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Volume 3 Issue 6 November/December 2008 - Sunset Gower Studios

Volume 3 Issue 6 November/December 2008 - Sunset Gower Studios

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� Creating a Strong Economy � Promoting Hollywood � Political & Legislative Action � Networking & Promoting Your Business � Assisting the Community HOLLYWOOD BUSINESS ADVOCATE<br />

MEMBER SPOTLIGHT<br />

HOAGIES & WINGS<br />

Hoagies & Wings, founded in 2004 by a Harvard Law graduate Akida<br />

Mashaka and two Cordon Bleu Culinary School Graduates, is an<br />

award-winning quick service restaurant chain with five locations.<br />

Serving original hot sandwiches and chicken wings, Hoagies & Wings<br />

has become a recognized leader in delivery and catering of traditional<br />

Buffalo-style hot wings throughout Los Angeles via their on line<br />

ordering site, GotWings.Com. A portent to his business acumen when<br />

he was a nationally ranked teenage tennis<br />

player, and was always teased about<br />

his chicken-eating habit. According to<br />

his peer players, just give Akida some<br />

chicken and he could win any tennis<br />

match. His like for “chicken eating” was<br />

rekindled when his partners came to him<br />

with the idea of opening a restaurant with a theme base of hot wings;<br />

subsequently the first Hoagies and Wings was launched. The culinary<br />

skills of partners/chefs, Bryan Newell and Jimmy Homsapaya,<br />

enabled Hoagies and Wings to become CitySearch winners in 2004.<br />

Delivery and catering is the primary service for the new Hollywood<br />

outdoor diner location located at 6751 Santa Monica Boulevard.<br />

� Call (323)463-2700 � www.gotwings.com.<br />

CLASSIC HOLLYWOOD GLAMOUR MAKES ITS<br />

MODERN DEBUT WITH THE OPENING OF THE KRESS!<br />

The opening of the Kress, a 38,800 sq. ft., multi-million dollar historically-renovated<br />

dining and entertaining complex, marks Visco<br />

Entertainment Collections official grand entrance into Hollywood.<br />

The Kress is an upscale dining and entertainment venue, which<br />

complements and contributes to Hollywood’s continued revitalization.<br />

The Kress boasts a full-service restaurant led by worldrenowned<br />

Executive Chef Troy N. Thompson with a carefully-crafted<br />

cuisine menu with an Asian influence;<br />

a basement-level lounge, live entertainment<br />

and dance floor; a third level banquet<br />

and event center offering food service,<br />

live entertainment and dance floor; and finally a spectacular<br />

design-driven rooftop lounge with cabanas, a limited food service<br />

menu and a 360-degree view of Los Angeles including the legendary<br />

Hollywood sign. The Kress stepped in to take this historical<br />

masterpiece back to its original 1934 architectural brilliance proudly<br />

maintaining the original 1930’s marble stairway, brass railings,<br />

ornate Italian-designed ceiling and an art deco façade. To honor the<br />

building’s significant Hollywood history, Viscuso commissioned<br />

Frederick’s of Hollywood to design the uniforms for the dancers at<br />

the club. Also, the name The Kress is a homage to the structure’s<br />

original tenant and owner, S.H. Kress and Co. a nationally-recognized<br />

retail chain which operated until 1981.<br />

� Call (323)785-5000 � www.TheKress.net.<br />

IL FORNAIO<br />

Il Fornaio thrives in the tradition of Italy’s trattorias, highlighting the<br />

gorgeous sites, sounds and aromas of authentic Italian cuisine.<br />

Serving award-winning Italian food, Il Fornaio is among the best in<br />

Los Angeles. An array of fresh breads baked<br />

daily from centuries-old recipes is presented to<br />

every table with Il Fornaio’s private label olive<br />

oil and balsamic vinegar. New regional Italian<br />

specials are featured monthly during Festa Regionale. With an event<br />

coordinator on-site to handle all of your needs, our private dining<br />

rooms offer the perfect atmosphere to create the ideal event experience<br />

for your special events and business meetings. Space is limited,<br />

call today to book your holiday event. Winner of the Wine Spectator<br />

Award of Excellence <strong>2008</strong>. Open for lunch and dinner daily.<br />

� 1501 Ocean Ave. Santa Monica � (310)451-7800 � www.ilfornaio.com.<br />

Self-Financing Has Its<br />

Rewards…and Risks<br />

by Richard Krelstein<br />

SCORE Counselor<br />

Loans are a great, affordable way to get a<br />

small business off the ground. But they’re<br />

not for everybody. Personal sources of financing can work just as<br />

well, and may be the entrepreneur’s “Plan B” if attempts to<br />

secure a commercial loan are unsuccessful.<br />

Although self-financing options may give you more control<br />

and flexibility over your start-up capital, special care is essential<br />

to make sure they are used wisely. A misstep puts more than your<br />

small business at risk. It can also endanger the long-term security<br />

of you and your family.<br />

Before you dip into your savings or tap the equity in your<br />

house, make sure you have a realistic plan to meet your existing<br />

obligations, such as mortgage, utility bills, vehicle payments,<br />

insurance, and daily living expenses. Be sure to consider “worstcase”<br />

scenarios, such as a spouse losing his or her job, major car<br />

repairs, or serious health issue. The likelihood of such events may<br />

be remote, but the consequences on your financial security will<br />

be very real if they do occur.<br />

A good preventive measure is to designate certain funds as<br />

“off-limits” for use in your business. Certain retirement accounts<br />

may also be “untouchable” due to the tax consequences and<br />

heavy penalties associated with early withdrawals.<br />

Friends and family members can be good sources for start-up<br />

capital. However, history is full of ruined businesses and personal<br />

relationships because money was not repaid as expected, or the<br />

investor demanded a say in how the business was run.<br />

Even if your benefac-<br />

tors place no conditions on<br />

the money, make sure<br />

everyone clearly understands<br />

how the funds are to<br />

be used; the repayment<br />

terms and amount of inter-<br />

Richard Krelstein<br />

... Make sure everyone<br />

clearly understands how<br />

the funds are to be used<br />

est, if applicable; and what role, if any, contributors will play in<br />

the business. Then, put everything in writing and have all parties<br />

agree to the terms.<br />

Credit cards can also be a source of quick cash for your business,<br />

but low limits and high interest rates usually make them<br />

useful only as a last resort, or as a short-term cash flow bridge.<br />

It’s best to use them only if absolutely necessary, and you have<br />

the ability to pay them down quickly. Otherwise, that debt can<br />

quickly spiral out of control. Also carefully scrutinize equipment<br />

financing offers from retailers and manufacturers. Their terms<br />

may be more restrictive and expensive than credit cards.<br />

To get an insightful, objective look at your small business financing<br />

options, contact SCORE “Counselors to America’s Small<br />

Business.” SCORE is a nonprofit organization of more than<br />

10,500 volunteer business counselors who provide free, confidential<br />

business counseling and training workshops to small business<br />

owners. An experienced, outside perspective can benefit any<br />

small business, which is it’s a good idea to contact SCORE<br />

“Counselors to America’s Small Business. Call SCORE at the<br />

Hollywood Chamber of Commerce (323) 469-8311 today for an<br />

appointment with Richard Krelstein.<br />

CHAMBER BUSINESS BENEFIT<br />

providing useful information to our members<br />

hollywoodchamber.net � 13

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