Cash Management - 3 Things You Can Do Today

strategy Apr 28, 2020

In these strange times, when we don't know if tomorrow's news will slow things down further, we're vulnerable to cash shortages. Cash represents our ability as business owners to make payroll, keep the lights on, buy supplies to make more product or deliver more services. Cash management is key to survival in a crunch.

Here are three things you can do immediately, from your home office if necessary:

1. Call your vendors, creditors, landlord, banks. Let them know you're managing the situation...

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Why Scientists Hate Selling

strategy Apr 28, 2020

When I started a pharmaceutical contract research company in 2007, we gained a lot of new business very quickly. We were offering services that were hard to find, which was why we started in the first place. By mid-2008 we were wildly profitable, and all we really had to do to bring in new business was tell people we were up and running. Then the Great Recession came, and we realized that we'd just plain been lucky. When things began to pick up again, we had new competition. Now we really...

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11 Things to Ask Before You Start a CRO

Uncategorized Apr 28, 2020
 

This is an oldie but (I hope) a goodie - clip from a talk I gave to the North Shore Technology Council in 2014, about bootstrapping a Contract Research Organization. Someone asked me about it this week, and although it's buried somewhere on my old company's website, I thought I'd pull it out and repost here.

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Broken Handoff

Uncategorized Apr 28, 2020

Are you a serial entrepreneur? Read this book.

I met one of the authors of "Broken Handoff", Seth Gordon, earlier this summer. We were sharing experiences in corporate acquisitions, and laughing. He mentioned that he and two friends had seen so many of these transactions fail, and all for the same reasons, that they wrote a book. Because I enjoyed the conversation, I ordered the book from Amazon and let it sit on my desk. Last week Microsoft pushed a Windows update at me, so while waiting...

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Selling Averica

Uncategorized Apr 28, 2020

I sold my company, Averica Discovery, in 2016. I left two years later. The other day a colleague told me she thought I left because I didn't get along with the new owners, that I was unhappy with management's direction for the combined entity.

I didn't immediately know how to answer. I hadn't thought it through, but I knew it wasn't really about that. Sure, there were some disagreements, and I didn't get my way on some plans I felt were undervalued by the new owners, but in the end I left...
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