Tips, advice, and news from Inland Empire to help you start, run, and grow your business.
The National Latina Business Women Association of the Inland Empire and the
UC Riverside School of Public Policy partnered on the first-of-its-kind study
SAN BERNARDINO, Calif. (August 24, 2021): A study on the impacts of the COVID-19 pandemic on fast-growing Latina-owned businesses (LaOB) in the Inland Empire found that a lack of access to information, low proficiency in technology, severe health conditions, family needs, and customer challenges—prior to the pandemic—all impacted how well these business owners could react to and recover from COVID-19 disruptions. Yet, the study found opportunities to help Latina business to recover.
The study, “Impacts of Covid-19 on Latina Businesses in Inland Southern California,” was commissioned by the National Latina Business Women Association of the Inland Empire (NLBWA-IE) and conducted by the UC Riverside’s School of Public Policy. The study addresses the challenges, experiences and solutions that LaOB used to survive, pivot and lead their businesses during the pandemic.
“The COVID-19 pandemic only exacerbated their long-term challenges and impacted their capabilities to recover, sustain, and thrive,” said Dr. Qingfang Wang, UCR researcher and Professor of Public Policy, referring to LaOB. “Study findings also create an opportunity for Latina-owned businesses to reach out to policymakers, build community collaborations, and partner with public and private sectors to help grow their enterprises.”
Latina businesses are one of the fastest growing sectors of small businesses in the United States. To better understand the needs of its members and to develop more effective programs, NLBWA- IE has commissioned a series of studies on Latina-owned businesses in the Inland Empire. This study is the second of five.
“The COVID-19 pandemic has had a particularly significant impact on minority owned small businesses, including Latina business locally and across the country,” said Ruth Lopez Novodor, NLBWA-IE president and CEO of On Cue Consulting Inc. “One of the best things that we can do is provide our members with the critical source information, resources and tools that they need to not only survive but flourish in the current business environment.”
Dr. Wang findings and recommendations are based on in-depth Interviews with more than 100 NLBWA-IE members and community stakeholders.
Study recommendations made to small businesses, government agencies and community support organizations include:
The need for continuous investments in technology, continuing education, and social network building for small businesses to access money, market, and knowledge of management
Particular outreach should target traditionally under-served communities, and should include collaboration and partnership between government, nonprofit organizations, universities, and other community stakeholders
The region also needs to diversify its economic base, continue to invest in education, promote higher-paid job opportunities, and attract more big corporations who are willing to work with small businesses and foster a stronger small business ecosystem
Click here to review the entire study, which is available to researchers, policymakers, business leaders, and community members interested in Latina economic development.
Fall 2021 Part-Time Taxation Instructor – Spanish (Fully Remote) University of California, Riverside – University Extension
UCR University Extension, the continuing and professional studies division of the University of California, Riverside, invites applicants to teach coursework related to taxation as part of its corporate education and custom program offerings in conjunction with the University of California Institute for Mexico and the United States (UC MEXUS). Classes will be offered to Spanish speaking participants in a fully remote, live-stream format. Classes will meet during the period of 6pm -10pm CST twice per week (Tuesdays/Thursdays) over a 15-week period from August 30 - December 10, 2021. Courses include U.S. Tax Planning, U.S. Corporate Taxation and U.S. Partnership Taxation.
▪ Provide instruction in accordance with the established instructional agreement, curriculum outlines and class schedule provided by UCR Extension
▪ Communicate teaching objectives and specific learning outcomes to students, and clearly outline the grading policies to the course
▪ Work in conjunction with collaborative partners and subject matter experts in order to ensure that course information is current
▪ Participate in scheduled orientations, meetings, and mandatory training programs by UCR’s established deadlines
▪ Maintain timely and accurate academic records within the learning management system and submit timely and accurate documentation as outlined in the instructional agreement
▪ Maintain appropriate standards of professional conduct and ethics
▪ Work remotely and use assigned technologies as means of instruction
▪ Become familiar with and follow UCR Extension's Instructor Manual and Curricular Guidelines ▪ Respond to student questions and learning needs in a timely manner
▪ Stay current regarding the professional body of knowledge in the field of practice
▪ Complete required administrative tasks in a timely manner including: completing all hiring paperwork; submitting updated syllabi; signing instructor contract; submitting required textbook orders; communicating AV and classroom needs
▪ Employ culturally competent teaching methodologies in the classroom inclusive of international student populations
▪ Design interactive and motivational classroom activities to fully engage participants and to reinforce student learning
▪ Update materials periodically, and regularly monitor course evaluations in order to adjust and improve the curriculum
▪ Advanced degree in Accounting, Finance or a related field, or equivalent experience
▪ Full professional bilingualism and biliteracy in both English and Spanish
▪ Five years of related work experience
▪ Interest and willingness to teach an international student audience
▪ Excellent verbal and written communication, interpersonal, and organizational skills
▪ Ability to provide instruction remote, live-streaming courses
▪ Must possess proof of authorization to work in the United States
▪ Certified Public Accountant license.
▪ Experience teaching adult learners.
▪ Experience with online Learning Management Systems and Zoom.
▪ Experience with curriculum development and course design.
▪ Commitment to diversity and the University’s mission.
▪ Current knowledge of and demonstrated proficiency in subject area
▪ Must be committed to the highest level of academic standards and integrity
▪ Current participation in professional associations
▪ Strong oral and written communication skills to support effective interaction with students, faculty, staff, administrators, and education partners
▪ Computer skills sufficient to support preparation and delivery of class materials and exams, as well as enable effective communication with students, faculty, and staff
Applications must include:
• Curriculum vitae (including education degrees, teaching sites inclusive of teaching dates, professional organization membership and level of activity)
• Cover letter (address basic and preferred qualifications)
• Statement of contributions to diversity
• Contact information for four professional references
To apply please visit https://aprecruit.ucr.edu/apply/JPF01447. This is a continuous recruitment. Applications will be reviewed on a continuous basis as needed. Interview process may include a teaching demonstration. For more information about UCR Extension, please visit http://www.extension.ucr.edu/.
This part-time position is not eligible for benefits, but participates in the University of California Defined Contribution Plan. Individuals hired to teach these courses must understand that all such agreements with the University are made on a course-by-course basis and that the instructor has no guarantee, expressed or implied, of continual involvement with the University in any capacity.
UCR is a world-class research university with an exceptionally diverse undergraduate student body. Its mission is explicitly linked to providing routes to educational success for underrepresented and first-generation college students. A commitment to this mission is a preferred qualification.
The University of California is an Equal Opportunity/Affirmative Action Employer. All qualified candidates will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, protected veteran status, or any other characteristic protected by law.
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.
Instagram: @ucr_spp (nstagram.com/ucr_spp/)
Twitter: @ucrspp (twitter.com/ucrspp)
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
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
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:
Watch Gov. Gavin Newsom's update on the budget proposal
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.
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!
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