Family Business Challenges with Lowell Mora from Impact CFO

Family Business Challenges with Lowell Mora from Impact CFO

https://www.impactcfo.net [https://www.impactcfo.net] Family Business Challenges with Lowell Mora from Impact CFO Family Business Challenges Discussion Lowell discussed the unique challenges of family businesses, highlighting that the family aspect creates complications regardless of the number of family members involved. He shared his personal experience of being advised against working in family businesses but eventually being drawn back to them. Lowell noted that in family-owned businesses, the enterprise often serves as both the business owner's and the family's livelihood, with some challenges being generational in nature. Family Business Identity and Ownership Lowell and Mary discussed the challenges of managing identity and ownership in family businesses, particularly the complexity of distinguishing between business and personal aspects. Lowell emphasized the importance of clear job descriptions and legally defining ownership structures, noting that just having a family name doesn't automatically entitle someone to a job or ownership in the business. He also highlighted issues with overcompensating family members based on name recognition rather than actual contribution, and mentioned that many next-generation family members either self-select out of business roles or lack the necessary qualifications for the positions they would fill. Family Business Succession Planning Mary discussed the importance of training family members for business succession, emphasizing the need to start when teenagers and verify relevant skill sets. She highlighted that salaries for family members should be commensurate with non-family employees in similar positions to avoid long-term detrimental effects on both the individual and the business. Lowell agreed, noting the difficulty in maintaining fair compensation and the potential impact on business valuation and corporate culture. Family Business Leadership Strategies Mary discussed how successful family-owned businesses often have relatives as CEOs who possess the relevant skills and align with the company's philosophy, even if not in a direct line of succession. Lowell noted that company philosophies and traditions can evolve over time and emphasized the importance of adopting simple automation and processes rather than focusing on complex technologies like AI. Business Problem Recognition Strategies Lowell discussed the importance of recognizing and addressing business problems to maintain competitiveness and avoid issues like bankruptcy. He provided an example of a large client with strong revenue and profitability but using outdated banking practices, such as relying on checks instead of modern payment methods like ACH transfers. Family Business Modernization Challenges Lowell discussed common challenges in family-owned businesses, particularly those with sales between $5-50 million, where owners often resist modernizing practices despite limited management teams and growth opportunities. He explained how business owners tend to rely on outdated methods, such as avoiding marketing after a single unsuccessful trade show 23 years ago, rather than adapting to new approaches. Lowell emphasized the importance of bringing in external expertise to help these businesses overcome their resistance to change and maximize their earnings potential. Book a call with Lowell Mora at https://calendly.com/impactcfo_lowellmora/meeting-with-lowell-mora-impact-cfo?month=2026-07 [https://calendly.com/impactcfo_lowellmora/meeting-with-lowell-mora-impact-cfo?month=2026-07] Book a call with Mary Scott at https://calendly.com/businessriff/15min

Networking Tips with Mary Scott, PitchSTL

Networking Tips with Mary Scott, PitchSTL Startup Networking Strategies Discussion Mary discussed the importance of networking and follow-up for startups seeking customers and investors. She emphasized that in-person networking is more effective than Zoom, and highlighted the value of leaving contact information, particularly through LinkedIn. Mary also shared a strategy for introverts to initiate conversations by asking others about themselves, which helps build connections and gather valuable information about potential networking contacts. Networking Follow-up Strategies Mary explained the three key components for effective follow-up after networking: Information (sharing useful links or resources), Invitation (offering events or workshops), and Introduction (connecting people with potential synergy). She emphasized the importance of including contact details when making introductions and recommended using these follow-up strategies to help startups succeed. Book a synergy call at https://calendly.com/businessriff/15min [https://calendly.com/businessriff/15min] More Networking Tips at https://businessriff.com/documents/2022/02/neetworking-in-3-2-1.pdf/ [https://businessriff.com/documents/2022/02/neetworking-in-3-2-1.pdf/]

Tips for Veteran-owned Startups with Dan Lauer

https://businessriff.com [https://businessriff.com] Dan Lauer from Maryville University talks about Tips for Veteran Startups Veteran Entrepreneur Funding Challenges Mary discussed her podcast "Stuck? Time to Improv" with Dan Lauer from Maryville University, focusing on challenges faced by veteran entrepreneurs. Dan identified early-stage capital as a key challenge, noting that while there are good education and networking programs available, veterans often struggle to access funding for equipment and business setup. He emphasized the importance of accelerator programs like Techstars and Y Combinator, which provide not just capital but also resources such as intern support, faculty advisors, and mentorship. Veteran Accelerator Program Overview Dan described their veteran accelerator program that selects 6-8 participants annually from 400 applications, providing them with $50,000 in equity-free funding. The program includes information sessions and peer support to help applicants navigate the competitive application process, with veterans assisting other veterans throughout the application. Mary agreed that applying to accelerators helps startups focus on their problem-solution fit and unique value proposition, noting that such programs create economic ripple effects across the region. Maryville Veteran Accelerator Program Dan Lauer discussed Maryville's new Veteran Accelerator program, which aims to support veterans in entrepreneurship through certificate programs, student clubs, and community outreach. He explained that funding will come from companies, foundations, and governments through pass-through philanthropy rather than an equity fund. The program will be led by Beth Sweet, a former army colonel and senior leader at NGA, providing an authentic veteran-to-veteran experience.

Entrepreneur Mindset Tips with Tina Kadish

https://businessriff.com [https://businessriff.com] Tina Kadish, From Job to Joy, talks about Entrepreneur Mindset Developing Entrepreneurial Mindset for Startups Mary and Tina discussed the importance of developing an entrepreneurial mindset for startups. Tina explained that transitioning from a corporate career to entrepreneurship requires shifting from following others to taking control of one's life and business. She emphasized that an entrepreneurial mindset is crucial for embracing uncertainty and maintaining a growth mindset while building a business. Types of Entrepreneurs Discussion Mary discussed three types of entrepreneurs: those born to be entrepreneurs, reluctant entrepreneurs who start their own business after leaving comfortable situations, and accidental entrepreneurs who begin with a hobby. Tina agreed with Mary's classification and emphasized that reluctant entrepreneurs must embrace the responsibility and uncertainty of running their own business, including designing their own schedule and seeking opportunities without relying on a regular paycheck. Entrepreneurial Mindset and Coaching Tina emphasized the importance of believing in oneself and learning new skills as an entrepreneur, highlighting the need for resourcefulness and connecting with the right people, including coaches. She stressed that entrepreneurs cannot do it alone and recommended hiring a coach to support the journey. Tina also advised reframing sales as "serving" rather than "selling," suggesting this mindset change would make it easier to approach potential clients with solutions to their challenges. Growth Mindset and Networking Strategies Tina discussed the importance of developing a growth mindset and connecting with the right people to support personal and professional growth. She explained that identifying the right people requires trial and error, emphasizing the value of being authentic and open in networking and community engagement. Mary advised listening to intuition and being willing to move on from conversations that don't feel helpful after a short period. Time Management and Business Growth Tina and Mary discussed the importance of managing time effectively by focusing on income-producing activities rather than busy work. Mary shared a tip about attending events you don't want to go to, as they often prove valuable for business growth. Tina emphasized the benefits of working with coaches and finding the right community when starting a business, while Mary concluded by promoting BusinessRiff and inviting listeners to book a call for startup support. FB: www.facebook.com/tina.kadish LI: www.linkedin.com/in/tinakadish Website: www.fromjobtojoy.com YT: https://www.youtube.com/@tinakadish118

Funding for AgTech Startups with Jim Schultz

https://OpenPrairie.com [http://OpenPrairie.com] Jim Schultz from Open Prairie talks about Funding AgTech Startups Agricultural Tech Investment Discussion Mary welcomed attendees to the "Stuck Time to Improv" session and introduced Jim Schultz, an investor, as the guest speaker. The discussion focused on the agricultural tech industry, highlighting its potential for startup businesses and the importance of preparation when approaching investors. Agtech Investment Strategy Requirements Jim discussed his focus areas in agtech, including automation and robotics, data optimization for farmers, and biologic technologies replacing synthetic chemicals. He outlined three key requirements for considering new equipment or technology proposals: understanding the channel strategy for reaching farmers, having field trial data across different crops and conditions, and having expertise on the team through advisors or board members. Agricultural Technology Entry Mistakes Jim discussed common mistakes made by new entrants in the agricultural space, highlighting three key issues: implementing a direct-to-farmer channel strategy, which he noted is difficult and slow to build revenue; and insufficient field trial data to prove technology effectiveness. Jim provided an example of a hypothetical robot weeding technology, suggesting the need for proper testing and validation before market entry. Field Trial Data Distribution Strategy Jim discussed the importance of understanding field trial data, particularly when testing different crops like tomatoes, cabbage, and corn. He suggested that ag retailers and farm co-ops, rather than traditional Cooperative Extension services, are better channels for reaching farmers. Jim provided an example of The Equity co-op in Effingham, Illinois, which has approximately 8,000 farmer members, highlighting the potential reach through such partnerships. Mary confirmed the need for beta testing with farmers. AI Deployment in Agriculture Opportunities Jim discussed potential AI deployment opportunities, particularly in John Deere's FieldView technology which provides farmers with field insights from tractor and combine diagnostics. He noted that while higher-yielding crops might not always taste better, there are opportunities to modify crops for different properties like oil content in soybeans or fiber content in corn. Jim also mentioned current market prices for soybeans and corn, explaining that farmers need prices around $12.50 for soybeans and $5 for corn to be profitable, which is above current trading levels. Agricultural Technology Investment Opportunities Jim discussed investment opportunities in agricultural technology, highlighting the potential for premium opportunities in corn and soy production, as well as organic farming initiatives. He emphasized the importance of a well-prepared marketing deck, including details on channels, field trials, team composition, and financial models for potential ag tech companies seeking investment. Jim noted that out of 500-600 deals reviewed annually, only 2-4 are funded, underscoring the need for strong presentations to get through the selection process. Some useful links: Open Prairie - https://www.openprairie.com/ [https://www.openprairie.com/] The Equity - https://www.theequity.com/ [https://www.theequity.com/] Shenandoah Valley Organics - https://www.farmerfocus.com/ [https://www.farmerfocus.com/]