New Post: BMI Is Selling: What This Means for Songwriters (Guest Column) - https://lnkd.in/gaPvPgYc - By now, you’ve heard the news that BMI is selling its interests to a shareholder group assembled by the private equity firm, New Mountain Capital. The sale has come with questions and consternation from songwriter advocacy groups — including the Music Artist Coalition, where I am a board member — and U.S. music attorneys. These songwriter advocates asked for (1) transparency about the sale and (2) a window of time after the sale that would allow unhappy songwriters to leave. Most questions remain unanswered, and BMI has not opened a window for songwriters to leave. But the sale seems to be proceeding anyway, subject to “regulatory approval.” Given that, here’s what you should watch out for as a songwriter, a songwriter representative or someone who benefits from administration or co-ownership of a songwriter’s songs. Related BMI Sells to New Mountain Capital 11/28/2023 1. What Does This Mean? In short, it means that BMI, which has been a not-for-profit organization since its founding in 1939, has turned into a for-profit organization and sold to a private equity company. Private equity companies acquire companies that they believe are undervalued in hopes of realizing a significant return on their investment in a relatively short period of time. This is called a “holding period.” While some private equity periods fall outside the average, in 2023 the average “holding period” for a private equity fund with a company it buys is just over seven years, which is the longest it has been in over two decades (in 2022 it was just under 6 years). According to press reports citing sources, BMI in its first year as a for-profit entity has generated about $130 million in earnings before interest, taxes depreciation and amortization (EBITDA). In order for the shareholder group to be successful, it will need to continue to grow profits or EBITDA from where they are today. To do that, they have to increase revenue and/or decrease expenses. The concern underpinning the sale is that BMI has historically grown revenue in order to pass it on to songwriters and publishers. The only revenue BMI traditionally held back was to cover its overhead. Turning to a for-profit model with private equity owners means that BMI’s shareholders will expect to participate in the profits BMI generates (through distributions or leveraging BMI), which may mean that less of the revenue generated will be distributed to the writers and their publishers. 2. How Does This Compare With My Other Options? That is one of the unanswered questions. BMI’s goal is that there will b
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New Post: How to Check if a Business Name is Taken - https://lnkd.in/gczTSv54 - So, you’ve learned how to come up with a business name and decided on the perfect one for your company. The last thing you want to do is start your business name registration process and find out that your business name is already taken. Therefore, the next crucial step is to ensure that your chosen name is available for registration. Checking business name availability needs to be hand in hand with your planning on how to create a business name. Businesses often select names that are specific to their industry, ensuring that it aligns with your industry and effectively represent your hair business. For example, jewelry business names tend to include terms like jewelers, while notary business names often include professional phrases. As a business owner, it’s essential to select a business name that defines your entity and holds strong local name recognition while ensuring that another business hasn’t previously used it. Why You Should Check if a Business Name is Taken You will need to register your business name with your Secretary of State agency. Suppose a business name that already exists either matches yours or is even close to yours. In that case, the Secretary of State will reject your request for entity formation under that business name. This is important to consider when learning how to check if a business name is taken. So before heading to the Secretary of State filing office, or starting the process online, you need to do a business name availability search. Do that before you order the business cards and stationary and before you start a bank account in your business name. What Happens If a Business Has the Same Name? If you file formation documents with the Secretary of State and the business name is already taken, your application will be rejected. You can’t legally use the same name. If you’re determined to use that name, you should look into how to buy a business name. This is feasible, but you’ll require the assistance of a lawyer who specializes in this area. Does The Type of Business Entity Make a Difference? Not all entities need to register their business name. It depends on the business entity type. A business that is a Limited Liability Company, limited partnership, or corporation will need to register with its Secretary of State. In order to do that, the business must have a name. Sole proprietors are not required to register their business with the state, allowing them to operate under unregistered business names. This flexibility raises the question of how to check if a business name is taken. How To See if a Business Name is Taken Here are the places where you can check the availability of business names. Check The Federal Trademark Database Use the United States Patent and Trademark Office database to do a business name search and trademark search. Trademarked business nam
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New Post: Profitable Wedding Business Ideas for Every Entrepreneur - https://lnkd.in/g8pGZPwa - In a vibrant landscape characterized by both tradition and innovation, the wedding industry consistently demonstrates a capacity for growth and transformation. With the passage of time, this sector has proven to be remarkably recession-proof, offering entrepreneurs a robust market in which to operate. To get you started, we’ve compiled a list of 60 lucrative and inventive wedding business ideas that can help you carve out a successful niche in this burgeoning field. If you have a passion for all things wedding and romance, a business in the wedding niche might be your perfect opportunity. What You Need to Know Before Starting a Business in the Wedding Industry Prior to launching a business within the wedding industry, be sure you consider several pivotal factors that significantly impact the durability and success of your venture, including: Market Research: Perform an in-depth analysis of the local and perhaps even global wedding market to gauge existing demand and identify gaps. Such knowledge will enable you to tailor your services or products to meet specific needs effectively. Budget and Financing: Formulate a financial strategy that includes not only an initial budget but also a plan for ongoing expenses. Make sure you have access to sufficient funds, either through personal savings, loans, or investors, to run the business smoothly. Licensing and Permits: Ensure you have obtained all required legal permits and licenses, which vary by location and type of service. Compliance with both local and federal laws is crucial to avoid legal issues that could jeopardize the business. Unique Selling Proposition: Determine what sets your wedding business apart from competitors in your area. This unique feature or service will become the cornerstone of your branding and marketing efforts. Business Plan: Craft a comprehensive business plan that lays out your company’s mission, objectives, and operational plans. This document should cover timelines, financial projections, marketing strategies, and key performance indicators that will guide both the startup and future phases of your business. Our Methodology: The Best Wedding Business Ideas When selecting wedding business ideas, it’s important to choose options that are not only marketable but also align with personal interests and capabilities. Here is the methodology we used to evaluate potential wedding business opportunities: Understanding Market Demand (Rating: 9/10) We assessed the demand for various wedding services and products. Trends, cultural preferences, and the unique needs of couples planning their weddings were key factors in our evaluation. Creativity and Innovation (Rating: 8/10) The wedding industry thrives on creativity and uniqueness. We looked for business ideas that offer a fresh perspective or a new take on traditional wedding services, setting
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