Adam Sonnhalter and Jack Mencini of Maximum Value Partners talk about how one of their small business clients had an experience that was very challenging in trying to expand in a small suburban community. Was the system rigged against him? They discuss this as co-hosts of Dirty Secrets of Small Business, which airs live on Wednesdays at 7:30 pm (EST) on WINT 1330 AM and 101.5 FM
Jack explained that one of their clients, who is not a fancy high tech company but a solid company wanted to expand and go to a small community to expand. As Jack describes, this was not a “fancy pants” company and the mayor really didn’t want that company in his small town. The business owner was told that he had to pay the mayor off in an under table deal if he had any hope of doing business in that small community.
The small business owner did not go through with doing the pay off. Seems like the system was rigged against him and this probably happens more often than not.
Jack and Adam also talk about the alarming statistic of where funding goes from a venture capital stand point: 90% of funding goes to white male entrepreneurs and 10% go to women entrepreneurs and 1% African American entrepreneurs. The sad commentary is that unfortunately, it matters who you know and what you look like if you are trying to capture funding.
For more info on small business challenges and the topic of purpose versus profit, tune into the May 10 podcast on iTunes or here, or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to firstname.lastname@example.org or submit a question on this page.
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at email@example.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30 pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.