Published Feb. 8, 2013
Q: What are limited liability companies (“LLCs”), and what should businesses know
A: LLCs are a new type of business entity that emerged in the early 1990s. They have many important legal and tax characteristics, but the key ones are these:
Liability shield. LLCs provide their owners (called “members”) with a statutory liability shield that is essentially identical to the corporate shield.
Published Feb. 7, 2013
I’ve recently taken my business plan for a new and innovative consumer product to several banks seeking funding, but have had no success. What are some other financing options that might be available to me?
Published Jan. 16, 2013
My partner and I have been running our laser engraving business ourselves for the past two years. We’ve reached the point now where we’re both completely maxed out, so we’re considering hiring at least one employee. Where do we start Read more.....
Published Nov. 14, 2012
Learn how two hot new marketing trends—mobile marketing and daily deals—can help you attract and keep customers.
Two of the most effective marketing methods for your bar or restaurant are still emerging, but rapidly being adopted by consumers craving convenience and savings. Here’s a closer look.
Current City: Scituate, MA
Extensive experience in travel and hospitality marketing, sales and brand development including hotels, motels, restaurants, automobile dealerships and car rental. Experienced with broad variety of revenue building tools from advertising and online media to traditional direct sales. Successful record of re-building existing businesses, developing and launching new businesses, and evaluating and integrating acquisitions. Worked with franchisees in the hotel, car rental and auto industries to improve their results. Served on both non-profit and for profit boards over the past 25 years.
BA, Sociology - Princeton, 1969
MA, Organizational Sociology - University of Michigan, 1971
Graduate courses in Finance, Marketing and HR - Wayne State University
Detroit was one of the areas hit hardest by the Great Recession. The auto industry that held the city together was hanging on by a thread. The town went from being one of the biggest in the nation to having a population less than Columbus, OH. Normally this wouldn’t be the backdrop for a SCORE Success Story, but that is exactly what happened when Rachel Lutz found SCORE. Rachel began meeting with SCORE mentors about her idea for a clothing accessory boutique after she opened the doors to the Peacock Room in late 2011. She then attended workshops on Business Plans and Financing. With advice from SCORE and help from friends & family, Rachel was able to turn the Peacock Room into a smashing success in 2012.
15 E. Kirby #110
The biggest success for Rachel Lutz is becoming her own boss. She believed in herself and took the risk that her vision for a business would pay off. In less than a year she found that she was right. She found a building in mid-town Detroit and has been able to use her store front to turn a profit that was triple her original projections. By the end of her first year she is on track to do $330,000 in sales. As 2012 came to an end Rachel had already begun to expand into a neighboring space with a second store called, "Emerald". The new shop is a gift boutique that carries men's gifts, books, cards, etc. Both stores have become vital parts of the rebuilding mid-town Detroit community. She credits part of her success to working with her SCORE mentors, Henry Moses and Jim Muir.
What's Great About My Mentor?
Henry Moses and Jim Muir, mentors from the SCORE Detroit chapter, met with Rachel Lutz after she opened the doors to the Peacock Room. Rachel was told about SCORE by a loan officer. A few weeks after opening her business she was face to face with her SCORE mentors, who helped her figure out the best ways to ensure a successful launch. She then began to attend the SCORE Business Plan and Financing workshops. Working with SCORE, Ms. Lutz was able to iron out the wrinkles in her plans for the Peacock Room. With the help of SCORE, she finds herself on the way to a profitable first year. One so success that she has already begun planning the expansion of the Peacock room into a building the size of the Nordstroms she used to work at.
How SCORE Helped
Before starting the Peacock Room, Rachel Lutz worked for a luxury home store and Nordstroms. She had spent years working for others. Eventually Ms. Lutz decided to be her own boss. After starting her business, the first step to success was to find assistance by coming to SCORE. Rachel was directed to SCORE by a loan officer in her area.
She met with Henry Moses and Jim Muir, then attended a SCORE workshop on Business Plans. Ms. Lutz wrote up a very good business plan and continued to update it as she went through the start-up process. Finally, while continuing to work with her mentors, she attended a SCORE workshop on Financing for her business.
Using credit cards and interest free loans from friends and family, Rachel was able to open the doors on the Peacock Room in mid-town Detroit. She took a 2,000 square foot building in Detroit and turned it into her vision. With the help of Facebook and a website, she has promoted her business and is on the way to turning a profit in 2012 that is triple her original projection from her business plan.
Current City: Costa Mesa, CA
Business plans, start-ups, finance, financing, financial projections, cash flow, budgeting, intellectual property, troubled business turn-arounds, retail, sales, manufacturing, entertainment, insurance, environmental industry and non-profits. I began my business career by starting a retail ski shop. I built it to $1 million in sales as the ski industry boomed. When my daughter was born I sold the ski business and became a stay-at-home mom entrepreneur, selling custom portraits of children and pets through mail order and specialty shops (that's yesterday's equivalent of an internet business). I sold the portrait business after five years and entered the University of Pittsburgh M.B.A. program, majoring in Accounting and Finance. I graduated Magna cum Laude and I worked as Assistant Controller and Systems Analyst for a large industrial foundry and rolling mill in Eastern Ohio. Two very cold winters later I moved to Southern California to be Project Financial Analyst and Internal Auditor at Hughes Aircraft. I moved to Disney to manage the financial affairs for several divisions at the park as well as the construction of Thunder Mountain Railroad. I left Disney to work as a Special Projects Consultant for Shell Oil, then spent 11-1/2 years at Digital Equipment Corporation. At DEC I worked directly with the Western Vice President of Sales, managing the budgeting, reporting, and awards programs for a 300 person sales force. I also served as executive partner to several aerospace and banking companies, wrote the strategic plan for a new $50 million venture, served as national training manager for the Finance and Accounting organization, and as training liaison between Finance and Accounting and the sales group. In 1992 I took early retirement and became a SCORE volunteer. Currently, I work part-time doing marketing, accounting, and financial planning for a small family owned firm. I also consult periodically with the Cal State Fullerton School of Business Entrepreneurship program and run three small businesses: consulting for several former employers, art beading and freelance writing
BA, University of Pittsburgh, Cum Laude -- Studio Art Major, Theater and dance minor MBA, University of Pittsburgh, Magna Cum Laude, Finance and Accounting. 5 time winner, Chapter Cyber Counselor of the Year Award. Over 20 years as a SCORE mentor.</p>
Current City: Clearwater, FL
Mr. Hoffman has expert experience with independently owned Restaurants, Coffee Shops, Major Restaurant Chains, Fast Food, Quick Serve, in addition to many other aspects of the food service Industry. Mr. Hoffman is an expert in writing business plans, operations control & analysis, startups, food and beverage control, systems, procedures and financial analysis. Mr. Hoffman developed the Business Viability Program (BVP) a program to determine the viability of prospective new and existing businesses. Also the Business Financial Program (BFP) to create the financial data for a business plan. Originated and implemented computerized hourly labor cost containment systems and controls. Mr. Hoffman has specific computer/software development and application experience in demographic analysis, Pro-Forma P&L's, Business Plan development, menu creation, recipe development, food and beverage purchasing and inventory control. Mr. Hoffman developed computer/software program applications for budgets, cash flows, pro-forma P & L’s and other financial tools for operations analysis. Developed and written operations manuals and procedures and has developed and implemented detailed cost controls for food and beverage.
Attended the School of Hotel and Restaurant Management at the University of Denver, Denver, Colorado, majoring in Hotel and Restaurant Administration. He holds a Bachelor of Science in Business Administration from The School of Commerce at New York University, New York, N.Y.
Current City: New Rochelle, NY
Expert in Business Start ups, Buying and Selling a Business, related Business Valuation, Business Plans, Business Legal Forms, Obtaining Financing. Specialize in Restaurants, Retail, Medical Services, Manufacturing and Natural Resources. 1965 to 2003 W.R.Grace & Co. Corporate Vice President of Finance. For last 25 years negotiated worldwide acquisitions and divestment's of various businesses ranging from $25 million to over $1 billion. Coordinated due diligence, both in house and third party, including work of independent accountants, investment bankers and attorneys. Negotiated financial and purchase price sections of relevant agreements and reviewed other documents. Resolved all post closing purchase price adjustments and business issues. Worked closely with investment bankers in achieving corporate value objectives. Director of Internal Audit for two years. Prior to 1980 was responsible for both internal and external world wide financial reporting. Corporate business plan and financing initiator. Start up business initiator. 1960 to 1965 PriceWaterhouseCoopers LLC. CPA
Columbia University Graduate School of Business. MS degree in Accounting. University of Pennsylvania, Wharton School of Business. BS in Marketing