empowering entrepreneurs

8 COMMERCE • www.commercemagnj.com

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ENTREPRENEUR, INVESTOR AND business titan Kevin O’Leary—also known as “Mr. Wonderful”

on ABC’s hit show Shark Tank—started a software business in a basement with a $10,000 loan and then sold it to Mattel in a $3.65 billion deal. Todayhe is worth more than $400 million.

In this exclusive interview with COMMERCE, Kevin O’Leary discusseswhy he became an entrepreneur; hisbest investments; the principles heapplies to daily life and business; histhree “simple” rules for investing; histhoughts on economic growth and jobcreation; and the need to curb the gov-ernment’s over-regulation of businesseson the local, state and federal levels.

Unleashing the Inner Entrepreneur. “I got my first job as an ice cream scoop-er while in high school. I wanted the jobbecause the girl I was chasing workedacross the hall, and would be able to seeme. On my second day, the owner, whowas a woman, told me that I had toscrape the gum out of the Mexican tiles.I told her I couldn’t do that. I didn’t wantthe girl across the hall seeing me doingthat. I was an ice cream scooper, not agum scraper. Well, she fired me. It was a powerful moment in my life because I realized that she had that control overme because I was an employee. I vowedthat day that I would never work foranyone again, and I never have.” Best Shark Tank Investment. “The

highest IRR, and my very first royaltydeal, was with a Boston-based family

business called Wicked Good Cupcakes[which sells decadent cupcakes in glassjars]. I decided to fund it by creating a commercial kitchen for them, but not taking any equity. I did not want a minority position in a family businessand wanted to come up with a royaltydeal. It’s amazing that you can take acommodity, put it on Shark Tank, andthe platform is just so powerful with 10 million viewers per week, that even a cupcake gets differentiated.” Red Flags that Signal Risk. “People

keep coming up with consumer prod-ucts, like hot sauce, for instance. Hotsauce is a multi-billion dollar market,but it has been around for decades. It’s extremely difficult to get shelf space. So they are not really bringingnew innovation into the market. I lookat it and say to myself that regardless of the entrepreneurs, the chances ofsuccess are limited at best because it’svery hard to say that your hot sauce is

unique and proprietary when there are thousands of other hot sauces.”Spotting a Winner. “I prefer to invest

in the entrepreneurs who have failed atone point because they understand thatbusiness is extremely hard and that theroad is rocky and full of treachery. Thatto me is far more interesting than some-one who comes out and says, ‘I’ve neverdone this before, but I have a greatidea.’ The chances of success are verylow because you learn from your mis-takes and your failures. I love teams thathave had a long history of both successand failure. Then, of course, I look atthe product and determine if I can cre-ate a market where I do not have tosteal market share.” Evaluating the Entrepreneur vs. the

Idea. “A great idea is a great idea. If Ifeel that I am at risk because of theentrepreneur, I structure a control deal,and we agree to an execution plan. If they can’t meet it, I will simply swapthem out. Great management is fungi-ble. I have lots of entrepreneurs workingfor me. If they do not deliver and can-not meet certain targets, then you haveto realize the reality of the situation.They retain their shares, but they needto step out of the way of being man-agers. I am constantly looking for bettermanagers in all of my businesses.”

BY SAMANTHA J. HENRY

CONTRIBUTING EDITOR

“Being an entrepreneur is all about achievingpersonal freedom,” explains O’Leary. “What you get with success is the

ability to do whatever you like, wherever you like and whenever you like.”

COVER STORY: FREE ENTERPRISE

EmpoweringEntrepreneurs:A Conversationwith Shark Tank’s“Mr. Wonderful,”Kevin O’Leary

A Leadership Challenge. “It’s a compe-tition. This ‘kumbaya’ or ‘save the babywhale of the managers’ has to end. The truth, in business, is there are win-ners and losers. I do not have time forlosers. You need managers who under-stand that they can pivot. They need toknow how to move and be flexible andbe very focused on delivering resultsand figuring out what’s working andwhat is not working.”Data IDs the “Great” Entrepreneurs.

“In December of 2014, I had about 27portfolio companies across Shark Tankin private equity investments. The audi-tor suggested to me to do a study acrossthe investments that were returningcapital and use that information in myfuture investing. I thought that was agreat idea, so we did the study. What I determined that I had not noticed was that all of my returns (not some,but all) were businesses owned or runby women. I thought that was reallyinteresting.”Women Deliver ROI. “What attributes

did women have in small cap/big capbusinesses that are showing such a performance? When you think about it, there’s an old adage that says: ‘If youwant something done, give it to a busymother.’ There is some truth to that. Itmay be that time management skills arereally paramount in managing big capbusinesses. I am not trying to have agender debate, but the performancereally speaks for itself. I am very skewedtowards women entrepreneurs becauseof the fact that their performance hasbeen absolutely spectacular.”Different Approaches. “Women set

goals that are more achievable withinshorter timeframes. They are able to delegate very well and set targets for people. Think about the success of Honeyfund. One of my rock starCEOs, Sara Margulis, runs it. It’s thenumber one site in America now thatprovides gifting for honeymoons. We are processing about $300 million a year now. Tracey Noonan and herdaughter Dani, another set of women,are running Wicked Good Cupcakes and have done nothing but just contin-ue to execute over the years. The resultsspeak for themselves. I look at those

performances, as well as many others,and it’s clear that these are all differentsectors, different geographies, and justcompletely different businesses. But theone commonality is women ownershipor management. Clearly, we are not utilizing women enough in corporateAmerica. It’s a huge mistake, and onethat I won’t make again.” A Conservative Portfolio that Pays

Dividends. “I am the chairman of an ETF company, O’Shares Investments,which I created so that I can invest myown capital and that of my family trustin a way that I want. I am a very conser-vative investor with my balanced capital.I only invest in dividend-paying stocksbecause over the last 40 years, more

than 70 percent of the market's returnscame from dividends, not capital appre-ciation. I follow three rules of investingthat have saved me as an investor: neverput more than five percent of your port-folio into any one name; never put anymore than 20 percent into one sector;and never buy a stock that doesn't pay a dividend.” Unlocking Economic Growth and Job

Creation. “The problem we have now is that we are overregulated on the city,state, and federal levels. There is toomuch regulation that is holding backsmall business; 80 percent of the jobscoming out of the typical recession inthe past have been in small business.The regulations are insane. Our tax rates are crazy and not competitive. I am spending more money on lawyerswith just trying to comply with all of the ridiculous regulations on small business. So I am not employing people.I am employing lawyers.”

Negotiation Tactics and Strategy.“I teach my entrepreneurs to be honest. You have to be able to tell them the good and the bad about businessand service. Part of being a great sales-man is knowing that honesty builds rela-tionships. It does not mean you have tobe a weak negotiator. Great deals arecreated when both sides feel they gota tough deal. That means the value hasbeen created for both sides. The art ofnegotiation is that you do not get whatyou want, but you get what you negoti-ate. It’s something you learn over time.Great deals make both sides cringe. That is what matters. I work with myentrepreneurs on doing deals. I lovedoing them. One great thing about

being a ‘Shark’ is that everyone returnsyour calls. It’s just fantastic. I can opendoors for companies in ways I neverimagined.” Following a Passion to Financial

Success. “I am passionate about wine.I’ve been a wine collector for decades. I have five cellars around the world. I trade wine. I am a member of theConfrérie des Chevaliers du Tastevin, a secret wine society in Burgundy, butnot so secret anymore because I keeptelling people about it. If you look atthe wine industry, 97 percent of winesold in America is under $12.99 a bottle,and most of it is absolute crap. And Ithought to myself, ‘Why does it have to be crappy?’ So I decided to createO’Leary Fine Wines. If I put my name on it, it’s going to be spectacularbecause I know how to make goodwine, blend good wine, and know whatgood wine is. On QVC, we sold about$500,000 worth of wine in four minutes,



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and it’s also going into Costco, which is the largest buyer of wine. I choose my partners very carefully.”Being Called Mr. Wonderful. “We

think it started when some other‘Shark’ was being facetious about one of my aggressive offers. I show up at places now, and people do noteven call me by name. They just call me ‘Mr. Wonderful.’ There is a certainsanity to it because it’s true. I am theonly ‘Shark’ who tells the truth, andthat’s just wonderful!”

***Editor’s Note: COMMERCE asked the

following New Jersey accounting firms,banks and law firms to offer their bestpractices for entrepreneurs, and share a success story that shows how theyhelped a client company to thrive and grow.

ACCOUNTING

Citrin CoopermanBy Salvatore L. Reda, CPA,Partner

Investing time and effortinto startups may be seen

as risky business, requiring a lot of timeand hands-on attention, but the payoffcan be truly rewarding when yourinvestment results in a break-out successstory. Several years ago, a European toymaker came to us asking for help instarting a U.S. business. Initially we setup a cloud-based accounting system sothat we can monitor their activities inreal time, and advise them as needed.We also got them purchase order financ-ing and set up their inventory controlsystem to track their expanding invento-ry. Because startups often have a hardtime getting financing, we helped themget second-tier financing throughaccounts receivable factoring. Factoringis a transaction in which a business sellsits accounts receivable to a third party,also known as a “factor,” so that it canreceive cash more quickly than it wouldby waiting for a customer payment.Citrin Cooperman treats every client’sconcern as a priority matter; no questionor issue is too small. In the initial year of

operations, revenues were approximate-ly $50,000. Six years later, the firm is amulti-million dollar novelty toys makerand in the process of expanding.

CohnReznick LLPBy Steven Schinella, CPA,Co-Office ManagingPartner, Roseland

Entrepreneurs work tire-lessly on their ideas and how to bringtheir visions to reality. However, thatoften means that they may be lessfocused on the policies and proceduresneeded to ensure compliance with regu-latory requirements, whether it’s withtaxing authorities, labor departments,and/or their respective funding agree-ments. That’s where we come in. Werecognize that the decisions made in the early stages of a company’s life cyclecould have major financial impact on itsowners and investors in the future. Forexample, a digital media client initiallycame to CohnReznick in need of somesimple tax advice relating to the mostadvantageous tax structure for a newventure. After discussing the business,where the owner saw the companygoing, and what his ultimate goal wasfor the company, we devised a structurethat would best benefit him (and hispartners) when they ultimately sold to an outside investor. The work didn’tstop there; we continued to provide taxconsulting services as the company grewand expanded. Years later, this cus-tomized approach enabled the individ-ual to negotiate a lucrative deal with a strategic investor without any unfore-seen tax obligations—a true win-win.

David Wiener and CompanyLLC, an affiliate ofEisnerAmper LLPBy Carey C. Gertler, CPA,CFP, Member

Entrepreneurs are the people with theideas and drive to change the way cer-tain products or processes are viewed, or to introduce opportunities to thepublic. The professionals of EisnerAmperuse their real-world acumen, passionand intensity to provide significant and

objective guidance to these clients. OurPrivate Business Services group is able touniquely service entrepreneurs becausethe group draws from a centralized poolof talent to provide advice and servicesto all aspects of a closely held business.An example of our expertise and experi-ence in helping a client: Two highly tal-ented and motivated individuals startedtheir own marketing communicationsbusiness. These entrepreneurs neededCPAs who were able to provide themwith industry-specific financial advice,such as how to organize their account-ing and reporting and analyze theirfirm’s financial statements. We demon-strated the importance of these financialrecords, and how to apply best practicesto gain more knowledge from the infor-mation. They previously thought of theirfinancial statements as a requirement toprepare their income tax returns. Now,they use them as a tool to effectivelymake real-time decisions on matterssuch as profitability and staffing needs,as well as a resource to proactivelyaddress concerns within their growingorganization.

Deloitte & Touche LLPBy Skip Braun, CPA, Partner

Whether you are a first-time entrepreneur or a seri-al entrepreneur, a profes-

sional services organization can be avaluable resource as you grow yourstartup venture into a sustainable busi-ness. A professional services organiza-tion, such as Deloitte, often has manypartners and professionals that are dedi-cated to serving entrepreneurs. Deloitteis proud to have the reputation, experi-ence and knowledge to effectively serveentrepreneurs. For example, Deloitteprofessionals have presented and pub-lished the “12 Magic Slides” to securingventure capital investment, which canbe tailored to guide and assist entrepre-neurs in fundraising. Professional servic-es organizations also often have a deepindustry knowledge base to help as youset your strategy. Professional servicesorganizations like Deloitte work tounderstand the facts and alternatives of the business issue you are facing and





can provide objective reactions and suggestions. They may also make intro-ductions to other professionals whohave experience with the applicableissue, such as investors, bankers, attor-neys, insurance brokers, industryexperts, potential buyers of your prod-uct or service, or other entrepreneurs. A professional services organization canopen up its network for your benefit.

Friedman LLPBy Brian Kristiansen, CPA,Partner

Sitting down with clientsearly, especially entrepre-

neurs, allows a business advisor to pro-vide expertise to help put a startup onthe right track. Embarking on a journeyas an entrepreneur can at first seemdaunting; however, there are planningsteps that can be taken at the outset toset you up for success. A few years ago,one of my clients came to me with hisvision to bring the family secrets andtraditions of their Italian ancestors to

America in the form of a specialty retailstore, cooking school and wholesale distributor. The success was planted atthe outset of our relationship when wesat together to discuss important deci-sions such as ownership, vendor selec-tion and tax efficiencies, which all pre-sented potential obstacles that couldhinder success. We then explored eachpotential risk scenario and planned outthe precautionary steps to ensure hewas set up for success from day one.Oftentimes, entrepreneurs will get start-ed without the proper planning, and

this can lead to shortfalls later on downthe road. Because our client plannedwell from the very beginning, and trust-ed our advice as his accountant, he isnow changing America, one Italian dinner at a time.

Hunter Group CPA LLCBy Kevin J. Hansen, CPA,Co-Managing Director

We had a tax client whowas employed by a large

purveyor of frozen foods. He had ahunch, a natural flair for sales and thegood fortune to become aware of aproduct line that was being discontin-ued due to poor sales. Seizing on theopportunity, he acquired the rights toproduce these products and asked forour help to assist him in building a com-pany. It required many hours of sharingour expertise in the first few years—farbeyond simply creating the accountingand tax compliance needed—but we didmanage to help him build an organiza-tion from scratch. Re-positioning and

rebranding for the diet- and health-con-scious consumer, he transformed a cou-ple of dying products into a multi-mil-lion-dollar market leader. Along theway, Hunter professionals have been in close contact—advising on bankingneeds, real estate and leasing decisions,as well as financial systems, strategic hir-ing and management compensation.We periodically met with his legal coun-sel, bankers and management team toprovide our perspective on the compa-ny’s forward-leaning business decisions.Retired now, his company was recently

sold at a generous premium to a largeinternational consumer products compa-ny. He and his family continue to be per-sonal clients of the firm.

Marcum LLPBy Dane E. Dickler, CPA,Partner, Tax & BusinessServices Leader, NY/NJBusiness Enterprise Services Group

Understandably, entrepreneurs aremore focused on implementing an ideaand growing their business in the initialyears, but neglect their accounting andtax filing responsibilities. Often, we arehired to correct some of those previous-ly made mistakes. In one case, weadvised a startup company that soldcomputer software, with sales represen-tatives in several states. They wereunaware they had a nexus in manystates and were therefore required tofile franchise tax returns and sales anduse tax returns. On their behalf, we filed voluntary disclosure applications to bring them into compliance in statesin which they were delinquent. As theyhired new sales representatives in addi-tional states, we registered them, asapplicable. The company continued togrow and was recently sold to a publiccompany. Now we work with the parentcompany. We often help our clients cor-rect past mistakes with respect to theirtax filings, or change the structure oftheir entity by converting them from apartnership to a corporation or viceversa. We also advise them on their vari-ous state tax filing requirements andregister them as needed and apply forall applicable federal and state tax cred-its or other incentives.

Sobel & Co., LLCBy Glenn Taylor, CPA,Member in Charge of theCore Services Group

Our client is an entrepre-neur—a bold person with passion. Fromday one she wanted to be a problemsolver, not an order taker. But she wasnew to the corporate world. We helpedher lay the foundation, starting with





installing the appropriate software toconsistently have an accurate picture ofher financial health while reviewing keyperformance indicators. We emphasizedthe importance of a strong team ofemployees who would convert customersto raving fans while embracing her corevalues. While the industry is constantlyundergoing significant changes, as a risk-taker she knew the keys to success includ-ed being resilient and flexible. Alongwith suggestions on financial issues andother areas of concern, we also talkedabout her mission. We supported hervision to seek new ways to add valuefor her clients and offer solutions tomeet their needs. As a startup, she hadbeen concerned about keeping the lights on, but as the business maturedshe turned to us for more sophisticatedguidance, including decisions on whetheror not to buy her building versus rentingspace, managing cash flow and craftingtax strategies. We have provided objec-tive insights on many issues, allowing her to focus on what’s essential—deliveringgreat customer service and nurturingloyal employees.

WeiserMazars LLP By Joseph D’Avella, CPA,Partner

Our firm was recentlyapproached to help a physi-

cian get his practice off the ground. Wewere to provide guidance in selectingthe type of entity to be formed, regis-tering the entity selected with the IRSand the State of New Jersey, obtainfinancing for the equipment and officefit-up, refer the client to an insurancebroker to make sure the proper cover-age was obtained, perform payroll set-up, retirement plan set-up, assist withselection of accounting software and be available to answer general businessquestions. There are many hours neededup front to make sure that a practicestarts out on the right foot. It is twoyears later and the practice is thrivingand has added a second physician, forwhich we helped negotiate the terms of admission and the shareholdersagreement. This has all led to a veryeasy transition for the physician.

WithumSmith+Brown, PCBy Jim Bourke, CPA, CITP,CFF, CGMA, Shareholder,Technology Niche PracticeLeader

In our technology niche practice, weare fortunate that we have the opportu-nity to work with a significant numberof young entrepreneurs. Entrepreneursin the tech sector are generally verydriven and focused individuals with apassion. We understand that decisionsmade early in the startup’s lifecycle canmake or break the business model. Thatis why we spend a significant amount oftime in guiding these entrepreneurs dur-ing startup, paying critical attention toentity selection, income and payroll taxcompliance and financial reporting tohelp insure the continued success of thebusiness. During the business lifecycle,the CPA also plays a critical role in help-ing to guide the entrepreneur as theyencounter unexpected obstacles andbumps along the way. And then on exit, like our client Yashi that was soldfor $33 million, we play a critical role inhelping the entrepreneur to negotiateand understand all of the terms, condi-tions and tax ramifications encounteredduring the sale process. The bottom lineis that great entrepreneurs will surroundthemselves with great professionals and the outside CPA is a critical partof that team.

BANKING

Columbia BankBy James C. Howard, VP,SBA Lending

One important way thatColumbia Bank helps entre-

preneurs bring their ideas to fruition isthrough our Small Business Administra-tion (SBA) lending efforts. Unlike manybanks, Columbia is unique because itoperates a local department strictly dedicated to New Jersey Small BusinessAdministration (SBA) lending. Havingearned the prestigious “Preferred” and“Express” SBA designations, Columbiacan issue government-backed loans andcredit lines to qualified small businesses,

both new and established. Our SBA termloans and credit lines provide qualifiedbusinesses with fast approvals and quickaccess to needed funds. These loans canbe used for working capital, equipment,inventory and the construction/purchaseof commercial property. Columbia alsoprovides financing under the SBA’s 504 Loan Program, an economic devel-opment tool that supports small busi-ness growth and helps communitiesthrough business expansion and job creation. Columbia was recently award-ed a Bronze Award by the United StatesSmall Business Administration for generating 39 local SBA loans in excessof $10,000,000. One recent loan helpeda small business obtain working capitalto support new contracts, resulting in significant customer base growth. To qualify for an SBA Loan, you must be an independently owned and operat-ed for-profit business that is unable to obtain private financing on reason-able terms.

Valley National BankBy Steven Vitale, First VicePresident, CommercialBanking Group, TeamLeader

At Valley National Bank, we under-stand that if an entrepreneur is notcommitted to his business, it will failregardless of what the financials reflect.For example, we have a client who purchased a business which was experi-encing some challenges. Although thenumbers didn’t reflect it, the entrepre-neur knew he could grow this startupbusiness substantially in a few years. He needed a bank that would partnerwith him and take the time to under-stand both his vision and game plan.Valley was able to approve a workingcapital line of credit to help support his projected sales growth. We wereable to do this because we took thetime to get to know the entrepreneur,who is the engine behind this business.Since we initiated that relationship, ourclient was named by a New Jersey-basedpublication as one of the fastest grow-ing companies in New Jersey, three years in a row.





Wells Fargo & Co.By Lou Gallo, Senior Vice President

When we met Irfan andAarti Raja, they were inter-

ested in opening a Wax the City fran-chise location in Montclair, New Jersey.Our bankers took the time to get toknow Irfan and Aarti, learning abouttheir short- and long-term goals holisti-cally, and making the best recommenda-tions possible as they considered loca-tion options for their franchise. Likemany entrepreneurs, Irfan and Aartineeded startup capital for their business.Our bankers got to work by helpingthem secure the right SBA startup loanfor their needs. We then helped Irfanand Aarti set up a business checkingaccount for their Wax the City franchiseand helped them sort through the vari-ous merchant service and payroll toolsthey needed in order to run efficiently.Thanks to our collaboration and theright financing, Wax the City Montclairis ready for business. As their bankers,we are here for Irfan, Aarti and Wax theCity through every phase of the businesslife cycle.

LAW

Buchanan Ingersoll & RooneyBy John Goldsmith, Esq.,Shareholder

Our firm has workedwith emerging growth

companies for many years, so we under-stand the mix of legal and business challenges they often encounter.Experienced legal counsel can help ayoung company set the stage for futuregrowth and position them to withstandthe rigors of due diligence by profes-sional investors and potential acquirers.Since startups often lack the financialresources for experienced professionaladvice, we developed a suite of “criticalpath” legal services to get them off to asolid start without straining their initialresources. It is a shared risk arrangementthat provides emerging clients with costpredictability and flexibility withoutstraining their initial resources. Recently,

a company that we represented sincethe student founders formed it had a very successful exit. We worked withthis client for nearly 15 years, throughall of its growth pains and multiplerounds of financing. And, after a year-long courtship with the acquirer, thedeal closed under a significantly com-pressed time-frame. It was intense. But in the end, our client was thrilled,and it was tremendously gratifying forour Buchanan team who was alongsidethe client each step of the way.

Cole Schotz P.C.By Jordan A. Fisch, Esq., Co-Chair, Corp. Dept.

As a commercial law firmwith offices in five states,

we are often presented with an oppor-tunity to counsel entrepreneurial clientswith respect to new ventures. A typicalengagement begins with counseling theclient on which entity structure is bestsuited for his current and future needs.Once a structure is selected, we provideassistance in the formation of that enti-ty and the assembly of the paperworknecessary to provide our client with theproper legal foundation for their busi-ness. Thereafter, we are consulted withissues that include corporate, tax plan-ning, real estate, environmental,employment, litigation and restructuringconcerns. A client that we have coun-seled for many years is an ingredientsand food products company. We havebeen counsel to this client from theinception of its business, guiding it

through incorporation and a corporatereorganization and restructuring. We have advised this client with respectto matters covering a broad range ofissues, such as raising capital, debtfinancings, expansion, employment mat-ters, investor relations, manufacturing,supply and distribution agreements, andseveral strategic acquisitions. In addi-tion, our representation has includedassisting with trademarking, licensing,branding and other corporate matters.Today, our client is a successful nationalcompany for whom we act as a trustedadvisor and outside general counsel.

Connell Foley LLPBy John D. Cromie, Esq.,Partner, Chair, Corporate &Business Law Group

Connell Foley LLP’s corpo-rate attorneys often counsel startupentrepreneurial firms from formationthrough growth and to a mature stageof entity development. These types ofassignments represent the ideal andmost rewarding work for business attor-neys. For example, several years ago,Connell Foley was retained to representan entrepreneur who sought to form anew consulting and advisory businessservicing the financial services industry.We counseled the single-owner, limitedliability company through the formationphase and addressed business advisoryissues as the business grew. Later, afterthe entrepreneur had built a highly suc-cessful business, we assisted in imple-menting a succession plan thataddressed the owner’s estate planningneeds, as well as a phantom equity planthat allowed for senior managementand employees of the firm to acquirerestricted equity in the closely held busi-ness. This program provided the originalentrepreneur with liquidity, estate andtax planning, a retention program torecruit and retain high-level employees,and succession planning. Business attor-neys are fundamentally problem solvers. The ability to counsel an entrepreneurfrom inception through the variousphases of an entity’s life cycle is veryrewarding and allows counsel to per-form an integral role for clients.





Day Pitney LLPBy Hank Nelson Massey, Esq.,Partner

We represented a compa-ny in the social media tar-

geted advertising space that we advisedfrom its initial startup as an LLC andthen when it became a corporation, inorder to receive preferred stock moneyfrom a well-known VC fund. This com-pany has also received accounts receiv-able financing from Silicon Valley Bankand further rounds of financing fromadditional VC funds. We price our start-up services competitively and are opento alternative fee arrangements. We willwork on a fixed-fee basis for an initialstartup “package,” including entity for-mation and proprietary information andinvention assignment agreements forthe founders. We can provide advice onother intellectual property protections,including patents and trademarks, andon employment matters, including stockoptions and employee handbooks.Although most of our entrepreneurclients are Internet technology-based,we have assisted startup and early-stagecompanies in pharmaceutical, publish-ing, communications and many otherindustries as well.

Dunn Lambert, LLCBy Geraldine E. Beers, Esq.,Partner

In early 2011, I met withnew clients—Joe, his son

Joseph, and Angelo, Joseph’s childhoodfriend. Angelo was employed as a chef,but his dream was to open his ownrestaurant. Joseph and Joe were so con-fident in Angelo’s talent that when alocal restaurant was put up for sale,they decided to purchase the property,assets and liquor license for $1.6 million.The transaction was complicated, andthe closing checklist required regularreview and updating. The seller owedmore to their many creditors than thepurchase price, and faced penalties for adelayed closing. The buyer’s liquorlicense application and inspections madethe July closing date impossible.Fortunately, frequent and productive

communications with our clients and the seller’s attorney enabled us to resolve these issues. The four-hourclosing finally occurred on Aug. 31,2011. The seller had to bring $845,000to the closing. The weekend before,Hurricane Irene flooded the township’smunicipal building, although the prop-erty itself was spared. We had to esti-mate the tax escrow, and were $1,400short. The seller eventually made good on the shortage. Despite thesechallenges, Joseph and Joe believed in Angelo and his talent, and for thepast four years, the restaurant has been a resounding success.

Gibbons P.C.By Michael J. Lubben, Esq.,Director, Corporate Dept.

In 2010, we assisted aclient (Parabolic Perform-

ance & Rehabilitation) looking to start a sports physical therapy and perform-ance training business. The legal needsof a startup are varied and numerous.Intellectual property must be protected,capital arranged, space obtained, equip-ment leased, employees hired and thestructure of the business determined.We formed an LLC for Parabolic andassisted with protecting its name andlogo, securing financing, leasing andoutfitting a facility, and engaging inde-pendent contractors. The client has beenvery successful, with three New Jerseylocations, others on the way, a licensingagreement in Illinois, and a sought-afterperformance training program for pro-fessional and student athletes, including

training for the NFL combine. In anotherexample, we assisted an entrepreneurwho developed an artificial shoulderimplant, now a long-term, successfulclient. To fund the significant costs nec-essary to develop a prototype, obtainFDA approval and build-out startinginventory and the instruments necessaryto implant the product, we negotiatedequity compensation arrangements withsuppliers and service providers in orderto reduce the need for outside capital.Working with a client from its inceptioncan be very rewarding both profession-ally and personally, as was the case inthese two examples.

Harwood Lloyd, LLCBy Thomas Loikith, Esq.,Member

Harwood Lloyd has along tradition of helping

entrepreneurs start and grow new busi-nesses. Our attorneys regularly assistsmall business owners in forming newbusiness entities, preparing initial orga-nizational documents, including bylaws,shareholders’ agreements or LLC operat-ing agreements as appropriate, negoti-ating leases for business space, anddrafting employment, consulting orother agreements related to the newbusiness. Because of the different prac-tice areas within Harwood Lloyd, we arealso able to provide an entrepreneurwith legal services more indirectly relat-ed to their small business, such asaddressing insurance coverage issuesand estate and succession planning.Because of our contacts outside thefirm, we are able to help an entrepre-neur develop relationships with profes-sionals important for the successful cre-ation and maintenance of a small busi-ness, such as lenders, accountants andintellectual property counsel. In oneinstance, we assisted a client who wasestablishing a new specialty food andentertainment business by forming anLLC to lease space at a single location.Over the years, as the client’s businessexpanded, Harwood Lloyd formed addi-tional entities and negotiated leases forother locations, drafted employmentand licensing agreements, and closed





financing transactions to the pointwhere the client now has multiple loca-tions with more planned in the future.

McCarter & English, LLPBy Susan O. Goldsmith,Esq., Partner

One of many ways ourfirm helps entrepreneurs

flourish and grow is by helping themanswer the question, “What do I call this venture?” Long before investing seri-ous money in a startup, entrepreneursshould invest serious time consideringnames. The name should foster success,rather than being a distraction or pro-voking challenges from competitors whomight see their names or logos reflectedin yours. I help startups name themselves,so customers will see a company namethat evokes the image of a product with-out being specific about it—”Coppertone”rather than “SPF-30” or “Audible” ratherthan “Recorded Books.” To grow fromstartup to successful, ongoing entity,

companies should avoid having tochange their name post-launch, whichhappens. Often it is because founderswere misled by the availability of adomain name, corporate name or evensubmission of a mark to the TrademarkOffice. “CocaColaComputers.com” maybe available, but that does not mean you can freely use it. There are enoughpotholes on the road to success thatentrepreneurs should avoid the avoidableby searching with competent counsel for a good name that resonates with customers and won’t antagonize competitors.

Norris McLaughlin &Marcus, P.A. By Salil P. Jani, Esq.,Member

Here at NMM, we arecommitted to entrepreneurs and earlystage companies, in particular those thatintend to seek venture capital financing.As part of our practice, we like to get




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F O C U S O N W H AT C O U N T S


“Most entrepreneurs I talk to do not even remem-ber when they became wealthy,” says O’Leary. “Itjust happened because they were so passionate

about what they were doing.”

to know the founders and understandtheir vision for the company. This deep-er understanding of a client's visionhelps us plan for their success and guide them on the matters that aremost important to achieve their particu-lar goals. Recognizing startups’ desirefor transparency on fees, we have beenvery creative in developing alternativefee structures where possible to enableentrepreneurs and early-stage compa-nies to invest more money into growingtheir business. In one example, we havehad the pleasure of working with ourclient NS1 from the early stages of theircompany. We have worked with themthrough initial corporate matters relat-ing to organizational documents, hiringtheir first employees and protectingintellectual property. We also draftedstreamlined customer contracts to helpthem reduce the lag in the sales cyclethat is often introduced by protractedlegal negotiations. We have advised thecompany through multiple fundraisingrounds and enjoy our continued rela-

tionship with what has quickly becomethe market leader in DNS and trafficmanagement.

NPZ Law Group, P.C. By David H. Nachman. Esq.,Managing Attorney, U.S.Division

NPZ Law Group continuesto assist entrepreneurs to enter theUnited States and to invest in businessesthat continue to fortify our nation’s eco-nomic infrastructure. On a daily basis,our immigration attorneys receive callsfrom representatives of internationalbusinesses seeking to expand into theU.S. marketplace. Recently, we assisted agrowing generic pharmaceutical compa-ny from abroad in opening a new officein the United States and in securing anintracompany transferee manager fromits parent company. After the filing, theU.S. Department of Homeland Security(DHS) questioned the transferee’s roleserving as a “manager” for the new

office. Because the office was “new,”the DHS argued that the role that theindividual played was not “managerial”since she performed a variety of func-tions that were alleged by the DHS tobe non-managerial. Following a detailedresponse by NPZ to the DHS (accompa-nied by a detailed corporate hierarchicalchart and affidavits by other executives),the government approved the managerto head up the U.S. office. Following theapproval, the foreign parent companyimmediately invested additional fundingin its new U.S. office that has resulted inthe hire of 10 new U.S. workers to assistwith the growing business.

Scarinci Hollenbeck,Attorneys at Law By Kenneth J. Hollenbeck,Esq., Managing Partner

Attorneys at ScarinciHollenbeck have advised entrepreneursin organizing and funding hundreds ofstartups. Clients come to us with ideas





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cherry blossom gardens and Tuscan-villa architecture createa picture-perfect setting for meetings and events. Nanina’sIn The Park is located on the cusp of New Jersey’s BranchBrook Park, convenient to all major highways, and

just three minutes from the Garden StateParkway. Proudly family-owned and operat-ed, Nanina’s offers the ideal setting forextraordinary catered events, and its ballroom is reserved exclusively for oneaffair at a time and spaciously accommo-dates up to 400 seated guests.

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needing funding, and we help arrange,negotiate and have closed on hundredsof millions of dollars of funding throughseed financing with angel investors and“Series A” financing rounds. We guidestartups through securities, corporate

and tax laws, advising on offering struc-tures, offering documents, negotiationswith investors, underwriters, crowd-funding and other potential fundingavenues. End-game solutions for ourstartup clients and their investors haveincluded listings on NASDAQ and theNew York Stock Exchange, mergers andoutright sales of the business. We assist-ed Vericred, Inc., a 2014 startup thatraised $4 million, as it launched itsPlanCompass Pro Web site in New Jerseyin 2015, and is now offering its productsthroughout the country. PlanCompassPro assists companies and employees incosting and selecting their medical insur-ance carriers by allowing the insuredand their employers to review the vari-ous coverages and select coverage and physicians. Vericred is generatingmonthly revenues, providing transparen-cy into provider networks, growing itsoffering of decision support toolsthroughout the country with fundingwe helped it to secure, and moving for-ward to potential end-game solutions.

***Editor’s Note: The study of global busi-

ness and preparation of a global work-force for today’s marketplace is essentialfor America’s future. As these studentswill create the small businesses andinnovations that will drive economic and job growth, COMMERCE asked New Jersey’s top colleges and universi-ties to describe their global educationinitiatives and programs.

HIGHER EDUCATION: GLOBAL PROGRAMS

Fairleigh Dickinson University,Silberman College of BusinessBy Dr. Andrew J. Rosman,Dean

At the undergraduatelevel, Fairleigh Dickinson Universityincorporates global studies in two ways.The first is the traditional study-abroadexperience, which includes FDU’s twointernational campuses (Vancouver,




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Canada, and Wroxton, England) as well as other partner institutions acrossEurope, Asia and beyond. Faculty men-tors guide the students’ curriculumchoices as well as create opportunitiesto enrich their studies with real-worldbusiness collaborations and collabora-tions with faculty mentors at other insti-tutions. The second expands the tradi-tional experience to include globalinternships. Not only will students expe-rience studying abroad, but more impor-tantly, they can work in an internshipthat will allow them to experience thebusiness climate abroad. Students returnto the United States better equipped todeal with global issues, which providesthem a competitive advantage whenworking for a global company. As oneexecutive has observed, who better todo a global rotation at a multi-nationalcompany than someone who already hasdone one in college as an intern. At thegraduate level, Executive MBA studentstravel abroad on a 12-day themed tripthat takes them to several countries,

and features meetings with top execu-tives from companies such as Novartis to understand the global nature of business.

Felician University School of Business By Robert Evans, Dean

The Felician UniversitySchool of Business recog-

nizes the need for a global dimensionin education, and includes an interna-tional perspective across its curriculum.In addition, at the graduate level, stu-dents are afforded the opportunity tostudy abroad through a partnershipwith an Irish university. Students spendtime working on a real-life project withan international company. Working col-laboratively with students from aroundthe globe, Felician students participatein a real-life, project-based course ofstudy. They learn the similarities and dif-ferences of international businesses, andthey also learn how to work effectively




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with colleagues of diverse backgroundsto solve a business dilemma. Beginningthis summer, this opportunity will alsobe available to Felician’s undergraduatebusiness students. A new partnershipwith an overseas university will providethese students with a similar experience,and through coursework and presenta-tions, they will gain an understanding of how businesses operate differently. It will also expose them to differentbeliefs and value systems, and provide

a foundation to develop a more global perspective in their education.Ultimately, the goal of Felician’s Schoolof Business is to develop globally com-petent graduates who will succeed inthe workplace, work effectively withdiverse groups and demonstrate under-standing of cultures different than their own.

Georgian Court University,School of Business and Digital MediaBy Dr. Janice Warner, Dean

The Georgian CourtSchool of Business and Digital Mediasupports global studies through virtualcollaborative online learning experi-ences in multiple courses, faculty-ledshort-term studies abroad and semesterabroad advising. GCU’s GlobalTransformation Initiative has developeda plan to enable the majority of stu-dents to have direct experience in multi-ple cultural settings. Our “Business

Across Borders” projects team studentsfrom two countries together, allowingthem to gain experience collaboratingvirtually in a multicultural environment.Marketing students have worked withstudents in South America to comparethe positioning of products common toboth countries, and an e-commerce classworked with students in Bhutan toincorporate the Internet into businessplans. Several business students arestudying abroad every semester in Chile,London, Italy, Spain or other destina-tions. GCU faculty advisors support thosestudents by helping them plan andselect classes that meet their learningobjectives and their major requirements.When they return, they are asked to“unpack” by describing the impact theexperience had on their lives and careerchoices. A faculty-led study abroad tripplanned for this summer will allow stu-dents to tour local businesses in north-ern Italy and help develop a socialmedia campaign in support of tourismto Bedonia, Italy.




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Kean University By Dr. Dawood Farahi,President

Kean University is hometo a Global Business School

dedicated to educating the businessleaders of tomorrow. Located in thestate-of-the-art Green Lane AcademicBuilding, Kean University’s GlobalBusiness School prepares students forcareers in the new global economy.Kean leverages its broad resourcesincluding our close proximity to NewYork City, a center of international busi-ness, and our full-scale campus inWenzhou, China—another global com-mercial hub to provide our studentswith innovative and immersive educa-tional experiences. Kean students havethe opportunity to study abroad atWenzhou-Kean for the cost of a semes-ter on our Union campus. Our GlobalBusiness School’s multi-national Board ofAdvisors shares their unique insightsinto foreign markets with Kean students

and faculty. Our expert instructors pro-vide our students with the tools neededto thrive in the workforce of today andtomorrow. We provide competitiveinternship opportunities and real-worldconsultancy experiences that help ourstudents to forge pathways to successfulcareers, bridging the gap between theclassroom and the boardroom.

Montclair State University,Feliciano School of BusinessBy Dr. Greg Cant, Dean

Montclair StateUniversity’s Feliciano School

of Business offers a range of MBA pro-grams that focus on developing students’skills and talents, while also accommodat-ing the demands of work and life.Although the programs vary in structure,they all share the component of manda-tory participation in a nine-to-ten day,faculty-led international trip. Since addingthe trip to the revamped curriculum in2012, 16 cohorts have traveled to destina-

tions including Thailand, Brazil, China, the Czech Republic, Hungary, Turkey and South Africa. Designed to provide on-the-ground experience and insightsinto emerging economies and globalcompetition, the trip gives students valu-able perspectives they would not haveacquired in a traditional classroom.Learning directly from leading executivesand managers in non-American markets,the experience prepares students to oper-ate nimbly in an increasingly dynamic and complex multinational business envi-ronment. By traveling as business stu-dents, rather than tourists, the tripenables participants to examine andunderstand the myriad issues that canimpact and complicate global economics.In traveling, they have the opportunity togain cultural context and become interna-tionally savvy. Upon returning, studentsreport being prepared to navigate thechallenge of culturally distinct businesspractices and management principles, giving them a significant advantage andpositioning them for success.





New Jersey City University By Dr. Sue Henderson,President

New Jersey CityUniversity (NJCU) prepares

students for the global workforce byincorporating global studies, abroadexperiences and international knowl-edge exchange into the overall curricu-lum, as well as the NJCU School ofBusiness courses of study. With morethan 60 ethnicities represented, andmore than 30 languages spoken on campus, NJCU itself is a global experi-ence. Washington Monthly ranked NJCU “Best Public School in New Jerseyfor Ethnic Diversity.” Through the aus-pices of the NJCU School of Business, the University’s Institute for DisputeResolution promotes international nego-tiation and mediation techniques tomanage disputes in cross-border com-mercial, investor-state and general con-flict resolution forums. In addition, NJCUrecently established a Confucius Institute

to enable international opportunitiesfor students and faculty with a partneruniversity in China, Jilin Huaqiao Univer-sity of Foreign Languages in JilinProvince, one of the largest private universities in China. In the past aca-demic year, NJCU students have traveledto Mumbai, Vienna, and Paris to partici-pate in international competitions,including the 11th InternationalChamber of Commerce (ICC) Interna-tional Commercial Mediation Competi-tion. This spring, the University will senda record number of students on travelabroad trips including Berlin, Ireland,Japan, Tanzania, Cuba, Istanbul, CostaRica, Germany and Poland.

New Jersey Institute ofTechnology, Martin TuchmanSchool of ManagementBy Dr. Reggie J. Caudill,Dean

The world of business is changing rap-idly, driven by the many new digital and

information technologies that are allaround us. Companies are looking forpeople who understand business funda-mentals and have the technology skillsto succeed. This is the future of globalbusiness. The Martin Tuchman School ofManagement at NJIT provides a strongfoundation in business and manage-ment principles with a focus on the ana-lytic and technology skills necessary tosucceed in today’s data-driven world ofglobal business. This goes well beyondtraditional business programs into a newworld of business intelligence and dataanalytics, management information sys-tems and technology innovation andcommercialization. We are committed toproviding a solid foundation in businessand management within an experientiallearning environment and opportunitiesto intern with major global corporationsthroughout the region or startup com-panies in our small business incubator.NJIT has a number of agreements withuniversities in Europe, and is a memberof the Global Engineering Education




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Exchange. Through this partnership, students can study in more than 20countries. Past participants have report-ed that studying overseas is an experi-ence that has given them a more sophis-ticated understanding of themselves, as well as other societies and cultures.

Ramapo College of New JerseyBy Dr. Peter P. Mercer,President

Technological advancesand global competition have changedalmost every facet of our economy,requiring workers to commit to continu-ous learning and the development ofnew skills. With this ever-changing econ-omy in mind, Ramapo College devel-oped an accelerated, 20-month MBAprogram featuring a broad-based cur-riculum and emphasizing leadership,versatility and a global perspective.Given the importance of global manage-ment, MBA students sharpen their inter-

national skills during a nine-day trip toChina, which is designed to introducethe history, culture and business envi-ronment of China through tours andmeetings. Ramapo’s MBA program wasborn in the midst of the financial crisisof 2008, which prompted the college to consider what kind of program wouldproduce the most successful leaders—in any economy. The Ramapo MBA pro-gram focuses on developing adaptive

skills that serve current demands withan eye on the global markets and newtechnologies that will follow. Ramapo’sInternational Studies program providesopportunities for eligible undergraduatestudents to experience the world astheir classroom, integrating courseworkwith culture while earning a degree.There also are internship opportunitiesavailable that further enhance the expe-rience by offering a taste of internation-al employment.

Rutgers School of Business-CamdenBy Dr. Snehamay Banerjee,Associate Dean ofUndergraduate Programs

We have a multi-pronged approachfor exposing our students to a globalbusiness environment. Our faculty repre-sents more than 12 countries, includingChina, India, Iran, Japan, Kazakhstan,Germany, Russia, South Korea andUkraine, who share their experience and




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expertise in classrooms. Our courses onInternational Business, InternationalFinance etc., expose our students to aglobal business environment and poli-cies both at the undergraduate andgraduate levels. Our school has facultyand student exchange programs withbusiness schools in several countries,including emerging economies such asBrazil, China, India, South Korea andTurkey. This provides excellent exposureand opportunities for our students. In

addition, we have multiple internationalstudy/trip courses where students studythe socioeconomic environment of oneor more countries and take a 12-to-15-day, faculty-led study trip in those coun-tries. During the trip, students visit busi-nesses and discuss strategies, work joint-ly with university students in thosecountries in analyzing business cases,work on real business cases for smallercompanies and/or get involved in socialentrepreneurship projects. For example,

our students developed business plansfor disadvantaged, women-owned busi-nesses in the Cape Town, South Africaarea and helped them secure bankloans. Our motto is “Learn, understand,practice and develop relationships.”

Seton Hall University, Stillman School of Business By Dr. Joyce A. Strawser,Dean

All undergraduate andMBA students take a core internationalbusiness course that highlights thetrends and forces that shape interna-tional commercial activity and businessdecisions. Subsequent courses in theindividual business discipline areasextend and leverage that foundation. Inaddition, because we believe that studyabroad experiences are so important, weoffer two distinct models to meet stu-dents’ needs: one or two-semester pro-grams where students study full-time atan international institution, with credits




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subsequently applied to their Seton Halldegree. The Stillman School has a num-ber of designated partner institutions,but students may also work with advi-sors to develop a customized programof study with an educational institutionin a country of their choice; individual“Doing Business in…” travel courses that include a one to two week trip toan international destination. Students

visit leading corporations and partici-pate in educational seminars with execu-tives representing those companies. For students who wish to further spe-cialize in international studies, we offer undergraduates a 27-credit “Minor inInternational Business,” where studentsselect a specific geographical region andcomplete language, cultural/geopoliticaland business courses specific to thatregion; and MBA students, a 12-creditconcentration in International Business,where students complete four interna-tional business courses.

Stockton University By Dr. Harvey Kesselman,President

Stockton University ispreparing students for the

future by emphasizing global awarenessin our academic, cultural and serviceprograms. The world is such an interde-pendent system that employers bothhere and abroad value employees who

can communicate effectively across cul-tures. Global perspectives represent akey pillar in Stockton’s 2020 strategicplanning, leading the university to fund$117,000 in innovative global projects inrecent years. These include clinical visitsby faculty and graduate students of the School of Health Sciences to sites inBogota, Colombia, through a collabora-tive agreement with the Universidad del Rosario, and a project to teach glob-al computer coding in cooperation withthe University of Johannesburg in SouthAfrica. The School of Business offerscourses in international business inFinance, Marketing and Management,which are available to all business stu-dents. Students in Hospitality & TourismManagement Studies can take a semes-ter-long course that includes a studytour of Italy’s visitor bureaus, hotels and wineries over spring break. Stocktonoffers many avenues for global learning,from study abroad, to internationalspeakers and curriculum, to opening ourcampus to students from 14 countries.





Both international and home-grown students benefitfrom our programs, and can forge friendships that blossom into career opportunities.

Thomas Edison State University, School of Business and ManagementBy Dr. Michael Williams, Dean

Twenty-first century commerce is global. Therefore, business and manage-

ment students must be prepared to engage within thecultural contexts and business demands articulated bythe rapidly evolving marketplace. Thomas Edison StateUniversity’s School of Business and Management’s curriculum reflects a global orientation in its businessand management courses, enabling students to cultivatea global perspective and develop the knowledge, com-petencies and skills necessary to transact business indiverse societies possessing unique customs and businesspractices. In order for today’s business school graduatesto be workforce ready, they need exposure to, and apractical understanding of, global markets, the sociopo-litical dynamics influencing international trade and theculture in which they will be operating. These are essen-tial components in preparing students to be competitivein the global workforce. To effectively prepare these stu-dents to compete and excel in the worldwide businessarena, the school’s curriculum incorporates key contentassociated with global business and management topics.Moreover, the school offers two degrees aligned withglobal business education: a Bachelor of Science inBusiness Administration in International Business andour Master of Science in International Business Financeprograms.

William Paterson University, Cotsakos College of BusinessBy Dr. Siamack Shojai, Dean

The Cotsakos College of Business offers a major in global business, language cours-

es, study abroad opportunities and has a 10-year stu-dent and faculty exchange relationship with ZhejiangUniversity of Technology in China. The college also has a Global Business and Finance Institute that hosts morethan 100 Chinese students each year, and offers our students the opportunity to interact and study withthem. Our Global College Student Forum provides a platform for students around the world to debateimportant economic and political issues. Students connect via Skype with their counterparts at universitiesin China to debate global business issues, such as curren-cy revaluation, outsourcing, protectionism, economicregulations, local business practices and many others.Students can also obtain internships with global compa-nies in New Jersey, New York and abroad. n



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