Take a look at our November newsletter!
NOVEMBER 2023
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Thanksgiving is an amazing time of year when we come together with family and friends to celebrate God’s blessings in our lives and express our gratitude for all we have. It’s a part of the holiday season that encourages us to pause, reflect, and appreciate the abundance surrounding us. Gratitude is a powerful and transformative emotion. When we take a moment to acknowledge the people, experiences, and opportunities that have enriched our lives, we open ourselves up to a deeper sense of happiness. This Thanksgiving, let us give thanks to God and be grateful for the love and support of our families, the friendships that bring us joy, and the moments of laughter and connection that brighten our days. Let us appreciate the challenges we’ve overcome, the lessons we’ve learned, and the growth we’ve experienced. In a world that often feels fast-paced and demanding, Thanksgiving reminds us to slow down, reflect on the big picture, and savor the simple pleasures for a day or two— the warmth of a cozy meal, the sound of loved ones’ laughter, and the beauty of nature as it transitions into the colors of autumn. So, as we gather around the table this year for our Thanksgiving meals, let us enjoy delicious food and the company of those we hold dear, especially our families. And to keep the gratitude flowing, we celebrate Family Day the day after Thanksgiving. It’s a time to remind us that beyond the holidays, our families come first. In our homes, our families are tightknit. We dedicate the time and energy to share in each other’s passions and lift each other up. This Thanksgiving, let’s remember those who may be less fortunate and find ways to extend our gratitude through acts of kindness and generosity. From our family to you and yours, happy Thanksgiving! And as football makes a comeback, let’s not forget about our team. Go Wyoming Cowboys! –Kit West & Ed Meyer The Gift of Gratitude CELEBRATING THANKSGIVING’S WARM EMBRACE
On Veterans Day, we honor the brave men and women who have selflessly served our nation. It’s a day to reflect on the freedoms we enjoy because of their commitment to defending our country. Let us remember and appreciate the veterans around us and those who have come before us, knowing that their contributions have shaped our country’s history and secured our future. To all veterans, thank you for your service and for safeguarding the values we hold dear. Your unwavering dedication, sacrifices, and courage deserve our deepest gratitude, and your bravery will never be forgotten. To Chuck Brown, our founder of CHB, we are forever grateful for your service in the Korean War and your contributions to our community and company. To Ed, our COO and veteran of the Air Force, your strength, leadership, and guidance have helped CHB grow to where it is today. To Liz, a veteran of the Army, your organization truly keeps us in line, and to Chris, another Army veteran, your leadership and thirst for knowledge inspire us to improve. Thank you for your service, and happy Veterans Day!
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Smart Strategies for Designating Beneficiaries THE TRUST ADVANTAGE
As a parent, you want to do everything possible to ensure your children are cared for if you pass away or become incapacitated. Many people start a life insurance policy, thinking they’ll be able to leave a large sum to their children if the unthinkable happens. Many employers offer life insurance as a job benefit, or you can get coverage through an insurance agent. Once you establish what you want from your life insurance package, you have to name the beneficiaries of your policy. While most people choose their spouse or partner, many consider naming their children as the beneficiaries. It sounds like a great idea on paper, but complications arise when it’s implemented. When you name a minor as a life insurance beneficiary, they won’t be able to receive the proceeds directly. Instead, your appointed legal guardian (if you don’t have a legal guardian named in your estate plan, the state will appoint one for you) will manage and distribute the money. And they could make decisions that don’t coincide with your wishes.
So, what do you do instead? You could directly name an adult guardian to become the beneficiary, but this still opens you up to the problem already mentioned. Even if they’re good with your kids, they might not be the best money managers. The best path forward is to create a living trust and name the trust as the beneficiary of your life insurance policy. With a trust, you can name a bank or money manager as the trustee while setting specific guidelines for who gets access to the funds and when. This means you can set up the trust to help pay for your children’s education and other expenses as well as a monthly stipend for the guardian without giving anyone untethered control of the funds. You can even determine the age your children will gain full access to the trust. Don’t make the mistake of naming your minor children as beneficiaries of your life insurance policy. Establish a trust — it’s the best way to take care of your legacy.
THE PRESTIGE BRAND SUCCESS OF BERNARD ARNAULT We live in an age where billionaires are How the Wealthiest Man You Don’t Know Made His Fortune
real estate when he joined his father’s successful company. He moved to the U.S. to expand his father’s empire but soon returned to France, bringing cutthroat Wall Street tactics with him. Arnault purchased his first luxury brand, Christian Dior, in 1984 while it was struggling financially. Reports indicate he may have used millions of his father’s money to finance the deal. After the acquisition, Arnault fired over 9,000 workers and sold off most of the company’s smaller labels, retaining only Dior. These strategies quickly earned him the notorious nickname “The Terminator,” but the floundering Dior became profitable again in 1989. His next move was to acquire Louis Vuitton Moët Hennessy, which owned Dior’s prior perfume division. He completed a hostile takeover, which became his go-to strategy. Over the years, he continued buying struggling brands and rebuilding them into luxury goods empires.
On top of his business acumen, experts have also credited Arnault with an eye for design and fresh talent. He has successfully brought new ideas into his companies and secured substantial media buzz. Expanding into Japan and China also proved wise, as Asia is now the company’s biggest market. Arnault appears equally adept at retaining his wealth. His five children have close ties to the business, and the family owns a 48% stake in LVMH, intending to maintain control for the long haul. Others note that Arnault contributes much less to charity than many other billionaires, a move that may have helped his wealth accumulate. Since the Forbes ranking, Elon Musk has reclaimed his title as the world’s richest person, but Arnault sits comfortably in second place. His large portfolio and ruthless business tactics almost guarantee he won’t be strapped for cash soon.
celebrities, with Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg regularly making headlines. But the man Forbes named the wealthiest person in the world in 2023 has mostly flown under the radar. So, who is Bernard Arnault, and how did he make his money? Today, Arnault is the CEO of French luxury goods conglomerate LVMH, which owns brands like Louis Vuitton, Dom Pérignon, Tiffany & Co., and Dior. But the 74-year-old began his career in
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Stuffed Pepper Soup
A Broker’s Guide to Polished Phone Presence
Mastering your phone presence is crucial in today’s fast-paced market, as effective phone communication can make or break deals, build strong client relationships, and ultimately boost your success in the industry. Here are some essential tips to help brokers sharpen their phone skills. Greet a caller with a friendly tone. Start with a warm greeting, introduce yourself, then ask a thoughtful question such as, “I’m curious; what is on your mind today?” The key is to be genuinely curious — it pays dividends. Be sure to listen actively. Pay close attention to what the caller is saying, and don’t interrupt them. This demonstrates you value their input and are genuinely interested in assisting them. Have clear and concise communication. Avoid using jargon or complicated terms your clients may not understand. Provide information in a straightforward manner. Prepare and organize. Before making or receiving calls, prepare a list of key points or questions you want to address. Stay organized and have all of the necessary information at your fingertips. Build rapport. Establishing a connection with clients is essential. Ask about their day or engage in friendly conversation to build rapport and make them feel comfortable. Handle objections. In this business, objections will happen. Be prepared to address common objections or concerns clients may have. Respond professionally and provide solutions to their worries. Show empathy.
Inspired by TasteOfHome.com
INGREDIENTS
DIRECTIONS
• 2 lbs ground beef • 6 cups water
1. In a Dutch oven over medium heat, cook beef until no longer pink, breaking it into crumbles; drain. Add beef back to the pot and stir in all ingredients except the cooked rice. Bring to a boil. 2. Reduce heat. Simmer uncovered until peppers are tender, about 30 minutes. 3. Add cooked rice and simmer, uncovered, for about 10
• 1 28-oz can tomato sauce • 1 28-oz can diced tomatoes, undrained • 2 cups chopped green peppers • 1/4 cup packed brown sugar • 2 tsp salt • 2 tsp beef bouillon granules • 1 tsp black pepper • 2 cups cooked long-grain rice • Chopped fresh parsley (optional)
minutes. If desired, sprinkle with chopped fresh parsley.
Take a Break
Being understanding and supportive can go a long way. Whether they struggle with credit concerns or financial complications, transactions can be emotionally charged, so show empathy toward your clients’ situations. Follow up. After a call, follow up promptly with any promised information or updates. This demonstrates reliability and keeps the lines of communication open. Manage your time effectively. Keep phone calls focused on relevant and helpful topics and avoid unnecessary tangents. Respecting your time and the client’s time goes a long way. Mastering your phone presence takes time and practice, but it’s an invaluable skill for all brokers in this industry. Effective phone communication helps you close deals and enhances your reputation and client relationships.
BALLOT CORNUCOPIA CRANBERRY DISTRICTS
MAIZE PILGRIM POLITICS RAKING
SHOPPING STUFFING THANKSGIVING VETERAN
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PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411
C.H. Brown Co., LLC A PLATTE VALLEY COMPANY 20 W. Frontage Rd. • Wheatland, WY 82201 307-322-2545 • chbef.com
Inside
1 Celebrating the Gift of Gratitude 2 The Right Way to Protect Your Children’s Inheritance 2 How Low-Key Billionaire Bernard Arnault Made His Fortune
3 Stuffed Pepper Soup 3 Phone Etiquette 101 4 Network Your Way to Success
Many of us at CHB just returned from the American Association of Commercial Finance Brokers (AACFB) and National Equipment Finance Association (NEFA) conferences. Each event had a great turnout, with over 60 exhibitors and 300 attendees! We have been attending these conferences for many years, and every time, we return home with new and innovative ideas and ways to do our jobs and improve our processes. We love the opportunity to meet new people and have great conversations with veterans of the industry. Networking with other professionals in the same niche is a powerful tool that can greatly benefit your career and business. Building and maintaining relationships with peers can lead to numerous advantages, such as these five. Knowledge Sharing Networking allows you to tap into the collective wisdom of your peers. You can exchange ideas, strategies, and best practices to enhance your skills and knowledge. Learning from others’ experiences can also help you avoid common pitfalls and make informed decisions. Connect for Success THE POWER OF NETWORKING
Collaboration Opportunities Partnering with others can lead to joint ventures, the co-creation of products or services, and shared resources. Collaborative efforts often result in innovative solutions and expanded market and target reach. Referrals and Recommendations When you establish trust within your network, others are more likely to refer clients or customers to you. Word-of-mouth referrals from trusted colleagues are often more effective than traditional advertising. Likewise, you can refer clients to fellow professionals, strengthening your relationship and creating a mutually beneficial partnership. Visibility and Credibility Networking allows you to establish your presence in your niche. Attend industry events like the AACFB and NEFA conferences and webinars and participate in online forums or social media groups. You can gain credibility and become a respected authority in your field by contributing your expertise and insights. Personal Growth Lastly, engaging with others can boost your self-confidence and communication skills. It provides opportunities to step out of your comfort zone, practice your elevator pitch, and improve your interpersonal abilities. These skills are valuable not only in your niche but also in life in general.
Building your network should be an integral part of your professional journey, so we hope to see you at one of the next conferences!
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