Check out our January newsletter!
January 2022
THE TRUSTED ADVISOR A Passion for Fun
HOW WE SPEND OUR DOWN TIME
As you can see, I like getting exercise and being outdoors. I also like a challenge, and I just think these sports are a lot of fun. It’s great to have something I can do either with friends and family — or on my own if I need alone time. Nick: I also enjoy being active and love trying to master a new challenge. If I’m not very good at something, that’s all the more reason to keep doing it.
It’s a new year and a fresh start, and we can’t wait to see what 2022 brings. January is a month of resolutions, and people often buckle down and work on ways to better themselves. It’s good to aim for self-improvement, but that doesn’t mean you shouldn’t leave time to relax. Having a way to unwind is just as important as having a goal to meet. That’s why it’s fitting that January is also National Hobby Month. Being passionate about something outside of work — something you do just for fun — is good for your soul. In that spirit, we want to share our favorite hobbies. Zac: I grew up in Colorado, so I’ve been snowboarding ever since I was a kid. There aren’t exactly a lot of opportunities to engage in this hobby in Florida, but luckily, the rest of my family likes to ski. So, we schedule trips to snowy locations as often as we can. We’ve been to Utah, New Mexico, Alaska, and Vermont, to name only a few places. This year, we’re planning to go to Canada and either California or Utah. It’s great that we have a shared passion as a family — something all of us can do together.
I’d been skiing once or twice as a kid but never pursued it. About seven years ago, my wife decided she wanted to go on a ski trip. Of course, I fell a lot — but it only made me more determined to master it. Now, I tend to take 2–3 skiing trips a year. I like that you can choose your own adventure and make skiing as easy or challenging as you want. Plus, on big powder days, it’s a completely different experience. It’s something you can do at any age, and I like that I can enjoy it with the kids. I also enjoy golfing — though I’m not very good at it, I find it addicting. It’s
Nick skiing with his son
When I moved to Florida, I also picked up surfing. The stance and board used for surfing are similar to those used for snowboarding — but in my experience, surfing is much more difficult! After all, at least you’ve got some solid ground beneath you on the slopes.
fun to get away from life for a few hours and hit some balls. I can play an entire round and only get in one good shot at the end, but that one shot is all I want to talk about. It’s what keeps me coming back. Finally, I do a lot of running — even though I hate it. Sprinting in sports is fine, but long-distance running is not my thing. On the other hand, my wife loves it. It helps us stay in shape together, and we train by going on several runs a week. I do it because my wife enjoys it, and I love spending time with her. Whether you also love being active or prefer coin collecting or arts and crafts, we hope you have something that helps you kick back and relax. If you don’t, finding a hobby you’re passionate about is the perfect New Year’s resolution. NordenLeacox.com | 407-801-3000 1 –Zac Leacox & Nick Norden
I don’t get the chance to play golf as much as I’d like, but I always enjoy it when I do. I’m also intermittently into playing tennis — it comes in waves, where sometimes I’ll play a lot, and then not much at all. The great thing about tennis, though, is that my daughter loves it. The game is a great way to spend quality time and bond with her. Zac snowboarding Big Sky
HOW MUCH ARE YOUR FAVORITE PANTS WORTH? One Man Estimated His at $54 Million
Everyone knows that the perfect pair of pants can be hard to come by, but are they worth $54 million? Administrative Judge Roy L. Pearson had a favorite pair of pants, but in 2007, he claimed that Custom Cleaners lost them and returned a completely different pair instead. It all began when Pearson took his pants to the Washington, D.C., dry cleaners for alterations worth $10.50. The pants were sent in error to the incorrect dry cleaner, so Pearson’s pickup was delayed by several days. Once the pants were returned, despite bearing all the correct tags and matching his receipt, Pearson declared that the pants were not his. When the dry cleaner refused his demand for $1,000 compensation, he decided it was time for legal action.
Invest in retention tools. Staying in touch with your customers is the best way to keep them happy and remind them that you care. You can stay on top of this by doing the hard work of reaching out personally each month, but it’s easier and more efficient to invest in recurring communications like automated weekly emails and regularly printed newsletters. Make personalization possible. In order to retain customers, you must build quality relationships with them. This starts with knowing who they are, what they need, and how they interact with your company and your marketing. To figure out those key points, you should gather and interpret a lot of data, both online and off. You can do some of this data-gathering and calculating yourself (for example, you might consider calculating the lifetime value or LTV of each client), but hiring a third-party data analytics company will help you take your retention marketing to the next level. SAS, Alteryx, Kissmetrics, and InsightSquared are great options for small-business owners. Hire (or create) a retention expert. If you truly want to maximize your retention, you need to make it an integral part of your team’s marketing approach. Investing in specialized training for your team is one way to do this. But you can also hire a retention expert or shift one of your existing team members’ roles to focus exclusively on managing and retaining clients. Yes, hiring is expensive, but remember — increasing customer retention by just 5% can increase profits by as much as 95%. That new team member will pay for themselves in no time! Retention marketing mindset shifts will be game-changers for your company. You can start with one of these tips or dive into all of them. Whatever feels right for you, if you try these ideas, it won’t be long before you’ll see the difference in your bottom line. ... continued from Page 4
Pearson originally sued the cleaner’s owners, Soo Chung, Jin Nam Chung, and Ki Y. Chung, for a whopping $67 million in damages but later reduced the claim to a far more reasonable $54 million. In his suit, Pearson requested $3 million for mental distress, $90,000 for a rental car to visit another dry cleaner, and $500,000 in attorney’s fees (Pearson represented himself ). At the heart of his claim, though, was the company’s failure to live up to their “Satisfaction Guaranteed” and “Same Day Service” signs in the window. The media had a field day, joking about the case as a “pantsuit” and inspiring a “Law & Order” episode called “Bottomless.” Pearson seemed to relish the spectacle, calling his lawsuit “an awesome responsibility” in court and breaking down into tears on the stand. He also called a witness who compared the Chungs to Nazis. Even though the Chungs offered him a $12,000 settlement to make the case go away, Pearson persevered. He ultimately lost his case. At the end of the trial, the judge declared that no reasonable person would consider the signs at Custom Cleaners to be an unconditional promise — and also that Pearson had failed to prove the returned pants weren’t his. The Chungs ultimately recovered their court costs via a fundraiser, and Pearson lost his judicial appointment. Unsurprisingly, this prompted another lawsuit, which he also lost. In 2020, Pearson was suspended from practicing law for 90 days as a result of his actions in Pearson v. Chung. But for bringing new meaning to the phase “I’ll sue the pants off of you,” his place in legal history is secure.
2 NordenLeacox.com | 407-801-3000
A CRASH COURSE ON OFFSHORE FINANCE Like the Panama Papers released in 2016, the Pandora Papers published in October 2021 expose the financial secrets of some of the world’s wealthiest people. In particular, they detail how the very rich use offshore finance to hide the extent of their wealth.
When an offshore account is created, it follows the financial regulations of the nation in which it is held. Countries commonly used for offshore finance often have stricter privacy laws and allow the creation of shell companies. Shell companies are organizations that exist on paper only, without employees or offices, but act as a legal “shield” against taxation and creditors. (At least 19,000 shell companies exist in the Cayman Islands alone.) Simply having an offshore bank account or shell company is not illegal or even necessarily a sign of nefarious activity. Lawyers and accountants who deal in offshore finance often know exactly how to use the law to their clients’ advantage. They can also propose solutions that are technically legal. But concerns arise since the countries chosen to hold wealth offshore tend to prevent foreign governments from inspecting their accounts; this makes legal vetting next to impossible. A lack of transparency is the main point of contention, and it’s the reason why many people look at offshore finance negatively. Because the U.S. government cannot determine which assets are being held offshore, it cannot impose any taxes on them. Some parties also view hiding wealth offshore as a way of protecting a person’s assets from civil lawsuits, creditors, or investigations in the owner’s home country. It’s estimated that over $1 trillion is held in offshore accounts, and studies indicate that the bulk of this money is owned by the ultra-wealthy. Further, experts believe that the tax revenue lost to offshore finance equals about $800 billion per year worldwide. As to whether or not the Pandora Papers will inspire changes to the law, we’ll just have to wait and see.
But what exactly is offshore finance? Why do people use it? Is it even legal to use?
Offshore finance gets its name from the island and coastal locations where the practice of creating foreign tax havens originated. Today, offshore finance refers to any financial instruments or assets kept in countries that are not the owner’s country of residence.
Have a
Laugh
Deep-Fried New Year’s ‘Cookies’
Inspired by MennoniteGirlsCanCook.ca
Ingredients
• 2 1/2 cups milk, warmed • 1 1/2 tsp salt • 4 cups raisins • 7 cups flour • 4 cups canola oil
• 2 tbsp yeast • 1/2 cup water, warmed • 1/2 cup and 1 tsp sugar, divided • 5 eggs, beaten • 1/4 cup butter, softened
Directions
1. In a large bowl, combine yeast, water, and 1 tsp sugar. Wait 10 minutes. 2. Stir in remaining sugar, eggs, butter, milk, and salt. 3. Fold in the raisins and flour. Cover the bowl with plastic wrap. Let the dough rise for an hour. 4. In a high-sided pot or deep fryer, heat canola oil to 340 F. Line a plate with paper towels. 5. Drop a rounded tablespoon of dough into the oil. Fry until golden brown, then set aside on the plate. Poke the cookie with a toothpick. If the toothpick comes out clean, it’s cooked through! 6. Repeat until the batter is gone.
3
NordenLeacox.com | 407-801-3000
Published by Newsletter Pro | www.NewsletterPro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
407-801-3000 NordenLeacox.com 964 Lake Baldwin Lane, Suite 200 Orlando, FL 32814
Inside This Edition
3 2 1 Zac and Nick’s Favorite Hobbies The Case of the $54 Million Pants Offshore Finance 101 Deep-Fried New Year’s ‘Cookies’
4
6 Retention Strategies That Actually Work
Stop Losing Clients Today! 6 Ways to Rethink Your Retention Marketing
Retention is crucial to your business. According to Investopedia, acquiring a new client can cost five times as much as retaining an existing one. And if that doesn’t convince you, research from Bain & Company and the Harvard Business School both show that a 5% increase in customer retention can boost profits by as much as 95%.
If you don’t have appropriate retention strategies in place, 2022 is the perfect time to make a change! Here are six ways to completely rethink your retention marketing that will save your team time and money. Reallocate your resources. Don’t just talk the retention talk — walk the walk! In order to truly change your company’s ways, you need to invest in retention and reallocate your resources. Provide your team with additional training on customer service. Important points to emphasize for retention (per Forbes magazine) include frequent and friendly customer communication, transparency, active listening, and the value of relationship-building. Create a fund for customer perks and gifts. Celebrating your clients allows you to give them attention when they might appreciate it most. If you know a customer who recently had a baby or is going through a difficult time, consider sending a gift or a card to show you’re thinking about them. These gifts cost resources, but as Newswire reports, multiple studies show that customer gifts increase retention.
Continued on Page 2 ...
4 NordenLeacox.com | 407-801-3000
Published by Newsletter Pro | www.NewsletterPro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator