We are planning to hold a dual county ESI Camp next summer targeting 6th, 7th and 8th grade students who have a business idea and would like to put together their business plan and conduct product or service testing before launching their businesses.
This camp would be higher level of entrepreneurship training similar to a mini-EDGE class. We hope to develop an ongoing relationship with the camp participants as they start their businesses and develop a mentoring and technical resource support system for them.
If any of you would be interested in participating in planning and conducting this camp and/or becoming part of the mentoring support system, we are meeting on January 29th in the Lied Imperial Public Library meeting room at 10 AM. The meeting is anticipated to last 1 1/2 hours.
The meeting agenda is attached.
Entrepreneurship Investigation Camp
Lied Imperial Public Library
January 29, 2008
10 AM
Agenda
1. Determine Marketing Plan
a. Outside Dual County Area?
b. In Chase and Perkins Counties Schools?
2. Dates
3. Class Structure
a. Number of Days?
b. Hours per Day?
c. Application form with Busyness Idea?
d. Games?
4. Location(s)
5. Transportation of Students (if one location)
6. Snacks
7. Entrepreneur/Business Mentors & Technical Support System
8. Determine Subcommittees
9. Set date for next meeting
Tuesday, January 29, 2008
Monday, January 28, 2008
HUNT CHALLENGE UPDATE
HTC Communities Excel at Building Endowments—The Hunt family (owners of Great Plains Communications) has made $50,000 challenge grants to six of the communities their company serves. The purpose is to build an endowment to support HTC type activities (supporting youth, leadership, entrepreneurship and philanthropic giving). The terms of the challenges are a three to one match and a series of six benchmark goals.
· Imperial has cleared the sixth benchmark, raising $150,000, which the Hunt family matched with $50,000 for a total of $200,000 for their endowment, just 16 months into the fundraising campaign.
· Creighton has cleared the second benchmark, raising a total of $120,000 including the Hunt challenge grant.
· Wausa has cleared the second benchmark, raising a grand total of $132,000.
· Perkins County has cleared the first benchmark, raising a grand total of $100,000.
Congratulations to these HTC communities for their philanthropic success!
· Imperial has cleared the sixth benchmark, raising $150,000, which the Hunt family matched with $50,000 for a total of $200,000 for their endowment, just 16 months into the fundraising campaign.
· Creighton has cleared the second benchmark, raising a total of $120,000 including the Hunt challenge grant.
· Wausa has cleared the second benchmark, raising a grand total of $132,000.
· Perkins County has cleared the first benchmark, raising a grand total of $100,000.
Congratulations to these HTC communities for their philanthropic success!
Wednesday, January 23, 2008
Business Transition (Succession) at the Imperial Inn on January 29, 2008 at 6:30 PM
Dana Beck of the Center for Rural Affairs presented a power point display on creating a plan of succession for businesses. A plan keeps the business open and growing in small towns, she stated. (Republican photo)
By Carolyn Lee
The Imperial Republican
About 30 people attended a meeting concerning the transition of business ownership Tuesday night in Imperial. "Planning for Business Success" was sponsored locally by banks in the area, BW Telcom and Farm Credit Services of America in Imperial.
A presentation on the Rural Enterprise Assistance Project, or REAP, was the main focus of the evening.
Sponsored by the Center for Rural Affairs, REAP consists of the elements of networking, business management training, credit and technical assistance.
As representatives of businesses from Grant, Wauneta, Imperial and Benkelman listened, Tara Hosick of the Nebraska Department of Economic Development explained that when a Business Expansion and Recruitment survey was made in Chase and Perkins Counties recently, the main concern was the transition of ownership of businesses.
She said the concern was not just for the critical needs of the business, but also for the aging population in small communities. "What do you do about a business before you just close it?" she questioned, so that a community doesn't lose that business.
Randy Raile of BW Telcom of Benkelman said his family's fourth generation business is a case in point.
In 1989 his parents, the owners of BW Telcom at the time, were killed in an auto accident. There was no plan of succession in place, and not much estate planning.
Although he was able to take over operations, Raile said that under other circumstances, "the people you might want to sell to might not have the same morals and values." Small business is the character of little communities, he noted.
Sometimes it's better to have a business successor from within the community.
"Find an individual and teach them how to run the business," he urged.
How do you retain those individuals? Raile said a good pension plan and split-dollar life insurance to ensure longevity are the answer.
He also suggested a business evaluation for the true value every 10 years or so for IRS records, life insurance on the key business person to pay down taxes, and "last to die" insurance, for the health of the business concerned.
Dana Beck of the Center for Rural Affairs explained REAP's "Harvesting the Entrepreneurial Venture" to the group. Business succession is important, she stated, because one third of business owners in the United States are over the age of 55.
According to the Small Business Administration, the primary cause for business failure is lack of planning. At some point, every business owner leaves their business, she noted, whether voluntarily or otherwise.
Over two thirds of owners expect their business to remain in the family, while only 35 percent survive to the second generation. Business owners also think there is plenty of time to make a written strategic plan.
Beck said an advisory team can aide in a business succession plan. Team members may be an attorney, accountant, lender and financial planner and/or business consultant.
The team and business owner will assess the current health of the business, identify priorities, set time frames and communicate with each other.
Beck said the place to start is by updating the business plan, networking with other businesses, and identifying candidates as potential business transfers.
She also said that besides the team of advisors, a business owner might want to reach out to successors such as young adults and alumni from the community. Another plan is to involve youth in the community, to make them aware of business opportunities.
The evening was organized by the Chase-Perkins Counties Hometown Competitiveness Program, in partnership with the Imperial, Perkins County and Wauneta Chambers of Commerce.
The project is funded in part by a grant from the Nebraska Department of Economic Development administered by the Nebraska Rural Development Commission.
Leslie Carlholm, Economic Development Director for the City of Imperial, said representatives of the Creighton University School of Law will be in the area Feb. 11 to talk with business owners interested in creating a plan of succession. She may be contacted at the city offices for more information.
The Imperial Republican
About 30 people attended a meeting concerning the transition of business ownership Tuesday night in Imperial. "Planning for Business Success" was sponsored locally by banks in the area, BW Telcom and Farm Credit Services of America in Imperial.
A presentation on the Rural Enterprise Assistance Project, or REAP, was the main focus of the evening.
Sponsored by the Center for Rural Affairs, REAP consists of the elements of networking, business management training, credit and technical assistance.
As representatives of businesses from Grant, Wauneta, Imperial and Benkelman listened, Tara Hosick of the Nebraska Department of Economic Development explained that when a Business Expansion and Recruitment survey was made in Chase and Perkins Counties recently, the main concern was the transition of ownership of businesses.
She said the concern was not just for the critical needs of the business, but also for the aging population in small communities. "What do you do about a business before you just close it?" she questioned, so that a community doesn't lose that business.
Randy Raile of BW Telcom of Benkelman said his family's fourth generation business is a case in point.
In 1989 his parents, the owners of BW Telcom at the time, were killed in an auto accident. There was no plan of succession in place, and not much estate planning.
Although he was able to take over operations, Raile said that under other circumstances, "the people you might want to sell to might not have the same morals and values." Small business is the character of little communities, he noted.
Sometimes it's better to have a business successor from within the community.
"Find an individual and teach them how to run the business," he urged.
How do you retain those individuals? Raile said a good pension plan and split-dollar life insurance to ensure longevity are the answer.
He also suggested a business evaluation for the true value every 10 years or so for IRS records, life insurance on the key business person to pay down taxes, and "last to die" insurance, for the health of the business concerned.
Dana Beck of the Center for Rural Affairs explained REAP's "Harvesting the Entrepreneurial Venture" to the group. Business succession is important, she stated, because one third of business owners in the United States are over the age of 55.
According to the Small Business Administration, the primary cause for business failure is lack of planning. At some point, every business owner leaves their business, she noted, whether voluntarily or otherwise.
Over two thirds of owners expect their business to remain in the family, while only 35 percent survive to the second generation. Business owners also think there is plenty of time to make a written strategic plan.
Beck said an advisory team can aide in a business succession plan. Team members may be an attorney, accountant, lender and financial planner and/or business consultant.
The team and business owner will assess the current health of the business, identify priorities, set time frames and communicate with each other.
Beck said the place to start is by updating the business plan, networking with other businesses, and identifying candidates as potential business transfers.
She also said that besides the team of advisors, a business owner might want to reach out to successors such as young adults and alumni from the community. Another plan is to involve youth in the community, to make them aware of business opportunities.
The evening was organized by the Chase-Perkins Counties Hometown Competitiveness Program, in partnership with the Imperial, Perkins County and Wauneta Chambers of Commerce.
The project is funded in part by a grant from the Nebraska Department of Economic Development administered by the Nebraska Rural Development Commission.
Leslie Carlholm, Economic Development Director for the City of Imperial, said representatives of the Creighton University School of Law will be in the area Feb. 11 to talk with business owners interested in creating a plan of succession. She may be contacted at the city offices for more information.
“Planning for Business Success”
http://picasaweb.google.com/kevinpoppe13/BusinessTransferHTCImperial
Locally owned businesses mean big things for rural Nebraska towns and the successful transition of these businesses is vital to the future of our communities. All businesses will transfer at some stage of their life cycle, but only one out of three businesses have a written strategic plan for business succession and the majority of companies have no plan of any kind for continuing their business to the next generation.
Do you know where your business is headed? Would you like to find out where to start on the road to succession? Allowing adequate time for strategic business succession planning provides the opportunity for increased flexibility and creativity in transferring business ownership to the next generation.
Planning for Business Success is an “After 5 PM” Event organized by the Chase-Perkins Counties Hometown Competitiveness Program in partnership with the Imperial, Perkins County and Wauneta Chambers of Commerce to discuss these issues on Tuesday, January 29, 2008 in the Conference Room of the Imperial Inn, 748 East 12th Street, Imperial beginning at 6:30PM. This project is funded in part by a grant from the Nebraska Department of Economic Development administered by the Nebraska Rural Development Commission.
This event is open to all business people, potential buyers, farmers, and ranchers regardless of Chamber membership.
********************************************************
“Planning for Business Success” Agenda
6:30 PM Welcome and Networking Time
7:00 PM Tara Hosick, Nebraska Department of Economic Development
7:10 PM Randy Raile, BW Telcom
7:20 PM Dena Beck, Rural Enterprise Assistance Project-REAP
“Harvesting Your Entrepreneurial Venture”
8:00 Questions, Evaluations and Wrap Up
8:30 PM Adjourn
********************************************************
Monday, January 07, 2008
January 8, 2008 Steering Committee Meeting
Agenda for Perkins/Chase Counties HTC Steering Committee
January 8, 2008
12:00 Welcome and Introductions
Kathy, Amy, Ann, Kevin, Leslie and Jana via phone
12:05 Update from Perkins County
Youth - have worked on several community service projects
E-Ship/Business
Philanthropy -- We think we made the match???!!!
Other pertinent information –
** Field Trip to Ord
* Tim Moore resigns from HTC Steering Committee
Perkins County Zoning – updated Comprehensive Plan
Ethanol Plant Recruitment – Madrid up and running
Bio-Diesel Project – appears to be working on it some
Pipeline Progress – bought water from Golf course to test line
Noble Energy (Natural Gas) exploration in Perkins county and others, looks promising, purchased a building in Imperial
12:25 Leadership Plenty Update - Signup deadline Jan 15th, only 3 people right now
12:30 Update from Chase County
Youth (ESI update) 9 kids completed the mini ESI sessions (5th graders) -- plan to do an ESI camp this summer, hopefully a multi-county effort
E-ship/Business
Philanthropy Need to plan a party to celebrate making the match for the Hunt Challenge!!! Hopefully will celebrate success at Annual meeting in March.
Other pertinent information –
Ethanol Plant Updates – in a holding pattern
12:55 BR&E survey & Shop Local First Campaign Update – both went really well. Shop Local First committee consisted of Wauneta, Perkins Co and Imperial. Oct receipts highest ever in Imperial.
Red Carpet training – one meeting in each county.
Business Succession workshop Jan 29th . Dean Beck w/ REAP to do presentation and Creighton University to do followup.
1:00 Closing comments/thoughts
Blog Address ---- http://chase-perkins-htc.blogspot.com/
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