SMALL-BUSINESS QUARTERLY Empowering Jacksonville’s Business Community, One Business at a Time
FINANCIAL LESSONS IN A POST-RECESSION WORLD
the angles. One of the things that makes us unique, from a wealth management standpoint, is that we are a totally independent firm.This means we don’t have to adhere to a specific set of products.We can vet and pursue what makes the most sense for our clients and their businesses. When it comes down to it, I want you to sleep peacefully at night knowing your investments and your plan for the future are taken care of. No one should have to toss and turn, get up in the morning to see the markets down, and worry.You have more important things to focus on, from your family and your business to planning for the future. On planning for the future, another big focus of mine is helping business owners find ways to increase their retirement savings in a tax efficient manner.With the right strategies in place, they can accumulate tax free income for retirement. By doing so, and by reducing your tax burden, you gain more freedom in retirement. For a lot of people, more freedom means so much. It means more dreams are in reach. More lifelong goals can be accomplished.And it means you’ll sleep better at night knowing everything’s been taken care of, which, in short, is why we do what we do.
I got my first look inside the financial world from my father.When I was younger, he worked onWall Street. On the occasional Saturday, he would bring me with him into the office. He worked up in operations, as opposed to the trading floor, so I got a view of Wall Street not many see. As I grew older, seeing the moving pieces of the financial industry stuck with me.After spending 10 years in the Navy, I decided to make a career move into financial services. Between 1986 and 2005, that’s exactly what I did. Then, in 2008, the markets crashed as the housing bubble gave way. I wasn’t in financial services at the time, but I saw the toll the crash took on so many people.These were people who listened to advice thinking it was solid, only to watch their portfolios vanish before their eyes. I gave it some thought and decided I wanted to return to financial services. In 2011, I officially made the move and returned with a new perspective. I was driven — and continue to be driven — to give individuals and business owners the help and resources they need as they figure out their financial future.
were a lot of lessons that came out of the 2008 crash and the recession that followed. People want to know that their money is safe going forward, especially into retirement.We’ve developed strategies with that in mind. Should things go south, in terms of the markets or the economy at large, your portfolio won’t vanish before your eyes. My philosophy is rooted in taking a holistic approach to managing wealth, whether it’s personal wealth or wealth built into your business.We look at all
– Rick Dwyer
This includes utilizing safe strategies to protect and grow their wealth.There
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
Lisa K. Pilgrim, CPA Managing Member Barley, McNamara &Wild PLLC
We love knowing that she is the one answering our questions.We have great faith in her knowledge and honesty, both of which carry us from year to year with no real issues. She’s always on time and always has an answer, even if it is not the one we want to hear (haha!).
Lisa has been great for us.We have multiple businesses going in so many directions, and she is able to help us pull all the right information and make it work for us.
CASE STUDY Stan was a lifelong bachelor. He had a good life. He was an immigrant who served the U.S. inWorldWar II. He used the G.I. Bill to get his undergraduate degree and then a doctorate in physics from Harvard. Stan was a very smart man. He made a lot of money and invested well. He accumulated a valuable collection of curios, which he enjoyed giving to his grand-nephew. His sister had died, and the only family members Stan had were two nieces. One, the mother of his grand-nephew, was the apple of his eye.The other niece was difficult, to say the least, but Stan always had hope for her. Stan was my client, and one day, he said he needed to get his affairs in order. He wanted his power of attorney, living will and health care surrogate, but despite my strong advice, he steadfastly refused to have us prepare a last will and testament or trust instrument, the two documents
that could have set forth who was to inherit from him.
own money, or they would be forever lost to the family.
For over five years, the bad niece kept suing her sister over Stan’s estate.This all could have been avoided if he had listened to our advice and merely done at least a simple will. He could have always amended it later if he had changed his mind. By failing to do so, he caused his beloved niece to spend thousands of dollars and left behind a broken family tree that will never mend.
Stan got very sick. He called and instructed us to prepare a will, giving all to the beloved niece. But he had waited until too late; the disease consumed him, and even the next day, he was in hospice and no longer had capacity to sign his will.The good niece lost all control, and the other niece took much of the money and even helped an outsider gain possession of the curios meant for the nephew, so the good niece had to purchase them back with her
– John Miller
MEET OUR TEAM
Rick Dwyer, Financial Advisor Rick is married to a wife of 32 years. He has a 36-year-old daughter, a 24-year-old son, and two grandsons, ages 14 and 12. He enjoys working out and competing in mud runs, as
Lisa Pilgrim, CPA Lisa is married to her best friend, she has a beagle puppy named Libby, and has six children — and all of them have left the nest. When she’s not working, she’s reading, enjoying the pool, or attending Jags games. Go Jags!
well as 5, 10, and 15K runs. He also enjoys remodeling and making furniture.
Gives Insight Into Nike’s Success ‘SHOE DOG’
Often, business owners know they want a certain price when they go to sell their business, but they have not invested the time and effort to create that value, or they have liquidated the value, leaving the seller deeply disappointed — if they had only known! HOW TO GET MILLIONS FOR YOUR BUSINESS
“We wanted Nike to be the world’s best sports and fitness company. Once you say that, you have a focus.You don’t end up making wing tips or sponsoring the next Rolling Stones world tour.” –Phil Knight When an entrepreneur or company becomes massively successful, it’s easy to construct a narrative that makes that success seem like destiny.They look back on the past with rose-colored glasses, interpreting every decision as a stepping
This checklist will reveal the six things you can do to secure the largest value possible for your business.
• Obtain a third-party valuation to establish a baseline.
stone on their way to eventual victory. Of course, real success stories are never this linear. Honest accounts of what it takes to dominate an industry are hard to come by, which makes Nike CEO Phil Knight’s “Shoe Dog” a refreshing change of pace from the standard business memoir. If there’s one word that best describes “Shoe Dog,” it’s “candid.” Knight gives equal space to his successes, failings, and insecurities. He also isn’t afraid to admit when luck was the deciding factor.Take the story of the famous Nike swoosh, for example. Knight could easily claim that he saw its brilliance from the get-go, but that’s not what happened.When an art student came up with the design — for the meager price of $35 — Knight’s response was,“It’ll have to do.” That’s not to say that Knight isn’t a visionary in many ways. In the early days of Nike, Knight hustled to an extreme degree. Even when he was selling track shoes out of his trunk, his belief never wavered. Signing Michael Jordan in 1984 revolutionized not just the athletic shoe industry, but celebrity sponsorship in general. He surrounded himself with smart, capable people, expanded sensibly, and never lost sight of his vision. If you want a book that gives you simple, clichéd takeaways about how to become massively successful,“Shoe Dog” is not the book for you. If, instead, you crave what Bill Gates calls an “honest reminder of what the path to business success really looks like,” then you should check it out.With a personal perspective, suspense, and more than a few wild anecdotes,“Shoe Dog” soars in a way few business books manage to. But, then again, that’s what Knight’s shoes have always promised to help athletes do.
CLEAN UPYOUR RECORDS.
• Remove all personal expenses. • Simplify bookkeeping. • Reconcile inventory and your balance sheet. • Fine tune accounts receivable and accounts payable.
• Accurate I-9s for all employees. • Replace ineffective employees. • Optimize schedules and pay. • Secure key employees. • Set up redundancy with vendors.
• Renegotiate longer contracts. • Secure lease options.
MAKE IT SHINE.
• Clean up the building and repave the parking lot. • Improve marketing materials.
PLAN FORTAX CONSEQUENCESAFTER THE SALE.
• Review retirement plan. • Review structuring options.
Kimberly Deas, Business Broker Kim’s family includes her 7-year-old daughter, a cat, and any miscellaneous animals her daughter catches. When she’s not brokering deals, she is ballroom dancing, doing wine tastings, and checking out new restaurants in the area.
John Miller, Attorney John recently celebrated 15 years of marriage to his wife, Krista. Together, they have two darling children, Avalon and Ian. He loves spending time at the ocean and
singing lead vocals and playing bass for Jacksonville’s best band, BayStreet.
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Financial Lessons in a Post RecessionWorld
Insight Into Nike’s Success’
How to Get Millions for Your Business
Things to Do in Jacksonville!
Mark Your Calendars TAKE A BREAK AND TREAT YOURSELF
Hocus Pocus Halloween Party Where: Blackfinn Ameripub, Jacksonville When: Thursday, October 26, 9 p.m. to Friday, October 27, 2 a.m. Admission: See website for pricing Website: marketsattowncenter.com/ events/ The Sanderson Sisters have returned from beyond the grave to transform Blackfinn Ameripub into Salem, Massachusetts. Coming straight from the beloved Halloween film,“Hocus Pocus,” these witches will put a spell on you at the best Halloween party in Jacksonville. Put on your favorite costume for a chance at the $500 prize as you enjoy late-night happy hour specials and thrilling live music with all your ghoul friends.There’s no better place to be when the witching hour is upon us.
Holiday CocktailTasting Where: NOLA MOCA, Jacksonville When: Thursday, November 9; 6–8 p.m. Admission: $30 per person Website: facebook.com/NOLAMOCA/ With the holiday season comes plenty of holiday parties, and NOLA MOCA cafe in Jacksonville’s Museum of Contemporary collection of holiday cocktails and hors d’oeuvres for you to enjoy. Find your favorite, and take your party to the next level.Admission to the gallery is included with the ticket price, and nothing pairs better with delicious food like wonderful art. Space is limited, so claim your ticket today. Art can help.Talented chefs and bartenders will be there, crafting a
Festival d’Vine 2017 Where: Treaty Oak Park, Jacksonville When: Friday, November 3; 7–10 p.m. Admission: See website for pricing Website: ccbjaxevents.org Jacksonville’s favorite food and wine experience returns! Peruse a selection of over 100 fine wines, and pair them with amazing food from local restaurants and live music. More than a fun wine festival, this event aims to bring people together and raise money for those in our community who are most in need of help. It’s a delicious evening with a meaningful purpose.
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