Kelvin joins MOBI at a very exciting time. His mission is to cultivate relationships with corporations and foundations that can work with MOBI, tapping the value that our content creates. Leveraging the resources and networks of these large businesses will significantly improve our reach and financial sustainability. Kelvin comes to us with international experience in economic development and public policy, having worked previously with the Singapore government building nonprofit infrastructure in Asia. He is also a firm believer in social enterprise and relishes the challenge of applying that at MOBI. Kelvin has a BSc in Biomedical Engineering from Duke, and an MBA from UCLA Anderson School of Management.

If your children or other family members are interested and qualified to run your business someday, now is the time to begin establishing a strategy to implement a successful transition plan. But be warned: according to a Bank of America study, while three out of four companies say they have a succession plan, fewer than 40% of businesses have actually implemented them. And just 15% of family businesses even make it to the second generation and even fewer to a third.

So you have a choice: someone is going to end up dictating how your company’s assets are transferred. If it’s not you it will be someone who will be less invested in the outcome then you are. Here is my list of the top ten do’s:

1. Understand that family succession is not easy.
2. Evaluate the level of interest of family members to run your business.
3. Be aware that implementing succession is expensive.
4. Realize that all aspects of the plan are interactive.
5. Plan, document, and maintain your succession plan.
6. Create a succession team.
7. Consider bringing your team together including family members.
8. Evaluate future growth prospects.
9. Look to other options if family succession is not realistic.
10. Involve your successor in your business long before taking over.

During the summer Sam's Club, owned by Walmart launched a pilot program offering SBA loans through a partnership with California based Superior Financial Group. The online program offers micro loans from $5,000 to $25,000 for new or existing small business owners. (Focus is put on minority, women-owned, and veteran-owned businesses.) Sam’s Club membership is a requirement but if not a member you can apply online.

The process is simple; a one page application, easy terms, low interest rates and no collateral. If you qualify, loans can be funded in as little as a week. It has not yet been determined how long the program will run. Just under half of Sam's Club customer base are small businesses and perhaps the hope is also that these micro loans will help fuel their growth, increase spending and create brand loyalty.

We welcome your questions to be answered in this Newsletter feature! Here is our Q and A for this edition:

Question: I'm planning to sell my business. Should I use a business broker?

Answer: Selling your business will involve legal and tax complexities that will require the services of not only a business broker but also your lawyer and accountant. Your broker will assist in building your selling package and have the responsibility of finding and qualifying potential buyers. Brokers specializing in a single industry can be especially effective.