BizPeake Issue #2

Complimentary

A B2B Magazine for the Chesapeake Bay Region

Issue #2

Are You

Prepared?

Issue #2 BizPeake  1

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Life isn’t about waiting for the storm to pass, it’s about learning to

DANCE IN THE RAIN Issue #2 BizPeake 3

12

CONTENTS

8

18

H Fun cts: Fa

8 Don’t be a Target: Secure Your Data ASAP! 11 Developing a SW-SW-SW-N Philosophy 12 Meet our MVP's of Business™ (also on pages 16, 28, 32, 36) 14 Navigating Through Personal Disaster 15 Planning Your Retirement–It's Never Too Late 18 Boat Shows = Big Business…and Lots of Tarter Sauce 20 Getting Your Business Back Up and Running ASAP 22 They Posted WHAT???...

24 Embracing Change in Times of Uncertainty 30 3 Questions to Ask Yourself Before a Crisis 31 Developing a Disaster Recovery Plan 34 Eating Healthy on the Run 38 5 Keys To Embracing Your Mind For Success 41 Breaking Up Is Hard To Do–Partnerships Gone Bad 42 The Benefits of Having a Coach in Your Corner 44 Staying Calm in the Midst of a Crisis 46 Estate Planning: A Necessary Conversation

from WilliamPetruzzo about the photo shoot

The image was created with the help of an extremely creative and cooperative team. They started by creating artificial rain and highlighting it with a single light about 30 feet behind Dixie. The laptop Dixie is holding was wrapped in plastic at the base and the battery was removed for safety purposes. To simulate the glow of the laptop screen, a small LED light was placed over the screen and tinted blue. To add a little detail in the shadows, a single light was placed about 45 degrees to Dixie’s left and about 20 feet away. The team arrived nearly two hours early to set up the shot and calculate all the lighting requirements. The shot was taken in a short 10-minute window as the sun was going down. The actual shooting was less than 10 minutes long and we stopped as soon as I could tell we got the right shot.

Kudos and gratitude for the team:

22 4 BizPeake Issue #2

• • • •

Felipe Sanchez (Light Assistant) John Mecholsky (Helped keep the rain looking natural) Eve Burns (Worked with Dixie on wardrobe) Paul Scheider (Dixie’s husband, helped fill in all the gaps)

34

ON THE COVER: Andrea “Dixie” Schneider (Mary Kay Consultant and mother of 3 small children) LOCATION: “Schneider Keep” – a horse farm located in Harwood, MD and owned by the Schneider family.

PHOTO: William Petruzzo | Petruzzo Photography, LLC and team

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FOUNDER & PUBLISHER Jamie M. Kizer jamie@bizpeakejournal.com

LOYAL OFFICE COMPANION Zoey the Peke #pleasesendtreats

EDITOR Mary De Angelo DESIGN Stacey Saadeh Smith PHOTOGRAPHY (Cover & MVPs) William Petruzzo Petruzzo Photography, LLC WEB DESIGN Clear Space Media MARKETING & ADVERTISING Tammy Studebaker INTERNS Camden Bathras Brandon Lantz CONTRIBUTING EDITORS June C. Davis Robert C. Davis, Jr. Sarah Hagerty Stephen Hall M. Eve Hurwitz Mark A. Larsen CONTRIBUTING WRITERS Tom Coyle Carol Gausz Gary Haynes Linda Mathieu John Mecholsky Bill Reagle Jennifer Reitmeyer Nabil Sheikh Thomas W. Spray-Fry

How to reach us:

BizPeake Journal • 1125 West Street, Suite 200 Annapolis, MD 21401 • 410-705-4415 www.bizpeakejournal.com

Submissions:

For news/events to share, suggestions of businesses/ people to feature or for suggestions about future articles or to become a contributing writer, contact: jamie@ bizpeakejournal.com

Printed by H.G. Roebuck & Son, Inc.

Copyright ©2015 by Powerhouse Principles, LLC, Trading as BizPeake Journal™ and Powerhouse Principles™. All rights reserved.

No part of this publication may be reproduced in any form, including photography, without permission. BizPeake Journal™ is published 6 times per year. Subscriptions are free and will be sent to your home or business at no charge. To subscribe, visit our website: www.bizpeakejournal.com

COUNTY DISTRIBUTION Anne Arundel Calvert Kent Queen Anne’s Talbot Dorchester

CONTRIBUTING PHOTOGRAPHERS John Isaacs William Petruzzo @BizPeakeJournal

6 BizPeake Issue #2

A Letter from the Publisher of us like to feel vulnerable or want to put ourselves, families or businesses at risk, I decided to ask all of our BizPeake readers the same question: ARE YOU PREPARED?

L-Jan Keadle; R-Jamie Kizer

M

y college professor was famous for sharing the old adage of “Fail to Plan and Plan to Fail.” However, being the free-spirited, fly-by-the-seat-ofyour-pants kind of gal that I was (and still am to a certain degree), I found the concept of ‘planning’ to be incredibly boring, restrictive and unnecessary.

Well many years (and failures) later, I’ve come to acknowledge that he was, in fact, correct—ugh! Upon reflection it became clear to me that all of the mistakes and failures, both personally and professionally, could all be traced back to my decision to never plan for anything. Bad enough that I never planned for the unexpected, but even worse was not planning for the expected.

Fortunately, now that I’m a wise old sage…I feel that it’s my responsibility to share the importance of planning with all of my fellow and future business owners.

Given the state of the world in which we live, being constantly bombarded with stories of cyber attacks, natural disasters, identity theft, record high divorce rates, and unexpected loss of life, I had to ask myself, “Jamie, are you prepared?” The answer of course was, ‘hell-no’ and made me realize just how vulnerable I and my business really were. I honestly didn’t like that feeling one bit and made the decision to do something about it immediately. Assuming that none

Fortunately, we live in a community where there are plenty of experts who can provide the knowledge and resources to help us prepare for both the expected and the unexpected. For this issue, we’ve reached out to a few of these experts and asked for their advice on: Preparing for retirement; Planning our estates; Protecting our critical data; Developing a strategy for business continuity; Preparing our mindset for success; Keeping our bodies healthy; and even Providing a quiz to help us determine if we’re prepared for a social media crisis.

Hopefully, you’ll be able to benefit from their insights as much as I have and begin to really think about preparing yourself and your business for whatever life throws your way.

With all this talk of doom and gloom, however, there is one major life event for which I’m fully prepared and super excited about—the October Boat Shows! The Sail and Power boat shows have such a tremendous impact on our local economy.

To learn more about the history of the Boat Shows and some fun facts from local vendors, be sure to read page 18.

I would be remiss, however, if I did not take this opportunity to ‘Thank’ everyone who has written, called or stopped by to say how much they enjoyed reading the Premier issue of BizPeake Journal. The support has been tremendous and I am so grateful! We live in such a fabulous community, and having the opportunity to meet so many amazing business owners and community leaders has been an incredible privilege and honor. As always, please feel free to contact me if you have any suggestions for story ideas, people to profile or events that we should cover.

To your continued success and planning!

-Jamie

IS LOOKING FOR: • Contributing Writers / Unique & Creative Photography • Businesses & Entrepreneurs willing to share their stories & lessons learned • Mavericks, Visionaries, Pioneers, Disruptors, Game Changers & Rule-Breakers • Information about new businesses moving into the region • Business news, events & updates to share with our readers

PHOTO: JOHN ISAACS

FOR MORE INFORMATION, CONTACT: jamie@bizpeakejournal.com

Jamie M. Kizer, Founder & Publisher Issue #2 BizPeake 7

Reduce Your Vulnerability to Hacking and Insider Threats— 9 Ways to Secure Your Data Now

By Tom Coyle and John Mecholsky

W

e’ve all seen the headlines: Sony Hacked! Office of Personnel Management Hacked! Ashley Madison Hacked!

Over the course of this last year, these headlines have shocked the world. It’s clear that no matter how secure you think your data is, the reality is that vulnerabilities exist, and it takes a well-run, leaderdriven program to protect the integrity of your data. The data breaches mentioned above show not only the vulnerability to hacking, but to insider threats as well. One disgruntled employee can damage your company. Once your data is hacked, stolen, or exposed, your company’s reputation and bottom line are forever tarnished.

According to CNN Money, about one half of all Americans will be hacked this year. Here are nine ways to significantly reduce your vulnerability to hacking and insider threats.

1)Know Your Environment Every environment is different, and we have to think about security everywhere. In today’s business environment, company staff members operate in a variety of places—the office, their homes, WiFi hotspots at the local Starbucks, and overseas locations with varying degrees of Internet infrastructure.

Mobility means increased risk, and business leaders must be able to assess their environments and respond with confidence.

For some, this means bringing their own WiFi hotspot. For others, it simply means using a hotspot with strong encryption. In order to understand your environment from

8 BizPeake Issue #2

a security standpoint, you need to have global situational awareness to recognize the potential threats that exist around you. Take precautions to ensure nobody is shoulder surfing you when you type in a PIN, don’t leave your company laptop on your hotel room desk, and be careful with public WiFi hotspots, especially if they do not require a password to join.

2)Secure Your Identity With Strong Authentication

Note that the simple act of placing symbols in the middle of the password can provide you with significant additional security.

Avoid simple number substitutions for letters (such as $ for the letter S), single word passwords, passwords that need to be written down, all numeric passwords, or kid and pet names. HealthyPasswords.com has some good suggestions.

3)Create Rings of Security

Security begins and ends with strong authentication. Does your computer know who you are? In the early days of computer systems, there were only a few methods for authentication and access control.

Now, authentication is becoming more transparent, and with that transparency comes additional risk. For example, if you have enabled biometric security on your iPhone, you probably feel that you are more secure, and in some ways you are right.

However, if you have left the default 4 digit code as an alternative authentication method, then someone can still access your phone with less than 9999 attempts. Personalize your security options to fit your needs.

A jewelry store with a locked storm door as the only security measure to protect the contents is an example of poor security.

Jewelry stores employ rings, or levels, of security to protect their valuables. To get to the jewelry, one must circumvent a locked security door, alarms, cameras, a safe, and more. Give your data the same chance. If you have data that is particularly sensitive, consider adding additional security layers to protect it. There is a wide range of encryption options for individual files and even whole devices that can augment the security that is natively in place.

The best security employs multiple systems, such as something you have (like a security token) with something you know (like a password) for authentication. Often, digital security hinges on having good passwords.

Effective passwords must be constructed in ways that are not easy to guess. We recommend combining unrelated words and adding symbols and numbers. Even better, use unrelated words that help keep you focused on your goals: “Money&$Artwrk!”

Security professionals are taught that a data breach is only a matter of time. Systems that offer “perfect” security are only theoretical in nature, and will present additional security challenges. Storage media is far from perfect, and data is vulnerable to fire, theft, and even static electricity.

4)Back Up Your Data

During our careers, we have had the need to use a data recovery service more than once!

(DriveSaversDataRecovery.com is good.)

This means that all of us must be prepared to recover our data from backups. Security failures are expensive—data backups are the best way to ensure that your data is protected from loss and corruption.

5)Create a Data Retention Policy The annals of computer security are full of examples of how data retention is an important part of digital risk management and information assurance. The cost associated with retaining large amounts of data is prohibitive, while storage is cheap.

While this may be true for the moment, managing and protecting exponential data growth is a complex problem that requires careful thought. Having a plan for how long to keep your data can help to provide a level of organization that can be a differentiator between you and your competition. Even the smallest firm can benefit from a good data retention policy, and the benefits of having a data retention policy are immediate.

6)Know Your Exposure It is important to know what types of risks you may encounter during the course of doing business. For example, a business that accepts credit card payments as opposed to cash only must adhere to PCI compliance standards, otherwise they risk being responsible for breaches in cardholder data (see www.PCIsecuritystandards. org). Furthermore, companies that have corporate email have a different level of exposure than companies without it. Many threats in corporate security are internal in nature, and protection from these threats can be very challenging. For more information on employee behavior, read the article quoting Chief Hacking Officer Kevin Mitnick at http://ubm.io/1LuvOqB. Education can be your biggest asset in combating these threats.

7)Develop Procedures to Protect your Information As custodians of digital information, we

must develop policies and procedures for our coworkers and collaborators. The list of questions can be voluminous. However, not all suggestions for changes to your security posture are reasonable to implement.

Ultimately, you must measure the cost of implementing security against the cost of an unmitigated risk occurring.

Things to consider include non-disclosure agreements, security banners, and security of your public WiFi network. There are certainly more examples, but these should help you get started. We suggest prioritizing your risks based on probability.

Address security concerns through policy, technology, and education.

8)Update Your Business Applications Regularly Every day, new security threats are discovered. Developers spend significant time working to patch code that they have already released into production. As code is fixed, customers must ensure that continued on page 10

Issue #2 BizPeake  9

continued from page 9

all applicable updates are installed. Many updates are automatically installed— Software as a Service (SaaS) providers attempt to make security transparent to their customers, but there are still significant risks. It is imperative that you routinely update all business systems to ensure the best digital security. According to a 2015 Cyber Risk Report performed by HP, 44% of breaches in 2014 were from patched vulnerabilities that were two to four years old.

9)Review your Security Annually Do you have regular spearfishing attacks appearing in your email? Have there been any computer viruses on your network?

Maybe your employees aren’t locking their workstations prior to leaving them unattended. Do your employees sign

non-disclosure and non-competition agreements? Does your company have to be cognizant of HIPAA? Many security needs are based on the size of the business and the network, and they change from year to year.

Having a regularly scheduled Information Assurance (IA) Assessment can go a long way to protecting your business from many of the digital threats that exist in our modern world.

Information security can be intimidating, especially to business leaders who do not have formal technical training. Fortunately, there are many resources available to businesses, and it is easy to get started.

We suggest you start with a cyber security assessment. If you do not have a team of cyber security experts, start with a Cyber Security Planning Guide published by the FCC to help your organization get started. n

ABOUT TOM COYLE www.adventuresinleadership.com 703-955-6308 Tom Coyle is a serial entrepreneur and author. He advises companies on leadership issues, particularly as they pertain to cyber security. You can find Tom at adventuresnleadership.com.

ABOUT JOHN MECHOLSKY BadassWebsites.com 800-711-9145 John Mecholsky is COO and Co-founder of Badass Business Services LLC, which is comprised of BadassWebsites.com, QuickBooksBadass.com, ImageGenies.com and BadassShopping.com.

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S

elling can be a very stressful and difficult task for many personality types. If you're not hardened and pragmatic, if your objectivity is clouded by the fact that you NEED a sale, you get locked into the emotional buy-in regarding the results of your sales efforts. You can easily find yourself trying too hard, getting emotionally attached to the deal, thus losing your objectivity as to whether the deal is right for you and your company.

Making Sales Calls In Your Space Suit

What results when this happens? Bad things: deep discounting of price in order to “get the deal”. Or maybe

By Stephen Hall that “tell” on your face that screams “I need this deal” to the prospect, which causes the prospect to go in the other direction. with their clients and prospects and never Who wants to work with someone who become emotionally attached to the deal. appears nervous that they might not get the Their objectivity suggests (subliminally) to deal? Because whenever we try too hard, we the prospect that THEY must qualify for the chase prospects away because they want to business solution and that the salesperson buy – they don’t want to be “sold”. will not allow themselves to “get played” by the prospect.

Selling is fraught with negativity. What other profession deals with so many “no’s”, stalls What if you adopted the SW – SW – SW – and objections? Truth is, it’s easy to take it N philosophy? This is the Some Will, Some personally with all that rejection. We might Won’t, So What? Next! Philosophy. In come home and sulk. We might take it out reality – this is in fact the truth: not everyone on loved ones. We might remain negative is qualified and not everyone is a fit for your and attract other negative things into our life product or services.

– If we let it.

I can’t tell you how many times I absolutely had to have a particular sale in my sales career. Some I won, but others I didn’t.

As a sales professional, sometimes you only The sun still came up the next day. My need an attitude adjustment - that is, you family still loved me, and I could look in the need to adjust your attitude toward selling. mirror and know I did a good job and I’m Wouldn’t it be great if certain things could still a great salesperson. In short, one deal “bounce off” your protective attitude “space NEVER defines you. You have to let things suit” when you are prospecting for new bounce off your space suit when you are a business, making cold calls, presenting that professional salesperson. important proposal? Successful sales people know how to take things in stride, overcome So give yourself a break from now on. Put the negativity and never, ever allow the day on your protective selling space suit and dial to dictate their attitude. They also maintain back disappointment and stress on your sales something I call “equal business stature” career! n

Put on your space suit!

ABOUT STEPHEN HALL The Sandler Training Center and Maryland Sales Training & Management Development Old Line Bank Building 2530 Riva Road, Suite 300 • Annapolis, MD 21401 410.571.3783 • shall@sandler.com

Stephen J. Hall is the President of Maryland Sales Training & Management Development, Inc. Mr. Hall has over 25 years of sales and business leadership experience. He has managed sales teams of up to 130 direct salespeople, produced revenues over $135 million in both direct and channel sales models, and served as a senior sales executive for billion dollar companies, start-ups. and private equity-led acquisitions. Mr. Hall utilizes the highly regarded Sandler Training programs to increase business productivity and effectiveness.

Issue #2 BizPeake 11

Nabil Sheikh A SELF-MADE MAN

F

or many businesses, their biggest challenge is understanding and implementing the technology required to run their firms. Of course it doesn't help that technology is changing daily—it's a tough task to stay ahead of the curve. And that's where companies like Nabil Sheikh's successful OmegaCor Technologies enter the picture.

Sheikh traveled a long road, paved with hard work, to get where he is today.

Born in Ethiopia, Nabil Sheikh grew up right here in Maryland—he attended Archbishop Spalding High School in Severn, received his bachelor in science degree from the University of Maryland, Baltimore County and did graduate work at Hood College in Frederick.

Financial constraints dashed his dream of dental school. After college, Sheikh went to work for a lab in Frederick. A series of mergers and acquisitions caused him to feel vulnerable in terms of possible layoffs. Supporting a family by this time, Sheikh felt that owning a business was the only way to control his destiny. (He readily admits that he does what he does for his family—he wants them to always have what they need.)

So Nabil Sheikh began spending his lunch hours, evenings and weekends at the library doing research on how to start a business and the sort of businesses he should undertake. He also read a lot of motivational books by leaders such as Napoleon Hill, Jim Rohn, etc. He still is

12 BizPeake Issue #2

an avid reader of personal development books and tries to implement one or two things from every book he reads. One book that he wishes he had read in the early stages of his business life was The E Myth: Why Most Businesses Don't Work and What to Do About It. The seeds of his IT business were planted, with his two brothers, 18 years ago. They started in the basement of his home on a $1,000 budget. Within seven months, the business (buying, selling, repairing and custom building computers) moved into its own retail space. From there, the business grew. In 2000, they transitioned away from retail and into the IT consulting business, helping to use technology to help them grow. OmegaCor Technologies is now expanding into the areas of healthcare, education and government.

Always hungry for knowledge, Nabil Sheikh has learned some valuable lessons along the journey. “Be humble and don't assume that you know everything, and surround yourself with and hire great people,” he says. “Treat your employees like family and never put them or the company in vulnerable positions.” He genuinely believes that success is the sum of the team—as opposed to the leader. n

Visit bizpeakejournal.com to learn more about how to deal with your IT needs and to read OmegaCor's Client Bill of Rights.

Contact Nabil at www.omegacorit.com or 443-795-6500

I

PHOTO: WILLIAM PETRUZZO PETRUZZO PHOTOGRAPHY, LLC

Issue #2 BizPeake 13

SAILING THROUGH CRISIS—

Navigating Personal Disaster Without Sinking Your Business

By Jennifer Reitmeyer

A

s business owners, our careers mean the world to us, and our goal is usually to be in it for the long haul.

Because we’re investing years of our lives, some personal crisis is sure to strike. It’s unavoidable.

Divorce. A health crisis (yours or a loved one’s). Financial loss. Even intense, debilitating burnout. SOMETHING is going to happen, sometime, and it’s going to knock the wind out of you.

STEP TWO: Embrace automation, delegation, and outsourcing.

There are the thousands of people in the world cobbling together a living by working virtually. Get comfortable with technology—and your job will suddenly become a million times easier. There are tons of online resources to automate your work: customer management, contracts, bookkeeping, social media scheduling, and

I don’t say that to be negative. In fact, I consider myself an eternal optimist. I say it to be honest.

The first step in protecting your business from personal crisis is acknowledging that we’re all susceptible.

Remember that stuff happens to everybody. As a business owner, some years will be your rock star years, others your transitional years, and still others your holdon-tight-and-weather-the-storm years. Decide now to give yourself permission to step back when you need to take care of your personal life, and not judge yourself for simply staying afloat. When things are really bad, staying afloat is an accomplishment in itself. n

STEP ONE: Take stock of what you actually do.

14 BizPeake Issue #2

Make sure that your liability, property, and disability insurance are current and your coverage levels will actually cover you in an emergency. Having the proper insurance coverage is easy to overlook when things are going well, but you will have serious regrets if you don’t have proper coverage when you need it. Additionally, if you rely on contractors, make sure your agreements with them are legally binding and clearly understood. If you’re benched by a crisis, you want to make sure your pinch hitters are ready to go to bat.

STEP FOUR: Give yourself breathing room.

Once you’re comfortable not being immune, you can plan your strategy to crisis-proof your business.

Are you replaceable? You should be. You need to be keenly aware of everything you do—even the smallest tasks—to run your business. Take a literal inventory of what occupies your time.

Start by spending a week or so meticulously noting everything that occupies your time.

(Warning: you’ll probably be horrified at how much time you lose to distractions, but that’s another article.)

Add any monthly, quarterly, and yearly responsibilities, and you’ll have a picture of your own job description. Only then can you identify your most critical tasks—those that can’t be ignored, even when everything’s falling apart—and plan how these tasks can be executed in your absence.

STEP THREE: C.Y.A. (Cover your assets!)

design. There are also virtual assistants, answering services, and errand services ready to take things off your plate. And, in many businesses, there’s someone who’s itching for a bigger role – consider challenging them now by delegating responsibility to them.

You’ll save time now, and you just might save your business later.

ABOUT JENNIFER REITMEYER AND FIREBRAND MESSAGING 1910 Towne Centre Boulevard, Suite 250 Annapolis, MD 21401 443.603.0201 info@firebrandmessaging.com www.firebrandmessaging.com

Jennifer Reitmeyer is the founder of Firebrand Messaging, a blogging, social media, and content creation service for business owners. Ms. Reitmeyer also offers small business coaching services and is a passionate public speaker on the integration of authenticity, boldness, and purpose within the business world.

ARE YOU PREPARED FOR RETIREMENT?

By Linda Mathieu

W

hen should you start preparing for retirement?

Ideally, you should start saving with your first real job. If you are past that, START NOW! If you wait until you are 50 or 60, you will probably be working until you are 75.

The most important part of preparing for retirement is your financial forecast.

There is a simple formula to determining when you can retire: The Amount You Need to Live On LESS the Amount You Have Available = 0 You can work with a Financial Planner to see exactly where you are and when you can retire. Don’t wait until you are 65 to seek professional advice.

A few things to look at for the “Amount You Need” include: • Is your home paid off or are you still paying a mortgage?

• Do you have payments for a second home, time shares, lines of credit, or car payments?

• Are your credit cards paid off?

• Do you plan to travel or donate money to charities?

• Have you considered the cost of supplemental health insurance and prescription drugs?

• Have you looked into Long Term Care?

The “Amount You Have Available” includes: • Social Security income • Pensions from employers • IRAs and Roth accounts • 401(k) and Profit Sharing assets • Personal savings and investments • Rental income • Earned income if you are still working Other important points to consider include: • Do you plan to sell the “big house” and downsize or maybe do a Reverse Mortgage?

• If you are still working, you can wait to start your Social Security benefits until after your Full Retirement Age, up to age 70. You will receive an additional 8% per year that you delay receiving benefits.

• If you are not currently working, you should start your Social Security payments as soon as you turn age 62.

• Check to see if you are eligible for Spousal or other benefits if you are widowed or were divorced after 10

years of marriage.

• Keep active; work out at least 5 times a week or at least walk every day.

• If you are healthy, keep working. Keep your job, take a part-time job, or start a new business. If you don’t need the money, volunteer your services where you can make a difference.

• If your health is questionable, have you invested in a Long Term Care policy?

• Are you on good terms with your children in case you need another place to live or need assistance? Keep in contact with them where ever you are.

• Before you sign up for Medicare, talk to a specialist who can explain your choices and can also provide supplemental benefits.

• Make sure you have a will and it is up to date. The executor should have a copy.

• Let someone know where all of your important papers are, including your will, insurance policies, investments, beneficiary designations, and bank accounts.

Retirement should be fun, relaxing, and rewarding! You are working hard now to enjoy the golden years. Proper prior planning will make the difference and help you go sailing into retirement. n ABOUT LINDA S. MATHIEU Founder and President, TEFRA, Inc. 410-263-7644 linda@tefrainc.com

Linda Mathieu is a licensed Certified Public Accountant, working in the field of retirement planning for over 30 years. In 1984, Ms. Mathieu opened her own benefits consulting firm, TEFRA, Inc. In two years, she bought out her former employer. She now consults to a long list of banks, brokerage firms, insurance companies, accounting firms, and many others. TEFRA, Inc. designs employee retirement and benefit plans that help employers maximize the value of their investment in employees. TEFRA handles all plan administration functions, including Design and Setup, Implementation and Enrollment, and Record Keeping.

Issue #2 BizPeake 15

Geri Finio An Ancient Art in a Very

Modern World

16 BizPeake Issue #2

W

hat do you get when you cross an IT guru with the master of a nearly lost art? You get Geri Finio—the talent behind Studio 187 in Edgewater.

Finio is a lifelong hand-embroiderer and sewing enthusiast. It had been her soulnourishing hobby since she was little. As a young child she embroidered by hand.

She also created projects on her family's Singer Sewing machine, making her own and friends' clothes—often embellishing shirts and pants, etc., (as teens will do) with glitter, beads and, especially in Finio's case, embroidery.

For years, she pursued a successful career in IT when she was all grown up, without ever entertaining the idea of making a living through needlework.

This changed in 2007 when, on an impulse, Finio decided to attend an embroidery trade show being held in Baltimore. Demonstrating the power of a trade show, she saw a Melco-Saurer digitized embroidery machine and brought it straight away. She was hooked. It was the ideal way to blend her techie talents with her embroidery roots.

Although mastery of the engineering of machine embroidery is a technological accomplishment, what Geri Finio achieves with her designs can only be called an art form. And she joins a long tradition of artistry—the history of embroidery goes back nearly has far as humans do. At least to the time when they expanded their wardrobe choices to include textiles as well as furs. Garments were now adored, for those who could afford them. Elaborate tapestries graced palaces and palatial homes. In fact, embroidery often served as a keeper of history itself by telling, in images, the tales of famous battles, occasions and leaders.

But we can all rest assured. The task of preserving this long artistic legacy is in very good (and gifted) hands. n

I

PHOTO: WILLIAM PETRUZZO PETRUZZO PHOTOGRAPHY, LLC

Her beautiful work soon drew the attention of Stitches Magazine, a respected, industry trade publication. They invited Finio to write articles for the magazine as well as serve on their Advisory Board. It has been a happy affiliation—two of her designs have appeared on covers of Stitches, most recently in July of 2015.

Visit bizpeakejournal.com to see lovely examples of Finio's own works of art.

Contact Geri at www.studio187.net or 856-296-4944

Issue #2 BizPeake 17

Profits, Politics, and Tartar Sauce: The Big Business Behind the Boat Shows

By Sarah Hagerty

I

t’s boat show time again in Annapolis!

The U.S. Sailboat Show runs from October 8th to the 12th; the U.S. Powerboat Show from October 15th to the 18th. These are our biggie events—think Rose Bowl Parade, Mardi Gras, and Spring Break all rolled into one. For some of us, it’s impossible to remember when there weren’t boat shows in Annapolis. But, like any business, they did have a beginning.

The first in-water sailboat show in the whole country came to Annapolis in 1970, and was an instant success. In this pictureperfect location, how could it not be? The powerboat show followed two years later.

The picturesque Annapolis dockside setting has changed very little in 45 years. But the same cannot be said for some of the surrounding communities—such as Parole or Crofton. For example, in 1970: 18 BizPeake Issue #2

PHOTOS: WWW.VISITANNAPOLIS.ORG

• Interstate 97 didn’t exist.

• The population of Crofton was around 4,500—now, there are nearly that many people at Wegman’s on a weekend.

• Parole was a shopping mecca, even back then, but the stores were different.

Woodward & Lothrop, Garfinckel’s, Sears, and Hechingers were all there. But sadly, most of them no longer exist.

• There was another great store in town— Hecht’s—but that was further down West Street (in what is now, ironically, the current home of BizPeake magazine).

• There was no real mall in Parole, and no towering mixed-use Towne Centre.

• There was no Anne Arundel Medical Center—it was called Anne Arundel General Hospital back then and was tucked away in Murray Hill, a residential neighborhood. The hospital was small, but it did have water views.

Those water views have served us well and shaped all that is Annapolis—including the early boat show pioneers. The late Franklin J. (Jerry) Wood—founder of the Annapolis Sailing School—and his wife Kathy were among the original partners in the venture. A 1998 Baltimore Sun article called Jerry a “Sailsman, not a salesman.”

But he was savvy enough in business to hire the established law firm of Hartman & Crain to handle his legal work. In 1977, Ed Hartman and Bennett Crain became partners with Mr. and Mrs. Wood in the boat show ventures. In 2007, following the deaths of Mr. and Mrs. Woods and Mr. Crain, Ed Hartman became sole owner.

The impact of the boat show is far reaching—close to 150,000 people visit the shows. “It serves as an anchor for the marine business,” Hartman tells us in appropriate nautical jargon. “The

importance to the marine industry cannot be overestimated,” the VMI and Harvard Law School graduate says.

Continuity has been important to the 45-year success of the events. After a protracted dispute with the city (“I would say that 60 percent of my time was spent dealing with federal, state, and city governments,” he explains), Hartman sold the business to a group of investors headed

by Paul Jacobs, general manager of the shows under Hartman.

as the event has existed. Ted graciously checked his records from 2014 to find out how many of their famous crab cakes sold over the two weekends of the boat shows last year. After logging onto his computer, he let us know that they served 1,728 crab cakes last year. That’s a whole lot of tartar sauce.

Paul Jacobs, president and general manager of the boat shows, expands on the economics of the events. Along with the hotel, restaurant, and retail bonanza,

trophy on display—the Cup is taller than a lot of the children attending—and visitors can take photos with this stunning prize.

And there are many people counting on that success—some in surprising places.

Eastport Elementary School, for example, tops off its fundraising budget every year by providing the best-kept-secret parking lot in the area. And the kids are learning entrepreneurial skills from that concession at an early age. Guess we know one source for future boat show leaders. n

Community support is also critical to boat show success. Virtually all downtown businesses are impacted by the shows— whether they want to be or not. Those not directly reaping economic benefits, but left dealing with the problems of getting around town during the shows, know how to plan ahead—we do it for Naval Academy football games, Commissioning Week, Fourth of July Fireworks, presidential visits, and gubernatorial inaugurations. It’s old hat...and the price we pay for being surrounded by the living history that is Annapolis. But certainly most citizens believe the gains made by the boat shows outweigh the temporary inconveniences.

Annapolis & Anne Arundel County Conference and Visitors Bureau President and CEO Connie Del Signore says that the boat shows are a popular draw for individuals across the country and beyond. “The shows attract national and international travelers to Annapolis. After they’ve enjoyed the boat shows, many of these visitors stroll our streets, dine in our restaurants, and spend the night at our hotels and bed & breakfasts. The Boat Shows are solid revenue generators for the community.”

Ted Levitt, owner of Chick & Ruth’s Delly, can attest to this fact. The 50-year-old Main Street eatery has been catering (quite literally) to the boat show crowd for as long

he points to the additional taxes collected as well as the added jobs throughout the area. The boat shows draw travelers from more than 25 countries, especially for the sailboat show. It isn’t easy, however, to find an exact tally of the financial impact. “There hasn’t been an official survey since 2004,” Jacobs says. At that time, the total was $51,000,000. “There was a very informal survey taken a few years ago that said the total was nearer to $120,000,000.”

Jacobs and his staff are making sure the success continues. This year, they are planning more family-inclusive activities (children six and under get in for free) to illustrate the wonderful “kinship” that comes with boating, as well as offering extensive how-to workshops. Another big draw will be the actual America’s Cup

The first in-water sailboat show in the whole country came to Annapolis in 1970, and was an instant success.

Issue #2 BizPeake 19

BUSINESS CONTINUITY PLANNING

By Nabil Sheikh

W

hen unexpected or catastrophic events occur, business owners must protect their employees and the critical operations that are important to both their business and community. To protect your business, planning is essential.

Business Continuity Planning makes sure you can recover the data and processes required to operate after an unforeseen failure in normal operations. For a business continuity plan to be complete you need to think first about how to prevent down time and second about how to recover. IT infrastructure, compliance, Insurance, Key person contingency and logistics must be included to create the ultimate Business Continuity Plan.

While Major catastrophic events such as fire, hurricanes, tornados and earth quakes happen and we need to plan for them, research indicates that 45% of down time is caused by human error and 50% is caused by network outage. Therefore, protecting your data from server malfunction and from someone hitting the delete key or introducing malware is more urgent. No business can afford to be complacent.

To focus on the IT side of Business continuity this is what you need to know.

Data backup versus business continuity: These terms represent uniquely different mindsets when it comes to data protection.

Data backup answers the question: Can I get it back in case of a failure? Business continuity involves thinking about the business processes, and asks: how quickly can I get my business operating again?

Example: if your server dies—(hardware failure is the No. 1 cause of lost data)—your server would need to be replaced, all software 20 BizPeake Issue #2

re-installed, data re-installed and then the system would need to be configured. This process could take hours or even days—and your workers suffer down time.

A business continuity plan includes:

1) A Recovery Time Objective (RTO), the

duration of time within which a business must be restored to avoid unacceptable consequences. By calculating your desired RTO, you have determined the maximum time that you can be without your data before your business gets into serious trouble.

2) A Recovery Point Objective (RPO),

the maximum period of time in which data might be lost. by specifying the RPO, you know how often you need to perform backups, because you know how much data you can afford to lose without damaging your business.

Calculating these numbers will help you understand what type of data backup solution you need (Local or cloud…image based or file based, etc.). To optimize on your business continuity plan I recommend a hybrid solution -- local and cloud backup.

Once you determine your RPO and RTO, you need to calculate how much downtime and lost data will actually cost you. Answer the following questions:

1. How many employees would be

affected if critical data were unavailable?

2. What is the average wage of the affected 3.

4.

employee (per hour)?

What is the per-hour overhead cost of the affected employees?

How much revenue would be lost per hour as a result of the unavailability of data?

Budget constraints can be a challenge (43 percent) for any business to implement a

business continuity solution, calculating your RTO will give you the financial validation needed to justify its purchase and maintenance. By developing the plan you will understand the risks related to business failure and put the backup solution into perspective.

What To Look for in a Business Continuity Vendor When comparing vendors for a backup solution, small and medium size business say that reliability (33 percent) and price (29 percent) top the list of factors that drive their choices. But they should consider other factors as well.

• Superior RTO and RPO—Think in terms of business continuity rather than simply backup and choose a vendor that can guarantee top RTOs and RPOs. • Hybrid cloud backup—taking a hybrid approach fixes the vulnerabilities of a cloud-only or local-only possess.

• Image-based backup—Make sure that the backup solution takes images of all your data and systems, and doesn’t simply copy the files alone.

• Instant local and off-site virtualization.

• Screenshot backup verification. What good is a backup if it’s not working?

Demand proof.

• Images saved as VMDK for faster recovery times. n ABOUT OMEGACOR: OmegaCor Technologies [www.OmegaCorIT. com] is a leading-edge network solution provider and professional IT consulting firm serving as an organization’s Technology Department, or an addition to its existing Department, for less expense - salaries, benefits, and taxes. OmegaCor focuses on each client’s needs, goals, vision, timing, expectations, and overall strategy to ensure their technology is optimized and performs with maximum security, efficiency and reliability.

Issue #2 BizPeake 21

Are You Prepared ? s i s i r C a i d e M l a i c o S a for

By M. Eve Hurwitz

I

n Chinese, the word “crisis” is made up of the two words: “danger” and “opportunity.”

When your business encounters a social media crisis, such as an

1. WHO IS YOUR SOCIAL MEDIA MANAGER? A) I have a team of experienced professionals.

B) Me. I feel comfortable handling most or all of the responsibilities.

upset customer or an accidentally

C) A guy in California who doesn’t return my emails.

offensive post, you must take

D) What is a social media manager?

action to protect your image.

2. WHEN DO YOU POST TO EACH SOCIAL MEDIA ACCOUNT?

This quiz will identify the gaps in your social media strategy, and the results will address ways to repair them. So note your answers, calculate your score, and find out where you stand!

A) We have specific times and frequencies for each social media platform.

B) Daily on my primary platform, and a few times a week on the others. No specific time ranges.

C) Occasionally on Facebook and whenever I realize it’s been a while on the other ones.

D) I haven’t actually posted anything yet. I think.

ABOUT M. EVE HURWITZ info@badassb2b.com • BadassWebsites.com

M. Eve Burns is the CEO and Co-founder of Badass Business Services LLC, which is comprised of BadassWebsites.com, QuickBooksBadass.com, ImageGenies.com, and BadassShopping.com. Badass Business Services has extensive experience in business, marketing, and e-commerce, and has developed and implemented website and e-Commerce solutions for thousands of businesses.

3. IF MORE THAN ONE PERSON MANAGES YOUR SOCIAL MEDIA ACCOUNTS, HOW DO YOU DIVIDE THE RESPONSIBILITIES? A) We have a Social Media Marketing Plan that we follow religiously.

B) I handle everything.

C) I do some posts and a part-time consultant does the rest. We don’t have a formal plan.

D) I’m still setting my accounts up. I don’t know what the responsibilities are.

22 BizPeake Issue #2

4. DO YOU USE MOBILE DEVICES TO HANDLE YOUR SOCIAL MEDIA? A) Our team uses a variety of devices, and they are all experts at using social media from their mobile phones.

B) I do much of my social media management from my phone, although with some platforms I prefer the computer.

C) I am still getting used to working from my phone, but I can figure it out with help.

D) I know I need to install the apps on my phone and use them, but I am just not comfortable with the phone as a business tool.

5. DO YOU HAVE A PLAN IF ONE OF YOUR FOLLOWERS GETS UPSET ABOUT A SOCIAL MEDIA POST? A) Absolutely. We have a Social Media Response Plan in writing.

B) I handle any complaints or problems pretty quickly.

C) Our followers never get upset.

D) I don’t have any followers yet, so no plan exists either.

Points: A = 4, B = 3, C = 2, D= 1 EXPERT (17-20 POINTS): THE SOCIAL MEDIA MASTERMIND! You know what you’re doing. You have a competent, proactive team and/or you are a social media guru yourself. You are on top of things, you know how to effectively engage in conversation with your audience and grow your brand. You are more than prepared should there be a PR disaster or social media meltdown. You probably have a Crisis Communications Response Plan in place, and you and your employees are comfortable working from any device.

INTERMEDIATE (13-16 POINTS): SAVVY BUT STILL LEARNING You have a good familiarity with the various social media platforms and you are starting to engage your audience. You either have a social media manager or you manage it yourself, but the rules for posting aren’t necessarily clearly defined. You probably don’t have a solid Social Media Response Plan in place. We recommend that you create a social media plan for current operations and possible future issues.

BEGINNER (9-12 POINTS): GETTING THERE You’re off to a good start, but you need a plan. You probably have either too few or too many social media accounts, and you’re not sure which platforms you should be using. We recommend meeting with a social media expert to define your goals and create a social media plan.

NOVICE (5-8 POINTS): YOU NEED HELP You’re trying. You really want to succeed on the social media front. But you really don’t even know where to start. You’re not a techie, and you miss the days of print ads and phone books. You kind of wish you didn’t need social media at all, but you’re smart enough to know it’s a must-have in the business world now. Your first step should be to do some research. Who in your network or local area is doing it right? Set up a meeting to discuss their steps to success so you can replicate them. Then create a plan with a social media expert to achieve your business goals online.

{ HOW TO HANDLE A SOCIAL MEDIA PROBLEMS AND PR CRISES { 1. When problems arise, respond on the platform where it all started.

You may have to engage in conversation on Twitter, but if the first complaint was on Facebook, go there first.

2. Respond quickly.

The speed with which you address an issue can be what saves your reputation. When the social media engine Buffer was hacked, they were praised for their fast response time. As Barry Welford wrote on SocialMediaExaminer.com, “They were quick to inform their customers of the problem and explain what they were doing to fix it before most of their customers were even aware there’d been an attack.”

3. There is a theme here: plan, plan, plan.

The key to social media success is having a solid plan that includes clearly delineated posting responsibilities, scheduling guidelines, and contingency plans to follow for social media problems and PR crises. HubSpot offers a free downloadable Social Media Crisis Management Plan template. Check it out. n

Issue #2 BizPeake 23

Preparing for

CHANGE

How Chesapeake Entrepreneurs are Spotting Trends, Embracing Change, and Forging New Paths

By Mary De Angelo

B

usiness threats come in many forms. Some are more obvious— such as the death of a partner, floods, or fire. Others risks are less apparent—such as new inventions and changes in technology—but can be equally as damaging if companies do not recognize trends and prepare themselves for the coming changes.

Today, businesses face life-or-death challenges of the digital age. Because these changes happen so quickly, businesses must not only be alert to trends and prepare themselves for change, they must embrace change from the top down.

Otherwise, they face becoming contemporary buggy whip makers.

As a major hub to earlystage technology companies, Chesapeake Region businesses must be especially alert to these challenges. Here are two stories of area companies that setting an example by embracing change and forging new paths in their industries.

24 BizPeake Issue #2

Research Director, Inc.:

Transforming Data into Dollars in the Changing Radio Market Back in 1991, when Research Director, Inc. first opened its doors, the radio market and the technology that measured radio listening was very different from today. The radio industry was being overwhelmed by the large amount of data Arbitron (now Neilson Audio) was delivering, and was trying to figure out how to make money with it. Research Director was born out of this need.

A former Arbitron Radio Product Manager, Founding Partner and Arbitron guru Marc Greenspan recognized this data dilemma.

Through the leadership of the partners, Research Director created products and services that solved two important problems—(1) they helped radio stations gain a better understanding of their audiences so they could grow their ratings; and (2) they helped radio stations present the value of their audiences

to advertisers to increase revenues. “We developed software systems that enabled us to crunch and mine the Arbitron data more efficiently than any human was able to do,” explains Greenspan.

Alert to trends in the radio market and committed to maintaining its leadership position as The Ratings Experts, Research Director significantly enhanced its systems as data processing needs and service level expectations increased—with the added hurdle of not increasing the rates they charged to clients. Specifically, in 2008 Arbitron began implementing a new technology that enabled them to deliver data 13 times a year over a four day period—a huge change from delivering data four times a year over an 18 day period. Greenspan recalls the huge challenge Research Director faced. “Our clients expected us to deliver in the same turnaround time as Arbitron, and they were not open to increasing what they paid us to perform our service. We needed to develop a system that would enable us to process all of this additional data more quickly and efficiently.”

Research Director embraced the challenge.

“We spent the 2007 to 2010 period developing a system that could handle the extra data, and then successfully made the transition.” During this time, the company also made extensive efforts to maintain their

brand as The Ratings Experts, visiting cities where the new measurement technology was being implemented and sharing their knowledge and experience within those markets.

By recognizing that change was necessary to the company’s survival and embracing all that it entailed, Research Director was able to maintain its leadership position in its vertical market. “Sometimes you need to invest to grow,” says Greenspan. “In our case, we needed to invest to maintain our position. So we have much more robust and expensive systems now—and they enabled us to stay in business.”

The measurement and fine tuning continues. Presently, local media— including radio—is going through a massive period of disruption from competitors such as streaming audio, satellite radio, and any other form of ad supported content that is sold on a local basis. However, Research Director believes that established media have a leg up on digital-only competition.

“They have large, loyal audiences that can be exposed to advertiser messages more efficiently and effectively than the fragmented world of pure-play digital competitors.” Greenspan elucidates, “Unlike Pandora and Spotify—which lose money— established media are also profitable and can support innovation to provide the

best of both worlds to advertisers—large audiences and targeted messaging with ROI metrics that digital advertisers are coming to expect.”

Since its inception, Research Director has succeeded by embracing available technology and forging new paths.

Greenspan recalls, “At the time Research Director was started, there was no email.

No Internet. No webinars. To do business, we bought a VHS camera and recorded meetings that walked our clients through their materials. We overnighted the materials and the VHS tape to our clients.

It enabled us to essentially be in multiple cities the following day.”

Today, Research Director continues to embrace change, offering similar products and services with more emphasis on the consulting part of the offering. As Greenspan explains, “We believe this differentiates our service from software that clients could use themselves, but don’t have the time or expertise to do as well as we can.”

And preparation continues to be key for Greenspan and Research Director. “In order for Research Director to remain relevant, we need to help our clients maneuver through the required transition, and help them make money with their digital inventory. We need to constantly

challenge ourselves to adapt the service we provide to meet today’s needs.”

OpenPath Products:

Leading the Way in Mobile Apps Founded in 2001, OpenPath Products has grown from a two-person bootstrap operation to a bi-coastal mobile app development company with 40 employees and a modern 11,000 square-foot facility in Annapolis. Throughout their 14-year journey, the two co-founders, CEO Johann Wilson and CTO Richard Smith, have forged new paths by spotting trends and staying ahead of the technology curve.

Armed with the crazy notion that phones could be used for more than just calls and text messaging, OpenPath Products was one of the world’s first mobile application companies—years ahead of its time. “Back in 2001 when we founded OpenPath Products, we had this idea that phones could be used for more than just calls and text messaging. We believed they could be used to get information, run apps, and become profitable devices,” explains CEO Johanna Wilson. “As it turns out, we were years ahead of our time.”

She continues, “It was a hard sell when we first started because mobile technology continued on page 26

Issue #2 BizPeake 25

ABOUT 914 Bay Ridge Road, Suite 215 Annapolis, MD 21403 410-295-6619 info@researchdirectorinc.com

Research Director, Inc., based in Annapolis, MD, performs ratings analysis for many of the most successful media companies, turning ratings data into larger audiences and greater revenue. The company also provides analysis for programmers, using its proprietary Instant Answersm, Hot Zip Code Report, Ratings Booster, and Diary Review Analysis services.

For more information about how Research Director helps clients turn data into knowledge and knowledge into revenue, visit www. researchdirectorinc.com.

continued from page 25

was just getting started. Sending a text message was something new. It wasn’t until the iPhone came out that people started to understand that they had this computer in their pocket—a computer that could do more than just send texts and make phone calls.”

Their first clients were in the entertainment and gaming world, mostly from Asia and Europe. “We helped these gaming publishers launch into U.S. markets,” explains Wilson. They began by developing apps for six Sprint phone models, customizing each app for each individual device. As the number of available devices increased, this became significantly more difficult to do. To date, they have built hundreds of apps and over 20,000 unique mobile builds.

Learning to spot trends and stay ahead of the curve has been ingrained in the company’s founders since college—both Wilson and Smith are graduates of St. John’s College in Annapolis. As CTO Richard Smith tells it, “One of the unique aspects about a St. John’s education is that they train the students to spot trends and see the big picture as well as the particulars. We’ve hired our share of “Johnnys” over the years because they are creative thinkers.” He adds, “They are also strong communicators.”

OpenPath teaches its employees to look forward to new technologies and to embrace change. Their employees read, Who Moved 26 BizPeake Issue #2

My Cheese?, by Dr. Spencer Johnson, which encourages readers to anticipate change, adapt quickly, enjoy change, and be ready to change again quickly—again and again.

This “embracing change” mentality has served OpenPath Products well in an industry that’s constantly changing.

“Technology goes through major changes every six months,” says Smith. “We have to get in front of each new technology and see what pans out. We spend time thinking holistically about customer challenges and finding ways to apply technology to customer needs.”

OpenPath has offices on both coasts—one in Annapolis and the other in the Silicon Valley—“because the two coasts change differently,” explains Smith.

While OpenPath originally built unique apps for each device, “Now we build apps that have to run on iPhones, Windows, and Android devices—all while looking unique to each device. There’s still a lot of artistry required.”

What does the future hold? Smith believes we will continue to see innovation, but the definition of mobile will be broadened. “We will connect different things in different ways. Just as we now have Smart TVs and Smart watches, the impacts of technology will continue to be felt in other areas. And we will be ready.” n

2065 Generals Highway Annapolis, MD 21401 410-897-0406 info@openpathproducts.com

Founded in 2001 as one of the world’s first mobile app development companies, OpenPath has a tradition of innovation.

Their passionate team of veteran developers, designers, and testers partner with their clients to deliver outstanding mobile software and solutions. With development, design, QA, and management under one roof in Annapolis, Maryland, OpenPath excels at communication and efficiency. For more information, visit www. openpathproducts.com.

ABOUT MARY DE ANGELO 410-507-9777 mary.b.deangelo@gmail.com Mary De Angelo brings over 25 years of experience developing customer-driven strategic communication materials to the healthcare, pharmacy, disability, and publishing industries. Ms. De Angelo is also a Disability Advocate and believes in giving back to the community. She serves as Vice Chair of the Anne Arundel Commission on Disability Issues, and is the Founder and Chair of the Artists Without Limits Art Exhibit.

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Issue #2 BizPeake 27

Robert S. Woolley

I

PHOTO: WILLIAM PETRUZZO PETRUZZO PHOTOGRAPHY, LLC

The Edge Training Academy.com

" The Desire to Be Better 28 BizPeake Issue #2

W

e all want “the edge,” no matter what we are pursuing. Having the edge, the upper hand, will help us accomplish whatever our goals may be.

No one knows this better than a sports coach. And that insight is at the core of Robert Woolley, owner of The Edge Training Academy in Stevensville, Maryland. Woolley spent 15 seasons on the staff of Queen Anne's County Board of Education as a coach—many as the defensive coordinator for the varsity lacrosse team and head coach for the JV team, as well as multiple positions with the Kent Island High School football team.

Woolley also maintained his own business from 2006 to 2012, Chesapeake Lawn and Landscape, which he built, literally, from the ground up. After five years, Woolley began to realize that the market was becoming saturated and it was difficult to distinguish his firm from the others. He sold the business when an opportunity presented itself. He took that opportunity to begin the business he had been thinking about since his college days—The Edge Training Academy, an organization that focuses on making student athletes the best they can possibly be using personal training, nutritional advice, posture correction, cardio fitness, etc. He took his vision and his business plan to Chesapeake College's Small Business Development Center, which provided invaluable assistance.

Started in a small warehouse space in 2012, The Edge Training Academy has already doubled in space and now occupies 7,500 sq. ft. Woolley attributes his success to the “Five P's of Success: Proper Planning Prevents Poor Performance.” Planning is very important to him, as is Time Management. A strong work ethic and drive are also critical elements. He is constantly pushing himself beyond his comfort zone, a critical part of growing and learning. Additionally, his bookshelf is full of personal and professional development books.

When it comes to being a fitness advocate, Woolley walks the walk and talks the talk. He is committed and driven and takes very good care of his physical health. He really believes you are what you eat.

In closing, he reiterates the importance of planning in life and in work. “Be in control of your destiny,” Woolley advises. “Practice self-growth every day. And believe that any individual with a desire to be better, can be better.” n

To discover The Edge Athlete Hall of Fame, visit www.bizpeakejournal.com and click on MVPs. Contact Robert at www.theedgetrainingacademy.com or 443-249-3133

Will Make You Better"

Issue #2 BizPeake 29

Expect the UNexpected—

and Prepare for it!

By Gary Haynes These questions apply to both short- or long-term situations. For example, if the situation is short-term, but there is no one to run the business, who will inform the clients and try to keep them on board? If the situation is a permanent closure, have the appropriate people been advised of the best way to shut down or sell the business to maximize potential value?

A

s an entrepreneur, I have always found the word ‘preparedness’ scary and overwhelming. Getting a business running and continuing to run is time consuming and draining.

However, even in the startup period for your business, you need to think about ‘what if something happens to me’— be it death or long-term illness. You probably have invested a significant amount of money that needs to be protected, if possible. It is equally likely that you have incurred debt, and the liability of that debt could pass to your loved ones if you have not addressed it.

Ask yourself three questions: • Who will open the doors and run the business if I cannot?

• Who will pay the bills and payroll if I cannot?

• Who will close down the business?

There are many ways to approach these questions—and the answers might be as simple as having the appropriate medical, life, and disability insurance. Or it might be more complicated, involving buy/sell agreements between partners or key man insurance.

Whatever the situation, it’s important to get your financial planner, accountant, insurance agent, and business coach in the same room and go through these ‘what if ’ scenarios.

This process is equally important on the personal side of our lives. We hear all the time about the widow, widower, or child who has been left behind after the death of a loved one—and has no clue where information is that they desperately need to handle the decease’s estate and distribution of assets.

They are already dealing with their loss—and then have to deal with questions like, ‘Where are the insurance policies?’ ‘Where are the

ABOUT GARY HAYNES AND NEXT STEP PARTNERS 443 534-6124 gary.haynes@nextsteppartners.org www.nextsteppartners.org Gary and Karen Haynes started Next Step Partners five years ago as a spin-off to Gary’s real estate practice. Next Step Partners helps people prepare financially for retirement and downsize for the future. They specialize in people approaching retirement and those already retired.

assets?’ ‘How are relatives notified?’ ‘What are the passwords to online accounts?’

Something that is not often discussed about sudden death or incapacitation is the risk of identity theft and loss of assets.

Survivors and caregivers need the ability and knowledge to turn off online accounts and other access points that carry risk. The same situation applies when someone becomes physically or mentally disabled and no longer can function.

People are usually pretty good at preparing their heirs and caregivers with financial support in terms of insurance and long term care, but not so good at telling them how to function without them around. Somewhere in a secure place you need to record and store the information survivors and caretakers will need if something happens to you. What banks accounts do you have? Who is your financial planner, your accountant, your doctor, your real estate agent? What relatives and friends need to be contacted and told what has happened? The list goes on and on.

The important lesson here is to expect the unexpected—and be prepared. When you are prepared for the downside in your business and personal life, you can truly concentrate on the joy of building or growing that business. n

Attorneys at Law

ROBERT C. DAVIS, JR. JUNE C. DAVIS

A Full Service General Law Practice

Business Matters ●Family Law ● Personal Injury ● Litigation ● Insurance Courts-Martial ● Security Clearances ● Administrative Boards ● Mediations Construction ● Wills & Estates ● Plus Other General Law Matters 2002 Monticello Drive, Annapolis, MD 21401

410-571-2793 • Free Initial Consultation

30 BizPeake Issue #2

WIND, WATER, & EARTH MOVEMENT

Prepare and Protect your Business

By Bill Reagle

I

s your business prepared for a natural disaster? Most businesses have some form of property and liability insurance, but is your business protected from direct and indirect losses associated with some of the more devestating perils Mother Nature can dish out—namely Floods, Hurricanes, and Earthquakes?

Consider for a moment some of the more significant Wind, Water, and Earth Movement events that have affected our area in the past 15 years: • Hurricane Floyd (September 1999) • Tornado (April 2002) • Hurricane Isabel (September 2003) • Hurricane Irene (August 2011) • Earthquake (August 2011) • Derecho (June 2012) • Super Storm Sandy (October 2012) Your basic endorsed business owner or package policy probably covers you for wind and wind-driven water, but probably not flooding or earthquake. Without the existence of a separate flood or earthquake policy or endorsement, you do not have coverage for your property damage or business interruption unless an ensuing covered cause of loss occurs, such as fire.

We’re all in a Flood Zone!

A flood is defined by the National Flood Insurance Program (NFIP) as a “general

and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.” Hurricanes, tropical storms, and heavy rains oftentimes cause flooding.

Most floods occur in high hazard areas, but according to the NFIP more than 20% of the claims come from outside of high hazard flood areas. According to one NFIP Representative, we are all in a flood zone.

The only difference is the degree of risk. For more information on floods and what it means to your business, visit https://www. floodsmart.gov/floodsmart/.

Earthquakes happen in Maryland, too!

An earthquake is defined by the United States Geological Survey (USGS) as “what happens when two blocks of the earth suddenly slip past one another.” Earthquakes are certainly not as big of a concern right here as they are in California or other parts of the world, but we had a fairly substantial one just four years ago. You might find it interesting to know that according to the Maryland Department of Natural Resources, in the past 100 years there have been over 50 recorded instances of seismic activity, with the strongest being the aforementioned August 2011 quake—measuring 5.8 in magnitude.

For more information on Maryland seismic activity, visit the Maryland Geological Survey at: http://www.mgs.md.gov/index.html or the United States Geological Survey at: http://www.usgs.gov/.

Be Prepared!

Make a Disaster Recovery Plan!

If your business suffers any type of loss tomorrow—whether you have insurance or not—do you have a business continuity and disaster recovery plan? For example, do you have an alternate location planned if you need one, access to communications equipment to contact and service your customers if applicable, and the ability to provide uninterrupted employment for your staff if possible? Ideally, these are events and outcomes to plan for before they occur.

The Insurance Institute for Business and Home Safety has a great Disaster Protection and Recovery Planning Toolkit for Small to Mid-Sized Businesses that can help you. Visit http://www.disastersafety.org/ofb_training to download your free copy today. n

ABOUT BILL REAGLE 443-321-0170 bill@cnrinsurance.com www.cnrinsurance.com/staff/ bill_reagle/

Bill Reagle co-owns and operates CNR Insurance in Annapolis.

CNR represents several leading insurance companies for personal & commercial, property, casualty, and life insurance. Bill brings over 25 years of insurance experience to CNR.

Issue #2 BizPeake 31

Jennifer Reitmeyer Making Things Happen

I

PHOTO: WILLIAM PETRUZZO PETRUZZO PHOTOGRAPHY, LLC

32 BizPeake Issue #2

J

ennifer Reitmeyer knows how to entertain, motivate and market. She's a triple threat (and then some) in the world of entrepreneurship.

She has worked in the events industry since 1997 in a variety of fields—catering sales, convention services, food and beverage management, wedding/corporate event planning, and entertainment sales and marketing. Event planners are a special breed because they have to know how to do everything—and to do it with style and efficiency while displaying grace under pressure.

This all comes in handy as Reitmeyer artfully juggles three businesses simultaneously – Firebrand Messaging, which provides boutique blogging and social media management for business owners; Wedding IQ, a blog written for business owners in the wedding and event industry, and MyDeejay, a wedding DJ business providing personalized and memorable experiences.

Since co-founding MyDeejay in 2003 (she later bought out her partner), getting to know the wedding industry from the inside out was a revelation for Reitmeyer.

Seeing a lot of what goes on in the wedding industry and with all of the various business challenges facing vendors (including photographers, wedding planners, caterers, etc.), Reitmeyer decided to start a wedding blog, which shares information and advice about the business of being in the industry.

Through listening to her customers, and building her own businesses through the use of blogging, social media and strong/relevant content, she (along with a partner) started Firebrand Messaging—a full-service social media, SEO, online marketing and content creation business.

She has discovered how much she likes helping and coaching other business owners, especially women. Reitmeyer is a born mentor. She knows business challenges include managing a team, monetizing all the aspects of her businesses, and being able to find a healthy work/life balance.

As a single mother of two young boys (no wonder she knows how to get things done), she is building her own businesses while not only enjoying the process but also by providing some flexibility, along with financial support, for herself and her family.

Jennifer Reitmeyer is well on the way to achieving her girlhood dream. She always wanted to become a mogul. n Contact Jennifer at www.jenniferreitmeyer.com or 443-603-0201

Visit bizpeakejournal.com to see more information on Jennifer Reitmeyer's special skills and inspirations.

Issue #2 BizPeake 33

Healthy IN A

Hurry PREPARATION IS KEY!

By Chef Elena Clement BUSY? Aren’t we all! Don’t skimp on breakfast though—it is the most important meal of the day. Eating healthy can take a little time to create a game plan, but it is totally worth it! And creating a weekly meal plan can give you a leg up on better meal options and healthier eating habits.

I typically eat the same breakfast five to six days a week. This eliminates the need to think about what to eat. I know what I am going to have, so I can fix it quickly and then get on with my day.

Making my own granola is a must—I know exactly what is in it and can change the ingredients each time I make it.

Each ingredient provides specific vitamins, minerals, and nutrients that I need to maintain good health. Making a batch of this granola provides me about 20 breakfasts! Yes, it takes a little time to prepare (about 2 hours), but then I am set for the month.

MY BREAKFAST CONSISTS OF: ¾ cup plain Greek yogurt 1 Tbsp matcha powder 1 Tbsp chia seeds ½ cup seasonal fruit ½ cup granola Stir the matcha powder into the yogurt, and then layer on the rest of the goodies.

What is matcha powder? Matcha powder is finely ground green tea. It has a grassy/earthy flavor, with a little pick me up punch. Why plain Greek yogurt? Well, have you read a yogurt label recently? Plain yogurt has no funny stuff and is packed with needed protein. The matcha powder, granola, and fruit provide great flavors and textural variety for an enjoyable breakfast.

34 BizPeake Issue #2

Elena’s Granola 5 cups old fashioned rolled oats 1 cup pumpkin seeds, raw 1 cup sunflower seeds, raw 1 cup buckwheat groats, raw 1 cup sesame seeds, white, raw 1 cup walnuts, raw or other nuts if preferred ½ cup dark brown sugar 1 tsp. Real Salt®, plus more if desired 1 Tbsp. cinnamon, ground

¾ cup maple syrup, organic or Grade B preferred ½ cup olive oil, Extra Virgin preferred Mix first 9 ingredients until evenly distributed.

Mix in maple syrup and olive oil until combined.

Bake on 2 cookie sheets at 300°F for 45-60 minutes, stirring occasionally. The more you stir, the smaller the pieces will be. The less you stir, the chunkier the granola! Allow to cool, then store in airtight container for 1 month or freeze for up to 3 months.

Want to change it up?

Replace the cinnamon with ground ginger or pumpkin pie spice. Nuts and seeds—make your own combination!

n

*Real Salt® can be found at http://www.realsalt.com or your local grocery store.

ABOUT CHEF ELENA CLEMENT AND THE GUIDING KNIFE Elena@theguidingknife.com • 720-261-5633

Elena is a Certified Executive Pastry Chef (CEPC®), a Fellow of the American Academy of Chefs (AAC®), and an approved judge with the American Culinary Federation (ACF). In addition, she is the Executive Director of the Nation’s Capital Chef’s Association, her local ACF chapter, and an ACF CE (Certification Evaluator) Trainer. In May 2012, Elena started The Guiding Knife, a woman-owned business that provides baking, pastry, and culinary training to professional chefs and food enthusiasts. All classes are custom built to suit the client and are eligible for Continuing Education Hours (CEH’s) through the American Culinary Federation.

Issue #2 BizPeake 35

Dan Buan

“Last Year's Innovation is This Year's Boring “

D

an Buan, CEO/President and founder of Buan Consulting, is always thinking ahead, staying on top of things and listening to the markets and his customers. And it has paid off. In 2007 he was named Annapolis and Anne Arundel County Entrepreneur of the Year. More recently, his firm celebrated 15 years of success.

Buan Consulting, Salesforce CRM experts, provides “Customer Relationship Management solutions for organizations looking to streamline processes, track data and garner powerful insights.” These are integral tools for today's business opportunities.

From humble beginnings, Dan Buan knew in high school he wanted to be a financial success—and knew to accomplish that, he would need to be a business owner. Being an admitted “Type A personality” and a man with a focused mindset (“Do one thing and do it well”) aided his quest. As did his degree in Mechanical Engineering from Georgia Institute of Technology and an MBA from George Washington University in Marketing.

Dan Buan has also learned a lot along the way. He believes that success in business is all about compromise, as well as “being on the lookout for and avoiding things that could put your business under.” Add to that list the importance of business planning, managing cashflow and hiring great people. (“One of the greatest business challenges is hiring good people,” he believes.) He has also surrounded himself with other successful business owners as a way to grow and learn.

And those people are important in the mix—in both his personal and professional lives. He believes he has mastered the Work/Life Balance. Employees, family and community are all important parts of his holistic approach to life. n

Visit bizpeakejournal.com to learn more about the corporate values which guide Buan Consulting.

Contact Dan at www.buanconsulting.com or 410-263-2707

36 BizPeake Issue #2

I

PHOTO: WILLIAM PETRUZZO PETRUZZO PHOTOGRAPHY, LLC

Issue #2 BizPeake 37

I

n my work with aspiring entrepreneurs, one of the challenges I consistently see from people making the jump from worker to owner is coming to terms with the newfound freedom of being your own boss.

Once the employee shackles are unlocked, you’re freed to deal with your future completely on your own terms. How you channel that freedom as a business owner will greatly impact the speed with which you succeed at your business.

While there are numerous things for business owners to monitor for success— including competitive activity, consumer trends, cash flow, and technological innovation—one of the most important things to adopt is an appropriate entrepreneurial mindset. Your attitude and approach to how you personally tackle the challenges of your business can mean the difference between success and failure.

DEALING WITH YOUR MOST FEARED CRITIC—

YOU

Few entrepreneurs understand that the biggest critic you will face as a fledgling business owner is the person who stares back at you every day in the mirror. We are all our own worst critics. We have this incredible ability to build ourselves up, or tear ourselves down, depending on our mindset.

The first year is unbelievably challenging for many first-time business owners. You begin with great enthusiasm, but quickly realize this is much harder than you imagined. The bravado you once had as a fearless executive in Corporate America dissolves as the reality sinks in that this is YOUR MONEY and mistakes have real personal consequences.

Two to three consecutive days of tepid results feel like an alarming long-term trend. All of a sudden, you feel very alone.

In my first year as a business coach, I often

38 BizPeake Issue #2

referenced my business as my “expensive hobby.” That admission was humorous to everyone but me.

Many call it “the grind”—you’re learning by doing. Everyone struggles through this to some degree, but for the timid it usually signals the beginning of the end. That’s why many businesses fail. While tangible things like disappointing early sales, poor cash flow, increased competitive activity, and poor customer service can be the cause, more often the undermining factor in business success or failure lies in the owner’s mindset.

There are five key principles I’ve found to be critically helpful in ensuring that my clients not only are excited to succeed, they also have the entrepreneurial mindset to succeed.

1. Visualize Winning As the saying goes, attitude IS everything.

I can spot my clients who will succeed in business—their desire for success is greater than their fear of failure. Anyone who enjoys watching sports realizes there is an incredible force impacting team results— momentum. Once a team feels they’ve got positive momentum on their side, there is little that can stop them. They believe they are winners. And generally, it becomes a self-fulfilling prophecy.

British psychologist Richard Wiseman expressed this idea in a book he wrote called The As If Principle. The premise is simple: your emotions don’t control your behavior—your behavior controls your emotions. If you smile a lot, you’ll become measurably happier. Telephone salespeople are taught to smile while they talk on the phone because the person on the other end can feel the happy, positive energy in the caller’s voice.

Establishing behaviors help create the self-fulfilling prophecies. For example, dress professionally and you feel like a professional. Show excitement about being a business owner and you’ll have an exciting business. Focus on celebrating victories every day and you’ll create victories to celebrate. It’s a powerful tool to point you in a self-fulfilling direction. Once you begin to sense positive momentum, an interesting

thing happens—little results have bigger meaning, you begin to relax and enjoy what you’re doing, and you start experiencing positive results.

2. Create Unwavering Vision, Flexible Strategy, and Tactics My father-in-law was the CEO of the international division of a Fortune 150 company, and he often recited a homespun phrase that I’ve always loved—“The righter you try to do the wrong strategy, the wronger you become.” Too many business leaders get preoccupied by executional

Preparing Your Mind for Success FIVE KEYS to Embracing an Entrepreneurial Mindset

By Mark A. Larsen

efficiency on the assumption that their basic strategy is correct. If something isn’t working, take the time to reflect on if it’s the tactical execution, or the inherent strategy, that’s to blame.

adaptable to a changing consumer marketplace.

I’ve personally witnessed many situations where so much thought was committed to developing strategies that they became sacred, and too much time, energy, and money were spent achieving increasing degrees of “wrongness.” The only thing sacred to a business should be its vision— the purpose and values of the business.

Everything else needs to be continually

There is one thing you need to fundamentally understand about business ownership—your business is not your life.

Your business is actually a vehicle for you to achieve your dreams. In fact, to truly succeed as a business owner, you should be developing your business model with the sole intent of selling it. That probably sounds like blatant heresy to a new business

3. Identify and Overcome Stumbling Blocks to Success

owner, but planning with the end game in mind means you’ll create a business model designed for optimal success, because it doesn’t require your continual personal immersion into it. Your primary responsibility is to prepare and drive your business for aggressive growth. This means putting systems and processes in place to deliver quality, consistency, and repeatable results. Setting the proper framework frees you up to spend more time directing results, and less time reacting to issues.

What are the key elements for optimal success? continued on page 40

Issue #2 BizPeake 39

continued from page 39

• A stated value proposition to all stakeholders—including owner(s), employees, customers, suppliers, outside investors, and the broader community; articulated from the perspective of exceeding their expectations.

• A foolproof business operation based on established, written systems— something that can be taught, managed, evaluated, and optimized; always focused on continuous improvement.

• A predictable expectation of product/ service delivery to the customer— replicated over and over again to build engagement and loyalty.

• A consistency of look, identity, and imagery—an articulated image of how your brand is differentiated vis-à-vis your competition.

4. Build the Optimal Team for Success A common mistake new business owners make with hiring is that instead of determining their personnel needs and hiring specifically to those requirements, the owner hires people and allows them to morph into hybrid employees customized for their specific needs at that specific time.

It makes a lot of sense in the beginning, and in fact seems kind of brilliant—you saved money by creating a person who, for example, can do basic bookkeeping, monitor warehouse inventory, AND answer phones when necessary. But since you likely didn’t define a specific job role for this hybrid position, you likely also haven’t thought through processes and systems either. So the employee (who is obviously talented because you hired him or her) creates them for you. It’s another stroke of genius—she or he did your work for you! There’s unfortunately one huge issue—you’ve custom designed a job responsibility that was written for the specific talents of that individual, and only that individual really understands how to do the job. Everything is seemingly fine until that employee decides to leave. Now you’re compromised. You’ll create serious disruption in the transition, and will undoubtedly find someone who might fit part of your needs, but rarely all of them.

And he or she needs time to figure out how the last person got things done.

40 BizPeake Issue #2

The better approach is to take the time to really think through your staffing needs, including how you’ll expand. Since you’re creating these positions, you’ll align what and how they do things to the vision of your business. You’ll create more realistic job descriptions, and you’ll be able to hire replaceable talent that more precisely and consistently fits your needs.

entrepreneurial mindset means the owner is thick-skinned enough to embrace whatever change is necessary as the business grows, is willing to invest the time to truly think through and document the systems and processes that deliver on the overarching vision, and is humble enough to realize the value in having someone else evaluate his or her performance.

5. Hold Yourself Accountable

It’s no small task, but no great reward comes easy. And after all, isn’t earning it what makes it worth all the effort? n

Here is possibly the most ironic challenge to your newfound freedom—finding someone to hold you accountable to your activities and results. One of the most liberating aspects of going on your own is no longer having a boss. You can now call all the shots, fully living life on your own terms.

But as human beings, we are naturally attracted to doing things we like or are comfortable with, and conversely ignore or minimize things outside our comfort zone. As an owner, you really don’t have the luxury to pick and choose what aspects of your business to focus on. It all matters.

Finding an accountability resource is important to optimizing your success. This can be as informal as a mentor, but I’d make it formal in the form of a business coach or other trusted professional you can lean on for support. Agree to weekly or monthly deliverables, and give your coach permission to honestly evaluate your effort. Top performers appreciate the value in someone who provides the safe environment, the challenge, and the accountability to reach their maximum potential. A large number of professional athletes, actors, and business leaders utilize these types of resources. Why shouldn’t you join this privileged group?

No new business owner starts his or her dream with the expectation that failure is a possibility. The freedom of going it alone comes with the responsibility of developing an entrepreneurial mindset. Central to the mindset is the understanding that the business is the medium through which her or his vision takes form in the real world.

For the business to succeed, care must be taken to ensure the owner fosters a winning attitude that becomes contagious. The

ABOUT MARK LARSEN 410-213-1402 mlarsen@esourcecoach.com www.linkedin.com/in/malarsen

Mark Larsen is a business placement coach with The Entrepreneur’s Source, the largest career and business-consulting firm in North America. He is a Career Transformation Expert who inspires motivated clients to do the things that inspire them.

Knowledge ■ Experience Technology

90 Russell Street, Suite 100 Annapolis, MD 21401 P 410.267.9650 F 410.267.6006

www.posthastemailing.biz

Breaking Up is Hard to Do* Prepare Your Business through Careful Evaluation, Forethought, and Planning

By Robert Davis

I

t’s exciting and adventurous when parties join forces for a business venture.

Everyone is visualizing the enterprise they intend to build together, hopes are high, attitudes are positive, the parties are seeing the best qualities in each other, and everyone is brimming with optimism. It’s very similar to the beginning of a romantic relationship.

Just like romantic relationships, however, the parties don’t always communicate their expectations—and excitement to start the venture can result in the parties moving forward with very different understandings of how the business will be managed, who will perform what services, and how decisions will be made.

the meeting with these friends realizing that they had much more to discuss, and as it turned out, they decided to forgo the business enterprise. As disappointing as that meeting may have been, it allowed them the opportunity to explore their ideas more fully and devise a plan for moving forward.

How fortunate for them that they discovered their misunderstandings before these issues arose and potentially gave rise to arguments, hurt feelings, mistrust, and the ruining of a friendship.

Recently, I was asked to prepare documents for two friends who had decided to go into a business enterprise. I met with the parties and together they described the business they were envisioning. When I started asking questions, however, their answers were very different. It was apparent they were not seeing eye-to-eye.

Unfortunately, it is more typical for people to embark upon business ventures without discovering that they have failed to communicate and have failed to plan for “what if . . . .” When a business venture begins, everyone is excited and inclined to believe that “it will all work out.” Just as people don’t start off marriages thinking they will end up divorced, business partners have the best intentions when they begin their relationship. But marriages do end, and the reality is—for one reason or another—most businesses are also eventually terminated.

Despite the fact that these men were good friends, they had not adequately disclosed their complete thoughts to each other. Each had the same basic idea for the business, but they had very different notions about the future and how each person would be involved in the venture. We concluded

Even in the best of business relationships, many situations can give rise to controversial issues. And sometimes it’s not even your business partner causing the discord. It could be your partner’s soon-to-be ex-spouse or heirs that you’re battling. A few examples include:

• • • • • • • •

Someone dies Someone retires Someone gets divorced Someone moves to another state Someone wants to expand the business Someone wants to hire his brother-in-law Someone wants to bring in a new partner Someone wants to sell his interest in the business

You can address issues of this nature by pre-planning and entering into a business agreement comparable to a pre-marital agreement. The agreement can and should address a multitude of issues, including: • Contributions to the venture (cash, property, and sweat equity) • By whom and how major decisions will be made • Voting rights • Non-competition • Confidentiality of business information • How a party withdraws from the business • How a party gets added to the business • What happens upon the personal bankruptcy or death of a party • How the business will be dissolved Addressing beforehand how you will handle these matters will alleviate much of the stress, friction, and discord that might otherwise occur. In the long run, having a written agreement to deal with these matters is less costly because fighting invariably takes more time, effort, and finances. Ultimately, preparing your business through careful evaluation, forethought, and planning is advisable for every enterprise. n

* Neil Sedaka, 1962 ABOUT ROBERT DAVIS 2002 Monticello Drive • Annapolis, MD 21401 410-571-2793

Robert Davis is a partner at Davis & Davis LLP and has been a practicing attorney for over 35 years. He represents individuals and businesses in state and federal courts throughout Maryland. Davis & Davis LLP is a general practice law firm, providing clients with advice and litigation services related to business and commercial law, corporate law, administrative law, real estate and land use law, personal injury law, family law, and other general legal matters.

Issue #2 BizPeake 41

Preparing for Even Greater Success?

CONSIDER A COACH!

By Carol Gausz

R

emember the old saying, “Success comes when preparation meets opportunity”? What opportunity is most important to your success in the next year?

Now, coaching is more likely to be used as a way to help good leaders be even more effective—similar to the way elite athletes use coaches.

• Growing your customer base?

• Improving the working relationship with your partner or key leaders?

• Engaging staff to more effectively meet client needs?

• Transitioning your business?

• Spending more time doing something other than working?

According to several studies, coaching provides a solid return on investment (ROI). A global survey of coaching clients

by PriceWaterhouseCoopers and the Association Resource Center concluded that the mean ROI for companies investing in coaching was seven times the initial investment, with one quarter reporting ROI of 10 to 49 times investment (www.forbes. com 1/21/11).

How might you best prepare for those opportunities in a way that significantly improves your business and your life satisfaction? Consider engaging a coach.

WHAT IS A COACH?

A coach is a partner in your success focused on helping you be your best—as a leader, a business owner, a person—and addressing your opportunities and challenges. In sports, a coach helps you build skills, perspective, and that ‘inner game’ that plays such a strong part in performance.

In business, a coach helps in similar ways. A coach helps you: • Identify what you want to achieve.

• Gain greater insights into how to achieve it.

• See yourself more clearly.

• Understand how to best leverage your strengths and how to best get out of your own way.

• Build skills where needed.

• Stay accountable to what you say you want.

• Receive support along the way.

Years ago, coaching was seen as more remedial for individuals at risk of derailing.

42 BizPeake Issue #2

INVESTMENT

This research highlights the significant impact leaders have on the success of a business. Coaching, as a highly tailored approach to a specific leader within a business, provides significant leverage for the business.

COACHING VALUE

What value can a coaching experience provide? A great coach can help you: • Achieve clarity on your true priorities and align your time and energy accordingly.

• Gain deeper and/or broader insight into yourself—including the impact of your behavior on others, your style, and a number of other characteristics.

• Obtain insights into your ‘blind spots’— identifying places where you may be getting in your own way and helping you to address these areas.

• Gain alternate perspectives by brainstorming and bouncing ideas around with you.

• Improve your ability to communicate with others, by acting as a “mirror” to help you see yourself as others may see you.

• Challenge yourself in support of your goals when you may not be acting true to what you say you want.

COACHING METHODS

A coach uses varied methods to help the individual client improve their effectiveness and satisfaction, such as: • Active Listening and Observing.

• Powerful Questions that help the client to discover things beyond the surface.

• Assessments that help the client learn more about their style and practices.

• Conceptual Frameworks and Resources specific to what the client is working on.

• Development Plans co-created with the client.

• Accountability Practices.

The coach is not a therapist or a teacher, but more of a guide who helps you to see yourself in the way that others may see you.

This provides a basis for you to consider what is supporting your success and what may be getting in the way—and then making choices about what YOU want to change. The coach helps you understand the implications of the choice—but does not to make the choice for you. The coach then helps you act on your choices.

COACHING ENGAGEMENT BASICS

A typical coaching engagement starts with a free consultation so that the potential client can experience a bit of coaching and see if the ‘fit’ with the coach is right. An initial coaching engagement is often six months. A good coach will seek to build their client’s capacity, not their dependence. As such, while renewing a contract is not unusual, the coach and the client should be clear about the goals for each successive renewal.

A coaching session is a meeting in which the coach helps you to understand yourself and your situation better, and then set and move your agenda forward. The coach asks what you want to work on each session, initially offering suggestions, and always making sure the client focuses on follow-up

to anything they may have committed to do since the last session. They ensure that the time gets used most effectively to achieve your goals.

SELECTING A COACH

So how do you find a coach? Here are a few key points to consider: • Talk to colleagues and/or tap your local business/service groups.

• Research the coaches online, and then call one or more to schedule a free consultation.

• Consider the coach’s experience as a leader and coach, their approach to coaching, the type of clients they coach, and successes and challenges they have faced in coaching.

• Pay attention to how comfortable you are with the person. There are many highly qualified coaches. You need to be sure you will be comfortable developing an authentic working relationship with this individual to get the most out of coaching.

If you engage a good coach within the next few months, I guarantee you will be more prepared to address the opportunities that will lead you to greater success. I’d love to hear how it goes. If you have questions, would like samples of powerful questions or conceptual frameworks that can help you see things a bit differently, or would like to schedule a complementary initial session, please feel free to contact me at cgausz@ blueheronassociates.com. n

ABOUT CAROL GAUSZ AND BLUE HERON ASSOCIATES cgausz@blueheronassociates.com

Carol Gausz is Founder and President of Blue Heron Associates, Inc., a coaching and consulting firm based in Annapolis, Maryland. Her firm is focused on helping to create more effective organizations, teams, and leaders, and enabling them to achieve exceptional results—now and in the future. Before starting Blue Heron Associates 15 years ago, Ms. Gausz served as a senior leadership strategist and change leader in large organizations for over 20 years.

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Issue #2 BizPeake 43

Building Emotional Resiliency

Seven Key Strategies for Coping with Unexpected Life Challenges

By June Davis

Rule #1: Think Positively.

W

ouldn’t it be wonderful if we could move through life with a protective force field surrounding us? Push a button and pppzzzzzzttt—we’re enveloped in a cocoon protecting us from all sorts of hardship and injury. Well, unfortunately, life doesn’t work that way. Life can be demanding, with unexpected burdens that sometimes come from out of nowhere and just seem to land in our laps. Ker Plop! Suddenly we find ourselves traveling down a bumpy road full of potholes. Or maybe the road isn’t too rough, but we’re moving so fast everything seems to be rushing by at breakneck speed and we can’t keep up either physically or emotionally.

Difficult times, whether arising from positive or negative events, can strain our bodies to the point they wreak havoc on our health. Many people tell me that their poor health or weight gain—which subsequently contributed to health problems—started with the loss of a job, the ill health or death of a loved one, or some other difficult personal situation. Of course, life challenges don’t always take the form of misfortune. Sometimes challenges arise out of wonderful circumstances, like a tremendous business opportunity, a new baby, or a great promotion or new job that necessitates moving the entire family.

So how can we best prepare for the unexpected? Here are SEVEN KEY RULES to help us position ourselves so that we’re more resilient to the stresses that accompany challenging times.

44 BizPeake Issue #2

Have you noticed how some people just seem more positive and upbeat than others?

For some, being positive seems to come naturally, but the truth is that our brains are wired to focus on the negative and we typically take for granted the good things that occur every day. I once had a boss who said, “You’re expected to do an excellent job, so when you do excellent work, that’s worth a “C”. WOW! Walking through life with that outlook has to be a major downer.

When excellence in our lives becomes merely satisfactory, it lessens our ability to maintain perspective and balance unfortunate events. With that kind of outlook, we’re not going to see the good things that occur. Our life is filled with negative experiences and becomes unbalanced. Then when something truly catastrophic occurs, it overwhelms us.

Resilience requires perspective and an understanding that life is balanced. If we only focus on the negative and fail to appreciate all the great things that happen every day, life will be gloomy and we’ll be inclined to start thinking like Eeyore, “Woe is me.” Thinking positively is a habit. So even if it’s not our natural inclination to be positive, we can change. We as human beings flourish when we notice, appreciate, and experience joy for the good things happening around us. Make it a habit to consciously recognize those good things.

Rule #2: Be Thankful.

We all at one time or another make the mistake of assuming that someone else’s life is enviable. We see others going on vacations, buying new cars, getting their kids into great schools, and we think they have it made. It can make us feel that in comparison, our lives don’t measure up.

The truth is, what we see on the surface probably has no bearing to the underlying reality. We’re not seeing their flooded

basements, broken air conditioning, maxed out credit cards, car accidents, family’s health problems, or failing marriages. We all have difficulties in our lives. Try to discipline yourself every day to recognize and appreciate what you have. There will always be someone who seemingly has more, but there are many in this world with far less.

Rule #3: Adjust Your Perspective.

Suppose you have the good fortune to be presented with an enormous business opportunity. Suddenly you’re working long hours, worried about completing the job on time, not getting enough sleep, overly stressed, and fearing you might fail. You’ve completely forgotten your initial excitement when you got this opportunity.

Experts say there are only four basic human emotions: happiness, sadness, anger, and fear. To strengthen our resilience we need to change our perspective and let go of our fear. Focus on the joy and excitement you have when opportunities present themselves and hold on to that feeling. When you’re in a fortunate situation, remind yourself that this is exactly what you wanted. Take pleasure in your work and enjoy your journey.

Rule #4: Take Care of Yourself.

Be the healthiest person you can possibly be now. Physical and emotional health and resilience are so interdependent it’s sometimes hard to distinguish where one ends and the other begins. Do whatever you can to strengthen your physical body. The healthier you are, the more you’ll be able to physically and emotionally handle the stress of unexpected difficulties. Eat properly, maintain a healthy weight, exercise, and get restorative sleep. Studies have also shown that those with strong social connections are more able to recover from physical ailments, and that spending time outdoors in nature not only combats anxiety and depression,

but also strengthens our immune system.

Rule #5: De-Stress.

Mental rest gained through meditation and relaxation also increases our emotional and physical resilience. The original source of the following story is unknown, but its message is clear.

A psychology professor explaining stress management to her class raised a glass of water. Everyone expected she’d ask, “Is the glass half empty or half full?” Instead, with a smile on her face, she inquired, “How heavy is this glass of water?” Answers called out ranged from 8 oz. to 20 oz.

She replied, “The absolute weight doesn’t matter. It depends on how long I hold it. If I hold it for a minute, it’s not a problem. If I hold it for an hour, I’ll have an ache in my arm. If I hold it for a day, my arm will feel numb and paralyzed. In each case, the weight of the glass doesn’t change, but the longer I hold it, the heavier it becomes.”

“The stresses and worries in life are like

this glass of water. Think about them for a while and nothing happens. Think about them a bit longer and they begin to hurt. And if you think about them all day long, you will feel paralyzed, incapable of doing anything.”

“That’s the way it is with stress. If we carry our burdens all the time, sooner or later, as the burden becomes increasingly heavy, we won’t be able to carry on. As with the glass of water, you have to put down your burdens and rest a while before holding them again. When we’re refreshed, we can carry on with the demands of life.”

Rule #6: Confront Your Challenges.

An important characteristic of resilient people is to immediately address their problems. When something negative occurs they instinctively think in terms of what needs to be done to tackle and resolve the situation. Positive thinking: what are my options; what do I need to do? Negative thinking: why is this happening to me; who’s to blame? Problems don’t usually go away on their own. Ignored, they generally worsen. Face your difficulties head on.

Rule #7: Clean Up Your Affairs.

If your life is in chaos, you’ll be less ready to deal with challenges when they arise.

Organization goes a long way toward destressing the mind. Stop procrastinating on the little things that you need to accomplish. Either do them or accept that these things are not important. And if they are not important, then cross them off your mental list and let them go.

A big part of resilience is believing you have control. Be confident in yourself.

The world isn’t acting against you. You are living life in this world, stuff happens, and you can and will deal with it. Acknowledge and experience your emotions, but find and embrace the upside of every situation.

There’s always an upside. n ABOUT JUNE DAVIS 410-571-2793 • June@GetSlimCoach.com

June Davis is an Independent Health Coach certified

by Villanova University School of Nursing Center for Obesity Prevention and Education. June is the owner of Get Slim Coach, and provides health coaching services to hundreds of people throughout the United States.

For Sale D L O S

Nancy Welch Almgren, REALTOR Retired Investment Advisor & Small Business Owner

Coldwell Banker Residential Brokerage Nancy.Almgren@CBMove.com cell 410.533.8610 office 410.647.2222 www.CBMOVE.com/Nancy.Almgren

Listing Price: $1,699,000

While you’re busy running your business, let me help you with your real estate needs.

Issue #2 BizPeake 45

Checking Up On Your Estate Plan

By Thomas W. Spray-Fry *

Y

ou have an estate plan; you probably even remember creating it—making the decisions and pulling together the documents was probably a time-consuming and tedious effort. The initial process of creating an estate plan can be so painful and involved that people may avoid reviewing it again for years.

can they represent you? Have either of you relocated, causing you to consider if someone living locally could carry out the responsibilities more efficiently? Some states have updated their forms and require a redrafting of your power of attorney; talk to your financial planner about your situation.

• Long-term care insurance. Every person moving toward retirement or working in their sunset years should consider longterm care insurance. All you have to do is the math on the economic impact to a family of a nursing home stay. Long term care insurance can be an inexpensive alternative if the right policy is purchased at the right time.

Review of Assets

changes and guarantee that your current wishes are known. Here are some items to review:

• Property titles. Have you established ownership and survivorship in the way you intended? Is it supported by current state titling laws?

• Business succession plans. A significant number of buy-sell agreements call for annual revaluation of the business that most people forget about. Not having an updated appraisal presents two concerns: You don’t have a current figure for the value of your business for your own planning, and in the event an owner or partner dies, an arbitrator without a true sense of the business will negotiate the reappraisal.

• Life insurance.

Do you still need your current policy; do you need a different policy? Is the policy performing as originally illustrated? Policies are affected by interest rates and the investment options. If you expect the policy to provide for a particular need, it is important to review its performance annually.

Friends & Family

Legacy Instructions

• Beneficiary designations. Be sure that life changes make your beneficiary designation selections relevant and that they still reflect your current desires.

• Legal roles. Are your powers of attorney and estate executor(s) still competent and

• Will. Your will is less likely to be contested as outdated if you have updated it every few years with your attorney.

• Ethical will/letter of instruction. Does the letter you have drafted still reflect the message that you want to leave your heirs?

But your estate plan does not exist in a vacuum. Life events such as marriage, separation, divorce, births, deaths, relocations and tax law changes all impact your estate planning needs. By revisiting key elements of your estate plan annually, you can correct errors, make adjustments for life

46 BizPeake Issue #2

Have there been changes to your will or estate planning that you want to explain or emphasize?

Staying Current • Tax law changes. Talk to your financial planner and accountant at least three months before the end of the year to see if tax law changes will negatively impact your current plan, you will have time to make any necessary adjustments.

Organization Eases the Task Though it can be time consuming, it’s worth organizing your legal documents in a way that makes them easy to review and update. Be sure to keep these documents in a safe or fire-proof cabinet: • Document finder. Lists your legal documents and where they are stored. If access requires a key or password, include instructions on how to find them.

• Estate planning summary. Includes a list of professional advisors and passwords for each account (including Web access).

Adding the dates the documents were created can help prompt you to keep wills, powers of attorney and health care proxies up-to-date.

• Net worth statement. Describes every asset, including account numbers, titling, beneficiaries and current value. This statement identifies areas for in-depth review and serves as an overview for your estate executor.

These documents ease the access of information for those who—in the event of an emergency, or if you become incapacitated—will need to know where to find your estate plan and the legal documents that will guide them in support of your wishes. Creating an estate plan is just the first part of managing your future; keeping it up to date is essential for the long-run. n *Thomas W. Spray-Fry in conjunction with Lincoln Financial Advisors/Sagemark Consulting, a division of Lincoln Financial Advisors, a registered investment advisor OR Lincoln Financial Securities Corporation* Thomas.Spray-Fry@LFG.com www.HeritageConsultants.com

Issue #2 BizPeake 47

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