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Business

Long-term care: Evaluating the need

CharlesSimsJr-160Even though the possible need for long-term care is not something people enjoy thinking about, an estimated 70 percent of 65-year-olds will need this type of care at some point in their lives.

The average cost of a semi-private room in a nursing home was nearly $75,000 a year in 2012, and it's been projected that the annual cost could reach nearly $165,000 in 20 years due to inflation.

Some wealthy households can afford to pay for long-term care out of pocket. Many others with substantial financial assets might not be sure whether they have saved enough to meet their future needs. Thus, it may be wise to consider whether your financial resources would be adequate for a worst-case situation.

Where is the money?

CarleeMcCullough-160When moving forward in various businesses, often times there is a need for additional capital. Whether it is for the purpose of purchasing equipment, operating capital, or contract financing, most business can always use additional funding.

Unfortunately, many business owners wait until their backs are up against the wall in a desperate situation, which it is usually too late to ask for assistance. Most financing institutions want to know that you are stable and can repay the debt, not at the end of the road on the brink of bankruptcy unless you obtain more capital.

Where can you turn for assistance for loans?

Strategic help on tap for small business owners

sue malone-200Sue Malone, the SBA's number one volume-based loan provider and founder of "Strategies for Small Businesses" in San Francisco, CA, will facilitate a Small Business Loan Workshop at the Renaissance Business Center located at 555 Beale Street on Sept. 9.

Malone will discuss funding availability for startup businesses or expansion options for current businesses.

"Sue really has a niche for doing small business loans, particularly those for $25,000 and under," said Rory Thomas, executive director of the Tennessee Small Business Development Center (TSBDC) at Southwest Tennessee Community College.

Officially undercapitalized

CarleeMcCullough-160The day has come for the doors of your business to open. The paint is fresh on the walls, the business cards are professionally printed and the widgets are ready to be sold. There is a little money left in the bank but not enough to cover the rent for next month or payroll.

This means that the business is officially undercapitalized.

Undercapitalization means a business does not have and cannot obtain the funds required through equity or debt for current operational expenses or to pay creditors. With little money remaining to cover the operational costs, the business is exposed to risk and potentially bankruptcy.

Partner up for success, says Economic Development Forum keynoter

4W5A2420-M-1-600Warren Thompson guides the largest minority-owned restaurant/hospitality company in the country, with revenues of over $320 million. He knows about the value of partnerships.

On Wednesday (Aug. 28), Thompson, president and chairman of the Thompson Hospitality Corporation, pitched the importance of partnership and having like-minded partners while delivering the keynote address at the Economic Development Forum Power Breakfast at the Memphis Cook Convention Center.

The Mid-South Minority Business Continuum (MMBC) produces the Economic Development Forum (EDF) annually. For President & CEO Luke Yancy III and the MMBC team, the 2013 Economic Development Forum is another step in an ongoing push to grow minority and women-owned business enterprises (M/WBEs).

What advantages does a biweekly mortgage offer?

CharlesSimsJr-160One of the most precious assets that you are likely to possess as you progress through life is your home. Owning their own homes is something that most Americans strive for.

Unfortunately, for the vast majority of people, one of the major drawbacks in owning a home is the long-term mortgage that must be paid off. Mortgages often stretch out 30 years with interest and principal repayments.

Most mortgage repayments are made on a monthly basis. However, arranging to make payments biweekly can have a dramatic effect on the amount of money you have to pay and the time frame before it is all paid off.

Road to Retail: O’Taste & See Simply Delicious Pies and Quiche

BJackson-250Barbara Jackson is a woman blessed with a gift to cook. She runs from the title of chef but the taste and presentation of her food places her with the best of the best. As humble as they come, Jackson proves that with hard work and dedication to your passion, dreams do come true.

Carlee McCullough: How did you get started in the food business?

Barbara Jackson: I received an Easy Bake Oven in second grade for Christmas. I got two boxes of cake mix, white and chocolate. My mom loved nuts, so I added nuts to the top of the chocolate mix and actually made a brownie before I even knew what a brownie was. I continued to add different nuts to the tops. Later, I attempted to make other stuff in the Easy Bake Oven and burned it up. The wattage was not strong enough for what I wanted to do.

CM: What do you sell at O'Taste and See?

Grand opening signals intermodal growth for Memphis area

hardyintermodal-600Carolyn Hardy, CEO of Chism Hardy Investments, has a track record of success when it comes to aligning with business opportunities that yield dividends for the Memphis area. On Monday (Aug. 19), Hardy helped unveil a venture that she puts in that category.

Mayor AC Wharton Jr. and Shelby County Mark Luttrell Jr. participated in the grand opening of the Marine Repair Services and Container Maintenance Corporation (MRS-CMC) new multi-million dollar maintenance shop and intermodal yard at 4530 Clarke Road in Memphis Tennessee. The facility has a 10,800 square foot maintenance shop on 30 acres for intermodal container and truck storage on a bonded yard.

Additionally, the facility is one mile from the BNSF Memphis Intermodal facility.