Business Advice Case Study

From Good Idea to Contract
with Menards

ez Electrical Systems Solutions is a Minnesota start-up with patents on electrical component products geared to electrical contractors of wood-framed buildings. In mid-2018, the inventor and company founder had sought and received nearly $500,000 from the Entrepreneurial Fund and Minnesota Initiative Foundation to develop the molds and product samples, but it was not enough to start production. The company planned to capture a small percentage of a market valued at more than $2 billion a year. Benefits of the first two products included faster construction and fire prevention in wood-framed buildings.

The founder was introduced to the Platinum Venture Forum,* a weekly get-together of entrepreneurs and Platinum Group advisors who enjoy helping business owners with their entrepreneurial ventures.  Based on a perceived high potential for success in selling products for house and apartment construction across the country, the firm accepted the challenge. Read how Platinum helped an entrepreneur raise funds to manufacture newly patented products... MORE

Family Business Trends

June 4 Webinar: Leadership Transition Changes During COVID-19

Platinum Group will co-sponsor a one-hour panel discussion on family business transition with Fredrickson & Byron P.A. on Thursday, June 4 at 3:30 p.m. (Central). The free, online webinar is the last of a three-part series on understanding a systems approach to leadership transitions, presented by the Family Business Advisory Group.

Platinum’s Tom Hubler will moderate the discussion about changes in a succession plan between the owner and president of King Technology, a Hopkins-based manufacturer, in the midst of the current pandemic. The session will cover the original plan and the impact of this crisis on it and the company, as well as the owner’s legacy.

“I hope to cover a lot of ground in this session, from how they plan to train and develop the next generation to how the company and family manage the stress brought on by the current crisis,” says Tom.

Click here to learn more and R.S.V.P.

Business Turnaround Article

Strategies for Getting Back to Work

A recent Wall Street Journal article by Drs. Stephanie A. Ferhaber and Alyssa Y. Stark — “To Survive the Pandemic, Entrepreneurs Might Try Learning from Nature” — provides a fascinating approach to comparing the economy to living ecosystems. The COVID-19 disruption is likely to be a major ’extinction event’ for many businesses – unfortunately many businesses will go bankrupt or have to drastically restructure. In the previous major Earth extinctions, dramatically different new players came forth to succeed and even dominate their world.

Click here to read the article by Greg Backlund, Executive Consultant, Operations Improvement.

Business Transition News

Platinum Owner Transition Forum: Business Transition Includes
Aging Issues

Business owners have spent their lives chasing dreams, building companies, and taking care of employees and their families. But the reality is coming for everyone that aging is more complicated and expensive than ever imagined.

The most recent Transition Breakfast addressed "The Challenges and Opportunities of Aging,” presented by Platinum Group’s Executive Consultant Laurie Knutson. In addition to consulting with business owners on leadership, marketing and technology strategies, Laurie spends her spare time helping solo seniors who need support.

If you missed her presentation, click here to review. It covers many of the issues business owners personally face during transition, including questions and resources about healthcare, housing, finances, legal, technology, etc.

“Most people are not prepared for the sudden shift to having to care for a loved one,” Laurie says. “And whether providing that care directly or finding resources, it is important to understand some basic issues and know that there are so many resources available to business owners for making the transition easier and more manageable.”

For more information, contact Laurie at Platinum Group’s main number: 952-829-5700.

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