Lillian Pernell started L.E. Pernell & Associates as a sole proprietorship. Her initial product line consisted of management consulting services in areas that Ms. Pernell had personally garnered specific experience while working in different industry situations. Office automation, business application, electric data interchange, and funds transfer were several of her areas of expertise in which her clients expressed an interest.
As is often the case with start-up businesses in general and fledgling consulting enterprises in particular, success is incumbent upon building a revenue base sufficient to maintain business continuity and cover fixed costs as quickly as possible. In 1995, the company’s revenues were slightly below $70,000 and the health of the company was seriously in question. In short, Ms. Pernell needed help.
She had heard about the U.S. Small Business Administration (SBA) and its Business Development Program referred to as the 8(a) Program,... Read More