VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/116897
M A R C H 2 5 , 2 0 1 3 / Y O U R b u s i n e s s - t o - b u s i n e s s w e e k ly SPECIAL FOCUS SMALL BUSINESS This month, VEGAS INC highlights Southern Nevada���s small business community. henderson city council failed to see red flags on stadium project CHRIsTOPHER DeVARGAS cobbled together: Jose Leyva re-stitches a leather shoe at Quality Shoe Repair and Luggage. The Henderson shop fixes practically anything: sofas, seat belts, bras. SUCCESS STORIES They might be small business owners, but their achievements are grand By Eli Segall staff writer Building a professional sports arena or stadium without a team committed to play there is practically unheard of. Developer Chris Milam wanted to build four of them ��� and got the Henderson City Council���s full support. There were plenty of red flags when Milam pitched his proposed Las Vegas National Sports Complex, but city officials either failed to recognize them or ignored them. The city eventually sued Milam on fraud charges. As part of a settlement reached earlier this month, he is barred from working on future developments in Henderson. It���s nearly impossible to finance a speculative arena or stadium, let alone a cluster of them as Milam envisioned. Also, the project���s main financier reportedly was a Chinese surveillanceequipment maker, not a well-known stadium construction lender like Goldman Sachs or Bank of America. In the end, no teams committed to see STADIUM, page 21 By VEGAS INC Staff S tarting your own business can be dicey, to say the least. �� Forty-nine percent of all momand-pop operations fail in their first five years. �� But that means more than half succeed. �� Small businesses are far from the majority in the Las Vegas Valley, but thousands of entre- preneurs are making it every day, running ��� and in many cases, growing ��� successful companies. �� Here���s a look at several of them and the secrets of their success: see SMALL BUSINESS, page 18 INSIDE TODAY GUEST COLUMN | P. 6 Brookings fellow examines why Nevada falls short on federal funding TIME TO REFINANCE? | P. 7 Company proposes helping underwater homeowners using eminent domain THE LIST | P. 26 Southern Nevada���s largest employers Making sure it���s secure.��� | DOCUMENT & HARD DRIVE DESTRUCTION 25 MARCH 2013 20130325_VI01_F.indd 1 | 702-25 SHRED 702-257-4733 www.shredit.com/LasVegas 1 3/21/13 2:08:02 PM