News Releases

KU Small Business Development Center helps entrepreneurs reach success

Tuesday, July 28, 2009

BY LAURA WOLFE

The KU Small Business Development Center (KU SBDC), run by regional director Will Katz, is a small economic development agency that has made a significant impact on the Lawrence community and the state of Kansas. Working in partnership with the School of Business, the mission of the KU SBDC is "Growing Kansas Entrepreneurs." The center does so by providing one-on-one general business consulting free of charge for small businesses and entrepreneurs, in addition to offering low-cost training seminars.

"Every day we help people navigate the start up process, as well as a variety of other issues small business people face, from HR concerns to cash flow problems to advertising and marketing issues," said Katz. "In addition to one-on-one counseling, we also deliver seminars on a variety of issues, including how to read financial statements, how to put together a business plan, and topical business issues such as our most recent, ÔThriving in a Challenging Economy.'"

In the last two years, the center has helped approximately 80 new entrepreneurs open for business. As a result it has helped its clients create about 250 jobs. Advice from the KU SBDC has helped preserve about another 350 jobs. Clients give the KU SBDC credit for helping generate about $7.7 million in capital infusions (debt and equity) and helping them generate more than $7 million in additional revenues.

"As generalist consultants, we can't really provide specific legal advice and we can't tell people what to deduct on their tax returns. We certainly can help a prospective business owner get ready to meet with investors or bankers," said Katz. "We can frequently offer operational advice to existing businesses."

Operational advice often includes examination of financial statements or analysis of advertising and marketing and what kind of return the business is getting. For start-up businesses, the center can assist with the writing of a business plan by providing sample plans and outlines, or can help with quick cash flow projection for the new venture. The SBDC also helps business owners navigate websites, such as the registration to collect and remit sales taxes to the State of Kansas.

"Will [Katz]'s knowledge is the biggest thing we've been able to pull from. We are able to bounce a lot of different things off of him, not just from business side or the personnel side, but we've been able to talk to him about pretty much everything," said local business owner Jeff Wyatt, who meets with Katz monthly to discuss his company, Paradise Floors. "It is such a hidden resource, a tremendous resource that people probably don't even realize is there."

The KU SBDC is a partnership program between the U.S. Small Business Administration, the Kansas Department of Commerce, the KU School of Business, and the Lawrence Chamber of Commerce. The KU SBDC serves Douglas, Franklin, Jefferson, Atchison, Leavenworth, and Doniphan counties as one of eight Kansas Small Business Development Centers and one of over 1,000 SBDCs in the United States.