Small Business Boomers

Despite the threats of tight credit, and concerns about the effect of the failure of the ‘bailout’ on “Main Street,” not everyone is worried.  I spoke with two people today who received startup loans.  One got a loan for a professional practice with 10 percent down and no co-signer.  The second got an SBA loan (I thought the SBA money was not available); the second person is a woman, if that makes any difference.
On the other hand, a friend who works for a large national bank said they are pulling in lines of credit (cutting them off, in other words) …read more

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Back in 1984, Alvin Toffler wrote The Third Wave, in which he said we were in the midst of a change from the Industrial Society to the Information Society. The world of business has been heading in this new direction for over a quarter century. Are you?
In the October 2008 issue of Entrepreneur Magazine, Robert Kiyosaki (author of Rich Dad, Poor Dad and other books) says that older business owners need to “get with it” (my phrase, not his). Are you?
Do you live in the past? Or are you thinking about change in the future? …read more

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Well, I spoke too soon on Sunday. Looks like the off/on/off bailout is off at the moment. The House of Representatives said “no” to the bailout, and already stock markets around the world are reacting.
I would say that “irrational exuberance” is rapidly turning to “irrational discouragement.” Hang on and don’t do anything irrational, folks.

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Paul Newman died Friday of cancer at the age of 83. It’s hard to imagine this world without Paul Newman in it. He was not only a great movie actor, but he was a humanitarian, a businessman, and, in a culture where people get divorced at the drop of a hat, he was married to actres Joanne Woodward for more than 50 years. He once said, “why go out for hamburger when you can get steak at home?” Classy guy.
What do you most remember about him?
His hit movies – like Butch Cassidy and the Sundance Kid? …read more

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My husband is now a “double dipper.”  It used to be that the term “double dipper” referred to people who retired from the military with another post-retirement government job . In my husband’s case, he retired from his company and is now working part-time for a company that does work for his old company (got that?).  Well, I guess it’s not strictly double-dipping, but close enough.
My husband’s cousin is a four-time (yes, I’m not making this up) double-dipper.  I guess that makes him a quadruple-dipper.  It doesn’t seem possible, but he told us how he did it: He joined the …read more

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Lawmakers just announced the settlement of the $700 billion financial bailout, after much discussion. Whew! I for one am relieved.
The bailout does include limits on pay of executives. Most of us would agree with that, except for those execs, that it. And the legislation contains measures to help prevent home foreclosures.
Now all we have to do is keep consumer confidence up, which won’t be easy. I spent some time reviewing my 401(k)s and IRAs, and they are, of course, down. But I’m biding my time. I suggest you do …read more

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I went back to school at age 53 to get a PhD.  I thought I was too old, and that I would be learning alongside kids.  I was surprised to find that most of the people in the school were baby boomers, just like me.  And we aren’t alone.  According to the University Continuing Education Association, over 60 percent of the students in public undergraduate institutions and 50 percent at private schools are “non-traditional.”
Why do baby boomers go back to school?
1.  They have been “downsized,” a nasty little euphemism that doesn’t tell the whole story of …read more

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I recently visited a Frank Lloyd Wright-designed home in Iowa.  On the wall, there was a little red plaque about 8 inches square.  The guide said that Wright only would put one of those plaques on a house if the owners agreed to let him design it exactly as it wanted.  They couldn’t change anything. Nothing.  These owners wanted this “Wright seal of approval” so badly they agreed to let him tell them how they would live in their home.
I was appalled at the stuff they let him dictate:

Wright didn’t believe in garages (in Iowa! in the winter!), but he …read more

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Miranda Marquit (Yielding Wealth) says that the real problem with our economy is consumer debt.  Darn right!  From the biggest investment banks down to “mom and pop” households, we are buried in a mountain of debt.
Don’t believe me?  How about these facts?
MSNMoney says,  (and I quote):

About 43% of American families spend more than they earn each year.

Average households carry some $8,000 in credit card debt.

Personal bankruptcies have doubled in the past decade.

How can almost HALF of American families spend more than they earn?
Some more scary facts (from Creditcards.com):

76 percent of college students (most with …read more

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I love helping people start their own businesses, and I don’t see any reason why you shouldn’t start one right now.  Am I crazy?  Maybe, but not for that reason.  If you want to start a small business in the midst of this “recession/depression,” consider a business that will be “recession-proof.”
I’m not sure what the term means, and I can’t find it in any dictionary, but here’s what I think  about the two types of businesses anyone can start at any time, even in the middle of a recession:
1.  Businesses that sell things people must have.  This includes, of course, …read more

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