Finances and Exit Strategy

Moderated by:Chris

Hosted by:Westbank Community Library

Announcements

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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

How often do you touch physical money

today?

Our smartphones are becoming our wallets

Americans are still behind with the trend

compared to other countries

How do you plan, as an

entrepreneur, approach this

issue?

As an entrepreneur you

must meet the needs of your

customers

Managing Digital FinancesPros 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

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?

What methods are available?

LoopSquare

PayPal HereIntuit GoPayment

PayAnywhere

Link

And then there is this guy

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

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

Exiting Your Company

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

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

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.

End of Presentation

But wait, there are still movies and

books to talk about and a possible clip

to watch

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