NLBWA-IE featured member presents Sofia Chacon: a mother, entrepreneur and community influential.  

Thank you for sharing your story and experiences as an entrepreneur. First, tell us a little bit about you and  your business 

I am a mother to two amazing adults, and a passionate entrepreneur and visionary.  I currently own several businesses all related to Real Estate. I love helping others start a career in real estate and I love working directly with clients when they are selling, buying or investing in Real Estate. 

Why did you join NLBWA IE?

I joined to find my tribe, of likeminded Latina business owners and entrepreneurs that are passionate about elevating other women.

What’s something about you that not many people know?

I was a mom at 16, and beat all the odds by becoming a successful business owner and entrepreneur. I rarely watch TV but when I do, it is crime documentaries.

Since the beginning of your business, in what areas have you transformed your business in a way you didn’t initially expect?

I didn’t expect that I had to become an expert in all aspects of infrastructure in a business.   I also didn’t expect to impact so many lives with my business, it has been a real blessing to witness and experience.

With everything you have built and continue to work on, from your business to involvement in the community, what do you want to achieve at the end of the day?

At the end of the day, I want to leave all the people I work with both employees, business partners and staff better than I found them. I know that I can dramatically make a difference in my community by operating from a feminine energy and working from a place of love.

Describe yourself in three words?

Unstoppable, Kind, Passionate

Share with us your best advice for women who are starting a business

Find a mentor, find someone that can mentor you and help you take shortcuts that can save you both time and money.

What does Women’s History Month mean to you? Tell us about a woman who inspires you and why.

To me its a celebration of women from all generations, it has been quite a journey, I am where I am in business because of the shoulders I stand on, the brave shoulders of women that fought for us to have equal opportunity.   I admire my mother, because she has always been an entrepreneur. Coming to a country where she didn’t speak the language didn’t stop her from constantly looking for ways to add income to the household. She is also the most loving, kind and most inclusive woman I have ever met. Honored and blessed to call her my mother.

Sofia Chacon, MBA

Broker Since 2007 | Operating Principal

951-258-5245

Sofica@kw.com

sofiachacon.com

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Governor Gavin Newsom recently announced that California is transitioning to an “endemic phase” of managing COVID-19 reflecting a policy shift of prioritizing prevention and quick response to COVID-19 outbreaks over mask mandates and business shutdowns.

The new policy seems generally favorable for small business owners in the Inland Empire, but it may prompt a new set of challenges to tackle, and here are 5 legal issues a small business may face:

1. With more in-person interaction, how to keep employees and customers safe?
2. How to negotiate a commercial lease to expand your physical retail or office space?
3. What to keep in mind when hiring a new employee who will work in person?
4. How to pay for business adjustments that are required by law, and are any grants or loans available?
5. What HR policies regarding COVID-19 should a small business consider having in place?

Have you checked in with an attorney recently, and do you know the answers to these questions as applied to your small business?  If not, it may be time for a legal check-up.  

On the third Wednesday of every month throughout 2022, Inland Counties Legal Services (ICLS) hosts a Small Business Clinic, providing free legal advice for eligible small businesses in the Inland Empire. 

Each business owner will meet one-on-one with an experienced attorney, receive legal information specific to their business, and create an “attack plan” detailing potential legal issues and next steps to take. Our volunteer attorneys advise owners of small businesses at all stages of formation, in all types of industries, and with a variety of legal issues.

• Do you have a great business idea, but unsure what laws/regulations apply?  Even before your business is up-and-running, it may be a good idea to meet with an experienced attorney who can discuss common legal issues, including how to select an appropriate business entity, how to limit business liability, how to ensure best practices in contracting, and more.
• Is your small business facing a specific legal problem?  For example, do you have questions about COVID-19 laws and regulations?  Are you planning to negotiate a new commercial lease?  Are you thinking about building out your website and wondering if certain images can be used?  ICLS will match you with an experienced business attorney to discuss your specific legal needs, and we will help you create an “attack plan” detailing potential next steps for you to take.
• Are you more established, but continuing to wonder if things could be (or should be) done differently?  For example, have you considered whether your business would benefit from changing its corporate structure?  Or from expanding its operations online, or in a different state?  Or maybe it’s time to consider hiring direct employees instead of using independent contractors (or vice versa)?  It might be time for a business check-up, and ICLS can match you with an attorney to discuss potential legal issues that may arise from changes to your business.

ICLS’s next Small Business Clinic will be held virtually on March 16th, 2022, from 1-4:00 pm. 

To check eligibility and apply, please visit https://bit.ly/ICLSSmallBiz (English) or https://bit.ly/ICLSEmpresas (Español) or call our Intake Team at (888) 245-4257. 

Please be advised that the Clinic has eligibility requirements, including a maximum business revenue and asset threshold.  In addition, space is limited, and pre-registration (by no later than Monday, March 14th) is required.

If you have any questions, please reach out to Matt Kugizaki at (951) 320-7516 or mkugizaki@icls.org.

Disclaimer: This material has been prepared for informational purposes only.  Simply registering for, or attending, the Small Business Clinic does not automatically create an attorney-client relationship with the ICLS or any participating attorneys.

ICLS is a non-profit 501(c)(3) corporation serving Riverside and San Bernardino Counties and receives federal, state, and local county funding.  Funders are the Legal Services Corporation, State Bar of California Interest on Lawyers’ Trust Accounts (IOLTA), State Bar of California Equal Access Funds, San Bernardino County Department of Aging and Adult Services and Riverside County Office on Aging.  A full list of current funders is available upon request.  See inlandlegal.org.

By:

MATTHEW R. KUGIZAKI, ESQ. | he/him/his

Pro Bono Coordinator

mkugizaki@icls.org | InlandLegal.org

El cargo California’s New COVID-19 Policy May Impact Small Businesses apareció primero en NLBWA Inland Empire.

Deep understanding of the customer is essential to a successful business

Knowing your customer seems like an obvious requirement when launching a new business or expanding a product line, after all we’ve been told about its importance in most business or marketing courses.   What we don’t typically hear is that without a “deep and first-hand” knowledge of the customer we are likely to fail in business.  This intimate knowledge of the customer cannot be gained through online research, report analysis or a mass survey.  Talking to your customer, in fact, talking to many of them, will give you a deep understanding that will help you succeed, maximizing time and budget.

Without a customer that is willing to pay, there is no business.  A customer is willing to pay when they have a big enough problem that is solved by a product or service.  The bigger the unsolved problem, the highest the likelihood that they will buy.  This is not to say that there aren’t successful products that solve small problems, but the rate of adoption will be slow, and the investment in customer education and promotion to generate a behavior change may be something you did not budget for.

Talking to your customer with the goal of knowing them deeply is not as easy as you think, it is actually not at all about talking, it is about listening.  It is about learning what they care about, what problems or pains they have, and how they are solving those today.  Your goal is to find a big enough problem that your customer has, which your product or service can solve.

Once you identify your customer’s big problem it is time to confirm that the “value” that your product or service offers them is in fact something THEY value.  If this doesn’t match, re-evaluate your value proposition, your customer and potentially your product.  You may have to pivot, but don’t arrive at any conclusions before you gather sufficient information from many customers, how many? Forty, fifty, a hundred.  The more data you have, the better you will be at making decisions to ensure that your product is precisely addressing your customers needs.  Then you have a customer, and a high probability of a successful business.

Beware of thinking that YOU are the ideal customer and interviewing yourself, that might be just a bit biased.  Don’t interview your mother or best friend either.  The goal is to get an unbiased understanding of your customer’s needs.  If your target customer is single mothers 30-50 years of age, try to interview as many of them as possible before you think you know their pain and how your product addresses it.   Find these potential customers through referrals, at an event, at a trade show, and ask for 15-20 minutes of time to learn about their needs.  Most people will give you the time if they understand that you are not selling anything, you are learning about them and their needs.  Have your questions prepared, these will sound something like: what do you typically do in this situation? Have you encountered any issues doing things this way? If you could fix anything to make it better what would it be? Do not waste your or your customer’s time talking about you or your product.   It is all about the customer.  They will make or break your business, so listen closely.

The University of California Riverside offers entrepreneurial training through the Office of Technology Partnerships and the EPIC SBDC business development center to help aspiring and established entrepreneurs and business owners better understand their customer and succeed in business.  The University of California’s COMUNITT platform offers entrepreneurs and technology transfer offices in the United States and Latin America resources to advance ideas and commercialize technologies.

By:

 Alexandra Orozco, MBA

Associate Director, International Partnerships – EPIC

Office of Technology Partnerships, University of California, Riverside

alexandra.orozco@ucr.edu

El cargo So, You Think You Know Your Potential Customer?  Think Twice. apareció primero en NLBWA Inland Empire.

Prosperity through Entrepreneurship is primarily fueled by our constitutional right to own property, own businesses, generate income from that property and keep the earnings!

A recent study by The World Bank, “On the Relevance of Freedom and Entitlement in Development” points out that after reviewing the performance of more than 100 countries over the past 30 years, “new empirical evidence supporting the idea that economic freedom and civil and political liberties are the root causes of why some countries achieve and sustain better economic outcomes.” It further asserts that “the expansion of the state to provide for various entitlements, including so-called economic, social and cultural rights, may not make people richer in the long run and may even make them poorer.”

Many times we attempt to rectify the societal inequities with government programs and entitlements, when in reality the freedom to innovate, own and prosper on our own, is the best path to prosperity and heart of the American Dream.

The word entrepreneur comes from the French word entreprender, meaning “to take action”. The most common use of it would translate in the English language to “general contractor”. They must know how to connect past experience and knowledge to a new idea and bring it to fruition. The tenacity of challenging the status quo with probing questions, exploring of nuances, toying with surprises, creates an incubator for innovation and creativity.

Given the personal property rights embedded in the constitution of the United States, and supplemented by the democratization of information through technology, Entrepreneurship remains accessible to all Americans and remains one of the best pathways to prosperity regardless of social or economic standing.

At NLBWA-IE we facilitate and empower your potential. See our programs and invite someone that can use a boost on their path to prosperity! Latinas are making their mark here, so can you.

Ruth Lopez Novodor

On Cue Consulting

ruthlnovodor@gmail.com

El cargo Entrepreneurship: America’s Greatest Freedom for Individual Prosperity apareció primero en NLBWA Inland Empire.

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 skill sets 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 

El cargo Succession Planning for Your Business apareció primero en NLBWA Inland Empire.

El cargo La NLBWA-IE, está cambiando la región con programas de asistencia técnica y desarrollo de capacidades. apareció primero en NLBWA Inland Empire.

El cargo The NLBWA-IE is changing the region with Technical Assistance and Capacity Building Programs. apareció primero en NLBWA Inland Empire.

El cargo La NLBWA-IE honra a 21 empresas propiedad de latinas en la Latina BizCon ™ de 2021 apareció primero en NLBWA Inland Empire.

The National Latina Business Women Association of the Inland Empire and UC Riverside Extensions partnered on a Micro MBA program for Minority-Owned & Women-Owned Enterprises.

SAN BERNARDINO, Calif. (September 29, 2021): The 2021 Latina BizCon is expecting a hybrid audience of small businesses of the Inland Empire to expand their knowledge, resources and develop strategies to invest back into their businesses, one of the fastest-growing regions of California. Attendees will be guided in completing certification applications in person during the certification session at the 2021 Latina BizCon on October 28th, 2021.

“In the wake of COVID-19 pandemic disruptions, this event will impact the growth and continuing education of Latina entrepreneurs and in turn make a positive impact to our local economy in the Inland Empire region.” says NLBWA-IE President, Ruth Lopez Novodor.

For the first time, the NLBWA-IE is hosting procurement matchmaking sessions for buyers and vendors to discuss potential contracting opportunities, with corporations, government agencies, and public utilities. Certified business owners in the technology, construction, manufacturing, logistics and professional  service based industries are encouraged to apply to participate.

“Thanks to the generosity of our sponsors: US Bank, Union Bank and the newly formed partnership with the Riverside Community College District” says NLBWA-IE Executive Director, Maria Molina Solano. 

A total of twenty one scholarships of $2,000 each will be awarded at the 2021 Latina BizCon, to business owners who complete the BMA / UCR Micro MBA program and meet all requirements including applying for Woman-Owned and small business certifications.

To become a certified small business, participate in the procurement matchmaking session, visit www.nlbwa-ie.com to register for the 2021 Latina, BizCon.

El cargo The NLBWA-IE Honors 21 Latina-Owned Businesses at the 2021 Annual Latina BizCon™ apareció primero en NLBWA Inland Empire.

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

View below or download to review the entire study, which is available to researchers, policymakers, business leaders, and community members interested in Latina economic development.

El cargo Study of COVID-19 Impacts on Latina-Owned Businesses in the Inland Empire apareció primero en NLBWA Inland Empire.