Member Spotlight
This week's spotlight is Jeff Sutherlin.  Please keep this member top of mind this week for referrals. 

Membership
It was announced that Lin Schmelzer has resigned from MABE.

Today's Program - Jake Ulrich
Jake Ulrich was today's main speaker.   After giving a quick update on BMO he dove into the main focus of his speech, Financial Management and Business Evaluation.  All the information presented was "food for thought".  He went through the outline below, explaining each in more detail and giving Andy Jensen plugs throughout!

1. Introduction

   1. BMO Harris Bank Update

      1. Merger anticipated to close early

      2. Will now be an international corporation

      3. Should be business as usual for customers

      4. High capital injection should hopefully allow more lending but will require full relationships before loan closing
          

   2. Financial Management

   3. Business Evaluation
       

2. Financial Management

   1. Roadblocks to Financial Success

      1. Lack of Knowledge

      2. No Goals

      3. Debt

      4. Inappropriate Investments

      5. Inflation

      6. Taxes

      7. Procrastination
          

   2. Keys to Financial Success

      1. Risk Management

      2. Cash Management

      3. Investment Concepts

      4. Tax Management

      5. Retirement Planning

      6. Estate Conservation
          

3. Business Evaluation

   1. Having a plan

      1. $1 Method

      2. Taxes Count!

      3. Selling Name? Collateral? Building?
          

   2. Exit Strategy

      1. How to determine a value

      2. Is the goal to make $ or sell (ie: lawyer vs. business)

4. Closing

   1. Utilize the people in the room

   2. Don’t delay in making a plan

   3. It’s ok to ask for help

   4. If you are not working with a consultant you should

   5. I would be happy to work with each of you

Closing Discussion -
Members suggested that the formulas used to evaluate businesses may be outdated given today's fast changing economic environment and certainly vary from industry to industry.  

Many small businesses may not prepare financial statements but they should.  It is simple enough to load QuickBooks and/or hire a bookkeeper. 

Even if you don't plan to retire you should still do your planning on an annual basis.  You need facts to base your choices on.  And it gives you a number to shoot for.