C-Suite Network™

Categories
Entrepreneurship Strategy Wealth

Building Generational Wealth: The Case for a Living Trust

In a world where financial planning often revolves around saving for retirement, investing wisely, and building wealth, there’s a vital component that many individuals overlook – estate planning. While a last will and testament is a common tool for distributing assets upon one’s passing, it may not be enough to protect your family’s wealth for generations to come. In this article, we’ll explore the reasons why everyone, regardless of their financial status, needs a living trust and why it should not be relied on a will alone. If you’re committed to building generational wealth, read on.

Understanding the Basics

Before delving into the advantages of a living trust over a will, let’s clarify what each entail:

  1. Last Will and Testament: A will is a legal document that outlines your wishes for asset distribution after your death. It’s a crucial part of estate planning, but it has limitations.
  2. Living Trust: A living trust, or revocable trust, is a legal entity you create during your lifetime to hold and manage your assets. You can serve as the trustee, retaining control over your assets, and designate a successor trustee to take over when you’re unable or upon your passing.

Now, let’s delve into why a living trust should be an essential part of your generational wealth strategy:

  1. Avoiding Probate

One of the primary benefits of a living trust is avoiding probate. Probate is the legal process through which a court oversees the distribution of your assets according to your will. It can be a lengthy, costly, and public process that can erode your wealth and create family disputes. With a living trust, your assets can be transferred seamlessly to your beneficiaries without court involvement, saving time, money, and privacy.

  1. Maintaining Privacy

Living trusts provide a level of privacy that wills simply cannot match. When a will goes through probate, it becomes a public record, accessible to anyone who wishes to review it. A living trust, on the other hand, remains a private document. This confidentiality can be invaluable, especially when preserving family wealth for future generations.

  1. Contingency Planning

Living trusts offer flexibility and contingency planning. You can specify the conditions under which your beneficiaries receive their inheritance, such as reaching a certain age or meeting specific milestones. With a will, assets are generally distributed as specified without such considerations, potentially putting your wealth in the hands of an unprepared or inexperienced heir.

  1. Protecting Against Incapacity

A living trust not only addresses post-mortem asset distribution but also allows for the management of your assets in the event of your incapacity. If you become unable to manage your financial affairs due to illness or injury, your successor trustee can step in and ensure your family’s financial well-being.

  1. Keeping Wealth Within the Family

Generational wealth is built upon the foundation of preserving assets for the benefit of future generations. A living trust can include provisions that protect your family’s wealth from external threats such as creditors, divorces, or estate taxes. This ensures that your hard-earned wealth remains within your family lineage.

For those seeking to build generational wealth, it is essential to recognize the limitations of a last will and testament and the advantages of a living trust. A living trust not only allows for seamless asset transfer and avoids probate but also provides the flexibility to protect your wealth, maintain privacy, and plan for contingencies.

If you’re serious about preserving and growing your family’s wealth across generations, don’t rely on a will alone. Consider the benefits of a living trust as part of your comprehensive estate plan. To explore your options further and take the first step toward securing your family’s financial legacy, reach out to our team of experts in creating generational wealth at 775-384-8124 or download my FREE estate planning at www.generationalwealthsystems.com Your family’s financial future may depend on it.

Categories
Growth Skills Strategy

Harnessing the Energy of Mercury Retrograde: 8 Powerful Business Tips

Welcome to a new dimension of business strategy!

“Oh no, my computer has crashed.”

“He hasn’t received any of my texts or emails.”

“We need to reschedule this meeting and it’s been rescheduled more than once already.”

“My train/plane/bus is delayed – again!”

Yes, this is the quintessential Mercury in retrograde period. When I tell people it’s happening, I hear gasps and groans.

BUT, we can actually use Mercury retrograde to our advantage in business. Because, yes, all of the stars, even Mercury, are conspiring for our success.

The planets actually have so much to say to us if we only listen and Mercury is the most loquacious. He darts and dives around the Sun 3 times a year and each time, when it looks like he’s running backward, it’s known as the dreaded Mercury Retrograde.

Poor Mercury! He’s only trying to help and he wants us to know how we can use these periods to boost our businesses.

Business Tips

Here are 8 powerful business tips to not just survive, but thrive during Mercury retrograde:

  1. Revamping Strategy: Everything is up for (re) in this period – think review, refine, reassess, release. It’s a time to revisit or revamp, so let’s embrace this period as an opportunity to review business strategies and fine-tune goals to emerge stronger as Mercury shifts gears.
  2. Reigniting Customer Loyalty: Reengage with clients and reach out to former clients or partners who’ve fallen off the radar. Mercury retrograde encourages us to reimagine connections and rediscover opportunities.
  3. Making Small Decisions: This isn’t the time for major decisions as we’ll regret what we’ve been so firm about during the retrograde period. Mercury is a trickster as he wants us to slow down to ensure we’re building a strong foundation. He clouds judgment, so using this time for research, planning and groundwork is our best bet.
  4. Unleashing Creativity: In retrograde, Mercury is asking us how we can be more creative. He wants us to drop into our hearts and feel our passion. This doesn’t necessarily mean we need to pick up our paint brushes or musical instruments. It means we get to brainstorm fresh ideas, innovative new offerings and imagine solutions to longstanding challenges.
  5. Energizing Vision: We get to restore our vision with a fresh new perspective, find deeper meaning to our mission and/or realign with our higher purpose. This is exciting and reigniting if we reach for our patience and allow new ideas to unfold. It’s an unfurling, not a lightning bolt epiphany.
  6. Being Flexible: Change and change again is Mercury’s cosmic dance, reminding us that pivoting gracefully when unexpected challenges arise makes us shine. By going with the flow, we can define our intent without expectations. As we commit without trying to control the outcome, we actually increase our prosperity flow.
  7. Clearing Communication Pathways: Knowing misunderstandings are more prevalent, we can lead the way by taking the time to foster communications within our communities, replenish connections and fine-tune collaborations. Laying out step-by-step goals, guidelines or procedures is very Mercury retrograde.
  8. Getting Intuitive: Mercury wants us to see, know and hear without using our minds. Yup – this is his mission when he stations retrograde. Our challenge, should we choose to accept it, is to spend time in meditation, reflection and introspection. We can get to know ourselves better, more intimately, to become stronger in our convictions, deepen our passions and position our businesses properly within our niche or industry.

All this being said, Mercury retrograde isn’t kind to anything new or big. However, sometimes we have to sign a contract, negotiate or start something new during a retrograde period. My best advice is to double and triple check on both sides. We don’t want someone to think they’re getting something we haven’t offered or vice versa. Taking extra caution, dotting i’s and crossing t’s laboriously, is the way through these retrograde periods.

Also, if we have a launch or promotion that has to happen during a Mercury retrograde period, recognize it’s not going to be the rocket blast we may desire. It’ll be a slower, longer curve, so I always say, plan for a longer lead in and an extra-long tail. Doing an elegant outreach campaign is excellent positioning for the way of the future.

It’s collaboration, collaboration, collaboration that clears our pathways for expanding our influence and making big impact.

Using Mercury retrograde periods to teach us patience for clarity in goals, communication and connection, puts us in the driver’s seat for the future.

Mercury may be a trickster, but he has our best interests at heart.

Mark Your Calendar!

We’re in the midst of another Mercury retrograde period until mid-September, but never fear, another one is only a few months away. 😬

Mercury Retrograde Dates

August 23 – September 15, 2023

December 13 to January 1, 2024

April 1 – 25, 2024

August 4 – 28, 2024

November 25 – December 15, 2024

For Geminis and Virgos, extend these periods a handful of days before and after each date range – no matter which year. In 2023, Capricorns and Taurians need to do this as well. In 2024, the fire signs are impacted the most, so those in Aries, Leo and Sagittarius are going to join the Geminis and Virgos in the extension periods.

Bottom Line

As leaders, it’s our role to harness the energy around us and transform it into positive momentum. Mercury retrograde is our chance to realign, rejuvenate, and revitalize our businesses. Let’s rise above the common narrative and use these cosmic tides to our advantage!

Tune into my Podcast for more insightful updates to use the stars + strategy to clear the pathway to your success. I’m here to empower you with the knowledge and inspiration needed to lead your business to new heights.

Cheers to cosmic growth,

Kim

Categories
Investing Strategy Wealth

Unlock the Path to Business Success: 10 Tips for a Thriving Future

Are you ready to take your business to new heights? The journey to success is filled with twists and turns, but fear not! We’ve got the ultimate guide to steer you towards triumph and prosperity. These 10 business tips will ignite your entrepreneurial spirit and pave the way for a brighter future. Get ready to level up!

  1. Use It or Lose It – Maximize Your Annual Exclusion: Tap into the power of the annual gift tax exclusion. Gift to your heart’s content without tax consequences. Share the joy of giving while saving big!
  2. Harness Your Gift Tax Exemption: Unlock your lifetime gift tax exclusion of $1,000,000! It’s time to make your mark and leave a legacy with strategic gifting.
  3. Pay It Forward – Tuition and Medical Expenses: Seize the opportunity to pay tuition and medical expenses without worry. These generous gestures won’t come with taxable gift strings attached.
  4. Preserve Your Estate Tax Exemptions – Plan Ahead: Take charge of your estate’s future. Prepare for the unknown with a robust estate plan. Expect the best, but plan for the worst.
  5. Fund a 529 Plan – Empower Future Scholars: Invest in education with a 529 plan. Watch your savings grow tax-free while supporting the next generation of bright minds.
  6. Choose a Guardian – Secure Your Kids’ Future: Family comes first! Ensure your kids are protected by choosing a trusted guardian. Rest easy knowing they’re in caring hands.
  7. Create a Will or Living Trust – Shape Your Legacy: Shape your legacy with a carefully crafted will or living trust. Don’t let your estate fall into the wrong hands. Take control of your future now.
  8. Power Up – Secure Your Financial and Health Decisions: Be the captain of your ship. Get a Power of Attorney for Financial & Health decisions, empowering you to navigate life’s challenges.
  9. Secure Your Retirement – A Plan That Lasts: Don’t leave your retirement to chance. Review your IRAs and 401(k)s to ensure a secure financial future. Take control and plan for the long haul.
  10. Protect Your Future – Long-Term Care Coverage: Prepare for the unexpected. Secure coverage for long-term care and catastrophic nursing home needs. Your peace of mind is worth it.

Don’t Wait – Embrace Your Journey Now!

Success and prosperity await, but it’s up to you to seize the opportunity. Don’t let time slip away. Take charge of your business, estate, and health. Safeguard your assets and pave the way for a remarkable future.

No one plans for misfortune, but planning for it is the key to financial freedom. Embrace the power of giving, reduce taxes, and step confidently into the realm of success. The time is now, get started on your path to triumph today!

Schedule a Free Financial Fitness Strategy Session with Kris Miller, LDA

Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

Use the Calendar Below to Schedule Your One-On-One Session with Kris

Calendar

30+ years of experience assisting others to grow & protect their wealth. Helped more than 6,000 families avoid financial disaster by strategically planning for their futures. Not one person has lost a single dime on her watch. Her clients learn how to change their families’ financial realities and create incomes they will never outlive

For more Healthy Money Tips:

linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Economics Investing Strategy Wealth

Unlock the Secrets to a Financially Secure and Fulfilling Retirement Journey!

Retirement is a journey into the unknown. None of us know exactly how long this chapter of life will last, and that’s where the real challenge lies. Planning for our golden years means calculating how many years of financial security we need. Will it be 20, 30, or even over 100 years? The mystery of death makes it difficult, but one thing is for sure – we all want to enjoy our retirement without worrying about money.

Imagine retiring at 65 and having enough funds to support yourself until you’re 100! It might seem like a daunting task, but with the right strategies, it’s possible. Let’s embark on this thrilling adventure together and discover five powerful steps to secure your finances for a fulfilling retirement.

  1. Social Security: A Lifeline for a Lifetime

One way to ensure a steady income throughout your life is through Social Security. The longer you delay claiming, the higher the payout. Hold off until you truly need it, and watch your income grow.

  1. Traditional Pension: A Rare Treasure

If your company offers a traditional pension, consider yourself fortunate. Embrace this precious benefit that guarantees financial support for the rest of your life.

  1. Annuities: Tailored Security for Your Dreams

Secure your retirement goals with annuities. Invest a portion of your income, and enjoy the peace of mind that comes with a guaranteed payment for life.

  1. Medical Insurance for Peace of Mind

Prepare for any health challenges that may come your way. Medicare supplemental policies or Medicaid can cover medical expenses that your savings may not. Don’t leave your health to chance!

  1. Long Term Care Insurance: A Safety Net for the Future

Invest in Long Term Care insurance for extended medical support. Medicare has its limits, so protect yourself and your finances beyond the 100-day coverage.

Secure Your Future Now!

The road to financial freedom during retirement might seem challenging, but with these five powerful steps, you can set yourself up for success. Be proactive, take action, and embrace this exciting journey with confidence.

As you plan your retirement, remember that it’s never too early to start preparing. The future awaits, and by securing your finances now, you can truly enjoy every moment of your retirement without worry.

Don’t let uncertainty hold you back. Be prepared and embark on a life-changing adventure toward a secure, fulfilling, and financially empowered retirement. The journey begins now!

Schedule a Free Financial Fitness Strategy Session with Kris Miller, LDA

Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

Use the Calendar Below to Schedule Your One-On-One Session with Kris

Calendar

30+ years of experience assisting others to grow & protect their wealth. Helped more than 6,000 families avoid financial disaster by strategically planning for their futures. Not one person has lost a single dime on her watch. Her clients learn how to change their families’ financial realities and create incomes they will never outlive

For more Healthy Money Tips:

linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Advice Leadership Networking Strategy

Unleash the Power of Micro Events to Grow Your Business

Think about the last time you attended or hosted a big, grand event. You probably don’t remember every person you met or every word from the presenters. You likely remember the personal connections you made and nuggets of helpful information you learned that have enhanced your personal or professional life. You likely made those meaningful connections during smaller, more informal encounters throughout the event, not during the large presentations — in other words, in a micro event setting. Micro events foster the potential for brands and target audiences to make mutually beneficial connections. Hosting or attending a micro event is a powerful tool to have in your marketing strategy toolbox. Here’s why.

What are micro events?

While there is no definitive definition of micro events, most event planners consider them short in duration (less than a day), focused on a limited or niche topic and carefully tailored. Micro events can happen during large, multi-day events (e.g., workshops or breakout sessions within conferences) or be stand-alone functions. They involve a smaller audience and fewer presenters but may be virtual, hybrid, or in-person. Examples include lunch-and-learn sessions, workshops, webinars, happy hours, VIP events, discussion panels, experiential events, guest speakers and expert Q&A sessions.

Micro events allow you to make meaningful connections with your target audience.

As marketers, we’re always trying to cut through the noise and differentiate ourselves from our competitors to attract and engage with our target consumers. If you’ve ever meandered around a big trade show or convention, you probably don’t remember most of the brands you encountered. Brands compete next to one another for your attention, and unless one offered you something highly beneficial or made a personal connection with you, you likely ignored or forgot them.

By hosting a micro event, you cut through the noise — and if done well, you connect with the right people at the right time with the right message. Instead of wasting your efforts on consumers who are not interested in your product or service (or are too distracted to pay attention), your micro event provides your target audience with relevant, meaningful information or experiences.

Micro events save you considerable money.

It should come as no surprise that a multi-day or even a single-day “wow” event comes with a hefty price tag. Renting event space, catering, presenters, marketing, audiovisual support, event staff, entertainment and transportation costs add up fast, and sometimes the ROI fails to deliver. Furthermore, the pandemic shut down big events for quite a while, and as a result, many people have realized that attending or participating in them isn’t always necessary. Even as mega-events ramp back up, attendance is down in some markets. Micro events are appealing for hosts and attendees because they require far less money to plan and attend.

Micro events can happen more frequently, showcasing your brand more often.

Complex events take several months or even years to plan (and, as noted earlier, are expensive), and most brands can only do them once every year or two. Micro events typically take far less time and effort to plan, so you can hold them as often as necessary. For example, instead of hosting a multi-day conference, consider splitting up the topics you were planning to cover into single micro events held over a series of weeks or months. Attendees can choose which ones to attend instead of having to commit to a time-consuming event. Another option is to take your event on the road and host small events in multiple cities. Keeping your brand in front of your target audience regularly and beneficially builds long-term connections — gold in marketing speak.

Micro events naturally allow for better networking.

One of the primary reasons people attend business events is for networking opportunities. Micro events often provide less formal, more social activities, so attendees have more opportunities to meet others and have memorable encounters. Additionally, small events have fewer people, so making connections with presenters and others is more manageable than at a large-scale meeting. Instead of meeting dozens of people for a few short moments, participants have time for lengthier, more in-depth conversations.

Micro events increase engagement and participation, especially for introverts.

Most of us have wanted to ask a question during a presentation but didn’t feel comfortable asking it in front of a room full of people, or perhaps many others were asking questions and time ran out. Micro events are often more relaxed, making presenters and attendees feel more comfortable engaging with one another. You may also attract new, valuable yet introverted members of your target audience who avoid stressful, high-energy events.

Micro events allow for more control over content and experiences.

When your brand participates in a large-scale event, you often have limited influence over topics, presenters, entertainment, venues, catering and overall feel. With a micro event, your team has significant control over the design and execution of all aspects. You can hyperfocus on specific objectives and create custom experiences. Additionally, micro events are nimbler, which means they can be timelier, especially in industries such as tech or fashion. Because large-scale functions take so long to plan, what’s new and hot may be different by the time the event occurs.

Micro events provide excellent experiential marketing opportunities.

Experiential marketing is all about creating memorable, meaningful experiences for target audiences. Due to the smaller number of participants, micro events can be fabulous places to allow consumers to touch, taste, feel, hear, see and interact with your brand’s products, services and brand ambassadors in memorable ways that aren’t possible at crowded functions.

Micro events are here to stay and on the rise.

Out of necessity, during the pandemic, marketers turned to micro events for safety. But now people are starting to realize their immense potential. The ROI can be worthwhile, and not just financially. Your staff and consumers are seeking more meaningful activities and opportunities to re-engage with others: micro events can fulfill those desires.

Categories
Advice Best Practices Human Resources Marketing Strategy

How Fractional CMOs Adapt to Changing Marketing Needs

Organizations seek marketing leadership that can swiftly respond to changing needs. Fractional Chief Marketing Officers (CMOs) provide a flexible solution, allowing businesses to leverage expertise on demand. In this article, we explore the advantages of fractional CMOs, enabling organizations to navigate shifting marketing landscapes and stay ahead.

The Rise of Fractional CMOs

Fractional CMOs are experienced marketing professionals who work part-time or on a project basis, offering strategic guidance and executional support as needed. Businesses can access their expertise without the commitment and cost of a full-time executive. This flexibility is especially valuable in fast-paced industries or uncertain market conditions, where adaptability and responsiveness are crucial for success.

Quick Response to Changing Needs

One of the primary advantages of fractional CMOs lies in their ability to respond swiftly to changing marketing needs. Fractional CMOs, with their extensive knowledge and experience, quickly analyze market dynamics, consumer behavior, and industry trends. They swiftly adjust marketing strategies and tactics based on these insights, allowing businesses to seize opportunities and tackle challenges promptly. Unlike traditional hiring processes, fractional CMOs provide an immediate solution, enabling businesses to capitalize on market shifts without unnecessary delays.

Affordable Expertise

Fractional CMOs offer an affordable solution, providing top-tier marketing expertise without the financial burden of a full-time executive. Engaging them allows businesses to access specialized skills and experience, receiving strategic guidance and leadership at a fraction of the cost. By optimizing marketing budget and resource allocation, businesses achieve higher ROI and maximize the impact of their marketing efforts.

Strategic Marketing Execution

Fractional CMOs bring a wealth of strategic insight and industry experience to the table, offering businesses a distinct advantage. Collaborating closely with organizations, fractional CMOs assist in developing and implementing effective marketing strategies that align with the company’s overall goals and objectives. They excel in areas such as market research, branding, digital marketing, and campaign execution, providing comprehensive support throughout the entire marketing process. Their expertise allows businesses to navigate the complexities of the modern marketing landscape with confidence and precision.

Embracing New Technologies and Trends

Staying up-to-date with the latest technologies and trends is crucial for sustainable marketing success. Fractional CMOs excel in this area, as they possess a deep understanding of emerging tools, platforms, and methodologies. Their expertise enables businesses to leverage innovative marketing techniques, capitalize on digital advancements, and adapt to shifting consumer preferences. By embracing these new technologies and trends, fractional CMOs ensure that businesses can maintain a competitive edge in a rapidly evolving marketplace, fostering continuous growth and expansion.

Seamless Collaboration and Knowledge Transfer

Fractional CMOs seamlessly integrate with existing marketing teams, fostering collaboration and facilitating knowledge transfer. Their presence brings fresh perspectives and best practices from various industries, injecting new energy and ideas into the marketing function. Additionally, fractional CMOs can mentor and guide in-house marketing professionals, enhancing their skills, capabilities, and overall performance. This collaborative approach strengthens the marketing function as a whole. It also ensures a smooth transition as business needs evolve over time.

Last Considerations

In an era where adaptability and responsiveness are paramount, fractional CMOs offer a flexible and adaptable solution for businesses seeking marketing leadership that can swiftly respond to changing needs. Their agility enables organizations to navigate the ever-shifting market dynamics and industry trends, seize emerging opportunities, and address challenges promptly. By accessing cost-effective expertise, benefiting from strategic guidance and executional support, and embracing new technologies and trends, businesses can position themselves ahead of the curve and achieve sustained marketing success. With the flexibility advantage of fractional CMOs, organizations can effectively adapt to the ever-changing marketing landscape and drive sustainable growth in today’s competitive business world.

Categories
Advice Marketing Strategy

Selling Services Instead of Products? Don’t Rule Out Experiential Marketing

Experiential marketing is all about creating opportunities to invoke your customers’ senses as they interact with your brand — seeing, touching, smelling, hearing and tasting your products. When executed well, customers walk away from an experiential marketing experience with a positive, meaningful memory of their interaction with your brand. But what if your business sells services that can’t be touched, smelled or tasted?

As it turns out, many experiential marketing tactics successfully employed by product-based companies work equally well for service- or other non-product-based companies. After all, service-based companies also aim to create delightfully memorable experiences to engage with their target audiences. Let’s delve into three ways service-based businesses can incorporate experiential marketing to attract customers and build brand loyalty.

1. Try a different take on product sampling.

Most of us are familiar with product sampling, typically at a store, tradeshow, festival or street corner. Brand ambassadors invoke our senses by talking with us and showing us their product, handing over a sample to taste (or smell) or letting us try something on. Then the ambassadors answer questions and offer a discount coupon or sample to take home.

You can employ this same tactic as a service business, either by performing a small service sample or by using enticing freebies to attract potential customers. For example, a physical therapy practice might offer free five-minute chair or foot massages and then a discount coupon for later use. A pediatric dental practice might attract families by handing out fresh-baked cookies, branded dental hygiene sticker reward charts and a chance to win a free dental cleaning. The cookies have nothing to do with a dental practice, but customers may remember how good they smelled and tasted.

Be sure to launch your product sampling campaign where your target audience is likely to be. Using our pediatric dental practice example, it should be somewhere parents of young children congregate, such as a parade, school event, soccer game, etc. The physical therapists should choose a location like a gym or a park where amateur athletes (who tend to get frequently injured) or patients recovering from joint replacement surgeries are likely to spend time.

2. Sponsor or create engaging opportunities at events.

Street fairs, town festivals, concerts, sporting events, tradeshows and conferences are teeming with people expecting to interact with multiple brands. Make yours stand out by creating appealing hospitality suites where attendees can take a break from the crowds, sit in comfortable chairs and enjoy a refreshing beverage or snack. Play brief, engaging videos demonstrating your service offerings that customers can watch as they relax. Entice them to enter a giveaway or give them a discount code to use later for your services.

Another wildly successful option for businesses of all types is to use cutting-edge virtual and augmented reality technology to create immersive experiences at events. For example, each year at the U.S. Open, American Express runs legendary tennis fan experiences, where fans can do entertaining things such as compete virtually against artificial intelligence opponents. Unfortunately, creating these memorable experiences comes at a hefty price and is out of reach for most businesses. However, smaller companies can host low-tech, affordable activities such as old-fashioned county fair games — think softball throws, beanbag tosses and dunk tanks. The essential idea is to create pleasantly surprising opportunities for your target audience to engage with your brand so they walk away with a favorable impression.

3. Plan stand-alone experiential marketing events.

Unlike a booth at an event where you’re competing with many businesses for attention, a stand-alone event or series of events may result in a higher ROI. State Farm ran a successful smaller-scale campaign to increase brand awareness in Florida years ago called “Get to a Better State Campus Tour.” During stressful midterm and final exam weeks, they sent brand ambassadors to four university campuses. To help students get to a more relaxed “state,” they hired yoga instructors to conduct short classes and took photos of students in front of green screens depicting dreamy vacation destinations.

Another example: In 2014, New York City-based TD Bank created three pop-up art galleries featuring 10 pieces of environment-focused art as part of a campaign to support MillionTreesNYC, an initiative to plant one million trees across New York City. TD Bank’s services are unrelated to trees or art, but the campaign was effective because it created positive impressions of its brand and increased awareness.

Businesses with more limited budgets can run less costly stand-alone events. For example, mobile vehicle tours and pop-ups (temporary tents or booths) are typically nimble, affordable ways to get your brand where your target audience is. Focus on creating authentic experiences that will be meaningful and uniquely suited for your customers and your brand. Handing out a free pen or tote bag is pretty ho-hum these days, whereas running a game or contest or providing a sample service makes a longer-lasting impression. For example, a dog grooming service could launch a pop-up near a dog park and perform free nail trims or other quick grooming services.

Final thoughts

It’s crucial to avoid gimmicky or inauthentic offerings or activities, or you risk having your campaign backfire. Consider your brand from your customers’ perspectives: How do your service offerings benefit them? Then design your experiential marketing campaign thoughtfully and creatively to deliver the right message at the optimum time and place for the best results.

Categories
Skills Strategy

C-Suite Radio’s Eli Marcus/The Motivation Show interviews Rock & Roll legend BOB GAUDIO

Bob Gaudio was inducted into the Songwriters, Rock and Roll, and the New Jersey Hall of Fame.  He was the principal writer & an original member of The Four Seasons, as in Frankie Valli and The Four Seasons. He wrote and/or co-wrote “Sherry,” “Big Girls Don’t Cry,” “Walk Like a Man,” “Can’t Take My Eyes Off You” and numerous others. He produced a number of songs for Marvin Gaye, Diana Ross, Michael Jackson, Roberta Flack & others. He co-produced the Frank Sinatra album Watertown His longtime association with Neil Diamondyielded seven albums.  

It seems like almost everything Bob was involved with was wildly successful. Born in da Bronx and having moved to New Jersey, he created the music for the hit Tony Award winning Broadway musical Jersey Boys, in which he was also portrayed. He is now the co-Lead producer of the sensational Neil Diamond Broadway musical A Beautiful Noise. In this exclusive interview on C-Suite Radio’s The Motivation Show podcast, Bob discusses:

How did the Four Lovers turn into the Four Seasons in 1960?

I have to clarify, as they told me when I joined the band, it’s the four lovers of music.  When I joined the band, I was one of the four lovers.  I think I made $100/week.    We met Bob Crewe in an elevator and he knew Frankie from awhile before.   That turned into hey come up see me, I need a band to play on my stuff, and we did.  He promised us a recording contract and at some point we finally got around to recording our own stuff and Sherry came out and here we are and we changed the name, because nobody liked the Four Lovers and it was time for a change.

How did your upbringing lead you to the musical path that you were on and were you always confident at an early age that you would have pretty much a meteoric level of success that you enjoyed pretty early on?

I don’t think anyone can predict success. I was driven. I started playing piano when I was six or seven.  I had an amazing teacher Sal Mosca who was a jazz artist in his own.  I learned so much from him.   He taught me how to focus.  I think the focusing is what drove me through many times, good, bad and indifferent to just stay on track and getting too scattered didn’t work.  That pretty much was a life lesson for me.   Maybe that’s part of the reason I’ve been lucky. Focus is everything as far as I am concerned.

Besides Focus, anything else you would add?

I think it always helps to do something you can make a living at and love.  I was really fortunate.  I started at sixteen.  I had a hit record at sixteen, “Short Shorts,” so I had that taste of blood.  I knew something was here, so I stayed with it, travelled on buses.

I look at success as having good collaborations.  You’ve had some of the most perfect collaboration.  How did you form these collaborations?

Sometimes they just happen.  They drop in your lap.  I have always tried to work with people better than me.  Then when I get as good as them, it is time to move on.  Always surround yourself with people that are as good or better than you.

What about your career are you most proud of?

Jersey Boys winning Best Musical.  It was the first musical that was called a jukebox musical that won a Tony Award.  When I saw Julie Andrews come out on the stage and read that announcement, my body went numb.  That was a moment I didn’t expect because we were categorized as a jukebox musical.

Categories
Advice Management Strategy

Minimizing Liability Risks: Leveraging an LLC to Lease Vehicles to Your Operating Companies

Introduction 

When it comes to protecting your business and its assets, mitigating liability risks is of paramount importance. One strategy that entrepreneurs and business owners can employ to safeguard their cash flow and shield their operating companies from potential liabilities is utilizing a Limited Liability Company (LLC) to own and lease vehicles. This approach offers a dual benefit: it allows companies to write off vehicle expenses while keeping potential liability issues separate from the core business. In this article, we will explore the advantages and considerations of using an LLC to own vehicles and lease them back to your operating companies. 

The Role of an LLC 

An LLC is a popular legal structure that provides personal liability protection for its members while offering flexibility in terms of taxation and management. By creating an LLC specifically for vehicle ownership, entrepreneurs can effectively separate the liabilities associated with their business operations from those related to vehicle usage. 

Advantages of Using an LLC for Vehicle Ownership 

1. Asset Protection: By establishing an LLC as the owner of vehicles, you create a legal barrier between your operating companies and potential liability claims arising from accidents involving those vehicles. This arrangement can help safeguard your business’s assets and shield them from claims or lawsuits that may arise from a vehicular incident. 

2. Tax Benefits: Leasing vehicles from an LLC allows your operating companies to write off all vehicle-related expenses, including depreciation, maintenance, insurance, and fuel costs. This can result in significant tax savings, as these expenses are considered legitimate business deductions. By maximizing tax benefits, you can optimize your company’s financial position and improve its bottom line. 

3. Enhanced Control: Centralizing vehicle ownership within an LLC provides better control and oversight. You can implement strict policies and guidelines for vehicle usage, maintenance, and safety, ensuring compliance across all operating companies. This control mechanism helps maintain consistency in operations, reduce risks, and streamline management processes. 

Considerations and Best Practices 

While utilizing an LLC for vehicle ownership and leasing presents several advantages, it is important to consider the following points: 

1. Proper Legal Structuring: Ensure that the LLC is established as a separate legal entity with its own operating agreement, finances, and tax records. Commingling funds or neglecting the legal formalities of the LLC can jeopardize the protection it offers and potentially expose your operating companies to liability risks. 

2. Adequate Insurance Coverage: Although an LLC can shield your operating companies from direct liability, it is crucial to obtain comprehensive insurance coverage for the leased vehicles. Consult with an insurance professional to determine the appropriate coverage levels, including liability, collision, and comprehensive insurance, to address potential risks adequately. 

3. Compliance with State Laws: Be aware of specific state regulations regarding vehicle ownership and leasing structures. Consult with one of our experts who is familiar with your jurisdiction’s laws to ensure compliance and avoid any legal issues. 

4. Professional Guidance: Given the complexity of legal and tax matters, seeking guidance from an expert is advisable. Controllers, Ltd can help you establish and maintain the proper structures and documentation required for an LLC-owned vehicle leasing arrangement. 

Conclusion 

Employing an LLC to own vehicles and lease them back to your operating companies offers a practical solution for reducing liability risks and maximizing tax benefits. By separating vehicle ownership from your core business, you can protect your assets while enabling your operating companies to deduct vehicle-related expenses. However, it is essential to follow proper legal and financial procedures, maintain adequate insurance coverage, and comply with state regulations to ensure the effectiveness of this strategy. 

Consult with one of my Experts who will provide the necessary guidance to implement this approach effectively and safeguard your business from potential liability issues. Book a complimentary appointment today at www.calendly.com/stephan-controllers or give us a call at (775) 384-8124. 

Categories
Advice Best Practices Case Studies Entrepreneurship Growth Human Resources Leadership Management Operations Strategy

Break Free From Founder Dependence: Strategies for Business Success?

How to Overcome Founder Dependence as a Start-up?

Commencing a business is an exhilarating voyage. As an entrepreneur, you invest your passion and dedication into transforming your start-up from an idea into a tangible reality. However, as your business expands, there is a risk of excessive reliance on you, the founder. Founder dependence can impede scalability, hinder decision-making processes, and limit overall growth potential.

This article delves into the challenges posed by founder dependence and explores effective strategies to overcome this obstacle.

 

Three Dangers of Founder Dependence

When a start-up heavily relies on the founder’s expertise, connections, and decision-making, it becomes vulnerable to various risks. Let’s closely examine some of the perils associated with founder dependence.

  1. Limited Scalability

Founder dependence can hinder the scalability of a start-up. When all critical decisions and operations flow solely through the founder, it creates a bottleneck that restricts growth. As the workload increases, the founder may struggle to delegate effectively, leading to burnout and inefficiency.

Scaling the business becomes challenging without a well-structured and empowered team.

  1. Challenges in Decision-Making

When a start-up excessively depends on the founder for decision-making, it can slow down the entire process. The founder may become overwhelmed by the sheer volume of decisions they need to make, resulting in delays and missed opportunities.

Additionally, decision-making becomes subjective, heavily influenced by the founder’s biases and perspectives.

 

  1. Single Point of Failure

Founder dependence creates a single point of failure within the organization. If the founder is unable to work due to illness, personal circumstances, or other reasons, the entire business can suffer.

This vulnerability puts the start-up at significant risk, jeopardizing its continuity and survival.

 

5 Strategies to Overcome Founder Dependence

Now that we comprehend the challenges posed by founder dependence, let’s explore effective strategies to mitigate this risk and foster a sustainable and scalable business.

  1. Cultivate a Strong Leadership Team

Building a robust leadership team is crucial to reduce founder dependence. Identify individuals who complement your skills and share your passion for the business. Delegate responsibilities to them, empowering them to make decisions and take ownership of their respective areas.

Cultivate a culture of trust and collaboration within the team, encouraging open communication and idea-sharing.

  1. Document Processes and Systems

To minimize reliance on the founder’s expertise, document key processes and systems within the organization. Create clear guidelines, standard operating procedures (SOPs), and knowledge repositories that outline how tasks are performed.

This documentation facilitates knowledge transfer, enables new hires to quickly get up to speed, and ensures consistency in operations even when the founder is not directly involved.

  1. Implement Effective Training Programs

Invest in comprehensive training programs for your employees to enhance their skills and knowledge. By equipping your team with the necessary tools and expertise, you empower them to handle complex tasks and make informed decisions independently.

Encourage continuous learning and professional development, fostering a growth mindset within the organization.

  1. Foster a Culture of Innovation and Collaboration

To overcome founder dependence, nurture a culture of innovation and collaboration. Encourage your team members to think creatively, share ideas, and take ownership of projects. Emphasize the importance of cross-functional collaboration and create platforms for brainstorming and knowledge-sharing.

By involving the entire team in the decision-making process, you can harness diverse perspectives and drive the business forward.

  1. Continuously Evaluate and Improve

Regularly evaluate your processes, systems, and team dynamics to identify areas for improvement. Solicit feedback from your team members and stakeholders, encouraging open dialogue.

Adapt and refine your strategies based on these insights, ensuring that your business remains agile and responsive to market changes.

 

Embracing Growth and Sustainability

Overcoming founder dependence is vital for the long-term success and sustainability of a start-up. By developing a strong leadership team, documenting processes, implementing training programs, fostering innovation and collaboration, and continuously evaluating and improving, you can reduce reliance on the founder and unlock the full potential of your business.

Remember, building a business is a collective effort. Embrace the growth opportunities that come with empowering your team and trust in their abilities.

With the right strategies in place, you can navigate the challenges of founder dependence and steer your start-up towards a prosperous future.