An increasing number of chemists are leaving industry before their normal retirement date. They may leave because they were forced to leave, or because they were offered an enhanced severance package in exchange for voluntary termination, or they voluntarily terminated their employment for personal reasons. Some may find new positions in industry; but for many, the factors leading to their termination will keep them from traditional employment. Some chemists have used such terminations as an opportunity to start a small chemical business. The objective is often to grow the business and then sell it to a larger company. Others do not have the entrepreneurial skills or spirit to start and grow a business, but wish to work as a solo practitioner much as some attorneys, dentists, physicians, and psychologists do. The solo practice is likely only a consultancy also though some may provide limited laboratory services. The objective for the first part of this workshop is to provide guidance to prospective and new solo practitioners on the nuts-and bolts-business aspects of such endeavors.

While starting a business can be an exciting yet perplexing time. The second part of this workshop will deal with the early and important decision on the type of legal structure you select for your company. Not only will this decision have an impact on how much you pay in taxes, it will affect the amount of paperwork your business is required to do, the personal liability you face and your ability to raise money. Another early stage decision is the selection of a name for the company, the products, and the services. Lastly, there are several early stage agreements that are critical to protect goodwill and assets of the company. These and other topics of interest to the new entrepreneur will be discussed.

No business can survive without sales of its products and/or services. This is certainly true of the new small chemical business where the chemist turned entrepreneur may well have gone from the security of a paycheck to the uncertainty of the marketplace. The first dollar of sales may come easier than expected. It may come from a former colleague or boss who is a position to buy your product or retain you as a consultant. The harder part may be getting the additional sales dollars to cover your start-up costs and hopefully provide a profit. More particularly the third and final part of this workshop will focus on sources of sales revenue for the chemist just starting out in consulting or other service areas.

There will be a question-and-answer session at the end of the workshop.