SMALL-BUSINESS QUARTERLY Empowering Jacksonville’s Business Community, One Business at a Time LESSONS
online training program for business brokers. I outlined and developed a complete curriculum. It’s a course that’s now required training for every broker who joins the firm. Opened Multiple Territories Shortly after joining the company, I opened my first franchise with Murphy Business & Financial Services. In 2015, I opened my second.Through it all, I’ve realized my long-term career goal: I’m doing what I love and making a difference in people’s lives. I get to be a part of something great, building a solid reputation for the company in Jacksonville, a city I love.We’ve become a valuable resource in the community. Economy Changes The next few years should be interesting. The economy is running high and the money is flowing. But that could change by the end of the year, and through 2018 , as one of the major banks has scaled back lending. If you’ve been thinking about selling, now is a great time to do it. Buyers can get money, but time is running out. A Business Resource Regardless of what the next couple of years bring, if you have questions or you’re looking for resources, don’t hesitate to get in touch.We’re here for you, and we want to help you get the most out of your business , all while strengthening our fantastic community!
Burnout Happens There was a time in my life when I was completely burned out on FROMA LIFE IN BUSINESS business. Back then, I had expanded my multimillion-dollar integrated marketing company into Europe, basing myself in the Netherlands.The pace was fast and the hours were long. I often worked 12 to 15-hour days and, ultimately, the work caught up with me. Million Dollar Mindset After helping drive this marketing company to success with my business partner, I needed to catch my breath, and so I let my stake in the business go. It was worth millions, and I walked away from it. I simply didn’t realize the value. I just wanted out, and I was ill- With that business behind me, I returned to the U.S. and asked myself,“What do I want to be when I grow up?” I found myself in Jacksonville, Florida, ready to build a new life.As I explored my options, I fell in love with the community.The people were passionate, the weather was amazing, and everything about Jacksonville felt right. My Passion I wanted to make a real difference in people’s lives. I wanted to give small-business owners the education prepared to make the transition. Jacksonville Is Home
I didn’t have.Then, in 2012, I learned about business brokering.The more I learned, the more I realized this was for me. I partnered with Murphy Business & Financial Services and made it happen. Wrote the Book on Brokering The reason I wanted to partner with Murphy Business & Financial Services was simple:They cared about people. They weren’t in it just for the money. They wanted, like me, to make a genuine difference in people’s lives.When I joined, I facilitated the creation of an
– K imberly Deas
Richard R. Dwyer Argallus Financial Group 904.800.7299
Kimberly Deas SellYourBusinessFlorida.com 904-263-5546
Lisa Pilgrim BMWCPA.com 904-694-4275
John McE. Miller RockSolidLaw.com 904-241-1113
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CLIENT TESTIMONIALS
“John Miller and Rock Solid Law are knowledgeable, accessible, and efficient! When I found out they did estate planning, real estate, and business law, it was the trifecta! They donate to Atlantic Beach Elementary, so I thought I’d try them. “They did my estate plan, then closed a house purchase/sale.As an attorney myself, I’m pretty critical of others; they were great.They put together a thoughtful plan, clear explanation, and reasonable pricing for a comprehensive estate plan.They also provided answers to a specialized A Case Study in the Transformation of a Nonprofit Client education means everything to us, and it means everything to our clients here at Barley, McNamara &Wild, CPAs &Associates. We recently worked with a large nonprofit that was overwhelmed with bookkeeping processes . Before coming to us, they had been using an outdated version of QuickBooks desktop software. As a result, they were encountering a number of issues, both internally and with their own clients. Our solution was to set them up with QuickBooks Online.We provided full training and got them up to speed on current processes. Our own bookkeeper
real estate issue and still closed on the property in under two weeks.
“Now, both asset protection and building new business entities are continuing concerns of ours. I know when I call or email, needing quick answers so I can get my work done, they are right on it.They are willing to work with my insurance and accounting professionals, as well as review existing policies and operating agreements. They make it easy on me.
“Plus, they are just good people!!!”
THE IMPORTANCE OF CLIENT EDUCATION
assisted with the step-by-step instruction, guiding the client through each element of the software. We worked with the nonprofit’s bookkeeper and CFO, and within a few days they were up and running. We answered their many questions about internal control and best practices. The training process was smooth and straightforward.
improved their financial outlook.The short-term investment will net them long- term gains.Additionally, with the updated software and training, they can sign up for an audit that will help them qualify for grants and other sources of funding. Thanks to our training, the nonprofit can do it’s accounting, payroll, tax documentation, and more from one centralized location. It’s secure, reliable, and easy to keep up to date.
Long-term, the nonprofit’s investment in new software, training, and processes
Rick Dwyer, Financial Advisor Favorite Food : New York-style cheese pizza Why this career: I love helping people and protecting their future; there is so much misinformation. I enjoy being a resource people can turn to for good information. – Lisa Pilgrim
MEET OUR TEAM
Lisa Pilgrim, CPA Favorite Food: Shrimp and grits; M&M’s Why this career: I started in
journalism, fell in love with ac- counting because there is always a right answer. I like helping business owners understand their company financially.
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Michael Breus’ ‘The Power of When’ A TIME FOR EVERY PURPOSE
Many business owners who want to sell their business haven’t given much thought to some of the financial decisions that need to be made before and after the sale. When selling a business to an outside party, important employees, or family members, there are financial items that the business owner should consider: FINANCIAL DECISIONS
You know you’re supposed to eat right, exercise every day, and sleep 8 hours each night.You might even have a routine down from when the alarm goes off to when your head hits the pillow. But did you know there’s actually a perfect time to do each thing every day? That’s the thesis of “The Power ofWhen,” a new time-management book by Dr. Michael Breus.
Questions:
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• Do you want to provide financing to simplify the
selling process? If so, will you be financing all or part of the sale price? • Where can I get financing for the sale? Investigate ways to facilitate financing for the sale of the business. proceeds. After you receive the sale proceeds and have paid the tax, where are you going to place those funds? If safety is a concern, then have an investment plan in place to minimize risk. • Investment choices for the sale
Breus, a clinical psychologist who specializes in sleep disorders, realized that for some of his patients the time they went to sleep was actually more important than the amount of sleep they got. By changing when they crashed, they changed how effective that sleep was.“I wondered,‘What else could this work for?’” Breus says.That wonder led him to look into what else could be timed for maximum efficiency.And the more he researched, the more he discovered. “Contrary to what you might have heard, there is a perfect time to do everything,” Breus writes. From that cup of coffee and your daily workout to when you watch TV, there’s a time for every activity in your day.And by a “perfect time,” Dr. Breus means a perfect time for you. Much of this book is dedicated to helping you learn your own habits and preferences , so you can customize your perfect time routine according to what will work in your own life. Breus is a scientist first, and his findings are based on hard evidence. His advice on when to wake up, for example, involves the use of a sleep monitor and is based on our internal biological clocks, which were, for thousands of years, activated by the sunrise. Humans were slowly brought into stage 1 or 2 sleep by the gentle increase of light.That method is less taxing on our systems and leaves us feeling more awake when we rise. This book covers everything, from learning something new or drinking coffee to meditating or using the restroom.Whether you want to read a book at the optimum time, or change your sleep schedule, “The Power ofWhen” is a must-read.
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• Do you want to continue paying tax on your gains?
Or prepare for tax-free income with the sale proceeds?
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• Take the appropriate protection steps for estate and wealth preservation strategies.
John Miller, Attorney Favorite Food: Pralines and ice cream (as a reward when I hit healthy goals). Why this career: I became a lawyer to help people by analyzing and solving their unique and interesting opportunities and problems; I wanted to break the stereotype of the typical attorney, by practicing with integrity and speaking plainly when talking about the law with clients.
Kimberly Deas, Business Broker Favorite Food: Sushi
Why this career: I gave away a $16M business and did not know it had value. I am now an ex- pert at helping others make better decisions and not lose their life’s work. I enjoy learning about businesses and understanding what makes a business successful and helping small businesses stay in business through a successful transfer.
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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
Lessons From a Life in Business INSIDE page 1
page 2
Client Testimonials
page 2
The Importance of Client Education
page 3
Michael Breus’ ‘The Power ofWhen’
page 3
Financial Decisions
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Nothing Beats Those BayStreet Blues
Playing Music and Giving Back NOTHING BEATS THOSE BAYSTREET BLUES
John Miller started playing the piano at age 5.As a teen, he graduated to every parent’s favorite instrument, the drums. In 1973, he formed his first band. In 1987, all of that musical experience came together with the formation of the Bay Street Blues Club, now known simply as BayStreet. So, how does a musician become a lawyer , or a lawyer become a musician? It’s all about balance and dedication — balancing family, balancing work, and working with a bunch of experienced and well-educated musicians. “We’re fortunate to have three fantastic soloists,” John says,“and a member who plays in symphonies.” But it goes far
beyond the talent. It’s about the love of the music.When you’ve been a band for 30 years and the love for the music continues to burn strong, you know you’re a part of something great. Over the years, BayStreet has opened for an impressive array of artists, from B.B. King and Styx toThree Dog Night andWaylon Jennings. They even had an opportunity to work with the late, great Rock and Roll Hall of Famer Bill Pinkney of The Drifters. Pinkney called BayStreet the best band he’d ever worked with. While the band is inspired by many of the blues legends and the rockers of the ’60s, ’70s, and ’80s, they love to see
where the music takes them.“There’s a lot of improvisation,” John says.
And the fans love it.They keep coming back for more, whether it’s at a concert or a charity event. In fact, this summer, John and the band helped raise money for a local school lunch program . If BayStreet can find a way to give back, chances are, they’ll take it.
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