes.com
NOV. 29, 2014 | NYT | Adam Bryant.
Is there a value on your list that is particularly important to you?

One is about personal accountability. One of the phrases I use is that if you owned this company, what would you do? And if your colleagues were owners, what would you want them to do?

What are your best interview questions?

What do you do with your free time? I’m listening for somebody who is a little more balanced. I’m always asking about team experiences, and about resilience and fortitude. How did you recover from setbacks? What did you do? I like to hear stories, and concrete examples.

What career and life advice do you give to graduating college students?

You have to be prepared to take some risks and maybe fail a little bit. Don’t make the same mistake over and over again, but don’t be afraid of making any mistakes. Because your career is like a climbing wall, not a ladder, and you don’t know where it’s going to end up. You have to be a continuous learner as you go up the wall.
money_management  pension_funds  setbacks  CEOs  African-Americans  McKinsey  Managing_Your_Career  advice  new_graduates  values  accountability  interviews  TIAA-CREF  Harvard  owners 
december 2014 by jerryking
Five ways training for a marathon inspired me as an entrepreneur - The Globe and Mail
DAVID SCHNURMAN
Young Entrepreneur Council
Published Tuesday, Jul. 29 2014

1. Keep your commitment. In business, you can’t let difficult challenges prevent you from following through with a plan.

What get one through these hard times is the commitment you make and a strong belief in wanting to break it.

2. Have a clear goal and strong plan. Many entrepreneurs grow their businesses by using their gut and intuition. When you hit adversity, not having a plan isn’t always the smartest choice.

A great thing about the marathon is that there is a clear goal of 26.2 miles and a proven training schedule. Since I didn’t have to put any additional thought into the goal or plan, I was able to focus all my energy on being mentally tough enough to keep up with the 30+ mile weeks and any life challenges that got in the way.

It made me realize the stronger my convictions are in my business goals and in my plan to get there, the more mentally tough I will become.

3. Go in with the right mindset. As business owners, we focus on outside challenges such as raising money, managing a team or acquiring new customers. While all of these issues are important and need to be addressed, they do not hold a candle to the internal challenges that we face on a daily basis: stress, self doubt, negativity, loss of focus, blaming others, fear of failure, etc.

If you have the right mindset and a positive attitude, no outside force can stop you in your journey to success. When training for the marathon, I turned to inspirational speeches and videos that I could listen to while I ran. Without these videos playing in a loop, it would have been hard for me to get through some of the tougher moments. You should apply the same type of inspirational experience sharing to business. It allows you to take the 10,000 foot-view and work on the business instead of in it.

4. Run through the wall. In business, we come up against walls all the time. They key is having the right partner or mentor to help see you through it.

While training, I was told that after mile 20 the same thing happens in the marathon. It happened at mile 23 of my first marathon; I hit a wall. My feet were burning and my legs had shooting pains. All the signals in my body were telling me to stop running. But I was lucky enough to have a more experienced running partner who kept pushing me the additional 30 minutes. He motivated me and kept my focus on the finish line instead of the pain.

In business, we all can benefit from other people’s expertise to get through the pain and hit our big goals.

5. Experience new things. Too often in life we get caught up in a daily routine. Luckily, as entrepreneurs, it’s in our DNA to shake it up and learn new things. During training, I ran through almost every NYC neighborhood and found that I can develop a deep focus for hours on end. I read new books that inspired me, met new people and took part in over a dozen races.

I have transformed my mentality from someone who never ran further than 4 miles to a marathon runner. Now, the sky is the limit.
commitments  convictions  entrepreneur  gut_feelings  hard_times  intrinsically_motivated  lessons_learned  marathons  mindsets  owners  positive_thinking  running 
august 2014 by jerryking
Manage from a Single Piece of Paper
January/February 2007 | Business Owner | Anonymous.

Great managers know exactly where their company based on four or five key indicators. Gary Sutton, legendary turnaround expert and author of The Six Month Fix, urges all business owners to manage from a single piece of paper. Sutton suggests they monitor information that looks ahead, such as: inbound calls/responses by source, orders received by product or product line, returns or warranty claims, total gross profits, payroll expense and accounts receivable. In addition, include a breakdown of costs by expense category. Next add liquidity data, inventory data, and data more upstream in the sales cycle, such as cash on hand and credit available. Have this information delivered to your desk once a week, and you will be empowered with the information needed to do your job. Here as some data sheet items: breakeven point, and performance of each profit engine.
metrics  small_business  running_a_business  KPIs  dashboards  start_ups  data  books  data_driven  indicators  forward_looking  owners  simplicity 
september 2013 by jerryking
How to Scale Up Your Service Business
Mar 18, 2011 | | Inc.com | John Warrillow.

It can be tough to grow a service business. Clients generally are buying your expertise, and if all you have to sell is time, the size of your business will always be limited by the number of hours in the day. One way to scale up your service business is to launch a training division to teach others what you know...we all know, as business owners, we should document our systems for others to follow, but somehow writing our owner's manual always takes a backseat to serving the next customer or fighting the next fire.
howto  scaling  services  training  John_Warrillow  product_launches  growth  ideas  owners  documentation 
april 2013 by jerryking
A Few Necessary Precautions Before You Buy That Business
May 1991 | Profit-Building Strategies for Business Owners |

Buying a business takes great care. The first decision is what type of business to buy. For most people. it is best to choose a field in which they have had some experience. Sources for businesses up for sale include classified advertisements, business brokers. and informal networking. Next is a thorough investigation based on care and common sense. An initial question to ask is why the present owner is selling. The next step is to carefully examine the business. At this stage. an attorney and accountant can help check business books by looking for discrepancies in records of sales, earnings. and expenses. It is also important to check for pending lawsuits. If the sale involves real estate. it is vital to check for records of undisclosed liabilities. The next step is to determine how to finance the business. Usually. the new owner must put down of the purchase price and finance the balance. Sources for the remaining financing include the Small Business Administration. banks, and commercial lenders.
buying_a_business  CAMEX  mergers_&_acquisitions  M&A  decision_making  owners  precaution 
january 2013 by jerryking
Introducing Creating Value - NYTimes.com
September 13, 2012, 7:00 am3 Comments
Introducing Creating Value
By JOSH PATRICK

Most owners know more about running their businesses than anyone else in the organization. When it comes time to sell or transfer the business, prospective buyers aren’t interested in the skills of the buyer; they’re interested in cash flow. Buyers want to see regular growth and profit margins and a business that has systems that work without the owner.

I’ve been trying to understand how businesses build value for more than 35 years. One of the things I’ve learned – from the businesses I’ve owned, from reading a book a week for 35 years, from developing seminars for others and attending several educational sessions a year – is that value is in the eye of the beholder.
running_a_business  value_creation  blogs  entrepreneur  owners  cash_flows  internal_systems  professionalization 
september 2012 by jerryking
Due diligence work assures an informed decision
May/Jun 2001 | Business Owner .Vol.25. Iss. 3; pg. 13 | Anonymous.

There is a great deal of time and energy expended in buying a business both before and after the closingv The period from your initial meeting to actual closing usually covers 90 to 180 days and the post-closing transition
period can extend over 6 months to one year. Be aware of the time required; you and your executives must set aside that time to meet your commitments in negotiating and closing a deal. There is basic information you will need to properly analyze and value the to-be-acquired company. including: 1. the information needed to help you determine your preliminary interest before proceeding with the negotiations; 2. the work to do on a financial justification for purchasing the company; and 3. the pre-closing documentation when you are getting ready to finalize the price, payment terms, transition and payment schedules, etc.
decision_making  due_diligence  owners 
september 2012 by jerryking
Wealthy client advisor
Nov/Dec 2003 | Journal of Tax Practice Management | by Mike Swaim.

Business owners and high net worth individuals are best served when their advisers provide them with timely and pertinent information.....Be a true advisor, not just an analyst, offer solutions.
financial_advisors  wealth_management  high_net_worth  indispensable  owners  solutions 
august 2012 by jerryking
Forging Ahead
April 9, 2007 | Worth

Wealthy seniors far from retiring.

Gone are the days when retirement was associated with a rocking chair. Older millionaires are returning to the workforce or redirecting their energy to volunteer work and travel, according to the Northern Trust Wealth in America 2007 survey released April 2.

Among the 1,002 respondents to an online survey conducted last November and December, 48 percent said they were retired, but 29 percent have returned to the workforce—18 percent part time and 7 percent full time, with 4 percent looking for work. Among respondents older than 70, one in six remains in the workforce, either rejoining the ranks of the working after retirement or never retiring at all.

“Retired business owners and executives tell us that they want to give back the knowledge they've gained during their careers." said Gregg Yaeger, head of the financial Consulting Group at Northern Trust. “And many continue to explore and start or invest in new ventures."

Seventy-six percent of respondents said ensuring a comfortable standard of living was a key retirement Issue, while health-related issues, both financial and physical, also ranked as top concerns. The study found that 64 percent of millionaires believe It is important to pursue personal interests and hobbies in retirement; 61 percent want to travel; 53 percent desire an active lifestyle; 30 percent want to volunteer in their communities; and 30 percent would like to continue their education.
surveys  high_net_worth  retirement  work_ethic  work_habits  start_ups  passions  passion_investing  seniorpreneurs  owners  Second_Acts 
june 2012 by jerryking
Build your own insurance company
August 22 2007 | Fortune Small Business | By Jeanne Lee, with Brandi Stewart

Across the nation, small-business owners are already finding captive insurance an attractive alternative to the commercial market. For manufacturers, contractors, and professional-service firms, property and liability insurance has become a pricey and uncontrollable variable - a wild card that can break a small business. Since 2000, when the captive business was mostly geared to self-insuring Fortune 500 companies, the industry has expanded to 27 states and the District of Columbia, and the number of captive insurance companies has more than doubled, to nearly 1,100. Dudley Miles is among the converts. Miles is CEO of J.D. Miles & Sons in Chesapeake, VA. Miles turned to Roof Connect, an alliance of about 75 firms with annual revenues ranging from $2 million to $90 million. By banding together and creating their own insurance company, these business owners hoped to bring predictability back to their profit statements, secure special coverage, and make certain that their insurance would not suddenly disappear. A group creates an insurance company, providing enough capital to cover a set amount of risk. The company then purchases reinsurance to cover losses beyond that amount. Day-to-day management is usually outsourced to a specialized company, called a captive manager. Over time, if there are no large losses, excess reserves can come back to the owners as dividends. Captives are not for every business.
small_business  insurance  product_recalls  owners  Fortune_500 
june 2012 by jerryking
Goldman Builds Ambitious Role In Buyout Realm - WSJ.com
October 31, 2006 | WSJ | By HENNY SENDER

Goldman Builds Ambitious Role In Buyout Realm
Loans to Private-Equity Firms Edge Out Commercial Bankers; Wearing Hat as Investors, Too

Investment banks are building their financing capabilities as they build their own buyout, or private-equity, businesses....Goldman's footprint has been especially deep on complicated deals like Texas Genco. The power company was bought by the four buyout firms -- Blackstone Group, Hellman & Friedman LLC, Kohlberg Kravis Roberts & Co. and Texas Pacific Group. When those private-equity firms won Texas Genco in a hotly contested auction, they counted on Goldman for several aspects of their offer.

In addition to arranging the loans, Goldman arranged derivatives transactions that protected the new owners against the possibility of a plunge in energy prices. This hedge gave comfort to other lenders, making the financing less costly than it would otherwise have been.

Similarly, in 2005, when Cerberus Capital Management LP bought paper and timber operations from MeadWestvaco for $2.3 billion, Goldman led the financing and arranged hedges for the new owners against fluctuations in the prices of pulp, natural gas and currencies.

"If a deal requires creativity, Goldman will figure out how to make it work," says Scott Sperling of private-equity firm Thomas H. Lee Partners LP in Boston.
buyouts  private_equity  Goldman_Sachs  funding  LBOs  Cerberus  investment_banking  creativity  derivatives  hedging  owners 
april 2012 by jerryking
Forty Acres and a Gap in Wealth
by HENRY LOUIS GATES Jr.
Published: November 18, 2007

The telltale fact is that the biggest gap in black prosperity isn’t in income, but in wealth. According to a study by the economist Edward N. Wolff, the median net worth of non-Hispanic black households in 2004 was only $11,800 — less than 10 percent that of non-Hispanic white households, $118,300. Perhaps a bold and innovative approach to the problem of black poverty — one floated during the Civil War but never fully put into practice — would be to look at ways to turn tenants into homeowners. Sadly, in the wake of the subprime mortgage debacle, an enormous number of houses are being repossessed. But for the black poor, real progress may come only once they have an ownership stake in American society.

People who own property feel a sense of ownership in their future and their society. They study, save, work, strive and vote. And people trapped in a culture of tenancy do not.

The sad truth is that the civil rights movement cannot be reborn until we identify the causes of black suffering, some of them self-inflicted. Why can’t black leaders organize rallies around responsible sexuality, birth within marriage, parents reading to their children and students staying in school and doing homework?
Henry_Louis_Gates  African-Americans  owners  land  property_ownership  achievement_gaps  racial_disparities  personal_finance  wealth_creation  real_estate  social_classes  subprime  home_ownership  generational_wealth  ownership 
november 2011 by jerryking
Why big businesses are bad for business
Oct. 19, 2011 | The Financial Times. (): Business News: p12.|
Luke Johnson
too many executives in large public companies actually have more in common with various arms of government than they do with entrepreneurs and start-ups. I used to believe that the great divide was between the public and the private sector: between state and commercial interests. But in truth the real difference is between giant and small organisations, whether they are for profit or not; between huge bureaucracies and owner-run outfits.
Luke_Johnson  size  large_companies  small_business  bureaucracies  Fortune_500  owners 
november 2011 by jerryking
Lessons from Private-Equity Masters
June 2002 | Harvard Business Review| by Paul Rogers, Tom Holland, and Dan Haas.

The Four Disciplines of Top Private-Equity Firms

Define an Investment Thesis

Have a three- to five-year plan

Stress two or three key success levers

Focus on growth, not just cost reductions

Don’t Measure Too Much

Prune to essential metrics

Focus on cash and value, not earnings

Use the right performance measures for each business

Link incentives to unit performance

Work the Balance Sheet

Redeploy or eliminate unproductive capital—both fixed assets and working capital

Treat equity capital as scarce

Use debt to gain leverage and focus, but match risk with return

Make the Center the Shareholder

Focus on optimizing each business

Don’t hesitate to sell when the price is right

Act as unsentimental owners

Get involved in the hiring and firing decisions in portfolio companies

Appoint a senior person to be the contact between the corporate center and a business
HBR  Bain  lessons_learned  private_equity  metrics  investment_thesis  measurements  dispassion  incentives  constraints  leverage  focus  sweating_the_assets  unsentimental  debt  owners 
november 2011 by jerryking
For Ex-Nurses, Real Money's in Takeout - NYTimes.com
By Louise Kramer
Published: April 4, 2004

Restaurants are notoriously challenging to run. An owner must juggle customer service, logistics, management, accounting and other tasks. In franchising, entrepreneurs buy into existing concepts and follow strict guidelines for operation in exchange for a fee and royalty payments on sales.
immigrants  franchising  Second_Acts  fast-food  New_York_City  owners  restaurants  Brooklyn  nursing  Caribbean 
november 2011 by jerryking
Can Small Businesses Make America Prosperous? :
October 31, 2011| The New Yorker | by James Surowiecki.

There's an ongoing veneration of small business...But the truth is that, from the perspective of the economy as a whole, small companies are not the real drivers of growth....small businesses are, on the whole, less productive than big businesses, and though they do create most jobs, they also destroy most jobs, since, while starting a business is easy, keeping it going is hard....in the U.S. the connection between size and productivity is, as a 2009 study showed, especially close. In part, this is because big businesses are able to enjoy economies of scale and scope. Big businesses are also better able to make investments in productivity-enhancing technologies and systems; in the U.S., for instance, big companies account for the vast majority of R. & D. spending....It’s harder for small businesses to innovate in these ways, particularly when credit is tight, as it is now. More important, most small businesses aren’t necessarily interested in expanding or innovating. A recent study by the economists Erik Hurst and Benjamin Pugsley shows that only a tiny fraction of small-business owners have any interest in becoming big-business owners, or even in bringing a new idea to market. Most are people who simply want to run a small company, do work they enjoy, and have some control over their own financial lives.

Those are admirable goals, but they’re not going to make companies more productive....greater productivity is the main driver of long-term economic growth and higher living standards.
small_business  James_Surowiecki  productivity  owners  myths  illusions  large_companies  economies_of_scale  economies_of_scope  managerial_preferences 
october 2011 by jerryking
Our fascination with the well-to-do: The money myth;
Feb 12, 2002 | National Post. . pg. SR.1.FR| Deirdre McMurdy

Inherited wealth continues to be relatively rare. About 80% of the country's millionaires represent first-generation wealth.

It's worth noting that it isn't the option-soaked corporate fat cats or the sharp-shooting lawyers who earn the biggest bucks: small business owners and entrepreneurs are four times more likely to be millionaires than those who work for others. They usually do it, furthermore, by retaining a narrow focus on their objective and working extremely hard in low-glamour Old Economy industries like packaging, auto parts or waste disposal.

For the most part, these are frugal folks who live modestly among us and quietly manage their holdings. And that's not just the case in Canada. American sociologists Thomas Stanley and William Danko -- who wrote the 1999 bestseller, The Millionaire Next Door -- found that most millionaires live in homes worth less than $300,000, drive three-year-old U.S.-made cars and never pay more than US$400 for a suit....Within the genus of millionaires, the Bay Street and Wall Street crowds are a distinct species. Those who have coined it in capital markets are a breed apart -- and certainly not representative of most millionaires...But our admiration for wealth is not without its caveats. Some forms and display of money are more inspiring than others. We may aspire to the toys and the lifestyle, but stock-market fortunes are subtly less respected than those garnered through manufacturing or more traditional methods. Accurately or not, the view tends to prevail that market millionaires have been lucky in a game of chance.
ProQuest  high_net_worth  myths  small_business  entrepreneur  owners  capital_markets  unglamorous  modesty  frugality  hard_work  focus  obsessions  industrial_economy  fascination  inheritors  first-generation  founders 
october 2011 by jerryking
Why You Should Stop Being a Wimp
Aug. 3, 2011 |BNET|By Suzanne Lucas |Ever met a successful
wimp? No such thing. The person who succeeds in the world of work isn't
the person that refuses to take chances. Business owners must take
financial & personal risks, evaluate mkts. & spot gaps which
they try to fill. Sometimes they commit to paying other people’s
salaries before knowing for sure if they’ll bring in enough $ to pay
their own. Successful sales people go out every day & risk rejection
in order to sell their products. You can't expect customers to
call. SVPs didn’t get there by keeping their head down & doing
precisely what their bosses asked of them. They looked for new
opportunities, suggested new paths for the biz, made difficult
decisions..This isn’t advice to be irrational, nor rude. Be politely
firm. Think through your plans–you must have plans in the 1st. place.
Do take risks where there is potential for payoff, do speak up in
meetings, do work your ass off and do ask for the recognition you
deserve.
advice  chutzpah  financial_risk  hard_choices  hustle  independent_viewpoints  indispensable  individual_initiative  intrinsically_motivated  It's_up_to_me  jck  ksfs  opportunities  overlooked_opportunities  owners  personal_payoffs  personal_risk  recognition  rejections  risk-taking  self-starters  speaking_up  uncharted_problems 
august 2011 by jerryking
The Tech Profile: How a Small Retailer Handles I.T. - NYTimes.com
May 17, 2011 | NYT |By DAVID H. FREEDMAN
The business: JetPens, based in San Jose, Calif., is a 14-person online
retailer of mostly Japanese pens and pen-related paraphernalia. The
slick, slightly edgy Web site is packed with stuff that you won’t find
just anywhere, including pens designed specifically for drawing Japanese
Manga-style cartoon art and a five-function eraser. As a result,
JetPens has drawn a cult following and fills about 100,000 orders a
year.
running_a_business  marketing  retailers  e-commerce  David_Freedman  google  PayPal  Quickbooks  facebook  handwritten  analog  writing  artifacts  IT  owners  small_business  Japanese  premium  brands  Stanford  alumni 
may 2011 by jerryking
THE BIGGEST GROUPS ARE ILL WITH INEFFICIENCY
April 06 2011 | FT | Luke Johnson
● Sunk cost fallacy:
● Groupthink:
● An obsession with governance:
● Institutional capture: the phenomenon whereby mgmt. end up running an
enterprise for their own benefit, rather than for the real owners. Also
known as the principal/agent problem.
● Office politics: self-destructive infighting for power within large
businesses is endemic, and perhaps the biggest value destroyer of all.
● Lack of proprietorship:
● Risk aversion: in large corporates, the punishment for management
failure is greater than the rewards for success. So, rational
individuals pursue cautious strategies to avoid damaging their career
prospects. (aka "playing it safe")
● The burden of history: many older companies have legacy issues such as
pension scheme deficits, union contracts, inefficient equipment and so
on.
● Anonymous mediocrities: there is nowhere to hide in a small company –
if you can’t deliver, you’re out.
● Commodity products: large companies need large markets,
playing_it_safe  start_ups  inefficiencies  size  groupthink  Luke_Johnson  large_markets  large_companies  bureaucracies  risk-aversion  mediocrity  owners  office_politics  commodities  self-destructive  brands  legacy_tech 
april 2011 by jerryking
Who are you without your business?
Jun. 12, 2009 | The Globe and Mail | Thane Stenner. “When
you sell a company, it can be like having a large part of your identity
suddenly removed,” he told me. For Mr. Bentall, the feeling was
compounded by the fact that Dominion Construction had been a family
business for three generations. “I distinctly remember selling, and
feeling like half my face had been erased.”

As a way of dealing with those challenges, Mr. Bentall founded Next Step
Advisors ( http://nxtstp.net/ ), a succession coaching and consulting
group. He now draws upon his personal experience to help other business
owners through the selling process, and to find what he calls
“endeavours of purpose” after the sale.

Contact Info:
David Bentall's Office
604.317.2624
Toll Free: 1.866.594.4012
#701-150 Athletes Way
Vancouver, BC
V5Y 0B5
bentall@nxtstp.net
high_net_worth  exits  Thane_Stenner  succession  owners  jck  Second_Acts  family_business  family-owned_businesses 
august 2010 by jerryking
How I Saved My Company - You're the Boss Blog - NYTimes.com
May 26, 2010 | New York Times | Yuki Mark Lim. Beginning to
collect these personal stories in a series of video contributions called
How I Saved My Company. We are looking for business owners who have
struggled and survived and who are willing to submit a short video
telling about their experience. The following video explains what we
have in mind.
running_a_business  video  small_business  owners 
may 2010 by jerryking
Nine hard truths
September 2005 | PROFIT magazine | By Rick Spence. The
immutable laws of being your own boss, and five ways to transcend them
all. 1. the 40-hr. workweek is not your friend. 2. Everyone is looking
for something new. But no one has any money for anything new. 3. All
the people you meet at a networking function are trying to sell you
something; 4. The phone doesn't ring by itself--make your own calls if
you want the phone to ring. 5. At any given time, everyone you want to
contact is in a meeting. 6. Basic courtesy is deader than Sir John A.
Macdonald. No one returns phone calls anymore. 7. Allies are like
employees: hard to find, hard to live without. 8. Opportunities are all
around you, but differentiating between an "opportunity" and a genuine
source of revenue-that's hard. 9. Most of the people you meet at large
corps. dream of working for themselves. KSFs: 1. Know what your market
wants. 2. Get yourself a peer group. 3. Trust in karma. 4. Be brave. 5.
Give it away.
motivations  inspiration  Rick_Spence  rules_of_the_game  ksfs  pay_it_forward  self-employment  owners  entrepreneurship  opportunities  karma  Sir_John_A._Macdonald  revenue_generation  interpretation  second-order  hard_to_find  courtesies  hard_truths  it's_up_to_me 
february 2010 by jerryking
Unleashing your inner supernova
Dec 29, 2006 | The Globe & Mail. pg. B.8 | by Diane Davies.
Go beyond being a good and find out how to become indispensable. The
indispensable person is focused on success, and has built a reputation
not only for finding solutions, but for having visionary ideas and the
guts to make them reality. Here are four steps for building that
indispensable presence. (1) Own the company. Start thinking like the
company's owner. (2) Develop your presence. Avoid negativity. digest
information quickly and present it clearly and concisely. (3) Build
your reputation with colleagues, other parts of the company, members of
professional associations and the broader community. Be the "go-to"
person. Prepare. (4) Be visionary. Plus: Blowing your own horn
(softly). For Jason Isaacs.
indispensable  owners  up-and-comers  Managing_Your_Career  solutions  solution-finders  personal_branding  reputation  self-promotion  time-management  movingonup  visionaries  mindsets  Pablo_Picasso  negativity_bias  clarity  concision  Jason_Isaacs 
february 2010 by jerryking
Be The Advisor Who Helps Business Owners Respond To Change
Dec 1, 2008 National Underwriter | Life & Health | by John H Brown.

The US and world economies are changing fast. As an advisor to business owners, you know that, as a group, they are not as uneasy about the stock market's wild fluctuations as are the rest of your clients. You must reach out to your business owner clients. It is your job to understand that owners can still achieve their goals, to implement the strategies necessary to reach those goals and to share that information with your clients. Once business owners are clear about their objectives, you can evaluate the business and personal financial resources available to fund those objectives. Central to any company's planning is the need to motivate management to attain specific performance standards, such as meeting budget or reaching a specific sales goal or perhaps a departmental profitability objective. The current financial storm is not life threatening for most of your business owner clients -- if they respond.
ProQuest  financial_advisors  small_business  JCK  entrepreneur  passions  passion_investing  impact_investing  indispensable  owners  generating_strategic_options  objectives  control_systems  rewards 
february 2010 by jerryking
Marketing to family businesses checklist
May 1996 | Journal of Accountancy | by Leslie Dashew. How to reach business owners?
* Attend family business conferences.
* Use seminars, newletters on family business topics.
* Speak to Jaycees, Kiwanis, local chamber of commerce.
ProQuest  family-owned_businesses  marketing  JCK  ideas  owners 
february 2010 by jerryking
To Slim Down, Businesses Team Up - WSJ.com
AUGUST 28, 2009 | Wall Street Journal | by DIANA RANSOM.
Teaming up is not a foreign concept to start-up business owners, who
often have less capital and fewer resources than larger, more
established firms. However, as the economy continues to soften, many
small businesses — even those that have been around for decades — are
not only trading services, but also combining forces.
collaboration  small_business  strategic_alliances  joint_ventures  teams  owners 
august 2009 by jerryking
How to Ask Better Questions
May 6, 2009 | Management Essentials - HarvardBusiness.org | by Judith Ross.

The most effective and empowering questions create value in one or more of the following ways:

They create clarity: “Can you explain more about this situation?”
They construct better working relations: Instead of “Did you make your sales goal?” ask, “How have sales been going?”
They help people think analytically and critically: “What are the consequences of going this route?”
They inspire people to reflect and see things in fresh, unpredictable ways: “Why did this work?”
They encourage breakthrough thinking: “Can that be done in any other way?”
They challenge assumptions: “What do you think you will lose if you start sharing responsibility for the implementation process?
They create ownership of solutions: “Based on your experience, what do you suggest we do here?”
assumptions  breakthroughs  clarity  critical_thinking  fresh_eyes  Harvard  HBR  howto  indispensable  inspiration  JCK  owners  questions  reflections  relationships  value_creation 
june 2009 by jerryking
Using The Whole Animal
Winter/08/09 Edible Toronto Magazine article by Ryan Donovan, the butcher and chef-owner of Cowbell on Queen Street West.
snout-to-tail  Toronto  restaurants  philosophy  meat  owners  carnivore  filetype:pdf  media:document 
march 2009 by jerryking
The Art of the Sale - WSJ.com
March 17, 2008 WSJ article by ARDEN DALE spelling out the different ways of selling a company.
exits  owners  small_business  selling_a_business  liquidity_events 
february 2009 by jerryking

Copy this bookmark:





to read