“When you first open a restaurant, no one wants to do business with you because they don’t think you can pay your bills,” said Steve Harrison, owner of Las Mecates restaurant in Brownsville. Harrison reviewed the surprises and struggles peculiar to new restaurant owners at an Accion Texas seminar, disclosing the seldom-discussed facts of life concerning restaurant startups. About 25 percent of new restaurants close in their first year, and…
Three times an international conglomerate tried to buy George Ramirez’ company, Polibrid. And three times Ramirez had refused to sell his Brownsville-based industrial coatings business. Over a 30 year period, Ramirez had developed his ‘starter formula’ purchase into successful proprietary formula for solventless protective coatings and made Polibrid an industry leader. “I’m an entrepreneur. If I was a real chemist, I wouldn’t have started Polibrid,” said Ramirez, describing his product…
Start-up companies that need capital for production or marketing can seek funding from angel investors, also known as seed investors. After due diligence and reviewing a company’s valuation, these outside investors are willing to hand over significant sums for a percentage of the company. But how does anyone put a value on a business that is pre-revenue or has only minimal sales and no cash flow? “Valuing a start-up company…
On July 15, Schlitterbahn Beach Resort will open its beachfront hotel and year-round indoor waterpark next to the popular South Padre Island water park. With the hotel and mini-water park, Schlitterbahn expects to extend the busy season for both the resort and the island as whole. The sprawling water park, which attracts up to 5,000 on the hottest days, is already the island’s largest employer. The hotel and indoor park…
When it’s 96 degrees out there, brain freeze seems a small price to pay for the delicious chill of ice cream in your mouth. From traditional ice cream sundaes and raspas to frozen yogurts and Italian ices, everyone in the Valley is willing to wrap themselves around a frozen treat once summer arrives. Be thankful your choices are limitless. Red Mango Frozen Yogurt is the new kid in the Valley…
“Bringing manufacturing back to the U.S. is something that really motivates people,” said James Michael Aiken, CEO of Santana Textiles. In August, Brazil-based Santana is slated to begin producing 15 million meters of denim at its huge plant in north Edinburg. By the time phase IV is completed in 2016, Santana Textiles expects to be manufacturing 60 million meters of denim annually. That will certainly make it the largest denim…
Most employers who participate in job fairs hope to fill specific hourly and salaried positions. Given the number of businesses who participate in job fairs, employers obviously have found the venues beneficial. The event exposes them to a pool of potential employees who might not have known about the business or the job. “A job fair reaches more people,” said Cristina Castillo of ADL Services, a home help agency in…
We are a nation of immigrants. I see my ancestors and yours as courageous and ambitious people who were willing to leave behind the familiar and risk everything to build a life in a new land. In Borderless Economics, British business editor Robert Guest makes the case that everyone benefits from migration: the birth country, the destination country (typically the U.S.) and the immigrant. More than ever before, immigrants maintain…
From the age of eight, Nancy Algrim was fascinated by fabrics and fibers, sewing and weaving baskets from fibers. After earning a Fine Arts degree with a focus on fibers, Algrim arrived in the Valley in 1982 with dreams of opening a boutique in Mission. Lacking the money to buy inventory for a shop, she began teaching art classes while sewing on the side. Her Black Iris Boutique and Gallery…
“We do not have the attitude that all workers comp claimants are frauds. We know the majority are legitimate, and that they want to get back to work full time,” said Eileen Cook, supervisor of the Texas Mutual Insurance claimant fraud unit and an experienced investigator. “We find that folks don’t really like light duty. They want to get back to a full paycheck.” Formed by the State of Texas…