Northern Kentucky Business Journal | Nov/Dec 2023 | Mayfield Brain & Spine by Northern Kentucky Chamber of Commerce

BUSINESS JOURNAL OFFICIAL MAGAZINE OF NKY CHAMBER OF COMMERCE

OF SOUND MIND & BODY NOV/DEC 2023 P. 10 HELPING HANDS P. 14 GENERATIONAL TALENT P. 20 SMALL BUSINESS SPOTLIGHT: BEAUTIFUL NAILS

EMPLOYER SPOTLIGHT

RY COVER STO P. 24

DOMINO EFFECT

NEW DATABYTE OUT NOW!

OF PRIMARY CARE A RELATIONSHIP WITH A PRIMARY CARE PHYSICIAN HAS A DIRECT IMPACT ON BOTH EMPLOYEE HEALTH AND EMPLOYER COST. Our PCP strategy delivers high engagement (90%) and stabilizes trend.

WORK WITH US TODAY! HUB I HORAN is laser-focused on data-based recommendations that provoke action and result in measurable outcomes for our clients and their employees.

CONTENTS

SMALL BUSINESS NOVEMBER/DECEMBER 2023 VOLUME 43 NUMBER 2

ON THE COVER: Dr. Brad Skidmore, Dr. Steve Bailey, Dr. Robert James and Dr. Tann Nichols are neurosurgeons in Mayfield’s Northern Kentucky patient office in Crestview Hills.

4 Chair's Letter

28 Ask the Experts

6 Support System

30 GROW NKY

10 Helping Hands

32 Annual Dinner Celebration

14 Generational Talent

34 Around the Chamber

16 BOD/BOA Q&A

38 Ribbon Cuttings

20 Small Business Spotlight: Beautiful Nails

42 Advocacy

24 Of Sound Mind and Body

46 Events

SMALL BUSINESS | VOLUME 43 NUMBER 2

PAGE 3

CHAIR’S LETTER

JOHN HAWKINS Chair, NKY Chamber President & CEO, MPI Consulting HERE IS A FACT THAT EVERY SMALL business owner in our region knows: A small business is only small in name and nothing else. As noted by the Small Business Association’s (SBA) Office of Advocacy, 99.9% of American businesses are considered small businesses with 500 or fewer employees. This means 61.7 million people, a total 46.4% of private sector employees, are employed thanks to small businesses. While that means a lot to our national economy, its impact is even greater in Northern Kentucky. As the leading

organization for our region advocating on behalf of our large and small businesses, the NKY Chamber is proud that of our 1,700 member businesses that employ some 175,000 people, 85% are small businesses, employing 50 employees or less. In short, small businesses are a vital part of our economy and essential to ensuring our recent progress continues. As a small business owner myself, I know the challenges that small businesses can face. The hours are long but the journey can be rewarding despite the barrage of day to day challenges. That is why I am so proud to be part of the NKY Chamber which does more than just advocate for businesses and bring jobs to our community. The NKY Chamber works actively to create new opportunities and foster a well-deserved sense of pride for a region full of hard-working, ingenious, innovative people. Our annual small business edition of the NKY Business Journal showcases why our region continues to shine, exploring how and why Northern Kentucky is so inviting to talent, tourists and entrepreneurs. This issue’s cover story on Mayfield Brain and Spine is a wonderful illustration of this, demonstrating how a small, committed group of specialists is providing much-needed community care and thriving in doing so. This issue’s Small Business Spotlight shows Northern Kentucky can be a great place to enjoy the “American Dream” and

the importance of being a welcoming community. Likewise, the knowledge shared by three of our region’s star young professionals proves why good ideas (and the people behind them) should feel at home here in Northern Kentucky, regardless of age, background or industry. Additionally, this issue shares valuable insight on the tools both the NKY Chamber and several local organizations routinely make available to small businesses at various stages of their journeys. With support being something every small business owner needs, these features should prove quite handy for all who read – and more importantly – utilize them. In my career, I have been quite fortunate to enjoy more success than failures, learn from wise mentors and work with very talented, motivated people. However, with all the inspired activity taking place in Northern Kentucky, I cannot help but ponder just how great the success of our region’s future generations will be. While our region may be filled with businesses that are small in size, they are by no means small in what they can accomplish. As we move forward into 2024, I invite you to join in celebrating our region’s small businesses and all the ways they make Northern Kentucky great. We will continue to move forward together – and our small businesses will help lead the way. NK Y

INVESTOR'S CIRCLE

PAGE 4

NORTHERN KENTUCKY BUSINESS JOURNAL

SAVING MONEY MATTERS

Support System By Tabari McCoy, Scooter Media

MEMBERSHIP, AS THEY SAY, HAS ITS privileges – and that’s never more evident than being a member at the NKY Chamber.

As an NKY Chamber member, you are connected to a network of resources to help grow and take your business to new heights. Small business owners constitute a significant number of the NKY Chamber membership, which is why the NKY Chamber offers a wide variety of resources that assist with an assortment of topics. This includes best practices and professional development as well as programming and events addressing technology, legal updates, talent attraction/retention and more. Ready to learn more? See all the ways you can help your business today with these NKY Chamber member benefits.

Member 2023-2024 NKYChamber.com

With costs always seemingly increasing, knowing where you can save money (and best use the capital you have) is a top priority for business owners of all sizes and industries. As an NKY Chamber member, the savings available to you include: HEALTH INSURANCE – The NKY Chamber has teamed up with Anthem to offer ChamberAdvantage, a health coverage solution that gives small businesses an easy, affordable way to offer health benefits to employees. This is in addition to the NKY Chamber’s partnership with Humana for its Humana Group Benefit Solutions which include dental, vision, life, and disability offerings. OFFICE SUPPLIES – The NKY Chamber offers several perks in the form of discounted office supplies. ODP Business Solutions offers members up to 55% off their most purchased office supplies both in-store and online with no contract. VIE Ability, which was launched by the Cincinnati Association for the Blind & Visually Impaired, has 60,000+ office products and supports people who are blind or have severe vision loss. BANKING – The NKY Chamber’s partnership with PNC Merchant Services provides several benefits to members. This includes referral bonuses, no early termination fees, next-day funding of card payment processing transactions and more. MARKETING AND COMMUNICATIONS – NKY Chamber members have four money-saving options to receive discounts on advertising courtesy of Adsposure, Everything Cincy, RevLocal and ULIMI Reach, all of whom can help you save on social media, ad packages and more. IT SOLUTIONS – The Circuit’s CIO Circle is a problem solving, information sharing, technology-based peer group allowing IT leaders to collaborate. NKY Chamber members enjoy a $200 discount for the program. HR SERVICES – In need of human resource help? NKY Chamber members can save on a variety of HR services through partnerships with ClearPath Mutual, Erigo Employer Solutions, and MPI Management Consulting.

BUSINESS DEVELOPMENT AND TRAINING The NKY Chamber has several programs designed to help members in need of development, training and more: BUSINESS REFERRAL NETWORKS - Need to connect with customers? Join one of the NKY Chamber’s Business Referral Networks (BRN) of 15 to 30 people and learn how other members can help you grow your business. DEI AND ORGANIZATIONAL PERFORMANCE – Rali Solutions helps companies foster successful outcomes by uniting technology, behavioral science and change management best practices via its Change Experience Platform to help drive behavior change.

PAGE 6

NORTHERN KENTUCKY BUSINESS JOURNAL

SCORE SEMINARS AND MENTORS – Presented by the SCORE Foundation, these seminars are led by successful business owners with free one-on-one mentoring. WOMEN’S INITIATIVE MENTOR/MENTEE PROGRAM – Designed to help female leaders in your organization, this program seeks to pair up like-minded individuals for a one-on-one growth period over one years’ time. THE VOICE OF BUSINESS IN NKY – The NKY Chamber advocates on members’ behalf on key legislative and regulatory issues in Northern Kentucky, Frankfort and Washington D.C. HR 100 – HR professionals and small business owners can utilize timely programs centered on talent recruitment and retention issues while also often earning SHRM-credits in the process. HR Strategic Six Pack: Hosted in partnership with NKY SHRM, the Strategic Six Pack brings HR leaders together to discuss six unique aspects of the workforce pertinent to industry professionals. TALENT STRATEGIES SYMPOSIUM – This event brings local leaders and regional experts together for discussions and breakout sessions highlighting strategies employers can use to attract/retain talent and promote workforce development. INVESTING IN EQUITY SUMMIT – Powered by Fifth Third Bank, this half-day event features discussions around diversity, equity, inclusion and advancement. NKY @ WORK - A regular feature of the NKY Chamber Spotlight podcast, NKY @ Work features employers and workforce practitioners discussing tactics, resources and more centered on talent attraction, retention and DEI.

PROFESSIONAL DEVELOPMENT

INVESTING IN EQUITY SERIES - Part of the NKY Chamber’s ongoing DEI efforts, the quarterly Investing in Equity Series, powered by Fifth Third Bank, examines employment barriers that may hinder talent attraction/retention and the benefits of an inclusive workplace. TALENT STRATEGY SERIES - Brings business leaders together quarterly to share best practices for the Northern Kentucky region’s biggest workforce challenges and most pressing issues. SHRM-Credit approved. These are just some of the resources and benefits that come with being an NKY Chamber member. To learn more about all of the benefits included in your NKY Chamber membership, contact Lynn Abeln, Vice President of Membership at labeln@nkychamber.com or call (859) 578-6390. You can also find information on all of the programs and benefits included in this article at www.nkychamber.com. NK Y

COMMUNITY RESOURCES GROW NKY nkychamber.com/grow Alloy Development Co. alloydev.org Aviatra Accelerators aviatraaccelerators.org Blue North bluenorthky.com

The NKY Chamber offers several programs and events to help with workforce development. These include:

DAV Patriot Bootcamp patriotbootcamp.org

WOMEN’S INITIATIVE REGIONAL SUMMIT – Sponsored by PNC, this daylong learning event for women of all career stages features speakers that present inspirational content for professional women.

Greater Cincinnati SCORE greatercincinnati.score.org

LEADERSHIP NORTHERN KENTUCKY – Powered by Citi, this popular NKY Chamber program uses the community as a classroom to develop leaders that will serve the region. ENCOUNTER NKY - Powered by Citi, Encounter NKY is a talent retention program designed to help young professionals (YPs) and those newer to the region with career advancement while also developing a deeper connection to Northern Kentucky. NORTHERN KENTUCKY YOUNG PROFESSIONALS (NKYP) – NKYP connects YPs with peers by expanding their networks, programming and engagement while impacting their community through diversity and inclusion.

SMALL BUSINESS | VOLUME 43 NUMBER 2

Incubator Kitchen Collective incubatorkitchencollective.org Kentucky Small Business Development Center kentuckysbdc.com NKU Center for Innovation and Entrepreneurship nku.edu Search: INKUBIZ Thomas More Zembrodt Center for Entrepreneurship and Innovation thomasmore.edu

PAGE 7

Local Experts. Local Business Banking Solutions. Commercial Lending Lines of Credit Cash Management

Covington Office 502 Madison Avenue Kyle Newman Commercial Banking Officer

Neal White SVP, Commercial Banking

Member FDIC • forchtbank.com Equal Housing Lender

SOMETHING COOL COMING SOON

hubweber.com

859-491-3844

Let us put our 25 Years of experience and connections to work for you! Michelle & John Lorms | Realtors®

MichelleLorms@kw.com 859-462-7760 LormsHometeam.com

Each office is individually owned and operated

Helping Hands Are you an aspiring entrepreneur in need of support? These local organizations can help! By Tabari McCoy, Scooter Media RESOURCES, ADVICE, TALENT AND of course, capital … For entrepreneurs and startups, these are four key elements that can mean the difference between a successful business and going out of business. But unlike established businesses, knowing where to find them or what’s even available as an entrepreneur can be a struggle.

Fortunately for aspiring business owners in Northern Kentucky, there are several organizations in addition to the NKY Chamber ready and willing to help them reach their goals. Not sure where to turn, who can help with what or how to even get in touch with them? Here are five organizations that can help you with your entrepreneurial journey.

PAGE 10

AVIATRA ACCELERATORS 114 W. Pike St. Covington, KY 41011 aviatraaccelerators.org WHO THEY HELP: Founded in 2010 as Bad Girl Ventures, Aviatra Accelerators helps women start and grow businesses with three essential types of connections: Connections to experts, funding sources and other female entrepreneurs. This includes its “Explore Your Business Idea Half-Day Workshop,” “Fuel Your Startup” hybrid business bootcamp and their signature 10-week, in-person “Accelerate Your Momentum” business growth program. The organization also offers free one-to-one business coaching and free “Side Hustle without the Hustle” workshops, which Aviatra President and CEO Jill Morenz says are geared towards those just beginning their entrepreneurial journey. ENTREPRENEURIAL INSIGHTS: Morenz says starting a business is essentially the same no matter one’s gender – until it comes to funding. That’s when Aviatra can step in to help women realize their entrepreneurial dreams. “There's a startling statistic that in 2021, out of all the small business loans that were given across the country, only 5% went to women, even though women own 30% of the small businesses in America … We help women get their businesses to the point where they will be able to successfully access funding,” says Morenz. “We connect people to three essential connections they’ll need: To experts, to funding sources – including customers – and to other women entrepreneurs. That's where we really, really stand out. Women tend to ask for help less often than men do when it comes to business … At Aviatra, we foster a giving, inclusive environment where people learn from each other and support each other.” WORDS OF WISDOM: With an “amazing ecosystem for entrepreneurial support right here,” Morenz believes the region can help its female innovators advance to the next level. “Not only do we have organizations like Blue North and the NKY Chamber to help, but there's such a supportive business environment. I reach out to people a lot and say, ‘Would you mind teaching this?’ or ‘Would you be interested in talking to this person who has some questions?’ Nobody has ever said no,” she says. “It's just wonderful, very supportive and encouraging. I'm not encountering that sort of scarcity mindset. I see a lot of abundance as there’s room for everybody.”

NORTHERN KENTUCKY BUSINESS JOURNAL

BLUE NORTH NKU Collaborative 112 W. Pike St. Covington, KY 41011 bluenorthky.com WHO THEY HELP: Blue North Executive Director Dave Knox says his organization exists to be “the front door for entrepreneurs of all shapes and sizes” for the 11 counties of Northern Kentucky. This is achieved through helping companies ranging from venture-based startups to entrepreneurial communities “built by the coffee shops, bakeries, restaurants of Northern Kentucky,” a fact reflected in its designation as one of six innovation hubs by the Kentucky Cabinet for Economic Development. Specifically, the company focuses on three roles: (1) Consulting entrepreneurs to help figure out the barriers to advancement; (2) Serving as an advocate for the entrepreneurs who call Northern Kentucky home, promoting the positive work of the region’s entrepreneurs on the local, state and national level and (3) “Pushing the boulder up the hill,” to tackle the toughest challenges that are a barrier to the region’s entrepreneurial community. This includes launching the Northern Kentucky Entrepreneur Fund in partnership with Main St. Ventures, Horizon Community Funds and the Durr Foundation to increase grants for NKY entrepreneurs. ENTREPRENEURIAL INSIGHTS: Knox says Blue North wants to be “one of the first touch points” for growth-oriented entrepreneurs, which is why the organization strives to offer multiple routes of help for the region’s enterprising minds. “We want to help you understand the ecosystem, where the right place is for you to go to connect you with the right person … It could be the one-on-one advisory or the mentorship programs that we have,” he says. “Blue North is the organization that wants to map the support resources of Northern Kentucky to save entrepreneurs time and money while acclerating their growth and odds of success. WORDS OF WISDOM: If an entrepreneur is looking to be successful here, Knox says the key is for them to not view others as competition and instead embrace collaboration. “There are certain entrepreneurial communities where everyone is competing against each other, who don't necessarily want to share what they’re working on and relationships are protected because you're trying to raise money from people – that's not Northern Kentucky,” he says. “This is a community where any entrepreneur of any stage of success is willing to lend a hand and be a support. But it starts with you raising your hand and asking for that help and putting yourself out there. That means coming out to the events, introducing yourself, sharing what you’re doing and you're going to be amazed at how many people pay it forward.”

SMALL BUSINESS | VOLUME 43 NUMBER 2

DAV (DISABLED AMERICAN VETERANS) 806 Dolwick Drive Erlanger, KY 41018 patriotbootcamp.org WHO THEY HELP: With nearly 1,300 chapters nationwide including its Erlanger headquarters, Disabled American Veterans – DAV – helps more than 1 million veterans annually with things such as health care, education and disability benefits. In the entrepreneurial space, the organization’s Patriot Boot Camp (www.patriotbootcamp. org) program works to “assemble and activate” military members, veterans and their spouses to become “creators, innovators and entrepreneurs.” The program – which DAV acquired from its originator in 2022 – offers information on best practices when establishing a business based on three subject pillars: Education, mentoring and community. In addition, the organization also hosts what DAV Chief Communication and Outreach Officer Dan Clare calls “Caffeine Connects” cohorts for up to 50 veterans twice a year and digital pitch contests via its social networks. ENTREPRENEURIAL INSIGHTS: Clare says since many military personnel aren’t traditional entrepreneurs, providing them with the tools necessary to take advantage of their maturity and discipline to be successful is where DAV excels. “Patriot Boot Camp is three days of intensive programming as we're trying to give them the information they need in terms of funding, marketing, how they establish and set up their business from a legal perspective. We're trying to give them what they may have lacked if they'd followed a more traditional route, so that they can expedite their efforts and dig in,” says Clare. “We find that veterans and people in the military community, their spouses included, learn to be very creative, resolutionoriented people through military service or being around the military. We feel that there's a special connection that CEOs seem to have towards people who serve their country, and they want to give back; it's been a great program for us.” WORDS OF WISDOM: With Cincinnati being “the birthplace of the modern veterans’ movement” according to Clare, he believes the region is a “community that’s on the rise.” “It's exciting to be a part of that and see how people in this community are willing to give back and so eager to help people who serve their country,” says Clare. “They really make entrepreneurship accessible to veterans and we're PAGE 11

THE GRATITUDE COLLECTIVE 517 W. Seventh St. Newport, KY 41071 thegratitudecollective.org

SCORE 3700 Park 42 Drive, Suite 40A Cincinnati, OH 45241 score.org

WHO THEY HELP: The Gratitude Collective is the name of the multitude of organizations and brands created by Rachel DesRochers, the entrepreneur behind artisanal graham cracker company Grateful Grahams founded in 2010. This includes: (1) The Incubator Kitchen Collective, a nonprofit commercial kitchen space for food entrepreneurs offering education, mentorship and strategic planning that has supported 160+ startups; (2) RLD LLC., her work on mentoring others via speaking engagements, workshops on gratitude and more community engagement; and (3) Power to Pursue, designed to help women connect via an entrepreneur empowerment summit, the target audience of which DesRochers says is “40% entrepreneur, 40% corporate worker and 20% stay-athome/retired midlife career change.” ENTREPRENEURIAL INSIGHTS: With so many hats to wear, DesRochers knows one may wonder how each brand under the Gratitude Collective’s banner receives the attention it deserves. Then again, since being an entrepreneur requires someone to do multiple jobs at once, doing so is simply her second nature. “A gratitude practice means taking time every day to find five to 10 things you’re grateful for. I tell people within 30 days you’ll notice a difference; in a year, you’ll be a completely different person,” she says. “It’s not that you need to change; it’s that you need to have something that is a guiding light for you while you’re on this journey.” That, in turn, explains why gratitude is so ingrained into all her ventures. “It comes in handy in entrepreneurship, because you've got to keep going, no matter how bad the day was … Maybe you've gotten a rejection from a venture capital firm, it doesn't matter,” she says. “If you're owning your own business and you are responsible for paying your bills, you must keep going – what are you doing for yourself to make sure that you have something to balance out the reality of entrepreneurship … You’ve got to just do it – Nike was onto something. I'm an encourager, so I want anyone to try because if we don't try, we sit there and we waste time wondering.” WORDS OF WISDOM: If you’re looking to be successful as an entrepreneur, DesRochers suggests embracing Northern Kentucky’s positives while rejecting potential self-imposed barriers to success. “I would not be where I am if I did not move my businesses from Ohio to Northern Kentucky, which I did because it was affordable and I was able to try things,” she says. “The disservice that we have in our region is that everything's so segregated in community or state lines; we allow those lines between cities and states to keep us from growing and working with more people. I'm very proud to be working with Blue North because there's finally someone helping lead entrepreneurial connection and involvement in a way I’ve not been able to find (previously).”

WHO THEY HELP: A nonprofit resource partner with the national Small Business Association (SBA), SCORE volunteers – many of whom have experience in both the corporate world and as small business owners – provide mentoring and training to entrepreneurs across the country. Mark Anderson, a mentor for the Greater Cincinnati area office, says this includes helping with everything from marketing and finance to accounting and legal affairs to help entrepreneurs develop short and long-term goal plans. ENTREPRENEURIAL INSIGHTS: Working across all three stages – planning and starting, managing and growing as well as transitioning ownership and exiting – of business ownership, Anderson says SCORE’s goal is to help regardless of where someone is in their journey. “I have been a SCORE mentor for five years and like many other volunteers, am retired from the corporate world where I had 40 years’ experience primarily in finance and marketing,” he says. “I can use that experience to talk through what their challenges are, ask a variety of questions and move the dialogue along.” WORDS OF WISDOM: The more entrepreneurs discover the resources that exist locally, Anderson is confident more entrepreneurs will see the benefit of doing business in Northern Kentucky. “Northern Kentucky is a good opportunity because of the growth that we are seeing in the region,” he says. “We are seeing new people move into the area and as a result that brings growth opportunities for the businesses here. if we see client success, we feel successful, so it gives us the ability to help advance their needs.” NK Y

PAGE 12

NORTHERN KENTUCKY BUSINESS JOURNAL

G E N E R A T I O N A L T A L E N T Three of NKY’s fastest rising young professionals share their secrets for success By Tabari McCoy, Scooter Media

THE WORD IS OUT: NORTHERN Kentucky is a launching pad for young professionals across a multitude of industries. This includes the entrepreneurial space as more and more call the area home. In sharing their stories, three of the region’s rising young professionals hope to inspire others to follow in their creative footsteps.

PAGE 14

DUANE CRONIN Fund Manager, Property Developer, CIO and Co-Founder, Diversified Capital diversified-capital-management.com His story: A native of Littleton, Colorado, Cronin is a fund manager, property developer, CIO and co-founder of Diversified Capital Management, which specializes in developing and revitalizing neglected real estate including construction, asset and property management. Founded in 2011, the company’s work has earned several awards and recognitions. This includes its ranking as no. 32 on Inc. Magazine’s Fastest Growing Companies – Southeast Region and the NKY Chamber’s Business Impact Award for Medium Sized Businesses in 2023. Cronin, who played football at and graduated with a bachelor’s degree in chemistry (while minoring in mathematics) from Western New Mexico University, began his career writing derivative code for a trading company. Being at a more ambitious stage of his career than the company’s principal, he started his own asset management firm in 2011. After several successful but difficult years, he began to wonder if owning a boutique shop was right for him. Eventually going through an interview process with a hedge fund based in London before “something just clicked that said, ‘This isn’t what I want to do.’” Maybe pivoting from being a business owner wasn’t the right choice, but diversifying their investment offerings was. That’s when Cronin took a trip that changed his life. “Fast forward a couple months and I’m on a boy’s trip with two of my closest friends. One owns around 10 properties; I owned 3 or 4 at this time and my friend from Newport chimed in about his one and only property. He would rent his house out on Airbnb parttime and made around $25k in six months, which was like a 30% annualized return!,” says Cronin. “Two weeks later, I'm in Covington looking at a row home thinking, ‘All right, let's do the first purchase in real estate … That’s how I ended up in Northern Kentucky.” WHAT WISDOM DO YOU WISH YOU HAD WHEN STARTING OUT TO NOW PASS ALONG TO SOMEONE ELSE CONSIDERING STARTING THEIR OWN BUSINESS? Cronin: First, make sure you're working your tail off. Second, you're treating your people incredibly well. Third, you're being radically truthful about where you're weak. The decisions you are making outside of work – if you're out partying, etc. – to think that that's not going to influence you is wrong … After two or three years, if you haven't made a breakthrough, you can be working your tail off, you can treat your people great, but you must be radically honest with yourself that maybe it's just a bad idea. If after two or three years you haven't made it, it's probably time to pivot and regroup. In a sense, we did that. We pivoted to real estate from derivatives. For a while, it was a little bit of both, now it is 99% real estate and we needed to make that pivot.

NORTHERN KENTUCKY BUSINESS JOURNAL

WHAT QUALITIES DOES SOMEONE NEED TO SUCCEED AS AN ENTREPRENEUR? Cronin: The number one thing is to be incredibly focused. Look at the guys and gals that are special in this world, it's that they're incredibly focused on what they do. Outside of God given talent, you need to be incredibly focused … Look at Tom Brady. There was nobody more focused on being the best football player he could be than Tom Brady. He was and that's incredibly important. Also, you must have a ton of empathy. If you think your people are going to work for you and you don't care about them, do you think they're not going to pick up on that? They will … You must understand that you've got to focus on your people.

ALISON CONNOR General Manager Greenway Innovations greenway-innovations.com

Her story: Greenway Innovations is a medical waste treatment facility that provides a reusable container program to more than 20 different clients at some 300+ locations across the Tri-State. Connor co-founded the company alongside her newly retired father, Kevin, and two other local founders. The idea behind the business has as much to do with not wasting an opportunity as it does medical refuse. “I was managing the housekeeping patient transport and linen departments at a hospital in Cincinnati and my team was collecting the medical waste. I was at a period in my career where there was no real trajectory unless I went back to school, so I sought my master’s degree in healthcare administration at the University of Cincinnati,” she says. “I had to start thinking about my capstone project and wanted to do something I was familiar with, so I chose medical waste … I did some research into the environmental and economic impact of a reusable container program, which is what we offer.” While working on her paper, Connor’s father introduced her to a man that previously owned a medical waste company of his own who proposed a question to the young future entrepreneur. “He said, ‘If you're running into all of these issues and talking about all of these concerns, what do you think about working towards making a business?’” After receiving an ‘A’ on her capstone project and earning her master’s degree, Greenway Innovations was born, officially launching in Nov. 2021. WHAT WISDOM DO YOU WISH YOU HAD WHEN STARTING OUT TO NOW PASS ALONG TO SOMEONE ELSE CONSIDERING STARTING THEIR OWN BUSINESS? Connor: Personally, I think it’s knowing your limits and knowing when to allow people to help you. With your own business, you sometimes have a protective sense of wanting it to be exactly what you envision in your mind. On the other hand, if you're

SMALL BUSINESS | VOLUME 43 NUMBER 2

doing everything, you're completely wearing yourself out. The biggest lesson was being able to step back and say, ‘Okay, I need help with this’ and trusting you’ll hire someone who's capable of doing the job. Reach out to people in the business community that are leaders even if they’re in a different field to get their perspective. There's a beauty in being able to step back and look at the big picture because sometimes you get really stuck on little tasks or ideas. Being able to kind of zoom in and out and look at future goals as well as what’s needed now to make them is important, too. What are small things that I can do to work towards those future goals? It's also important to reach out to other leaders in the business community to get their perspective. Personally, I can get stuck on small details, so having someone who can help me step back and look at the big picture is impactful. Learning how to zoom in and out of your business allows you to stay on track for your future goals. WHAT QUALITIES DOES SOMEONE NEED TO SUCCEED AS AN ENTREPRENEUR? Connor: Perseverance and resilience is important. Also, you need to have a willingness to make mistakes but be humble enough to ask for help. A successful entrepreneur has a team beside them.

ISAAC HAMLIN Founder and CEO Better Blend betterblend.com

His story: With six locations in Greater Cincinnati/Northern Kentucky, Better Blend offers smoothies and smoothie bowls that are healthy and nutritious, but taste like dessert. Hamlin’s goal is to make healthy food attractive, affordable, and accessible to people of all lifestyles. The company’s roots can be traced back to Hamlin’s days as a rugby player at the University of Kentucky when he realized there was “something missing” from his game. That led to him creating his own protein smoothies which would contribute to the best season of his collegiate athletic career. That success, coupled with what he saw as a lack of quick, healthy options in the area, led to him to open his first Better Blend location in Florence, KY in 2018. He began selling franchises in 2022. Now set to open five more Better Blend franchises by the first half of 2024, Hamlin’s desire to live a life without regrets is paying dividends. “When you're a 22-year-old college graduate with no collateral, banks laugh you out of the door. I maxed out as many credit cards as I could, and I don't advise that for other entrepreneurs, but I figured if I’m going to go bankrupt, I might as well do it when I’m 22,” he says. “I didn’t want to have a regret when I'm 90 looking back and

PAGE 15

thinking, ‘What if I would have just gone for it?’ So, I went for it. I worked at Amazon at night and then would work construction with my dad during the day … We opened June 2018 and it just exploded from there.” Up next for the 2023 NKY Chamber Next Generation Leadership Award and Kentucky Small Entrepreneur of the Year award winner? The launch of Blend Box, a line of select Better Blend smoothies customers can make at home using a blender, water/almond milk/cashew milk/oat milk and ice. WHAT WISDOM DO YOU WISH YOU HAD WHEN STARTING OUT TO NOW PASS ALONG TO SOMEONE ELSE CONSIDERING STARTING THEIR OWN BUSINESS? Hamlin: If you want to be an entrepreneur because you want to see your name in lights and aren’t interested in making a meaningful change … people will see through that. They're not going to want to work for, build up, or support a company like that. Do it for the right reasons. Also, when speaking to kids who want to be entrepreneurs, my main message is, “do it even if you’re scared.” Many seem afraid that if they do something wrong or mess up publicly everybody's going to be pointing and laughing. But nobody’s looking at you because everybody is so wrapped up in their own stuff. You might be a 5-minute distraction, but they’re eventually going to go back to their own business. For me, a worse fear is getting to 90 and realizing all these things you could have done but didn't because you were too afraid to fail or cared too much about the opinions of other people. That drives me. That's why I maxed out the credit cards and took all the risks: because it's okay to fail. At least you went for it. There's something liberating about that. WHAT QUALITIES DOES SOMEONE NEED TO SUCCEED AS AN ENTREPRENEUR? Hamlin: Number one is empathy. You must have empathy for the person next to you, whether it's your customer or your employee … Whether it's an employee that's not showing up on time or a customer that doesn’t like a new flavor, empathy helps you put yourself in their shoes, which helps you find effective resolutions. You’re best able to manage your staff and serve your customers when you can look at things from their perspective. That mentality has served me really well.

YOUR COMPLETE WORKFORCE RESOURCE Malone Workforce Solutions delivers full-cycle short and long-term recruiting and staffing solutions, tailored to your facility and business. SCAN TO VIEW OUR COMPREHENSIVE RECRUITING SOLUTIONS

NK Y

MALONESOLUTIONS.COM

NOW ENROLLING! NEW Florence Location 7627 Ewing Blvd. Florence, KY 41042 Conveniently located 3 minutes from 1-75! EARLY CHILDHOOD EDUCATION MEDICAL CHILDCARE (PPEC) SPEECH, PHYSICAL & OCCUPATIONAL THERAPY Celebrating 70 years in Fort Mitchell, Easterseals Redwood is extending the same dedication and care that Northern Kentucky families have received for the last seven decades to its NEW Florence location.

Kent u

c ky

EastersealsRedwood.org

Contact Raechel Spicer rspicer@eastersealsredwood.org | (859) 331-0880, ext. 235

ARS

5-STAR inclusive medical childcare center

Q&A

with the

Board of Advisors & Board of Directors

WHAT IS YOUR FAVORITE HOLIDAY TRADITION?

"One of my favorite Hispanic holiday traditions is 'Las Posadas.' This is a Mexican Christmas tradition that reenacts Mary and Joseph's search for a place to stay in Bethlehem. It typically takes place over the nine nights leading up to Christmas Eve, from December 16th to December 24th. This includes all family and friends together simulating a Procession, singing, breaking a Piñata with great food, music and a lot of fun. It’s a meaningful tradition that brings communities together to celebrate the Christmas story, promote togetherness, and share in the joy of the holiday season."

"Deck the Y'alls Lightfest - outdoor ice skating and walking through the millions of lights!" - David DelBello, President, Florence Y'alls

"Making tamales. I rarely make them unless it is for the holidays. We wrap tamales and then unwrap them like gifts to eat at Christmas." – Christina Roybal, Vice President and Director of Athletics, Northern Kentucky University

- Paco Tello, VP NA Supply, Perfetti Van Melle

"I watch 'A Christmas Carol' every year with my kids." - Robert McBride, Partner in Charge, Taft Stettinius & Hollister LLP

PAGE 18

NORTHERN KENTUCKY BUSINESS JOURNAL

“We always enjoy completing a new 1,000-piece puzzle.” - Paul Hemmer, CEO, The Hemmer Company

"Putting out the Ceramic Christmas tree with lights! Reminds me of the great times I had at Christmas as a child." – Fernando Figueroa, President & CEO, Gateway Community & Technical College

“My wife grew up on a 300 acre farm in Washington County, Kentucky, and every year until her parents passed away, her entire family would gather in early December to scout the farm for just the right Christmas tree. Everyone would take a hay wagon ride to participate in the cutting and then the decorating of it in my parents-in-law's old farmhouse.”

“Cincinnati Playhouse - 'A Christmas Carol.'” - Brent Degenhardt, President & CEO, City Wide Facility

- Doug Bolton, President, Metropolitan Club “The only lights on in my house are Christmas lights and I'm watching the Hallmark channel with my cat.” - Korene Bentz, Advertising & Entertainment Manager, Rising Star Casino Resort

"Christmas is so magical and full of wonderful traditions for our family. We enjoy many activities and parties through the season. But, my favorite tradition is Christmas Eve, when our girls have gone to bed and my husband and I bring out the gifts. We lay them under the tree and enjoy the moment. The house is quiet, the excitement is still in the air but peace surrounds us. I take this time to enjoy the beauty that Christmas brings. Then prepare for all things Christmas morning. I head down before anyone, get my camera ready and take that first Christmas morning photo. The one that captures the awe of Christmas. I am thankful for the blessings we are able to share with the girls but I am most appreciative of our time and traditions we share together." - Shannon Schumacher, Account Executive, Kentucky Market Leader, HUB | HORAN

“Reading 'The Night Before Christmas' to my kids every year.” - John Sieg, Regional Retail Executive, Fifth Third Bank

“Cincinnati Zoo's Festival of Lights.” - Mike Ballenger, Manager, VonLehman CPA & Advisory Firm

"Thanksgiving - Enjoying all day family and football!" - Shannon Oldfield, COO, CVG

SMALL BUSINESS SPOTLIGHT

Beautiful Nails

By Tabari McCoy, Scooter Media Photos by Ben Gastright

THE TIMELINE, IN A WORD, IS REMARKABLE.

SO FANCY

In June 1983, Natalie Bui escaped Vietnam alongside her father, older sister, younger brother and two uncles. The place they sought in hopes of a better life? Australia, where she stayed through college. It was during that time that a then 15-year-old Bui began working to earn her money to avoid having to ask her parents for financial support. Fast forward to 1998 and a Vietnamese American, Kevin, visits Australia on a business trip only to meet the woman – Bui – who would become his wife. The couple would eventually move to the United States in 2001, where Bui would work for her husband’s family’s business for four years, learning how to do manicures, pedicures and artificial nails. Happy but not content with working for someone else, she “saw the opportunity and took a risk,” venturing out on her own. Now, Bui is the owner of Beautiful Nails, the salon in Crescent Springs on the verge of celebrating its 20th anniversary in business … And she is living her version of the American Dream in the place she now calls home: Northern Kentucky.

“I named the salon ‘Beautiful Nails’ because I believe every woman wants to feel and look beautiful. I wanted to take care of clients, making them feel good about themselves and put more beauty out in the world,” recalls Bui about the inspiration for her salon. “At that time, I also noticed there was a need for more nail salons in the area and this would be a good business to get into.” Now closing in on two decades of being in business, Bui’s assumption has proven to be right. Opening in 2005, Beautiful Nails offers clients a full slate of nail work from head to toe with manicures and pedicures plus massage and waxing services. The salon has grown over time, a steady slate of customers helping to keep Bui’s and her staff’s hands busy making appointments while providing comfort and care. What is the key to being successful in a hospitality-based business? For Bui, it’s about building a relationship with clients that extends far beyond a nice set of nails. “Most of my clients in the salon are not just ‘clients;’ over the years, they have become friends. I have seen three and four generations of people coming to my salon, watching young ladies grow as they have come in for prom nails to their wedding nails and then nails for their baby shower,” she says. “Clients come to my chair in all stages – happy, sad, heartbroken, frustrated, accomplished, struggling, proud – and I do whatever I can to make sure they leave feeling at least a little bit better than when they came in.” Continuing, Bui notes, “I am, in a way, their therapist … We spend approximately an hour or so (literally) holding hands while I work on their nails and together, we help lift each other’s spirits.”

PAGE 20

NORTHERN KENTUCKY BUSINESS JOURNAL

HUMBLE BEGINNINGS TO BURGENONING BUSINESS Launching a business can be quite an ordeal for any aspiring entrepreneur; doing it in a country that is not native to you, however, is another thing altogether. That explains why Bui says she did a lot of research on different areas of Northern Kentucky before settling on Crescent Springs as her future business’ home. This includes looking for a location that was both in a developing area close to downtown Cincinnati and not far from the interstate to ensure visibility to passing traffic. Also important to Bui? Finding an area open to diversity. “Crescent Springs checked all the boxes,” Bui recalls. “What I was pleasantly surprised by was just how welcoming the area would be.” The work that would follow would be equally surprising for completely different reasons. “For the first five years, I worked at the salon 10-12 hours a day, seven days a week to build the clientele I have today,” Bui says. “This was in addition to coming home, doing paperwork and pursuing my aesthetician

AMERICAN DREAMING

license so I was able to add more services to my salon like waxing, facials and body massage.” Bui’s family also did their best to support her burgeoning entrepreneurial venture, her parents in Australia taking in her then young children for a five-year stretch so she could concentrate on building her business. The love from her parents and husband isn’t lost on Bui, either. “Without them, I would not have been as successful as well as through the blessings of God,” she says. While her 18 years in business have taught her a lot about being an entrepreneur, the experience has helped her learn even more about herself. “Commitment and hard work are the keys to being successful. I had a goal in mind, just stayed the course and worked hard at it,” she says. “I’ve learned to be open-minded to change and to being able to see the positive in the negative. Things might not always go as planned, there will be obstacles along the way, but those just make the achievements even sweeter.”

What’s next for Bui? Expanding her services even further to offer permanent make-up, lash and hair extensions as part of her vision to make Beautiful Nails a “one stop shop” for all her clientele’s beauty needs. If people continue to support her work, Bui will be happy to show up every day to lend a hand to make theirs beautiful. “I was truly blessed when I chose this location, which I’ve enjoyed for 18 years and not felt a need to move around and seek other spots,” Bui says. “Crescent Springs/Villa Hills is our community; their love and acceptance are always recognized and appreciated. I look forward to continuing servicing this area for as long as God allows.” NK Y

Beautiful Nails AT A GLANCE Services offered: In addition to providing a full range of nail styling, repair, manicure and pedicure services, Beautiful Nails Website: beautifulnailscrescentsprings.com also offers a variety of facials and waxing services from head to toe for both men and Founded: 2005 women. Number of Employees: 8

Address: 2446 Anderson Road, Crescent Springs, KY 41017

SMALL BUSINESS | VOLUME 43 NUMBER 2

Notable: Owner Natalie Bui’s legal first name is “Xuan,” pronounced “Swan.” Along with her husband Kevin, she has two children: Chanel, 20, a University of Cincinnati student in pharmacology school and Alex, 18, a Business Marketing major at Northern Kentucky University who is also pursuing acting. PAGE 21

We’d love to tell your story. (859) 414-6882 Cincinnati PRSA 2022 Large PR Agency of the Year

Trusted Solutions. Focused on You. You can count on Civista Bank to bring creative, customized solutions and prompt answers to your business and personal banking needs. Our experienced team is focused on your ongoing success and the growth of the communities we call home. Whether you want to finance a project, purchase new inventory or buy a new home, our primary goal is to help you achieve yours.

Greg Corsmeier Mortgage Lending NMLS# 643600

859.320.1252

Kevin Garrett

Commercial Banking

859.320.1253

Mark Sams

Regional Market Executive

812.496.0704

Over

$1.6 billion

in loans outstanding to commercial businesses.

12.31.2022

David Stringer

Commercial Banking

859.320.1251

B. Adam Irlam Private Banking NMLS# 574957

859.320.1254

Learn more at civista.bank

300 Buttermilk Pike, Suite 103 Fort Mitchell, KY 41017 800.604.9368 23CZN51 CommBankAd_7.75x5.indd 1

8/11/23 11:11 AM

As the needs of your employees grow, so do we Innovative dental and vision plans to help keep their health on track

GCHKFZZEN 0323

Of Sound Mind & Body

Mayfield Brain & Spine expands Northern Kentucky service, tradition of patient care

By Tabari McCoy, Scooter Media Photos by Ben Gastright

PAGE 24

NORTHERN KENTUCKY BUSINESS JOURNAL

TIME. At Mayfield Brian & Spine, Greater Cincinnati’s premier neurosurgery practice, time is a valuable commodity. For a patient suffering a stroke, the time between diagnosing the stroke and getting the patient onto the operating table can be the difference between full recovery and a negative outcome. Following the opening of the new neuro angiography biplane suite at St. Elizabeth Healthcare at Edgewood, Mayfield is hoping to help Northern Kentucky patients by providing services where they are needed but have previously been lacking – something that has been a long time coming.

THE SUITE LIFE With five locations throughout the Greater Cincinnati/Northern Kentucky area, Mayfield is home to 21 neurosurgeons and five interventional pain or physical medicine and rehabilitation physicians, 20 advanced practice providers, plus full physical therapy services. Serving patients with spine disorders, brain tumors and neurovascular diseases with pioneering surgical procedures, Mayfield treats more than 29,000 patients a year. Until now, however, patients in Northern Kentucky suffering a severe type of stroke were transferred to a Cincinnati hospital for a surgical procedure called a thrombectomy. Thanks to the collaboration between Mayfield and St. Elizabeth, which includes new threedimensional technology purchased by St. Elizabeth, those patients can now receive the treatment in the neuro angiography biplane suite. Noting that more than 800,000 strokes occur annually in the U.S., Mayfield neurosurgeon and vascular specialist Dr. Robert James says ischemic strokes – when a blockage occurs in an artery in the brain – can be particularly devastating. Those require surgeons like himself to remove the blockage and restore the blood flow to prevent further damage. In cases like these, timing is truly of the essence – which makes the neuro angiography biplane suite in Edgewood a major win for all those who call Northern Kentucky home. “Studies have shown that for every 30 minutes that you delay this procedure, you decrease the chance of someone having a good outcome by 10%,” says Dr. James, who treats patients in Mayfield’s Crestview Hills office and performs surgeries at St. Elizabeth. “If the transfer needs to happen or if they arrive directly at Edgewood, we can now provide those services immediately. You probably save on average about an hour and a half to up to two hours for these patients to receive care. These are significant changes for patients in Northern Kentucky, who can now get this procedure faster and improve the chances of having a good outcome.” The new service follows Mayfield’s pattern of serving patients when and where they need care, Dr. James says. “As a physician, it excites me to be able to offer the best possible care to the largest number of patients … To do these thrombectomy procedures requires capital investment and commitment, but it also takes the manpower and the commitment from the physicians and everyone in the field to deliver that care to the patients,” he says. “We believe in providing this care to the region, and instead of asking everyone to come to our one main office, we are growing and expanding so that it's easier for patients to access us.”

SMALL BUSINESS | VOLUME 43 NUMBER 2

MAYFIELD BRAIN & SPINE AT A GLANCE 544 Centre View Boulevard Crestview Hills, KY 41017 www.mayfieldclinic.com (859) 916-7680 Mayfield Brain & Spine specializes in the treatment of neurological disorders ranging from sciatica, herniated discs and spinal reconstruction to brain tumors, stroke, brain aneurysms and more. Mayfield Brain & Spine operates patient offices in Norwood, West Chester, Green Township, Anderson Township and Crestview Hills. In 2022, the practice treated a record-breaking 29,000 patients from more than 40 states. The Crestview Hills office includes four neurosurgeons, two physical medicine & rehabilitation physicians, two nurse practitioners and six physical therapy providers.

PAGE 25

ALL IN TOGETHER Mayfield CEO Mark Vorherr agrees. Joining the practice in July 2021, Vorherr is now in his 25th year of working in physician practice management with health care organizations. He says the advantages of being independent, locally owned and operated by a group of its physicians allows Mayfield to collaborate with all the region’s major health networks instead of competing with them. In turn, that has benefited both patients and employees. The Cincinnati Business Courier honored the practice as one of its “Best Places to Work” in 2022, Mayfield taking home the prize in the Grand category (companies with more than 200 employees). Vorherr says Mayfield’s strong culture has paid off to the benefit of all parties involved. “When I step back and I think ‘Why has Mayfield really been able to meet its obligations to the community for 86 years?’ – which is a stunning amount of time – it goes back to the mission statement: We want to provide the best neurosurgical care available,” says Vorherr. “Staying independent is probably the crux of Mayfield’s success as we have been able to keep that

tradition of excellence within our network. It's very difficult to find another entity that has 21 neurosurgeons and is in a position to work with (multiple) health system partners and to be where the patients need them.” What connects everyone who both works for and visits the practice? Vorherr says the commitment to patient service underscores everything Mayfield does. “We've all been touched by some kind of medical tragedy and medical unfortunate circumstance. There have been a couple in my personal life that have made me remember my own humanity, how delicate we all are as humans and how important it is for patients to have access to the best possible care,” he says. “We recently cared for a local woman who had a stroke. Her teenage son recognized the symptoms and called 911. Our doctor retrieved the clot in her brain, and she had a full recovery … The speed with which we can affect these kinds of tragedies when they occur in somebody's life to minimize the long-term impact gives me a lot of professional satisfaction.”

PICTURED: Left: Brittany Riley is a nurse practitioner in the Crestview Hills office; Center: Patients in the office can receive interventional pain treatments in a fully equipped procedure suite; Right: Physical therapist Jenna Till treats patients in the Northern Kentucky office. PAGE 26

NORTHERN KENTUCKY BUSINESS JOURNAL

CARING FOR THE COMMUNITY If there is anyone who appreciates the practice’s commitment to patient care, it’s Brittany Riley. Now a nurse practitioner at Mayfield’s Crestview Hills office, she originally came to the practice the same way the people she now helps arrive: as a patient. “I have a benign cyst/tumor in my brain that was found when I was 25 years old. I was referred to Mayfield by my primary care physician and had surgery with one of our surgeons, Dr. (Christopher) McPherson,” she recalls. “My parents were ready to fly me to MD Anderson Cancer Center, or the Mayo Clinic – we were going to fly anywhere in the world to get the best doctor. Within five minutes of sitting down with one of our surgeons here at Mayfield, we had confidence in him.” That experience nine years ago is what Riley says inspired her to want to work for Mayfield, since the practice focuses on patients, rather than procedures. “We seek to fix the patient, not the X-ray,” she says. Riley says most spine patients see their cases resolved without surgery.

SMALL BUSINESS | VOLUME 43 NUMBER 2

That firsthand knowledge of her employer’s methods is why Riley is excited for her fellow Northern Kentuckians who may one day find themselves in need of Mayfield’s help. “Mayfield has done a really great job of trying to keep us all together as one big, happy family. As an employee, I’m treated with so much respect, and my opinion is valued – it’s my favorite place to work,” she says. “We are always willing and ready to see people. We have a great staff and a lot of opportunities for people to get better.” Vorherr is confident Riley’s words will ring true for all those walking through Mayfield’s doors. “We are continuing to recruit neurosurgeons to make sure we can be where our patients are. We know that we must build these programs with our health system partners (as) Mayfield is ready, willing and able to explore any kind of opportunity in which we think our services could be helpful,” he says. “If there's a community that is underserved, certainly we're not turning a blind eye to anything. We're taking our time, being diligent and making sure that there are partners that want to collaborate and work with us – because we would love to do the same.” NK Y

PAGE 27

NKY Area Development District’s Workforce Division Endorses “Good Jobs” Principles The U.S. Departments of Commerce and Labor share a common vision of what comprises a “good job”. Good jobs are the foundation of an equitable economy that lifts up workers and families and makes businesses more competitive globally. The Northern Kentucky Area Development District’s Workforce Division fully supports advancing “good jobs” in our region and is eager to work alongside employers that demonstrate a “commitment to job quality.” PAGE 28

There are eight principles that must be considered as the “framework for a good job”: • Recruitment and Hiring • Benefits • Diversity, Equity, Inclusion, and Accessibility (DEIA) • Empowerment and Representation • Job Security and Working Conditions • Organizational Culture • Pay • Skills and Career Advancement If you are an employer that would like to engage with this initiative, contact Correy Eimer, Associate Director of Workforce Development, NKY Area Development District, at (859) 488-1854 or correy.eimer@nkadd.org. NK Y NORTHERN KENTUCKY BUSINESS JOURNAL

WE BUILD SOMETHING BETTER WITH YOU.

At Central Bank, we live, work and play in the same communities you do. You’re our neighbor, friend, business partner down the street. We know and understand you because we build relationships with you – every day. That’s why we continue to add experienced local professionals to our growing team of experts, because for us, “highly personal banking” is more effective banking. We start with you.

Florence • Fort Mitchell • Crestview Hills • Union centralbank.com

Member FDIC

ASK THE EXPERTS

Preparing for the End of the Year Get your small business ready for the coming tax season with these cost-effective tips By Tabari McCoy, Scooter Media TO HELP PROVIDE SOME INSIGHT ON PREPARING TO SAY goodbye to 2023, we asked experts with some of the region’s top accounting firms to share their end-of-year tips. Here’s what they had to say: WILLIAM E. HESCH, ESQ. CPA, PFS and Owner William E. Hesch Law Firm LLC 3047 Madison Road, Suite 205 Cincinnati, OH 45209 (513) 731-6601 heschlaw.com

“Business owners need to know what percentage of their income is being taxed and whether they should be an S corporation for tax purposes instead of a partnership or sole proprietorship. Most business owners owe federal income taxes at 12 to 22%, Social Security and Medicare taxes at 15.3%, Kentucky income taxes at 5% and City and County income taxes at 1 to 2%. If an S Corporation is used to save Social Security taxes, the business owners should put their tax savings into an IRA annually to offset the reduction of their social security benefit.” “Everyone should try to have a health savings account (HSA) if they qualify with a high deductible health insurance plan coverage for themselves or their family. That is the best tax shelter, even better than a 401k or IRA. You get a tax deduction on the money that you put into the HSA and the money accumulates tax-free like an IRA. However, when you draw the money out to pay for medical bills, you pay no tax on the distribution from the HSA.” “Employers should be providing benefits to their employees on a pre-tax basis which includes paying or reimbursing for medical insurance premiums and out-of-pocket medical costs as well as employee business expenses using an accountable expense reimbursement plan.” PAGE 30

SUSAN McCLURE CPA and President MLA Companies/Alinea CPAs 7310 Turfway Road, Suite 550 Florence, KY 41042 (859) 653-8934 mlacompanies.com alineacpa.com

“Reconcile to source documents because as a business owner you are responsible for your business income and expenses on your tax return. Keep good records. Have records of your gross receipts from sales of goods and services. Keep documentation of your business expenses.” “Businesses with up to 50 employees can now claim a tax credit for 100% of the cost of starting a retirement plan, up to $5,000. You can also claim a credit for up to $1,000 in employer contributions to each employee's plan.” “Small businesses with a trade or business that represent research and development costs in the experimental or laboratory sense such as pilot model, process, formula, invention, technique, patent or similar property may receive a R&D credit to be used against their income tax liability.”

KEVIN MOSER CPA and Managing Member Anneken, Huey & Moser, PLCC 201 Martha Layne Collins Blvd. Highland Heights, KY 41076 (859) 441-2020 ahm-cpa.com

“If you have a corporation and are employed by the corporation, your business can reimburse you for the cost of maintaining the home office. The reimbursement is not income to you but is deductible by your corporation. Make sure you follow all the rules and have required documentation.” “If you are the only employee of your business, you can establish a solo 401k and can set aside as much as $66,000 ($73,500 if over age 50). These amounts are tax deductible but are not included in your current year income.” “A SUV or crossover vehicle with a gross vehicle weight over 6,000 pounds can be eligible for bonus depreciation of 80% of the total cost in 2023 even if the vehicle is financed. Business usage and documentation requirements must be followed.”

NORTHERN KENTUCKY BUSINESS JOURNAL

ADVOCACY

Small Business Legislative Initiatives ALEX WEIDNER CPA, CFE and President Rudler, PSC 809 Wright’s Summit Pkwy, Suite 200 Fort Wright, KY 41011 (859) 331-1717 rudler.cpa

“Take advantage of the Kentucky Elective Pass-Through Entity Tax (PTE). For tax years beginning on or after January 1, 2022, an authorized person for a PTE can elect to have the Kentucky personal income tax imposed on the entity. The election for tax years beginning during 2022 can be made after March 31, 2023, and before August 31, 2024. The PTE’s owners are entitled to a refundable credit for Kentucky income tax paid by the PTE equal to 100% of the entity owner's proportionate share of the tax paid by the PTE for the tax year. The entity owner can apply the credit against their Kentucky personal income tax liability based on their proportionate share of income from the PTE.” “Many businesses are family-run and operated and there are advantages to hiring family members. For example, if you're employing your children, those under the age of 18 are not subject to Social Security and Medicare taxes on their wages if the business is a sole proprietorship or a partnership in which each partner(s) is a parent of the child. Additionally, the payments for wages to a child under age 21 are not subject to the Federal Unemployment Tax Act (FUTA). If you run your business with a spouse, there are quite a few considerations to make around how you file, either as a sole proprietor or a joint venture as a partnership, and around how employment taxes are filed.” NK Y

SMALL BUSINESS | VOLUME 43 NUMBER 2

SMALL BUSINESSES ARE THE LIFEBLOOD OF ANY THRIVING community and economy, acting as crucial engines for job creation and innovation. In regions like Northern Kentucky, they contribute to the local tax base, enrich community culture, and foster entrepreneurial spirit. However, small businesses often operate on slim margins and can be vulnerable to market fluctuations, regulatory burdens, and cash flow challenges. Legislation that supports small businesses is therefore critical to their survival and prosperity. Pro-small business legislative initiatives at the national level and within Kentucky aim to bolster these crucial enterprises. Here are a few recent measures.

PROMPT PAY PLEDGE INITIATIVE Launched by the U.S. Chamber in May this year, the Prompt Pledge Initiative is designed to support small businesses by encouraging large corporations and government agencies to expedite payments for goods and services. The initiative aims to ease cash flow issues that small businesses often face, especially those that operate on thin margins or are particularly vulnerable to delayed payments.

STATE REGULATORY RELIEF, HOUSE BILL 264 In 2023, the Kentucky General Assembly established a universal regulatory sandbox that offers flexibility to all innovations, regardless of industry. It enables businesses to work with regulators to trial new products, services, and business models while bypassing regulations that are inapplicable to their innovative ideas. The sandbox benefits both new and existing businesses. By providing businesses—both big and small, old and new—the opportunity to innovate in all industries.

STATE AND LOCAL TAX PARITY Another piece of legislation coming out of the 2023 Kentucky General Assembly established an optional passthrough entity tax. This measure allows small business owners to optimize the state and local tax deduction on their federal income tax returns. With lower federal tax liabilities, businesses may have more available cash flow for reinvestment or operational expenses.

KENTUCKY SMALL BUSINESS TAX CREDIT PROGRAM Designed to encourage small business growth and job creation in the state of Kentucky, the program provides financial incentives to eligible small businesses in the form of tax credits. The program's main objectives are job creation, capital investment, and economic investment. Visit www.ced.ky.gov/ Entrepreneurship/KSBTC for more information. The NKY Chamber plays a crucial role in advocating for small businesses in the region. Through its dedicated public affairs and policy development initiatives, the NKY Chamber actively engages with governmental bodies to influence legislation favorable to small businesses. To learn more about the advocacy efforts of the NKY Chamber, visit www.nkychamber.com/advocacy.

PAGE 31

presented by

ANNUAL DINNER AWARD RECIPIENTS Walter R. Dunlevy/Frontiersman

Walter L. Pieschel (MVP)