GROWING YOUR BUSINESSIntellectual Property To best understand how these forms of intellectual property can protect your business, please consider a consultation with anWith an intellectual ecosystem and infrastructure that strongly intellectual property attorney.encourages entrepreneurial activity, Columbia is a great placeto start up a business or to grow an existing business around anew idea. But how does a startup expand to new markets afterthe well-financed competition sees the proven business model?Similarly, how do larger companies justify the growing painsresulting from companies that get their product to the marketfirst?The answer to both questions lies in intellectual property, whichcomes in many forms to protect certain embodiments of ideas.In addition to the many contracts that can be used to protectintellectual property, businesses also consider protecting theirintellectual property with patents, copyrights, trademarks andtrade secrets. Generally speaking, businesses use patents toprotect the function in their ideas, they use copyrights to protectthe expression of their ideas, they use trademarks to protect theirreputation associated with their ideas, and they use trade secretsto protect anything that the company can keep as a secret (whichis not always easy). 49
GROWING YOUR BUSINESSTechnology TransferThe Office of Technology Management and Industry Relations (OTMIR) works to identify, assess, protect and market commerciallyviable intellectual property developed at The University of Missouri. The OTMIR evaluates new technologies, obtains patentprotection where needed, identifies licensees and negotiates all intellectual property agreements.(source: www.research.missouri.edu/otmir/industry)The University partners with industries in a number of ways: t TQPOTPSFESFTFBSDIBHSFFNFOUT t KPJOU3%PSDPMMBCPSBUJWFBHSFFNFOUTBOECZ t MJDFOTJOH6OJWFSTJUZUFDIOPMPHJFTGPSDPNNFSDJBMJ[BUJPOIn practice, what this means to Missouri businesses is a ready supply of technologies that can be licensed for use.This is a double win: 1. Mizzou wins by achieving potential licensing revenues. 2. The businesses win by having new products, capabilities and knowledge to compete in today’s world.Further information can be requested from:Office of Technology Management and Industry RelationsUniversity of Missouri1601 S. Providence Road, Suite 124Columbia, MO 65211(573) 882-601350
EXIT AND ROAD TOSUCCESSION PLANNINGExit and succession planning should be done after the firstdollar of revenue is earned. Your initial exit plan will beextremely simple, but should evolve over time as your businessgrows and you get a grasp for where your business is heading.Exit planning is too often overlooked, with a failure rate of70-80%. So, only 2 or 3 out of every 10 businesses put on themarket are successfully sold.Some entrepreneurs hate the idea of planning to leave theircompany. But the fact remains that every entrepreneur exits…either voluntarily or involuntarily. You will either sell yourbusiness, pass it on to family or employees, go bankrupt, or die.As an added benefit, good exit and succession planningincreases the value of your business and your ability to impactyour business, industry, and community in a positive way bymaking sure your business does not depend solely on you.Your future employees and customers will thank you.Here is an overview of the most common types of businesssuccession. Please note that you should work closely with anexpert in business succession planning to see which is right foryou, as every situation is different.Private Sale of BusinessYou put your business on the market to sell to an individual, agroup of individuals, or another company. Selling to anothercompany could mean a competitor, someone in your industrybut a different market, a vendor, or a private equity group.Pros: Good if you can find the right buyer, opportunity tofacilitate private auction among many buyers, liquidity rewardfor your hard work building the business, ability to move on tonew projects and passions.Cons: (JWJOHVQZPVSiCBCZwHJWJOHVQDPOUSPMPGZPVSDPNQBOZThings to consider: Be very aware of the terms of the purchase,which could affect your ability to collect some or the entire saleprice.Private Partial Sale of BusinessYou sell a stake in your company and continue to run thebusiness. This provides partial liquidity which allows you todiversify your financial portfolio. You still retain the benefits ofbusiness ownership and maintain partial cash flow. Optionsexist to sell a majority or minority stake in your company. 0GUFODBMMFE3FDBQJUBMJ[BUJPOPSi3FDBQw Continued on page 52 51
EXIT AND SUCCESSION PLANNINGContinued from page 51 Family Succession In this scenario, you gift or sell your business to heirs or otherPros: 0QQPSUVOJUZUPUBLFBiTFDPOECJUFPGUIFBQQMFwXIFSFUIF family members.partial equity you retain grows under new ownership and yousell the small part for bigger than you would have the whole, Pros: Potentially keeps the business going for anotherSFEVDFSJTLCZUBLJOHTPNFiDIJQTPòUIFUBCMFwCVUTUJMMSFNBJO generation, gives you the opportunity to train the new ownersinvolved with your business over a very long period of timeCons: Some loss of control Cons: Value will likely drop in first years after you retire, puts pressure on adult children to perform, couldThings to consider: Terms of the deal, experience of investor in demotivate key management who is not family, couldZPVSJOEVTUSZMPPLGPSBHPPEiöUwOPUKVTUNPOFZ cause family argumentsSell to Employees Things to consider: Tax consequences, helping your familySelling to employees can take a few different forms. If your with their own exit planning, and the potential to bring inemployees can afford to buy all of your business, it’s a pretty outside investors to give your family operational expertise andstraight-forward deal. More than likely, full asking price is out guidanceof their reach. LiquidationYou can structure a management buy-out with the help of a This occurs when you close the business and walk away.financing party. The financing party provides funding in theform of debt or equity, and also operational assistance and Pros: Quick and easy if you have little or no remaining operatingexpertise to help the employees continue to be successful. In liabilities such as leases or loans, just close the doors and takethis scenario you would get liquidity at close. your cash homeYou can also consider an ESOP, or Employee Stock Ownership Cons: No reward for business value, employees and customersPlan, that vests key employees in business ownership stock in left with nothing, you may have been counting on differentretirement accounts over a period of time. kind of exitPros: Long-term training of new owners, financing parties can IPOtake pressure off employees, you get financial reward that does An IPO is an Initial Public Offering, in other words, sellingnot depend on your employee in cases of buy-out a majority of your company’s equity to the public markets. Between 2008 and 2014 there were only 97 IPOs per year,Cons: Can be difficult to decide value of business when according to statistics from the University of Florida.negotiating with your own employees, ESOPS can make thenext generation’s transition messy with multiple owners52
PROFESSIONAL ASSISTANCE ROAD TOProfessional ResourcesIt would be wise to build an infrastructure of outsideprofessionals who can help with your business. If you want tobe successful, you’ll need to consult with other experiencedentrepreneurs and specialists regularly to get ideas, adviceand direction. Consult with professionals who have yearsof experience and are trustworthy. Choose someone you’recomfortable with. These professionals will help you duringthe various stages of your business.Consult with a LenderYour lender wants to keep you in good standing as that isgood for their financial institution. Establish a relationshipwith your lender and communicate with them. They willprovide information and advice that will help you. If you’rehaving financial needs, discuss this with your lender early on.Consult with an AttorneyThere may be times during the course of your businessyou will need legal advice or services. This can beanything from credit and collections, business contracts,partnership agreements, etc. Work with an attorney that isknowledgeable and one you can have easy accessibility to.Consult with an Accountant a lender for a small business loan, market research, digitalEven if you choose to do your own books, it would be wise marketing, management, financial analysis, internationalto consult with an accountant at least quarterly. Be sure the marketing assistance, strategic planning, and SBIR assistance.accountant is familiar with your business and that they aretrustworthy. Be willing to spend time with your accountant Consult with a SCORE Counselorto get them familiar with your business and provide you with The Columbia SCORE is part of a national nonprofitthe accounting system appropriate for your needs. You may association dedicated to entrepreneur education and theuse an accountant for record-keeping, tax planning, cash flow formation, growth and success of small businesses. Volunteeranalysis and other financial advice. SCORE counselors are retired business persons who provide clients with free and confidential business counseling. SCOREConsult with an Insurance Agent mentors also conduct a variety of low-cost educationalIt’s important to have an insurance agent to consult about workshops for establishing and managing a successfulyour business risks and protecting yourself and your business. business.Consult with a Small Business &Technology Development CenterThe Small Business & Technology Development Center(SBTDC) is a statewide network with centers located inmultiple counties and cities in the area. The SBTDC providesfree one-on-one counseling with small businesses bothstart-up and existing businesses, as well as low-cost trainingseminars. You can make an appointment to meet with acounselor to assist you with business plans, preparing for 53
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BUSINESS CONTACTS AND RESOURCES ROAD TOFederal Missouri Tax Identification Number & Sales Tax and/or Use Tax Number: Missouri Department of Revenue t *34 Central Registration www.irs.gov P.O. Box 3350 Jefferson City, MO 65105 t %FQBSUNFOUPG$PNNFSDF (573) 751-2836 www.uspto.gov/trademarks www.dor.mo.gov t 4PDJBM4FDVSJUZ Employee Withholding Tax Number: www.ssa.gov Missouri Department of Revenue t 644NBMM#VTJOFTT\"ENJOJTUSBUJPO Assistance Center www.sba.gov P.O. Box 3375 t 64%FQBSUNFOUPG\"HSJDVMUVSF Jefferson City, MO 65105 www.agriculture.mo.gov (573) 751-3505 t 64%FQBSUNFOUPG$PNNFSDF www.dor.mo.gov/business www.commerce.gov Unemployment Insurance Tax Number: t 64%FQBSUNFOUPG7FUFSBOT\"òBJST Missouri Division of Employment Security www.va.gov 421 E. Dunklin, P.O. Box 59 t 64&DPOPNJD%FWFMPQNFOU\"ENJOJTUSBUJPO Jefferson City, MO 65104 www.eda.gov (573) 751-3215 t 64&OWJSPONFOUBM1SPUFDUJPO\"HFODZ www.labor.mo.gov/DES www.epa.gov Worker’s Compensation Insurance:State Contact your insurance agent, or the Missouri Department of Insurance—Missouri Enterprise900 Innovation Drive, Suite 300 Consumer AffairsRolla, MO 65401 P.O. Box 690(800) 956-2682www.missourienterprise.org Jefferson City, MO 65105 (800) 726-7390Missouri Technology Corporation (MTC)301 West High Street, Suite 680 www.insurance.mo.govJefferson City, MO 65101(573) 526-0470www.missouritechnology.com t .JTTPVSJ#VTJOFTT1PSUBM t .JTTPVSJ%FQBSUNFOUPG*OTVSBODF www.business.mo.gov 'JOBODJBM*OTUJUVUJPOT1SPGFTTJPOBM3FHJTUSBUJPO t .JTTPVSJ%FQBSUNFOUPG&DPOPNJD%FWFMPQNFOU www.difp.mo.gov/licensing www.ded.mo.gov t .JTTPVSJ%FQBSUNFOUPG1VCMJD4BGFUZ\"MDPIPM5PCBDDP$POUSPM t .JTTPVSJ%FQBSUNFOUPG\"HSJDVMUVSF www.atc.dps.mo.gov www.agriculture.mo.gov t .JTTPVSJ%JWJTJPOPG1SPGFTTJPOBM3FHJTUSBUJPO t .JTTPVSJ%FQBSUNFOUPG/BUVSBM3FTPVSDFT www.pr.mo.gov www.dnr.mo.gov 55
BUSINESS CONTACTS AND RESOURCESSpecific Permits/Licenses t -BOETVSWFZJOHMJDFOTF t -BXZFSMJDFOTF t \"NCVMBUPSZTVSHJDBMDFOUFSMJDFOTF t -FBEMJDFOTF t \"SDIJUFDUMJDFOTF t -JRVPSMJDFOTF t \"UIMFUJDUSBJOJOHMJDFOTF t -PEHJOHMJDFOTF t $IBSJUBCMFPSHBOJ[BUJPOQSPGFTTJPOBMGVOESBJTJOH t .BSJUBMGBNJMZUIFSBQZMJDFOTF t .FEJDBUJPOBJEFSFHJTUSZJOGPSNBUJPO registration t /VSTJOHMJDFOTF t $IJMEDBSFMJDFOTF t 0DDVQBUJPOBMUIFSBQZMJDFOTF t $IJSPQSBDUJDMJDFOTF t 0QUPNFUSZMJDFOTF t $PTNFUPMPHZCBSCFSMJDFOTF t 1IBSNBDJTUMJDFOTF t $PVOTFMJOHMJDFOTF t 1SPGFTTJPOBMMBOETDBQJOHMJDFOTF t %JFUJUJBOMJDFOTF t 3FBMFTUBUFBQQSBJTBMMJDFOTF t &NCBMNJOHGVOFSBMEJSFDUJOHMJDFOTF t 3FTQJSBUPSZDBSFMJDFOTF t &OHJOFFSMJDFOTF t 5IFSBQFVUJDNBTTBHFMJDFOTF t &OWJSPONFOUBMQFSNJU t 5SBWFMDMVCSFHJTUSBUJPO t 'PPEFTUBCMJTINFOUMJDFOTF t 7FUFSJOBSZMJDFOTF t (BNCMJOHMJDFOTF t )FBMUITQBSFHJTUSBUJPO t )PNFBOEIFBMUIPSIPTQJDF.FEJDBSFQSPWJEFSMJDFOTF I’m going to Columbia College to build my... Knowledge. Network. Business. Transform your idea from concept to reality with an Entrepreneurship Major. Angela Houston 2013 Fishman Entrepreneur of the Year WZc_ii_edi6YY_i$[Zk(573) 875-7352 GoForGreater.org/Entrepreneurship56
BUSINESS CONTACTS AND RESOURCESAudrain County Boone CountyCity of Mexico Economic Development Boone County Clerk’s Office300 North Coal 801 East Walnut, Room 236Mexico, MO 65265 Columbia, MO 65201(573) 581-2100 (573) 886-4295www.mexicomissouri.net/64/Economic-Development www.showmeboone.com/clerkMexico Chamber of Commerce City of Ashland100 West Jackson Street 109 East BroadwayMexico, MO 65265 Ashland, MO 65010(573) 581-2765 (573) 657-2091www.mexico-chamber.org www.ashlandmo.usMexico MO Career Center – Satellite City of Columbia109 East Promenade Street Clerk’s Office | Business License | Planning and ZoningMexico, MO 65265 Food Service Establishments | Food Safety Training(573) 581-2661 Building Permits & Inspections | Building & Construction 701 East Broadway Columbia, MO 65205 (573) 874-7378 www.gocolumbiamo.comThe Power of Ownershipand the Security ofPartnership…. ŶƚĞƌƉƌŝƐĞ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƟŽŶ ŽīĞƌƐ ƚŚĞ ^ ϱϬϰůŽĂŶ ƚŽ ĞŵƉŽǁĞƌ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ƚŽ ƉƵƌĐŚĂƐĞ ƌĞĂů ĞƐƚĂƚĞĂŶĚĐĂƉŝƚĂůĞƋƵŝƉŵĞŶƚǁŝƚŚůŽŶŐͲƚĞƌŵ͕ĮdžĞĚƌĂƚĞĮŶĂŶĐŝŶŐ͘dŚĞ ^ ϱϬϰ ůŽĂŶ ƉƌŽŐƌĂŵ ǁŽƌŬƐ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉƐ ǁŝƚŚůĞŶĚĞƌƐ͕ǁŚŝĐŚŝŶƚƵƌŶŵĂŬĞƐŝƚĞĂƐŝĞƌĨŽƌLJŽƵƌďĂŶŬƚŽƐĂLJ͞zĞƐ͊͟ƚŽLJŽƵƌƉƌŽũĞĐƚ͘ (%URDGZD\6XLWH&ROXPELD02ZZZHQWGHYFRUSRUJ 57
BUSINESS CONTACTS AND RESOURCESColumbia Career Center City of Fulton – Licenses and Permits1500 Vandiver Drive, Suite 115 18 East Fourth StreetColumbia, MO 65202 Fulton, MO 65251(573) 441-6361 (573) 592-3111www.jobs.mo.gov www.fultonmo.org/departments/admin/city-clerk/business-formsColumbia Chamber of Commerce Fulton Area Chamber of Commerce300 South Providence Road 409 Court StreetColumbia, MO 65201 Fulton, MO 65251(573) 874-1132 (573) 642-3055www.columbiamochamber.com www.fultonmochamber.comColumbia Public Library Fulton Area Development CorporationDaniel Boone Regional Library Headquarters 2625 Fairway Drive, Suite A100 West Broadway Fulton, MO 65251Columbia, MO 65203 (573) 642-4841(573) 443-3161 www.fadc.orgwww.dbrl.org Show Me Innovation CenterMissouri Innovation Center 510 Market St.1601 South Providence Road Fulton, MO. 65251Columbia, MO 65211 (573) 642-4841(573) 884-0496 www.showmeinnovation.orgwww.missouriinnovation.com Cole CountyRegional Economic Development Inc. (REDI)500 East Walnut, Suite 102 City of Jefferson – Business License OfficeColumbia, MO 65201 320 E. McCarty Street(573) 442-8303 Jefferson City, MO 65101www.columbiaredi.com (573) 634-6322 www.jeffcitymo.orgSouthern Boone Chamber of CommerceP.O. Box 525 City of Jefferson – Code EnforcementAshland, MO 65010 320 E. McCartywww.southernboonechamber.com Jefferson City, MO 65101 (573) 634-6410Southern Boone Economic Development Council www.jeffcitymo.org (select: city codes)www.investinsouthernboone.comCallaway County County of Cole – County Merchant Licenses Cole County CourthouseCallaway County Clerk’s Office 311 E. High Street10 East 5th Street Jefferson City, MO 65101Fulton, MO 65251 (573) 634-9145(573) 642-0730 www.colecountycollector.org/collectorwww.callawaycountyclerk.com Jefferson City, Finance Dept./Business License58 (573) 634-6322 www.jeffcitymo.org/finance/finance
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BUSINESS CONTACTS AND RESOURCESHome Based Businesses: City of Boonville Economic DevelopmentContact City of Jefferson for information or visit 401 Main Streetwww.jeffcitymo.org, select city services, business license, Boonville, MO 65233how to apply, home occupation permit. Additional (660) 882-4001information can be found at www.jeffcitymo.org, www.boonvillemo.orgselect city codes, chapter 35, page 35-46, and item 12. Cooper County ClerkJefferson City Area Chamber of Commerce – 200 Main StreetEconomic Development Boonville, MO 65233213 Adams Street, P.O. Box 776 (660) 882-2114Jefferson City, MO 65101 www.coopercountymo.org/cooperclerk(573) 634-3616Fax: (573) 634-3805 Colleges, Universities andwww.jcchamber.org Tech SchoolsJefferson City Career Center Boonslick Technical Education Center (BTEC)1716 Four Seasons Drive, Suite 101 1694 West Ashley RoadJefferson City, MO 65101 Boonville, MO 65233(573) 526-8115 (660) 882-5306 www.boonville.k12.mo.usSmall Business & Technology Development Center (SBTDC)2436 Tanner Bridge Road Columbia CollegeJefferson City, MO 65101 100 Rogers Street(573) 634-2824 Columbia, MO 65216www.missouribusiness.net/center/cole-county-sbtdc (573) 875-8700 www.ccis.eduCooper County Davis H. Hart Career CenterBoonville Chamber of Commerce 905 North Wade320 1st Street, Suite A Mexico, MO 65265Boonville, MO 65233 (573) 581-5684(660) 882-2721 www.hartcareercenter.orgwww.boonvillemochamberofcommerce.com Fishman Center for Entrepreneurship Columbia College 1001 Rogers Street Columbia, MO 65216 (573) 875-4661 [email protected]
Lincoln University BUSINESS CONTACTS AND RESOURCES820 Chestnut StreetJefferson City, MO 65101 Coulter Translational Partnership (TP) Program(573) 681-5000 Sponsored by: Wallace H. Coulter Foundation and thewww.lincolnu.edu University of Missouri www.bioengineering.missouri.edu/coulterState Fair Community College – Boonville701 Third Street Office of Economic DevelopmentBoonville, MO 65233 University of Missouri – Columbia(660) 882-3090 410 South 6th Street, Room 120www.sfccmo.edu/boonville Columbia, MO 65211 (573) 882-3087Stephens College www.economicdevelopment.missouri.edu1200 East BroadwayColumbia, MO 65215 Office of Technology Management and Industry Relations (OTMIR)(573) 442-2211 1601 South Providence Road, Suite 124www.stephens.edu Columbia, MO 65211 (573) 882-6013Westminster College www.research.missouri.edu/otmir/industry501 Westminster AvenueFulton, MO 65251 University of Missouri Student(800) 888-WCMO (9266) Entrepreneur Groupswww.westminster-mo.edu CLIMBWilliam Woods University (Collaboration – Leadership – Innovation for Missouri Business)One University Avenue Sponsored by: Kauffman Foundation, Parent Leadership Grant,Fulton, MO 65251 Segacious Consultants, & OTMIR(800) 995-3159 www.climbmizzou.orgwww.williamwoods.edu MU Entrepreneurs ClubUniversity of Missouri www.muentrepreneurs.students.missouri.eduCollege of Engineering Rapid Prototyping University of Missouri ExtensionW1025 Lafferre HallColumbia, MO 65211 Business Development Program(573) 882-4375 416 South 6th Streetwww.engineering.missouri.edu/prototype W1040 Lafferre Hall Columbia, MO 65211 (573) 882-4321 www.missouribusiness.net 61
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BUSINESS CONTACTS AND RESOURCESCommunity Economic and Entrepreneurial Development Missouri Procurement Technical Assistance Center(ExCEED) University of Missouri225 Gentry Hall W1026 Lafferre HallColumbia, MO 65211 Columbia, MO 65211(573) 884-0669 (573) [email protected] www.missouribusiness.net/ptacwww.extension.missouri.edu/ceed Missouri Small Business & Technology Development CenterEnvironmental Assistance Center 416 South 6th Street(573) 882-9976 W1026 Lafferre Hallwww.missouribusiness.net/eac Columbia, MO 65211 (573) 884-1555International Trade Services www.missouribusiness.net/sbtdc(314) [email protected] University of Missouri Small Business & Technologywww.missouribusiness.net/international-trade-services Development Center (SBTDC) 500 East Walnut, Suite 103Mid-America Trade Adjustment Center Columbia, MO 65201(573) 884-8087 (573) 884-8087www.missouribusiness.net/taac www.columbiasbdc.orgt\"SNTUSPOH5FBTEBMF............................. 25 t$FOUVSZ-JOL...............................................9 t.JTTPVSJ$03& ......................................*#$t#BOLPG.JTTPVSJ ......................................3 t$JUZPG#PPOWJMMF .......................................6 t.PSFTPVSDF ............................................ 59t#PPOF$PVOUZ/BUJPOBM#BOL............ 40 t$JUZPG.FYJDP ........................................ 30 t1SPWJEFODF#BOL ................................... 49t#PPOF&MFDUSJD$PPQFSBUJWF ................ 41 t$PMVNCJB$PMMFHF ................................. 56 t3&%*......................................................... *'$t$BMFEPO7JSUVBM ..................................... 54 t$PNNFSDF#BOL.................................... 11 t4IFMUFS*OTVSBODF .................................. 51t$BMMBXBZ#BOL ...................................... 22 t%BOJFM#PPOF3FHJPOBM-JCSBSZ ......... 43 t4IPX.F*OOPWBUJPO$FOUFS ............... 24 tEnterprise Development Corporation .. 57 t4JNPO0TXBME\"SDIJUFDUVSF ............... 19 t&WBOTBOE%JYPO--$........................... 35 t4NBSU#VTJOFTT1SPEVDUT........................8 t'PSVN%FWFMPQNFOU(SPVQ............... 38 t4PVUIFSO#PPOF&DPOPNJD t(FOFSBM1SJOUJOH.................................... 48 t+FòFSTPO$JUZ\"SFB$IBNCFS Development Council......................... 27 t4UFQIFOT$PMMFHF .................................. 64 of Commerce ........................................ 46 t5BNJ3#FOVT$1\" ............................... 48 tLGI Business Brokers............................. 43 t6.$0óDFPG&DPOPNJD t.BMZ$PNNFSDJBM Development........................................#$ Realty, Inc. .....................................32 / 33 t8JMMJBNT,FFQFST--$ .......................... 17 63
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