As a commercial lender, Marilyn D. Landis was exposed to hundreds of entrepreneurs who were talented at developing their product or service but typically lacked the financial expertise needed to run a company. Once the lending industry intensified, analysis of the balance sheet became a pivotal component in credit risk assessment. Landis saw that many small businesses were struggling with understanding advice from different sources – bankers, accountants and insurance agents – and the markets were changing too fast to rely on old conventions. She believed that the entrepreneur needed access to affordable CFO-level skills that were customized to each business.
In 2001, Basic Business Concepts was launched while serving its first client, Hipwell Manufacturing, at the flashlight manufacturer’s offices. Since then, the business model has been refined to include:
- Affordable CFO-level services for either continuous or one-time need without having to hire a professional full-time
- Business Brokerage as a buyer’s agent and listing and selling businesses
- Training services in subjects such as financial, risk management and sales
- One-on-one coaching
- Speeches and seminars
Basic Business Concepts currently serves as a CFO for ongoing clients and a variety of project-oriented clients in over 30 states from nine regional locations. The company, headquartered in Pittsburgh, plans to continue to expand nationally through its growing network of affiliates and subcontractors.