Oct 20, 2011

CNN Money - Growing Your Business Today

Very proud of the article in CNN Money recently.  Entrepreneurs and business managers are having a tough time battling not only the economy but banks to find financing for growth.

In the end, it comes down to risk and perseverance.  It's not easy to run a business in these economic times, but sometimes, it's best to be aggressive while everyone else is retreating!



Don't wait around for the banks

Don't wait around for the banks
Rhett Power and partner Peter Gasca, former business development consultants with the U.S. Agency for International Development, couldn't get a bank loan to grow Wild Creations, their Myrtle Beach, S.C. toy company, founded in late 2007. So they each sold their second homes, borrowed against their home equity and cashed out their 401ks to raise $350,000 -- a substantial risk. "We had very small kids at the time," says Power.
Learning the toy business from the ground up, they looked for undiscovered toy inventors who needed help in getting their ideas to market, eventually releasing products such as the award-winning EcoAquarium, a self-contained ecosystem complete with its own dwarf frogs. Sales at the profitable company grew from $850,000 in 2009 to $5.3 million in 2010. The duo have managed to get their toys on the shelves of Toys `R Us and Barnes & Noble while running the business on cash flow.