BTank Business Publication

LIMITED SHOW EDITION

JUNE 2019 | VOLUME 2- ISSUE 13

B-TANK EXCLUSIVE: How Silicon Valley RE tech startup KEYO finds tenants faster than traditional brokers Emotional Smarts: How emotional intelligence brings success to the business arena 10 Steps you need to purchase your new home Joe Apfelbaum on LinkedIn hacks Tanya opens up about how she grew her business from the ground up

Ostreicher in Biztank: Introducing the Oster and Empress lifestyle brand

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18

Editorial

PERSONAL FINANCES

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Budding Entrepreneur New Entrepeneur!

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Tech Time

26

Real Estate News

We're entering one of the busiest times of year in residential real estate. If you're a potential home buyer this season, here are 10 steps to help you purchase a home successfully.

74

Wow Moments

25

Real Estate Pulse

BIZTANK 66

Oster and Empress

72

BizTank/Fidelity Show

71

Recap

38

EMOTIONAL SMARTS What is emotional intelligence, what role does it play in the business world, and how can we successfully implement it? Read all about how emotional intelligence brings success to the business arena

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EDITORIAL Joel Klein

Dear Readers,

A

client I recently coached was very down about a huge business loss he’d had. His initial financial loss resulted in a loss of passion, and that led to greater financial losses since he wasn’t able to maintain his business.

Passion is one of the five P’s that are important in business: People, Product, Passion, Process, Profit If you excel in each of the 5P’s within your company, your business is destined to succeed. In the above mentioned client’s situation, the loss of passion resulted in a domino effect, and a loss in all P’s.

We discussed how to intentionally rekindle his entrepreneurial fire. The most important step in business is integration. Every move you make in business should be intentional, integrated and kindled with fire. Here’s how to do it: 1. Develop a mission, vision and purpose for your business that is congruent with your own values.

2. Understand the marketing approach and niche that maximizes your opportunity for success.

3. Create a powerful marketing message that drives customers to your business.

4. Help your sales team learn how to allow prospects to make the right decision.

5. Put up a system that ensures that customers are well taken-care of.

6. Systemize billings and banking in the most effective way possible.

7. Keep your staff engaged, motivated and service-oriented.

8. Know and understand your financial information and make sound decisions based on result.

Isn’t this the kind of business owner/entrepreneur you want to be? If so, you are probably wondering what the easiest and most effective way to achieve it is.

In the “old days” business owners had an accountant, a banker, a lawyer, a marketing firm, a financial planner,

B-Tank Inc. ― A project of the

etc. In most cases, the business owner only talked to each of them once or twice a year at most – and hardly EVER at the same time! There was no integration.

Enter B-Tank or the coaching sessions at IMBC. We are here for you continously to empower you to take intentional action and fire to succeed.

In each meeting and issue, we cover new ways how you will find new avenues for prosperity.

In this issue we cover topics such as: As a consumer, be inspired how music star Pinny Ostreicher uses his creativity to build his lifestyle brand.

As a real estate investor, be inspired by the tech start up Keyo who will change the way how property rentals are being leased and guaranteed.

See how LEAA, who changed the way healthcare works by providing concierge urgent care service at your home or office, is now providing services at construction job sites.

See how Fidelity Payment Services takes their company to new heights but doesn't forget their humble beginnings by giving back to startups and entrepreneurs.

See how Tanya took her lifestyle brand to help people start a new way of living.

At BizTank, we are always coming out with new business education. here with new editions. And we now release live BizTank footage on our website biztanklive.com. Follow us for a and chance a free year worth of coaching.

As always, I look forward to hearing more from our readers. We couldn't have done it without you.

We are all about empowerment. If you see an investment opportunity that you can contribute to in any shape or form, or if you have a startup that needs strategic help or funding, please reach out by emailing me at joel@btankmoguls.com.

Joel Klein President and Founder of the BizTank and B-Tank platforms

platform

219 Havemeyer Street Brooklyn, NY 11211 | 718.855.5850 | info@btankmoguls.com © 2017 B-Tank, Inc. | All rights reserved. The information contained herein is produced and copyrighted by B-Tank, and any unauthorized use, duplication, redistribution, or disclosure is prohibited by law and can result in prosecution.

16 | B-TANK | JUNE 2019

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Business Journey

with a Budding Entrepreneur

Tanya Talks about Her Nutrition Empire

I

t hit me when I saw my company’s recent email signature: Nine locations listed neatly in pretty orange and purple letters. Boro Park, Flatbush, Williamsburg, Lakewood, Monsey, Monroe, Queens, Monticello, and Five Towns. I realized then that that’s how a mother of nine kids must feel while looking at a family portrait. Each location is a “baby” and somehow, without any plans or warnings, there are nine of them. So now a little background.

All my life I’d wanted to be a lawyer. I used to practice litigation on my dolls and save babysitting money for LSAT courses. I grew up in Israel and Brooklyn, watching my mother work super hard to make ends meet. She would often work 12-hour days and then take more work home to supplement the income. The concept of hard work was something I grew up with and admired.

As a teen, I worked from as young as 12 to make my own money for pizza with friends and ice-skating outings, and I even saved up $150 to buy my first (used, twelve-year-old) car.

Having gone through two immigrations (Russia to Israel and then Israel to the US), my parents struggled to make ends meet.

18 | B-TANK | JUNE 2019

Although they couldn’t give us a lot financially, they made up for it with lots of love and confidence boosts. My mother was (and still is) my biggest cheerleader, always telling me how talented, pretty, smart, and able I am.

When you hear it enough times, especially from your role model, it seeps in and you start to believe it.

Being that I went to Be’er Hagolah, a very small and personable school, I had many chances to shine — whether in the play, the yearbook, or just through the relationships I developed with teachers and friends.

So when it came to thinking about the future, I knew I wanted to work hard, make enough money so I could give my kids what I didn’t have growing up, and use the confidence and skills I was so sure I had.

Before my first child was born, I was taking the LSATs and applying to law schools — and also gaining weight. In fact, I gained 50 pounds in the months leading up to my son’s birth.

I had completely let go and eaten whatever I wanted. After my son was born, I set out to lose weight with the goal of getting

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Business Journey

with a Budding Entrepreneur

back to my wedding weight. Since I’d never dieted or exercised before, I had to figure it out for the first time. I started eating healthier — and liking it — and completely fell in love with exercise. I took a personal training course just to know what I was doing. Then, people started asking me to train them so I figured I could do that part-time while going to law school. After a full year of healthy eating and exercise, I dropped to a weight that was way less than my wedding weight. I was literally experimenting on myself with techniques, food combinations, and motivational tools.

I was also giving out a lot of free nutrition advice to family, friends, and even personal-training clients.

Then, came decision time. I got accepted to two of my top law school choices, but I wasn’t even that excited — after years of planning for this moment.

I shocked everyone by telling them I’d changed my mind and wanted to go for nutrition instead. My parents were devastated; they were supposed to be living the American dream through me. I rationalized that I could always change my mind later on if I decided to. I went on to get my master’s in science at Brooklyn College while continuing to privately train people and give group exercise classes. I will always be grateful to Lucille Roberts, a women’s gym I attended, for putting me up on a stage in front of over 100 women when they suddenly needed a substitute and letting me learn the hard way (in other words, embarrass myself). Isn’t that the best way to learn anything? Just do it, mess up, move on, do it again.

Soon after, I also started giving private group classes in a basement in Boro Park. Several of the women in my classes started asking for diet plans. They all did really well and the referrals kept coming in. Weight is such a public thing that it creates its own advertising. By the time I finished school, I already had a large client base — or so I thought. It’s amazing how the way we perceive things is so subjective and time bound.

At that time, I was working 4–5 hours a day, no weekends, no work when I got home (aside for college work), and I thought I was so busy! Fast-forward to today where I work 10–14 hours a day, Fridays and Sundays, and always have tons of work to do after work…Those days seem like child’s play now.

About a year into those Boro Park basement days, the owner of the house said I needed to move out right away as her family was bothered by the constant noise from the music. That same 20 | B-TANK | JUNE 2019

day I saw a space for rent down the block, loved it, and signed the lease right away. The rent was $3,000 a month — an enormous sum for over ten years ago. I can’t say it was a logical decision but it was a gutsy one. I opened up my first exercise studio and called it Shape Fitness. The place was doing well for about a year when a different space became available one block away for $1,000 cheaper per month. I decided to make the move. That’s when things started to fail. The new location, although only a block away, was in a worse area right under the train tracks with scary people constantly lurking around. It also wasn’t as pretty and pleasant as the first one. Less than a year later, I was forced to close it. This was the first (and not the last) time that I learned what it means when they say, “If it ain’t broken don’t fix it.”

A little before this place closed down, Abby Hessney, an acquaintance, approached me and asked if we could open another Shape Fitness in Flatbush. So although the Boro Park location was forced to close, I still had the Flatbush studio operating at high capacity.

At the same time, I saw a big void in the Jewish market when it came to exercise DVDs. Many women felt uncomfortable bringing secular DVDs into their homes. Abby and I decided to create the first ever kosher workout DVD for women. The instructors were all female and dressed modestly and the music was instrumental. We also took into account how busy women are, which discourages them from starting a DVD they may not finish. For that reason, we made every segment only 20 minutes long — including the warm-up and cool-down. We also included all the most popular types of workouts for variety. The DVD was a huge hit and we ended up making two.

The three DVDs continue to sell well until this day and are sold internationally.

Once I didn’t have any actual location in Boro Park, I had to figure out a way to see my nutrition clients, so I literally went house-to-house for a few years. I would take my scale into their home and conduct sessions right in their dining room. I once had the record of parking over 30 times in one day. Although this model doesn’t make sense time-wise (half the day was spent parking and driving), I do miss the closeness it created between myself and my clients; I learned so much about my clients that way. Many of those clients come to my office now and I still know where they live and the dynamics of their homes.

To be continued…

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SBA Loan Group Let’s You Get Down to Business SBA Loan Group can get the job done when it comes to taking care of your loan package.

SBA Loan Group offers your business exactly what it needs: the ability to work on your business, while SBA Loan Group works on your loan. SBA Loan Group has been doing business since 2012 and is now one of largest SBA loan package companies in the country. SBA Loan Group’s success is based on positive client experience and the ability to partner with businesses to get the job done on a variety of fronts.

One of the advantages we have is that one of the partners, Yanky Markowitz, is a board member of one of the largest Community Development Corporations (CDC) in the country as well a member of the CDC loan committee.

WHY DO I NEED SBA LOAN GROUP? SBA Loan Group fits perfectly in the picture when your business is seeking funds. An SBA Loan Group’s loan manager will utilize his complete expertise in the field to structure the loan and its terms in the most favorable way possible for you as our loan manager serves as both the broker and the consultant working for you while being the go-between representing your best interests to the bank.

SBA Loan Group offers the best deals available. With working capital, the interest rate would be prime plus 2.75% (current prime rate is at 5.5%) for up to a $5 million loan. For real estate loans of 90%, LTV interest rates would be between 5.5%–6%, for up to a $14 million loan. Both loans come with extended repayment terms.

WHAT DOES SBA LOAN GROUP DO? SBA Loan Group brokers any kind of small business loan. One of SBA Loan Group’s most popular facets is refinancing high-interest loans with lower interest rates and better terms for a 10-year 22 | B-TANK | JUNE 2019

amortization. For instance, SBA Loan Group takes over high interest, short payment Amazon loans. SBA Loan Group will then create more flexible terms over more extended periods.

An average Amazon loan charges a 12%–16% interest rate and is due in six- to twelve-months’ time. SBA Loan Group can offer a rate that is 2.75% above the prime rate and that extends over 10 years for a more manageable monthly charge with the possibility of being able to request further loans on top of the newly redone one. You can add working capital and inventory to this loan, and the total loan gets amortized over 10 years.

SBA 504 SBA 504 is SBA Loan Group’s loan program for those seeking funding for small business real estate purposes with the best terms possible. The SBA 504 will only work if your business is going to occupy 51% or more of the new building’s space. If, for instance, an Amazon seller wants to buy a brick and mortar building to either sell or store his Amazon store offerings, SBA Loan Group will help the business owner secure the necessary loan.

The SBA 504 program option is that the buyer puts down 10% and by doing so, gets 90% financing at 5.5%–6% amortized over 25 years. Buying a building means that instead of paying someone else the rent money, the rent funds can go towards your building’s mortgage and therefore is an investment in you, the owner, as your building appreciates over time.

SBA 7A SBA 7A is a loan program for those businesses seeking any kind of loan for working capital for purposes such as marketing, advertising, buying inventory, equipment, refinancing debt, hiring employees, buying out a partner, for business acquisition, etc.

Such a loan the rates would be 2.75% above the prime rate and amortized over 10 years with equal monthly payments.

Another option is that the buyer can obtain additional money on top of the cost of the building he is buying. For instance, if the buyer is purchasing a million-dollar building, he can potentially get $1.5 million without having to put anything down. Instead, the extra $500,000 can go into the business; the buyer will get 100% financing plus the money on top of that from a full loan amortized over 25 years. Given that small business, loans are never 25-year loans. Buying a building and adding the extra funds will allow the business owner to get the equivalent of a 25-year small business loan on top of the loan for the building without stressing his cash flow.

THE PROCESS SBA Loan Group can usually qualify you with a 10-minute phone call after receiving minimal business and personal documentation. SBA Loan Group will then perform a thorough and e xtensive pre-approval process, which usually takes 24 hours once we receive your documents. This process will help to accelerate the underwriting and packaging of the loan. If needed an SBA Loan Group representative would come to your business for an initial meeting with you or your accountant to help structure the loan with the best terms possible by planning together on how to best go about achieving your goals.

SBA Loan Group has offices in Brooklyn, NY and Stamford, CT. W e are here to help you structure your small business loan in the best way possible. SBA Loan Group understands that a lot of assistance is needed in this industry to make sure the process is a smooth one and that the result is the successful one your business is looking for.

Visit www.sbaloangroup.com for more details on this u nique program or call any of SBA Loan Group’s qualified loan managers at 484-SBA-LOAN (722-5626) with your questions. SBA is ready and willing to help you with your specialized business needs.

FOUR CRITERIA TO GETTING A BUILDING LOAN FROM SBA LOAN GROUP Credit score above 680, although exceptions can be made for lower credit scores.

No tax liens, judgments, collections or prior bankruptcies for personal and business.

Cash flow: Enough to demonstrate to the bank t hat your business will have the ability to pay back the loan. This needs to be after salary covers personal living expenses.

Adequate collateral • Collateral should come from the business.

• Depending on the loan amount though, a business might need additional personal collateral.

• Even if you don’t have enough personal collateral, SBA Loan Group can still usually secure a loan up to $1 million.

B-TANK | IYAR 5779 | 23

Real Estate

PULSE Real Estate News

26

Real Stakes in Real Estate

28

Keep Your Money in the Family

34

Real Estate Start-ups

36

Construction Corner

38

B-TANK | IYAR 5779 | 25

Real Estate News

A New League is Broker Promises to Landlords How keyo Guarantee ensures no-loss rentals David Marion

I

magine receiving the income you expect from your tenants each month at market value regardless of their actions. This prospect is no longer a mere fancy of residential property owners who risk financial loss when a tenant misses a payment, or worse, reneges on a lease. keyo Guarantee, released this year by AI-powered brokerage, Keyo, eliminates this kind of exposure for landlords by guaranteeing coverage of rental income of leases for tenants placed by Keyo. A first for the industry, keyo Guarantee is available to qualified owners of residential properties, ranging from single condos to multi-family buildings.

“There are no direct costs associated with keyo Guarantee,” declares founder and chief executive officer of Keyo, Kiran Bellubbi. “The fee that Keyo charges for placing tenants, which is competitive to those of other brokers, comes with the guarantee.”

Bellubbi attributes low cost to automation. “Our AI-powered platform sources financially-stable tenants quickly and allows them to book showings on demand 26 | B-TANK | JUNE 2019

with Keyo Scouts -- local residents familiar with the neighborhood whom we compensate to show the units. Automation completes the paperwork and lease signing so vacancy time is minimized.”

Bellubbi adds that efficiencies created by automation help Keyo find quality tenants who are willing to pay market-value prices, which keyo Guarantee ensures in full when a tenant fails to make a payment on time. Bellubbi likens keyo Guarantee to a generous cost-free hassle-free insurance policy for owners who use Keyo as their broker.

The rental housing market has grown rapidly in the past decade, especially in dense urban areas. Renters in America’s 20 largest cities outpace owners by a wide margin (New York (68%) Boston (66%) San Francisco (64%), and Los Angeles (63%)).

Millennials are driving the demand. With high-student debt, an expectation of flat wages, and record high-prices for new homes, they do not choose ownership as their first option.

Nearly 80% of these young professionals say that they would rather spend their hard-earned money on experiential activities and travel rather than add to their

Efficiencies created by automation help Keyo find quality tenants who are willing to pay marketvalue prices, which keyo Guarantee ensures in full when a tenant fails to make a payment on time.

financial obligations. Real estate investors, both domestic and foreign, get it.

They have been investing billions of dollars into urban properties in the United States to capitalize on the trend.

Keyo has been investing too. They manage more than 5,000 units in over 300 residential buildings in urban neighborhoods in New York and California. With over 100 buildings in Bushwick, Crown Heights, and Flatbush, Keyo has a strong presence in Brooklyn. “By population,” Bellubbi says, “Brooklyn is larger than Houston and Philadelphia and just passed Chicago to become the fourth largest city in the United States.

“The borough is booming on every front with the revival of its waterfront neighborhoods and growing leadership in technology, advertising, media, and information. At the same time, an influx of millennials and immigrants has shifted the prime renting age (20 to 34 years), driving increased demand. While the opportunity is vast, it is important to reduce vacancy rates and drive down days-on-market for listings to maintain profitability for your

portfolio in this political climate.”

If numbers demonstrate effectiveness, keyo Guarantee is proving its value. Today keyo Guarantee serves 2,500 leases that have collected more than $3.5 million in rent. keyo Guarantee, which Bellubbi claims is a first in the rental industry, might be in a league of its own as well. It uniquely complements Keyo’s AI-powered platform that boasts end-to-end automated brokerage for landlords, such as credit and background checks, lease signing, and free rent payments for both tenants and landlords.

Data suggest that keyo Guarantee could benefit residential property owners who seek to maximize their rental income and lower their financial risk.

To learn more and apply for keyo Guarantee for your rental property, check out www.keyo.com David Marion writes for top US and international organizations. His clients comprise a virtual who’s who of world business leaders at Columbia Business School, Deloitte, IBM, Quest Diagnostics, the United Nations, and more.

B-TANK | IYAR 5779 | 27

28 | B-TANK | JUNE 2019

B-TANK | IYAR 5779 | 29

REAL ESTATE

30 | B-TANK | JUNE 2019

Charles Agus

FYI After the savings and loan (S&L) crisis of the late 1980s to early 1990s, the government seized a lot of properties owned by those S&Ls and began selling them off using a government agency called the Resolution Trust Corporation (RTC).

The RTC was the government organization set up to handle the industry bailout in 1989. The government mostly just wanted to unload those properties and wasn’t as concerned about price. That provided big opportunities for buyers.

B-TANK | IYAR 5779 | 31

REAL ESTATE

Daniel

Benedict founded Benedict Realty Group, LLC, in 1995.

After working with a Belgium-based metals and commodities trading firm, Daniel saw the opportunities available in real estate in the early 1990s and switched his focus toward acquiring New York multifamily real estate. Over twenty years later, Daniel has accumulated a portfolio of over 5,300 units across approximately 100 buildings in New York City and along the East Coast.Daniel is on the board of the Community Improvement Program, a property owners’ organization, and a member of its Executive Committee. Daniel is also on the board of First Central Savings Bank and serves on its loan and audit committees.

32 | B-TANK | JUNE 2019

Robert Watman has

over twenty years’ experience in the real estate industry. He led BRG’s entry into the medical office market. Prior to joining BRG, Robert was SVP of acquisitions/dispositions for 10 years at Sterling Equities, a New York-based opportunity fund, and he was a real estate analyst for Olympia & York (US office). Robert has been involved in over 15 million square feet of acquisitions, dispositions, and financings of office buildings throughout the US.

Charles Agus

brings strong domestic real estate acquisition and finance experience to the management team. He started his career in Goldman Sachs’s Real Estate Investment Banking group. He helped raise $1.4 billion on behalf of clients, as well as advised many clients on strategic situations.

As VP of Acquisitions for Kushner Companies, Charles helped acquire assets for a portfolio of close to 17,000 multifamily units, which sold in 2007 for approximately $2 billion.

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REAL ESTATE

Keep Your Money in the Family Tax Reform Makes the Accountants the Life of the Party

Yonah Weiss

34 | B-TANK | JUNE 2019

Investment property owners will continue to be able to defer capital gains taxes using 1031 tax-deferred exchanges that have been in the tax code since 1921.

B-TANK | IYAR 5779 | 35

36 | B-TANK | JUNE 2019

B-TANK | IYAR 5779 | 37

CONSTRUCTION CORNER George Hedley

STAY ON TRACK WITH BIZ-SCORECARDS

S

etting out to build a profitable construction business starts with knowing what you want, designing a business plan to make it happen, and then keeping track of progress toward hitting your goals. Working hard and keeping busy isn’t your big-picture or long-term goal. Finding more jobs to bid, winning more contracts, building faster, being more productive, and having a little money left over at the end of the year isn’t what you really want to accomplish. While these are great tasks to work on, they’re activities that keep your head down, focused on day-to-day supervisory functions required to find work and get projects built.

Building a successful organized business that runs itself like a machine, maintains steady growth, and produces superior profits is actually what you want your company to ultimately achieve. The benefits and results of owning a company that is on target, on track, and works for the owners include increasing company value, creating profitable investments, and developing wealth that allows for the owners to focus on what gives them the biggest return on their time.

To keep on target and on track, you must set your overall priorities focused on doing what’s required to keep moving toward hitting your big-picture goals.

Stay Focused What do you keep track of every month to make sure your company is staying on target and on track? Waiting until the end of the year to review your numbers won’t give you valuable information needed to build a “best-in-class” profitable company. Relying on your bookkeeper to do the books and not reviewing them on a regular basis isn’t a way to hit your profit and net-worth goals. Not meeting with your foremen, superintendents, and project managers monthly to review their job goals and production results won’t help you 38 | B-TANK | JUNE 2019

meet your overall budget targets.

When you don’t update and take time to track your estimating success rate, sales revenue, job profit, field productivity, or overhead budget every month, you’ll never reach your overall long-term goals.

Could you imagine coaching a professional sports team without knowing the score or all the details and statistics of every player on your team? You wouldn’t be able to determine what play to call or which player is performing and achieving to the best of their ability. As the head coach of your business, you must have an updated scorecard to know and track your numbers, statistics, results, progress, and the score at all times to stay headed in the right direction.

Determine Your Key Success Factors In order for your business to be a success, what key success factors should you keep track of every month?

Begin by listing every key business performance indicator you need or want to know in order to achieve your annual and long-term goals. In our mastermind peer groups comprised of like-minded construction business owners, we work together to develop a list of these key success factors to be included in their company BIZ-Scorecards. Each performance target starts the year with an annual goal and is tracked monthly to determine actual results, and if they’re on target and on track.

What else do you want or need to know every month to build a great company that works for you and delivers the long-term results you want? Some construction companies are focused on increasing their profit margin by attracting new customers and markets. To keep track of this goal, track your sales results, customer meetings, proposals, and contracts with these new targets.

Building a successful organized business that runs itself like a machine, maintains steady growth, and produces superior profits is actually what you want your company to ultimately achieve.

BIZ-SCORECARD Financial Scorecard Sales Revenue Direct Job Cost Expenses Gross OH & P Margin Gross Margin % Markup % Company Overhead Net Profit Contract Backlog Gross Profit Backlog

Sales Scorecard Bid Volume # Jobs Bid Bid-Hit Win Ratio Average Job Size Bid Bid Award Volume Bid Award Cumulative Bid Award Gross Profit Award Bid Award Gross Profit Cumulative

Marketing Scorecard Sales Pipeline Marketing Activities New Customer Sales Meetings Repeat Customer Meetings Referrals

Project Scorecard Projects On/Over Budget Projects On/Over Schedule Field Productivity Project Safety

Investment Scorecard Investment Acquisition Investment Cash Flow

Other companies might want to set a goal to improve field crew productivity to reduce their installed cost. By tracking field crew targets and results, you can watch the improvement on a monthly basis. Many construction company owners want to start investing in real estate opportunities. Add this key activity to your scorecard and make sure you do something every month to reach your goal.

By determining what you want to achieve over the next several years, you can create a monthly scorecard to keep track of your progress. To help you get started with your BIZ-Scorecard, email me to get your copy of Write Winning Targets & Goals to Get Your BIZ to Work! ď § George Hedley, CSP, CPBC, is a professional construction BIZCOACH, founder of Hardhat BIZSCHOOL (an online university for contractors), popular industry speaker, and author of the best seller Get Your Construction Business to Always Make a Profit! (available on Amazon). He helps contractors grow, make more profit, build management teams, and get their businesses to work for them.

George Hedley and Joel Klein will be facilitating three workshops for small, midsize, and large construction companies.

Sign up at workshops@btankmoguls.com.

B-TANK | IYAR 5779 | 39

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Emotional Smarts How emotional intelligence brings success to the business arena

What is emotional intelligence, what role does it play in the business world, and how can we successfully implement it?

42 | B-TANK | JUNE 2019

B-TANK | IYAR 5779 | 43

“I

worked at a company where the CEO told us, in what was meant to be a motivational talk, ’Even a monkey can do your job,’” says Kris Macchiarola, Ed.S., President of KMACC SOLUTIONS, a company that helps organizations close the gap between vision and execution by empowering employees. “The CEO of this company may have had a high IQ, but he clearly had an abysmally low EQ [emotional quotient]. Unsurprisingly, the company has an unusually high turnover rate, and spends an exorbitant amount of money on recruiters because they can’t retain sales people.”

What Is Emotional Intelligence?

EI (emotional intelligence) and EQ are often used interchangeably. Both are meant to signify a set of skills that help us understand ourselves and others. They describe an ability to distinguish between different emotions, label them correctly, monitor our own and others’ emotions, and use emotional information to guide our own thoughts and behaviors, as well as to influence others.

Whether we realize it or not, we use EI when empathizing with a coworker, engaging in meaningful conversations with a friend, or dealing with a recalcitrant

44 | B-TANK | JUNE 2019

child. It helps us understand ourselves better, make sound decisions, manage stress, and live more authentic, healthy, and happy lives.

Emotional Intelligence in Business As the importance of EI becomes more apparent, employers look for high-EQ individuals to serve in critical positions. When there is a culture of emotional intelligence, the workplace isn’t an environment where fellow employees are bent on outracing others or waiting for the opportunity to leave. Rather, it’s a place where there’s an atmosphere of energy and engagement — and its byproduct, productivity.

In interviews with 2,000,000 employees at 700 companies, a Gallup study found that the length of time employees remain at companies and their level of productivity are directly related to the relationship they have with their immediate supervisor. This was found to play more of a role than salary or other fringe benefits.

Many corporations such as American Express, the Center for Creative Leadership, and major pharmaceutical companies have done interventions with their employees. “They recognize that intentionally infusing EI into the culture is a fundamental strategy for their success,” shares Suzanne Spaner, Founder and CEO of Meeting Matchmakers, a com-

pany that matches clients with hotels for their corporate meetings. As a former corporate trainer of hotel chain Marriott International, and a senior group sales manager at The Ritz-Carlton, Suzanne notes a significant difference between strong-EQ leaders she has worked for and those that were only focused on the bottom line and not the importance of relationship and team building. “The EI leaders are the ones who are able to close the deals, achieve targets, understand themselves, build strong relationships, get promotions, and merit increases.”

Kris shares that research has shown that individuals who employ EI in their businesses earn an average of $30,000 more a year than those who don’t.

From a neuroscience perspective, humans are prewired to feel emotions 24/7. “Emotions come even before rational thought,” explains Kris. “Yet people often make the mistake of thinking that emotions have no place in business. What is crucial to understand is that our emotions are a cue to what’s going on in our environment all the time and that it’s essential we learn how to manage them to our advantage. This allows us to function in healthy ways in all areas of our lives — including the work environment.”

A recent study, in which over 2,600 hiring managers were asked about which

qualities are important to them in a potential employee, 71% responded that they value high EQ over high IQ. The hiring managers noted that individuals with a high EQ are more apt to stay calm under pressure, have good listening skills, make more sound business decisions, and lead by example. They also observed that high-EI employees tend to be effective at conflict resolution, take criticism well, and admit to and learn from their mistakes. They are able to manage their emotions in a mature manner and show empathy to coworkers.

Creating a Culture “A key aspect to using EI skills effectively is balance,” shares Kris. “It’s not just about being empathetic and understanding to coworkers: It’s knowing when to be assertive and firm as well. For instance, I may be empathic in a situation where my employee may be unable to complete a job but if I’m not being assertive about a new workable timeline, my coworkers may walk all over me and that’s obviously going to be a problem. Or I may have good impulse control but if I overuse it, it is likely to manifest in my being too hesitant in decision-making.”

Kris, who is often called in to identify team dysfunction, shares the question she frequently poses to clients. “If you

Emotional Intelligence helps us understand ourselves better, make sound decisions, manage stress, and live more authentic, healthy, and happy lives. had to press the redo button on a particular project or interaction, what would you do differently?” In this way, the client can come up with a better plan and put it into practice for the future. “Every day we get the opportunity to practice our skills.

When we make a mistake, we take a pause and see where we can improve and do a better job the next time. This way, we

aren’t simply reacting but learning how to choose our responses.” If team members have self-awareness, they can self-reflect and think about their impact on others, which ultimately affects their impact on the bottom line.

Recently, Kris was hired to work with an ER physician. This doctor had a high IQ but his low EQ was hindering his ability to relate to his coworkers and his poor social skills were impacting patient care.

He had no friends or mentors and repeatedly received negative reports from hospital staff. Leadership intervened and sent him to Kris, with the intention that the physician either get help, or get fired.”

At the start of their eight-month working relationship, Kris taught her client the importance of eye contact. “Eye contact is the first step in establishing a rapport with another individual. It makes the other person feel that you value what they’re saying.” Over the course of their work together, Kris observed her client transform from someone who never took ownership for his mistakes, whose emotional outbursts were getting in the way of his making good decisions and communicating, into a proactive employee. The doctor began showing interest in others instead of just being transactional, and became self-reflective enough to recognize when and where he could do things B-TANK | IYAR 5779 | 45

Journaling is another useful way to self-reflect and figure out what to do differently.

better. He also learned to set specific goals in his work relationships.

The ability to set meaningful goals in business is also a mark of high emotional intelligence. When we set goals and make decisions, we want to make sure we not only look at all the external information available but that we also do a gut check.

What are our emotions telling us about the goal we have set? Are they realistic?

Are we setting others up for failure? Are we being objective? Perhaps we are allowing positive or negative emotions to get in the way of some critical information we need to look at.

Another critical step toward encouraging a positive work environment is to establish a culture of living up to one’s values in the workplace. Employees tend to rally around the company that aligns with the values they’re preaching. “My company sent us to a food bank as a team activity to help sort out food items,” relates Suzanne. “It garnered positive feelings between team members and showed us that the company puts into practice the idea of looking out for others.” It’s not about just saying that it’s important to give back; it’s about actually doing the work of giving back.

“When EI is utilized from a leadership perspective,” continues Suzanne, “it can 46 | B-TANK | JUNE 2019

affect whether people want to follow you or not. If your team trusts you, there will be higher employee satisfaction, less absenteeism, customer loyalty, and increased productivity and revenue. Leaders that use EI in an effective and balanced way can make sound decisions to impact the bottom line. Using empathy and creating an inspiring culture brings out the best in employees to retain them and customers long-term.” Suzanne uses the EI skills she has learned over time to instill a positive, caring, productive work environment at Meeting Matchmakers, LLC. Her client and employee loyalty is something she is most grateful for and continues to focus on for the long-term growth of the company.

Increasing Emotional Intelligence Reading books to learn the concepts of emotional intelligence in the work atmosphere (such as Daniel Goleman’s Emotional Intelligence, Howard Book and Steven Stein’s The EQ Edge, and Travis Bradberry’s Self Awareness) can be a helpful resource, says Suzanne. “I worked for a leader once who was into book studies.

He purchased books on EI skills and every week he’d assign a chapter for us to read.

On the following Friday, we would discuss what we had read. He led with intention and through this process, he raised the bar

among us in terms of teamwork and productivity.”

Other options include creating an action plan based on what the individual read or having a partner with whom one can learn and implement changes. Journaling is another useful way to self-reflect and figure out what to do differently.

“And for those folks really serious about making a culture shift,” says Kris, “bring in an expert. An outside consultant or coach understands corporate blind spots and can best help create a plan to get better for next time you encounter a similar situation.” Kris also recommends finding role models who exemplify high emotional intelligence and striving to emulate them. “Surround yourself with honest mirrors. Find those people who will tell you the truth and not just what they think you want to hear.”

Some people are naturally gifted with emotional intelligence and some aren’t.

The encouraging news is that anybody can learn these skills. In fact, as long as they are willing to invest the time and effort, they can become really masterful at it.

5 Elements of EI According to psychologist Daniel Goleman, people with emotional intelligence display the following strengths:

1.

Self-Awareness: A recognition and understanding of strengths, weaknesses, moods, and emotions, as well as the effects they have on other people.

2.

3.

Self-Regulation: The ability to control emotions and impulses (as opposed to emotions dominating actions) is a characteristic of an emotionally intelligent individual who will typically think before they act.

Motivation: High-EQ people are self-motivated, and willing to defer immediate gain for long-term success. They are energized by challenges and, in general, highly productive and effective in their work.

4.

Empathy: This involves recognizing and understanding the wants, needs, and viewpoints of others, as well as understanding and responding to the feelings of others without getting lost in them. This includes an avoidance of stereotyping and hasty assumptions.

5.

Social Skills: This includes easily building trust and respect with others, communicating well, skillfully managing relationships, and working well with a team.

B-TANK | IYAR 5779 | 47

COMMUNICATED

M

any business owners don’t realize the time and effort relocating or renovating a business involves. Nor do they realize how important it is to be involved and aware of the process every step of the way.

Jack Klagsbrun of DAR Logistics helps us understand what is involved, and how a company like his can save business owners the nightmare of a moving job gone afoul.

Why can’t I handle the move in-house? I’ll put one of my very capable managers on the job and we’ll be good to go.

I have 2 questions in response.

How many extra hours does this person have in their day?

Does this person have any construction or construction management experience?

Most of the time, business owners admit that the manager has a full work load and very little construction experience. A typical relocation take 5-7 months to complete. Research has shown that it takes 250-300 hours to manage that process. Where will this person find the time? What will happen to their regular work?

Add that to the fact that they don’t really have the experience necessary to manage a construction and/or relocation project. This sets the stage for a project that will take way longer than it should, run way over the budget, and leave little time for the managing individual to complete his daily workload.

By signing up with us, business owners find someone who knows the construction industry and will ensure that the process is an efficient, cost effective one without being a burden on anyone in the company.

We’re on top of the architect, the engineer, the contractor, IT, and everyone in between. We manage the process from Vendor Negotiation to Vendor Cost and Schedule Management to ensure a smooth and cost effective process, while you the client can focus on your existing business.

If we have to pay your fee, how much money are we saving already?

We save you money by giving you the value of our time and experience so that you can continue focusing on growing your business and that you don’t pay a senior employee to manage the move. As mentioned earlier, any project takes

an average of 250-300 to manage over a 6 month period. What is the value in dollars of your senior managers? Typically senior management value at least $300 to $400 per hour. If you calculate that $350 average by the average 275 hour the project will take, your actual cost is at least $96,250. Our fees are way less!!!! TIME IS MONEY Additionally, we have over 15 years’ experience with interior buildouts and we utilize that experience to negotiate the most cost effective deals while maintaining integrity of design and client’s intent and purpose.

Research has shown that when a company handles a relocation project in house with an executive level manager or the CEO managing the project their existing business potentially declines an average of 15 to 20 % since the focus is not fully on the business rather on the relocation project.

My landlord is doing the buildout, so there’s not much I’ll have to be involved in.

This one is the biggest mistakes out there for a couple of reasons. First and foremost is that even when the landlord is doing the build out you still have to do site visits and ensure the landlord following the original plan and time frame without cutting corners.

Second, a typical commercial deal will have the landlord give a TI (tenant Improvement) credit a certain amount per SQ. FT. Anything above that figure is cost out of the tenant’s pocket. When a landlord does the build out a tenant is a profit center to the builder in this case the landlord.

Our experience allows us to check costs and to ensure the landlord is not burning up that credit unnecessarily. We review all fees throughout the project to ensure that the client isn’t being charged for above market costs, or for work and services that aren’t necessary.

Additionally, the landlord won’t be dealing with low voltage such as computers, internet access, phones, CCTV, alarm, etc. or furniture and equipment. Then there’s the actual move that needs to be handled in a cost effective and smooth manner – from IT, paperwork, and all the items and equipment that need to be relocated to the new location once completed.

Signing up with DAR Logistics means that you’re getting a smooth, cost-efficient move without a drain to your time or budget.

RELOCATING YOUR BUSINESS? we cover every aspect of your relocation from concept to completion so you can focus on your existing business.

JACK KLAGSBRUN 718.637.7655 DAR Logistics Inc. Jack@darlogistics.com www.darlogistics.com

• CONCEPT • DESIGN • CONSTRUCTION

Personal Finances Ann Zeilingold

Overcoming the Hurdles to Homeownership Spring season is the busiest time of year in residential real estate. If you're a potential home buyer this season, here are 10 steps to help you purchase a home successfully.

STEP 1 Meet with A Competent Mortgage Professional; Don't Rely on An Online Mortgage Company The meeting should include an in-depth review of your credit, income, and available assets for the down payment and closing costs.

Documentation verifying income, assets, and all types of issues affecting credit should also be reviewed. If logistics prevent a face to face meeting, a scheduled phone appointment can be fine too.

After this meeting the buyer should know how much money they can expect to pay for a home, what the closing costs will be, how much money in total they will need and how much of a monthly mortgage they can afford in the price range of homes they are qualified to pur50 | B-TANK | JUNE 2019

chase. Basic standard income and asset documentation should be provided and reviewed at this point, and a pre-approval or a mortgage plan may be issued as well.

Tip: If friends or family are gifting the potential homeowners with funds to help facilitate the sale, the donors should be asked to confirm how much money they will be giving, how and when.

STEP 2 The House Search Many families search for a home online using different platforms such as Zillow, or Real Estate company websites. However, a realtor is a matchmaker; they will match you with a home and neighborhood

specific to your wants and needs: Contacting a realtor to help in your job search will most likely give you very targeted leads. Other potential buyers will find home owners who want to sell, and try for a direct sale.

Tip: Find just one realtor that you like and trust in each area that you’re considering moving to. By choosing one to work with, that particular realtor can really get to know you and will advocate to find the best home for you.

STEP 3 Find A Home and Making an Offer Different areas have different processes. In NY, after an offer is accepted by a buyer, a home inspec-

tion is performed prior to any contracts being signed.

The contract is written by the seller's attorney and then sent to the buyer's attorney. Any terms are discussed and negotiated and any deficiencies in the home are addressed prior to contracts being signed by both buyers and sellers.

neys negotiate the terms. The buyer’s and seller’s attorney can cancel the contract, or counter the price during the attorney review time frame. Once the contract is out of attorney review, the buyer will do a home inspection within the inspection contingency period, usually 7 days.

Tip: Because there is no contract yet, the seller can sell the home to someone else even after an inspection is complete. Usually, from offer to contract is 3 three to seven days.

Tip: A lot of deals fall apart after attorney review due to poor inspection reports, upon which either the seller does not agree to make repairs, or the buyer simply backs out.

In NJ, realtors write the contract.

When an offer is accepted, the buyer and seller sign the contract and it then goes into attorney review. This can take up to 72 hours as the attor-

STEP 4 In Contract In NYS, at contract signing a down payment is given to the seller. The

seller will sign contract and the initial down-payment is deposited into the seller's attorney escrow account.

Once the check clears, contracts are fully executed, and negotiations are complete.

In NJ, a nominal down payment is usually given to the realtor at the initial contract. This is deposited into the realtor’s escrow account.

Once the contract is out of attorney review, the buyer has to pay up the rest of the initial down payment (as per agreement).

Once the checks clear, only a poor home inspection will change the terms.

Tip: The initial down payment amount is negotiated between the buyer and seller.

This amount generally isn't in excess of 10% of the purchase price.

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Personal Finances

STEP 5 Contract The contract has specific terms and conditions that a purchaser must adhere to. One of them is the mortgage application date, commitment date, and closing date. Now is the time that the purchasers must apply for their mortgage (generally with the help of a mortgage professional). Every mortgage company has a process. The buyer has to comply and provide all documents requested (such as paystubs, bank statements, tax returns, letters of explanations etc.).

Tip: Since a first meeting should have already occurred, the buyer should be fully prepared and know what to expect

STEP 6 Mortgage Appraisal The mortgage company sends out 52 | B-TANK | JUNE 2019

a licensed appraiser who provides the bank with a detailed report with an opinion of value. The bank relies on this report, because the mortgage is based on the lower of the purchase price or appraised value.

Tip: If a home isn’t appraised at the value the seller believes his house has, this can open up negotiations with the seller or the deal can fall apart.

The buyer may also come up with more money in order to close the gap between what the bank is willing to offer as a mortgage, and the agreed contract price.

sometimes the responsibility of the buyer, the seller or the attorneys and can include requests such as asking for more paystubs, a letter from an employer to clarify unusual income fluctuation, an additional bank statement, copy of cleared down payment check, liquidation of closing funds from investment accounts, and so on.

Tip: The buyer’s attorney has to be careful about providing a contingent commitment to the seller. Once the mortgage contingency is lifted, the down-payment is no longer protected

STEP 7

STEP 8

Mortgage Commitment

Clear to Close

This is the formal letter provided by the lender stating that they have approved the loan application and are committed to lending the money necessary to purchase your home.

Usually there are some conditions that need to be satisfied prior to the actual closing. These conditions are

Once all mortgage conditions have been met, it's time to get a clear title report. The purchaser's attorney usually orders the title report.

A title company does a title search to ensure that there are no issues with the home's ownership and that the new owner won't have any other

liens besides for the new mortgage loan. The title company will also provide a survey or certify an existing one. They will do a CO (certificate of occupancy) search to make sure that there are no violations. They will do a bankruptcy search to make sure that none of the parties have declared bankruptcy, and will confirm the accurate property taxes.

The lender bases the mortgage payment and final qualification figures on the taxes provided by the title company.

Insurance for the home has been arranged. The lender bases the mortgage payment and final qualification figures on the taxes provided by the title company. A final underwrite is completed with all the new exact accurate information. Now the loan is ready to close and the closing is scheduled.

Tip: In NY, the bank has an attorney and he/she schedules the closing. In NJ, the buyers attorney represents the bank ,and the scheduling is just between the two attorneys

STEP 9 Closing Day The day is finally here. Prior to the closing appointment, there is a final walk through of the home. The buyer makes sure that there has been no changes or damages to the home since they saw it initially. If there was a realtor, the buyer's realtor usually arranges the walkthrough and accompanies the buyer.

Tip: If there are damages, it is generally negotiated between attorneys, and sometime the realtors.

seller sign all title and transfer documents. Now the money is exchanged, the mortgage loan funds are allocated according to the seller's wishes, and… congratulations! The buyers are the new owners of the home!

Tip: If a closing does not go well or if there are issues that come up (such as disagreements between joint owners, or unexpected home degeneration), this is where the attorneys shine. A skillful attorney will be well equipped to handle any issues that come up well.

STEP 10 The Closing Usually this is a happy occasion. At the closing, the buyers, sellers, attorneys, the title closer and in NY, the bank attorney, are in attendance.

Realtors and mortgage lenders are not required to come but they do sometimes, to show support. After the buyer signs lots of documents related to the mortgage loan, the buyer and

Ann Zeilingold is the branch manager and VP of FM Home Loans in Pomona, NY, with over 32 years’ experience specializing in residential mortgages. Her professional designations include, Certified Mortgage Planning Specialist, Certified Mortgage Planner, and she is a member of TEAM “The Equity Alliance Matrix”. She is an expert at tailoring the best mortgage program to suit her client’s needs and integrating the mortgage into her client’s long and short term financial goals.

B-TANK | IYAR 5779 | 53

COMMUNICATED

United Refuah’s Solution for Employers NEWSFLASH

Healthcare sharing is a movement officially on the upswing, as a growing number of people realize the value health-share organizations have to offer. According to the Alliance of Health Care Sharing Ministries, over ONE MILLION Americans participated in healthcare sharing as of February 2019, sharing more than $670 million in medical bills annually.

That’s a LOT of people.

THIS IS WHY:

As the cost of traditional healthcare continues to rise every year – in some areas, compounding at double-digit rates – a steadily increasing number of consumers are questioning whether it’s worthwhile at all. The rising healthcare costs have led to an increase in the popularity of healthcare sharing programs. Organized under ministries or other religious organizations, as required by federal law, health sharing programs run outside the parameters of traditional healthcare.

Health-share members make a fixed monthly contribution to the health-share, and their bills are shared using these contributions. These monthly contribution rates are lower than many potential members expect.

There’s a simple reason for that – with health-sharing, there’s no hefty profit for the administrators, as health-shares are non-profit organizations. The primary purpose of a health-share organization is not to make money. The additional charges are mainly for upkeep and administrative costs. Simply put, members are paying for their medical expenses and small administrative costs, and nothing more. No extra charges, no exorbitant, unexplained fees. They are only paying for any medical costs they or other members might incur.

Additionally, health-share organizations are not subject to insurance regulations, because it is not insurance. They are therefore not obligated to accept those with pre-existing conditions, which can cause rates to increase significantly. They will, however, share in the medical expenses of members with managed chronic conditions, such as high cholesterol or diabetes. Because health-share members are generally healthy, monthly payments are generally low. Nevertheless, if a medical issue pops up, the eligible expenses will be shared up to one million dollars per incident. Because health-shares are religious organizations, they don’t share procedures that go against religious beliefs or lifestyles.

The rising popularity of health-sharing can also be attributed to the lifestyle factor. Health-sharing should not be chosen as a cheaper healthcare option – it’s a lifestyle choice. When you join a health-share group, you’re choosing to join a community of like-minded people, all invested in living and maintaining the healthiest lifestyle possible.

United Refuah HealthShare started a trend that has transformed the way healthcare is approached in the Jewish community. With a singular, 54 | B-TANK | JUNE 2019

steadfast goal, they set out to accomplish what other faith-based communities have been practicing successfully for decades — and created the very first Jewish healthcare sharing organization. They saw the real need for a healthcare solution in our community, and created United Refuah Healthshare to fill that need. Founded by Baruch Chaim Manies, Shmuel Hoffman, and Moishe Katz of Cleveland, Ohio, the thriving organization gives members of the Jewish faith the opportunity to share in each other’s healthcare costs without compromising on their beliefs or the quality of care.

Members commit to living a healthy lifestyle in accordance to Torah principles and values, pooling their funds with others who share the same beliefs. The sharing process is simple. Each member makes a nominal monthly contribution to their RefuahShare Account. After the deduction of a minimal amount used to cover administrative expenses, the balance remains in the account to be used to share in other members’ eligible medical expenses. When a member experiences a health concern, or needs a simple wellness visit, they visit the provider of their choice, and the funds are then shared from other members’ accounts to the account of the member in need.

Health-sharing is not only for families looking for quality healthcare, but can be a real solution for business owners and their employees as well.

United Refuah has created a non-insurance program for employees of small-business owners with less than fifty employees. The program allows employers to introduce the concept of health-sharing to their employees, and provide them with an after-tax bonus that may be used towards a United Refuah HealthShare membership. Business owners can channel money earmarked for providing traditional healthcare to employees into health-sharing instead.

Additionally, traditional employer-provided health insurance plans are government-mandated to provide coverages which are contrary to our Jewish faith and values. Healthcare sharing is a non-insurance method of sharing healthcare costs, without violating our religious faith.

United Refuah also offers an added bonus to employers who have five or more employees that choose to participate in health-share plan by waiving the initial membership fees. As a result, both employers and employees can benefit tremendously. The United Refuah program cuts out all the bureaucratic tape from the process, creating a hassle-free way for employees to participate in a life-changing program.

This innovative program is just one more step in the United Refuah HealthShare plan to completely revolutionize the way healthcare is done in our community. And as the membership numbers swell to include over thirty states, United Refuah is definitely on its way to succeeding. * United Refuah HealthShare is not an insurance company and does not offer insurance.

For more information, or to become a member, visit UnitedRefuahHS.org.

Your Team is Always There for You. Be There for Them When They Need You Most.

BottomLineMG.com

There’s a better way for your employees to manage their health care expenses.

The first and only Jewish Health Sharing organization that enables you to introduce the benefits of health care sharing to your employees without compromising your beliefs or care.

The First and Only Jewish Health Sharing Organization

• Unlimited 24-hour access to telemedicine doctors – saving you time and money • Care Guidance for health needs and illnesses • Nationwide discount program for Prescriptions, Dental, Vision, and Durable Medical Equipment

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From the Jungle of Confusion to Business Clarity Pro-Accounting by Samuel Fish is a full-service accounting and

ample, face a web of complex expenses that can easily obscure

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bottom-line profitability or losses.

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They are all about clarity; bottom-line, precision, actionable clarity that allows a business to understand which jobs are really profitable and build on those services. Samuel described how business, in the Construction and Real Estate industries for ex-

Pro-Accounting has developed a high-end workflow that allows clients both a birds-eye view of their business finances as a whole, as well as a detailed job-by-job and expense-by-expense analysis.

Aside from Pro-Accountings technical prowess, Samuel’s dedication to his clients’ success comes through. It’s all about his client’s bottom-line and helping them reach goal after goal.

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An All-Star IT Team Who: ID-Tech Solutions is a onesource resource for IT and Communications related products and services.

They service diverse industries including Business, Healthcare, Contracting, and Education. Their clients have the unique advantage of having all their IT, Video, Security and Communication objectives met simultaneously, with a single all-encompassing solution.

Services: Speaking to Mr. Isaac Deutch, President of ID-Tech Solutions, one can be struck by the clarity and breadth of his approach to IT service provision. They service a wide variety of industries including business, healthcare, schools and manufacturing facilities. Their underlying strategy is matching each need, from hardware installation, to security surveillance and managed support, to a team of experts specializing in that specific niche.

Isaac described the relief that cus-

tomers feel knowing that they are in the hands of an experienced team that can tackle any need that arises, rather than chasing different service providers. He also related the confidence that contactors feel knowing that their construction jobs can proceed on schedule.

Behind the crystal clear strategy, one can sense a culture of devotion to customer satisfaction and a strong sense of responsibility, capability, and trustworthiness that explains ID-Tech’s success in service provision for major businesses and corporations.

The Illustration: One can clearly envision the satisfaction and joy on the faces of satisfied clients surrounded

by ID-Tech's team of IT experts led by Isaac and his brother Chaim.

Favorite Detail: The delighted customer taking a “selfie photo” with his ID-Tech hero in front of the ID-Tech van.

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Tech Time tidbits to keep you tech fit

Tech Productivity CHAIM POLLAK

WO RKING WINDOWS

Keyboard shortcuts have the potential to greatly improve efficiency when working on a computer. At first, they may be hard to remember, but as you begin using them, they’ll become second nature and you’ll notice your productivity increase.

Here are some valuable keyboard shortcuts (for Windows users), sure to save you a bundle of time: General Windows Shortcuts Lock: L As a good security practice, it’s good to lock your computer when you’re walking away. You can do that quickly with L. Switch programs: ALT TAB If you have a few programs open, ALT TAB will enable you to switch screens back and forth between programs.

To view more than one program at a time Window snapping: arrow key To move the program you are using to the right or left side of the screen: and right arrow or left arrow, respectively. To make the program fill the whole screen: up arrow.

60 | B-TANK | JUNE 2019

Close: ALT F4.

To close a program you can use ALT and F4.

Task Manager: CTRL SHIFT ESC If you want to close a stubborn program that is not responding, open up the task manager with CTRL SHIFT ESC and close the program from there. Be careful with that, though, because it is an advanced tool and can cause data loss if you close the program while it is busy.

Snipping Tool: SHIFT S To screenshot a part of the screen, you can open Snipping Tool using SHIFT S. (This is only applicable with Windows 10.)

Browser shortcuts Tab switch right: CTRL TAB Switch to the tab you have open on the right.

Tab switch left: CTRL SHIFT TAB Switch to the tab you have open on the left.

New tab: CTRL T Open a new tab to browse to another website while keeping the first one open.

Close a tab: CTRL W Close the browser tab you’ve been using.

Open the last closed tab: CTRL SHIFT T Useful if you accidentally hit CTRL W, CTRL SHIFT T will reopen the last closed tab.

New browser window: CTRL N From one browser window, you can open a new browser window with CTRL N. Quick tab shortcuts: CTRL 1-8 To jump directly to any of the 1st through 8th tabs, CTRL 1 through 8 will take you directly to the 1st, 2nd 3rd, … 8th tab (starting from the left).

Last tab: CTRL 9 To go directly to the last tab, you can press CTRL 9.

Tip: Don’t try to memorize these tips; try them out for feel and allow them to grow on you.

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B-TANK | IYAR 5779 | 63

MEET THE MOGULS

Anthony Pinkesz

Adam Margules

Eli Verschleiser

Dan (Daniel) Bock

Neil Rock

Ronn Torosian

Srully Wolfson

Alan Wink

Gedaliah Weinberger

Ezriel Rappaport

Shlomo Drazin

Elie Y. Katz

Gad Bitton

Louis Newman

Aaron Herzog

Yisrael (Freddy) Friedman

Nathan Klein

Michael Schwartz

Dov Elias

Shaul C. Greenwald

64 | B-TANK | JUNE 2019

NEW INVESTORS Moshe Neuman, a serial entrepreneur and CEO of 26 ventures, takes an out-of-the-box approach, when investing and advising early stage technology startups.He has been an invaluable resource for the many companies he's been involved in by mentoring, helping with business development, and raising multi-million dollar rounds from his extensive network of investors. Moshe is currently launching a new project VALUED (Joinvalued.com)-An exclusive credit card for the Real Estate community.

Moshe Neiman

Seasoned entrepreneur, investor and operator with a passion for launching and building new businesses. Sector expertise includes technology, energy, hospitality, and real estate. Functional expertise includes general management, business development, strategy, marketing, team development, leadership, and finance. Strong track record in delivering superior returns for investors.

Pioneer in Latin America on technology investment and sustainable resort development. Passionate about impact driven businesses and technology as a driver for global sustainability. Frequent speaker at international investment conferences. Fluent in Spanish, conversational French and Italian.

OGULS Michael Katz

Mark Paley- Mark Paley is the Director of Partner Sales at Cardknox, a Fidelity Payment Services company, and he has worked with some of the largest firms in the US and globally, including Eagle Rider, Harley Davidson, GameXChange, Good Year Tire, Maglite as well as many of the largest POS providers. He has his MBA majoring in finance, and previously worked in the insurance and financial services industry as a national sales leader with record breaking accomplishments.

tz

Morris Levy

Mark Paley

Mark Paley

Andrew Gluck

Dov Friedman

Andrew Gluck is the founder of irrvrntVC, a VC firm focused on seed and early-stage companies. He especially loves partnering with first-time founders so they can learn from his mistakes. Prior to that he co-founded and ran Agency Within, one of the fastest-growing independent DMA's with a focus on direct-response, data-driven marketing. He has managed over $500MM in spend for clients like Nike, Spanx, Rothy's, Shake Shack, Zola, Helix Sleep, Etsy.

RARY Andrew Gluck

oel Klein, CPBC Opening Remarks delity, COO - Andy Gladstone Opening Remarks troduction to Moguls resentation #1 aley Andrew GluckSummary Dov Friedman eal or No Deal Recap by Joel Klein resentation #2 eal or No Deal Summary Recap by Joel Klein resentation #3 eal or No Deal Summary Recap by Joel Klein Remarks #4 resenation dstone eal or Opening No Deal Remarks Summary Recap by Joel Klein resenation #5 eal or No Deal Summary Recap by Joel Klein

Dov Friedman is the Managing Partner at Imminent Capital, a VC fund whose mission is to fund the world’s most innovative products and connect them with the world’s most important retailers. Over the last decade, Dov has taken dozens of startups from ideation to the shelves of the biggest retailers in the world, selling tens of millions of dollars of products through Apple, Best Buy, Target, Walmart and QVC. His ability to spot the next big product and recognize the public’s shifting tastes has given him a unique and bankable edge in the world of venture capital.

Dov Friedman

Menachem D. Roth successfully founded and built over ten companies in the construction industry.

As the CEO of Xolle Corp, he not only funds companies but continuously takes them to the next level.

Menachem analyzes processes, forges new relationships and understands what's needed to push major growth. With close connections to the biggest companies in the industry, Roth's portfolio continues to grow far beyond the construction industry.

Menachem D. Roth

Recap by Joel Klein

B-TANK | IYAR 5779 | 65

THE MOGULS

Andrew Gluck

DovFriedman Friedman Dov

Menachem D. Roth

Michael Katz

EPISODE 52

marks NAME: e Opening Remarks

Pinny Ostreicher

ap by Joel Klein

ap by Joel Klein

ap by Joel Klein

ap by Joel Klein

ap by Joel Klein

ents

Moshe Neiman

Morris Levy

Mark Paley

Mark Paley

Andrew Gluck

Andrew Gluck

Dov Friedman

ITINERARY

6:00 Joel Klein, CPBC Opening Remarks COMPANY/PRODUCT: DESCRIPTION: INVESTMENT SOUGHT:

EQUITY STAKE:

A carry-on luggage-bag as the Gladstone 6:05 COO Andy Opening Oster and EmpressFidelity, $60,000 30%Remarks

6:10 6:15 6:40 6:50 7:15 7:30 7:55 8:05 8:30 8:35 9:00 9:10 9:15

flagship product in a luxury,

Introduction tobrand.

Moguls lifestyle fashion Presentation #1 Deal or No Deal Summary Recap by Joel Klein Presentation #2 Deal or No Deal Summary Recap by Joel Klein Presentation #3 Deal or No Deal Summary Recap by Joel Klein Presenation #4 Deal or No Deal Summary Recap by Joel Klein Presenation #5 Deal or No Deal Summary Recap by Joel Klein Closing Remarks Networking + Food + Refreshments

PRODUCTION

Pinny Ostreicher was in the music industry for a long toS Omake it work.

J O E Ltime, K L E I Nbut , C P B Cexcited and determined SPON R PRODUCTION he realized that music isn't scalable, and it generally has an expiBeing artistic and creative, with a flair for design, Pinny thought ration date. He therefore started looking into other opportunities about creating a product where he'd be able to tap into creativsuch as real estate, food and beverage, and e-commerce. But he ity and art. He didn't want to be a graphic designer where he'd couldn’t find anything that really spoke to me. design an ad for a newspaper with a short shelf life: He wanted to Then Pinny stumbled across direct consumer branding – and he use design in a global business. Designing products for a lifestyle knew that he wanted a part in it. Of course it would take courage brand is where he found his calling. to start in a new field, and build a new skill set, but he was very 66 | B-TANK | FEBRUARY 2019

Pinny Ostreicher

THE PITCH PINNY: My name is Pinny Ostreicher and I'm the founder of Oster and Empress. To quote Steve Jobs on this one: "Every once in a while a revolutionary product comes along and changes everything". Tonight, I want to show you that a revolutionary carry-on luggage will change the way you view travel and fashion.

An important topic here is: “Why is design important?” In psychology literature we know that human beings have an innate need to be seen and to be significant. As the quote goes: "Style is the way to say who you are without having to speak". If we take a look around the room, people are wearing different watches, suits, shoes, in price ranges that vary between maybe $100 and $10,000 or more. Why aren't they all wearing the same thing? It all ties back to the quote that I mentioned before: "Style is the way to say who you are without having to speak".

Being a professional musician, as well as a creative individual, I had the opportunity to travel the world. At some point I realized that there's some kind of carry-on that's missing; something that would enhance my travel experience and would make me feel significant.

Something like James Bond, or the like. I wanted something that included design and cutting-edge functionality. One day, I

had an epiphany; I had the perfect image in my mind.

I took a pen and paper, sketched it out, re-sketched it on my iPad, and then sent it to a professional 3D renderer. After that, I went to a patent lawyer, and we did some due diligence and deep research. I filed for a provisional patent and I got approved.

Here’s what it is: A superior, aluminum, premium carry-on. If you’re familiar with the Tumi $1,200 bag or the Rimowa $1,000 bag, you have an idea of what my product is going to look like – but slash the price to $500.

Traveling has increased to a great extent with the rise in urbanization and leisure activities. Luggage has now become a part of travel apparel which defines personality of the traveler. Apart from compartments for clothing, luggage bags today include shoes, laptops, cameras and other electronic accessories, food items, water bottles, and business files.

I created a luxury suitcase that has room for all of that in a neat, super convenient way. It keeps things organized, maximizes space, and allows the traveler to feel like a fashion statement at an affordable price.

For example, instead of designing the bag with pull out rods from the back for

travelers to pull their suitcases, the rods are all around the sides and don’t take up space.

The piece is made of aluminum, is modern looking, and has eliminated zippers for a button which opens and closes compartment with one, easy push.

The reason I’m here today is to raise money for a Kickstarter campaign which will let people know about my product, build a lifestyle brand, and fund the product.

A lifestyle brand works by figuring out what customers want to achieve and tailoring the brand to the experiences consumers crave. They cultivate a voice and convey certain values which their consumers want to be associated with. This helps consumers form a deep connection to the brand, after which they will expresses their loyalty by purchasing products from the brand that ‘talks their ideals’.

B-TANK | ADAR 5779 | 67

The Queries DOV FRIEDMAN: What’s the provisional patent on?

PINNY: The compartments. I got approved for being the only one who has a patent to have exterior compartments on any hard body luggage – be it plastic, poly-carbonate, carbon fiber or aluminum.

DOV FRIEDMAN: I've seen Rimowa luggages that have an outside exterior pocket

Today’s hard-shell or hardsided luggage is made with high-tech plastics such as ABS and polycarbonate, or aluminum. Hard-sided luggage often features a 50/50-split opening, allowing you to pack two sides.

It offers better security than soft-sided baggage because it can’t be ripped open easily and it usually has integrated locks

68 | B-TANK | JUNE 2019

on them.

PINNY: That’s with a zipper; my product doesn’t have a zipper there. Its push-to-touch – and that makes a huge difference; it’s cutting edge.

DOV FRIEDMAN: Okay. So, where do you foresee this, right now? I've actually dealt with back-pack and laptop case companies in the past. I've gotten those products into the apple stores and I actually have a Rimowa travel bag as well. So, I know the space. To me it's about exclusivity. But, you don’t have any samples yet, do you?

You haven't manufactured yet, have you?

DOV Friedman: Have you reached out to any manufacturing partners in China?

PINNY: Yes. They all asked me for the CAD files which I didn't trust them with and I don't trust their NDA agreements either.

What I did instead was disclose some dimensions and materials for an approximate quote with some sort of gap.

DOV: So what is the approximate cost of one bag?

PINNY: Well, after the cost of molding and tooling, the actual bag is between $50 and $100 – with a minimum quantity of 500.

PINNY: Not yet. We’re a little tight on finances.

DOV: Okay. What about the molding and tooling?

DOV FRIEDMAN: So, you don't know how much it's going to retail for?

PINNY: Here too, I only have a gap figure – for the reasons explained before: Between $25,000 and $75,000. I verified this with other luggage manufacturers; it depends a lot on the additions.

PINNY: I do. Through my research, if we do everything right as far as utilizing social media properly, we’re going to retail it in the range of $500 as a Kickstarter model.

DOV ROTH: What are looking for today?

PINNY: Not for a lot: $60,000. Today, I want to fund my Kickstarter campaign – which I see as the second investment round. I studied crowd funding platforms like Kickstarter and Indiegogo, how they work, and what needs to be done in order to raise a lot of money there. So, I really want the money to get to Kickstarter I look at that as the second round of investment.

lowers on Instagram organically. Close to 500 email sign ups as of now. It's relatively small, but impressive since we didn't spend any money on that.

ANDREW: Okay, so the money that you're looking for right now is to build a marketing campaign for Kickstarter.

PINNY: To be honest I do want to create a brand out of this, as Oster and Empress.

If this is successful, I want to create more products around the brand. I want to have a brand around the color combination, the unique style, and all that. Eventually, I want it to have a recognized community. I'm a very creative person, and this is my dream.

PINNY: Correct. And the prototype for Kickstarter.

DOV ROTH: So, and what are you looking to give up with the company?

PINNY: Well, I struggled figuring out evaluation for a pre-revenue company. I did it over and over, and realistically speaking, there isn’t a real number I can offer. Although I have a provisional patent, a social media following, email sign ups, and a lot of serious bloggers who want to be ambassadors for my company – without ever spending money on a campaign – I don’t have a real valuation.

MARK: What are the numbers for your social media followers?

PINNY: We have close to a thousand fol-

CAD (computer aided design) files hold information for 2 and 3 dimensional renderings, as well as drafting information. They are mainly used for detailed engineering of 3D models or 2D drawings of physical components, but are also used throughout the engineering process from conceptual design and layout of products, through strength and dynamic analysis of assemblies to definition of manufacturing methods of components.

ANDREW: Do you want to bring this product to market and run a business or would you look to potentially license it to another luggage company?

MOSHE: What's the potential? If you get $60,000 now. Where do you see yourself in five years from a revenue point of view?

PINNY: A 100-million-dollar company.

Why? Not sure. Because again, we all know we're throwing numbers in the air.

DOV ROTH: What are you expecting to raise from Kickstarter?

PINNY: I want to do a multimillion-dollar campaign. I don't want to give away all the secrets, but I’ve spoken to serious companies who can help me do a serious campaign.

One of the successes companies depend on at Kickstarter is the quick lunge at the beginning. So, you need a community; you need people to support you. I have a huge list and a plan for how to build emails and everything else. Therefore, I believe that Kickstarter and Indiegogo are going to help me out a lot.

MARK: You mentioned you are a musician. Have you ever run a company before?

PINNY: My own music business. I wouldn't call it a business, but I've created a good enough band so that we were hired in California, Israel, Texas… We were flown all over. I have trained in people and created great teams.

MARK: You've never actually manufactured products before?

PINNY: No. But I'm interested in moving here because the music industry isn't scalable for me.

MARK: Who created you CAD and 3D drawings?

PINNY: I've hired people in Russia and in Poland.

DOV ROTH: How do you go about finding these people? Just yourself, on the internet?

PINNY: All myself. I've done a lot of research and I've interviewed people on Upwork to find the right people, and I switch off from different people for different tasks. One for videos and rendering and another for CAD work and step files.

I have a lot of friends in the manufacturing industry, so I know enough people to turn to when I need to figure out the next step. I also recently teamed up with a kid who is a brilliant growth hacker and marketer.

ANDREW: There's a bunch of Kickstarter agencies that will do it for - not for free but pretty low base price and then price based on performance. Have you explored this at all?

PINNY: Yeah, I've explored Funded Today and some others. At the end of the game, though, when I looked at the real successful campaigns, I know there's a lot that needs to be done in addition to what the agencies do. I can't fully rely on the agencies. A really successful campaign relies on external traffic completely.

ANDREW: I ran a digital agency for four years, though I recently exited. I worked with companies like Helix Sleep, Ruthies, and the like. Having a good product is important.

But, a third of the campaign is the product, a third of it is the brand, and a third of it is the marketing.

B-TANK | IYAR 5779 | 69

DOV FRIEDMAN: You know, if someone can build the brand around the component, the soft touch feature can move into many different aspects of the roller.

ANDREW: Tell us a bit more about the compartments and the soft touch.

PINNY: These compartments form the shell of the suitcase, so it keeps everything really protected. The back is for a laptop or tablet, and the front is for all on-the-go necessities. Think of stuff like your cell phone, passport, credit cards, keys, what-

ever. This front compartment can actually come out in entirety as an organizer.

It easily goes in and out.

Both MVMT and Daniel Wellington are high-end, direct-to-consumer watch brands – which is what Pinny envisions for his own company. This means they’ve built a following and can offer the same quality watches for a fraction of their high-end competitors.

ANDREW: The stuff doesn’t get lost this way?

PINNY: No. Each item has its designated slot.

ANDREW: The part about the laptop interests me because I usually put my laptop in a case and then wrap it in a sweatshirt to make sure it stays safe.

The Offer: DOV ROTH: I would definitely be interested in speaking to you further. I like the concept. I like what you've created on your own. It says a lot about you and how far you've been able to get.

MOSHE: Although I'm mostly in SaaS, I'd like to be involved. I don't have experience in retail, and I'm a bit concerned about the $500 price tag, but it sounds like something I want to be involved in. I know the CEO of Indiegogo, and I'll be happy to help you out from that end.

DOV FRIEDMAN: I think that it's too early for me to invest any money into something like this. However, I have relationships at

Tumi, and I would be happy to help you in that way, if you’re thinking about licensing.

I can also introduce you to Target: I think that it's a place where it can sell – especially at that price range which his half of the Rimowa bag.

ANDREW: It's a little early for me as well.

I'd probably push you to explore the licensing route and then you can develop more products around this. Manufacturing is a pain; running a company is a pain; scouting is a pain. If you license, you're free to build more products.

PINNY: Wow. That's a nice ending to the evening. Thank you. Thank you moguls.

Crowdfunding is a great way to bootstrapping a startup as its success leads to more success, and builds a strong and enthusiastic following.

Pinny secured an investment from one of the moguls to fund his crowdfunding campaign, as well as a nice amount of preorders from the audience during his presentation at the Fidelity-BizTank event. Pinny and his team are now finalizing the details for the crowdfunding campaign, which is scheduled to go live in July. To pre-order or to be notified about updates, check out osterempress.com.

PINNY

REVIEW

REVIEW

MARK: The product looks interesting, and we are definitely open for future discussion, but at this point it's too early. They guys at Fidelity have been talking, though, and they are interested in the product itself. We have 12 pre-orders for you from Fidelity.

PINNY: I'm willing to take on the pain.

JOEL

70 | B-TANK | JUNE 2019

I've took it on for over a year now and this is what I want to do. I was inspired by a lot of direct to consumer brands. I read case studies – unicorn case studies like MVMT and Daniel Wellington and many others. And I know what it entails. And I’m ready for it.

Originally, I had planned to fund the Oster and Empress carry-on by myself. I had worked on the product for over a year, but then I began losing momentum: I could no longer see how I'd take this project to the next step.

Stepping into the tank was a make-it-or-break-it event for me. Without it, I think I would've completely lost the opportunity to continue. The strategic partnership BizTank gave me is absolutely incredible.

Season 11

Recap

BizTank and OJBA Citywide Expo would like congratulate

LEAA

on their partnership with the Yard and on their newly expanded service in the Construction Field Members can receive on-call medical care on demand.

Last month Joel Klein was invited to join a panel where students presented their business startup ideas at Cornell SC Johnson College of Business.

Episode 51 Ultimate Workout and Recovery JT Salamon, is a personal trainer and wellness specialist for 15 years, and co-founder and owner of Ultimate Workout and Recovery. This product is designed as a complete adaptive home gym for anyone at home needing fitness or rehab. He sought an investment of $830k to $1.25 Million, and promised an equity of 20%–49%. While he didn't get the full ask, one mogul agreed to work with Ultimate Workout and Recovery on a licensing deal, while another is exploring the market and how to escalate sales of the product.

Congratulations to the following students of winning business ideas:

Pedro Bobrow Cristophe Gerlach Benjamin Rashbaum Jean Charles Turban Davila Deven Girgenti Naoki Rufian Jake Barbiari

B-TANK | IYAR 5779 | 71

BIZTANK FIDELITY SHOW

Rocks the House with Funding and Support Yaakov Kruger

B

rooklyn Navy Yard’s Building 77 is a compelling, 16-story office tower, overlooking the East River.

Upon entering Fidelity Payment Services’ office one is struck by the level of energy and dynamism.

The 23-year-old company recently burst through the seams of its longtime home in Williamsburg, NY, and relocated to its new, larger headquarters.

When B-Tank visits Fidelity’s new headquarters, the premises are abuzz with production fever, in preparation for a live BizTank show. A crew puts the finishing touches on stage lights, mikes, seating, wall backdrops, and various filming equipment — effectively transforming a little corner of Fidelity’s headquar-

72 | B-TANK | JUNE 2019

ters into a mini “theater-like” area.

The BizTank-Fidelity relationship goes back to Fidelity’s early days when Fidelity founder Benjamin Weiser engaged Joel Klein, CPBC and producer of the BizTank shows, to help bring his fledgling business onto the map.

“Joel convinced me that you need to put money in marketing,” Weiser says in an interview. “Since then, I started thinking about marketing, and I started thinking big.”

Indeed, some 15 years later, Fidelity now provides payment technology and services to tens of thousands of merchants worldwide. Processing tens of billions of dollars each year, Fidelity operates in a wide variety of industries including

e-commerce, hospitality, manufacturing, real estate, and retail.

In his introductory comments to the audience of corporate sponsors, partners, Fidelity agents, VIP merchants, and other guests, Joel Klein noted that Fidelity’s ambitious efforts have successfully demonstrated “how to run a business and take a company from a one-man shop to a company with hundreds of employees and thousands of satisfied customers.”

Business moguls Michael Katz, Andrew Gluck, Dov Friedman, Moshe Neuman, Dov Roth, and Fidelity’s Mark Paley each came to the show with the intention of sharing their many years of expertise, to steer entrepreneurs in the right business direction and provide valuable funding. Five entrepreneurs delivered polished

and entertaining presentations, laying out their business idea or product while volleying an array of questions from the moguls who sought to understand the potential in each business. The ideas presented were a balanced mix of tech innovations, including an AI (artificial intelligence) communicative device and app for in-home urgent care, a health and fitness apparatus, a unique wall painting design kit, and a luxury luggage brand.

After each presenter laid the cards on the table, the moguls asked incisive questions, teaching both the presenters and the audience about what matters to investors. The audience cheered when three presenters were offered a deal, and they expressed disappointment — and a show of support — for the two that B-TANK | IYAR 5779 | 73

didn’t (although these two presenters were offered other means of support). At the show’s end, the audience shared how much they’d learned from watching the investor panel dig into business propositions.

The BizTank-Fidelity show united two institutions that are known to empower the Jewish community and its entrepreneurs through the engines of growth, innovation, professionalism, and dedication to clients. And for Fidelity, what drives this empowerment is the fact that the company’s founders never forget the company’s journey from startup to industry leader.

As Klein says, “By keeping their history at the forefront of their minds, Fidelity’s leadership maintains an eagerness to support enterprises and startups that embark on that same path.”

Ben Sadowsky, a Fidelity senior account executive who has been with the company for 10 years, recalls starting out when there were just eight or nine employees. “Now we have multiple offices across multiple continents — the future is bright. We had a lot of growth, a lot of retention of accounts, a lot of ingenuity in terms of technology — and lots of siyata dishmaya, of course. At the same time, it’s important to mention all of the hard work demonstrated by our great customer service team, and our sales reps who knock on endless doors.”

Fidelity is not your typical heimishe company. It maintains a balance of professionalism while working in the community and beyond, and it capitalizes on relationships with many banks across the country. These factors have led Fidelity to reach and 74 | B-TANK | JUNE 2019

sustain a 98.3% customer retention rate and an A+ rating from the Better Business Bureau while servicing clients in the US, UK, and Canada.

Mark Paley, Director of Partner Sales for Cardknox, Fidelity’s proprietary payment technology that powers many of its products and services, expounded on some of the factors that have driven the company’s growth. “We never rest on our laurels; we’re never happy with what we have, we’re never content with our accomplishments, and we are constantly looking to grow and become bigger and better. And we’ve done that. Our market share is really incredible.”

CEO David Ilowitz noted that the company works to maintain a dual focus on providing added value to its longtime and existing clients in the community, while also reaching beyond to mainstream household brands like Harley-Davidson, EagleRider, Game X Change, Maglite, and Goodyear. “Ultimately, our goal is to build close-knit, trusted relationships that last,” he continues. “We did this in our early days, and we haven’t stopped since. Whether it’s our software developer partners that develop solutions using the Cardknox gateway, or our merchants in a vast range of industries, it’s important to us to ensure the highest level of satisfaction.”

According to COO Andy Gladstone, the unifying motivator behind Fidelity’s geographic spread, customer satisfaction, and big-name clients is the fact that the company prioritizes both its customer service and its innovative technology. These

factors are of benefit for all types of Fidelity clients — from merchants to software vendors to software developers.

And, when one client benefits, so do many others: As the company builds relationships with software vendors, it’s better equipped to offer cutting-edge solutions to everyone..

Additionally, this growth trajectory has been exciting for Fidelity’s existing and potential employees and agents. The growing number of clients has generated a need for additional Fidelity job openings, and a greater lineup of products and services has helped agents and employees have more opportunity to work in new markets.

Getting to this point, of course, took vision and strategic think-

The BizTankFidelity show united two institutions that are known to empower the Jewish community and its entrepreneurs through the engines of growth, innovation, professionalism, and dedication to clients.

ing. Fidelity started off in a 6,500-square-foot space on South Fifth Street in Williamsburg; in fact, Weiser initially wondered if he should rent out half because there weren’t so many employees at the time. However, the company ultimately decided to think big and chose not to rent out to anyone, which proved to be the right decision as the space quickly filled to capacity.

As Fidelity’s Brooklyn headquarters grows, so does the hub for their proprietary Cardknox technology, located in Lakewood.

Soon this office will be moving into a much larger space to accommodate its growing team of programmers, developers, and technology integration support staff. Shlomo Sasson, VP of Technology for Cardknox, shares that “we [at Cardknox] are really looking forward to the move. We’ve got a lot of amenities, and a lot of facilities to foster our technology. We want a modern space where people can be creative and concentrate effectively — one that’s truly inviting.”

This vision is precisely what came to fruition in the Brooklyn Navy Yard, as the many attendees of the BizTank Show could attest to. “It was an incredible experience to witness the BizTank show empower entrepreneurs in Fidelity’s very own headquarters,” says Gladstone. It’s truly a testament to our unwavering commitment to the community, and it reveals the extent of our innovation. We can’t wait to see what’s in store for 2019. Every day in our office is an exciting opportunity to promote success for so many.”

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EXPERTS SPEAK Business E-commerce Chaim Friedman

Business Emotion Esther Goldstein

Business Networks Joe Apfelbaum

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Business E-commerce Chaim Friedman

New Trends & Ideas You Can Take Advantage of to Increase Conversion on Amazon Accelerate your conversion rates, optimize your seller metrics and boost your sales with Infographics What are infographics?

An infographic (short for information graphic) is a type of picture that blends data with design. It refers to any graphic image that helps readers understand information. Infographics help individuals and organizations concisely communicate messages to their audience.

Infographics for Amazon sellers Successful Amazon listings begin with making your product stand out from the competition. A great infographic design can mean the difference between making a sale and losing out to a competitor. Infographics not only showcase the best images of your product but also explain the features and benefits of the product to your customers.

Infographics allow you to visually show the features and benefits of a product. It’s sometimes hard to put into just words what makes a product special. Infographics visually highlight parts and features of a product.

As far as Amazon Sellers are concerned, the infographics they use should include images and text showcasing the different features of the product. Amazon allows nine images for each product, so make sure you make each one count. It used to be that basic pictures of the front, back, and side of the product were considered enough for e-commerce. However, with so much competition around, sellers have come up with cre78 | B-TANK | JUNE 2019

ative ways to stand out – one of which, is to use infographics as opposed to standard images.

Why Infographics work Research shows that visual information is more quickly and easily understood, and much more likely to be remembered.

Shoppers might not have the time or patience to read product descriptions, but they will definitely view every image in a listing. Most customers are more interested in flipping through the images than reading through product details. This is where infographics come in. Your copy is made to get your listing to rank, but your images are made to get your listing to convert.

By illustrating the aspects and key features in a graphical way, infographics communicate the information in an easy to remember and understandable format. Complicated information can be made fun and easy to scan at a glance, just by using infographics.

Here’s an example of the importance of having infographics. A man wanted to purchase a rug for his living room from Amazon. He saw a rug he liked but didn’t pay attention to the header that read ‘rug for dollhouse’ and he added it to his cart.

When he received the item, he found out that he had ordered a doll rug that was 3x2 inches.

When customers check your listing and see the product information clearly laid out in an infographic, they feel confident

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that you are a better seller because you are showing them everything in advance, and you’re more likely to make a sale and get a good Amazon review.

What should I include in an infographic?

The way you figure out what to put in the infographic is by thinking about what information would be important to you if you would be buying the item. For example, if you are trying to buy a notebook for your child, you would want to know if it’s college or wide ruled paper, page amount, whether the pages are perforated, and so on.

It’s also important to remember that you don’t want your infographic to be flooded with unnecessary text or too many graphics. When writing the copy for your infographic make sure to be concise. Explain what the feature or benefit is in a couple of words or a single short sentence, then move on to your next point.

Does every Amazon listing need infographics?

Most Amazon listings need some kind of infographic. The types of categories that infographics benefit most are items like toys, furniture, electronics, and gift items. Some items are so basic it’s hard to come up with eye-catching graphics and information – and they are most likely unnecessary. Let's take a can of corn.

If there’s anything special about the corn, say, if it’s organic or steamed, that will usually be splashed across the front of the can,

leaving no need for an infographic.

Health and beauty is another category that generally doesn't need infographics. Tylenol is Tylenol and everyone knows exactly what it is. A consumer can see clearly how many tablets are in the container, and whether it’s Tylenol PM or Extra Strength Tylenol.

Can I create my own infographic?

Many successful Amazon sellers use professional photographers who specializes in creating custom Amazon infographics. Another option is to have a photographer provide product images, after which you can create an infographic design on your own by uploading the images to an online outsource network like Fiverr or Upwork. Those with graphic training and talent may know how to create infographic designs by themselves, and they can use a free app such as Canva, Gimp or Mirosoft Word.

We’ve said this before, but it bears repeating. The longer a consumer is kept on your listing, the better your Amazon ranking.

Amazon has an algorithm for ranking items based on how long a consumer spends on the page. The more interesting your infographic looks, the more time a consumer spends on your page, ultimately giving you better conversion rates.

Chaim Friedman is the director of K2 Photography, which provides Amazon consulting services, commercial photography, and graphic services for Amazon businesses.

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Business Emotions Esther Goldstein

Psychological Strength and Business Performance How emotional grit impacts business success

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here are many tips on growing your business or finding joy in life. However, there is one thing that differentiates successful professionals from others – regardless of their history. Here's one example.

When you look at Jenny, you see calm and poise. Her presence lights up a room and her energy is contagiously invigorating. Those who pass her in the halls of her investment firm think she’s simply lucky. People in line behind her at Starbucks think she’s always been this way.

You might meet Jenny and think “she’s arrived”. What you don't know is that it took her a long time to arrive: Her story is a fascinating one of perseverance, pain, joy and triumph. She was born to immigrant parents, and for many years, struggled to fit in. Initially, she chose a career path in medicine, out of obligation to her parents – though she had no passion for it.

After years of stagnation and frustration, Jenny decided to choose her own path. Despite the disapproval from her family Jenny returned to school and pursued a career she had natural affinity for; business and finance. This path led to developing the investment firm she runs with confidence, and where her talents shine bright.

Jenny’s story of self-actualization isn’t a neatly tied story of success; it was actually messy and complex – yet passion and possibility are a large part of it.

In hearing Jenny’s story, the words emotional grit come to mind. What is grit?

According to Merriam-Webster dictionary, in the context of behavior, grit is defined as “firmness of character; indomitable spirit.”

In 2013, Angela Lee Duckworth, a psychologist at University

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of Pennsylvania, gave a TED talk on her research on grit and self-control, and how they impact success in professional and academic arenas. Duckworth tweaked the definition of grit to be “perseverance and passion for long-term goals.”

Grit impacts our professional identities in many ways: how we set and reach goals, methods of business delivery, and how we stay committed to providing best outcomes in our line of work.

In my practice working with business owners, entrepreneurs and young professionals, I’ve seen a direct correlation between emotional grit, work satisfaction and improved quality of service.

Grit is directly correlated to all forms of success. How we engage with business endeavors, how we move through unknown and how we make tough decisions are all examples of how one might use grit in business. It’s also how we pick up the pieces when they fall.

Do you strive for excellence?

Gritty people shift the lens from perfection to excellence.

Is perfectionism attainable? No. Is sophistication, reliability and excellence attainable? Definitely! Stay in the cycle of growth and movement. Keep reaching, striving and achieving. And remember, it’s about training for the marathon – not the sprint.

Esther Goldstein LCSW is psychotherapist and trauma specialist who runs a private practice called Integrative Psychotherapy, located in Cedarhurst of the Five Towns of Long Island, NY. Her practice specializes in helping business owners with anxiety, trauma and relationship issues resolve their struggles so they can show up more fully professionally emotionally and relationally.

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So, what's the secret sauce to bringing grit into business?

Infuse integrity and values Think beyond the price-tag. As you choose to invest more time, money, energy and focus into a project or business venture, ask yourself if this is aligned with your life values and goals. Living with integrity gives you confidence to strive higher and provide best level services.

with you, pick up the pieces when they fall, and see you through the learning of it all.

When supported, we dig into courage, show up with more fierceness, hold truer to our needs, and more comfortably push the line in business growth.

Growth Mindset Pursue your passion Passions keep us hungry: It keeps us driven and motivated to keep moving in face of challenge and adversity. Find a sense of purpose in your work, or it’ll end up draining you. This will allow us to naturally overdeliver to our customers. When we do what we love it doesn’t feel like a burden, but rather like a pleasure.

Persistence There is no silver bullet to success.

There’s no magic potion or well-kept secret that will land you on success that fulfills all of you. Truth is, it takes hard work to succeed. Hard work helps you refine who you are, acquire skills, solidify your vision, and magnify your goals.

Persistence is tedious, but worth it. It’ll help you finish the project, land the promotion or improve your sales. It’ll also help you get more done in less time, master skills, develop flexibility and cultivate new relationships.

Join a Tribe Research proves that we are most impacted by the five people we spend the most time with. Scan your phone, recent messages and calls. Do those people support you? Our relationships help sculpt our personal and professional identities.

Find people you want to learn from and be like, and bring them closer into your circle. Your tribe will be there to celebrate

Think only talented, brilliant people can develop grit? According to research, it’s not about having a stratospheric IQ score, or being gifted with talent: It takes a focused approach and commitment to keep going – and that promotes success.

Stanford University psychologist Carol Dweck writes about how growth mindset impacts productivity in the worlds of business, education, and sports. Our ability to learn is absolutely not fixed. It can change with any amount of effort, as long as we’re focused on growth. By shifting the mindset, we expand the brain’s neural networks.

Benjamin Barber, an eminent sociologist said, said that he divides the world into the learners and non-learners. Stay a learner. You never know what lesson will open doors in how you approach others, your business, and the world.

Mental Health Sometimes, regardless of strategy, skill or commitment, you’ll find you cannot grow professionally. When there is a mental health issue, it’s important to have that treated so that you can have peace of mind in your professional endeavors.

Many individuals have shared that working through anxiety, self-esteem, depression or trauma helped remove the silent yet powerful blockages previously present in their business.

Your business identity can only be as

healthy as you are. Care for your health that so you can promote healthy business outcomes.

Plan Responsibly Before you implement change, shift your role, or take a business leap, plan responsibly. Be strategic, get consult, implement behavioral changes and plan ahead. Things like setting a financial plan and emergency fund, tracking quarterly, and checking on client satisfaction are important.

When you’re responsible in your business, you’ll be able to implement any upcoming changes with direction, clarity, precision and trust.

Befriend the silence Ever take a pause while you’re working toward a goal because you’re seeking feedback, reassurance or approval? The applause often comes at the end. Many inventors, creators and innovative thinkers did their work in silence. Get comfortable going it alone sometimes; you may go farther than you’d imagined.

Face fear with courage Courage is a strong predictor of your levels of grit, as it determines how willing you are to face possibility as well as defeat. In every loss there is a rich learning experience that will propel you forward, since both vulnerability and perseverance are necessary for achievement.

If you’re gripped with fear – and find it hard to be courageous – you're not alone.

One of the most popular terms searched on the web is "how to overcome fear”. The good news? It's possible to work with and through fear. It starts by taking one small step. Eleanor Roosevelt has said to do something that scares you every day.

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Business Networks Joe Apfelbaum

Connecting with Purpose

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eople often ask me, “Joe, how do I get started with LinkedIn?” My question back is, “Why is LinkedIn important to you?” They often tell me that they want to sell their products and services and they think LinkedIn would be a great place to find new clients.

That’s when I stop them and say that there’s a huge misconception about LinkedIn. LinkedIn is the largest professional social network in the world, with over 610 million members as of January 2019. Did you know that LinkedIn is growing at the rate of two new members each second. That’s impressive growth for any network.

They’ve stated their goal of getting to three billion professional members. That’s more opportunity than anyone can possibly handle.

The problem is that if you’re showing up to a “social network” to sell, you’ve got the wrong mindset. Networking is not about selling, it’s about building relationships.

What’s a relationship? Well, it’s different than a transaction.

A transaction is “you give me something and I give you something back that has the same value or more.” We’re then done and go our separate ways.

When you walk into a store in the airport, you buy something, you overpay, and you leave. You usually never go back there because all you did there was a transaction.

When you meet your accountant or your lawyer or your IT consultant, it’s a relationship. You trust them as your advisor.

You refer business to them and they might even refer business to you. You’re not walking into H&R Block to do your business taxes. You’re going to someone that you trust.

When you want life insurance, you get it from someone you trust; when you get a mortgage, you get it from someone you

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trust; and when you want to buy a home, you hire a real estate agent you trust.

Networking is the best way to get qualified referrals and LinkedIn is the best place to build business networking relationships online. Everyone that’s on LinkedIn is there to expand their professional network.

Most humans are not on LinkedIn but the ones that are on LinkedIn are often CEOs, presidents, business owners, entrepreneurs, lawyers, and high-level professionals who are usually very hard to communicate with via phone or email.

Decision makers and influencers don’t want to be sold to, but they love to buy from people they know, trust, and like.

Your job is to use LinkedIn to establish relationships with the right target market. Build a network of ideal clients and ideal referral partners.

Once you have a network, your job is not to sell to it but to do two things instead: 1) Add massive value to the people in your network. 2) Stay top of mind with them so they remember you when the time is right.

How do you add massive value to the people in your network?

You first have to know who they are. Why? Because value to a lawyer is very different than value to a real estate broker.

You need to a find out what they want based on who they are.

That’s why it’s so important to pick a specific target market and go after them on LinkedIn to build relationships and add value.

How do you stay top of mind with people on LinkedIn? You stay top of mind in three ways. First, you have to post on LinkedIn every day. Despite the hundreds of millions of people logging in to LinkedIn every day, only a million new posts go up each day.

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B Connected That means that a lot of people are lurkers. Are you a lurker? Do you log in and watch and just read what’s going on? If yes, you are part of the 99%.

Some people engage by liking and commenting and very few actually contribute valuable content on a daily basis.

I am personally committed to posting every single day and often over five times per day.

The second thing I recommend doing every day is engaging with the people you want to be top of mind with. Engaging means commenting on posts, liking the things they share, and endorsing them on their profile.

This will build awareness and trust. You want to have visibility with your network every single day.

The third thing you can do on LinkedIn is outreach. Using direct messaging and sending messages to the people on your network are effective ways to get their attention.

They’ll get an email notification, an alert on their app, and their computer will ding too.

The key here is not to annoy people with messages like “How are you?” or long sales pitches. That’s a great way to get ignored or blocked on LinkedIn. Instead, find ways to add value every day to your network by posting, engaging, and messaging and you’ll be on your way to getting more leads and referrals than you can handle.

Messages such as, “Thanks for being connected to me on LinkedIn. If you ever need anything, please reach out to me,” are great ways to connect in a friendly way, without being off-putting.

I hope you got value out of this article and if you did, please message me on LinkedIn and let me know that you read it. Looking forward to learning about your business and helping you find more meaningful relationships on LinkedIn! Joe Apfelbaum is the CEO of Ajax Union, a B2B digital marketing agency based in Brooklyn, NY. He is a business strategist, marketing expert, and certified Google trainer.

Joe is the author of his new book High Energy Secrets, on how he lost 95 pounds and has more energy than ever. When he is not mojovating entrepreneurs at events and on social media he chills in Brooklyn with his wife and five kids.

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Noticed an exemplary business practice? Were you made to feel like a valued client? Want to name an employee who outdid himself? Send your Snapshot Moment to wow@btankmoguls.com.

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