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Business Corner

Tips, advice, and news from Inland Empire to help you start, run, and grow your business.

  • Mon, July 12, 2021 8:00 AM | Faby Carrera (Administrator)

    The National Latina Business Women Association Inland Empire Institute (NLBWA-IE) partnered with the University of California, Riverside’s EPIC Small Business Development Center (UCR), and School of Public Policy (SPP), to announce the release of the second phase of the Latina research study, during a virtual event on Tuesday, July 20th, 2021 at 5:00 PM PST, click here to register.

    Dr. Qingfang Wang, professor in the School of Public Policy at the University of California, Riverside, and Dr. Ochoa, Associate Vice Chancellor, Technology Partnerships at the University of California, Riverside, and NLBWA-IE Chair of Education lead the project to produce a research study "COVID & Latina Businesses in Inland Southern California: Recovery and Resilience" which examines the experiences of Latina Owned Business in the Inland Empire, CA. 

    Being the first research study to examine Latina Business Ownership in the Inland Empire, the fastest growing sector of small business, the second phase of the research study "COVID & Latina Businesses in Inland Southern California: Recovery and Resilience" provides insights into how Latina Owned Businesses survived the pandemic disruptions in 2020 and how they have overcome many personal and professional barriers with resilience and innovation.

    Ruth Lopez Novodor, NLBWA-IE President, and Maria Molina Solano, NLBWA-IE Executive Director will host this virtual event to share the outcome of the research study that examined the experiences of over 100 Latina-Owned businesses in the Inland Empire during the pandemic disruptions and identified the necessary strategies and programs to accelerate the success of Minority Women-Owned Enterprises.

    The virtual event will also include a panel discussion of featured community and industry leaders: J. Adalberto Quijada - Director, Orange County/Inland Empire District U.S.  Small Business Administration; Xiomara Peña - Vice President, Engagement, Small Business Majority; Rossina Gallegos - Director & CSR Officer of Corporate Social Responsibility at Union Bank, Cathy  Paredes - Inland Empire Market Executive at Bank of America, and Marriette Martinez - Owner of Master Your Books. 

    This incredible panel will be sharing their knowledge and resources geared toward helping Latina business owners achieve success in the greater Southern California region. The virtual event will be held on Tuesday, July 20th at 5:00 PM on Zoom, click here to register. 

    Join us for this one of a kind educational event as we explore the research findings on the most urgent needs for Latina-Owned Businesses, and the recommendations for peer small businesses, small business support organizations, and government agencies to foster an inclusive entrepreneurial ecosystem, equitable growth, and recovery during unprecedented times. We look forward to seeing you there. Click here to register.

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  • Mon, July 05, 2021 8:00 AM | Faby Carrera (Administrator)

    Here are the top mistakes that people make when creating a business succession plan – and how you can avoid them.


    But First, What is Succession Planning?

    Thinking about estate planning, much less business succession planning is tough for everyone, even successful business owners. But, both are different and just as vital for protecting your legacy. 

    Estate planning is the process of preparing for the efficient and effective transfer of your assets at death.  It should also include a plan for the management of your assets during a period of incapacity. Proper estate planning will ensure that your assets are managed and ultimately transferred in accordance with your wishes. Most people, whether business owners or not, create estate plans to avoid probate, thereby making the administration of their estate private, minimize related expenses, and lessen the stress and conflict that can come when someone dies without a plan. 

    Unlike estate planning, which focuses on the transfer of all of your assets at death, business succession planning only deals with planning for the continuity of your business. Succession planning is a strategic tool to smoothly transition operation, management and ownership to partners, future generations or successor owners.

    So, if you don’t already have an estate plan, you absolutely must create one with an experienced estate planning lawyer. If you’re a business owner, it is vital.  But, to really level up your planning as a business owner, you’ll have to also consider creating a business succession plan.

    Here are the top mistakes that people make when creating a business succession plan – and how you can avoid them. 

    Not Adopting a Formal Strategy 

    Too many business owners rely on informal arrangements; they simply talk to others about vague plans once they retire. For a succession plan to be successful, a formal strategy must be put in place. Your formal strategy should align with the strategic goals of your business and include information such as: 

    • The identification of the key roles within your organization. 

    • Job descriptions and the skillsets necessary for these roles. 

    • Objective criteria and a continuous performance management strategy to assess potential candidates. 

    Keeping Your Plans Secret 

    Keeping the details of the succession plan secret can lead to significant conflict. Estate planning disputes often arise because of failure to communicate, misunderstandings, and incorrect assumptions. The same is true for business succession planning. 

    Family business owners may be afraid of being honest about their succession plans because they are worried about causing family discord. They may not be prepared to talk to family members about money. 

    For businesses that will not be transferred within the family, conflict may still arise when employees feel that they were misled or kept in the dark. Employees who were slated to be part of the next generation of leadership may leave the company because they were never informed of the opportunity for advancement. 

    When business owners do not make their succession plans public, other owners or directors of the company may be under the mistaken belief that there is no plan. They may feel insecure and leave the business for other, more secure opportunities. 

    Transparency about your succession plans accomplishes several objectives. It instills employee trust in the company. It enables employees to know what is expected of them to advance to leadership positions. It motivates potential future leaders to achieve desired performance metrics and to commit to the business. It minimizes the risk of conflict because you can explain your plans while you are still with the business. 

    Making Succession a Competition 

    While employees should be motivated to work their way up in the company, do not make succession feel like a competition. You do not want employees to feel pressure to minimize the contributions of others within the organization. This can breed a negative business environment that is destructive and threatening to your business’ future. 

    Not Considering Tax Consequences 

    If a business owner sells or transfers ownership of the business, there may be tax consequences. Your business may be worth enough to subject your estate to federal estate taxes. If the value of your estate exceeds the estate tax exemption in effect for the year of your death, estate taxes may claim a significant percentage of your taxable estate. To pay the taxes, your estate may need to liquidate business assets or your business may be burdened with significant debt to pay the taxes. Other potential taxes may include gift tax, income tax, and capital gains taxes. All of these tax consequences should be considered when determining the succession of your business. An estate planning lawyer can work with you to devise a plan that minimizes the impact of taxes on your business. 

    Over or Undervaluing the Business 

    Some business owners have an inflated sense of their business’s value. While you may feel your business is priceless, you must quantify its value as part of your succession planning. A firm understanding of the value of your business should inform your decision to sell the business, transfer it, keep a portion of it through your retirement, or make other plans for your succession. 

    When you establish your business, consider a methodology for valuing the business. If your business has co-owners, you can incorporate the valuation methodology into your buy-sell agreement. This will make it easier for you to value the business when the time comes because you already have a pre-approved evaluation process. 

    One objective way to value your business is to hire a business appraiser who can evaluate your financial documents, business goodwill, and historic data to provide an estimate of what your business is worth. This documentation will give you a clear sense of your business’s value and provide you with objective support if you decide to sell the business. 

    Not Facing Reality 

    Some business owners refuse to admit that they are mortal and business succession will happen. Your death or retirement is inevitable, so you must consider your succession when it is a far thought in the distance. It is better to be proactive about your succession instead of waiting for disaster to strike and having to react to it. 

    Accept that you may need help with the business succession process. Do not try to complete this process alone; the stakes are too high. A qualified business succession planning lawyer can help you identify your options, anticipate possible issues, and develop a solid plan that provides clear leadership now and in the future. 

    Failing to Update Your Plan Regularly 

    Just as with your estate plan, you should regularly review your succession plan. Consider modifying your plan if significant changes occur. 

    As an estate planning lawyer, I can work with you to create a comprehensive estate plan that will protect you, your loved ones and your legacy.  Once you’ve taken care of this foundational planning, we can help you develop an initial succession plan.  As circumstances change, we can assist you in revising your estate and business succession plan to keep your business on the path to a successful transition.

    If you need assistance creating an estate plan, give us a call. We are happy to help! 


    Meza Talbott Law 

    (909)377-8141 

    Claremont, California 

    www.MezaTalbottLaw.com 



  • Tue, June 01, 2021 8:03 AM | Faby Carrera (Administrator)

    2020 was an unprecedented year, full of uncertainty, social distancing and personal loss. Fortunately, there are signs across the country of customers returning, and we’re getting back to business.

    Reimagine Main Street, a project of Public Private Strategies, and their partners surveyed >1,300 diverse small business owners across the country to find out if small businesses are rebounding from COVID-19, and if recovery is experienced equally across communities.

    Here’s what they found:

    Small Business Owners are Optimistic About the Future

    % Optimistic about the Future of their Businesses

    But signs of Recovery NOT Experienced Equally

    % Agree “We have turned the corner on the pandemic and business is returning to normal”


    AAPI, Black, and Native Business Owners Expect Slower Recovery

    %  Expect at least 6 months before reaching pre-pandemic revenue

    Equitable Recovery Requires Solving for Small Dollar Business Financing and More

    The smallest businesses lack confidence that they can access funding to operate and grow

    % Agree that “I am confident that my business can access financing to meet working capital and growth needs”

    See more survey results, click HERE

  • Tue, May 25, 2021 11:04 AM | Faby Carrera (Administrator)

    After spending a week touring the state and promoting a $100 billion pandemic recovery package — bolstered by a stunning $75.7 billion surplus and additional federal dollars — California Gov. Gavin Newsom presented the rest of his revised budget.

    Newsom's latest proposal includes $1.5 billion to add another round of small business grants up to $25,000, for a total of $4 billion in small business aid. 

    This is in addition to a $6.2 billion tax cut approved by the Legislature and signed by the Governor in April.  According to the Governor, this is the largest state tax cut of its kind in history, and certainly the most significant one for those businesses hit hardest by the pandemic.

    Other small business proposals include: 

    • Increasing the CalCompetes tax credit program to $360 million, and establishing a one-time $250 million grant program, to incentivize businesses to relocate to California.
    • $147 million for the Main Street Small Business Tax Credit to assist small businesses that have hired and retained workers since the second quarter of 2020.
    • $95 million to jumpstart California’s tourism industry, one of the largest economic drivers in the state that was particularly impacted by the pandemic.
    • $200 million to expand sales tax exclusions through the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) to promote, grow and incentivize green manufacturing in California.

    Watch Gov. Gavin Newsom's update on the budget proposal


  • Mon, April 26, 2021 6:10 PM | Faby Carrera (Administrator)

    The comprehensive package providing urgent relief for the small businesses of CA provides an additional $2 billion for grants up to $25,000 for small businesses impacted by the pandemic.

    To help you prepare for Round 6, please review the Program and Application Guide for a detailed overview of the program and step-by-step instructions for the entire application process.

    For-Profit Business: CLICK HERE to view

    Nonprofit Organizations: CLICK HERE to view


    Here are the most frequently asked questions about Round 6:

    What are the key dates for Round 6?

    Open: April 28th, 2021

    Close: May 4th, 2021

    Start of Selection Notification: May 7th, 2021

    I was waitlisted in Rounds 1, 2, 3 or 5. Do I need to submit a new application in Round 6?

    NO. Waitlisted applicants will automatically  be rolled into Round 6. Do not reapply. Reapplying may flag your application as fraud.

    I own multiple businesses and was funded in a previous round. Can I apply in Round 6 for another business?

    NO. Owners of multiple businesses, franchises, locations, etc. will be considered for only one grant and are required to apply for their business with the highest revenue.

    My spouse and I have separate businesses. Are we both eligible for funding?

    NO. Only one grant will be considered for each household.

    I started an application in a previous funding round but did not finish. Do I need to restart my application in Round 6?

    NO. If you started an application during the application window and your application is incomplete, you can log into your account with Lendistry to submit a complete application.

    To learn more, please visit https://cahcc.mylendistry.com/#/login.


  • Wed, February 17, 2021 10:10 AM | Faby Carrera (Administrator)

    Paycheck Protection Program (PPP) 

    Application submission deadline: May 31, 2021

    WHO MAY QUALIFY for PPP Round 2?

    The new funding is available to both, first time applicants and returning borrowers.

    Here is a list of Inland Empire Lenders


We are here to empower Latinas to develop their business and professional goals!

Call or Email Us
Office: (909) 204-7450
eFax: (909) 545-8686
Email: info@nlbwa-ie.com

Maria Solano

mmsolano@nlbwa-ie.com

Faby Carrera

FabyCarrera@nlbwa-ie.com


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