JotForm Writeup

Writeup Name and Date
HISTORY (Update only if the business has had significant changes otherwise, history remains the same, no need to cut and paste from previous session):
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PREP DESCRIPTION (If time is charged to this category, please provide prep description):
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The following was done in preparation for the session:

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The following resources were used to conduct research for the client:

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The following resources were reviewed, selected and printed in preparation of the client's visit based off their Client Assessment.

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The following Demographic Now comparison reports were provided:

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Assessment details:
PROBLEM:
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SOLUTIONS OR RECOMMENDATIONS:
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The major areas of discussion include:
We discussed the following regarding entities:

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We discussed the steps in forming a business:

Emphasized that materials, services or products offered by the SBDC clients are available as a resource to assist the client with business concerns. Making these services available does not imply or constitute a recommendation or endorsement by the SBDC, but is only intended to be a convenience. The client must perform their own :due diligence" and it is advised to seek counsel from an attorney, Certified Public Accountant and other professional advisors regarding the formation and operation of any business. The SBDC will not provide legal or tax advice.Other
We discussed the following regarding the steps and considerations in buying an existing business:

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We discussed the following regarding selling a business:

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We discussed the following funding fundamentals:

Explained that the borrower must find a bank that wants to do the loan, that the SBA and SBDC do not have money to loan. The SBA Guarantee; "Under the guaranty concept, commercial lenders make and administer the loans. The business applies to a lender for their financing. The lender decides if they will make the loan internally o9r if the application has some weaknesses which, in their opinion, will require an SBA guaranty if the loan is to be made."Other
We discussed the following screening criteria for lending guidelines for a startup:

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We discussed the following evaluation criteria for lendors:

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We reviewed the major components of a business plan and a checklist to validate the plan:

A. Review your Executive Summary. The Executive Summary could very well be the most important section of the entire Business Plan because most readers will find the answers to their questions in this summary. Still, this summary of your plan should not be more than two to three pages long. As you review the Executive Summary, keep in mind your intended reader and the purpose of presenting the plan. Every time you present your plan to a new audience, you will want to consider writing a new Executive Summary. That way you can highlight the information the new audience is most interested in. Individual attention to readers’ needs is more likely to gain their attention to your request.Other
We discussed the steps to starting a food product business:

Business and Marketing Plan. Preliminarily, even just brainstorming ideas on paper to create a basic foundation is a good start. Unless you are planning on getting an SBA loan or funding from Angel Investors, Venture Capitalists, etc. then you don’t have to have a formally completed business plan to get started. A business plan is great to put your ideas and vision on paper, but most of the time it will be pretty fluid during the first year or two – so don’t waste too much time stressing about it. Now, if you are seeking outside funding/financing to launch your business, then you will certainly need a solid, polished food business plan.Establish business name. You can have a corporate name such as “Your Name Foods Incorporated” and a different brand name (or names) such as “XYZSweets” for your products. Setting up your business name this way is a good idea if you plan on introducing brand extensions at a later time that are completely different from your first line (i.e. you start with a line of salsas and sauces but then introduce a different line of baked goods a year later). A good example of this is Bodine Specialty Foods (corporate name) who produces several lines, including their “RC Buck’s” line, their “Cocktail Dancers” line, and their “Memphis Mojo” line, just to name a few.Business filing (Sole-proprietorship, LLC, S-Corp, etc). Before filing, you will need to register for an EIN (Employer Identification Number) which can be done online at the IRS website here. It is then advised to consult with a CPA to determine best option for your business structure and state in which you conduct business. Your CPA can do the filing for you, but you can also do it on your own (and save some money in the process) at sites like www.incfile.com once the filing status has been chosen.Consider different production obstacles your products may encounter (i.e. products with meat and dairy will require USDA certified facilities, not just FDA certified). It is always preferable to find a local co-packer within a reasonable driving distance for testing and quality control purposes. Co-packers provide a great advantage when getting started as they typically have a food-scientist/technologist on staff that can help you with your recipe and regulatory issues (shelf-stability, compliance, etc).Packaging/Labeling: if using the services of a co-packer, they will likely have many resources for bottling/packaging to fit your needs. If you plan using a non-standard package/bottle/jar, make sure you check with the co-packer to see if they can fill that type of container. Some co-packers offer nutritional label & ingredient statement analysis services, but most of the time you will need to take your recipe to a 3rd party labeling company.Other
ACTION AGREEMENT:
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ACTION AGREEMENT: BUSINESS ADVISOR

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ACTION AGREEMENT: CLIENT

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ECONOMIC IMPACT (Jobs Created or retained, any Capital infusion to include equity, loans and business starts):

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Business Start Potential

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Long-term Client

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Capital Infusion

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Should be Empty:

The major areas of discussion include: