In the News

CLTV Interviews Marc J. Lane

Friday, December 27, 2002


CLTV

Bill: So do you think of yourself as an entrepreneur? We’ve got some advice for you. The 90’s were sort of the era of the entrepreneur. There were so many of them with hot ideas attracting all kind of attention and money. But most failed not just because the economy turned on them, but because they didn’t understand that it takes a lot more to getting an idea to succeed than just patching it. You’ve got to understand the careful care and feeding that it requires. We’ll learn more about this in a new book written by Marc Lane. It’s called “Advising Entrepreneurs: Dynamic Strategies for Financial Growth.” Marc, tell me about the unique challenges that entrepreneurs face.

: Hi, Bill. Well, there are a lot of things that entrepreneurs need to do to be successful. They need to distinguish themselves in the marketplace. They need to have a sustainable competitive advantage. They need to be able to brand themselves. They need to be innovative at all times. They need to be flexible and nimble. They need to be able to structure and design their organizations in the most tax-efficient way. We can go on and on.

Bill: But do they not typically understand that then?

: No. Not only don’t they understand it, but sometimes their advisors don’t even understand it. And sometimes their advisors are talking passed each other.

Bill: So does it mean that they’re not just getting the maximum potential out of their idea? Or is it causing them to, in fact fail?

: Well, I think that most people who have a business idea are unlikely to come up with a totally stupid idea. The idea probably has a germ of merit in it. The question is, how do we exploit that? So it’s all in the implementation, all in the execution.

Bill: You teach a lot of this. What kind of ideas have you seen out there that could have succeeded, if not for understanding these sort of things?

: Well, so often we see people who don’t use the tax laws right. For example, the government is willing to subsidize your launch. If you design your structure properly, your after-tax cost of investment can be reduced, and your after-tax return of investment can be increased. It all has to do with how the entity is designed, how your relationship with the entity is defined.

Bill: But are the business schools not teaching this?

: Some are, some aren’t, but they’re teaching it in a linear way. What you need is a holistic approach, a comprehensive, integrated approach and that’s where they often fail.

Bill: Is this sort of a how-to book, then, for advisors and entrepreneurs?

: Very much. I wrote it as a book for the entrepreneur’s financial advisors. However, the thrust is these secrets, if you call them secrets, is to be shared with the entrepreneur. It’s the entrepreneurs who are typically buying the book.

Bill: Alright, Marc Lane. Again, the name of the book is “Advising Entrepreneurs: Dynamic Strategies for Financial Growth.” Thanks.

: Thank you.

 


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Announcing Marc J. Lane's 35th Book:

The Mission-Driven Venture: Business Solutions to the World's Most Vexing Social Problems

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