married 51 going on 52 years!! And oops, but we did have to make home changes!

it’s fun to live in a home, any home, for 40 years. Considering when we were young we were constantly moving with demands of school and careers!

however, I am convinced that homes in California are not built to last 40 years and you either have to use a lot of duct tape or basically rebuild. We had a lot of fun after our walk looking around the yard for the bug big and little changes we’ve made since we moved in.

some of the plants we added in the beginning and they have thrived!
Enjoy the day!!

a lesson in Entrepreneurship

The hard lesson of entrepreneurship for many people is that if decisions are not made, including sweeping the floor, nothing gets done. My daughter Karen embraces this concept. She started a successful student agency on her campus. She like many teachers covered all the financial needs of her fledging group! I guess her university couldn’t afford to help as they need money to increase their bloated administration… but that’s a problem everywhere.

Subtle life lessons sometimes come to us via movies or readings or religious teachings. Karen formed a student run social media and PR agency at her University , all on her nickle. Much to General Electric’s credit, when they heard of Karens plight they jumped in to provide some start up funds… of course, this did not sit well with the university. I understand she is forbidden to raise funds? Karen will supply students as she has a 100% successful placement for career jobs for her well trained students!

After all, it should be all about and for the students.

@generalelectric

@bourbon

a reminder that numbers matter


POSTED ON BY ADMIN

planning your high school reunion? here’s what we did

This is ‘old school’ to most business students… but something to think about before you begin a party in which you charge admission.

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Recently,  I was chatting with a few college students planning for a big event on their campus. All the discussion centered around how much they would be able to charge for admission and a grudging recognition that substantial costs would be incurred. Their big question: where do we start in analyzing this problem? In my not so humble opinion, no more practical application of business knowledge exists than solving a simple ‘breakeven analysis’. The purpose is to determine how many folks need to attend — paying a certain ticket price — in order to ‘break even’ and cover our costs … or how many tickets need to be purchased before we begin to make money? All too often, I have seen where good intentions have lead nice folks to sustain incredible losses, when only minor changes would have turned frowns to smiles. Einstein said that the best way to learn is by example, so allow me to tell a story familar to many of my former students:

Our first high school class reunion at 10 years

Laura and I attended the first meeting of our reunion committee oh so many years ago and it was fun getting together. No one wanted to get ‘hung’ with a huge bill if the costs exceeded the revenue , so naturally there was much discussion on pricing of the tickets. I suggested that we break the discussion into three parts:

(REVENUE) TICKET PRICING

I thought, Let’s find out what our former high school classmates would pay to attend a reunion and try and see if we could get an estimated head count and obtain a tentative verbal commitment. We would also discuss possible locations and time of year considerations that might make the reunion more enticing. A ball park on pricing would be helpful.

ADDITIONAL REVENUE GENERATORS

Often times, you will find ways to generate funds without totally depending on ticket sales and this might include: simple donations, selling advertising in your reunion book or splitting the bar precedes with a restaurant or hotel that wants your business.

FIXED COSTS

There were a large number of costs that you will incur whether one person shows up or hundreds. These types of costs are called ‘fixed’ and you need to figure out how to underwrite them in order to move forward. Some of the cost considerations were things like: choice of band, location rent, security, decorations, printing, invitations, name tags, souvenirs and anything we might likely be stuck with if it all folded like a wet taco. We knew we had to keep an eye on this one as its costs were mostly inescapable!

VARIABLE COSTS

Variable costs ‘vary’ with the number of folks who attend. The best example of this in a reunion is food. Outside of a small fixed portion ( guaranteed minimum number of meals to be prepared or total food to be purchased), these types of costs influence ticket pricing directly… they push the ticket price up the fewer you anticipate coming.

REVENUE (total ticket sales) – (FIXED COSTS + VARIABLE COSTS) = ZERO

A break even analysis is basically that. It answers the simple question of how many tickets do we need to sell in order to cover our costs? Any tickets sold above that amount can be used to cover unexpected costs which always occur and begin funding for future reunions.

OUR RESULTS

Well, we had quite a hit. Who wouldn’t have had fun? Wooden dance floor, live band, open bar, free beer and wine all on the beach in Santa Monica! Everyone seemed happy and the our breakeven was set low enough to ensure no one on the committee would get ‘stuck with the bill.’ We had enough left over to take the entire team out to dinner and put plenty aside to get the next reunion started. The funds never made it to the next committee… but that — as they say —  is another story.

I have used this example in many classes I have taught over the years, often telling this story on their first day. In cost, managerial, or financial accounting, this ‘case study’  brings to young students the practical application of what they are learning to their real lives. I remember an older student taking a copy of this to help plan his own 10 year high school reunion. My marketing students like to integrate costs  considerations into their pricing decisions for positioning and competitive reasons and this works for them as well.

Few examples have students found as fun or as relevant.

Cooking in Cooking Season

 BY ADMIN

Cioppino (Cha-Pee-No) for the holidays!

! !!!!!9886

Cioppino comes from the kitchens near the wharfs of San Francisco. Many fix it during the holiday season and it still has a great amount of appeal in California. It is said to have descended from the time when fishermen returning from their time at sea would be asked to ‘chip in’ something to the communal pot. Others claim that it is a version of an Italian meal from Genoa… either way, it is unique in its own way.

I love these one pot meals , especially since there really isn’t a right or wrong way to prepare it. Every cook or chef will add their touch to make it there own. For me, the real secret is making a delicious sauce to properly accent your fish and seafood collection.

MEATS

2 large talapia2 or more pounds of shrimp
9 large scallops quartered
1 pound or more of crab meat

( I prefer that the meat be slightly cooked and added at the last moment… and no shells)

WINES/LIQUIDS

375 ml ( 1/2 bottle) of a white slightly sweet wine
1.25 cups Pernod
1 tablespoon Tabasco
2 tablespoons Worcestershire
1 tablespoon lemon juice

Shrimp/shellfish stock (enough to make it a soup or less to make it a stew… this starts with the water you use to cook your shellfish… from there its up to you)

(Everyone… well almost everyone, adds some wine to the pot. I like the old World elegance of Pernod adding a tang of licorice )

VEGGIES & SUCH

4 tablespoons crushed Garlic
2 large shallots
1 bunch chopped Italian Parsley
1 sliced fennel bulb
1 large diced white Mayan Onion
1 – 28 ounce can of diced tomatoes
1 cup diced celery
1/2 cup chopped basil

(all veggies are sauteed prior to entering the pot! It’s nice to use a quarter of a cup of olive oil or more as you cook and throw whatever remains in the pot)

SEASONINGS

salt, pepper and garlic powder to taste ( probably 3 tablespoons total… but check as you go)
Taragon, Rosemary and Fennel seeds ( 1 teaspoon each)
Pimenton (smoked  Spanish Paprika) 1 teaspoon
Thyme 2.5 teaspoons
Fennel seeds 1 tsp crushed
Oregano dried 2 teaspoons

PROCESS

I love to cook the sauce (seasonings, liquids and precooked Veggies) overnight in a crockpot with enough shrimp stock that it renders down nicely. Add some tomato paste if you need and want a thicker sauce, follow with your choice of fish and scallops. When the scallops and fish appear cooked ad your precooked shrimp and crab for the last few minutes)

Lastly, whatever remains can be frozen and enjoyed again at a later time! I hope you make some for yourself and those you love!