Albuquerque Pair Elevates Production of Private-Label Products

Posted on May 11, 2014 by Taura Costidis

By Claudia Serrano, Projects Coordinator, New Mexico MEP

When Karen Converse of the New Mexico Manufacturing Extension Partnership met André and Keith West-Harrison, the Albuquerque men were manufacturing skin- and body-care products and marketing them to spas and salons from the garage of their Albuquerque townhome.

The self-described “chefs” used a KitchenAid mixer to blend their specialty natural and organic lotions, bath salts and balms. They then packaged and labeled the products for sale under their clients’ brand names.

When demand for their private-label products outgrew the pair’s minimalist operation, they contacted New Mexico MEP for help raising their production processes to match the business’s sophisticated marketing profile. Continue reading →

Businesses Can Learn From Crisis Communications Mishaps

Posted on May 4, 2014 by Taura Costidis

By Tom Garrity, President, The Garrity Group Public Relations

Good policy fosters good public relations, just as flawed policy fosters bad public relations.

New Mexico residents have only to look at recent crises at the Albuquerque Police Department, Waste Isolation Pilot Plant and state Human Services Department for proof of how an organization can exacerbate its situation with poor communication and vague, inconsistent messaging.

Business owners can learn from these examples how — and how not — to handle crisis communications. First they need to understand why high-profile accidents or events develop into stories with “legs” that carry them forward for weeks or longer. Continue reading →

Entrepreneurs Connect With Experts

Posted on April 27, 2014 by Taura Costidis

By Kathy Keith, Executive Director, Regional Development Corporation

Entrepreneurs who seek a “temporary, mutually beneficial relationship” with a scientist or engineer might get lucky at a new and innovative style of event that aims to stimulate potentially productive hookups. The May 14 event, called “The Eureka Effect,” is sponsored by the New Mexico Small Business Assistance (NMSBA) program, the Santa Fe Business Incubator (SFBI) and Los Alamos Connect, the principal economic development investment by Los Alamos National Security, LLC and Los Alamos National Laboratory, administered by the Regional Development Corporation.

The sponsors liken the event to “speed dating, only smarter.” They hope to match LANL scientists and engineers with entrepreneurs who need free technical or scientific assistance to solve their technical challenges. Continue reading →

Coming to Terms: Document Spells Out Investor/Owner Relationships

Posted on April 20, 2014 by Taura Costidis

By Ebetuel (Beto) Pallares, PhD, Founder of Joseph Advisory Services and Investor-in-Residence, Arrowhead Center at NMSU

An entrepreneur who’s ready to let investors contribute equity to her promising venture needs to shape an agreement that allows others to share in the rewards but lets her retain significant control over her creation.

The rough draft of that agreement is called a term sheet. It’s essentially the template for the legal contract that ultimately spells out the responsibilities and relationships of business partners.

Commonly used by professionals during pre-investment negotiations, a term sheet can also be used by small-business owners to discuss terms with investors, including friends and family members. The document aims to protect the interests of all parties to the deal and prevent the disputes that can destroy personal and professional relationships if things don’t work out as expected. Continue reading →

Supreme Court Case Has Lessons for Mortgage Lenders

Posted on April 13, 2014 by Taura Costidis

By Alexia Constantaras, Attorney at Law, Montgomery & Andrews, P.A.

Lenders that resell or buy mortgage loans might feel the impact of a February decision by the New Mexico State Supreme Court that affects their ability to foreclose if the borrower defaults.

The case, Bank of New York v. Joseph A. Romero, involved a Chimayó man who refinanced a mortgage he had taken on a home he inherited from his father decades earlier. Romero secured the original loan to open a business in Española; the 2006 Equity One refinance was done to pay off that older mortgage and other debts.

Romero claimed his business made approximately $5,600 per month, but Equity One didn’t confirm that information Continue reading →

Organization Helps Businesses Procure Government Contracts

Posted on April 6, 2014 by Taura Costidis

By Wendy Ederer, ACAS, Statewide Program Manager, NMSBDC/Procurement Technical Assistance Program

A business owner who believes the federal, state or local government could use his product or service often has little clue about how and where to make a pitch.

Gil Torres found himself in this situation when he purchased Sigma Science in 2013 and wanted to expand the Los Alamos company’s reach beyond the work it did providing risk management and environmental safety and health services for Los Alamos and Sandia national laboratories.

Torres needed specific certifications to bid on certain government contracts. He began his search on the Small Business Administration website, where he discovered the New Mexico Small Business Development Center network’s Procurement Technical Assistance Program. Continue reading →