Tag Archives: New Mexico business

USDA Helps Businesses Upgrade Energy Systems

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Terry Brunner

Terry Brunner, State Director, USDA Rural Development Agency

An energy-efficient water pump just went online at the San Miguel County ranch of Robert Quintana, and solar panels now power the Lifestyle Medicine office building in the county seat of Las Vegas, N.M. Both projects received partial funding from the Rural Energy for America Program (REAP) — a rural development program of the U.S. Department of Agriculture that offsets the cost of replacing outdated or inefficient energy technology in eligible rural businesses.

The Quintana ranch’s new electric pump powers a circle irrigation system that provides water to 193 acres of farmland; REAP contributed a $5,439 grant toward the $21,000 system that replaced the old diesel pump setup. Fourteen solar panels were installed on the roof at Lifestyle Medicine in downtownLas Vegas, and they produce enough electricity to reduce the facility’s energy costs. Owner Dr. Bradley Kanode received a $4,854 grant to help install the $19,000 solar-power system.

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Succession Plans Keep Legacy Alive

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Ray Roberts

Ray C. Roberts CPA, Managing Partner, Accounting & Consulting Group LLP

More than 95 percent of New Mexico businesses are defined as small by the U.S. Small Business Administration, and many were founded by entrepreneurs who intend to pass the assets they build to their children. Yet less than half take the steps necessary to ensure their heirs will inherit a viable enterprise.

Whether a business owner plans ahead for retirement or is forced to leave her company by illness or death, a succession plan is the single greatest tool for ensuring that her family and employees are protected. A succession plan can be the glue that keeps a business from breaking apart and destroying the assets an owner has worked hard to build.

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Quemado Rito Convenience Store Puts Rural Community Back on the Map

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F. Leroy Pacheco

F. Leroy Pacheco, President and CEO, The Loan Fund

Tommy Padilla works full time for the state Livestock Board and owns a 2,000-acre cattle ranch near Quemado, a rural community that’s home to 781 people. In 2008, he saw an opportunity to provide a needed service to motorists driving through the town.

Quemado is on U.S. Highway 60 in rural western New Mexico. For decades, the community supported five gas stations and four restaurants that served travelers heading to and from Arizona and California. But after east-west Interstates 10 and 40 were built in the 1960s, Quemado began a slow decline.

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Getting Down to Business in New Mexico

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Brent Eastwood

Brent M. Eastwood, PhD, Director of Business Advocacy, NM EDD

To launch a business in New Mexico, an entrepreneur needs a legal structure, business name, employer identification number (EIN), state registration, business license and other permits. As complicated as it sounds, it takes most entrepreneurs only a few days to obtain what’s needed.

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Future Improving for New Mexico Businesses in 2012

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Paul Goblet

Paul F. Goblet, Financial Advisor, NM SBIC

While national indicators show unemployment beginning to ease and consumer confidence rebounding, the depth and duration of the recession that began four years ago exacted a heavy toll on businesses as sales revenue plummeted and cash flow dropped to a trickle.

Traditional bank lending dropped by $1 billion annually since 2008, and companies have seen their lines of credit reduced or eliminated during the banking crisis – just when they needed them most.

But 2011 was not all gloom and doom in New Mexico– Continue reading →

Landscape Changing – But Still Good – for New Mexico’s Film Industry

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Eric Witt

Eric Witt, former Deputy Chief of Staff and Film Advisor for Gov. Richardson, 2003 – 2010

Elliott Location Equipment of Albuquerque is one of many New Mexico businesses that expanded dramatically after 2001, when the state initiated a successful program of tax incentives to attract film and television production here.

Owner Wayne Elliott had one water truck in 1988 when he hauled water to locations for The Milagro Beanfield War. A look at his website in 2011 (http://elliottlocationequipment.com) shows a full-service provider of trucks, trailers, drivers and special-effects equipment for productions throughout the western and Gulf Coast states. The film incentives program made that expansion possible, said Elliott, who added to his fleet of water trucks and other portable services over the years as he attracted five times the work — and five times the revenue — as he had before the state launched a program that offered 25 percent rebates for in-state film-related expenses.

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Engage Employees to Increase Productivity

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Andrew Siegel

Andrew Siegel, Owner, Payday Inc.

Hiring a new employee is just the beginning of the company’s relationship with this member of its work force. An employee who seems ideal during a job interview might prove a poor match for the job once the probation period ends and he settles into the workplace routine. Studies show that over 70 percent of workers are disengaged. Much of that is because of mismatch between a person’s natural talents and the requirements of the job.

While a small-business owner who asks questions tailored to the behavioral and professional requirements of a specific job improves the odds of recruiting the right person, hiring isn’t an exact science. Human resource consultants who use job benchmarking tools can improve the odds; but in the long run, matching employees to the right job in a small business requires ongoing involvement in workplace dynamics and a willingness to make adjustments where needed.

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Venture Capitalists Put Market Before Product

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Trevor Loy

Trevor Loy, Partner, Flywheel Ventures

When searching for investors, many entrepreneurs and inventors first present their product or technological innovation and then vaguely present the target market as “people who need this product.” But this isn’t how customers think when deciding whether to spend money.

Consumers start with a problem or “pain point” they desperately want to go away. They watch for anything that proposes to solve this problem. Discovering it, they decide whether it’s affordable or whether another product offers a better or cheaper solution. They might even decide they’re willing to live with the inconvenience if the solution is too costly.

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WESST Helps Artisans Get the Right Price

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Kim Blueher

Kim Blueher, Director of Lending, WESST

WESST is a statewide small-business development and training organization that works with many small-scale entrepreneurs who have never accounted for all the underlying costs of getting their product or service to market. Some haven’t asked themselves how to know they’re operating at a profit and how few sales they can make and still break even.

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Partners Team Up to Host Entrepreneurs’ Discovery Day

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Monica Abeita

Monica Abeita, Regional Development Corp. for NNM Connect

New Mexico innovators will pitch their discoveries to a panel of experts — and get a shot at up to $10,000 in funding — at the next HD3 Discovery Day on Dec. 8 in Santa Fe. The event takes place at the Railyard District headquarters of the High Desert Discovery District (HD3), a nonprofit entity that helps entrepreneurs give their discoveries a better chance at success in the marketplace. Discovery Day is a collaboration of HD3 and the Northern New Mexico Connect program’s Los Alamos National Security Venture Acceleration Fund (VAF).

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