This blog post is the first in a series of three articles by Millyard Tech Law, PLLC exploring the use of crowdfunding for funding a small business. The information provided is intended to provide an overview of the subject and is not a substitute for legal or business advice. We encourage you to consult with a SBDC business advisor to explore whether crowdfunding is right for your business.
You won’t find any sulfites, sorbates, preservatives, food colorings, fake flavors, or fruit concentrates in North Country Hard Cider, a year-old New Hampshire company based in Rollinsford. What you will find are apples and yeast. That’s it.
Garland Mill Timberframes in Lancaster has been operating as a family business for something like 40 years, and that’s why the business advisors at the New Hampshire Small Business Development Center were originally consulted. Garland Mill's co-owners and cousins, Ben and Dana Southworth, had purchased the company from their fathers and, near the end of that process, had realized that they might need an exit plan for getting out of the business when their time came.
Richard Tango-Lowy of Dancing Lion Chocolate in Manchester says it would be “just silly” for anyone already operating a small business or thinking of starting one to not take advantage of the resources available through the New Hampshire Small Business Development Center.
Probably everyone who starts a small business has its eventual growth in mind. But what happens when growth is rapid and maybe even surprisingly fast? It may not be time to celebrate. It’s a time to plan, stay on top of all financials, and seek outside counsel. A period of rapid growth can, despite what it may look like, be a dangerous time for a business. Failure is possible, unless critical areas are addressed and managed.