How to create a winning business plan

If you are creating a short business plan to enter in the Miami Herald Business Plan Challenge or to send to an investor, how do you make your plan stand out from the pack?

With the March 11 deadline for the Challenge looming, our judges, all very experienced in business planning and capital-raising, have some advice for you on writing a plan, whether you are starting your very first business or are a serial entrepreneur. “You have a short space, we get a stack of these, you have to grab our attention from the start,” Melissa Krinzman told the audience Tuesday night at our Business Plan Bootcamp at Miami Dade College. So let’s get started.

Krinzman, a veteran Challenge judge and managing director of Venture Architects, which helps companies with business planning and the capital-raising process, moderated a panel that included Richard Ginsburg, a former CEO of electronic security companies and co-founder of G3 Capital Partners, a mid-market and early stage investment company; Steven McKean, founder and CEO of Acceller, a 13-year-old Miami-based tech company in the business of customer acquisition for phone, cable and satellite companies, and a Challenge judge; and Mike Tomas, CEO of Miami-based Bioheart, president of ASTRI Group, an early-stage private equity investment group in the healthcare space, and a Challenge judge in the FIU Track.

According to the panel, a short business plan should always include:

•  A strong opening statement: “We want to know what it is you actually do. If we have to keep guessing we don’t want to keep reading. Action verbs are important: Do you manufacture, do you sell, do you create. Be specific,” said Krinzman.

•  The problem you are solving in the marketplace: Also include how your solution is better than the competition. And don’t say you don’t have any competition; directly or indirectly, there is always competition.

•  How you plan to make money: This may seem obvious but it is surprising how many entries expend all their space on explaining their product or service and its awesome features and forget to include this. Are you a subscription-based model, are you selling a product nationally or locally. Tell us.

•  Sales and marketing: If you are already on the market, briefly tell us your marketing strategy and your customers. If you don’t have customers yet, who do you think they will be and how will you market to them?

•  Team: No need for long bios here — include relevant experience for you and members of your team.

“Include why you have the right management team and why we should bet on you,” said Tomas. What particularly impresses an investor, he said: relevant industry experience, if you’re a serial entrepreneur and been there before and if you have people around you that are stronger than you are.

The panelists also talked about their vast capital-raising experiences, as both entrepreneurs and investors. “I have been raising money my entire life, you never stop,” said Tomas. “To me the most important component is networking — go to as many events as you can and get to know folks… Some of the best leads I got for raising funds were from folks who have never written a check.”

All mentioned looking for investors that can offer more than a check — expertise in your industry, connections, management experience. There’s value even if the answer is no.

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Florida class-action case takes aim at Citizens’ reinspection program

Thousands of Florida homeowners buffeted by higher windstorm premiums have sued state-run Citizens Property Insurance Corp. to recover potentially hundreds of millions of dollars in “back-door” rate increases driven by “arbitrary” reinspections of their residences.

The proposed class-action lawsuit, filed in Broward Circuit Wednesday, aims to halt Citizens’ reinspection program, claiming it has illegally stripped discounts from homeowners who had earned them under a 2007 inspection program approved by the Florida Legislature. Their original inspections were supposed to be valid for five years.

But in 2010, Citizens violated the due-process rights of homeowners, who had submitted official inspection forms, by arbitrarily reinspecting their properties to boost lost revenue that the agency could not generate lawfully through premium hikes, the suit said.

Lawyers who filed the suit, whose class representative is a Broward homeowner, said Citizens violated the due-process rights of its policyholders, costing each higher premiums averaging upwards of $1,000 — and possibly more — a year.

The collective cost to homeowners throughout Florida exceeds more than $100 million, said attorney Todd Stabinksi, whose Miami law firm, Stabinksi & Funt, filed the suit with Farmer, Jaffe of Fort Lauderdale and Kula & Samson of Aventura. They gathered Thursday for a press conference outside the West Broward County Courthouse in Plantation.

“Citizens got the benefit of lowering their risks, but Citizens’ policyholders did not get the benefit of lower premiums,” Stabinski said. “It should have been a mutually beneficial bargain.”

Consumer advocates have accused Citizens of using the reinspection program to impose “massive” rate hikes on homeowners. Citizens has denied the charge, saying that it is simply trying to get accurate information about the homes it insures.

“Since at least 2010, Citizens has used a wind mitigation reinspection program to systemtically deprive policy holders of legitimate wind mitigation credits,” said a nonprofit group, Florida Association for Insurance Reform, which praised the legal action.

A spokesperson for Citizens said the company has been operating under the law, and that the reinspections came after regulators changed the mitigation criteria. “Our position is Citizens’ reinspections were conducted under statutory authority afforded any insurer to verify, at the insurer’s expense, the accuracy of inspection reports submitted for a mitigation discount,” said spokesman Michael Peltier.

Discontent has been widespread among Citizens’ policyholders, who spent large sums of money on roof, window and other upgrades to earn windstorm mitigation discounts while protecting their homes against potential hurricane damage. In response, Citizens unveiled major changes to its home reinspection program last August, after consumers expressed outrage over media reports about a staggering $137 million in premium increases generated by the unpopular program.

Under its new plans, homeowners who lose insurance discounts because of a reinspection can receive a second inspection free of charge. They will have new tools to dispute the findings of the first reinspection. That decision could impact more than 200,000 property owners, who have already seen their premiums go up by an average of about $800 after the initial reinspection.

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Don’t get too personal on LinkedIn

Have you ever received a request to connect on LinkedIn from someone you didn’t know or couldn’t remember?

A few weeks ago, Josh Turner encountered this situation. The online request to connect came from a businessman on the opposite coast of the United States. It came with a short introduction that ended with “Let’s go Blues!” a reference to Turner’s favorite hockey team in St. Louis that he had mentioned in his profile. “It was a personal connection … that’s building rapport.”

LinkedIn is known for being the professional social network where members expect you to keep buttoned-down behavior and network online like you would at a business event. With more than 200 million registered users, the site facilitates interaction as a way to boost your stature, gain a potential customer or rub elbows with a future boss.

But unlike most other social networking sites, LinkedIn is all about business — and you need to take special care that you act accordingly. As in any workplace, the right amount of personal information sharing could be the foot in the door, say experts. The wrong amount could slam it closed.

“Anyone in business needs a professional online presence,’’ says Vanessa McGovern, the VP of Business Development for the Global Institute for Travel Entrepreneurs and a consultant to business owners on how to use LinkedIn. But they should also heed LinkedIn etiquette or risk sending the wrong messages.

One of the biggest mistakes, McGovern says is getting too personal — or not personal enough.

Sending a request to connect blindly equates to cold calling and likely will lead nowhere. Instead, it should come with a personal note, an explanation of who you are, where you met, or how the connection can benefit both parties, McGovern explains.

Your profile should get a little personal, too, she says. “Talk about yourself in the first person and add a personal flair — your goals, your passion … make yourself seem human.”

Beyond that, keep your LinkedIn posts, invitations, comments and photos professional, McGovern says.

If you had a hard day at the office or your child just won an award, you may want to share it with your personal network elsewhere — but not on LinkedIn.

“This is not Facebook. Only share what you would share at a professional networking event,” she says.

Another etiquette pitfall on LinkedIn is the hit and run — making a connection and not following up.

At least once a week, Ari Rollnick, a principal in kabookaboo, an integrated marketing agency in Coral Gables, gets a request to connect with someone on LinkedIn that he has never met or heard of before. The person will have no connections in common and share no information about why they want to build a rapport.

“I won’t accept. That’s a lost opportunity for them,” Rollnick says.

He approaches it differently. When Rollnick graduated from Emory with an MBA in 2001, he had a good idea that his classmates would excel in the business world. Now, Rollnick wanted to find out just where they went and reestablish a connection.

With a few clicks, he tracked down dozens of them on LinkedIn, requested a connection, and was back on their radar. Then came the follow-up — letting them know through emails, phone calls and posts that he was creating a two-way street for business exchange. “Rather than make that connection and disappearing , I let them know I wanted to open the door to conversation.”

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Drivers line up for $2.27 gas at the Finish Line in Sweetwater

Hundreds of cars were backed up for more than four blocks waiting for gas Wednesday at the Finish Line in Sweetwater.

Drawing the crowd: a special promotion at the gas station and convenience store on 109th Avenue and West Flagler Street.

Drivers started lining up at 5 a.m. to pay a cash price of $2.27 per gallon, close to a 50 percent savings.

The promotion was part of the “14 Days of Neighborly Love,” an event hosted by Miami-Dade Commissioner Jose “Pepe” Diaz. It started on Valentine’s Day and ended Wednesday.

Miami-Dade residents were able to take advantage of other services and goods at a discount or for free, such as tax preparation, marriage counseling, car washes, and free SunPass transponders.

Finish Line owner Tony Cuevas and Roly Ramirez, owner of Doral Collision Center and Exclusive motoring, sponsored the $2.27 gas on the event’s opening and closing day.

“We’re very grateful for the success that we have,” Ramirez said. “I always give back in some way or another.”

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Homestead, farmer look to settle lawsuit with Air Force

The Homestead City Council met Monday night to discuss settling a lawsuit that the U.S. Attorney’s Office filed on behalf of Homestead Air Reserve Base against the city and a family farm near the base.

For decades, the city has struggled to find a balance between property owners’ rights and base officials’ safety concerns. The lawsuit, filed in 2011, alleged that the city had ignored safety restrictions after it allowed Alger Farms to develop residential units near the end of the base’s runway.

Alger Farms President John Alger said he had no intention of building the residential units or selling the property to developers. But Air Force officials were concerned the city was putting lives at risk since Alger Farms lies in the flight paths of F-16s, F-15s and other warplanes that pass 750 feet overhead while coming in for a landing.

“We have no immediate desire for development,” said Alger, a third-generation farmer. “But the development rights allow us to preserve a hypothetical value that can be used for collateral.”

City restrictions established in 2010 limit development in an area of Homestead that the Air Force calls “the accident potential crash zone.”

Councilman Stephen Shelley said this week he worked on a settlement agreement that respects the safety restrictions.

“The settlement will benefit all of the parties involved,” Shelley said. “The solution is so simple. I’m not sure why we didn’t think of it before.”

Shelley said the deal would allow Alger to transfer his development rights to another property he owns that is not in the danger zone.

The U.S. Attorney’s Office filed the lawsuit after the city allowed Alger Farms to build one residential unit per five acres. This translated into 48 housing units in Alger’s 240 acres. The new proposal would allow Alger to transfer the right to build those units to another tract he owns in the city.

The other site “is not the greatest place for homes, but I still have this value,” Alger said.

With the new deal, Alger would have the right to build 55.4 units on a 37-acre property, because he would have the 7.4 units inherent to the 37 acres and the 48 units transferred. Shelley said there would not be a density issue.

“We clustered the density into an area that is not compromising the safety and it’s much less dense than what’s adjacent to it,” Alger said.

Alger’s grandfather, Mason W. Alger, started farming the land in 1934, and in 1942 military planes started taking off and landing at the base nearby. Alger’s father, Richard Alger, and his grandfather purchased land from South Dade farms in the late 1950s. They now grow sweet corn, snap beans, and trees for landscaping.

The base is home to units of the Air Force Reserve Command, Florida Army National Guard, Florida Air National Guard, U.S. Customs and Border Protection, U.S. Coast Guard, and Special Operations Command South.

When Alger found out that the restrictions affected his land, he thought the U.S. Constitution and Florida’s Bert J. Harris Act, which passed in 1995, protected him. The act allows property owners to seek remedies against government regulations causing an "inordinate burden."

But the U.S. Attorney’s lawsuit questioned the existence of Alger’s development rights. Before the council granted Alger Farms the right to build the residential units, city staff and city attorneys said Alger Farms didn’t have any development rights in the first place, because it lost them after annexation into the city in 1996. Alger disagreed.

“It’s an asset,” Alger said. “The federal government was asking me to devalue an asset without compensation.”

Alger said he is in agreement with the settlement that Shelley is proposing. Now he hopes that military officials will be in agreement too.

The settlement the council discussed Monday night will come up for a final vote within the next month or so, Shelley said.

“My family is very anxious to get our name off that lawsuit,” said Alger. “Imagine that your government is suing you because you want to preserve your rights. So I can spend money paying my lawyers while my government uses my own money to pay for their lawyers.”

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Miami medicine goes digital

About 10 years ago, Dr. Fleur Sack quit her practice as a family physician to become a hospital department head. Spurring her decision was the need to switch from paper records to electronic ones to keep her private practice profitable. “At that time, it would have cost about $50,000,” Dr. Sack recalled. “It was too expensive and it was too overwhelming.”

But times and technologies changed, and last year, Dr. Sack left her hospital job to restart her medical practice with an affordable system for managing electronic patient records. She agreed to a $5,000 setup fee and a subscription fee of $500 per month for the system. Her investment also qualified her for subsidy money, which the federal government pays in installments, and to date, her subsidy income has paid for the setup fee and about two years of monthly fees. “So far, I’ve got my check for $18,000,” she said. “There’s a total of $44,000 that I can get.”

That kind of cash flow is one reason why so-called EHR software systems for electronic health records have been among the hottest-selling commercial products in the world of information technology. EHR system development is a growth industry in South Florida, too. Life sciences and biotechnology are among the high growth-potential sectors identified by the Beacon Council-led One Community One Goal economic development initiative unveiled in 2012; already, the University of Miami has opened a Health Science Technology Park while Florida International University has launched a program in its graduate school of business oriented toward biotechnology businesses.

For many young businesses in the area’s IT industry, government incentives are paving the way. The federal government is pushing doctors and hospitals to use electronic health records to cut wasteful spending and improve patient care while protecting patient privacy — sending digital information via encrypted systems, for example, rather than regular email.

Under a 2009 federal law known as the HITECH Act, maximum incentive payments for buying such systems range up to $44,000 for doctors with Medicare patients and up to $63,750 for doctors with Medicaid patients. Hospitals are eligible for larger incentive payments for becoming more paperless. The subsidy program isn’t permanent; eligible professionals must begin receiving payments by 2016. But by then, the federal government will be penalizing doctors and hospitals that take Medicare or Medicaid money without making meaningful use of electronic health records.

“What the government did is, they incentivized, and now they’re going to penalize,” said Andrew Carricarte, president and CEO of IOS Health Systems in Miami, one of the largest South Florida-based vendors of online software service for physician practices. He said insurance companies also may start penalizing physicians for failing to adopt electronic health records because “the commercial payers always follow Medicare and Medicaid.”

It’s all part of the growth story at IOS Health Systems, which has more than 2,000 physicians across the nation using its online EHR system. Carricarte said many of the company’s customers buy their second EHR system from IOS after their first one flopped. “Almost 40 percent of our sales come from customers who had systems and are now switching over to something else,” he said.

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South Beach Wine & Food Festival changes Miami's culinary scene, impacts economy

For Miami restaurateurs, this is Showtime.

With dozens of top chefs — Bobby Flay, Todd English, Daniel Boloud and Masaharu Morimoto among the list — in town for the South Beach Wine & Food Festival, the pressure is on everywhere, from Michy’s to the new Catch Miami. The goal: Show everyone from around the country that Miami’s food scene has arrived on the national stage.

Chef Michelle Bernstein’s staff whipped up dishes designed to impress guests at Michy’s — like foie gras, oxtail and apple tarte tatin — while she juggled menus for multiple events. Bernstein kept her cellphone handy to make sure any chef friends could get a table, even though her namesake restaurant was sold out.

As always, Joe’s Stone Crab was a must-do stop for many, including Paula Deen and New York restaurateur Danny Meyer. Aussie Chef Curtis Stone attracted a string of admirers as he ate his way around town, with stops at Prime 112, Pubbelly Sushi and Puerto Sagua. Khong River House and Yardbird Southern Table & Bar hosted Meyer, The Food Network’s Anne Burrell and Chef Anita Lo.

Michael’s Genuine was another hot spot.

“This is kind of our coming out party for Khong and it’s our chance to knock it out of the park and wow people,” said John Kunkel, owner of Khong and Yardbird.

Prime 112 owner Myles Chefetz admits he’s a fanatic about checking plates when they come back from a chef’s table. And he’s always on the lookout for the table ordering 20 different items, because that’s usually a restaurateur doing research.

“If you have Jean-Gorges or Bobby Flay eating at your restaurant, you want to make sure he has a great experience,” Chefetz said. “You want to put your best foot forward because you know you’re going to get scrutinized.”

The Food Network South Beach Wine & Food Festival is not just a forum for impressing the culinary elite. It’s among the top three tourist draws for Miami restaurants and hotels. In its 12th year, the festival draws more than 60,000 people to Miami Beach for a weekend of decadence, featuring more than 50 events spread over four days.

It is neck and neck with two of the area’s other most prominent weekends: Art Basel and Presidents’ Day (which coincides with the Miami International Boat Show).

There’s the immediate economic impact, of course, but the festival has made its mark in other ways: helping transform Miami’s food scene from a cultural wasteland to one of the country’s hot spots, one where top chefs all want to set up shop.

“Twelve years ago I don’t know if you could even name five really good restaurants. Now, you can’t think of where you want to eat because there are so many good restaurants,” said Lee Brian Schrager, festival founder and vice president of communications for Southern Wine & Spirits, its host. “What the festival can take credit for is introducing the culinary world to the great talent down here, and really highlighting South Florida as a great dining destination.”

There has been plenty of indulgence to go around. Flay finally broke his losing streak and took home top honors at the Burger Bash with his award-winning crunchified green chili burger. At the Q, barbecue lovers had their choice of Al Roker’s lamb ribs with baked beans or Geoffrey Zakarian’s smoked tagarashi crusted tuna, among other offerings.

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South Florida hospitals could lose $368 million from sequestration

A detailed survey shows that South Florida hospitals could lose $368 million over 10 years in federal budget cuts starting next Friday, if the sequestration program kicks in as scheduled.

The Florida Hospital Association, using data from the American Hospital Association, estimates that over the next decade, sequestration would cause Miami-Dade hospitals to lose $223.9 million and Broward facilities $144.4 million under the Congress-mandated budget cuts that hit virtually all federal programs unless Republicans and Democrats can work out a compromise.

The New York Times and other national news organizations are reporting that sequestration, unlike the New Year’s fiscal cliff, seems virtually certain to take place.

The law requires across-the-board spending cuts in domestic and defense programs, with certain exceptions. Because healthcare represents more than one in five dollars of the federal budget, it will be a huge target for cuts.

For hospitals and doctors, the major impact will be felt in Medicare cuts, which according to the budget law are limited to 2 percent of Medicare payments. Medicaid, food stamps and Social Security are exempted from cuts, according to the Bipartisan Policy Center.

The FHA study calculates that over 10 years, Jackson Memorial Hospital stands to lose $30.6 million, Mount Sinai Medical Center on Miami Beach $27.3 million, Holy Cross in Fort Lauderdale $23.8 million and Memorial Regional Hospital in Hollywood $21.4 million.

“The problem with sequestration is that it just makes broad cuts across the board,” said Linda Quick, president of the South Florida Hospital and Healthcare Association. “The Affordable Care Act is looking at all sorts of intelligent ways to reduce costs,” including coordinated care that will stop duplicated tests and reduce hospital readmissions. “But sequestration takes an ax, and that doesn’t make any sense.”

FierceHealthcare, which produces trade publications, says sequestration cuts over the next decade will include $591 million from prescription drug benefits for seniors, $318 million from the Food and Drug Administration, $2.5 billion from the National Institutes of Health, $490 million from the Centers for Disease Control and $365 million from Indian Health Services.

The National Association of Community Health Centers estimates that 900,000 of its patients nationwide could lose care because of the cuts. The group said the cuts were “penny wise and pound foolish” because they would mean less preventive care while more and sicker patients would end up in emergency rooms.

Like the fiscal cliff, Republicans and Democrats agreed on a sequestration strategy, with the idea that the drastic measure would force the two sides to reach agreement on more deliberative budget adjustments. That hasn’t happened.

The White House reports that the law will mean that nondefense programs will be cut by 5 percent, defense programs by 8 percent. But since the first year’s cuts must be done over seven months, that means in 2013, nondefense programs need to be cut by 9 percent, defense programs by 13 percent.

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Miami Springs hotel makes Top 10 list

The Comfort Suites Miami Airport North, just over a year old, is winning praise.

The 102-suite hotel, at 657 Minola Dr. in Miami Springs, was named one of the top 10 airport-adjacent hotels in the nation by TripAdvisor.

The hotel earned its seventh-place showing thanks to reviews by travelers. The travel site said the list was based on the most highly rated hotels within two miles of major airports in the United States.

Comfort Suites, which opened in November of 2011, was lauded by reviewers for its free breakfast buffet, 42-inch high-definition TV sets and heated outdoor pool. The hotel also offers free parking and free shuttle service to and from the airport.

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IKEA to open in Sweetwater in 2014

IKEA announced that it has hired a contractor to build its Miami store and is on track for opening in Summer 2014.

Balfour Beatty Construction will oversee construction of the IKEA store to be built in Sweetwater on land adjacent to Dolphin Mall, located at the intersection of State Road 836 and Florida’s Turnpike.

The Swedish retailer known for its cheap, chic home furnishings is awaiting a building permit from the city of Sweetwater and expects to break ground within the next two months. The 417,000-square foot store would become the largest of IKEA’s four Florida locations.

The retailer has been looking for a site in Miami for nearly a decade. But the challenge has been finding a big enough piece of land with the kind of central location and highway frontage that IKEA requires. IKEA already has a store in Sunrise.

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Health Foundation gives $1.8 million

Health Foundation of South Florida announced Tuesday the awarding of grants worth a total of $1.8 million to 21 organizations.

Among the awards in Miami-Dade were $197,000 to the Miami-Dade County Health Department, $200,000 to Open Door Health Center, and $107,000 to the University of Miami. Other Dade grants included $20,000 to the Banyan Community Health Center, $45,000 to Centro Mater Child Care Services, $230,000 to the Chapman Partnership, $51,000 to CHARLEE of Dade County, $75,000 to Farm Share and $60,000 to the Miami Dade College Foundation.

In Broward County, grants included $96,300 to Archways, $120,000 to Boys & Girls Club of Broward County and $150,000 to the Broward County Health Department.

In Monroe County: Rural Health Network of Monroe County received $130,000.

The foundation has awarded more than $98 million in grants and support since 1993.

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Best photo apps for Android devices

Whether you want to slap a simple filter on your photo or get granular and change attributes like color levels and saturation, we’ve got a list of the Android apps you’ll want to use.

Snapseed

The good: With its unique gesture-based interface, this offers an incredible level of control over its effects and filters.

The bad: The tools and interface aren’t intuitive, so it could take a while to get familiarized. Also, the lack of a zoom function makes it difficult to see finer adjustments.

The cost: Free

The bottom line: If you’re a serious mobile photographer looking for an app with which to fine-tune your photos, Snapseed is your best choice.

Pixlr Express

The good: Offers more than 600 effects that all work well and are easy to use. Auto Fix and Focal Blur (tilt-shift) are particularly effective.

The bad: The app doesn’t warn you before backing out, which can result in lost work. A Recent Files picker upon launch would be nice.

The cost: Free

The bottom line: One of the most powerful Android apps in its category. Despite its minor flaws, it should be your go-to mobile photo editor.

Instagram

The good: An excellent way to turn mundane images into cool-looking photos you can share with friends. Mapping features mean people can easily browse all your geotagged shots.

The bad: Photo Map features default to showing all your geotagged shots, which could be dangerous under some circumstances.

The cost: Free

The bottom line: If you like taking retro-looking shots and sharing them, Instagram is tough to beat. Mapping features and frequent updates to the app mean your pictures will have a longer browsing life span.

Photo Grid

The good: Offers a huge menu of grid templates and a dead-simple interface for combining photos into framed collages.

The bad: The app unfortunately doesn’t let you customize the thickness of collage borders or the level of curvature on rounded panels.

The cost: Free

The bottom line: Even though it’s missing a couple of nifty customization tools other collage apps have, Photo Grid’s simple interface and outstanding menu of predesigned grids make it the best collage app on the market.

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Florida reports record visitor numbers for 2012

A record 89.3 million people visited Florida in 2012, according to an estimate released Monday by Visit Florida.

The state’s official tourism marketing corporation said the total was a 2.3 percent increase over 2011, the last record-breaking year.

Overseas visitors, while not the majority of tourists, showed the greatest growth, increasing by 9 percent to 10.2 million people. The number of Canadian tourists increased by 7.3 percent to 3.6 million. Domestic tourism increased by 1.2 percent.

The number of direct travel-related jobs increased to 1.03 million in 2012, according to Visit Florida.

In the fourth quarter of the year, about 21.4 million people visited the state, a 1.8 percent increase over the last three months of 2011.

Hannah Sampson

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NBA’s best player (LeBron James) isn’t best-paid

HOUSTON --
When LeBron James walks onto the court for Houston’s NBA All-Star Game Sunday, he’ll do so as the undisputed king of his sport.

Named the league’s most valuable player three times in the past four years, James is once again dominating the NBA and most likely headed for his fourth MVP award — two fewer than Michael Jordan — with presumably a long career still ahead.

But while James is the most valuable player in the NBA, he’s nowhere close to being the league’s highest paid. Of the 10 players voted into the starting lineup of Sunday’s All-Star Game, five earn more than James, whose salary for this season ranks 13th in the NBA.

James’ decision a while back to “take my talents to South Beach” was a case of trading dollars for victories. The league caps what teams can spend on salaries.

The bimonthly checks cut by team owner Micky Arison this year will equal a bargain come season’s end: $17,545,000.

Kobe Bryant of the Los Angeles Lakers, the league’s highest-paid player, will earn about $10 million more than that this season.

James understands he’s underpaid in the purest sense, but he also understands reality: He makes obscene amounts of money playing a game. Super-rich athletes who gripe about money seldom get much sympathy — witness the outpouring of scorn when golfer Phil Mickelson recently complained that increased taxes on high earners, coupled with California’s high tax rates, might force him to make “drastic changes” in his playing schedule.

James also makes a fortune in endorsements, from companies ranging from Nike to Sprite to Samsung to Dunkin’ Donuts.

Still, the obvious question remains: Considering not only James’ impact on the Heat, but also his overall contribution to the entire NBA, how much money could James command on the open market if there were no league-imposed economic constraints?

“Per year, if there were no salary-cap restrictions, I think he’s worth well over $100 million, easy,” said Shane Battier, the Heat’s heady forward and former Duke University schoolmate of Heat CEO Nick Arison.

That’s $100 million per year.

It’s an audacious and historic number, but considering James’ recent run of play, it’s not complete fantasy. James is performing at a historic level of excellence. After thoroughly wiping the court in Oklahoma City on Thursday, scoring 39 points, pulling down 12 rebounds and dishing out seven assists, James has scored at least 30 points in seven straight games.

The last player to accomplish that feat going into the All-Star break was Wilt Chamberlain back in 1963.

“This guy, LeBron James, he’s doing stuff that I’ve never seen,” said Hall of Famer Charles Barkley on Thursday night during TNT’s Inside the NBA. “He’s on another planet.”

Considering Barkley’s sharp criticism of James in the past, not to mention his history of going head-to-head with Michael Jordan during both men’s prime, that’s high praise.

But a market value of $100 million?

“Really, it boils down to the ego of an owner,” Battier said. “A lot of owners would pay just to have LeBron James on their team. I can think of a couple that would pay him, easily, nine figures per year.”

According to one numbers cruncher — John Vrooman, an economics professor at Vanderbilt University — Battier’s figure is an overestimation of James’ worth by about $60 million. Here is how his math works: Vrooman used an advanced metric known in the sports world as “win-share,” which assigns a number to each player on a team based on his contributions, both offensively and defensively, for a season. Last season, when James led the Heat to the championship, he had a win-share value of 14.5, which translates to 31.5 percent of the 2011-12 Heat’s 46 regular-season wins.

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Sign up for Feb. 21 Miami Herald Small Business Forum

Prepare your best pitch for the Miami Herald’s Small Business Forum, Feb. 21 at the south campus of our sponsor, Florida International University.

In addition to how-to panels and inspirational stories from successful entrepreneurs, our annual small business forum will include interactive opportunities with experts to learn about financing options and polish your personal and business brands.

During our finance panel, audience volunteers will be invited to explain their financing needs to the group. During our box-lunch session, they will be invited to pitch their business or personal brand to our coaches.

Those who prefer just to listen will be treated to a keynote address by Alberto Perlman, co-founder of the global fitness craze Zumba. Panels include success stories from the local entrepreneurs who founded Sedano’s, Jennifer’s Homemade and ReStockIt.com; finance tips from experts in small business loans, venture capital, angel investments and traditional bank loans; and insiders in the burgeoning South Florida tech start-up scene.

Plus, it’s a real bargain. $25 includes the half-day seminar, continental breakfast and a box lunch.

Register here.

Program

8 a.m.

Registration and continental breakfast, provided by Bill Hansen Catering

8:30 a.m. Welcome

Host: David Suarez, president and CEO, Interactive Training Solutions, LLC

•  Jerry Haar, PhD, associate dean & director, FIU Eugenio Pino and Family Global

Entrepreneurship Center

•  Alice Horn, executive director, Network for Teaching Entrepreneurship (NFTE South Florida)

•  Jane Wooldridge, Business editor, The Miami Herald

Miami Herald Business Plan Challenge Overview:

•  Nancy Dahlberg, Business Plan Challenge coordinator, The Miami Herald

8:45 a.m. Session I – Success Stories

Moderator: Jerry Haar, PhD, associate dean & director, FIU Eugenio Pino and Family Global

Entrepreneurship Center

Speakers:

•  Jennifer Behar, founder, Jennifer’s Homemade

•  Matt Kuttler, co-president of ReStockIt.com

•  Javier Herrán, chief marketing officer, Sedano’s Supermarkets

10 a.m. Session II – All about Tech

Moderator: Jane Wooldridge, Business editor, The Miami Herald

Speakers

•  Susan Amat, founder, Launch Pad Tech

•  Nancy Borkowski, executive director, Health Management Programs, Chapman Graduate School of

Business, Florida International University

•  Chris Fleck, vice president of mobility solutions at Citrix and a director of the South Florida Tech Alliance

•  Charles Irizarry, co-founder and director of product architecture, Rokk3r Labs

11:15 a.m. Keynote

Speaker: Alberto Perlman, CEO and co-founder of Zumba® Fitness

Introduction: Jane Wooldridge, business editor, The Miami Herald

11:45 a.m. Session III – Show me the money: Financing your small business

An interactive session featuring audience volunteers who will be invited to make a short investment pitch before a panel, including experts in microlending, SBA loans, traditional bank loans, venture capital and angel investing. Audience volunteers should come prepared with a two-minute presentation that includes details about current backing, how much money they are seeking and a brief synosis of ow that money would be used.

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Marshals seize Hollywood firm’s diet supplements

U.S. Marshals have seized tainted dietary supplements from Globe All Wellness, a Hollywood company, because Food and Drug Administration investigators found the materials contained a dangerous drug, the FDA said.

“Several of the seized products contain sibutramine hydrochloride, ... the active ingredient in the obesity drug Meridia,” the FDA said in a press release issued Thursday. “In December 2010, Meridia was withdrawn from the U.S. market after clinical data demonstrated that the drug increased the risk of heart attack and stroke.”

Globe All markets claims its products can lower blood pressure and cholesterol, the FDA release stated. Such drugs need FDA approval -- which the products didn’t have.

“Companies that distribute products containing undisclosed drugs are not only breaking the law, they are putting consumers at risk,” said Howard Sklamberg, director of the Office of Compliance in the FDA’s Center for Drug Evaluation and Research in a prepared statement. “With these kinds of hidden dangers, consumers cannot make informed decisions about the products they are taking.”

The FDA made inspections of the Hollywood company in October and February and concluded that the supplements “were not manufactured in accordance with the current good manufacturing practice requirements.”

The marshals seized lots of products with the names SlimXtreme, SlimXtreme Gold, SlimPlus, SlimLee, GelSlim, SlimDrops and Colonew, the release said.

In July 2011, the company issued a voluntary product recall of its product Via Xtreme Ultimate Sexual Enhancer Dietary Supplement for Men.

The company did not immediately respond to a request for comment on Friday afternoon.

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American Airlines, US Airways announce merger

After a nearly yearlong courtship, the union became official Thursday: American Airlines and US Airways have formally announced plans to merge.

An early morning announcement by the airlines confirmed reports widely circulated after boards of both companies approved the merger late Wednesday.

The move brings stability to one of Miami-Dade County’s largest private employers more than a year after the airline and its parent company filed for bankruptcy protection, leaving the fate of thousands of employees — and the largest carrier at Miami International Airport — in question.

According to the Thursday announcement, the deal was approved unanimously by the boards of both companies, creating the world’s biggest airline with implied market value of nearly $11 billion, based on the Wednesday closing price of US Airways stock. The airline will have close to 100,000 employees, 1,500 aircraft, $38.7 billion in combined revenue.

The deal must be approved by American’s bankruptcy judge and antitrust regulators, but no major hurdles are expected. The process is expected to take about six months, according to a letter sent to employees Thursday by American CEO Tom Horton.

Travelers won’t notice immediate changes. The new airline will be called American Airlines. It likely will be months before the frequent-flier programs are merged, and possibly years before the two airlines are fully combined. The new airline will be a member of the oneWorld airlines frequent flier alliance.

And for Miami travelers, it’s unlikely that much will change at any point. American and regional carrier American Eagle handled 68 percent of traffic at the airport last year, while US Airways accounted for just 2 percent. American boasts 328 flights to 114 destinations from Miami.

“We don’t expect any substantial changes at MIA if the merger occurs because our traffic is largely driven by the strength of the Miami market and not the airlines serving it,” said airport spokesman Greg Chin.

American has said for more than a year that its long-term plan calls for increasing departures at key hubs, including Miami, by 20 percent. That pledge has already started to materialize; in recent months, the airline has added new service to Asuncion, Paraguay and Roatán, Honduras.

During its bankruptcy restructuring, about 400 American employees lost jobs, leaving American and its regional carrier, American Eagle, with 9,894 employees in Miami-Dade County and 43 in Fort Lauderdale. US Airways has few employees in the area.

“It really isn’t going to affect Miami in a very major way anytime soon,” said Michael Boyd, an aviation consultant in Evergreen, Colo. “Only because US Airways isn’t a big player in South Florida.”

At Fort Lauderdale-Hollywood International Airport, American and US Airways combined would still only be the fifth-largest airline after Southwest, Spirit, JetBlue and Delta, a spokesman said. The two airlines have little overlap in routes from Fort Lauderdale.

Despite the lack of major changes, Boyd said the merger would be a good development for Miami.

“It should be positive for the employees and it should be positive for the communities that the airlines serve,” he said.

Robert Herbst, an independent airline analyst and consultant, said US Airways will add a “significant amount” of destinations in the Northeast, including Philadelphia and Washington, D.C.

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Carnival Triumph out of commission through mid-April due to fire

As tugs continue to pull the fire-disabled Carnival Triumph to land, Carnival Cruise Lines said it has canceled another 12 sailings aboard the stricken vessel.

Tuesday night, the company’s president and CEO, Gerry Cahill, said only the Feb. 11 and Feb. 16 Caribbean voyages had been axed. But Wednesday afternoon, the Miami-based cruise operator said the Feb. 21 through April 13 sailings were also being canceled.

Parent company Carnival Corp. estimated that the financial hit from the canceled trips and repair costs would be eight to 10 cents per share, or $64-$80 million, for the first half of 2013.

Carnival said guests whose trips have been canceled will get a full refund of their cruise fare, non-refundable transportation costs, pre-paid shore excursions, tips, government fees and taxes. They will also be entitled to a 25 percent discount on three- to five-day cruises or 15 percent discount for six- to seven-day sailings.

The 2,758-passenger ship, which launched in 1999, is based in Galveston, where it sails four- and five-day trips to the Caribbean.

Triumph departed Thursday with 3,143 passengers and 1,086 crew. It was scheduled to return to port early Monday after a weekend stop in Cozumel, but fire broke out Sunday morning in the engine room. The cause of the blaze, which was put out by automatic systems, is still not known.

The ship lost propulsion and had to rely on emergency generator power, leaving passengers with a limited number of working bathrooms and no air conditioning. Guests have reported long lines for food and said they were forced to use bags as toilets.

“No one here from Carnival is happy about the conditions on board the ship and we obviously are very, very sorry about what’s taken place,” Cahill said Tuesday night at a press conference at the company’s headquarters in Doral. “There’s no question that conditions on board the ship are very challenging. I can assure you that everyone on board in the Carnival team and everyone shoreside is doing everything they can to make our guests as comfortable as possible.”

Two tugs are towing the ship to Mobile, Ala. Carnival has lined up more than 1,500 hotel rooms in Mobile and New Orleans and chartered more than 20 flights to get passengers back to Houston. Bus service directly to Houston and Galveston will also be provided.

In a similar case, the Carnival Splendor was set adrift in the Pacific in November 2010 after an explosion in a diesel generator. It was out of service for about three months; the company estimated the loss at $56 million.

Tim Conder, a Wells Fargo analyst, said in a note Monday that he estimated the impact from the Carnival Triumph fire could be between $40-$80 million, or five to 10 cents a share, for the quarter.

“While this incident represents a string of similar occurrences over the last several years, we believe this incident will most likely be more of a negative PR event, especially during the Wave season,” Conder wrote in the note to investors. “We believe that management will place additional efforts to better identify and install preventive measures to avoid future similar incidents and related negative PR.”

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Register for our free Business Plan Bootcamp

Whether you are planning to enter the Miami Herald Business Plan Challenge or want to refine a short business plan you already have, our free Business Plan Bootcamp later this month can help.

Melissa Krinzman, a veteran Business Plan Challenge judge and managing director of Venture Architects, will be leading a panel of experts who will give you advice on crafting a short business plan aimed at grabbing the attention of investors — or judges. If you are entering the Challenge, we encourage you to bring your entry with you because the panel will critique critical sections of the short plan.

Panelists include:

•  Richard Ginsburg, co-founder of G3 Capital Partners, a mid-market and early stage investment company.

•  Steven McKean, founder and CEO of Acceller, a Miami-based tech company, and a Challenge judge.

•  Mike Tomas, CEO of Miami-based Bioheart, president of ASTRI Group and a Challenge judge.

Time, date, place: 6:30 p.m. Feb. 26, Miami Dade College, Wolfson Campus Auditorium (Room 1261, Building 1, 2nd floor).

To register: It’s free, but please register here.

Parking: Free parking at the MDC garage at 500 NE 2nd Avenue. It is important to note that the entrances are on NE 5th and 6th Streets.

You do not have to enter the Challenge to attend our free boot camp, but we hope you will. The Challenge deadline is March 11.

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Green cards for sale at a South Beach hotel: Competition is on for EB5 investment visas

If David Hart gets his way, South Beach’s 42-room Astor Hotel will be on a hiring spree this year as it adds concierge service, a roof-top pool, an all-night diner, spa and private-car service available 24 hours a day.

New hires will be crucial to Hart’s business plan, since foreign investors have agreed to pay about $50,000 for each job created by the Art Deco boutique.

The Miami immigration lawyer specializes in arranging visas for wealthy foreign citizens under a special program that trades green cards for investment dollars. Businesses get the money and must use it to boost payroll. The minimum investment is $500,000 to add at least 10 jobs to the economy. That puts the pressure on Hart and his partners at the Astor to beef up payroll dramatically, with plans to take a hotel with roughly 20 employees to one with as many as 100 workers.

“My primary responsibility is to make something happen here over the next two years that will create the jobs we need,’’ Hart said a few steps away from a nearly empty restaurant on a recent weekday morning. “It’s all going to be transformed.”

Though established in the 1990s, the “EB5” visas soared in popularity during the recession as developers sought foreign cash to replace dried-up credit markets in the United States.

Chinese investors dominate the transactions, accounting for about 65 percent of the nearly 9,000 EB5 visas granted since 2006. South Korea finishes a distant second at 12 percent and the United Kingdom holds the third-place slot at 3 percent. If Latin America and the Caribbean were one country, they would rank No. 4 on the list, with 231 EB5 visas granted, or about 3 percent of the total.

Competition has gotten stiffer for the deep-pocketed foreign investors willing to pay for green cards. The University of Miami’s bio-science research park near the Jackson hospital system raised $20 million from 40 foreign investors under the EB5 program, most of them from Asia. The money went into the park’s first building; visa brokers are waiting to see if the second building will proceed so they can offer a new pool of potential green-card sales.

In Hollywood, the stalled $131 million Margaritaville resort had hoped to raise about $75 million from EB5 investors before ditching that plan last year to pursue more traditional financing. A retail complex by developer Jeff Berkowitz in Coral Gables also launched a program to raise $50 million in EB5 money for the project, Gables Station. Hart worked with other EB5 investors to back pizza restaurants in Miami and South Beach. A limestone mine in Martin County also was backed by EB5 dollars.

This year, the city of Miami itself is expected to get into the business by setting up an EB5 program to raise foreign cash for a range of city businesses and developments. The first would be the tallest building in the city — developer Tibor Hollo’s planned 85-story apartment tower, the Panorama, in downtown Miami.

With a construction cost of about $700 million, Miami’s debut EB5 venture hopes to raise about $100 million from foreign investors, said Laura Reiff, the Greenberg Traurig lawyer in Virginia working with Miami on the EB5 effort. “This is a marquis project,’’ she said.

The arrangement is a novel one for Miami, with the city planning to help a private developer raise funds overseas for a new high-rise. And it would allow Hollo and future participants to tout the city of Miami’s endorsement when competing with other Miami-area projects for EB5 dollars. “We will have the benefit of the brand of the city of Miami,’’ said Mikki Canton, the $6,000-a-month city consultant heading Miami’s EB5 effort. “A lot of these others are privately owned and they won’t have that brand.”

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