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November 2023 The Contractor’s Advantage
HarrisonLawGroup.com (410) 832-0000 jwyatt@harrisonlawgroup.com
A COUNTRY TO BE THANKFUL FOR Why America’s Abundance Calls for Thanksgiving Reflection
With November comes Thanksgiving, a holiday filled with turkey, tradition, and, most of all, gratitude. Initially, the pilgrims created the holiday as a way to “give thanks” for the previous year’s harvest, but today, the occasion is much more about gratitude for the things we do have as opposed to those we don’t. I think in American culture today, a very high value is put on the sensationalist “everything is so bad” media. No matter what your favorite news source is, if you go to their site or flip to their channel right now, you’ll find that out of the top 10 stories, at least nine will be negative. This really puts a sour outlook on life and can make even the most fortunate feel as if there’s nothing to be thankful for. It would behoove anyone to stand back and look at how good things are, especially in America. In fact, multiple Harvard studies have found that showing gratitude will do more than temporarily cheer you up; it’ll make you happier. Unfortunately, our society has more or less gotten into the habit of the complete opposite. Instead of practicing gratitude, we practice something closer to ingratitude. I find this incredibly frustrating when, all things considered, most of us are doing pretty well. Of course, many live below the poverty line, in traumatic circumstances, or through other challenging situations. But if you look at the United States as a whole, you’ll find that compared to quite literally everywhere else, we’re incredibly fortunate. For example, let’s look at the per capita gross domestic product (GDP). For reference, per capita GDP measures the average individual’s income in a given area for a specific year. The per capita GDP of the world in 2021 was $12,234.80, meaning the average pay for a single person was just over $12,000 a year. The per capita GDP of the United States in 2021 was $70,248.63. Let that sink in for a moment. By all standards, our country is, per capita, six times as wealthy as the world as a whole.
We live in a land of incredible abundance in almost every definition of the term. We have massive stores where nearly every food is available to us; advanced technology in our homes, workplaces, and pockets; and the medical ability to perform what would have once been miracles plus more. As I write this, I’m reminded of our abundance, specifically in our education system. Recently, my son was diagnosed with a learning disability. The fact that resources are available to diagnose children with learning disabilities is incredible. And then, once diagnosed, he received many different resources at his school to help him, including individualized therapy, learning plans, and support from his school that allowed him to have a normal educational experience. In other parts of the world, or even just 50 years ago, he likely would have fallen behind or failed to receive a proper education. To go even a step further than simply our abundance, the violent crime rates in America are at historic lows, despite what news sources tell you. Since 1993, these violent crime rates have dropped an average of 49%, with a 68% decrease in robbery, 47% decrease in murder, and 43% decrease in aggravated assault, according to the Pew Research Center using FBI data. This is not to mention our country’s incredible developments in science. Just imagine the how much longer the COVID-19 pandemic would have gone on if we hadn’t developed a vaccine as quickly as we did (under a year). So, the truth is that as time goes on (and not to discount all of the many difficulties the world faces), things get better. That
is something to be grateful for. That’s why this month, during a time of appreciation and thankfulness, I encourage you to take a step back and acknowledge just how fortunate you really are.
-Jeremy Wyatt
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Want to Grow Your Business? Master These 3 Simple (But Critical) Rules
As a business owner, you’ve likely spent ample time trying to improve your business and find success. You read business books to learn the secrets of prolific entrepreneurs, attend seminars to improve your skills, and hire talented team members to enhance front-end and back-end processes. Occasionally, you learn something revolutionary that allows you to implement practices that make your company more profitable and successful. Brian Tracy is no stranger to offering this type of revolutionary business advice to others. He’s the chairman and CEO of Brian Tracy International, a company he founded nearly 40 years ago that provides counseling on leadership, strategy, creativity, and more. Tracy has also authored over 80 books that offer business, leadership, and psychological guidance
Compare it to getting an oil change. You could go down the street to your local quick oil change location without an appointment and have your oil changed fast and for a low rate. This gets the job done, and if everything goes smoothly, you might return the next time you need an oil change. However, if you went to a mechanic or dealership for service, most places will change your oil, rotate and fill your tires with air, replace any fluids, and more as part of an oil change package deal that only costs $20–$50 more than the quick oil change place. And if their customer service is up to par, there’s no way you’d take your service anywhere else. This is how customers look at your business. If your products and services are of the highest quality, you can charge more than your competitors. Focus on revenue generation instead of the costs of your business. It costs money to run a business, but you should not focus solely on money leaving your bank account. You will spend that money regardless, so start building plans to create revenue that covers any expenses your business may have. Part of the reason you started your business was to make money, so start making money. Hire the best staff, give them the training they need, and create sales and operation processes that align with your company values and promote more business. Doing so will offset the costs of doing business while bringing in more revenue that can be
to entrepreneurs in any industry. If you haven’t read anything by Tracy or heard him speak, you’re missing out on valuable business advice. Tracy recently unveiled his three rules for business success. By following these rules in your own business, you can reach new heights and accomplish your goals. Quality is more important than cost. This has been a hot topic ever since humanity created the marketplace. Do you cut
costs and offer a lower-quality product or service, or do you deliver a high-quality product that’s more expensive? Tracy recommends providing a higher-quality product or service every time. Not only will you wow your customers, but you’ll also create a strong relationship that promotes customer loyalty. If you make a cheap product and sell it for a low price, the customer will be happy at first to get a great deal, but their joy will fade as time passes and the product starts to wear down.
used to grow your company. There are no other rules!
According to Brian Tracy, there is no other secret rule that will bring success to your business. As long as you put quality first and focus on revenue generation, you can grow a profitable company.
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encouragement. The three started to work together and launched Sunniva Super Coffee out of Jake’s apartment at Georgetown University. They quickly found success and started selling their product in stores like Whole Foods, Wegmans, and WaWa. Knowing their business could be even more profitable, the brothers decided to go on “Shark Tank” to pitch their business to the most prolific and wealthy investors in the modern age. They explained their product and allowed the sharks to try their four flavors. The brothers asked
investors. Aaron Rodgers, Jennifer Lopez, Alex Rodriguez, and Baron Davis all backed and invested in the company. The brothers made a distribution agreement with Anheuser-Busch, which brought Super Coffee to stores
like Target, Walmart, and CVS. In the two years since appearing on “Shark Tank,” Super Coffee raised its sales numbers from $4 million to $55 million. The company grew in value from $0 to $400 million within five years. The popularity of Super Coffee has grown exponentially. What started as a dorm room experiment has become an Austin-based company that employs over 100 people and manufactures over 30 products, including creamers, bottled coffee, and coffee grounds. The DeCicco brothers and their Super Coffee venture prove you don’t need experience, industry knowledge, or wealthy investors to get your business off the ground. You just need a strong idea and dedication to follow your vision.
for $500,000 in return for a 4.5% ownership of the business. Unfortunately, the sharks were unimpressed. Robert Herjavec, Barbara Corcoran, and Rohan Oza were unimpressed with the taste, while Mark Cuban and Lori Greiner didn’t believe the business could become more profitable. Jake, Jordan, and Jim walked away from “Shark Tank” empty-handed, but they didn’t let that stop them from reaching new levels of growth and success. In 2018, the brothers dropped the “Sunniva” name and rebranded it as “Kitu Life.” The following year, Forbes recognized the brothers on their 30 under 30 list, which garnered the attention of venture capitalists and high-profile
“This was the largest armed robbery in United States history, and it was committed by the FBI.” That jaw-dropping statement came from Robert HANG ON — THE FBI ROBBED A BANK? The Story Behind a Mind-Blowing California Raid Frommer, an attorney representing several hundred people whose safe deposit boxes were emptied during an FBI raid in 2021. In March 2021, armed agents stormed a California U.S. Private Vaults bank branch. They confiscated countless safe deposit boxes — making off with roughly $86 million. Why’d they do this? After investigation, the FBI suspected the branch was catering to criminals hiding cash in Los Angeles. After the raid, U.S. Private Vaults pleaded guilty to conspiracy to launder drug money and closed its doors for good. Yet roughly 400 people hired Frommer to get their money back, saying they weren’t criminals. As of March 2023, at least one person still claimed she hadn’t been compensated — even though she wasn’t criminally charged.
HAVE A Laugh
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Jeremy Wyatt jwyatt@harrisonlawgroup.com HarrisonLawGroup.com (410) 832-0000
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Inside This Edition
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A Thanksgiving Toast to the Land of Plenty Grow Your Business With These 3 Rules Did the FBI Really ‘Steal’ $86 Million? How Super Coffee Grew From $0 to $400 Million
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$0 TO $400 MILLION
The Story Behind Super Coffee
What is the first thing you do when you wake up? Many start every day with a freshly brewed cup of coffee, but occasionally, we run out of time and have to pick up something on the way to work. You can get a cup from a coffee shop or a fast- food restaurant, but these can be expensive, unhealthy, and unappetizing. You can go a different route and get an energy drink or bottled coffee, but these usually are high in sugar and can increase the risk of heart disease. In 2015, a college student at Philadelphia University (now Thomas Jefferson University) saw a need for a healthier energy-inducing beverage and created something new. Jordan DeCicco was a student-athlete struggling to stay awake in class. The shops around campus offered mainstream bottled coffee, which Jordan didn’t want to drink. He wanted something healthier to provide more stamina and energy, so he started brewing his own coffee and adding protein and healthy fats. Jordan got the energy he craved from his creation, and it tasted good, too! Soon, his teammates and coaches from the basketball team started drinking it, and Jordan knew he had something big on his hands. Jordan contacted his brothers, Jake and Jim, to share his creation and inform them of his intention to drop out of school and start a business. He was on a full scholarship, which made this venture risky, but his brothers provided support and
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