Business Plan Training Session 5 Management
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This document discusses management for a startup business. It covers ownership structure options like sole proprietorship, partnership, C-corporation, and LLC. It also discusses assembling a management team with complementary skills across marketing, sales, operations, and finance. The document cautions against common management mistakes like relying too heavily on unqualified friends/family or assuming success from other industries will directly transfer. It provides contact information for questions.
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Business Plan Training Session 5 Management
- 1. Section 5: Management Chuck Behn 3 November, 2011
- 2. 1. Executive Summary 2. Product/Business 3. Market opportunity definition 4. Competition 5. Marketing & Sales 6. Management 7. Finance/Risks 8. Appendices 2
- 3. 3
- 4. 1. Thoughtful and analytic 2. Able to keep the big picture in mind when working through the details 3. Not likely to go chasing after the current panic 4. More focused on "why" did something go wrong, rather than "what" can be done to fix it 5. More aware of the important than the merely urgent issues 6. Able to identify patterns in data and patterns of failures 4
- 5. 1. Great people are leaving while dumb people stay 2. Your company is growing slower than your industry 3. Running out of cash 4. Frequently missed targets 5. You dont understand you companys strategy 6. CEO only gives sales pitches, not the truth 7. A lot of finger pointing 5
- 6. Internal Ownership Professional Human Management Structure Support Resources Team 6
- 7. Internal Management Ownership Structure External Support Human Resources Team Answer the following questions: 1. How is ownership divided? Controlling interest? 2. What are the tax benefits/liabilities? 3. How will the structure impact your exit strategy? 4. Will you offer ownership to your employees? 5. How will you value the shares?
- 8. Internal Management Ownership Structure External Support Human Resources Team Type Pros Cons Sole Proprietor Easy/no cost No liability startup, no protection, reporting taxed as individ Partnership Complex setup, Partnership is can have liability like a marriage, protection partnership agreement C-Corporation Multiple owners, Complex, costly easy transfer of setup, double ownership taxation S-Corporation Mult owners, tax Complex, costly setup LLC Limited liability, Complex or tax benefit simple setup depends
- 9. Internal Management Ownership Structure External Support Human Resources Team Marketing Sales Operations Finance Products/Services
- 10. Internal Management Ownership Structure External Support Human Resources Team Members of a Management Team should: Have a common vision/values Mutual trust Complementary skills Be strategic thinkers Have diverse experience Committed to continuous learning/improvement
- 11. Internal Management Ownership Structure External Support Human Resources Team Who Role Board of Background Accountants Directors Why them? Attorneys Insurance Agent Bankers Technologist Functional Expert Board of Consultants Need industry Advisors expertise & insight Who, role, background, why them?
- 12. Internal Management Ownership Structure External Support Human Resources Team Reqd staff/business volume External factors Cost of staffing impacting HR Recruitment Recruitment timing strategy
- 13. Depending on unqualified friends/family for key management positions Assuming that previous success in other industries applies to your current industry Presenting a "one-man-team" management philosophy. Investors know it's difficult to wear every hat and successfully run and grow a company Attempting to attract top mgrs without ownership Lacking non-competes for critical mgt staff Failing to assemble a knowledgeable board of advisors
Editor's Notes
- #7: As far as the business plan is concerned, a marketing plan is a whole entity itself and can be considered a business plan by itself. So, we start with a strategic plan.