Kern Business Journal Spring 2021

KERN BUSINESS JOURNAL

Vol. 10, No. 1

Spring 2021

75¢

Community Business: Bakersfield hotel market rebounds

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Finance: Tips to compete in the homebuying market

9

Legal and Human Resources:

Managing the newest generation in the workforce

12

Agriculture: Water Association to host fifth Kern County Water Summit

14

Cover story

Landlords work with commercial tenants to help them survive the pandemic

BY JOHN COX jcox@bakersfield.com

T ALEX HORVATH / THE CALIFORNIAN

Construction work is underway on a new shopping center at the southwest corner of Stockdale Highway and Buena Vista Road.

Kern Business Journal 3700 Pegasus Drive Bakersfield, CA 93308

Presorted Standard U.S. Postage PAID Bakersfield, CA Permit No. 838

he phone calls fielded by Kern County commercial real estate owners during the coronavirus crisis have ranged from the merely painful to the genuinely tragic.

Tenants begged for rent relief after being unable to make a sale for months on end because of state operating restrictions.

Retail landlords responded by tailoring help for different businesses according to need, in many cases offering rent deferrals. These measures, combined with the government recovery programs that followed, have allowed many local operators to survive and reopen.

Pulling it off required a delicate balance between holding the line for investors or lenders and working closely with business owners who don’t always understand the resources available to them.

Bolthouse Properties took the long view because it sees its tenants as partners, Senior Vice President of Development Bruce Davis said.

Please see LANDLORDS | 3

KERN Journal Business

Kern County’s premier business publication Spring 2021 Vol. 10, No. 1

How businesses can get more out of social media

Kern Business Journal is a publication of The Bakersfield Californian.

Copies are available from The Bakersfield Californian, Kern Economic Development Corp., Greater Bakersfield Chamber of Commerce and by subscription.

S

Executive Editor Christine Peterson

ocial media has changed the world in myriad ways, and that impact is likely to grow in coming years. In its report titled “Social Media Trends to Watch in 2017,” the firm GlobalWebIndex found that nearly 60% of users of the popular smartphone instant messaging app WhatsApp used the app more than once per day. The same report revealed that more than 55% of Facebook users took to the popular social networking site more than once per day.

Such figures illustrate the role that social media plays in the average person’s life while suggesting that the influence of social media remains considerable. Business owners know that thriving in the 21st century and beyond requires the utilization of social media to connect with prospective customers and promote products, though the ever-changing nature of social media can make it difficult for business owners to stay abreast of the latest trends. The following are a handful of ideas business owners can consider as they look to get more out of their social media presence.

Specialty Publications Designer Julie Mana-ay Perez Publisher Cliff Chandler cchandler@bakersfield.com 661-395-7521 To subscribe 661-392-5777

Monday, May 17, 2021

Contact us 3700 Pegasus Drive Bakersfield, CA 93308 661-395-7500 kbj@bakersfield.com To advertise Michelle Lanham mlanham@bakersfield.com 661-395-7235

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Health: Adventist Health inspired by community

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Community Business

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PERIODICALLY REASSESS YOUR SOCIAL MEDIA PRESENCE A platform that’s popular today might be outdated tomorrow, such is the nature of social media. Business owners should make a point of periodically reassessing their social media presence to ensure they’re still connecting with existing customers and enticing new customers. Follow social media trends and be sure to create profiles on new platforms that you feel can help your business grow. In addition, make sure

each of your social media profiles reflects where your business is today.

DETERMINE WHAT’S WORKING Just because there’s a new social media platform seemingly every day does not mean you need to create a new profile each day. If your business has a presence on various platforms, examine the performance of each platform, focusing on those that seem to be doing your business the most good.

KEEP YOUR MESSAGE FRESH Even your most devoted followers will grow tired of your message if it stays the same for months on end. Create social media campaigns that routinely engage your followers so they’re excited to see your updates and get involved with your business. In addition, present your campaigns differently on each platform to make the most of each platform’s particular capabilities.

EXPRESS YOUR APPRECIATION TO YOUR FOLLOWERS Social media is, by definition, social, so don’t forget to be sociable and thank your followers when they like a post or retweet a promotion. In addition, don’t hesitate to share a follower’s content if you find it valuable and insightful. Expressing your appreciation is a great way to build a loyal customer base, and such expressions of gratitude take just a few seconds.

Social media has changed the way the world operates, and businesses can utilize social media’s vast influence to build a loyal customer base.

— Metro Creative Connection

Cover Story

LANDLORDS Continued from PAGE 1

“Everybody was at different needs and we and I’m sure all the other developers did what we could to keep them up,” he said.

Optimism is high among local commercial property owners that Kern County small business activity will rebound from the COVID-19 crisis, not only filling existing space but driving demand for new projects underway.

Even in the office market, where the shift to working from home raised concerns that employers would pull back space demands, expectations are that businesses will still need meeting and office space.

“I think people want to be as productive as they can and that means in person most of the time,” said Don Bynum, director of asset management at Bynum Inc. “I think we were a lot more worried about it before we experienced the pandemic.”

He told of an adjustment the company made during the crisis that has helped fill what had been a significant vacancy off Truxtun Avenue.

The second floor office space had been occupied

by a single tenant going back at least 25 years. But the company wondered if it might help meet surging demand from professionals seeking something small for themselves.

Bynum said several asked for spaces as small as 500 square feet, which can be hard to find. But they agreed to lease an executive office instead and now the floor has four individuals, a paralegal and an insurance professional among them, sharing the floor at about $1,000 per month each.

Generally Bynum’s office tenants have kept up with rent, he said, though some were hit harder than others. He noted there’s been little new leasing activity with large tenants.

Retail properties performed much differently, he said. Some couldn’t pay for extended periods, and some seemed to have trouble filing for government recovery assistance. Bynum said the company ended up steering some tenants to appropriate help for filling out application paperwork.

There were some who insisted on rent forgiveness but that was something the company couldn’t offer, he said. The government’s only significant help for property owners, he noted, came indirectly through small businesses.

Davis at Bolthouse said activity is picking up in

““

I think people want to be as productive as they can and that means in person most of the time.

I think we were a lot more worried about it before we experienced the pandemic.

— Don Bynum. director of asset management at Bynum, Inc.

retail as potential tenants ask about availability at a pair of shopping centers the company is building in southwest Bakersfield.

Shopping isn’t back to its previous peak but clearly people are out in greater numbers lately as the economy reopens, he said.

“I think everybody is feeling, at least in our niche, that we’re coming out of this and people are coming back and getting vaccinated,” he said. “We’re seeing things starting to pick back up in a slow and reasonable way.”

Monday, May 17, 2021

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The Bakersfield Californian

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3

Community Business

Does your business have its own unique continuity plan?

The Bakersfield Californian

Monday, May 17, 2021

R

4

isk management challenges to local business owners this past year have never in our collective memory been as severe as during COVID-19. Previously, we endured the massive 1952 earthquake, the extensive 1989 windstorm, periodic droughts and floods over time plus recent disastrous wildfires.

John Pryor This pandemic was especially severe in terms of business revenue loss.

Looking back, many entities such as local hospitals — plus other highly regulated organizations — are required to have a “continuity plan” that positions them to prepare proactively for worst-case-scenario disasters to protect both people and property — plus sustain revenue and retain staffing.

But what can a small business do?

Too few have a proactive Business Continuity Plan. Despite this, we observed lots of creative responses — even though reactive — to measures imposed by state governors (especially ours).

For example, working online from home, providing take-out and outdoor food service, conducting multiple Zoom meetings, to name but a few. American ingenuity always helps.

However, far too many businesses have had no choice but to

shut down completely! To avoid or at least mitigate the risk of shutdowns and other constraints imposed by government requires lots of advance, proactive thinking and planning.

A BCP is essential.

Most ask about the role of Business Income and Extra Expense insurance. Most businesses — even the smallest — already have such protection.

Continuation of income is indeed available for unexpected and unintentional losses. Also, shutdowns caused by “civil authority” are usually covered.

When such coverage extends to payroll of “ordinary employees” (not solely owners and executives), business owners have been hailed as heroes — justifiably — and much better than a PPP grant from the SBA (as helpful as they have proven to be.)

However, there’s a “catch.”

All such coverages must be triggered by direct damage to the property of the business or to an adjacent business that causes neighboring businesses also to be shut down. Such is not the case with a virus. Therefore, transfer of this risk to an insurance carrier generally is not possible.

Looking ahead, business planning needs to focus on measures to proactively prepare for the next major disaster — if not another virus — more likely an earthquake on the nearby San Andreas fault. (For details, go to www.shakeout.org.)

One other major risk is that of an EMC — ElectroMagnetic Pulse. It can come from either the sun or from an enemy na-

DEPOSITPHOTOS.COM

tion. An enemy can explode an atomic bomb miles above our Midwest. No property will be damaged. No lives will be lost.

However, our civilian electric grid will be forced out of commission for months, if not years.

Cars on freeways will come to an immediate stop, leaving their occupants stranded. Power in homes, businesses, and everywhere else, will be out indefinitely. Many patients on ventila-

tors will die. Families without an emergency food supply will hunger, if not starve. People unable to refill their prescriptions will be in dire health straights. Gas stations will be unable to pump gasoline. And on and on.

Congress has shielded our military grid. For some inexplicable reason, it has not appropriated the $2 billion needed to do so for our civilian electrical grid. It should be high priority to

eliminate this devastating risk.

Are you convinced now that business continuity planning should be a key part of your organization’s leadership practices?

If so, a complimentary BCP template is available to you by email — along with a personalized 24-page disaster plan for both your business and your family. Just email johnpryorqrm@gmail.com.

Community Business

❚❚All such coverages

COURTESY OF JOHN PRYOR

It’s not a complex process. The BCP template is on a single page! Every organization is unique. This template walks you through the process to respond to your organization’s unique needs. Ask for your free copy and quickly get this crucial planning system in place to protect your investment in your business as well as preserve your

must be triggered by direct damage to the property of the business or to an adjacent business that causes neighboring businesses also to be shut down.

revenue and staff for the future!

John Pryor is a risk management and general management consultant with CSU Bakersfield’s Small Business Development Center and does not sell insurance. Free counsel through local SBDC facilities is available through CSUB’s website.

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ALMONDS & PISTACHIOS PRICED REDUCED $23,950±/AC 205.21± ac, Semi-Tropic WSD & well water, good soils, strong yields, Shafter Area.

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WHAT IS A BUSINESS PLAN? A business plan is a valuable tool for entrepreneurs looking to start a business. Self-funded entrepreneurs who won’t be seeking seed money or assistance from external sources, such as banks or investors, can still benefit from writing a business plan, which is a detailed guide that can serve as a road map for prospective business owners.

Self-funded entrepreneurs can make their business plans as formal as they prefer, but aspiring business owners who are seeking funding will need to make their business plans formal, as lenders and prospective investors are more likely to read and respond to formal documents than informal requests. The U.S. Small Business Administration notes that many lenders and investors will want a traditional business plan before they offer any financing or decide to invest. Traditional business plans are formal documents that lay out the goals for the business, how owners plan to achieve those goals and how much time they anticipate they will need to achieve them.

WHAT ARE THE KEY COMPONENTS OF A TRADITIONAL BUSINESS PLAN? Traditional business plans include a number of components, all of which do not necessarily need to be included in a plan. The SBA recommends that entrepreneurs include as many of the following components as necessary. In regard to how many of these to include, individuals must make that determination on their own or with the help of an advisor.

■■ Executive summary: The executive summary is what your business is and

why it will be successful. This summary should include a mission statement, the product or service being provided and basic information about the business, such as its employees and location. The SBA also recommends that entrepreneurs seeking funding include financial information.

■■ Company description: This should be detailed information about the company, including the problems it solves. List the consumers or businesses the company will serve.

■■ Market analysis: Market research is vital, and this information should indicate that entrepreneurs have a strong grasp of their industry and target market.

■■ Organization and management: This tells readers how the company will be structured, including who will run it.

This section also should include the legal structure of the business (i.e., LLC, C corp, S corp, etc.).

■■ Service or product line: This section indicates the products the business will sell or the services it will provide. Any plans for intellectual property, such as patent filings, should be included here.

■■ Marketing and sales: This section should aim to describe how the business will attract and retain customers.

■■ Funding request: This section outlines the funding requirements, including how much money is needed, and how funds will be used over the next several years.

■■ Financial projections: The SBA recommends supplementing funding requests with financial projections, including a five-year financial outlook as well as more immediate terms, such as quarterly projections.

■■ Appendix: The appendix should include supporting documents, such as credit histories, résumés, letters of reference, permits, licenses, and other items.

Business plans are vital to many entrepreneurs. Learn more about drafting a plan at www.sba.gov.

— Metro Creative Connection

The Bakersfield Californian

ALMONDS SALE PENDING 154.82 ac, 1 well, Arvin Edison WSD contract water, Grade 1 Excellent Soils

DRYLAND PRICED REDUCED $2,250±/AC 160 acres, mostly grade 1 soils, Near Valley Acres

O

wning a business is a dream for millions of people across the globe. Entrepreneurs envision being their own boss, but few successful businesses can get off the ground without a little financial help.

That help is often not available without a business plan.

Monday, May 17, 2021

FARMLAND PRICED REDUCED $17,000/AC 20+-acres, Kern Delta Water Dist, Kern Island Utility water, south Bakersfield LAND $2,500±/AC 80± acres, poss bee-keeping, dry farming, mitigation, open space, recreation, or solar Buttonwillow Area, near Nwy 5

Key components of traditional business plans

5

Community Business

Tourism update Bakersfield hotel market appears to be rebounding

The Bakersfield Californian

Monday, May 17, 2021

B

6

akersfield’s hotel market appears to be rebounding to pre-pandemic levels, based upon a recent analysis by Visit Bakersfield.

For the seven-week period beginning the first week of March, local hotel occupancy is back to where it was during the same period in 2019. In addition, room rates and hotel revenue are pacing ahead of that same 2019 period. This is good news not only for hotels, but also for the local economy and local governments.

When the pandemic began to hit the travel industry last year, Bakersfield hotel occupancy slid a whopping 55 percent compared with the same period the year before. That meant big drops in hotel revenue, triggering staff reductions and hits to city and county tax coffers.

David Lyman Over the next 11 months, the occupancy rate for the local hotel market slowly improved and has now returned to pre-pandemic levels of the same period in 2019.

The reasons for Bakersfield’s revived occupancy rates are varied. For some hotels, new construction and businesses coming to our area have created an increase in customers. At Home2 Suites by Hilton, Director of Sales Denise Taylor-Connor cited work on the new Amazon facility and the resurgence in the local oil and gas markets.

She also has seen an increase in groups staying at her hotel, specifically weddings, sports and family travel.

“I see more family road trips on the rise, and families meeting in the middle somewhere to see each other for the weekend,” she said.

At downtown’s Padre Hotel, General Manager Jennifer Johnson has watched demand climb steadily since mid-February. She said nearly every Friday and Saturday at the Padre since then has sold out.

Johnson has noticed a shift in booking trends.

“In 2019, our largest segments were pretty closely tied between leisure and corporate travel, but now leisure travel is the dominant segment,” she said.

In addition to occupancy, other local hotel metrics are back to 2019 levels. ADR, or average daily rate, had hit a low 21.7 percent year-over-year at the start of the pandemic. But for the seven-week period since the first of March of this year, local ADR is running an average of $4.34 higher than the same period in 2019, an increase of 5 percent.

Johnson said, “We see that leisure travelers are booking the larger, higher-priced rooms and boosting our ADR because of it.”

Rebounding occupancy and ADR means an upswing in hotel revenue. While RevPAR, or revenue per available room, sank to 63.1 percent year-over-year at the begin-

Bakersfield hotels appear to be rebounding from the pandemic. Above, Hilton Garden Inn.

PHOTO COURTESY OF DAVID LYMAN

❚❚That tight housing market also means people relocating to Bakersfield from other cities are staying in hotels while their names work their way up waiting lists.

VISIT BAKERSFIELD

New banners promoting Bakersfield have been installed in the Amtrak parking lot.

PHOTO COURTESY OF DAVID LYMAN

Hilton Garden Inn. Bakersfield hotels appear to be rebounding from the pandemic.

ning of the pandemic, it is now running ahead of the same period in 2019 by an average of $2.53, and increase of

more than 4 percent.

Rising hotel revenues translate into higher revenues for local governments. The city of Bakersfield assesses a 12 percent “bed tax” on each room night sold (Kern County charges 6 percent for hotels in unincorporated areas). As hotel revenues increase, so too, do tax revenues flowing to both city and county.

In addition to the traditional leisure and business travelers, Taylor-Connor at Home2 Suites noted that those large vaccination clinics in Bakersfield attract traveling medical staff who need places to stay, namely hotels. She also noted that the local housing market has benefited

Bakersfield hotels.

“People’s houses sell faster than they anticipated and they don’t have a new house yet,” she said. “We get several who are displaced for a few weeks to a few months until new housing is available.”

That tight housing market also means people relocating to Bakersfield from other cities are staying in hotels while their names work their way up waiting lists.

Back at the Padre, Johnson looked ahead a few months.

“With travel restrictions lifting and people getting vaccinated, the leisure travel segment won’t be shrinking, and we’re seeing signs of the corporate travel segment coming back.

She added, “Bakersfield is positioned to bounce back before the year end because the market has a diverse source of travelers.”

David Lyman, Ph.D., is manager of Visit Bakersfield. He frequently monitors, compiles and analyzes various data about the local economy. He and his crew help visitors from throughout the world spend their money and find The Sound of Something Better in California’s ninth largest city.

They are available toll-free (866) 425-7353 or at Info@VisitBakersfield.com.

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Community Business

Resources remain to help businesses beyond COVID-19

I

❚❚In order to take full

t’s been a bumpy ride for small businesses through COVID-19. Government pandemic relief assistance has provided a lifeline for many. Below are some of the federal and state programs that remain to benefit business owners.

advantage of the ERTC and to receive accurate and individualized information, businesses and nonprofits are strongly encouraged to seek assistance from their certified public accountant or other tax professional.

The Bakersfield Californian

Monday, May 17, 2021

EMPLOYEE RETENTION TAX CREDIT – ENDS JUNE 30

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The Employee Retention Tax Credit (ERTC) provides Kelly Bearden an opportunity for businesses still suffering economic effect from the pandemic. It is a refundable tax credit designed to help employers keep employees on their payroll and to help with recovery from government-mandated business closures during the pandemic. The credit for 2020 and 2021 is calculated differently.

In guidance issued by the Internal Revenue Service April 2, eligible employers may “claim a refundable tax credit against the employer share of Social Security tax equal to 70 percent of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021.” Maximum employee retention credit is $7,000 for each employee per quarter, or a total of $14,000 per employee in the first two calendar quarters of 2021.

For 2020, eligible businesses who had a 50 percent or more drop in business may receive a maximum up to $5,000 per employee. The credit equals 50 percent of wages paid after March 12, 2020 and prior to Jan. 1, 2021.

In order to take full advantage of the ERTC and to receive accurate and individualized information, businesses and nonprofits are strongly encouraged to seek assistance from their certified public accountant or other tax professional.

Californians whose services have been reduced or are out of business.

FAMILIES FIRST CORONAVIRUS RESPONSE ACT

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EIDL LOAN – APPLICATION DEADLINE DEC. 31 Administered through the Small Business Administration, the COVID-19 Economic Injury Disaster Loan is commonly referred to as an EIDL loan. Small business owners, agricultural businesses and nonprofits may apply for loans up to $500,000. Proceeds must be used for capital and operating expenses such as rent, fixed debt payments, continuation of health care benefits and utilities. Pay-

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ment is due over 30 years with a fixed interest rate of 3.75 percent for businesses and 2.75 percent for nonprofits. The first payment may be delayed for 18 months.

PANDEMIC UNEMPLOYMENT ASSISTANCE – ENDS SEPT. 5

Business owners, independent contractors, self-employed and gig workers are among those eligible to apply for Pandemic Unemployment Assistance (PUA) through California’s Employment Development Department. As part of federal assistance, PUA is designed to help

The Families First Coronavirus Response Act (FFCRA) was created to provide help for employees and their households affected by the pandemic through emergency paid sick live.

Starting Jan. 1, 2021, employers with fewer than 500 employees were able to receive up to $5,000 per employee in tax credits when they agreed to voluntarily cover emergency paid sick leave costs.

Under the American Rescue Plan Act of 2021 (ARPA), eligibility for employer tax credits was recently extended through Sept. 30, 2021.

Employers should seek assistance from their certified public accountant and human resources professional for specifics as it applies to their individual workplace.

The Small Business Development Center at CSUB is one of five service centers within the University of California, Central California SBDC Regional Network.

It assists small business owners in Kern, Inyo and Mono counties by providing free consulting, small business training and research.

More information can be found in the free weekly one-hour “Webinar Wednesday” series, Managing Your Small Business through the Pandemic. Topics include pandemic relief updates on available federal, state, and local funding options, tax credit programs and employee programs. For more information go www. csubsbdc.com Kelly Bearden is the director of the Small Business Development Center at Cal State Bakersfield.

Finance Six tips to compete in Kern County’s competitive homebuying market bile banking app, so you can begin the home search with a competitive edge. At Bank of America, digital preapproval applicants can even have closing costs eligibility determined automatically, so you know how much assistance you’ll receive from the get-go.

TAKE ADVANTAGE OF DIGITAL TOOLS Timing can be everything in the current environment.

Luckily, online resources can guide you through the mortgage process from start to finish and prevent any delays in the process, whether its checking the status of your loan or submitting required documentation electronically.

They’ll even provide you with a to-do list of outstanding tasks and current status and details of a loan application.

KNOW EXACTLY WHAT YOU’RE LOOKING FOR Check out homes in your desired location beforehand, so you can narrow down the price range and home type that’s right for you. The Bank of America Real Estate Center® can help you identify properties for sale in various neighborhoods that fall within your budget and/or qualify for Bank of America’s grant programs.

day’s homebuyer. Younger generations are looking for a multifunctional space as the home has become an office (45 percent), a school (31 percent), a movie theater (28 percent) and a gym (27 percent).

As properties continue to sell quickly in Kern County, here are some tips to put your best foot forward:

GET YOUR FINANCING IN PLACE In a competitive market, having a preapproval shows that you’re serious about becoming a homeowner, as you’re taking the necessary steps to get your finances and creditworthiness verified by a lender. Interactive digital tools allow you to secure preapproval online or via a mo-

Austin Williams has been with Bank of America for 14 years, currently serving as vice president, enterprise retail sales manager, where he oversees a team of 13 home loans specialists across Kern, Fresno and north Los Angeles providing credit solutions and community lending. Williams received his bachelor’s and master’s degrees from Ashford University, and served seven years as staff sergeant in the U.S. Army as a senior nuclear, biological, and chemical specialist.

The Bakersfield Californian

GET STARTED AS EARLY AS POSSIBLE You’ll want to be well informed about the homebuying process so you can act quickly and with confidence once you’re ready to buy. Brush up on your knowledge with the First-Time Homebuyer Online Edu-Series™, which provides an easy-to-understand roadmap to buying a home and allows you to go at your own pace as experts provide guidance and tips to prepare your finances, make an offer, apply for a mortgage and more.

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f you’re hoping to buy a home this summer, you’re in good company. Homebuyers in Kern County face the most competitive U.S. housing market in decades, with low mortgage rates, low inventory and strong demand heating bidding wars. The past year has fueled a stronger desire for homeownership — in Bakersfield, the housing market has surpassed the pricing level it hit before the economic crash of 2008.

Bank of America’s 2021 Homebuyer Insights Report found prospective buyers are eager to swap unpredictable monthly rents with steady monthly mortgage payments.

In fact, nearly half (46 percent) of respondents say that building equity is more important now than ever Austin Williams before.

Beyond the financial benefits of homeownership, people are also reassessing how their living space and surroundings fit into their lives as we spend more time at home. Human connection, a sense of community, and good neighbors are just some of the key priorities for to-

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CONSIDER A STARTER HOME If you’re eager to take advantage of low rates and feel confident in your financial position, you may consider a starter home — often a condominium or townhome.

While it may not have all the amenities of a dream home or the perfect location, a starter home that you can comfortably remain in for a few years is typically less expensive. More importantly, a starter home can give you the chance to start building equity and establish fixed monthly mortgage payments, protecting you from rising rental rates.

Even as the meaning of home has evolved over the past year, homeownership continues to mean the power to build personal wealth and a legacy for your family.

While buying a home today may require a bit more patience and persistence, taking the time to prepare for what’s ahead will put you on the way to beating the competition and crossing the finish line of your homebuying journey!

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Finance

Business performances using financial ratios

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The Bakersfield Californian

Monday, May 17, 2021

inancial ratios are quantitative measures used to assess the performance and the overall financial health of a business. The end goal of using ratio analysis is to improve the decision making process.

Ratio analysis not only compares similar companies against each other, Kevin Lowther but also can be used to track the performance of a company year to year.

In this article I classify the financial ratios into five categories: profitability, leverage, liquidity, efficiency and growth.

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PROFITABILITY RATIOS Profitability ratios are financial metrics used to measure and evaluate the ability of a company to generate profit relative to revenue, assets, operating costs and shareholders’ equity during a specific period of time. They show how well a company utilizes its assets to produce profit and value to its shareholders.

Profitability ratios are broken down into two categories: return ratios and margin ratios.

Return ratios represent the company’s ability to generate returns for its shareholders. These ratios typically compares a return metric versus certain balance sheet items: return on equity and return on assets. These are used to measure how well capital is deployed in a business. For example, if the business only generates a 3 percent return for the owner, would the capital be better used elsewhere, such as the stock market?

Margin ratios measure how well the company converts sales into profits at various degrees of measurement. Margin ratios look at returns when compared to the top line revenue. Typically,

sell an entire stock of inventory in a period of time. Typical ratios in this group are inventory turnover, days sales outstanding and fixed asset turnover. I have previously discussed the cash conversion cycle (KBJ Oct. 30, 2020) as an example of how efficiently a company turns its inventory and sales into cash.

GROWTH We use growth ratios to see how well the company has performed in terms of revenue and profitability over a single period or multiple periods. To measure profitability over one year we take the year end profit of 2020 and divide by the year end profit of 2019 then subtract one: Profit 2020Profit 2019 – 1 equals percentage change in profitability over one year.

For multiple years we use a geometric calculation. For example if we wanted to see the five year annual percentage profitability from say 2016 to 2020 we would use this formula: Profit 2020Profit 2016 %5E14 – 1 equals compound annual growth.

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it compares the following income statement (profit and loss statement) items: gross margin, operating profit margin and net profit margin. Margin ratios show the operating consistency of the business year to year. If gross margins are falling for example, can the business source a cheaper supplier for their goods or pass costs through to customers?

er’s equity in the business. Lenders may be concerned if total liabilities exceed net worth.

Interest coverage shows the ability of the company to at least pay its interest expense. It is typically calculated as EBITDA (earnings before interest, tax, depreciation and amortization) divided by interest expense.

Lenders expect to see a ratio in excess of 1.0.

rent liabilities. The ratio indicates to what extent cash on hand and disposable assets are enough to pay off near term liabilities.

The quick ratio is applied as a more stringent test and is calculated as cash plus accounts receivable divided by current liabilities, indicating liquid assets available to cover current liabilities. It is also known as the acid ratio.

LEVERAGE RATIOS Leverage ratios represent the extent to which a business is utilizing borrowed money. These ratios indicates the level of debt incurred by a business entity against other accounts in its balance sheet, income statement, or cash flow statement.

Debt-to-equity ratio is a total measure of coverage of debt (short and long term) to the own-

LIQUIDITY RATIOS Liquidity ratios are closely linked to leverage ratios. They are used to evaluate the financial soundness of a company. These ratios measure a company’s ability to repay both short-term and long-term debt obligations. The two most common ratios are the current ratio and the quick ratio.

The current ratio is calculated by dividing current assets by cur-

EFFICIENCY RATIOS Efficiency ratios are used to measure how well a company utilizes its assets and resources.

These ratios examine how many times a business can accomplish a metric within a certain period of time, or how long it takes for a business to fulfill segments of its operations. For example, the inventory turnover ratio shows how many times a business can

BENCHMARKING Benchmarking allows us to make sense of the ratios we have calculated. We can use internal measures of the performance of the company from year to year or we can utilize industry statistics provided by BizMiner or Risk Management Associates.

CONCLUSION Ratio analysis provide valuable information to help make decisions and provide quantitative information on how the company is being run. A ratio analysis spreadsheet is available for download from our website: centralpacval.com/ratios.

Kevin Lowther, AM-ASA, ABV, FMVA is a partner with Bakersfield-based Central Pacific Valuation. He provides business valuation and financial analytics services.

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2251 Orpheus Court Bakersfield, CA 93308

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legal & human resources Gen Z

Managing the newest generation in the workforce

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eople who study generations say that what happens to us during our formative years — roughly when we’re in high school — has a profound impact on our values, expectations and world view. I was in high school in the late ‘70s and early ‘80s, and that’s probably why I think the best bands ever are Eagles, Fleetwood Mac and Queen.

Obviously, we can’t say that all people born during Robin Paggi a certain time period are all alike.

What we can say is that they all experienced the same thing at about the same time and it probably had a similar impact on them.

For example, Gen Z (born 1996–2012) grew up with smartphones, social media and the internet, which encouraged them to rely on technology for the answers to just about everything. Consequently, they tend not to have the same “common sense” that other generations have.

For example, when she was 16, I asked my granddaughter to meet me at an event and gave her the address. She texted me and asked if the event was at a church because that’s where Google maps told her to go. The event was happening next door to the church and, when she arrived, I showed her how to look at the numbers on the building to determine whether you’re in the right place and, if you’re not, how to get there.

Another example: A friend told me she instructed her young assistant to light some candles. The assistant asked where the candle lighter was. My friend said she didn’t have a candle lighter and handed her assistant a book of matches. The assistant asked, “What do I do with these?”

Evidently, the assistant’s watchful parents ensured she never played with a book of matches and accidentally set things on fire like many of us did when we were young.

Even if you disagree with generalizations about generations, one indisputable fact is that Gen Z is comprised of young people. And, when people are young, they

tend not to have the knowledge and experience they need to meet the expectations of their older managers, who somehow forgot they didn’t know everything when they started working either. When managers express frustration at Gen Z’s lack of know-how, Gen Z often ghosts them (ask a young person what that means).

After years of listening to these older managers complain about their younger employees, I joined forces with independent educational consultant Kat Clowes (who has helped hundreds of Gen Zers navigate the college admissions process) to write the book “Managing Generation Z: How to Recruit, Onboard, Develop, and Retain the Newest Generation in the Workplace” (available at Russo’s Books and Amazon). Fortunately, managers don’t need to reinvent the wheel when it comes to managing this generation; they just need to update it a bit. Here are a few suggestions: Recruiting: If you want to find members of Gen Z or want them to find you, social media is the way to do it. You’re probably already using your company’s website, job boards (like Monster.com), and LinkedIn, which is good, but you’ll also need to become adept at using Twitter, YouTube and Snapchat if you haven’t already.

Interviewing and Onboarding: Traditional interview questions based on job experience will need to be modified because only 19 percent of Gen Zers gain any work experience during high school (compared to 48 percent of Boomers). A survey by jobvite.com revealed that of the one in four employees who quit their job within the first 90 days, 43 percent said it was because the day-to-day role wasn’t what they expected. To prevent this from occurring at your workplace, it’s imperative that you provide a realistic preview of what the job entails during the interviewing process.

Onboarding is the process of helping new employees feel connected to your workplace and is critical to their success and longevity. In addition to ensuring they feel welcomed on their first day, connect them with someone (supervisor, mentor, buddy) who spends time each week for their first few weeks helping them get settled in and removing any obstacles to their

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success.

Developing: You’re going to need to tell them exactly what to do and how to do it for three primary reasons: ■ You’re probably the first employer they’ve ever had.

■ They are “digital natives,” meaning most of them didn’t learn how to do things the “old-school” way.

■ They will most likely try to figure things out for themselves through Google or YouTube, which can be a good thing and a bad thing.

In addition to the job descriptions, standard operating procedures, job aids, and SMART goals that you’re probably already using, a tool to help you in the development process is the experiential learning cycle. According to this model, we learn by having an experience, reflecting on what went well and what didn’t go well, generalizing what we learned from the experience, and then determining how to apply what we learned the next time. We usually need to go through this cycle three or four times before we really learn how to do something well.

You’re also going to need to give much more feedback than probably what comes naturally to you. The Center for Generational Kinetics says that 66 percent of Gen Z employees said they want feedback from their managers every few

weeks if not more. The feedback doesn’t need to take a lot of time, it just needs to be specific and helpful (saying something like, “the graphics you used in the presentation were really good” vs. “good job,” or “the graphics you used in the presentation need to be more up-to-date” vs. “bad job”).

Retaining: The best thing you can do to prevent Gen Z from leaving is to train their supervisors. Supervisors have more influence on productivity, product quality, morale, absenteeism and labor relations than any other group in the company. The way supervisors communicate and interact with employees makes a huge difference in the results (or lack thereof) they get from them. Unfortunately, many people are promoted into supervisory positions because they’re good at their jobs and aren’t given any training on how to be good supervisors.

While generalizations can be helpful, one of the most important aspects of managing people is getting to know them as individuals and providing them with what they need to perform. Doing that enhances the likelihood that you’ll get a good performance from employees in every generation.

Robin Paggi is a training and development specialist with Worklogic HR.

Marketing Public relations and Zoom fails

PHOTOS COURTESY OF MAUREEN BUSCHER-DANG PHOTOS COURTESY OF MAUREEN BUSCHER-DANG

PERSONAL HABITS AND HYGIENE Before even sitting down at your computer, get presentable. Ditch the

jammies. Comb your hair and brush your teeth. If you have seasonal allergies, take an antihistamine and set a box of tissues out of camera range. Above all, learn how to turn off your video before you touch your face.

There was a week of video meetings around the holidays last year when I observed unsavory violations on all of these little tidbits. The worst offender was a speaker who couldn’t keep his hands off his nose and had no tissues.

While he was very knowledgeable about the subject, it was difficult to concentrate because of my queasy stomach.

VIRTUAL HAPPY HOURS AND SCREEN FILTERS DON’T MIX At the front-end of the pandemic, Lizet Ocampo joined a virtual happy hour with other community leaders in Washington, D.C. Political director at People for the American Way, Ocampo thought it was a good way to connect. She also thought it

Maureen Buscher-Dang is a Bakersfield public relations and marketing consultant. She can be contacted through her website www.buschermarketing.com

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BEWARE OF WALLS AND COFFEE MUGS Prior to hopping on a Zoom meeting, take quick stock of any surroundings that may show up in your video. This includes piles of papers or laundry, the coffee mug you’ll be using while on camera that has salty language or images, and whatever is on the wall behind you.

In a recent nationwide webinar, I found myself distracted by a painting hanging on the wall behind the speaker. It took a few minutes before I realized there were two legs that looked like they were sticking out from the side of his head. At one point he moved and the legs gave way to a full-on nude painting. That’s something I’ll never be able to unsee. It goes without saying it distracted from the speaker’s message.

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don’t know about anybody else, but I’ve lost count of how many Zoom meetings I’ve been in over the last 14 months.

The upside includes more time to work instead of driving to and from meetings.

And I like working in my bunny slippers.

The downside includes remembering to turn off my video before rolling my eyes.

After getting called out for the eye-roll incident during the first week of pandemic lockdown, I’ve kept Maureen Buscher-Dang a running list of faux pas I’ve seen others make including some posted on social media. Let’s just say each one offers a teachable moment when it comes to putting your best professional foot forward for yourself and your company.

would be fun to download some funny filters to use during the happy hour.

Come Monday morning, Ocampo jumped onto a team meeting — and appeared as a potato with eyes and lips.

She forgot about the filters. Rachele Clegg, one of her employees, took a screen shot of the meeting and posted it to Twitter @PettyClegg.

“My boss turned herself into a potato on our Microsoft teams meeting and can’t figure out how to turn the setting off, so she was just stuck like this the entire meeting,” Clegg wrote.

The tweet went viral. More than a year later it has close to 900,000 likes.

My best advice when it comes to fun screen filters? Don’t download them, and don’t let your kids download them to any computer used for online work meetings.

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Agriculture Water Association of Kern County hosts fifth Kern County Water Summit

The Bakersfield Californian

Monday, May 17, 2021

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irtual. A word we have heard and seen a lot of over the past year. This year, the Water Association of Kern County is using virtual to our advantage and bringing speakers from across the state and nation to your computer screens. At a time where the world is at our fingertips, we are excited to bring top governmental appointees from Washington, D.C., and Sacramento.

Jenny Holtermann The Water Association of Kern County is a nonprofit organization designed to educate and inform Kern County citizens about water issues and events. Members consist of local water districts, agencies and affiliated groups and individuals.

The Water Association of Kern County will host the fifth Kern County Water Summit on May 25, and this year we are going virtual. We are featuring a morning full of discussion about California’s most critical water issues and bringing it right to your computer screen. From the comfort of your home or office, you can stream our lineup of water speakers. Whether you are a community leader, business owner, farmer, or government official, this will be a morning for you.

Our morning will begin with an update from the newest Biden administration appointee to the Bureau of Reclamation, Deputy Commissioner Camille Touton.

She will provide an update on federal water in the West. Having a D.C. representative as a speaker for our Water Summit is a privilege and we are pleased to present her on our virtual platform.

With the impending review process of the Sustainable Groundwater Management Act underway, Steven Springhorn from the Department of Water Resources will address our current situation in the process. The review is underway and receiving this check on where we are will be an asset to our valley.

Recently, the State Water Resources

be a live question and answer portion to their presentation. We hope you will use this opportunity to interact and engage with these key governmental officials.

Our sponsors will also be available for a live chat to connect and participate in conversation.

Use the virtual platform to your advantage. Join us for a morning full of water issues and hot topics straight from the source.

The Water Summit will be from 8 a.m. to 1 p.m. virtually. The cost to attend is $75 for WAKC members and $100 for nonmembers. Tickets are available online at

wakc.com/upcoming-events/.

Jenny Holtermann is the executive director of the Water Association of Kern County. WAKC’s mission is to inform and educate the public and water community about water issues in Kern County. As a fourth-generation farmer herself, who farms almonds with her husband and family in Wasco and Shafter, Jenny understands water issues firsthand. Jenny has a passion for her community and giving back through the numerous local, state and national boards she serves on as an advocate for agriculture and water.

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Control Board issued a report, “Effective Water Rights Response to Climate Change.” Joaquin Esquivel will join us for a response as the chair of the board.

Valerie Kincaid, a water law attorney and partner at O’Laughlin & Paris, will also present her reaction to the report. Having both of these presenters offering their opinion on the report will be an informative discussion.

Lastly, our keynote speaker this year is Mark Arax, award-winning journalist and author of “The Dreamt Land; Chasing Water and Dust Across California.” Arax has made a career of researching and writing on the water in the Central Valley. Arax joins us for an overview of his latest book, water rights and its role in the Central Valley.

Attendees will be able to watch live with us and will also have access to the Water Summit platform for up to a year.

After each speaker presents there will also

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