Microwize Technology was started in 1998 by Fred Dawli and Robert Gabriel. I had worked with Robert during his previous employment so he asked me to assist in his new venture in computer and network consulting.
I met with Robert and Fred to discuss the corporate structure prior to incorporating. Based on their plans, I recommended incorporating as an LLC to take advantages of current tax benefits.
From the beginning, I was involved early and often in the decision-making process from accounting and tax planning to business marketing and goal setting. We would meet on a monthly basis to discuss current performance and future goals.
During the first year, the startup was doing well with Robert and Fred as the only employees. Then in 1999, with Y2K looming and having taken advantage of opportunities in serving the healthcare field, the company experienced excellent growth. Microwize was able to maintain a 50% year over year growth through the first 5 years. Reaching the one million dollars revenue mark in its fourth year. Currently, Microwize employs 15 persons with revenues near two million and focuses solely on healthcare software and consulting.
As with any new business, there were many challenges and decisions to be made. I was instrumental in developing a buy-sell agreement between the partners. As the hiring process started, we developed a complete benefits plan including health and dental insurance, 401k plan, profit sharing, and a stock options plan. During the growth phase, we were able to secure a bank line of credit to be used as a backup for growing expenses. However, debt was never really much of an issue as we kept our eye on revenues and expenses and did not over-extend. Meanwhile, the line of credit was used to take advantage of opportunities to secure software at special discounts.