1 / 23

Finances and Exit Strategy

Finances and Exit Strategy. Moderated by: Chris. Hosted by: Westbank Community Library. Announcements. Parts of Westbank will be open in the summer 1 class left Starting a Business page will be up by the weekend 2 Episodes left of Cosmos

noah
Download Presentation

Finances and Exit Strategy

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Finances and Exit Strategy Moderated by: Chris Hosted by: Westbank Community Library

  2. Announcements • Parts of Westbank will be open in the summer • 1 class left • Starting a Business page will be up by the weekend • 2 Episodes left of Cosmos • The Men Who Built America DVD 10 dollars on Amazon (plus S&H) • Join a TechShop or HackerSpace this summer (info on website) • Teen program starts in two weeks • Alec in Wilderness August 23, check out his youtube channel • Possible extension of this program later in the summer

  3. Money • Consumers use it to purchase goods or services • Can be used as a leveraging tool • Used to buy out smaller, less known brands or companies • Bargaining Tool • Most common form people enjoy – physical contact

  4. How often do you touch physical money today?

  5. Our smartphones are becoming our wallets

  6. Americans are still behind with the trend compared to other countries

  7. How do you plan, as an entrepreneur, approach this issue?

  8. As an entrepreneur you must meet the needs of your customers

  9. Managing Digital Finances • Pros and Cons • Pros • All finances managing through digital records • No Cash Handling* • Ease of use for both parties • Most can sync with quickbooks or download to excel • Setup with any bank • Some can use the camera to capture a check • Cons • % attached to each transaction depending on type • Funds not immediately available • Very little human support available • Customer might be using a different digital wallet from what you offer

  10. Meeting your Customers’ Needs • When deciding whether to implement this model consider • Do I need such a system in order to take payment? • How mobile will my business be? • Is this only for up and coming startups? • If I use this payment option how will this affect my prices? • Which is the most popular version? • What if the customer doesn’t use my payment, what is the cost for accepting money? • How easy is it to fix a problem?

  11. What methods are available? Loop Square PayPal Here Intuit GoPayment PayAnywhere Link

  12. And then there is this guy

  13. Byndl • They are a cashless app that lets users upload money to their app and redeem at vending machines • Users can add other users such as children for a family to redeem using the app • Users are rewarded through the app allowing them to make free purchases anytime they are near a vending machine that partners with them • Many vending machines offer credit cards as a payment option and many more are coming connected to the internet via wireless connection. • They GAMIFIED the experience of purchasing items • Link to Story

  14. Mobile Spending • US is still behind in implementation but has the greatest number of options available • The push for users to spend money with their phones comes from rewards • Rewards programs are popular with credit card or bank users and the same can be applied to mobile money apps. • You have to decide how you can apply this to your business model • Eventually everyone will be paying with their phones so its not a matter of if you will use it; it’s a matter of when

  15. Exiting Your Company

  16. Companies are People • Like any person, they all must come to an end at some point • You must decide how you want to exit your company • Sell to Investors • Close Shop • Reinvent Brand • Restructure Company • Start Over • Bankruptcy

  17. Your Business Plan • Reasons they say to write a business plan is so you understand the full life of your business from start to finish • Investors want to see how you plan to exit if it goes under • What capital did you accumulate and how do you plan to get rid of it? • What do the investors get out of it? Customers? Etc

  18. Steps to Take • You must submit within your county and state to withdraw from their system of registered companies • Complete all IRS tax forms right away • Address any employee compensation issues • If Brick and Mortar, figure out exit plan for breaking lease. • If online company, write up statement on website explaining what is happen and if any pending orders will still be allowed.

  19. End of Presentation

  20. But wait, there are still movies and books to talk about and a possible clip to watch

  21. Feedback Cards

  22. Let’s listen to this guy talk about his childhood, maybe you know him

More Related