Second Stage |
WHAT IS A SECOND-STAGE COMPANY? Second-stage companies are led by growth-focused entrepreneurs with market-ready products or services. They generally have revenue of $1 million-$50 million with employees in the 10-100 range. |
11:49 a.m., Thu
When there is an economic slump, it's no surprise that companies look for cashless ways to exchange products or services. In fact, bartering is up 23 percent among smaller businesses since the onset of the recession.
12:23 p.m., Tue - If the Great Recession has taught marketers anything, it's that measuring what's working — or not working — is essential to wringing value from Web sites and online marketing efforts.
12:49 p.m., Thu - Macomb Community College will host a luncheon to discuss what metro Detroit can learn from investments made by Turin, Italy, to spur an economic turnaround following the significant decline of Turin-based Fiat S.p.A..
- StageTwoStrategies: Skidmore Studio
Skidmore Studio specialized in traditional marketing and design services, but clients were increasingly interested in motion graphics, and President Tim Smith's artists were not trained in the field. Without that service, Skidmore was forced to send clients to other firms.
- Companies turn to medical devices to relieve aching budgets
It wasn't that long ago that the employees of Diadem Precision Technology Inc. in Troy were designing and producing parts for cars.
- Downturn good for expanding accounting firms
The economic downturn is providing opportunities for expansion for at least a few local accounting firms.
- When diversifying, look to specialize; start in own field
Diversification can be a smart move for businesses large and small, said Ed King, director of small-business services in Wayne State University's department of professional and executive development, but there's a fine line to walk.
- Linkner sees 3-D, games in ePrize's future
Josh Linkner, 39, announced on Feb. 8 that he was stepping down as CEO of the Pleasant Ridge-based online promotions and sweepstakes company he founded in 1999 to focus on new ideas, strategies and business relationships.
- Ductz sweeps into carpet, upholstery cleaning
Less than a year after launching a commercial hood-cleaning business, Ductz International L.L.C. is entering the residential carpet and upholstery market.
- StageTwoStrategies: MachineTools.com
Operating as a virtual company meant that face-to-face contact with the company's 20 employees would be nearly impossible. Stuart Carlin, the company's CEO and founder, needed to ensure customer needs could be met regardless of where employees were stationed.
- Financing issues highlighted at Second Stage Workshop
Representatives from many of metro Detroit's second-stage companies gathered in Troy on Wednesday morning for the Crain's Second Stage Workshop, “Where's the Money?”
- SRC to see leadership transition
Sterling Heights-based SRC Refrigeration Inc. founder and President Craig Richert will hand over the reins of his company at year's end to Vice President of Operations Steve Lemieux.
- StageTwoStrategies: Gongos Research Inc.
From 2005 to 2008, revenue at Gongos grew 50 percent. But like most companies, that growth fizzled by late 2008. One year later, the company experienced an unexpected upswing, when it received a 35 percent, or $7.6 million, increase in business.
- Southfield-based Zoup to open 12 new locations in 2010
Southfield-based Zoup is planning to open 12 new locations in the United States this year and has plans to open 100 within the next five years, the company said.
- Entrepreneurs can win money through statewide business plan contest
Would-be entrepreneurs looking for funding have a little time left to register for the Great Lakes Entrepreneur's Quest's statewide business plan competition.
- WANTED: 1,000 entrepreneurs for statewide FastTrac training
Coming soon through Michigan Small Business & Technology Development Centers around the state is FastTrac New Venture, a program of the Ewing Marion Kauffman Foundation that became available in some areas of Michigan in 2009 and will now expand.
- Slicing the pie: As companies grow, owners need to spread management workload
When Achatz Handmade Pie Co. opened 17 years ago, owners Wendy and Dave Achatz did everything themselves. As the company has expanded — reporting $5.25 million in revenue in 2009, up 17 percent from 2008, with just under a hundred employees — its owners' roles have changed.
- REPORTER'S NOTEBOOK: Hire for talent, train for skill
Instead of making pies, a typical day now finds Achatz Handmade Pie Co. owner Wendy Achatz training store employees or working with upper management to implement her and husband Dave's vision throughout the company's retail and wholesale operations.
- A board of advisers can help keep a company on right track
The transformation from startup to second stage can leave the role of the founder in flux. Revenues are growing into the millions of dollars, employee numbers are in the double digits and the owner's ability to manage it all is diminishing.
- Crain's forum tackles financing, hurdles for second-stage companies
Michigan's second-stage companies want to know — “Where's the money?”
- Huntington to boost small-biz lending
Huntington Bank plans to increase its lending to small businesses in Southeast Michigan by $360 million over the next three years — helping fund what it says will be the growth of up to 2,500 area businesses — and has begun the process of hiring six or seven bankers to help...
- StageTwoStrategies: Xcend Group L.L.C.
In 2006, Xcend Group L.L.C. was experiencing significant growth — with revenue tripling from the year before to more than $6 million. It lacked the financial expertise to handle the development.
- EPrize hires new CEO; Linkner remains chairman
Online promotions and sweepstakes firm ePrize L.L.C. announced earlier this month that it has hired Matt Wise, CEO of Chicago-based Q Interactive L.L.C., to replace founding CEO Josh Linkner effective March 1.
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