Issuu

th e deal review

MISSION ACCOMPLISHED page 8

An offer the MJ VanDamme owners could not refuse

GRIT & GRACE page 12

A Decade of Determination: Growth, Struggle & Success

page 16

Angeal Boone, Owner of Boone & Associates, P.C.

LEARNING FROM A PRO

t e r 20

The Firm Deal Review

Inspiring Women in Business by Cortney Sells president/editor

ately, I have seen many women-owned businesses come across my desk, and even more women buyers. This exciting trend is not limited to businesses that are often considered to be “women’s work.” (e.g. pet daycares, florists, clothing retailers, etc.). I have seen inspiring stories of women who have overcome stiff odds and found success in fields that were once thought to be a “boys only club.”

This issue focuses on some of these amazing stories. Missy Delmont, who took over her father’s small trucking company and made it a roaring success. PhoxZee Elliot, who took control of her own destiny to find success in concrete directional drilling. Kirsten O’Driscoll, who worked day and night to make her auto parts distributor great. Even our “Ask the Professional” column highlights the knowledge of Angeal Boone with a growing CPA firm.

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These women have overcome enormous obstacles through hard work, perseverance, and sheer willpower. And now they are thriving instead of just surviving. I feel personally blessed to have known these women and help guide them on their journey. I am excited to see more and more women buying their own businesses. Business ownership is a wonderful thing because it provides a person with freedom and control over their careers and their lives. I hope these women and their stories will continue to inspire the next generation of female entrepreneurs, the same way they inspire me.

Editor | Cortney Sells Assistant Editor | Makayla Kalagias Designer | Corrie Hayes

Advertising Inquiries: 402-884-2000

Contributing Writers | Anne Boonstra,

Published by Omaha Magazine

Hjermstad, Rachael Rand

Jared Olson, Makayla Kalagias, Nina

4 6 7 811 12 16 18 20 22

Winter 2020

The Gift of Freedom & Time How one sale opened the doors to greater family ties and fun new projects.

Deal Review Magazine

Cortney Sells | President Anne Boonstra | Portfolio Associate Anya Roberts | Seller Liason Cadence Hollers | Outreach Coordinator

Post-Sale Prosperity Angela Ye spent the last two decades building and selling both her father’s and her husband’s business – now it’s her turn.

Programs for Women in Business Certifications that could help your business boom!

Mission Accomplished An offer the MJ VanDamme owners could not refuse.

Business Opportunities to Consider Grit & Grace A decade of determination: growth, struggle & success.

Learning from a Pro Angeal Boone, owner of Boone & Associates, P.C.

From Land-Locked Business Owner to Ocean-Based Retiree

The move from Ohio-based business owner to Florida-based beach bum.

Real Estate Guru to Health Services Buyer Adding a new career path while focusing on further growth opportunities.

Silver Linings from COVID-19 Succeeding in a “Corona Economy.”

The Firm Deal Review

Post-sale: The Elliott family bought a new RV to enjoy their newfound freedom

The Gift of Freedom & Time How one sale opened the doors to greater family ties and fun new projects

or PhoxZee Elliott and her husband, Darren, selling their business meant two things: freedom and time. “We were at a time in our life – we realized we wanted to be able to spend time with our daughters (now ages 10 and 12) – getting a little bit more freedom and a little bit less stress. We needed to focus on what matters. I’m so glad we were at a place to be able to sell the company. I think it’s pretty neat

how Cortney connected with us right at that time in our lives. We were in one of those zones where we said, ‘If we could do something different, not so demanding, we would do it.’” PhoxZee and Darren made their business, Red Concrete, Inc., an enormous success, in part because they focused on sustainable growth. “We’ve always grown our business within our means. We bought things

by Anne Boonstra with cash. We looked for a good deal rather than buying new. We valued the people who worked for us and with us. Everyone was part of our team.”

Winter 2020

PhoxZee’s business sale was complicated by the COVID-19 pandemic, but they successfully closed the sale in April of this year. Since then, PhoxZee and Darren

Since the sale, PhoxZee and Darwith family since the sale of Red ren have been able to pursue other Concrete. PhoxZee believes the goals. They’re planning on remodel- timing of the sale was a miracle for ing their home and revamping their their family. “We have faith in God. I life for whatever comes next. Phoxfelt like He was preparing us for this. Zee was been able to get more inI felt like He helps us and had other volved in her seventh-grade daugh- things in place.” She realized all of ter’s school, and they the stress that comes with selling both were able to get was worth it in the end. They took more involved in minisa leap of faith and stepped outside try and giving back to of their comfort zone, hiring an M&A the comfirm from Location | Gilbert, Arizona munity, “You have to let go – you Omaha, not something Cash Flow | $451,069 have to step back and let knowing they’ve what was that person [the buyer] take always going to Services | Structural & On-Site wanted happen. Concrete the reins.” to do but - PhoxZee Elliot | Seller didn’t have Her advice Client Base | 90% commercial, 10% time befor business residential fore. They even bought owners: “Work smarter, not harder. an RV for family vacaGrow a little slower. Fine tune the Reason for Sale | Focus on Family tions. processes.” She added that the first few years of owning a business PhoxZee learned a lot are very difficult, but you “just keep have been able to slow from owning Red Concrete and pushing through.” Most importantly, down, organize their life, wants to use that knowledge to go though, “You never know what toand do the things they into another type of business that morrow holds. You’re never guarlove that they want to isn’t as demanding. She recently anteed tomorrow – our choices to spend time doing. obtained her real estate license, with spend the time with people we love a few ideas of owning some storage is the most important.” PhoxZee and Darren facilities, or opening up properties to built Red Concrete from help battered women get into the ground up, so letting go was a for a period of time until they challenge in itself. “You have to let can get back on their feet. go – you have to step back and let “Knowing right now that we’re that person take the reins. It’s hard not pressured to do anything to let go of something you’ve put so yet – we have time to listen much time and effort into.” PhoxZee and wait – we’re in a good said she was a bit surprised that the place.” new owner didn’t ask for more help “Knowing right now that we’re – then she realized not pressured to do anything how proud she was yet – we have time to listen that they had the processes of the and wait.” business so well in - PhoxZee Elliot | Seller place that a new owner could “pick it up and run with it.” PhoxZee and Darren are incredibly grateful for their time

Deal Points

The Firm Deal Review

Post-Sale Prosperity Angela Ye - Now it’s her turn! by Anne Boonstra

ngela Ye describes herself as a very business-driven person. She attributes this to her extremely entrepreneurial family background. Starting in 2000, she worked for 18 years for her dad’s company, K-Max Health Products Corporation in Asia. She started as Assistant to the President, transitioned to Director of Purchasing, and then became Vice President of the company in 2004. She held that position in the Shanghai office from 2004-2008, at which time she moved back to California and assumed the position of CEO/ President for the U.S. headquarters until successfully selling the company in 2018. While working as CEO of K-Max, Angela also assisted her husband, Raymond, in opening and operat-

ing an emergency animal hospital in Redlands, California, in 2014. Raymond took care of the animals, and Angela managed the business. That same year, Angela’s second child was born. The animal hospital opened on weeknights and 24 hours on weekends.

ended up selling to a company in Texas that Angela felt had “the right chemistry.” After selling the business, Raymond finally got more time with the kids, and he has been able to form a closer bond with his son.

After the sales of K-Max and Redlands Emergency Vet, Angela launched a new business called Vita-Core Health Corporation, focused on producing dietary supplements and PPE protections. The grew so rapidly that they recently moved the PPE portion to an Working two jobs with those hours 18,000-square feet facility. This is took a toll on their family, and Ange- familiar territory for Angela, with her la and Raymond knew it was time manufacturing background, and Vito sell. ta-Core now produc“We should always have es 100 million masks Angela signed per year, all here in our own dreams – with The Firm the United States! and, withLooking back, Angewe can still have a family, in 30 days, knows that selling husband, kids – and we laRedlands Redlands had was the six offers on right decision. She can still make our dream the table, all is happy to see that come true.” asking price the new owners have or over! They - Angela Ye | Seller maintained their mo-

Winter 2020

mentum and continue to grow the practice. “It’s like having a kid, and under your influence, they do really well – and then continues to do well as they grow up after closing.”

“It’s like having a kid, and under your influence, they do really well – and then continues to do well as they grow up after closing.” - Angela Ye | Seller Angela recently completed her application for WBE certification and hopes Vita-Core will soon

be able to work with the government sector, and national retailers. Raymond is opening up a new hospital with more family-friendly hours, and Angela will (only) be doing the bookkeeping.

You can check out Angela’s company website at www.vitacoreusa. com.

“I’m going to focus on my career right now – it’s a good time for me to continue to reach my goal and achieve my dream. We should always have our own dreams – we can still have a family, husband, kids – and we can still make our dream come true.”

Programs for Women in Business by Rachael Rand

WBE Certification

Woman-Owned Business Enterprise (WBE) Certification is a designation used by U.S. industry and government associations to set aside special programs to encourage and empower women in business in America. This is only available to businesses in which majority interest is owned by women who are active in the day-to-day operations. Many federal, state, and local governments allocate money to these programs, so check with your state and local government.

WBENC Certification

company that is actively managed by a woman with more than 51% ownership may also be able to obtain certification through the Women’s Business Enterprise National Council (WBENC).

They advocate for women and provide a certification for them to use. Many federal programs accept a WBENC certification as proof of ability to get U.S. government contracts. The cost of certification ranges from $350 for companies with under $1 million in revenue and caps out at $1,250.

Women’s Presidents Organization

omen in business may also benefit from membership in the Women’s Presidents’ Organization (WPO). The WPO’s mission is to “accelerate business growth, enhance competitiveness, and promote economic security to confidential and collaborative peer-learning groups. The WPO shows businesswomen that they are not alone and teaches women how to take their business to the next level.

The Firm Deal Review

Mission Accomplished

An offer the MJ VanDamme owners could not refuse by Dwain Hebda

uring the course of their decades-long marriage, Jim and Missy Delmont have always been a formidable team. The husband-wife duo owned and operated businesses in the construction field throughout their relationship, demonstrating a savvy blend of technical expertise, business acumen and a taste for hard work and hustle. So, when they made the decision in 2007 to join an established business, it had to be under remarkable circumstances.

The couple gave the company a “Missy and I have always been in business for ourselves; we’ve been in much-needed boost of energy & expertise and M.J. VanDamme, a Michiconstruction and housing and other things,” Jim regan-based construction called. “When the The Delmonts also grew firm specializing in niche recession hit, we the workforce from 14 industries, such as mining, farming and civil construclooked around for employees to over 150; tion, thrived because of something else to they provided jobs and it. Together, the Delmonts do. Missy’s father had this busigrew the company into incomes for families ness and he was throughout their service four locations and over experiencing some $20 million in annual sales area. in each of the past three health issues, so we decided we years. would come help him out.”

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“I always tell people, building a business is about relationships,” Jim said. “We hustled and we went out and shook the bushes and formed relationships, working hard to build the business. Now we’re at a point where the work is coming in bigger chunks. A big job for us used to be $150,000; now we’re getting opportunities to bid $4-$5 million jobs.” Along with sales dollars, the Delmonts also grew the workforce inherited from Missy’s father from 14 employees to around 150, providing jobs and incomes for families throughout their service area.

have three daughters, ages 20, 18 and 12, and I think the biggest thing was if I got sick or passed away or couldn’t function in the business, I didn’t want to leave Missy and the girls with a big monster, if you will.

Deal Points Price | $18,700,000 Location | Gwinn, Michigan Timing | Accepted Offer to Closing: 45 days Owners | 2: 51% Melissa Delmont, 49% Jim Delmont

“So, we were looking to take some chips off the table # of Offers | 10 total from independent and reduce the buyers, private equity financial risk. We groups, and family offices decided to go out early and see what Website | mjvandammeinc.com the market had out there. We figured it might take a few years and would side clients about what they need, require the right people to do that.” what they are looking for, how many

“We’re probably the fourth or fifth largest employer in our county and our county is the largest in the state of Michigan,” Jim said. “We’ve always run this company employees, et cetera. Once we idenlike a family The couple retained tify those benchmarks, our strategic “My wife and I are the a brokerage to start business. We division will reach out to businessdon’t want shareholders in this, and shopping the comes that meet those 7-10 buy-side [employees] pany, which yielded I didn’t want to leave her nothing! Then, about parameters. M.J. VanDamme came to miss the fruition because of that strategic with a big headache if a year later, the phone to school prosearch criteria.” grams and something happened to rang and on the other the baseball end was a represenGiven the Delmonts’ first experience me.” games; we tative of The Firm in with an M&A firm, they were naturally - Jim Delmont want them to Omaha, Nebraska. skeptical of a company in Nebraska have the flexibility to being able to serve them adequately. do that. We raised kids while building “They reached out to us and Sells was so a business and we didn’t miss any they said they have buyers Sells was so confident she confident she of that and so we don’t expect our looking for our type of sucmade them an offer they made them employees to, either.” cessful business in the upan offer they couldn’t refuse. per Midwest,” Jim said with couldn’t refuse. Even with all their success, and as a grin. “I still don’t know for much as he loved the interaction with sure how they found us, but that’s “Most M&A firms want to sign you his crews and customers, the sched- how the whole initial program started. up for a year,” she said. “I told Jim, ule could be grueling, and it led Jim I said, ‘We’re probably interested in we only want to do three months and Missy to have serious conversatalking to you,’ and our relationship because we are that confident in our tions about their future. began.” buyer portfolio and our deal team.” “My wife and I are the shareholders in this, and I didn’t want to leave her with a big headache if something happened to me,” Jim said. “We

“That call was initiated as a strategic search on behalf of one of our buyers,” said Cortney Sells, CEO of The Firm. “We regularly talk with our buy-

The Firm team got right down to business, completing a comprehensive valuation and assessment of

The Firm Deal Review

big thing that sets them apart from anybody else. They’re also very honest people who give a lot of attention to detail. That’s how we run our business, too.”

M.J. VanDamme’s assets and financial performance. More than that, they listened to what the current owners wanted to see in a buyer. “We give back a lot to the community,” Jim said. “We’re a pretty tightknit company that is involved in a lot of extracurricular events, and when we were looking for a buyer, we were looking for someone who had the same culture.”

The Firm’s professionals also provided guidance for the Delmonts once the offers started coming in to help ensure they got the best deal possible. “We told Jim even though we came to you with this one buyer, you don’t want to put all your eggs in one basket,” Sells said. “When you get several buyers and several offers, the seller doesn’t feel like they got stuck with an offer. That’s why we tell them don’t take your first offer, let us work harder and let’s get you at least three LOI’s [letters of intent] before we select the buyer.”

anything was not being given its due attention. “The Firm’s sense of urgency is something like I’ve never seen. They are on it. They’re on top of it,” Jim said. “They are very to the point, very direct. Our weekly scheduled deal calls were less than an hour and they had an agenda for every call; very well-organized, very procedurally based. They answer their phone and text messages any time of the day.” Perhaps the most remarkable thing about the deal, which went to Arizona-based Eberhart Capital, was that due to disruptions from the coronavirus pandemic, almost everything had to be done virtually. But that didn’t stop any element of the process, including Jim and Missy’s salute to The Firm shortly after closing.

“The day of closing was on a Friday,” “We also wanted someone to take Jim said. “When the money came over who was not only sound finaninto The Firm’s trust account, cially, but who could take “Honestly, I couldn’t believe the number of Cortney called me and said they our $25 million company buyers that they had in their pool, ready to would be wiring it out to us at the and make it a $50 million next opportunity. My wife and I company. We wanted the spend money. Frankly, that buyer pool is went out on our pontoon, had a kind of buyer who would run one big thing that sets them apart from few drinks and I sent some picthis business in such a way tures of us toasting them. anybody else. They’re also very honest that you could go into the grocery store and people people who give a lot of attention to detail. “She responded within a half would still speak highly That’s how we run our business, too.” hour with her team at a local about you. That was really tavern, having a few celebratory The Delmonts important to us.” drinks themselves and toasting Jim and Missy ultimately had their our deal from Nebraska the same as True to her word, Sells and her team pick of 10 offers and negotiated to we were doing in the Upper Peninsuof professionals produced results be retained, as the president, for la. It was a neat moment!” short of 45 days after being retained, a period after the sale to continue thanks to The Firm’s proprietary providing leaddatabase of more than 36,000 ership. It took qualified buyers, along with proprietary IP tools which quickly matched just 45 days from receiving the right motivated buyers with this the winning offer prospective deal. to closing the “Honestly, I couldn’t believe the num- deal. Despite this accelerated ber of buyers that they had in their pace, Jim said pool, ready to spend money,” Jim he never felt like said. “Frankly, that buyer pool is one

Winter 2020

Available Opportunities: CommerCial Solar DeSign & inStallation $8,750,000 USD Cash Flow | $2,548,004 Location | Missouri Status | Available This company has installed over 100,000 solar modules across the Midwest, with an average profit margin of 31%. They have a backlog of $4M currently. The seller will stay on up to three years, allowing for a long transition period.

mUniCiPal Painting with $73m in BaCklog $19,380,000 USD Cash Flow | $5,133,447 Location | New York Status | Under Non-Exclusive Contract Clients are 80% recurring and consist of prime contractors working on infrastructure and municipal projects. There is $71M in committed contracts for the new owner to absorb.

faBriCation & inStall of CommerCial millwork & CaBinetry $2,130,000 USD Cash Flow | $1,200,150 Location | Oregon Status | Under Non-Exclusive Contract Services focus on multi-media advertising, media buying, print, and film/video production. They work with large brand-name companies and local businesses alike, allowing for a diverse client base.

CanaDian meChaniCal aDviSory for fooD ProCeSSing & manUfaCtUring $12,250,000 CaD Cash Flow | $2,284,143 Location | Vancouver Status | New to Market All labor is subcontracted out! They have an extensive referral base in the niche refrigeration industry, which would of course be passed on to the next owner.

toronto arChiteCtUre firm: niChe in ClUBhoUSeS, golf CoUrSeS & SPaS $5,600,000 CaD Cash Flow | $1,350,038 Location | Ontario Status | Available This is not your typical high-rise architecture firm! They currently have $3M in active contracts, with another $10M signed and ready to start. The team of professionals are known coast to coast in Canada for their renowned golf courses.

CommerCial hvaC & Sheet metal faBriCation $1,800,000 USD Cash Flow | $405,077 Location | Kansas Status | Available Clients include schools, manufacturing, facilities, hospitals, and municipalities. There are over 40 employees on staff, including office staff, shop hands, service techs, and field crews. They have been serving the Kansas City Metro for 50+ years.

exeCUtive reCrUitment for Bio & life SCienCeS $2,050,000 USD Cash Flow | $1,350,038 Location | Pennsylvania Status | New to Market This company focuses on biotech, pharmaceutical, and diagnostics recruiting and placement. All employees work remotely, allowing for low overhead.

northweSt Creative agenCy with nationally reCognizeD ClientS $2,800,000 USD Cash Flow | $516,732 Location | Utah Status | Available Though this company is based in Salt Lake City, they hold additional licenses in California, Idaho, New Mexico, and Hawaii, providing them with a huge competitive edge! The owner started the business 25 years ago and is simply look for a retirement plan. He will stay on board for a three-year transition period.

The Firm Deal Review

GRIT & GRACE

v e r y th i n g y o u se e i n T h e F i r m ’s sp a c i o u s h e ad q u arters te l l s a sto r y o f s ucces s b u i l t o n g r i t , h u s tle a n d u n y i e l d i n g f aith in th e p o w e r o f t eamwo r k . Exc e l l e n c e is a way o f l i fe , a n d n o d etail is to o sm a l l , r i g h t d own to th e wa y th e p h one m u st b e a n s w ered. Over the p a st d e c a d e , The F irm h a s g ro wn i n t o t he h igh e st p ro d u c i ng M erger a n d Ac q u i si t ions (M & A) c o m p a ny o n t he con ti n e n t. To d a t e , The F irm h a s so l d 2 9 6 b u s in es se s a n d th e i r t op - tier p o r tfo l i o h a s grown to m o re th a n 1 6 0 curren t o p p o r tu n i ti es f or s ale fro m Be l l e v u e, N ebr a sk a , to S o f i a , B ulgaria . Asse ts u n de r m anage m e n t to ta l $ 3 7 6 surface on how good ha v e ‘ H e re ’s o ur g o a l, ’ m illion s p re a d a c ro s s 2 1 w e w i l l b e c o m e . T he a nd the n ‘ H e re ’s o ur indus trie s w i th a p ro p r i o n l y c o m p e t i t i o n tha t w e Fir m-C r a z y g o a l. ’ ” etary buy e r ’s i n d e x o f s t r i v e t o b e a t e v er y da y m ore th a n 3 6 , 0 0 0 q u a l i is ourselves.” B H A G s a re impo r ta nt f ied an d m o fo r the a bilit ivated b u y ty to inspire “We even use this ideology with our clients,” Sells s i d e par ti e s. the sta ff to stated. “Swans always present themselves as calm, A nd, mo st re a c h thing s cool, and collected on top of the water, while they are w e ll be y o nd imp orta n tl y, each ne w d a y the ir g r a sp, feverishly paddling their tails off underneath. That clos es w i th sur pa ssing is what we offer to our clients. My Swans and I will t he p rom i se industr y g o a ls outwork any other organization.” of an ev e n pre v io us- Cortney Sells b etter to m o rly tho ug ht ro w. impo ssible by “ I d on’t j u st w a n t o ur T h e re i s n o i d e a or g o a l the S w a ns a nd a s w e ll s tory to l o o k b a c k wa rd t o o b i g f o r T h e F i r m to a s the sta nda rd tho ug ht on wh at we ’ v e d o n e , ” r u n a t ; i n f a c t , t h e mo re in the M&A industr y. s a id C o r tn e y Se l l s, o u t r a g e o u s t h e b e tte r. com p any fo u n d e r a n d S e ll a n a v e r a g e “ We c a l l t h e m o u r CEO. “ I a l so w a n t i t t o o f o ne busine ss a B H A G s ( b e - h a g s ) , ” S e lls b e ab out w h a t’s n o w w e e k fo r a n e ntire y e a r ? s a i d p ro u d l y. “ O ur B ig and wh a t’s n e xt. We ’ v e C he c k. H a i r y A u d a c i o u s G o a ls. only jus t sc r a tc h e d t h e Yo u k n o w, w e a l w a y s

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E sta blis h the first w o ma n-owned compa ny to w in Brokerage of the Ye a r a w arded by the Inte r na tio nal Business B ro ke r a g e Association? A c c o mplished.

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A nd then become the fir st back-toba c k w inne r that globa l a w a rd in history? A c hie v e d. B H A G S a re so essential to T he Fir m’s collective me nta lity that everyone he re ha s a story of their fa v o r ite o ne . “We sa t a ro und the table in 2 0 1 8 and asked o ur se lv e s, “Can we hit a t le a st a mi llion transa c tio n do lla rs every

Winter 2020

A Decade of Determination: Growth, Struggle & Success “ I h a d my o ne e m p l o y e e a nd w e w o r ke d o ut o f m y i t ty bitty 8 0 0 - s q ua re f o o t p rema nuf a c t u re d tr a ile r h o m e , ” S e lls e x p l a i n s . “I re m e m be r I u s e d t o dr iv e a ro u n d my f a v o r i t e ne ig hb o r h o o d in O m a h a —We st S h o re s . I w a s s t r a t e g i z ing a n d d e v e lo ping m y b u s ine ss p l a n a s I w o uld d r i v e a ro und a nd lo o k a t the se Midwest grit meets big sophisticated ho use s. grace A nd I’ d t hink, O K, s o m e d ay I’ m w eek fo r a n e n ti re y e a r ? ” g o i n g t o m a k e i t . S o me S itting th e re l a st y e a r d a y I ’ m g o i n g t o l iv e it was ki n d o f a j o k e, h e re . ” our BHA G , b u t w e g o t clos e to i t, ” sa i d Ra c h a e l “ A n d t h e n I w o u l d r un R an d , Se n i o r Cl i e n t A d o u t o f g a s . I n f a c t, I r a n vis or. “ We th o u g h t, w e l l , o u t o f g a s t h e re f o ur t hat’s p ro b a b l y n o t g o i n g t i m e s . L e t m e t e l l y o u, t o b e a BHAG g o i n g f o rc a r r y i n g m y g a s c a n o ut w ard. Th e n c o m e s 2 0 1 9 ; t h e re w a s a d o s e o f re a lwe put our heads down, i t y, ” S e l l s l a u g h s as she p u s hed fo r w a rd a n d re c a l l s t h e m e m o r y. d id it. We c r u sh e d tha t B H AG!” “ I n 2 0 1 4 w h e n I f i r st There w a s a ti m e w h e n m erely p a y i n g re n t a n d m akin g p a y ro l l w a s as m u ch B HAG a s the com p any c o u l d h a n dl e . S ells reme m b e r s we l l The F irm’s h u m b l e b e g i n n ings .

s t a r t e d w i t h T h e Fir m, w e w e re i n a f i v e -pe rs o n o ff i c e , ” re m e mbe r s R a n d . “ O u r b u d g et w a s n o t h i n g ; w e c o u l d no t a ff o rd m a n y o ff i c e supp l i e s . We w o u l d t a ke t u r n s b r i n g i n g t h e ha nd t o w e l s f ro m t h e ba thro o m h o m e o n t h e w e e k-

e nds to w a sh the m a nd br ing the m ba c k to the o ffic e to sa v e mo ne y o n pa pe r to w e ls, a s pa pe r to w e ls w o uld ha v e be e n a luxur y. Ke ur ig ? Wha t’s a Ke ur ig ? We ha d a big c o ffe e po t a nd c o uld o nly tur n it o n if w e ha d c lie nts c o ming . ” S o me ho w, the mo de st c o nditio ns didn’t dissua de the sta ff fro m the big v isio n S e lls ha d c a st; e v e r y o ne just dug in ha rde r. V ista g e e xe c utiv e bo a rd c ha ir ma n a nd lo ng time c o lle a g ue R ic k Fa be r, w ho ha s fo r ma lly c o a c he d S e lls fo r se v e n y e a r s, sa id, “S uc h c o mmitme nt to the c o r po r a te missio n is a r a re c o mmo dity. ”

by Dwain Hebda just w o rds…it’s a way of life . ” E a r ly o n, S ells adopted a philo so phy of hiring the be st pe rson she c o uld find, building a job a ro und the ir unique skills a nd the n pushing them fo r da ily improvement. “We do n’t h ire positions, w e hire pe o ple.”

“A t the v e r y beginning, the re w e re a lot of times w e didn’t know exactly w ha t w e w e re doing,” sa id C a ssa ndra Powers, C hie f O pe r ations Officer. “B ut w e w e re going to do the be st that we could, a nd w e w e re going to fig ure o ut a way to make it ha ppe n. No matter w ha t w a s thrown our w a y, w e c o ntinued moving fo r w a rd to beat the “T ha t g r it, tha t she e r odds to get de te r mina tio n “That grit, that sheer our clients to closing to w in a t determination to win at the table.” T he Fir m, The Firm, it means everyit me a ns Such chaleverything to this team.” lenges rething - Rick Faber main intact. to this Ten years te a m, ” he a g o , the c rew was not sa id. “I ne v e r he a rd o ut o nly the ne w kids on the o f C o r tne y ’s mo uth tha t blo c k but a l so, in Sells’ the y fe lt the y c o uldn’t w o rds, “tha t all-chick c o mpe te w ith big g e r fir m fro m N ebraska,” pla y e r s in the na tio na l fig hting to be taken serima r ke t. T he g ro up C o r to usly. ne y ha s de v e lo pe d ha v e ne v e r be ha v e d like the y w e re the unde rdo g , e v e r. “I re a c he d out to a local T he y fe lt the y w e re e qua l IT c o mpa ny and asked to the ir c o mpe titio n e v e n if w e c o uld perform a v a lua tio n, ” said Rene w he n e nte r ing w ha t is R a de ma c he r, Senior Adkno w n a s a “B o y s C lub” v iso r. “Inste ad, he said, industr y. E mbo ssing tha t ‘ N o , I’ m a c t ually interthe y w e re ‘ B o ldly Diffe re ste d in purchasing a e nt, ’ ( o ne o f the c o mpa busine ss. ’ He then came ny ’s c o re v a lue s) is no t

The Firm Deal Review

The Original Swans i n an d experienced our proce ss, only t o lat er a dmit that he want ed to s e e how a buyer is treate d in our organizat ion. “ I th ink he doubt ed that w e c ould do a t ransacti on like his. However, a fter a show-st opping e x perie nce compared to our compet it ors, he a s k ed us t o represent h i m in the sale of his bus ine ss. Three months l a ter, it sold for several m illion d ollars. I t is n ow comparat iv ely e a sie r to leverage The F i rm’s tr ack record of s u cc es s t o get t heir fo ot i n th e do or t o select th e elite client s of t heir c h oosin g . “ Th ere ’s definit ely an extre m e amount of collaboration, get t ing different pers pect ives from differe n t Swans in t he compan y, regardless of ho w l ong you’ ve been with u s or what posit ion yo u h old,” said Makayla Kal a gia s, Brokerage Principal. “We can have somebody start on Monday a n d the y are going t o be s i ttin g in our t eam meeti n g Tue sday mor ning,

with their vo ice being respected and he ard .” “We o nly hire peo p le prepared to be ch alleng ed,” Powers e xplains. “Whenever I interview anyo ne, I t ell them no day is ev er the same when we’re navig ating emotio nally-charged client s throug h the most int ense stage o f their career. The Firm is definitely a role that will fo rce you t o grow.”

ow ner s just b y vir tue of W it h t his f resh t ake on w hat w e d o. And s he is values and comp any a sp onge; s he ge ts on mor als, The Fir m also a call w it h a c lie nt a nd relies heavily on w hat ab sor b s t he s uc c e s s ful t hey call t heir “ S w an p r act ices of tha t b us iId eology,” w hich is how ness ow ner a nd the n t hey land ed on t heir sigap p lies t hem a t The Fir m nat ure logo. “ We even f or our grea te r good .” use t his id eology w it h our client s,” S ells ex“ A nd somet h ing e ls e s he p lained . “ S w ans alw ays has mast ere d is the a b ilp resent t hemselves as it y t o b e agi le . I f s om e calm, cool, and collect t hing is w ro ng on Tue s ed on t op of t he w at er, d ay, w e are no longe r w hile t hey are f ever ishd oing it on We d ne s d a y, ly p ad d ling t heir t ails no mat t er wha t it is .” off und er neat h. That is w hat w e off er t o our cliSuc c e s s ent s. My “Regardless of how long you’ve re pS w ans and I w ill been with us or what position you re s e nts out w or k hold…We can have somebody start s om e thing any ot hon Monday and they are going to d iffe re nt er M& A be sitting in on our team meeting to e vor ganiTuesday morning, with their voice e r yone . zat ion.” Som e being respected and heard.” ta k e the It w ould - Makayla Kalagias va lid a b e easy tion of f or lead success as the p a yoff er ship t o coast and lean on t he comp any’s syst em of hard w or k ins p ire d b y humb le u p b r ingings . f or f ut ure success. Inst ead , t here’s a const ant O t her s w and e r a c a d e m ically or p rofe s s iona lly search f or new w ays t o b ef ore f ind ing fina nc ia l imp rove. and p er sona l fulfillm e nt. “ There are a coup le of B ut ever yon e he re c re d great t hings ab out t he it s The Fir m for the ir w ay C or t ney lead s,” grow t h and find ing the ir R and said . “ N umb er t r ue calling in life . one, w e’re around a lot of seasoned b usiness

W hen reflecting o n t he company’s inter na l success, the ladies at The Firm revert back to t heir core values: Ethically Driven, Always Co nf id ential, Grit, Industry Experts, and Boldly Different. These Fearless founder, Cortney Sells, showing pride in ten years of triumph values are printed on the walls at The Firm to serve as a constant reminder of what they strive to represent daily, and they are re-visited at each and every team meeting as their guiding principles.

Winter 2020

Buying or selling a business is a big decision and is life changing. Congratulations to both our Buyers and Sellers of these recent transactions conducted by The Firm Advisors.

SOLD!

FULL-SERVICE CALL CENTER Listed Price | $10,088,000 Location | Nashville, Tennessee Timing – Accepted Offer to Closing | 89 days

$11,000,000

SOLD!

MULTI-FAMILY & COMMERCIALLY-FOCUSED ARCHITECTURE FIRM Listed Price | $2,627,000 Location | British Columbia, Canada Timing – Offer to Accepted | 4 days

$2,627,025

SOLD!

ENVIRONMENTAL SERVICES FOR COMMERCIAL CLIENTELE Listed Price | $5,600,000 Location | Puyallup, Washington Timing – Listed to First Offer | 38 days

SOLD!

COMMERCIAL & RESIDENTIAL ASPHALT PAVING Listed Price | $3,365,000 Location | Kent, Ohio Timing – Accepted Offer to Closing | 91 days

$5,000,000

$3,230,000

SOLD!

$1,130,136

UNDERGROUND DRILLING & TRENCHING FOR CELL CARRIERS Listed Price | $1,750,000 Location | Phoenix, Arizona Timing – Accepted Offer to Closing | 74 days

The Firm Deal Review

FROM LAND-LOCKED BUSINESS

rior t o looking into business owne r ship, Kirst en O’Dris coll served 22 ½ yea rs in t he Air Nat io na l G u ard as part of the 121s t, based in Columb us , Ohio. Aft er retiring f rom the milit ary, sh e a nd he r husband st arted the s ea rch for a busin es s to purchase. They p ut toget her a list o f c r iteria , such as loc ation an d growt h opp o rtu nities , and t hey knew th ey w ant ed t o be able to fun d t he acquisit ion withou t out side investors . Kirst en st at ed that th ey s pent about t wo y e ars on t he hunt bec a us e, “we didn’t know The F irm back t hen,” before stumbling ont o C &J M ain te nance, a business s pe cia lizing in aut o sho p e qu ipm ent inst allati on a nd service. She

and her husband w ent throug h the due d iligence pro cess in 2007 and fell in lo ve wi t h t he company. T he ma r ket crashed right befo re they pulled the trigger on purchasing the company. After going b ack and forth abo ut m oving fo rward, it came d ow n to o ne question: “D o w e want to move forward ?” The answer to tha t w as a resounding, “Yes!”

W ith this purchase, t he business name was changed to CJM S olutio ns. T hey started with three employees: K irsten, who did f inance and g eneral admi nist r ative work; her husb and , C olm, who did sa les and tech work; an d one technician doing the labo r. From the time of purchase, they grew to 1 0 fulltime em p loyees, wi t h the lead ing couple lar gely hand ling oversight and Price | $1,050,000 employee management Location | Columbus, Ohio in their f inal years o f ow nServices | Sales, installation, ership.

Deal Points

and repair of automotive equipment

Federal Certifications | DBE, EDGE, VBE Reason for Selling | Early Retirement – Moved Closer to Children

In lo oking at growth op p ortunities and at which d irectio n to t ake their comp any, K irs t en cho se t o gain certific at ions as a Small

& D isad vant aged B usiness Ent er p r ise (D B E), Economic D ivid end f or

t he cer t if ications d id n’t hold as much we ight in t he comp any ’s s uc c e s s .

G end er Eq ualit y (ED G E) C JM st ar t ed fie ld ing re and Vet er an- Fr iend f er r als and rep e a t c lie nts ly B usiness Ent er p r ise w ho just w an te d to wor k (VB E). These d esigw it h t hem on a re gula r nat ions allow ed C JM t o b asis. t ake on a w id er r ange of client s and job s. K ir st en The O ’D r isco lls took ment ioned t hat t hey nev- p r id e in p romoting a n er w ent f or t he Women et hically d r ive n e nte rB usiness p r is e , a nd Ent er p r ise “You don’t have to t he y s trove to (W B E) b e a n hone s t be an island and do co m p a ny in d esignat ion this on your own… all tha t the y b ecause en d e a vore d . there are a lot of “ I te nd to go it w as not going a c k to the organizations out bgold t o help e n r ule of t hem gain ‘t re a t othe r s there who want as much as you would women business w a nt to b e t r act ion in t he inowners to succeed.” t rea te d .’” d ust r y as K ir s te n fe lt - Kirsten O’Driscoll t he ot her t ha t p a r t of cer t if icat his wa s d ue t ions w ould . t o t he resp on s ib ility s he f elt b ecause of ha ving a A f t er t he b usiness D B E. N ot an yone c a n p icked up sp eed , and just ap p ly and b e a p t hey creat ed a rep up roved f or t he c e r tific a t at ion f or t hemselves, t ion, so t here wa s a d uty

Winter 2020

OWNER TO OCEAN-BASED RETIREE The move from Ohio-based owner to Florida-based beach bum By Makayla Kalagias to uph o ld a moral stand a rd a nd show t he world that Kirst en deserved to ha ve that for her co mp a ny. Kirs te n also focused a l o t of at t ent ion on contin uin g her educat ion o n ce gaining ownership o f th e b usiness. She ch ose t o go t o free tr ain ings in t he area, su ch a s business coachi ng, CPA workshops, etc. She was “never too arrogant t o t hink [ sh e] couldn’t get h elp.” A n oth er big piece of this jour ney was joining a group called Nat ional A s soc iat ion of Women Bus iness Owners ( NAWBO). This allowed Kirs te n t o connect with l o c al women ent rep rene urs who were also g row in g t heir businesses an d e xperiencing similar hu rdles. A fter the sale of CJM S olu tions in early 202 0, Kirs te n and husband Colm chose t o move to Orlan do, Florida, t o be clos er to t heir children, who attend college in the Sunshine St at e. Wh en joking t hat t hey would now be spe nding all t heir mone y at D isney World, Kirst en d is clos ed t hat Floridians get a spe cia l rat e int o the park, which i s of c ourse an adde d bonus t o the m ove. The f amily as a whole

is very happy with t heir relo catio n. T he transitio n out of t he business ended up b eing easier than expect ed . T he buyer was qu alif ied for the business, and t he O’Driscolls had been throug h the purchasing and transitio ning perio d with the previo us o wners. Kirsten said she, “wo uld co nsider a business ag ain…just not in central Ohio!”

It is w or t h it t o go t o t he meet ings and have t he connect ions and sup p or t . B e sure t o use your resources, esp ecially at t he b eginning. K ir st en also st at ed t hat , “ t here are a lot of or ga-

When asked about advice she would g ive to wo men lo oking into business o wnership, Kirsten heavily emphasized the fact that there is suppo rt everywhere. “You don’t have to be an island and do this o n your o wn.” Lo ok into entrepreneurial g roups, as they tend to have lo cal branches.

Kirsten joined the National Association of Women Business Owners (NAWBO). This allowed Kirsten to connect with local women entrepreneurs who were also growing their businesses and experiencing similar hurdles.

nizat ions out the re who w ant w omen b us ine s s ow ner s t o su c c e e d .” It is just a m a tte r of reaching out a nd ge tting involved .

The Firm Deal Review

Real Estate Guru to Health Services Buyer Adding a new career path while focusing on further growth opportunities

t’s a beautiful thin g wh en a career and pas sion come toge ther. N o one know s this b e tte r than T ina Siebrand t. T in a’s pas s ion is in he alth care, wh ich w as ins pired by h er parents. E ven in hig h s chool, T ina spent her ti me at the local a ssis ted l i ving facility comm u ni ty caring for seniors. As ti me w ent on, T ina co mpl eted a degree in psy chi atry, but found her s el f drifting back t o her l ov e of as s is ting a n under s erved and growing po p u l ati ons s uch as t he eld e r l y. T ina w as s ick e ne d when s he saw the need for de ntal and mental health se r v i c es in s enior and assis ted l i ving facilities a nd knew she needed to take acti on. She enrolled in cours es to o b ta i n a certification in the administration a nd m a nagement of as s is t ed liv i n g f a cilities. O nce she

c omp le te d he r c ertifica tion, T ina de cid e d she wante d to b uy a b usiness! T ina gravitated toward prac tice s that sup p orted ma rgina lized c ommunities. Howe ver, she d id n’t find the right op p ortunity until she c onne cted with the Firm Advisors. Align Care is a lo cal Omaha Hea lth Pract ice in a host of d iffere nt discip lines tha t ha d over 25 a ctive clie nts at the onset of he r owne rship . By May 2021, Align Care will h ave more than 200 me nt al hea lth p a tie nts.

Through he r buying proc ess, T ina discovered t h e joys and hurdle s man y b uyers are a ll too familia r with. D ue t o her c ha llenges wit h sec uring fina ncing, T ina ad vised “Always have a backu p [b a nk]…or three,” a nd stresse d t hat networking a nd making connec tio ns wit h d iffere nt b a nkers, Location | Omaha, NE la wye rs, and CPAs is c ritica l. By o verCash Flow | $80,462 coming the se hurdle s, T ina not only lea r ned a gre at deal Number of Employees | 7 ab out the p rocess of a ssemb ling h er Client Base | Long-term care own business “dream facilities te am” but fully realized he r de dicat ion to her p ursuit o f Website | align.pro he lping othe rs.

Deal Points

by Nina Hjermstad

nat ure of her business and fought harder than ever to provide seniors with access to dental and mental health care services. Growing m ental health needs in these elder populations that have been forced t o isolate from family during these trying t imes. Alig n Care has been adding more providers t o aid in their m is“Yo u can ’t be everyt hing, sion t o meet the growing no mat t er h o w badly yo u deman d and supply therawan t t o be as an ent repist s and medication manpreneu r.” Sh e said t h at agemen t t o t hose in need. by g ain in g adviso ry assisAlign Care also serves its t an ce t hrough t h e h elp of communit y by providing a CPA, she was able t o mobile den t al units that sit do wn and discu ss her o ffer dent ist ry procedures goals and plan act io nable in cludin g restorative and st eps t o wards achieving den t u re services and her dream. x-rays virt u ally anywhere including Aft er libraries clo sin g “You can’t be everything, no and conon Aug. ference matter how badly you want 14t h, rooms. T ina

to be as an entrepreneur.”

do ve Align right - Tina Siebrandt Care’s int o a core han ds-o n mission is t o add a pert rain in g and t ran sit ion sonal an d familiar touch period wit h t h e prior t o t h e services offered by owner. At t h is t ime, t h e ensu rin g t h at her team COVID-19 pan demic was members are placed as a in fu ll swin g , bu t T in a ju st regular part of the healthre-doubled her effo rt s. care t eams at each senior W it h t he care facilit ies’ facilit y. T ina rem embers limit ed access t o o ut side h er ro ot s, but her eyes are services, Alig n Care’s in set for t h e h o rizon and her home clinics were needed plan s fo r expansion. now more t han ever. T ina underst o od t he essent ial

Winter 2020

Business Birthdays! What Tina Siebrandt learned on her journey of buying her dream business:

1 2 3 4 5 6

Have a back-up plan. Hurdles in financing are too common to put all of your eggs in one basket. Connect with your network and identify multiple options for business bankers.

At The Firm Advisors, we have the pleasure of seeing each business we transact grown and thrive, for many years to come! Congratulations to the business owners celebrating their Business Birthdays in November and December of 2020.

TEN YEARS Nov. 1: Janke Gallery SIX YEARS Dec 31: United Enterprises (now a part of Firespring)

Identify an opportunity for a “need,” then fill that need. This can give you the angle to market yourself and your business intelligently, even in uncertain times.

Dec 30: Wellness Pointe Chiropractic

Specify a mission. Tina was able to narrow her goal to provide underserved senior populations in ancillary services that are commonly forgotten. From there, she was able to identify what communities qualify as most deserving.

Dec 17: Choice Floor Specialists (now known as Creative Concepts)

Do your homework. Is there a license or certification that can make you more marketable in a competitive industry? Make your service stand out in the crowd of buyers.

Delegate. New entrepreneurs often find themselves wanting to assume all the “important roles.” By assembling a multi-faceted, reliable team, you become more than just one person. Follow your passion. Resilience and patience are key to making transactions go smoothly, and there will undeniably be some hurdles. If your mindset is on following your heart, you will be more likely to fight to make smart, actionable progress.

Nov 14: Foodies FIVE YEARS Dec 31: Sorties Tavern

Dec 18: Walnut Grove Dental FOUR YEARS Dec 31: Legacy Dental Nov 3: J&R HVAC TWO YEARS Dec 21: Strauss Surgical Equipment Dec 6: Pechous Upholstery Dec 3: Home Health Medical Equipment Nov 15: Turner Safety & Risk Nov 19: Central Confinement Service Nov 28: Imperial Auto Body ONE YEAR Nov 29: Precision Air & Liquid Solutions Dec 2: Bare Body Shop Dec 31: Central Nebraska Inflatables Dec 10: Cancard, Inc. Dec 15: Poplar Grove Veterinary Services

The Firm Deal Review

SILVER LININGS FROM COVID-19 Succeeding in a “Corona Economy” by Jared Olson

h is year has been difficu lt for m an y s ma ll business ow n ers. Betw een man dato ry s hut downs, more peo ple wo rkin g fro m h ome , an d g e neral f ear of th e u n kn ow n , m an y sma ll b u s i n esses have st ru gg led an d failed. According a s t u d y f rom to the Un iversity o f Califo r n ia, Sa nt a Cr u z , t he numb er of active bu sin ess ow n ers in t he Un i t ed S tates p lumm eted by 2 2% (3 .3 m illion owner s ) b etween Feb ruary an d April 20 20 . Th is wa s th e l argest d rop on reco rd, w ith m in ority-owne d an d w o men-owned bu sin esses bein g h it th e ha rdes t .

ove r he a d dur ing t he c r uc ia l fir s t mont hs of a djus t ing t o t he ir ne w bus ine s s . All t he while , buye r s we re a ls o building e quit y mont h a ft e r mont h, a ll for fre e . Fir s t -t ime buye r s , and ot her s who would not ot he r wis e be a ble t o a ff ord it , w ere give n a r a re oppor t unit y t o own t he ir o w n business a nd t a k e c ont rol of t he ir fut ure s .

A s w e reach the cl o s e of 2020, h o w e v e r, let’s ref l e c t on some p o s i t i v e changes ( y e s , p ositive ch a n g e s) that h a v e a r isen f rom th e a s h es of CO V I D-19.

Se lle r s ha ve a ls o be ne fit t e d from t his progr am. For va r ious re a s ons , ma ny bus ine s s ow ner s w ere le ft wit h only t wo c hoic e s : s e ll or c lose t heir door s fore ve r. Through t he Se c t ion 11 12 progr a m, ma ny s e lle r s s a w a ma s s ive influx in new buye r s who would not be int e re s t e d (or able) t o offe r on t he ir own. U nde r Se c t ion 111 2, lender s a ls o re c e ive d fe e s for e ve r y loa n t he y or iginat ed. W it hout a doubt , t his one provis ion ha s been a win a c ros s t he boa rd. N e w buye r s a re empow ered t o buy a ne w bus ine s s , be le a gue re d seller s w ere give n a n a lt e r na t ive t o s hut t ing down, and banks we re a c t ua lly inc e nt ivize d t o is s ue more Under Section 1112, the loa ns . As a federal government will re s ult , ma ny s ma ll bus ine s s automatically pay all e s ha ve be e n principal and interest a ble t o s t a y payments for six months. ope n a nd c ont inue t o s e r ve t he ir loc a l c ommunit ie s , t he re a l winne r s in a ll of t his .

F i r s t , t he CA RES A ct ( “ Coronaviru s Ai d, Relief an d E c onomic S ecu r i ty A ct”) . P ass ed in M arch , th e CARES Ac t w a s a n exp ansive packag e of g over n m en tal me a s u re s m eant to ease th e impact o f CO VID-19 on th e e c o nomy. E veryo n e h as h eard abou t th e direct p a yments, the Paych eck Protectio n Progr a m L o an s (“P P P Loans”), an d u n em plo ym en t ass is tan c e because they h ave been discu ssed a t le ngt h i n t h e m ainstream m edia as w ell as in social me d i a. However, f ar f ew er people h ave paid at t e nt ion to Section 1112 of th e Act. Un der th is provis ion, th e f e deral gover nmen t su bsidizes th e first s ix m o n t h s of p rincip al an d in terest paymen ts for a ny S B A l o ans issued on o r before Sept. 25 . This is n o t a l oan d ef erment o r fo rg iven ess th at require s an a p p lication. Under Section 1 11 2, th e fede r a l g o v er n ment will auto matically pay all prin cipa l a nd i n t eres t p ayments fo r six m o n th s. T h i s w as great f or bu yers becau se it lo were d t he ir

Bus ine s s owne r s ha ve now s hift e d t he i r f ocus t o s t re a mlining t he ir e ffic ie nc y. Bus ine s s es ow ner s wit h la r ge or e x pe ns ive c omme rc ia l s paces had t o re -e va lua t e how muc h s pa c e t he y re a ll y needed a nd t o downs ize whe re ve r pos s ible . Businesse s wit h la r ge s t a ffs ha d t o c ons ide r ho w many e mploye e s a c t ua lly ne e de d t o be on-s i t e, and

Winter 2020

t he C ARES Ac t wa s a ble t o s ignific a nt ly boost h o w m any could work from h o me. CO VID-19 a ls o une mployme nt pa yme nt s . This s ubs idy w as t ref o rced owners to re -evalu ate th e o rg an ization of th ei r o ff ice-sp ace. T h e “o pen -plan o ffice” conc e pt me ndous in he lping fa milie s we a t he r t hat st or m, but it a ls o ha d une x pe c t e d c ons e que nces. Many th at w a s p op ular pre-COVID-19 , especially a mong o w n er s who had larg ely m illen n ial staff an d wa nt e d pe ople (a nyone e a r ning le s s t ha n $18.00 per hour ) we re ma k ing more mone y on une mployment t han to s t ay ahead of tre n ds, h as largely fallen out of t he y did a t t he ir jo bs. Even f a v o r. Whether you love open a ft e r bus ine s s e s re- opened, o ff i c e s or hate them , som e b u s i n e s ses are simply n ot s ome wor k e r s we re ret icent The number of active t o t a k e a “pa y c ut” t o go s u i t e d f or the 100% co n stan t ba c k t o wor k . N onet heless, c o l l ab oration that t h e desig n business owners in the ma ny wor k e r s did come back, d em an ds. By neces sity, bu siUnited States plummeted by n es s o w ners are relyin g less a llowing bus ine s s ow ner s t o 22% (3.3 million owners) o n i d e a s and conce pts th at s t a r t t he proc e s s of recove r y. Owne r s c ould f ocus on a re j u s t trend y or n ew. In between February and April. growt h, pha s ing out w or ker s s t e a d , COV I D-19 has fo rced o w n er s to take a p ractical, who we re not c ommit t ed and us ing t he ir re s ources t o prou t i l i t a r ian ap p roach to bu simot e a nd inc e nt ivize d t he c ommit t e d w or ker s. n es s . I n ord er to survive an d su cceed in th e “c oro n a e c onomy, ” own ers h ave h ad to simplif y t he ir Wor k ing t hrough C OVID -19 ha s be e n diff icult , but w o r k p l a ces, f ocusing mo re o n in depen den t a nd n o n - d i s rup tive workspaces, an d really. In this ma r- it forc e d owne r s t o re -e va lua t e how t hey oper at e. Pos t -C OVID -19, t he mode ls for s ma ll businesses k e t , a c oncep t either w orks o r it gets left be hind. ha ve funda me nt a lly c ha nge d. N ow is t he t ime f or s imple pr a c t ic e s a nd s t re a mline d e ffic iency. I apF i n al l y, COVI D-19 a lso allow ed ow n ers to dis c ovpla ud t hos e owne r s who ha ve pione e re d t his t r ail, e r w h i ch of their emplo yees tru ly believed in t he ir a nd I fir mly be lie ve more bus ine s s e s could prof it v i s i o n a nd which were ju st th ere fo r a payche c k . from t he ir e x a mple . W h e n so many b us in esses w ere forced to shut d o w n a nd d ownsize or fu rlou gh th eir wo rkforc e s ,

CHANGE IN ACTIVE BUSINESS OWNERS BY DEMOGRAPHIC 20-Feb

20-Apr

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20-Jun

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