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Detailed text transcripts for TV channel - MSNBC - 20141213:10:59:00

Tattoos. we ll see how this brooklyn temporary tattoo company maintains laser sharp focus to make sure they re brand name sticks, even when all the others fade away. until then i m j.j. ramberg. remember, we make your business, our business. if i can impart one lesson to a new business owner, it would be one thing i ve learned is my philosophy is real simple american express open forum is an on-line community, that helps our members connect and share ideas to make smart business decisions. if you mess up, fess up. be your partners best partner. we built it for our members, but it s open for everyone. there s not one way to do something. ....

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Detailed text transcripts for TV channel - MSNBC - 20141213:10:33:00

Doubts about them. i don t think a lot of people just understand stood the scale of what you can accomplish with bikes. i think a lot of people thought i was going to carry laundry in my backpack or on my bike many handle bars. reporter: the bike saved the company in a lot of ways. first of aural advertising. word of mouth marketing and the obvious, transportation. bike delivery is about three times cheaper than truck delivery in downtown areas. you don t have to pay for the truck itself. you don t have to paper for the gas. you don t have to pay for the truck insurance. we don t get parking tickets. reporter: the bikes are also better equipped to handle time-sensitive pickups and deliveries to places likant private residency, gyms and the philadelphia convention center. there s a lot of bike lanes where we can bypass traffic and actually move quicker than traffic in most places downtown. finding a place to unload is a lot easier for us. reporter: wash cycle laundries help ....

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Detailed text transcripts for TV channel - MSNBC - 20141213:10:39:00

Like. $1.6 million is the goal. reporter: williams clearly has financial goals for himself seeing other reach theirs motivates him to keep j s growing one barber shop at a time. it s important for me to help barbers become owners because once you re an owner, then can you help others. reporter: a philosophy he never wants to see out of style. it s good. reporter: ron mott, nbc news. we are near the end of this year, which means that now is the time to set up your company to be even more productive next year. here now are five must-dos to check off your list before 2014 is over, courtesy of entrepreneur.com. number one, get your books in order. take hard look at your financials and take actions to push in the right direction next year. two, gather with your staff. the end of the year is a great time to reflect on the company s ....

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Detailed text transcripts for TV channel - MSNBC - 20141213:10:32:00

That getting funding was going to be tough. some people are like, that s the coolest thing ever. other people are like, that s one way to pay your bills while you find something else. reporter: his bike laundry pick up and delivery service, had a bit of an image issue. how could you possibly service a large account on a bike? what sdo you do when it rains? what about the snow? reporter: at first gay bree be considered going at it alone whrchlts i started the business i saturday of thought that the savings in my bank account would be enough and i was going to do it all myself and then, voss, the savings in my bank account ran out. reporter: he realized as he grew he would actually need some money, so he started out by bootstrapping it to show everyone, including invest. what the company was capable of. people have been initially skeptical about whether this is a gimmick or a real business. reporter: step one was to stick to the most important part of his plan. the bikes. e ....

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Detailed text transcripts for TV channel - MSNBC - 20141213:10:42:00

Debt. you ve found your ebitda. got that number. income statement, have that number and now get a multiple that you re going to multiply it by something. how do i no? am i multiplying it by four, ten? how do i pick that number? generally, for small businesseses the proxy is four to six times. generally that s the multiple used times ebitda. your business generates 100,000 of ebitda, probably worth between $400,000 and $600,000. the important point one dollar is worth four to six dollars. a lot of people try to use company credit cards to buy sports season, cars for family, but it reduces your taxable income for the business and hurts the vaum of your business. again, $1 is worth $4 to $6. thinking of selling my company, doing it as a multiple. spending money on something else that money is not multiplied. yeah. you better really like those sports tictsds. tickets. you say $4 to $6 but it ....

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