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Article by, Staff Writer There’s no doubt that the creation of Netflix was one of the best business decisions of the last 15 years. The concept has earned the subscription-based movie and television show rental service more than 23 million subscribers, making it one of the most successful dot-com ventures since the emergence of the Internet. Of course, that doesn’t mean it’s above the occasional blunder. Netflix’s decision to separate its DVD shipping business from its streaming business, forming the new delivery service Qwikster, has upset many of its customers. The move has resulted in tens of thousands of complaints, a major decline in subscriptions and a stock plunge — obvious causes for concern for CEO Reed Hastings. As he attempts to clean up the public relations mess, he can take solace in the fact that it won’t register as the worst business decision ever made. The following rank as the most costly and regrettable of all time, and will continue to be mocked for years to...
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Article by, Brent Virkus of Find the Capital and TRiTON Capital Advisory The art of negotiation. Some people are good at it and some people could be better… One of the most influential people in helping me grow several successful businesses was Harvey Mackay a nationally syndicated columnist and author of the New York Times #1 bestseller “Swim With The Sharks Without Being Eaten Alive.” He’s a master of common sense business tactics. In this article, I’m going to highlight Harvey’s 15 Keys to Negotiation Success. I hope it helps take your business to the next level! Here we go… Never cut a deal with someone who has to “go back and get the boss’ approval.” That gives the other side two bites of the apple to your one. They can take any deal you are willing to make and renegotiate it. If you can’t say yes, it’s no. Just because a deal can be done, doesn’t mean it should be done. No one ever went broke saying “no” too often. Just because it may look nonnegotiable, doesn’t mean it is. Take that beautifully printed “standard contract” you’ve just been handed. Many a smart negotiator has been able to name a term and gets away with it by making it appear to be chiseled in granite, when they will deal if their bluff is called. Do your homework before you deal. Learn as much as you can about the other side. Instincts are no match for information. Rehearse. Practice. Get someone to play the other side. Then switch roles. Instincts are no match for preparation. Beware the late dealer. Feigning indifference or casually disregarding timetables is often just a negotiator’s way of trying to make you believe he/she doesn’t care if you make the deal or not. Be nice, but if you can’t be nice, go away and let someone else do the deal. You’ll blow it. A deal can always be made when both parties see their own benefit in making it. A dream is a bargain no matter what you pay for it. Set the scene. Tell the tale. Generate excitement. Help the other side visualize the benefits, and they’ll sell themselves. Don’t discuss your business where...
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Article by, Brent Virkus of Find the Capital and President and CEO of TRiTON Capital Advisory Look we all know raising joint venture equity is not easy. This is actually a good thing. Because if it were easy, everyone would raise capital and start a business, buy commercial real estate as an investment, etc. Competition would be ferocious. For this article, I’m going to focus on raising joint venture equity for your business. So to better help you with this process I’ve put together the 7 things you must know to raise joint venture equity today. First…and Most Importantly Have “Thick Skin” When raising joint venture capital, be prepared for a lot of “no’s.” Using my Google example, even when Google was ready for venture capital, the majority of venture capitalist said “no.” When an joint venture capital says “no,” it doesn’t necessarily mean that your venture is not a good one. It simply means that the venture is not a good investment fit for them. You must have “thick skin” and be able to bounce back from lots of “no’s” and persevere. When failing over and over again to create the light bulb, Thomas Edison famously said, “I have not failed. I’ve just found 10,000 ways that won’t work.” Have the same mentality with investors. That is, think, “I have not failed. I’ve just found 100 investors that aren’t a good fit.” Second…Make Sure you do a Business Plan and Keep it Current One of the most important things to show in your business plan is what you’ve accomplished in your business to date. And ideally, every month you are accomplishing more. So, be sure to update your plan with this progress. Third…Always be a Master Marketer of your Deal In raising money, the best company doesn’t always win. Rather, the guy that knows how to best market his opportunity wins. That is, the entrepreneurs that are best able to market their companies to lenders and investors are the ones who raise the money. Fourth…Understand That Funding Doesn’t Take Place All At Once No matter how great your project or idea is, you are probably not going to get a $20 million check right...
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Article by, Brent Virkus of Find the Capital Indexed Annuities have become very popular as of late. Why is this? Well to help Find the Capital’s follows better understand this type of investment, Lisa Virkus Founder and CEO of Find the Capital conducted a short interview with industry leading Financial Advisor, Cleat Lindsey about Indexed Annuities and his Four Keys to Investing in them. In summary Indexed Annuities have become popular due the people still being leery about the stock market and the fact the banks simply are not paying interest of any significance. Basically an Indexed Annuity protects the investor from downside risk and allows them to “participate” in the potential upside of the stock market. Lindsey’s Four Keys to Investing in Indexed Annuities are as follows: First…Understand the CAP Rate or the Floor The floor refers to the minimum guaranteed amount credited to the account. At the time of this writing (see Update date at the bottom of this page), this rate is almost always between 0% – 2%. The cap rate is the annual maximum percentage increase allowed. For example, if the chosen market index increases 35%, and the contract has a 10% cap, the increase will be limited to 10%. Some contracts do not have a cap rate (these tend to have a lower participation rate, such as 30% to 50% compared with 75% to 100% for a plan with a cap rate). The cap varies depending on the length of your term — fixed-indexed annuities with longer commitment periods (surrender periods) tend to have a higher cap rate, whereas annuities with shorter surrenders periods tend to have a lower cap rate. NOTE: The cap may reset annually and is subject to change at each renewal. Second…Be aware of the Bailout Rate An Indexed Annuity bailout provision is a clause in the contract of your annuity that allows you to withdraw your money without any penalties based on predetermined conditions. Some annuity contracts include a medical bailout provision for nursing home expenses or if you become terminally ill. Once your annuity expires, on the maturity date you have the option to either renew or surrender the annuity. If you surrender at this time, you do not pay charges. Choosing to renew...
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Article by, Brent Virkus – Senior Managing Director of Find the Capital You’re at an industry event mulling over which cheese will go best with which crackers at the buffet. The person next to you introduces himself. You introduce yourself. Then he says: “So tell me, what do you do?” The challenge is to communicate the key elements of your value. When we work with our clients to teach them how to sell, we tend to focus on helping them learn the right things to do. However, even those on the right track can get derailed by common mistakes. It’s often just as helpful to know what not to do as it is to know what to do. Here, then, are the most common mistakes we see people making when trying to answer the question, “What do you do?” and ideas for how to avoid them. Mistake #1: Talking, but not saying anything “Our solutions help Fortune 500 and mid-size companies succeed. Our unique blend of people, process, and technology allows us to build and deliver value over-and-above our competitors. One unique thing about us is…” Even if it’s well-practiced and smoothly delivered, a cliché that doesn’t communicate anything is still a cliché that doesn’t communicate anything. Make sure you avoid sounding like a buzzword bingo robot and focus on adding value to the conversation. Building rapport is a major component of a successful sales conversation. Starting off with a cliché, however, won’t help build rapport – it’s more off-putting than endearing. Mistake #2: Going on too long at first “I read my first book on tax shelters in junior high school and was hooked. Immediately, I got a job at a tax accounting firm and started doing research in international tax. After junior high, I got another job at an accounting firm and got my first introduction to nonprofit auditing. Let me tell you about some of the projects I worked on in high school and their results…” In any sales process you have to do three things if you want to communicate your full value: resonate, differentiate, and substantiate. Indeed, you have to resonate on two levels, differentiate on two levels, and substantiate on four. If you’ve...
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Article and Video by, Brent Virkus of Find the Capital So we all want to get noticed more in the search rankings. One great way to do so is to get your image to show up for your posts or web pages that show up on a Google search. These are the simple steps to accomplish this: Step 1 Set up a Google+ account. You can do so at the following link: https://plus.google.com Step 2 Go to the “About” section...
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