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New London, Wisconsin | I love this!
Then once I thought about it, I have actually been doing some of what you say. Not the foundation part, but the business incubation part. In the past few years I have been consulting four businesses to varying degrees about financial ideas and plans. I enjoy seeing others put together a plan that works and watching them make something happen. I did not charge them anything and consider it giving back for those who did the same to help me when I was starting one, or more of the businesses I have been involved in. My farm is just one of those.
A few years ago a business school professor friend and I were talking and she commented that many of her students wanted to hear not just from a professor, but from real business people and could she invite guest speakers? She invited me and after some background information for introductions she said this.
"Jim is not only an entrepreneur but is what is a bit more rare in that he has developed several successful businesses over the years. What we call a Serial Entrepreneur" I just cracked up laughing as I had never heard the term, or even thought about it that way. The talk went well, and I was giving a basic lesson in what business school doesn't teach, but you need to know. Friends helped me put together a top 10 list which I can't find any longer. It was a fun way to be a pretend professor for the day, and she bought me lunch.
Once I retire... okay slow down and sell one of the remaining two businesses, I might just do this as a way to stay in the game while slowing down. I won't do it in a widespread area as that won't work as well. Local connections to share ideas with are very important and I don't have those if I am too far from home. Besides, I DON'T know everything and my strength is knowing who to call for more information.
For any others of you who find yourself in a position to help a startup business, I recommend it. Understand you don't get to make the decisions, and shouldn't. It's their baby and they need to take that special skill or need and run with it. All you do is act as a guiding hand when they need it. I didn't ever offer any financial help and won't. That's not what was important, the encouragement, ability to be a sounding board for ideas, and to be willing to suggest part of the plan might not make it to the bank are where those I spoke with found help. They also turned into mutually great friendships. Besides, I learned from them too.
Jim | |
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If I were wealthy - my foundation would be
