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Critial business challenges
?}'CONSTANCE WOODS
inancial Consultant
Running a successful
business is a constant
challenge. It is, there
fore, imperative that
you surround yourself
with the right set of pro
fessionals to help you
meet some of the com
mon obstacles that
growing businesses face.
The following strategies
will help uncover oppor
tunities for your busi
ness, as well as help you
obtain an even greater
level of success.
Start with a plan.
Whether starting a new
business or seeking' to
obtain capital for expan
sion, an important key
to success is a good busi
ness plan. The plan
should include:
Business description,
including product/serv
ices, competition and
market size
Marketing strategy
Operations analysis,
including production,
management and
human resources
Financial projections
Executive Summary
geared to your target
audience
The executive summa
ry represents the first
impression you will
make on a lender or
potential investor.
Often, it may be the
Coca-Cola’s general
counsel resigns
ATLANTA (AP) ~The top
attorney for Coca-Cola Co.
has resigned, ending a three
year tenure in which he dealt
with high-profile lawsuits
and two ongoing federal
investigations.
Deval Patrick is leaving his
position as general counsel
for the Atlanta-based compa
ny.
In an internal memo sent
to employees Sunday
~evening, retiring Coke
- Chairman and CEO Doug
'~ Daft said the company was
“grateful” for Patrick's “wis
~ dom and guidance.” :
“He guided the legal team
~ through = significant chal
' lenges and obstacles faced by
E our company...,” Daft said in
' the memo.
Coke hired Patrick, 47, in
- carly 2001. The hiring came
shortly after the company
E agreed to settle a class-action
' racial discrimination lawsuit
filed by black employees.
' Patrick was Coke’s highest
- ranking black executive.
Patrick’s resignation is the
We mean Business
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determining factor in
whether or not the
remainder of your plan
is read.
It should include a
mission statement, a
summary of your mar
keting strategy, financial
projections and opera
tions analysis.
Although the execu
tive summary will be the
first section of your’
plan, it should be writ
ten last. Length should
not be more than a few
pages. Ask yourself:
Who is the reader?
What are you asking
them to do? And, most
important, what is id it
for them?
Access Capital. There
may be no greater chal
lenge for a business
owner than accessing
the right amount of cap
ital, at the right time
and for the right price.
Whether it’s business
expansion or purchasing
additional inventory,
agcess to a reliable
source of funds that can
be borrowed quickly
and conveniently will be
the key to future suc
cess. Consider some of
these lending options:
Working Capital and
Term Loans
Securities-based Loans
(1)
Home Equity Loans
Letters of Credit
latest in a series of changes in
the top ranks at Coke, which
has seen several executives
leave and is searching for a
new chairman and chief
executive officer.
Although Patrick is no
longer Coke’s general coun
sel, Daft said he “is making
himself available through the
end of the year to ensure a
smooth transition.”
He will be replaced on an
interim basis by chief deputy
counsel Geoff Kelly, who has
worked at Coke for 34 years.
Coke originally sought
Patrick because of his expert
ise in dealing with the fallout
from a racial discrimination
suit. Before working at Coke,
Patrick was general counsel at
Texaco. There, he headed an
independent task force that
handled a settlement before
he was hired as general coun
sel.
Patrick also served as assis
tant attorney general of the
Justice Department’s Civil
Rights Division from 1994
to 1997,
AUGUSTA FOCUS
Uncovering opportunitiesfor private business owmer
Small Business
Administration Loans
Manage Cash Flow.
Maintaining adequate
funds on hand, while
maximizing returns on
“non-working” capiral is
a difficult and time-con
suming task. The solu
tion? A working capital
account that will not
only help ease your cash
management burdens,
but should also optimize
your business’ return on
assets. This type of
account combines cash
management, investment
and credit benefits and
includes such features as:
Writing checks and
transferring funds
Simplifying payroll
administration
Daily sweep of cash bal
ances into money market
funds
Borrowing against secu
rities (1)
Plan Retirement. In
order to attract the atten
tion of talented individu
als and encourage loyalty
and productivity, you will
likely need to offer incen
tives such as retirement
plans. These are not only
a valuable employee ben
efit, but they can also
generate substantial rax
savings for both you and
your employees. There
are many variables
involved when deciding
on a particular plan, such
A Harvard graduate,
Patrick replaced Coke veter
an Joseph Gladden, who
retired.
Patrick’s departure adds to
the massive changes in
Coke’s upper ranks. Daft is
expected to retire by the end
of the year, leaving uncer
tainty as to who will lead the
company.
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car insurance
rate quote.
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706.793.7290
3316 Decans Bridge Rd.
Augusta, GA 30906
as cash flow, cost and tax
benefits to the business
and what direction you
want the business to go.
Taking these factors into
consideration, review
some of these retirement
options:
SEP IRAs
SIMPLE IRAs
Profit Sharing Plans
Defined Benefit Plan
401(k) Plans
Uni-401 (k) Plans
Determine a Business
Succession Plan. If you
wish to pass on your busi
ness to a relative or part
ner after your departure,
it would be prudent to
fully analyze the many
available estate-planning
strategies in order to
ensure a smooth transi
tion. By planning ahead
of time, you will be safe
guarding your business,
as well as reducing estate
and gift tax conse
quences, which can be
substantial. Consider
some of these strategies:
Life Insurance
Key-Employee Life
Insurancg
Business Succession
Planning
Buy-Sell Agreements
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Meeling the challenges of a rapidly changing and
increasingly diverse world is more important
than ever as our community recognizes diversity as
a critical success factor in today’s marketplace.
We are now part of a worldwide economy with
competition coming from nearly every continent.
For this reason we need every bit of diversity that
will make us more creative and open to change.
Cultural diversity brings fresh ideas and differing
insights to each and every company. Without
diversity, there can be no innovation; without
innovation, there can be no new wealth. Long-last
ing success can be achieved when you hire, pro
mote and encourage diverse people and their ideas.
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At Aiken Technical College, you can gain the skills to put you on the
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Business and industry recognize that
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Family Limited Part
nerships
Limited Liability Com
panies
Lifetime Transfers of
Business Interests
Philanthropic Gifting
Unlock Liquidity from
Business. Determining
the most opportune
method to exit the busi
ness will depend on sev
eral factors -the reason
for your departure, your
desired level of involve
ment in the business,
market and economic
conditions, personal and
professional goals and
whether or not you have
a buyer, already in place.
Once you have analyzed
the reasons to sell, the
next step is to review
your options:
Sale/Partial Sale
Recapitalization
Divestiture
Merger and Acquisi
tion
Employee Stock Own
ership'Plans (ESOPs) -
Leveraged Buyouts
Invest Your Personal
Wealth. Do not neglect
your own financial
future! Whether you're
just starting out, diversi-
promoting cultural diversity have the opportunity to
brand their product in this ever-evolving marketplace.
T LA
International Paper Augusta Mill
o~ CSIfi)Cl‘ (SPOIIJOI'
Westinghouse Savannah River Site Co.
; i fimnze CSPOIIJOI‘
April 22, 2004
fying assets or selling
your stake in the busi
ness, it’s important that
your personal invest
ment strategy not only
generate additional
wealth, but also preserve
the assets you've worked
so hard to accumulate.
Develop an investment
strategy that covers all
of your concerns, like
educating your children,
retiring comfortably,
allocating your assets
and devising a personal
estate plan.
Forge Alliances. Suc
cessful entrepreneurs
draw upon a wide circle
of sources when seeking
business advice and
making decisions. Ask
your fellow business
owners if they know a
great financial consult
ant, lawyer, CPA, insur
ance specialist or tech
nology expert.
Constance Woods is a
Financial Consultant with
Smith Barney. For more
information, contact
Constance L. Woods at
(706) 823-8144 or con
stance.L.woods@smithbar-
ney.com.
Embracing and promoting the
value of differences in individuals
can give your organization a pow
erful competitive edge.
Tie Augusta Focus has devel
"M oped the Partners in
Diversity initiative to provide an
avenue for Corporate America to
address the concept of diversity and
revolutionize their approach to this
topic in order to remain competi
tive in the 21st century. Through
this program, corporations who
recognize the vital importance of
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