8A
STRICTLY BUSINESS/The Charlotte Post
September 19, 1996
Multi-level marketing legal?
Continued from page 7A
regulators.
In a pyramid scheme, the real aim often is
not to sell products but to recruit "distribu
tors" who pay to get in. The people who get in
early are paid off with the money put in by
later recruits. The new players recruit more
people, until new participants grow scarce and
the pyramid collapses.
The Federal Trade Commission can get
involved under some circumstances, but there
is no federal law defining an illegal pyramid.
Most regulatory activity takes place at the
state level. Some major multilevel marketing
companies have been challenged under state
pyramid laws and have satisfied the courts
that they are legitimate.
Distributors are encouraged to attend meet
ings and rallies where organizers use effective
slogans, singing and testimonials creating the
same electric~ing atmosphere as is often relat
ed to a religious revival.
MLMs offer the entrepreneur the opportuni
ty to start a business for as little as $100.
Words of caution
Are MLMs right for you?
Besides the chance to supplement your
finances with extra income. Multilevel
Marketing has other attractions. The level of
personal satisfaction can be high, with appre
ciation coming to each participant. The sense
of “belonging” has strong appeal, too.
MLMs thrive in areas of the country where
people are friendly, like in California and the
South. They don’t do well in the Northeast.
If you’re considering becoming involved in
an MLM, get all promises in writing. Get
information yourself from headquarters and
not from a local dealer. Examine the company
and its products.
Ask yourself: Is this a product I would buy?
Is there a demand for the product? If not, will
the company help create a demand? How
much of the product do I have to keep in
inventory? Less is better, since your money
\vill be tied up in whatever you haven’t sold.
Be wary of companies that charge a high fee
to join. That could be the company's only way
of making money. Talk to other distributors.
Find out if the company has lived up to their
expectations? How long do they have to wait
for payment from the company?
Ask all the questions you can think of This
is the best assurance of a successful venture.
Churchs increasing ownership drive
Continued from page 7/t
and Atlanta. He witnessed the
first African-Americans assume
Churchs ownership and, equally
as important, inspire others by
serving as role models in their
communities.
“Everybody was provided an
opportunity at Churchs. The
company developed an employ
ee-ownership program and I
bad nov(‘r soon such a plan any
where else;." comtiK'nlcd Siplin.
Ten years ago, Siplin set his
sights on ownership and
enrolled in the program and in 1
990, he acquired his first restau
rant.
“The day they called me and
offered that restaurant changed
my entire life,” Siplin explained.
“I was only 17 when I started
working part-time at Churchs
and never
Siplin
thought I
would ever
become a mil
lionaire in my
iifetime.”
Celebrating
28 years with
(' h ii r c h .'J .
Siplin is dis
tinguished
among the 25
percent of
minority franchisees throughout
the country. While he acknowl
edges several positive changes,
some things he says, will always
remain the same.
“We have an image that we
are proud of and people are find
ing out once again that Churchs
really cares,” he concluded.
“Everybody knows where to go
for good southern fried chicken,
peppers and strawberry soda.
Everybody knows they are only
at Clmrchs.”
t’hurchs (’hicken. the world s
second-largest quick service
chicken chain, specializes in
Southern-style chicken and side
items. Churchs has more than
1,200 locations in 26 states and
seven countries worldwide.
How to finance business growth
Continued from page 7A
or line of credit: A good source of
income for your business can be
as close as home - that is, a
home equity loan or line of cred
it or even the refinancing of
your mortgage. Qualifying is
relatively easy, and you can
generally borrow up to 80 per
cent of the equity in your home.
The downside is that you could
lose your home if the business
fails.
• Approach Your Suppliers:
Trade credit from your suppliers
is a short-term source of funds
that is often overlooked by small
businesses. If you’re an estab
lished firm that needs money for
the short term, consider asking
your supplier to ship inventory
or manufacturing materials and
to allow you 60 or 90 days to pay
for them. Savvy suppliers may
be more willing than you expect
- they realize that if you grow,
they will grow too.
• Try the Small Business
Administration: The SBA offers
several categories of loans, most
of which fall under the SBA
Guaranteed Loan Program.
Proceeds can be used as work
ing capital or to purchase inven
tory or equipment.
• Reach For An “Angel:” The
term “angel” is used to refer to a
wealthy individual with excess
cash to invest in new or growing
companies. In addition to pro
viding cash, your angel acts as a
guardian watching over you and
your business. But finding an
angel can be tough. Start by get
ting word out through the help
of lawyers, CPAs, bankers, and
local business people you know.
Bo
Call one of our professional representatives
to help market your business, profession
or event in the publication that produces
results and keeps you in touch.
• StrictlyBusiness, Designed to Profile Minorities in Business
and Minorities Successful Within Majority Corporations.
Healthy Body/Healthy Mind, Designed to Keep You Abreast of
Current Health Issues, Conccrtis and Preventions.
• The Post, Designed and Dedicated to the concerns of
the Black Community.
Call: (704) 376-0496 or Fax: (704) 342-2160 ~
FRAN FARRER
Advertising & Marketing Director
& General Sales
JERI
Assistant Sales Manager
& Automotive Specialist
BARRY
Restaurant Specialist,
StrictlyBusiness,
& Acet. Rep. - York County
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Healthy Body/Healthy Mind
Specialist
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& Circulation Sales
The
BLACK GUIDE
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Focus is still on leadership
Continued from page 7A
Topics include: the black family; oral and written
communications skills; the history of Charlotte;
city and county government, political awareness
and economic development.
Focus on Leadership receives its funding from
the community by having fund raisers throughout
the year and a annual awards banquets honoring
unsung heroes and sheroes in the community.
The group’s annual pool party is planned Sept. -
20, from 8-11 p.m. The affair, “A Last Daze of
Summer Bash” will be at Davis Lake. Tickets are
$6 and can be purchased from any board member. 1
For more information, please call Cynthia Foster 1
at 598-6985 or the Focus on Leadership office 559-
4191 for an application.
The deadline for completed applications is Oct. 
14. The course costs $75.
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SUCCESS 1996
Wednesday,
September 25, i996
CHARLOTTE COLISEUM
CHARLOTTE, NC
8:00am - 5:30pm
Other inspiring thoughts will be shared from:
■ Barbara Bush, Former First Lady & Best Selling Author
■I George Bush, Former United States President
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■ Willard Scott, Television Broadcasting Legend
H Joe Gibbs, Super Bowl Champion Coach
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MONEY GROWS
ON IDEAS
The wonderful thing about doing business
in our socieU' is that ideas are color blind. The
good ones make you money, the great ones
make you rich. At First Citizens Bank we
appreciate the value of good ideas. That's
why we make it our business to provide you
with the financial resources you need to
make your business ideas a reality.
From setting up manufacturing loans
to establishing lines of credit, First Citizens
wants to say "YES' to the plans you have
for growing your business. Because we
believe the only bad idea is not listening
to new ideas.
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first
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You’re Always First. BAJ^