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Room for Political Debate

I am dumbfounded at your awarding Mark Sanford one out of four stars in your ranking of governors who are friendly to small business ["Rating the Governors," October]. For more than 21 years, our family business has flourished in South Carolina, but never before Sanford's election have we seen such quick and pervasive positive change in the business atmosphere. Sanford has shown himself to be an ally of entrepreneurs with his stands on tort reform, tax reform, and workers' compensation.

Evelyn Reis Perry
President
Carolina Sound Communications
Charleston

Your one-star ranking of Governor Mark Sanford was way off base. Governor Sanford has been an outstanding leader on vital small-business issues. Under his leadership, South Carolina last year adopted comprehensive tort reform, something you failed to mention in your story. Sanford also oversaw a significant jobs-credit package, which lowered the annual eligibility threshold from 10 jobs to two. Furthermore, last year's small-business tax cut was a milestone victory that would not have happened under different leadership. The governor is also campaigning for badly needed workers' compensation reform and better fiscal responsibility. That is why NFIB members have endorsed Governor Sanford for a second term.

Jay W. Ragley
South Carolina State Director
National Federation of Independent Business
Columbia, South Carolina

Mark Sanford is the only South Carolina governor who has made positive changes in my lifetime. I don't know where the heck you people get off giving him just one little measly star. C'mon, y'all!

M.J. Dustin Hall
Logistics Coordinator
La Maison Décor
Travelers Rest, South Carolina

You gave governor Janet Napolitano of Arizona four out of four stars? You've got to be kidding me. You praise her for her tax cuts and tax credits as well as her tough stance on border control. Those measures were brought about by Arizona's conservative Republican congress. Napolitano repeatedly vetoed efforts to lower state income taxes and property taxes. She also vetoed legislation that would have given local and state police the power to detain illegal immigrants.

Bret Summers
Tucson

I applaud governors Kathleen Sebelius of Kansas, Janet Napolitano of Arizona, and Arnold Schwarzenegger of California, each of whom have found a way to work with legislatures that are dominated by another political party. However, my governor, Bill Richardson, who has a compliant Democrat [sic] legislature, doesn't deserve four stars. Others paved the way for many of the things Richardson takes credit for. Though he's done some things for business, he has also raised other taxes.

This election year, he spent millions of dollars on his campaign, despite the fact that the guy he's running against has absolutely no chance of winning. I voted for Richardson in 2002. I won't in 2006.

R.D.B. Laime
Albuquerque

Looking to Heavin

Gary Heavin, founder of Curves, inspires like a month of Sundays ["Gary Heavin Is on a Mission From God," October]. His commitment to improving women's health is refreshing and motivating. And it's impressive that he can simultaneously earn a profit. Your article about Heavin has me actually looking forward to the buzz of my alarm clock. I want to benefit people's lives through my business too.

Dr. Ken Gibson
Founder and CEO
LearningRx
Colorado Springs, Colorado

I am rather disappointed that you chose to write about Gary Heavin from a religious angle, even calling him "inspirational." Curves, as a business, may have been interesting on its own, but the Bible, which Heavin claims to read every morning in order to set his priorities, is clear on the role of women: "Let a woman learn in silence with all submissiveness. I permit no woman to teach or to have authority over men." It is ironic that the editor of Inc., the author of the article, and Mr. Heavin's customer base are all female.

Thanos Diacakis
Boulder, Colorado

Don't Speak

I agree with columnist Leigh Buchanan--unnecessary chatter in meetings is awful ["Silence Is Golden," October]. One company I worked for, however, actually changed how meetings were done. We would submit discussion topics prior to the meeting. Then, the day before the meeting, we would get the agenda. We'd stick to the agenda and often get out of the meeting early. We also agreed as a group that if you didn't have anything to say, you didn't say anything. It really worked.

Bryan R. Peifer
Manager
A & D Home Health Solutions
Ashley, Ohio

Rehashing the Numbers

Without knowing the value of the company's property, it is hard to tell if $2 million is a solid price for the company that makes sound isolation booths [Business for Sale, September]. The price appears to be high, since there would be little to no cash flow left after servicing debt. That said, the company's extensive process manuals do add significant value. If done properly, they will be invaluable to any new owner.

I would caution the seller against building while selling. It typically takes three to five years for cash flow to catch up after an expansion. By building a new facility, you may actually be hurting the value of the business because initial cash flow is actually lower. This is a great example of why business owners should create an exit strategy long before selling.

Chris Kapenga
Partner
Acquisition Business Advisors
Milwaukee

That's a lot of risk for $92,216 in EBITDA and $80,000 of owners' compensation. At a $2 million price tag, that's only an 8.6 percent return on investment. To create value, a buyer would have to increase revenue very quickly, which would likely require a highly skilled management team, and possibly plunk down even more money to fund that growth.