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The R3 Continuum Playbook: Should I Start a Mental Wellness Program at My Company? – An Interview with Dr. George Vergolias, R3 Continuum on the Decision Vision Podcast

February 24, 2022 by John Ray

R3 Continuum
Minneapolis St. Paul Studio
The R3 Continuum Playbook: Should I Start a Mental Wellness Program at My Company? - An Interview with Dr. George Vergolias, R3 Continuum on the Decision Vision Podcast
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R3 Continuum

The R3 Continuum Playbook: Should I Start a Mental Wellness Program at My Company? – An Interview with Dr. George Vergolias, R3 Continuum on the Decision Vision Podcast

Dr. George Vergolias, Medical Director at R3 Continuum, was a guest on the Decision Vision podcast, hosted by Mike Blake, discussing whether an organization should start a mental wellness program. In this insightful episode, Dr. Vergolias laid out the considerations and issues involved, best practices for meeting the needs of people’s emotional and psychological health, the rise of telehealth, the potential returns of such programs, the characteristics of a successful program, and much more.

The show archive of the Decision Vision podcast can be found here. The R3 Continuum Playbook is presented by R3 Continuum and is produced by the Minneapolis-St.Paul Studio of Business RadioX®. R3 Continuum is the underwriter of Workplace MVP, the show which celebrates heroes in the workplace.

TRANSCRIPT

Intro: Broadcasting from the Business RadioX studios, here is your R3 Continuum Playbook. Brought to you by Workplace MVP sponsor R3 Continuum, a global leader in workplace behavioral health, crisis and security solutions.

Shane McNally: Hi, there. My name is Shane McNally, marketing specialist for R3 Continuum. This week’s R3 Continuum Playbook is going to be a bit different. We’re really excited to share that R3 Continuum Medical Director, Dr. George Vergolias, was recently a guest on the Decision Vision podcast. Dr. Vergolias had a conversation with Mike Blake from Brady Ware & Company, where they discussed mental wellness programs, and if it’s worth considering the implementation of one at your organization. They also discussed best practices for supporting emotional and psychological health, the rise of telehealth and what it takes to create and implement a mental wellness program successfully. Here’s the full conversation between Mike Blake and Dr. George Vergolias.

Mike Blake: Dr. Vergolias, welcome to the program.

George Vergolias: Thank you, Mike. It is a pleasure to be here.

Mike Blake: So, let’s start from the basics because I think people could define this differently depending on their context. How do you define mental wellness?

George Vergolias: So, the World Health Organization has, I think, a very usable and approachable definition. They define it as a state of wellbeing in which the individual in his or her own abilities can cope with the normal stresses of life. They can work productively and fruitfully. And they can make a contribution to their society. I kind of simplified that a little bit, and I like talking about mental wellness as a synergy between emotional, psychological, physical, and spiritual ways of being in the world that allow us to thrive.

Mike Blake: So, you’ve been doing this a long time, obviously, you have a lot of expertise in this field. When people think about or consider implementing a mental wellness program, what does that look like? Most of us know what a physical wellness program looks like. It could be gym memberships, and it could be walks, it could be stretching at your desk, not sitting for too long, all kinds of things of that nature, healthy snacks in the break room. But I’m not sure all that familiar with what a mental wellness program looks like. So, what, in your mind, does that look like? And maybe you can share some best practices with us?

George Vergolias: Sure. Really, it is a program that is designed at the highest level around meeting the needs of people’s emotional and psychological health. I mean, that’s kind of built into the definition. So, what does that mean in terms of best practice or what should you consider if you’re a leader at an organization? There’s a number of things that I’d recommend.

George Vergolias: And the first is, it has to be catered to your organization’s needs and to your organization’s culture. I’m not a fan of a one size fits all. There are different pain points. There are different needs, different industries, different companies, different cultures. And even in the same company, you might have different regions of the world or of the country in the U.S. that have different needs. So, it has to be catered to your needs and culture. It has to be collaborative both internally amongst various departments, as well as with outside vendors that can provide additional resources that you, as the organization, may not be an expert at.

George Vergolias: Leaders and managers need to be invested, engaged, and accountable at the highest level. I think a good example of this, which also shows some vulnerability, is Sheryl Sandberg from Facebook. Strong advocate of a mental health program, came out with her book a number of years ago, Lean In, and really was very open about her own experiences and her own vulnerabilities.

George Vergolias: That really sets a tone for employees. You want the employees to be engaged and you want their input to be part of the process of developing a program. You need to have a clear rollout and a communication plan. You need to leverage technology to support the initiative. On this front, remember, technology is a tool, it’s not the goal.

George Vergolias: I think what has happened in recent years is there have been some technology driven giants that have come on the scene that have wonderful apps and they have wonderful engagement in terms of the technology side. But they don’t necessarily have the best throughput in terms of impacting functional or behavioral change.

George Vergolias: And two more things I’d recommend. Consider a plan for anticipated barriers. Given your unique needs and culture, what are the things that you might hit roadblocks on and anticipate that ahead of time. And lastly, you want to address a menu of offerings in that service plan. Ideally, it shouldn’t be just psycho-educational trainings, or just peer support, or just access to the EAP, or access to mental health services. One size doesn’t fit all, and you really want a range of those things as you’re applying these programs.

Mike Blake: So, an argument might be that employees have it pretty good right now. And I’m not saying I’m saying this, but I have heard this argument, and you probably have too. Employees have not had as much power as they have right now – in my lifetime, for sure – to kind of pick and choose where they want to work, how they want to work. Many of them are working home. And for baby boomers and some Gen Xers, that seems kind of cushy, frankly.

Mike Blake: And so, that leads to the question, you know, is this question of a mental wellness program relevant to organizations that now have large numbers of people working from home? Can a company even put something in place to help them? Because with people working at home now that each have their own individual environments, now their each individual needs that are no longer kind of collectivized by an organization, they’re so diffused and so diverse now. Does that take a mental wellness program off the table? Are there things that companies can do to promote mental wellness, even if you have a largely remote workforce?

George Vergolias: It’s a great question, Mike. And my answer is, it absolutely does not take it off the table. In an interesting way, it heightens the need. Let me throw out some details for you. In March of 2021, the Microsoft Work Trends report was published. And what they came out with is a number of interesting findings, and I’m just going to throw a few out just to anchor this discussion. Compared to 2020, as they went into 2021, they saw a 100 percent increase in the use of Microsoft Teams. The average meeting was extended by ten minutes.

George Vergolias: There was an increase of 45 percent more chats being sent at random times of the day. And one of the difficulties we were finding is you always had to be on camera. So, if you were on camera, it’s really interesting that people don’t realize is if you’re in a board meeting or just a conference meeting at your workplace, you can see the speaker or your boss, and you can see if they’re paying attention to you. So, you can divert your gaze. You could take a sip of water. You can scratch your nose. You can do a million things.

George Vergolias: What’s so odd is when you’re on a Zoom meeting with eight people, you don’t know who’s looking at you at that exact moment. And so, there’s this sense of you always need to be on. You always need to be completely focused. That’s mentally exhausting. And so, there’s these realities of working remote that has really been difficult.

George Vergolias: What we’ve also seen is – this is really a fascinating study – the increased number of emails delivered in February of 2021 versus February of 2020 based on this same study, it increased in the U.S. 40.6 billion more emails were sent. So, what’s interesting is when you think of chat and you think of email, think of the disruptive nature. At any moment in the day, these things can come in and interfere with your work productivity, with your focus.

George Vergolias: And it’s like the real exhaustion. Eighty percent of employees say that they’re more productive through 2020 and through 2021, but 60 percent feel they’re overworked, and 40 percent feel exhausted. And leaders tend to be out of touch. A study from about three or four months ago by Deloitte showed that 61 percent of leaders say that they’re thriving, but only 38 percent of employees say that they’re thriving.

George Vergolias: So, the point with all of this is although that remote environment early on seemed really nice, “I could pick my kids up. I could eat lunch in my own, you know – I could wear my gym bottoms if I’m not showing, you know -” all of these things are wonderful. This sense of merging my home-personal life and my work life and not having clear boundaries with all the things I’ve already mentioned really resulted in a great deal of emotional exhaustion.

George Vergolias: And so, now, more than ever, the creative but problematic issue is, how do we engage employees in a remote work environment in a way that still meets those needs, that meets those behavioral and cognitive and psychological needs. So, it’s definitely needed and it’s a big challenge.

Mike Blake: The Zoom thing is interesting, and you’re right, it is exhausting. It is exhausting to be on camera. I think we all now have a greater appreciation for how hard it is for people who are on TV or the movies as a living. And I think, also, you become so aware because you see yourself often. If you haven’t turned off your own sort of picture that creates a self-consciousness that, I think, is also draining.

George Vergolias: You know what’s interesting, Mike, if I could just interject. What we’ve done at R3 Continuum – which I love this idea. It wasn’t my idea. I think our ops director came up with this because she read an article – is we tacitly or explicitly gave permission for people to go off camera, whether it’s because their kids are screaming in the background, or their dogs barking, or maybe they didn’t clean up, some of our folks were doing these calls from their bedrooms. There’s a number of reasons why you would want to do that. But that really gave permission for people to say as long as you’re still focused within reason as you normally would be in the office, you can go off camera if you need a relief.

Mike Blake: Yeah. And, also, I wonder, you know, I’ve heard that some people are more focused when they can be also a little distracted. You know what I mean? They’re doodling or something, right? But being on camera where you just sort of have to lock your eyes into the camera and you can’t do that, I think that’s also very stressful for people. And turning off the cameras is a really good idea.

George Vergolias: Yeah. Absolutely. Absolutely.

Mike Blake: So, speaking of boundaries, here’s a question I want to ask. Are there any limits or are there boundaries in terms of how realistic it is to expect a mental wellness program to perform in terms of addressing potential sources of mental unwellness? Are there certain things that a corporate mental wellness program can or can’t do despite your best of intentions throwing all the resources at it that you want? Or is anything on the table? Could a well-constructed, well-funded mental wellness program achieve almost anything you want?

George Vergolias: I don’t think it can achieve anything you want. I think what it can do, it can really help prevent a host of developing issues, like anxiety, depression, substance abuse, even suicidal ideation. It can’t fully prevent those. But what it can do is help catch those upstream when they’re developing, and then get people to the proper resources, be they formal clinical treatments, or what we call more organic supportive resources, like peer support, mindfulness programs, psycho-educational training, things of that nature. That could be really helpful.

George Vergolias: And by doing that, the upside is that can impact morale. It could impact productivity, which has a bottom line impact on businesses. And most importantly, it can impact cultural cohesion and cultural engagement. It impacts talent retention, all of those.

George Vergolias: There are some limits, though. So, some things I think it cannot really do is, if somebody has a moderate to severe mental health problem, they probably need formal clinical treatment. They need to be referred to proper treatment providers that can address that either through psychotherapy and/or medications. It’s important to know that it can’t do all of that.

George Vergolias: The other thing I don’t think it can do fully without a separate approach is we see that there’s a host. And we certainly have seen in ’20 and ’21 a host of cultural tensions that emerge at the workplace, be they related to political, ethnic, racial, gender, regional differences. The big two that we’ve been involved in a great deal are the collective response to the murder of George Floyd and the demonstrations, and those demonstrations that then turned into riots. And then, of course, mask mandates and vaccine mandates.

George Vergolias: These are really tough hot points that all the way wellness program can raise the emotional IQ of your employees. And they can alleviate how that tension manifests. If you want to address those kind of cultural issues, you need to address them head on and in some different ways. A wellness program can complement that process very well. But it is not in in it of itself going to take those cultural issues away or off the table.

Mike Blake: And I’m glad you brought that up because it leads into a question I wanted to make sure to cover, and I’ll bet you encountered this. What if the company itself is the source of the mental and wellness? The new word in everybody’s lexicon now is toxic. And there are toxic people, there are toxic workplaces. I think that social media has amplified toxicity in a profound and pervasive way. And as a company reflects on or considers putting in a mental wellness program, is it possible they’re going to find that they’ve seen the enemy, and it is us. That they may be actually self-defeating because they’re the cause of the mental unwellness to begin with?

George Vergolias: One hundred percent, I agree with that. It can be very counterproductive. And I said this earlier, but it’s important to just say it again, it’s really important to know thyself as an organization, to know your culture, know your employees, know your leaders, know your pain points.

George Vergolias: It’s interesting, Mike, the image that comes to mind is imagine you spend $10,000 to landscape your backyard. The landscaper comes in, does wonderful works for weeks and does great. It looks like a Zen garden when they leave. And then, for the next six months, you don’t do anything. You don’t water, you don’t mulch, you don’t weed. What happens? It falls in complete disarray.

George Vergolias: We have seen some companies who do a pretty good launch of a wellness program, or they partner with groups like R3 or others, and we do a really good launch working in tandem with them, but they’re not dealing with their cultural toxicity. And that just undermines the foundation on which all of that is based. What’s really interesting when you think of a physical wellness, bring in massage therapists, have a dietician come in, there’s a number of other ways you can do that. In part, you need to be engaged in that process for it to be beneficial. But there’s physical benefits that one can get without necessarily voluntarily being engaged in the process.

George Vergolias: When you think of mental wellness, the recipient has to have buy in. They have to believe in it and they have to do the work. And if you don’t have a culture of trust, if you have a culture of stigmatization against feeling vulnerable or admitting that you have mental health challenges, the best program in the world just isn’t going to take off. So, it’s a really poignant question that you raise.

Mike Blake: So, in point of fact, this may be something that might be considered hand in hand with a leadership and cultural evaluation. Because it seems to me this is a real double-edged sword of a mental wellness program is that, if you put that in, you may find things out about your organization that you don’t necessarily love.

Mike Blake: I can easily see a scenario in which you put in a mental wellness program, let’s say, you have a telemental health consultations. And then, an employee says, “Yeah. I’m not the underperformer. My boss is really toxic. I’m quitting.” I mean, that’s a very real possible outcome, right?

George Vergolias: That’s absolutely right.

Mike Blake: And I kind of even wonder if before you put in a mental wellness program, you may want to do some sort of self-evaluation to make sure that, again, you’re not the one causing the mental unwellness in the first place.

George Vergolias: I think that’s very important. And that’s why that engagement, all the way from top to bottom, of getting input, certainly, from leadership – that’s important – middle management, all the way down to your frontline employees is critical, so you can understand what those insights are. And it’s critical to do it in a way, I recommend doing that in an anonymous way so that people can feel more comfortable being open and there won’t be backlash on their job. Because what you really want is you don’t necessarily want people to fall in line in that step of the process. You want really honest and candid, almost gut punch data so you can take a really good appraisal of where are we as a company, and what are the pain points that we need to solve along those lines? I totally agree with that.

Mike Blake: So, you’ve done this for a long time and, of course, you’re right in the middle of it with coronavirus, are you able in any way to measure kind of the ROI of putting programs like this? And what have you seen in terms of improved company performance, bottom line-wise, for companies that have successfully implemented mental wellness programs?

George Vergolias: Yes. Again, great question. And it’s something that if you go back five years and certainly ten years ago, there was some studies that showed ROI, but I don’t think they were nearly as well developed. What we’re seeing just in the last two years is what I’d refer to as an explosion of studies looking at what is the ROI, not only in terms of human impact, but also in terms of bottom line.

George Vergolias: And the ultimate conclusion – I’ll give you a quick data point from a Canadian study that was done recently – you have to make a business case for the benefit as well at some point to get that buy in. So, what’s interesting is Deloitte did a study – now, this was November of 2019. So, what’s interesting here is that was actually at the frontend or just before the pandemic – and they were looking at a wellness program across ten different large companies in Canada.

George Vergolias: And what they found going in, they estimated that ten percent of those employees across that sample size had depression. And the annual cost of depression – and this is in the U.S. – is $31 to 51 billion in terms of lost productivity, absenteeism, presenteeism, and so on.

George Vergolias: And what we know is the World Economic Forum estimates that the cost globally is going to be six trillion and that’s for mental health problems globally, the business loss or the cost of decreased productivity. What’s interesting is when they did this study and they looked at productivity, they looked at engagement of employees, they looked at talent acquisition and overall throughput of work, they found that after three years, there was a 60 percent ROI on dollar spent. And after four plus years, four or five six years, that ROI went up 118 percent. And that’s based on the productivity, and the output, and the creative inventive-ism, if you will, or ingenuity that people were bringing to the table.

George Vergolias: Because the hard reality is, if you have a burned out, exhausted, anxious, depressed core group in your workforce, they’re not being innovative, they’re not being collaborative. They are getting by day-by-day and they’re not pushing the envelope from a business perspective. That’s not the talent you want. Well, you want that talent, but you want that talent to be more at a place of wellness and thriving is what I meant by that.

Mike Blake: So, one question that comes to mind and probably may come to mind with some of our listeners is that, we’re reading all over the place that this is a great time to be a therapist or a psychologist or psychiatrist. You know, most doctors, they’re not even taking new patients right now. You can’t get a consult. How do companies kind of address that or not let that stand in the way of providing resources to their employees?

George Vergolias: So, first, that’s an absolute harsh reality right now. And what’s interesting as a side note, in my work with my Telepsych company, we’ve been doing telehealth for almost 19 years. And up until the pandemic, we struggled with a lot of hospitals getting them to really adopt a telemental health approach. As you said earlier, Mike, as soon as COVID hit, it was like overnight that acceleration adoption just accelerated.

George Vergolias: So, an upside is that there are a lot more options of access to therapists, psychiatrists, social workers, psychologists, and so on via telemental health. And those definitely should be explored. If you are a company, or an HR director, or a company leader, and you are not open to telemental health options, you are really missing out on a wonderful opportunity to expand the reach of resources to your employees. And very soon you’re really falling behind. So, that’s one point.

George Vergolias: The difficulty, though, is I would say that corporations, companies, particularly HR directors, I think they really need to demand and expect their EAPs to continue to build those networks in a way that can meet their client’s needs. They’re paying for services, and it’s important that those networks be developed, be they incite or onsite evaluations and treatment or telemental health services.

George Vergolias: So, that’s one thing I would recommend that if you have an EAP in place, really have dialogue with them about what are the options that you’re offering and how are you shoring up those service gaps. I think that’s really important.

Mike Blake: Now, aside from direct consultations with therapists, what are some other examples of features of wellness programs that companies can put in place, or offerings, if you will?

George Vergolias: Yeah. Certainly. Certainly. So, what we tend to see in those that are most successful is we tend to see an array of offerings. So, these can include psycho-educational resources. Many of those are online trainings, various videos, how to manage conflict at home, how to handle marital conflict, how to handle conflict with your teenage child, managing anxiety, navigating through a panic attack. Again, I could go on. There could be hundreds of topics.

George Vergolias: We actually have a software program that we’ve developed that has well over 100 different modules on mental health and mental wellness that people can choose. And get a quick three to five minute kind of video on either educating them on the nature of the condition of the symptoms or helping them navigate and understand how to navigate those symptoms. There’s a lot of programs out there that do that.

George Vergolias: Another would be, these programs really should also have a factor of peer support and empowering a culture of support and, what I call, empowering a culture of vulnerability, where it destigmatizes mental health, it allows people to feel like they have support, and it allows people to feel safe to reach out and say I need some help. It’s important to have a clear communication plan and roll out the program. We see good programs where half the employees don’t even understand the program exists or understand how the program can benefit them.

George Vergolias: Beyond that, emotional and physical health education, adoption, and integration into the culture, self-help or mindfulness initiatives, peer support, disruptive event management is something R3 does a great deal of across the U.S. and globally. Helping people adjust to traumatic or disruptive events that occur at the workplace. Early intervention support, whether it’s destigmatizing campaigns, mental health first aid, all of these other things that we provide.

George Vergolias: And then, at some point, helping people identify when do you need more formal clinical treatment, mental health treatment, and then linking people to resources so they can access that.

George Vergolias: One last thing I’ll add that I don’t think is explored enough is developing access to what I call organic community resources. I mean, it used to be, and for some of us it still is. It used to be where you can go to your church, you can go to your local clubs, you can go to your local neighborhood groups, ethnic groups, whatever it may be, and you can still get a lot of support. Now, we have a culture by which many of us move around state by state. We are more disjointed than we were pre-COVID. And it’s harder to access some of those more natural supports or organic supports. So, I think that’s another thing that programs should consider as well.

Mike Blake: Now, what about things that are really sort of – I want to get a little bit granular with you if that’s okay – like encouraging meditation or meditation training, breathing exercises. A big one might be, for example, trying to organize some kind of group events, whether in-person or remotely. Because, you know, one of the downsides for many people for remote working is loneliness and isolation.

George Vergolias: Now, not for me, I’m an extreme introvert. So, you know, my wife is not concerned about me cheating on her. Her biggest concern is that I’m going to be picked for the Mars mission because I’m like, “You’re going to put me in a tin can by myself for three years? I’m in.” But, unfortunately, they don’t want fat old people on the mission, so there’s no danger of that. But the point is that sort of these other programs that just try to be a little bit kind of interventional. I guess my question is, are they used with any effectiveness in the workplace alongside the other things that you’re describing?

George Vergolias: I think they are. I think what’s really interesting is mindfulness and meditation programs, including just apps. There’s a proliferation of apps that talk about this as well. The value that they have shown over time, over the last five plus years, has really been astounding in terms of people just being more mindful, more aware of what they’re feeling, more aware of developing conflicts or symptoms over time.

George Vergolias: And I think that has been a huge development forward. Now, this is hard to measure, but I believe anecdotally and based on 20-some years of experience, it has been a huge benefit in helping people stem off more severe development of, not only interpersonal conflict, but other symptoms, developing more severe symptoms of depression or anxiety.

George Vergolias: I also feel it has a counter. These things not only prevent things from getting bad. They help us do better. They help us perform better. They help us have more meaningful relationships. They help us have more happiness and moments of gratitude in our life. So, I think that those are very powerful aspects to a program without doubt.

Mike Blake: So, how expensive are these programs? I understand that it depends on how kind of deep you want to go. I’m sure there are Cadillac programs and there are cheaper programs. But let’s say relative to a conventional healthcare physical health program, are mental wellness programs or should companies expect to spend roughly as much, or more than, or less than whatever they’re spending on their physical health programs?

George Vergolias: That’s a tough one to answer. I’ve got some insights that I’ll offer. Please take these with a certain degree of flexibility. I have to say that, of course, it’ll vary by scope and size. We work with companies that want to roll out a mindfulness meditation program that can be really focused and relatively inexpensive, depending on the nature of what they want to do. We’ve had companies that want to roll out an app that’s already well developed on the App Store or on the Android Store, and they just want some communication around benefits of using it. That can be really kind of low budget, relatively speaking, and still can have some value.

George Vergolias: And then, there’s companies that want to offer a full menu of all the things I already talked about in terms of the full comprehensive menu. So, that will depend a great deal. The key, I think, is identifying the needs and the pain points of your organization and then prioritizing what is it that you want to impact first. And realize that even the biggest, best programs out there with the most resource laden companies that make billions of dollars a year, none of them do all of this that we’re talking about today, Mike. None of them do all of it.

George Vergolias: You know the the old saying, “How do you eat an elephant? One bite at a time.” So, start with where do you think your biggest pain points are? What do you think you’re going to get the best buy in from employees all the way up to leadership? And start with that. It might be a psycho-educational training library. It might be a mindfulness program. It might be just offering peer support groups so people can talk about what they’re struggling with pertinent to remote work or work from home.

George Vergolias: Interestingly, at R3, we offered a parenting support interface, kind of a peer support for parents, including some resources. And what we did is we actually sent those parents a three month subscription to Tinker Crate. And I don’t know if you know what Tinker Crate is, but it’s like a little kit developmentally appropriate for different ages. They could put together different types of little engines or little mechanized things, and it’s kind of a nice, scientific-based project that they can do.

George Vergolias: Well, what we had is we had a whole bunch of our single workers say, “What about us? We’re still struggling. And in a way, we’re struggling more because I’m home alone in an apartment. I don’t have a wife, a husband, or two kids.” And so, it made us really think, “Darn. We really missed that.” And so, we pivoted and we offered other support resources.

George Vergolias: But that’s what I would say, it’s really hard to come up with a price tag because the scope could vary greatly. What I will say, I would not expect it to cost as much as the physical wellness.

Mike Blake: So, I have a view – and you tell me if I’m full of it or not – but I think one thing that mental and physical wellness programs have in common is that, in the right circumstance, you can get a lot of bang for the buck with a very minimal investment. Those Tinker Crates, I think, is a great example. It might cost you $20 per month per employee, maybe. But that can make a huge difference. If that keeps an employee happier, more stable, more actualized for a couple of weeks after that, boy, what a great investment.

George Vergolias: I can’t agree more. You know what’s it’s interesting, Mike? I think of those times in my life where I’m having a really rough day and I’m checking out at the grocery store. And the person at the register clerk or the cash register says, “Boy, I really like your haircut,” or, “I love that shirt”. I’m not feeling like the Dalai Lama. Like, I’m not absolutely at the zenith of my happiness as a result. But it just lifts me enough to feel like, “Well, that was kind of nice.” And that then sets in motion a trajectory of incremental steps throughout the rest of the day or the night where I keep improving on that.

George Vergolias: I call those emotional strokes. Small emotional scopes that give you that uplift, that just give you that feeling of I’m not alone, these other people or these leaders get it, they understand what I’m dealing with. And this was just a nice little small blessing for me today. Those make a big difference. They really do.

Mike Blake: I’m talking with Dr. George Vergolias. And the topic is, Should I start a mental wellness program at my company? We’re running out of time, unfortunately, so I only have time for a couple more questions. But what I do want to make sure we get out there is, what are best practices for companies to measure whether their wellness programs are working or doing the job they’re being asked to do?

George Vergolias: So, certainly, what I would say is, you have to start by being very clear on what are you trying to achieve. Absolutely. You need to know that. What are you trying to achieve? What are the goals? And then, operationalizing those in a way that you can measure them. And what I tend to do is I tend to put it into two buckets.

George Vergolias: One is satisfaction, because you want your employees and your leaders to have engagement in the program. And often, in its highest form, it’s a satisfaction type question or a series of questions. How’s the program working? Do you feel you’re getting better? Do you feel it meets your needs and so on?

George Vergolias: By the way, a lot of companies stop there. And some people may not agree with me, but I’m a big fan that satisfaction doesn’t always indicate outcome or functional benefit. I could be very happy with a therapist and I’m still not getting better. And one of the reasons I’m happy with a therapist is they’re not challenging me to get better. Think of a physical therapist or think of a personal trainer that doesn’t piss you off occasionally or get you angry, that’s not a very good physical therapist and that’s not a very good personal trainer.

George Vergolias: So, what you also need to measure is what are the behavioral functional changes that are occurring over time? And from a business perspective, what is the productivity or the impact on the business that is promoting the business forward? It could be increased team collaboration. It could be a measure of increased innovative ideas. It could be increased operational efficiency.

George Vergolias: There’s a number of ways companies can define that. But that’s what I would say that you need to answer both of those buckets, satisfaction and then – what I call – functional outcome. And that has two types, the behavioral and kind of functional aspect of the individual and then the business functional improvement that you’re seeing as a result. That’s how I would structure that.

Mike Blake: Yeah. And it occurs to me, I’ll bet you there are KPIs that can be structured around this. You know, for example, it could be productivity, it could be turnover, it could be tenure, in some cases, even your pay scale. You have to pay people more to work for you just because you’re not all that pleasant to work with.

George Vergolias: Absolutely.

Mike Blake: George, this has been a great conversation. I’ve got about ten more questions I love to ask, but we’re running out of time.

George Vergolias: I understand.

Mike Blake: I’m sure that there are questions that our listeners would have liked me to cover that we didn’t or would have liked us to cover in more depth. If they’d like to follow up with you on some of these issues, can they do so? And if so, what’s the best way to do that?

George Vergolias: Absolutely. So, you can do so by emailing me at George, G-E-O-R-G-E, .vergolias, V as in Victor-E-R-G-O-L-I-A-S, @r3c.com. Or my office line, feel free to give me a call, area code 952-641-0645, and I’d be happy to engage.

Mike Blake: That’s going to wrap it up for today’s program. I’d like to thank Dr. George Vergolias so much for sharing his expertise with us.

Shane McNally: What an educational and important podcast episode. If you’re a small business owner, make sure you check out Mike Blake and the Decision Vision podcast, where Mike covers topics and issues small business owners are facing and talks with experts about solutions for those issues. If you’d like more information on mental wellness programs or are looking for different strategies to offer the best support and resources for your employees, R3 Continuum can help. Learn about our R3 Continuum Services and contact us at www.r3c.com or email us directly at info@r3c.com

Show Underwriter

R3 Continuum (R3c) is a global leader in workplace behavioral health and security solutions. R3c helps ensure the psychological and physical safety of organizations and their people in today’s ever-changing and often unpredictable world. Through their continuum of tailored solutions, including evaluations, crisis response, executive optimization, protective services, and more, they help organizations maintain and cultivate a workplace of wellbeing so that their people can thrive. Learn more about R3c at www.r3c.com.

R3 Continuum is the underwriter of Workplace MVP, a show which celebrates the everyday heroes–Workplace Most Valuable Professionals–in human resources, risk management, security, business continuity, and the C-suite who resolutely labor for the well-being of employees in their care, readying the workplace for and planning responses to disruption.

Connect with R3 Continuum:  Website | LinkedIn | Facebook | Twitter

Tagged With: Decision Vision podcast, Dr. George Vergolias, Mental Wellness Program, Mike Blake, R3 Continuum Playbook, workplace mental health, Workplace MVP

Decision Vision Episode 157: Celebrating Three Years

February 24, 2022 by John Ray

Decision Vision
Decision Vision
Decision Vision Episode 157: Celebrating Three Years
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Decision Vision Podcast

Decision Vision Episode 157: Celebrating Three Years

Host Mike Blake took time to reflect and celebrate three years of the Decision Vision podcast by expressing his gratitude to Brady Ware, producer John Ray and his Business RadioX® team, the fantastic guests, and all the listeners. Mike also shared exciting news about a new professional direction. Decision Vision is presented by Brady Ware & Company and produced by the North Fulton studio of Business RadioX®.

Mike Blake, Brady Ware & Company

Mike Blake, Host of the “Decision Vision” podcast series

Michael Blake is the host of the Decision Vision podcast series and a Director of Brady Ware & Company. Mike specializes in the valuation of intellectual property-driven firms, such as software firms, aerospace firms, and professional services firms, most frequently in the capacity as a transaction advisor, helping clients obtain great outcomes from complex transaction opportunities. He is also a specialist in the appraisal of intellectual properties as stand-alone assets, such as software, trade secrets, and patents.

Mike has been a full-time business appraiser for 13 years with public accounting firms, boutique business appraisal firms, and an owner of his own firm. Prior to that, he spent 8 years in venture capital and investment banking, including transactions in the U.S., Israel, Russia, Ukraine, and Belarus.

LinkedIn | Facebook | Twitter | Instagram

Brady Ware & Company

Brady Ware & Company is a regional full-service accounting and advisory firm which helps businesses and entrepreneurs make visions a reality. Brady Ware services clients nationally from its offices in Alpharetta, GA; Columbus and Dayton, OH; and Richmond, IN. The firm is growth-minded, committed to the regions in which they operate, and most importantly, they make significant investments in their people and service offerings to meet the changing financial needs of those they are privileged to serve. The firm is dedicated to providing results that make a difference for its clients.

Decision Vision Podcast Series

Decision Vision is a podcast covering topics and issues facing small business owners and connecting them with solutions from leading experts. This series is presented by Brady Ware & Company. If you are a decision-maker for a small business, we’d love to hear from you. Contact us at decisionvision@bradyware.com and make sure to listen to every Thursday to the Decision Vision podcast.

Past episodes of Decision Vision can be found at decisionvisionpodcast.com. Decision Vision is produced by John Ray and the North Fulton studio of Business RadioX®.

Connect with Brady Ware & Company:

Website | LinkedIn | Facebook | Twitter | Instagram

TRANSCRIPT

Intro: [00:00:02] Welcome to Decision Vision, a podcast series focusing on critical business decisions. Brought to you by Brady Ware & Company. Brady Ware is a regional, full-service, accounting and advisory firm that helps businesses and entrepreneurs make visions a reality.

Mike Blake: [00:00:21] And welcome to Decision Vision. This is Mike Blake, your host, and our sponsor is Brady Ware & Company. This is going to be a different show, a short show. And, really, a thank you show.

Mike Blake: [00:00:34] So, we are celebrating our third anniversary of the Decision Vision podcast with the show. And, you know, something like, I don’t even know what number of episodes this is, like 155 or something. It’s a crazy number. And, you know, I just – I think it’s a good time to pause. I don’t want to – I don’t want to do this as sort of in passing because it deserves more than an in passing mention. It deserves its own airtime.

Mike Blake: [00:01:01] And, three years is a long time for a show to be on, especially a weekly show. We have now lasted officially as long as the Star Trek original series did. I don’t know that we’re going to have Decision Vision Con anytime soon, but, you know, good things can happen after only three years, and it’s hard to believe we launched this back in March of 1999. And, you know, where do we even begin, right? So much has changed since then.

Mike Blake: [00:01:30] And before we get into some perspective on that, I want to make sure to thank everybody that needs to be thanked and there are a lot of them. First, I’d like to thank Brady Ware & Company who has supported this podcast. They have supported my investing time into it. They have supported it by listening to it and directing people to listen to it. They’ve supported it financially at not an insignificant expense. Putting on a show like this, even though I do it for free, technically is still not cheap, and you can tell the difference between this show and a show that’s done in somebody’s basement, which leads me to the second group I want to thank which is the folks at Business RadioX, and John Ray and his team have been just tremendous partners with this. And it’s not just about turning on the microphone and recording things. And they’ve certainly done that, but, you know, they’ve done some editing. They’ve made me sound much smarter than I’ve sounded. They’ve saved shows because we’ve had guests that have come on and then say things that they regret. And in order to not have the show be deleted, they’ve managed to sort of edit it and make it sound natural. Some people get in front of a microphone and they’re terrified and it’s like a hostage tape. And then, there are other people that sort of forget they’re behind a microphone. It’s like they’ve had a couple of belts of scotch before they start going.

Mike Blake: [00:02:52] And John and his team helped kind of save the day and keep the show, for lack of a better term, the way that it needs to be. You know, they do all our scheduling. In some cases, they’ve handed us guests, especially when we’ve had some show holes. And, you know, sometimes it does have a little bit behind the scenes. Like even on The Tonight Show, they get guests that cancel at the last second, and all of a sudden you’re left without a show. And believe me, we don’t rise to that level. We don’t think we rise to that level. So, there are days that we kind of scramble for guests, but we also have a high standard that we don’t want to put a show on unless it’s something that we’ll be proud of. And they’ve been great at getting us guests, and they’ve been great at just letting people know that shows are up and that the show is out there and publicizing it.

Mike Blake: [00:03:40] And, I’m under no false illusions. I don’t think so. You know, we stopped counting at 30 million downloads about six months ago. I don’t know what that number is. Maybe, it’s 30 million and one, I don’t know. But the point is we would not have reached that without our partners at Business RadioX. And if you’re thinking – this is not a paid – they’re not giving us a break. They’re not giving us any kind of promotional credit. But if you’re thinking of doing a podcast for realzies and you’re thinking of doing it from a business perspective and attracting clients and representing your company and yourself well, your company and personal brands well, you know, I cannot speak highly enough of them as a partner. So, I want to make sure to thank them.

Mike Blake: [00:04:21] I want to thank our guests who have put in well over combined 150 hours of their time to share their talent and expertise with us. Some podcasts, some radio shows are just a person talking into a microphone. This isn’t that kind of show. I’m not that interesting. I would get hoarse after ten minutes. I get boring after five. So, thank God that we have the guests to do that. And I think that’s been a good format. It makes you really – it makes you appreciate the people that are on, for example, talk radio. And, without getting political for a second, you can appreciate the talent of people who can just talk into a microphone and be interesting for three hours. That is not easy to do. It’s hard to do it for three minutes, do it three hours day after day. I don’t know how they do it, and so thank goodness for the guests who are willing to come on, sometimes twice. I don’t know how we convinced them to come back. I mean, once they’ve never [inaudibly] never listened to the program but after having been through the experience, once they’re willing to come back. And, you know, I can’t thank you enough.

Mike Blake: [00:05:28] And then, finally, of course, you guys, as listeners, whether you listen once or twice or you’re a regular Decision Vision junkie, you know, you know who you are. I appreciate your social media comments. I appreciate your emails that you send to me privately. I appreciate your reviews and your constructive feedback. You know, we try to – my hope is that whenever the last show of this thing is, I don’t know if that’s going to be tomorrow or five years from now, I hope our last show is the best one we’ve ever done because each one is a little bit better than the one prior to that. And the feedback you give us, the energy you give us is what keeps us going. And, you know, it is not easy to put on a show like this on this kind of schedule, and I’m not asking for any kind of recognition or anything. I just want to acknowledge the fact that your feedback, your energy are what give me and us the energy to keep doing this and keep doing it at what I think is a high-level show that we can be proud of. You know, if there’s no listeners, then it’s just me talking into a microphone and paying somebody a lot of money to record me talking into a microphone and that doesn’t make any sense. So, thank you for letting us know that you’re having an impact. No, we’re having an impact on you.

Mike Blake: [00:06:41] So, in the last three years, we started this and we were, pre-COVID, we hadn’t gone into any Greek letters yet. And now, we’ve gone through three of them so far. I turned 50 during this period and I have the gray hair to prove it. I was [inaudible] on the other side of 50 when we started this. We survived murder hornets. Cryptocurrency has now risen to the level where it warrants multiple Super Bowl ads. The University of Georgia won the Football Championship for the first time in 41 years. I didn’t think that’s going to happen, and I was glad to be wrong. And, Matt Stafford of all people won the Super Bowl. I don’t think a lot of people thought that was going to happen. And Tom Brady retired, or at least they say he did. There’s now rumblings he may actually come back already, so we may be in a Brett Favre situation, but that’s a – but for many people, the long national nightmare is at least over and somebody else gets to be the GOAT in football terms.

Mike Blake: [00:07:41] But, you know, and it’s just been – it’s been a wild ride. It’s been a great, you know, a great three years. And we’ve got a lot more shows coming up. We’re going to come back and revisit topics that we’ve already visited. We’re going to continue to take topics on that are hard. We’re going to continue to take topics on that are thought-provoking, that may be emotionally provoking, that may provoke a very strong reaction in the negative.

Mike Blake: [00:08:07] But that’s how you make good decisions. You make good decisions by putting all the facts out there, all the feelings, all the views out there, and giving them all, visibility in the cold light of day. Letting those ideas go to war. The ideas, not the people, go to war and figuring out what is the best path forward. And that’s really what the Decision Vision is all about. It’s a show about ideas not telling you that you should do X, you should do Y, but rather here’s what we think you need to know in order to make an informed decision based on whatever circumstances or environmental conditions you’re confronting and serve as your constraints.

Mike Blake: [00:08:50] And then, finally, I’ll tease something. We’re not formally announcing it yet, but I feel like you guys have been on the journey enough where you guys deserve some inside baseball. So, my group will be spinning off, actually has technically spun off. We just haven’t announced it yet from Brady Ware. So, there’ll be a company called Brady Ware Arpeggio, which is the – Arpeggio’s the old name of my sole proprietorship. That’s the legal name. It’ll be known to the market as Brady Ware Strategic Valuation and Advisory Services, which I think is a very apt name, and we’re going to talk about – we’ll have a show as to why we chose to do a spin-off. That was a material decision why are we doing that. But once again, I’m going to be put in the position of running a company. I’ll be a material shareholder. And it’s both exhilarating and terrifying at the same time. And I think that’s probably about right. If it doesn’t scare you a little bit, you’re not taking it seriously enough. And if it’s not exciting you, why are you doing it? But that’s just me talking.

Mike Blake: [00:09:54] So, that’s sort of a state of the show. You may have been looking forward to content, but unless you’ve listened to every one of those 154 shows, and if you have, kudos to you. I haven’t. I don’t think my mother has either. But if you have, great. But for the majority of you that haven’t, there’s plenty of back catalog content that you can go enjoy and we will be back next week with a brand new show, brand new topic.

Mike Blake: [00:10:21] And, again, I just want to – I’ll just – I’ll finish like I started. You know, thank you for this opportunity to serve you, to be a focal point for your ideas, to help you think about things, to help you become a better decision-maker. I enjoy it. I find it personally enriching, and it’s an enormous compliment to me that anyone thinks that what I have to say is of value and the fact that as many of you do not just once but repeatedly. You know, at the end of the day, I think that’s what life is all about is making an impact and you’re showing me that this show is. And thank you so much. So, have a great week. Take care. And we’ll be back at you next week.

 

Tagged With: Brady Ware & Company, Business RadioX, Decision Vision, John Ray, Mike Blake

Amalia Moreno-Damgaard, Author of Amalia’s Mesoamerican Table: Ancient Culinary Traditions with Gourmet Infusions

February 23, 2022 by John Ray

Amalia's Mesoamerican Table
Minneapolis St. Paul Business Radio
Amalia Moreno-Damgaard, Author of Amalia's Mesoamerican Table: Ancient Culinary Traditions with Gourmet Infusions
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Amalia's Mesoamerican Table

Amalia Moreno-Damgaard, Author of Amalia’s Mesoamerican Table: Ancient Culinary Traditions with Gourmet Infusions (Minneapolis-St. Paul Business Radio, Episode 35)

Amalia Moreno-Damgaard joined host John Ray to discuss her second book, Amalia’s Mesoamerican Table: Ancient Culinary Traditions with Gourmet Infusions. She shared the cultural heritage which is the source of the book, easy to prepare recipes, how she combined the legacy of her grandmother’s cooking with her training at Le Cordon Bleu, and much more. Minneapolis-St. Paul Business Radio is produced virtually by the Minneapolis St. Paul studio of Business RadioX®.

Amalia’s Mesoamerican Table: Ancient Culinary Traditions with Gourmet Infusions

Amalia Moreno-Damgaard’s most recent book, Amalia’s Mesoamerican Table: Ancient Culinary Traditions with Gourmet Infusions is a dazzling new international cookbook with 130+ recipes.

In the highly anticipated sequel to her first Central American cookbook, Amalia Moreno-Damgaard goes beyond borders to explore modern takes on ancient Latin American recipes.

Mesoamerica―or Middle America―has a rich history dating back to the Olmec, Maya and Aztec empires, and early Central American peoples with culinary traditions that are still alive today.

After years of travel and kitchen camaraderie with indigenous cooks proudly safeguarding their traditions, Amalia has created 130+ variations on time-honored dishes.

Inside the book, find:

  • many recipes that are naturally vegan, vegetarian, and gluten-free
  • vivid, full-color photography for every dish
  • comfort food with a gourmet twist from Mexico, Belize, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, and Panama
  • tips and tricks to make the recipes practical, approachable, and easily prepared

With her signature gourmet take on ancient culinary traditions, Amalia’s recipes will lead home cooks and trained chefs alike on a journey through Mesoamerica without ever leaving the kitchen.

 Amalia’s books

Amalia Moreno-Damgaard, Author of Amalia’s Mesoamerican Table: Ancient Culinary Traditions with Gourmet Infusions

Amalia Moreno-Damgaard is a nine-time award-winning author and chef entrepreneur with a prior executive career in corporate America. Born and raised in Guatemala City, her best-selling book, Amalia’s Guatemalan Kitchen -Gourmet Cuisine with a Cultural Flair, is a personal memoir and recipe collection designed to encourage and empower people to explore new foods and cook more fresh meals at home for health and wellness.

Her passion for Latin culture and cuisine rose from her childhood in Guatemala, where her close-knit relationship with her maternal grandmother taught her simple and healthy artisan cooking using local organic ingredients. She was also determined to bridge the knowledge gap of Latin American culture in the United States.  At the core, Amalia’s style is fresh, practical, healthy, and proudly Latin American, blending pre-Columbian and classic French techniques with her Guatemalan-Spanish roots.

Amalia provides a distinctive approach to Latin culture and cuisine. She adopted her own unique style, fusing Latin flavors with a variety of the influences she received throughout her life, from the most rustic to the refined, and continues to create and develop new fresh and modern concepts. Global travel to over 80 countries on all 7 continents has also enhanced her cooking presentations. She is a graduate of Le Cordon Bleu, a member of the National Speakers Association with a Masters of International Business from St. Louis University, and an alumna of the Cornell University-Bank of America Woman’s Entrepreneurship Program.

In addition to running Amalia LLC, Amalia is co-founder-first president emeritus and chief advisor of Women Entrepreneurs of Minnesota (WeMN.org), a 501(c) 6 nonprofit (established in 2007) that fosters women entrepreneurship through mentoring and leadership education.

Amalia is the spokesperson of Crystal Farm’s (Michael Foods) first line of Hispanic cheeses. In addition, her clients include the Minnesota Department of Agriculture/Minnesota Beef Council, Kroger, Del Monte, General Mills, Supervalu, Land O’Lakes, Target, Best Buy, Ecolab, Prudential Financial, Cargill, Medtronic, Boston Scientific, 3M, RBC Wealth Management, Baird, Fitch Ratings, CVS/Aetna, U.S. Bank, Macy’s Culinary Council, Carleton College, DiaSorin, and Wells Fargo, plus many more companies, nonprofits, universities, and professional organizations in the Twin Cities and beyond since her company’s inception.

Amalia’s work and talent have been recognized locally and internationally. Her accolades include:

  • Latino Entrepreneur of the Year 2021 by the Latino Chamber of Commerce Minnesota
  • The 2020 Woman in Business Champion of the Year by the U.S. Small Business Administration Minnesota District Office
  • The 2020 Catalyst award by Women Venture
  • 2020 Woman in Business Honoree by the Minneapolis/St. Paul Business Journal (MSPBJ)
  • 9-first prize literary awards for her book Amalia’s Guatemalan Kitchen, including the prestigious Gourmand World Cookbooks Award for Best Foreign Cuisine book USA
  • Advocate Award (a first of its kind) by NAWBO-National Association of Women Business Owners-Minnesota
  • Heritage Award for community leadership by Latino American Today
  • Champion Award for board service excellence by Depart Smart
  • Women Who Lead Honoree by Minnesota Business Magazine
  • Two-time Bold Award nominee by ACG-American Corporate Growth-MN
  • Speaker’s Academy Strides finalist by the National Speakers Association-MN
  • Outstanding Mentor Nominee by Team Women-MN

Amalia’s community work includes board service, philanthropy, media-driven food and culture education, and empowering and mentoring women.

LinkedIn | Instagram| Facebook | Twitter

Questions and Topics Discussed in this Episode

  • Since we last talked, you’ve published another book. Tell us about it.
  • The combination of ancient cultures with current techniques.
  • What might your maternal grandmother think of how her legacy has impacted your work?
  • The layout of the book and its recipes
  • How easy are the recipes?
  • What’s ahead for you in 2022?

Minneapolis-St. Paul Business Radio is hosted by John Ray and produced virtually from the Minneapolis St. Paul studio of Business RadioX®.  You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, Stitcher, TuneIn, and others.

Tagged With: Amalia Latin Gourmet, Amalia LLC, Amalia Moreno-Damgaard, Amalia's Guatemalan Kitchen, Amalia's Mesoamerican Table, guatemalan cuisine, Guatemalan culture, latin american cooking, Latin culture, Minneapolis St Paul Business Radio

Kevin Snow, Time On Target and Success Champion Networking

February 23, 2022 by John Ray

Time on Target
Minneapolis St. Paul Business Radio
Kevin Snow, Time On Target and Success Champion Networking
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Time on Target

Kevin Snow, Time On Target and Success Champion Networking (Minneapolis-St. Paul Business Radio, Episode 33)

Kevin Snow is the Founder and CEO of Time On Target and Founder of Success Champion Networking. In this conversation with host John Ray, Kevin discussed why introverts can make for better salespeople, why automating sales processes can free up more prospect facetime, success stories, and more. Kevin also talked about Success Champion Networking and the key differentiators of this networking organization. Minneapolis-St. Paul Business Radio is produced virtually by the Minneapolis St. Paul studio of Business RadioX®.

Time On Target

Time On Target is more than just another digital sales and marketing agency.

Everyone on their team is focused on one thing, completing the mission.  And that mission is to make sure that their clients have the right sales tools and those tools are all working in sync so your prospects receive the right content at the right time and sales close in a timely manner.

The internet has transformed how sales teams operate and how they sell. Time On Target is your navigator in the ever-growing sales and marketing technology landscape. They are driven to use technology for good to create extraordinary things for our clients that accelerate their growth. They treat clients’ challenges as their own, never satisfied until it’s solved, and you are on the road to making your dream business a reality. The relationships they’ve built with customers, coworkers, partners, and the community are what inspire them to do their best work.

Company website | LinkedIn | Facebook

Success Champion Networking

Success Champion NetworkingSuccess Champion Networking isn’t for the beginning networker.  Success Champion Networking is for businesspeople who understand building successful relationships is a two-way street requiring commitment from both people involved.

Stop wasting time networking with people that don’t understand how to leverage their network to generate quality referrals for you. If you are ready to network with businesspeople who are tired of doing all the heavy lifting and want to build real partnerships that generate high revenue referrals visit one of their Chapters today.

Website

 

Kevin Snow, CEO, Time On Target

Kevin Snow, CEO, Time On Target

The co-host of the top-100 Apple Podcast, Growth Mode, and CEO of Time On Target, Kevin Snow is a sales expert and a serious technology geek who knows how to help his clients take their automation game to the next level and is changing the game of business development.

With a 20-year career working with brands like Frontier Communications, Nextel, Salesforce, and BNI, his knowledge, skills and understanding of communication and technology are getting tangible results for the businesses he works with. Kevin knows how to integrate digital technology with your sales process in an authentic, professional way. He’ll show you what you’ve been missing in terms of ensuring an effective system of outreach and trust-building.

Kevin is also the Founder of Success Champion Networking.

Part entrepreneur, part salesperson, part networker, part technology master and part Star Wars fan…how can you afford not to have Kevin on your team this year?

 LinkedIn

Questions and Topics Discussed in this Episode

  • Using Sales Automation to close sales faster and free up time without sounding salesy
  • Stop trying to close the sale, instead get closure.
  • Introverts can be the best salespeople!
  • Networking isn’t about growing your business.
  • Why you need to have processes to grow your business.

Minneapolis-St. Paul Business Radio is hosted by John Ray and produced virtually from the Minneapolis St. Paul studio of Business RadioX® .  You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, Stitcher, TuneIn, and others.

Tagged With: introverts, Kevin Snow, Minneapolis St Paul Business Radio, networking, Sales, Sales Automation, sales expert, small business networking, success champion networking, Success Champions Networking, TIme On Target

Should I Give a “Friends and Family” Discount?

February 23, 2022 by John Ray

Friends and Family Discount
North Fulton Studio
Should I Give a "Friends and Family" Discount?
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Friends and Family Discount

Should I Give a “Friends and Family” Discount?

Naturally, you want to help your friends and family, or possibly a charitable organization. Maybe they’ve been early clients, helping you get started in your professional services practice. Seeds of dysfunction for your business, however, can be sown with a friends and family discount. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:00] And hello again, I’m John Ray on the Price and Value Journey.

John Ray: [00:00:04] A few episodes ago, I spoke about ignoring the pricing advice of friends and family. Now, let’s come at friends and family another way. Should you offer a friends and family discount if you’re a professional services provider?

John Ray: [00:00:22] A few years ago, I was sitting with a solopreneur bookkeeper. We were talking about our business and our pricing strategy. And after some time, we took to review her pricing, her clients, and the associated work requirements of those clients. She stopped and sheepishly offered, “Well, there’s one more thing I should mention.” Oh, boy, I thought, here comes the real problem.

John Ray: [00:00:48] She went on to tell me she had several friends who needed help when they’d started their businesses, and she’d offered to do their bookkeeping at a heavily discounted rate. These arrangements were still in place after several years. I asked her, “Do you deliver your completed work for them at the same time you do for your other clients?” “Yes, more or less,” she replied. “And they’ve come to expect that because of the fine service you’ve given them, right?” “Yes,” she said. “And how are their businesses doing now?” I asked. “They’ve done well,” she said. “And, of course, they haven’t volunteered to pay your normal pricing now that they’ve got established businesses, have they?” Well, we both laughed because I already knew the answer to my question.

John Ray: [00:01:41] For professional services providers, here’s a major problem with friends and family discounts. They expect the same level of professional service that you give your clients who pay normal prices.

John Ray: [00:01:55] This bookkeeper had spoiled her friends by giving them a premium service offering, which now they’d come to expect as customary for the price they were paying. The fact that they were paying discounted rates had been forgotten.

John Ray: [00:02:12] Now, if you’re a videographer, let’s say, friends and family come to expect unlimited edits on their treasured video even though you’re giving them a big discount. If you’re an attorney, friends and family assume you’ll go to the ends of the Earth to help them with their case. If you’re a social media marketer, the expectation is for the same number of posts and level of engagement as all your other clients. And while you’re doing this work for your friends, air quotes, an existing client relationship that you have blows up because you haven’t given them the level of service they expect for the normal price they’re paying. Or, maybe a great new client comes along and you can’t take them on because you’re too busy. The latter scenario was the space this bookkeeper was occupying. She felt like she was at full capacity and couldn’t take on more clients when in fact her time was cluttered with these special arrangements, which were getting in the way of taking on great new clients.

John Ray: [00:03:21] This problem shows up with CPAs, accountants, and bookkeepers, too. I caught the disease one time myself. I had a non-profit that I had volunteered with and whose cause I strongly believed in, and they needed some accounting work done. The previous professional handling the work had volunteered their time and the work required wasn’t tedious. Well, I offered to do it at no charge because it was my contribution to a cause I believed in. The work was easy and it wouldn’t take a lot of my time. I thought that was an easy decision. Well, the problem it turned out later was that they wanted their work done at specific times, which conflicted with the work I was doing for full-paying clients. Stupidly, I didn’t go into the job thinking about this particular issue. And as we went on, they assumed I would deliver the work pretty much on demand. Well, after a few months, we mutually agreed that they needed to seek another arrangement.

John Ray: [00:04:26] So be very careful, professional services providers. These discounts and the associated work, they look innocuous at the beginning but the seeds of dysfunction in your business get planted, just waiting to grow.

John Ray: [00:04:44] I’m John Ray on the Price and Value Journey. If you’d like to check out our entire episode archive, go to pricevaluejourney.com or your favorite podcast app. And if you’d like to get in touch with me directly, you can email me, john@johnray.co. Thank you for joining me.

  

About The Price and Value Journey

The title of this show describes the journey all professional services providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing which reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line as well as the mindset you bring to your business.

The show is produced by the North Fulton studio of Business RadioX® and can be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray The Price and Value Journey
John Ray, Host of “The Price and Value Journey”

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include advising solopreneur and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their “grey matter,” such as attorneys, CPAs, accountants and bookkeepers, consultants, marketing professionals, and other professional services practitioners.

In his other business, John a Studio Owner, Producer, and Show Host with Business RadioX®, and works with business owners who want to do their own podcast. As a veteran B2B services provider, John’s special sauce is coaching B2B professionals to use a podcast to build relationships in a non-salesy way which translate into revenue.

John is the host of North Fulton Business Radio, Minneapolis-St. Paul Business Radio, Nashville Business Radio, Alpharetta Tech Talk, and Business Leaders Radio. house shows which feature a wide range of business leaders and companies. John has hosted and/or produced over 1,100 podcast episodes.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

 

Tagged With: discounts, friends and family, friends and family discount, John Ray, Price and Value Journey, solopreneurs

Mark Johnson, StudentLoansRx

February 22, 2022 by John Ray

StudentLoansRx
Dental Business Radio
Mark Johnson, StudentLoansRx
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StudentLoansRx

Mark Johnson, StudentLoansRx (Dental Business Radio, Episode 27)

How do dental school graduates manage their student loan debt while building a practice? It’s a major problem, and it’s widespread. As investment professional Mark Johnson talked with dental school students and graduates, he found there was no organized support for their unique financial planning needs. He responded by starting StudentLoansRX. He and host Patrick O’Rourke discussed the challenges recent graduates face with student loan debt, the current state of Covid forbearance, his thoughts on good budgeting, and much more. Dental Business Radio is underwritten and presented by Practice Quotient: PPO Negotiations & Analysis and produced by the North Fulton studio of Business RadioX®.

StudentLoansRx

StudentLoansRx.com was created in response to the needs of the emerging dental and medical professionals they serve. Their experienced, professional team educates and assists graduate level healthcare professionals in navigating the complexities around student loan repayment planning within the context of an overall financial plan. They do not believe it is wise to view student loan repayment planning as a transaction, one-time event or in isolation from the other important financial planning issues that will need to be addressed as one transitions from school into their career.

Company website | LinkedIn | Facebook

Mark Johnson, Owner, StudentLoansRx

StudentLoansRx
Mark Johnson, Owner, StudentLoansRx

Upon realizing that there were over 7,500 dental school graduates and residents entering the workforce each year, with anywhere from $300k-$700k or more in student loan debt, Mark knew he had to do something to help them.

Since March 13, 2020, most federal student loan borrowers have had their payments and interest accrual in Covid forbearance.  But that ends on April 30, 2022!  As such the past two years of dental school and residency graduates, (nearly 15,000 graduates) will have to develop a repayment plan between now and May 1, 2022.

Mark’s in-depth knowledge of the various federal and private student loan repayment programs, along with his three decades in the investment and financial planning industry, allows him to create custom plans for his dental clients based on their career path (associate, public health, practice ownership and residency) and other financial goals, including insurance and investment planning.

In addition to serving “the next generation of healthcare professionals”, Mark and his associates at RBF Wealth Advisors provide investment advisory and financial planning services to healthcare professionals established in their careers, families, corporate executives, business owners, and other professionals who are serious about personal finance but recognize their busy schedules require that they work with a “trusted advisor” to achieve optimal outcomes. They provide experienced, independent, objective and time-tested advice.

LinkedIn

About Dental Business Radio

Patrick O'Rourke
Patrick O’Rourke, Host of “Dental Business Radio”

Dental Business Radio covers the business side of dentistry. Host Patrick O’Rourke and his guests cover industry trends, insights, success stories, and more in this wide-ranging show. The show’s guests include successful doctors across the spectrum of dental practice providers, as well as trusted advisors and noted industry participants. Dental Business Radio is underwritten and presented by Practice Quotient and produced by the North Fulton studio of Business RadioX®. The show can be found on all the major podcast apps and a complete show archive is here.

 

Practice Quotient

Dental Business Radio is sponsored by Practice Quotient. Practice Quotient, Inc. serves as a bridge between the payor and provider communities. Their clients include general dentist and dental specialty practices across the nation of all sizes, from completely fee-for-service-only to active network participation with every dental plan possible. They work with independent practices, emerging multi-practice entities, and various large ownership entities in the dental space. Their PPO negotiations and analysis projects evaluate the merits of the various in-network participation contract options specific to your Practice’s patient acquisition strategy. There is no one-size-fits-all solution.

Connect with Practice Quotient

Website | LinkedIn | Facebook | Twitter

Tagged With: Dental Business Radio, Mark Johnson, Patrick O'Rourke, Practice Quotient, RBF Wealth Advisors, Student Loan Debt, student loans, Student Loans RX

Selling Your Business, with Cliff Bishop, Brady Ware Capital

February 21, 2022 by John Ray

Brady Ware Capital
Inspiring Women PodCast with Betty Collins
Selling Your Business, with Cliff Bishop, Brady Ware Capital
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Brady Ware Capital

Selling Your Business, with Cliff Bishop, Brady Ware Capital (Inspiring Women, Episode 42)

If you’re a business owner considering selling your business, this episode of Inspiring Women is for you. Cliff Bishop of Brady Ware Capital joined host Betty Collins to discuss the environment for selling a business, understanding what your business is worth, the toughest part of selling a business, and much more. Inspiring Women is presented by Brady Ware & Company.

Betty’s Show Notes

We’ve been starting this year with optimism.

My guest in my last episode was Randy Gerber from Gerber Clarity and we discussed first-generation wealth and wealth transfer.

In this episode, I speak with Cliff Bishop of Brady Ware Capital. Cliff is a good friend and colleague of mine. We talk about how he and Brady Ware Capital help business owners and entrepreneurs understand, increase, and unlock the value of their businesses. Cliff talks about how we can help you buy a business, sell a business, raise capital, understand the value of your business, and more. Is this a good time to sell your business?

2021 was an exceptional year. We see all the fundamentals being really strong for 2022. There’s just a lot of capital in the market looking for good companies. So the answer is yes!

What are the most important factors that drive the valuation of a business?

There are a lot of things that are going to drive the ultimate valuation, but a couple of things jump out. One is growth, and the second thing, no matter what the industry, is predictability and recurring or consistent revenue.

What is the toughest part of the selling process that you’ve experienced with business owners?

I think without a doubt, it’s the due diligence process. Just because it’s a very good time to be selling right now and there’s a lot of money out there, it’s not easy money.

What options does an owner have when they’re considering the sale and transaction of their business?

I think most business owners, there are a lot of business owners that envision that when they sell the business, they’re going to call her biggest competitor and they’re going to take over. And that the owner is going to clear out their desk and ride into the sunset. And that rarely happens.

Cliff goes on to talk about what a business owner is not supposed to do when selling their business. They make mistakes. What are those things that they fall into that can be avoided? And finally, what does a business owner need to do to prepare? And what’s the timeline?

This is THE podcast that advances women toward economic, social, and political achievement. Hosted by Betty Collins, CPA, and Director at Brady Ware and Company. Betty also serves as the Committee Chair for Empowering Women, and Director of the Brady Ware Women Initiative. Each episode is presented by Brady Ware and Company, committed to empowering women to go their distance in the workplace and at home.

For more information, go to the Resources page at Brady Ware and Company.

Remember to follow this podcast on Apple Podcasts and Google Podcasts.  And forward our podcast along to other Inspiring Women in your life.

TRANSCRIPT

[00:00:00] Betty Collins
I am so glad that you are joining us today. We’ve been starting this year with some, some different people and that are kind of really in an optimistic mode, and one of those was Randy Gerber with Gerber Financial and and he’s a guy who who loves the marketplace. I mean, he is optimistic for twenty twenty two, even though we all still kind of live on the edge because of twenty and twenty one, right? I mean, we all think maybe we could go back to two thousand nineteen, but that’s not what we’re going to do. Instead, we’re going to head into twenty two, and he was really optimistic. So I encourage you to listen to that podcast. It was about a lot of times that first generation business is who he really works with. But I have a guest today that works with not just first generation, second and third and the whole point of owning a business in for Betty Collins. As a shareholder of Brady, we’re and Schoenfeld is one day I’ll sell it right. One day I have stock and I can and I can pass it on to somebody instead of working for someone all my life. And so today I want to introduce you to someone who helps businesses do that when they get to that point of selling and or wanting to sell or wanting to buy or wanting financing to go all those things. So I’m with today the president of Brady, where capital who of course, is related to Brady, where in Schoenfeld and I’m going to let him talk a little bit. It’s Cliff Bishop. He has a great team around him. I would tell you to go to his website. He will direct you there to see his team of seasoned people on selling businesses, and we’re going to find out if twenty twenty two is a good time to buy and sell. He’s going to go into that. So Cliff, welcome today and just tell us a little bit about you and Brady. We’re capital.

[00:01:44] Cliff Bishop
Sure, Betty, thanks for having me. It’s good to join you on this. Brady, where capital? Just a quick overview is related to Brady. We’re in Schoenfeld, but we focus exclusively on transactions, mostly helping sellers sell part of a business. We also do some financing growth capital, and we work with some companies on growth strategies, helping them acquire other businesses. But there’s a group of seven of us. We have over one hundred and fifty years of experience with that group. And what we’ve really found over the years is that a successful transaction is not defined just by the dollar amount, which is always important and we focus on that. But it’s also the other things, including personal goals, the legacy of the business, protecting employees and things like that. So in addition to being financial people, we’re also consultants and psychologists sometimes and really enjoy working with entrepreneurs and business owners to to find out what works best for them.

[00:02:41] Betty Collins
Yes, and I’ve done several transactions with Cliff. We’ve worked through that. And when he says we’re sometimes counselors, they are always counselors. It’s a big deal to sell your business or to buy one. And so that’s where Brady, where capital gets you through this process.

[00:03:00] Betty Collins
So what I really want to know, though, and my audience wants to know and the whole world wants to know really is, is this a good time to sell your business?

[00:03:10] Cliff Bishop
Yes, I think it is. And of course, it depends on the specific business. But twenty twenty one was an exceptional year. We see all the fundamentals being really strong for twenty twenty two. Quite simply, very. There’s just a lot of capital in the market looking for good companies. Public companies have record amounts of cash. Many private companies have have high levels of cash due to good operations, but also to funds that they receive from the PPP program. Private equity groups have almost a trillion dollars invested money that they’re looking to put to work. And all of these companies, you know, if you’re going to grow right now, it’s kind of hard to do it organically. They’re looking to acquisitions as a main component of that growth strategy. So you’ve got all this money out there looking for for businesses and ways to put it to work.

Absolutely. I know as an accountant, as a CPA who looks at financials all day long, the balance sheets are solid. And so it’s obviously a great time to sell that really good balance sheet. But but when you have a good balance sheet, it’s a good time to buy as well. And it’s not just let’s talk beyond the balance sheet.

[00:04:21] Betty Collins
I mean, what are the most important factors that that drive the valuation of a business?

[00:04:26] Cliff Bishop
Yeah, that’s that’s a good question, Betty. And there’s a lot of things that are going to drive that the ultimate valuation, but a couple of things jump out. One is growth, and it’s not always just historical growth. So buyer is typically looking to double the size of a business in a three to five year period. They’re going to put a good value on it, so they’re going to look at the historical growth for the business. But more importantly, they’re going to look at what is the potential to grow once they acquire it. Many of our clients to the point in their business where they haven’t focused on growth recently. They built a very strong business, it’s very profitable, accomplishes all the goals that they have, and to kind of restart it and invest more money and time and effort. They don’t always do that. But what’s really important and we work with entrepreneurs to do this is to lay out a growth strategy for the people that might be acquiring it. So for instance, if you can say, Hey, this is where we are now, we could expand geographically or we could expand our product line or we could add more salespeople. Those are the things that you really need to do to to get the answers from potential buyers and maximize your valuation.

[00:05:35] Cliff Bishop
The second thing that we see that no matter what the industry that is really important is the predictability and our recurring or consistent revenue. So tech companies usually have very high multiples because their technology, but it’s really because most of their clients are sending sending payments in monthly or annually. And it’s the same clients month after month, year after year, so that more predictable and recurring revenue you have with with a large customer base is going to drive valuations. There’s there’s other things that go into it, but I think those two are the key things that some people don’t always focus on.

[00:06:13] Betty Collins
Yeah, they also don’t. What I find is they don’t focus on the team. You know, everyone thinks I’m selling my goodwill or, hey, I can make money. But the team that’s in place is also usually pretty huge. When you’re when you’re buying and selling it, it definitely if you have that team that you’ve developed that you can be the business owner and not be there because this team is so good right now, will they stay with the new buyer? There’s always a question, but but at the same time, that team is a crucial thing to be building.
When you’re looking at when I sell one day, I really want a good group that is there with me and that could stay on without me. And people kind of overlook that, you know, sometimes.

[00:06:59] Cliff Bishop
But I’m going to it down to that because I think that’s a that’s a great point is building a team is extremely important because most of the the owners that are selling want to either exit the business or at least reduce their involvement in it. And most of the buyers don’t have a lot of people on the bench that are going to parachute in and run the business. They want to supplement what’s already there with with that management team. So you know the perfect scenarios where the owner has kind of worked his or herself out of out of their job?

[00:07:28] Betty Collins
Right. So, you know, I would say to business owners, a lot of times you want to they want to be the smartest one in the room. They want to be the guy, they want to be the gal. They are it, they are it. But man, if you’re looking at the value of your business, it’s also really not just you, it’s the value of you not being there. It’s the value of that team that you could sell and be in place, and it makes that buyer so much easier to come in, right? So but but you know, we’re making it sound so easy that you just do these things and it all happens.

[00:08:02] Betty Collins
What is the toughest part of the selling process that you’ve experienced with business owners?

[00:08:08] Cliff Bishop
Yeah, I think I think without a doubt, it’s a whole due diligence process, so it’s a very good time to be selling right now and there’s a lot of money out there. It’s not easy money. And what we’ve seen over the last five years or less is that no matter what the size of the deal, the amount of due diligence now is more like it used to be if a public company was selling. So the buyer is going to bring in outside accountants, they’re going to bring in business strategies, they’re going to do background checks. Sometimes they bring in psychologists to say, Hey, do testing on employees and everything. It’s just a company that’s open to new ideas and things like that. So it’s really a gauntlet, and it’s for two reasons. I mean, the buyer really wants to know those things. But the second reason is they also use due diligence to try and beat price down. Sure. So being organized and due diligence, having all the numbers together, making sure that we have the experience to know what the due diligence looks like. And if you well prepared in your aggressive in that, you can usually usually get through it unscathed. But it is a process and every business owner we work with said, Wow, when we get done, they say, you told me that it was going to be tough, but I had no idea what you meant. Yeah.

I mean, this is these are people coming in and scrutinize everything you’ve ever done and built as a business, and now it’s being completely scrutinized. You know, and on top of that, as you and I have done some deals together and I’ve been part of merger and acquisition, one of the things that is really tough in the selling aspect is just as much as they want to go. They don’t know that they can’t go. Letting go and wanting to keep staying is also one of those things. That’s where the counseling comes in, right? That’s where you really play a role. So it’s not all just numbers and easy stuff in Evita. There’s so much to it. But, you know, in today’s market where there is a lot of capital and there’s a lot of options and there’s there’s buyers who are still very, Hey, let’s keep this going. There sellers who want to maybe get out, but they still like being in the game. You know, what are options?

[00:10:21] Betty Collins
What options does an owner have when they’re considering the sales and transaction of the business?

[00:10:28] Cliff Bishop
Well, Betty, this this is a fun part for me because I think most business owners, there are a lot of business owners and vision that when they sell the business, they’re going to call her biggest competitor and they’re going to take over and that the owner is going to clear out your desk and ride into the sunset. And that rarely happens. There’s all kinds of options that that that don’t require you to just just leave. Now, some people, if they want to exit, we can do that. But most of them, and probably over half the deals we’ve worked on in the last couple of years involve selling maybe 80 percent of the company, retaining 20 percent or some something in that range, and then focusing on helping the new owner grow the company. But they can get rid of a lot of the things that maybe weren’t so much fun. So all the air can be turned over so they don’t have to worry about employee problems or hiring or when there’s disputes on the floor. They may not have to deal with the banking or the insurance or regulatory environment, type things. So we’ve seen the entrepreneurs be able to focus on what they really like, which might be new business development. Product development might be focusing on trade shows and developing a bigger network.

[00:11:40] Cliff Bishop
And then they also have the capital of their new partners. So they’re not doing out with their own money. They’re not signing any bank notes or anything like that, right? They’re using somebody else’s money to really grow the business. And we’ve had, you know, I would say not all entrepreneurs are good employees, so it doesn’t always work. But many, many people that we’ve dealt with have really become reinvigorated and said, Boy, I thought I wanted to retire and get the heck out of this business where I’m having a lot of fun now and doing the things I like and I still have my identity with the business. Right. So that’s that’s one option. And then there’s other other options other than than selling completely. There’s transitioning of other family members, and we can help put together that financial roadmap for that. There’s management buyouts, which, you know a lot of times honestly sound good, but it’s hard to come up with the money for the management, but we work on that. And then there’s also the ESOP options. So really counseling the owners, and it’s really fun. The first time we go in and meet with somebody and say, Hey, do you want to sell? Let’s consider all these options and figure out what’s best for you and your business and your family.

[00:12:47] Betty Collins
Well, I can tell you that it isn’t just one. How do I say this? It isn’t just one size fits all. There are so many different ways you can do and sell and stay and leave and and you guys do some great stuff and get creative. And I’ve been part of those times where that happens and then everybody wins in the end. Now you’ve really talked about what you should do, what you’re not supposed to do, but what.

[00:13:15] Betty Collins
Let’s talk about what you’re not supposed to do or what are some of the typical business owners? They make mistakes when it comes to selling their business. What are those things that they fall into that can be avoided?

[00:13:28] Cliff Bishop
Yeah, another good question. I think I think the biggest thing is focusing only on price versus the whole. All the things that go into deal. And as I said earlier, price is always important and I don’t want to diminish that. But it’s not the only thing, and we try and encourage the seller to understand what’s going to make you live happily ever after. Is it just the money? No, probably not. It’s it’s a lifestyle. It’s other things that go along with that. But when you when you start negotiating a deal, a lot of owners focus only on the price. And if they don’t have somebody like us involved or their attorney involved, they miss some of the key deals. Key deal points. I’m sorry, you know, some money all going to be up front. It’s going to be paid over time. What types of guarantees is the seller going to have to give to the people coming in to buy I. One of the buyers that we got to know pretty well has already said all that your seller name, the price, whatever they want, as long as I get to make the terms. So, you know, they want $10 million fine, you give me 20 years to pay him that we got a deal. So the point is the mistake that people make is to is to not look at the the all the terms that go into the deal. And then I think that the second thing would be what what you referenced earlier would be not building, not building out a full team, you know, saying, Hey, I’m going to do everything, I’m going to run the sales, I’m going to have all the relationships, I’m going to run the operations. And it’s really the opposite thing that you need to do is counterintuitive. You need to work yourself out of those things to build value. But those mistakes are pretty typical because, you know, entrepreneurs are wired that way. Type A personalities aggressive, which are all good things, but they need to be tempered a little bit in a process.

Right? Right. You know, one of the things when I deal with clients, when they kind of are getting to this point and they start talking about it and I’m a CPA, I’m not a broker, I’m not a consultant. But the one thing I say to them is, would you buy you? And you’ve got to really take that question to heart and look and go, Would you buy you? And a lot of times they’re go, No, that’s why I want to sell. So don’t you know, if you’re just going to focus on price, you’re going to focus on what you get. You have to also say, would I buy me and fix those things that would make it differently? That would make you want to buy you? Not always an easy conversation because they have to. They have to really be honest and open with themselves and look in the mirror. But sometimes they don’t want to. They don’t want to face that. And my mom always said it’s as the sale price is what someone’s willing to pay at the end of the day, you know. And so when you’re too focused on price and you’re too focused on what am I going to get now, you could really lose especially a lifetime of hard work.

[00:16:18] Betty Collins
So you don’t want to be in those mistakes making those things just my common sense approach. Cliff, I’m not sad. You know, I’m not a big broker like this of President of Brady recapitalise. But you know, a lot of times people don’t want to. They want to sell, but they want to sell like, Oh, right now, let’s just get this done. I’m tired. Instead of going, I probably should have prepared for this moment because it’s kind of like you’re almost resigning to. I’m going to retire. And now I’m older, I’m I’m giving up. But really, it is. You’re preparing to sell a business to be the most successful sale of your, of your time, of your, of your lifetime work, or even maybe a second third generation. So to effectively sell something and really get that optimization for you, your family, whatever it is.

[00:17:15] Betty Collins
What is it that the business owner needs to do to prepare? And the second question on that is what? What’s the what’s the kind of the timeline? Is it one year, six months, two days, five years? You know, those are something that I think my audience needs to hear you talk about now.

[00:17:33] Cliff Bishop
That’s exactly right. You hit it on the head. I mean, I think the high level comment would be that you really want to start the process when you still have gas left in the tank where there’s still enthusiasm for the business. I’ll call it a runway where the owner doesn’t say, I have to be out of here 90 days or, you know, there’s health problems that necessitate them leaving. So the enthusiasm shows in the in the process. So if somebody waits too long, that becomes clear. And like you said, it seems like a fire sale and take this thing off my hands and let me go to the beach. We’ve done those transactions, but that’s not profitable. The biggest, excuse me. The biggest thing that can be done is to build a good team, which we’ve already hit on, but also built out the financial statements. And this goes back to also what we talk about the due diligence. You have no idea the depth and how deep people are going to dig on the financial statements. For instance, almost every buyer is going to ask not just what your top and bottom line is, but where where are you making your money? So give me revenue and gross profit by product. Let us see revenue and gross profit by customer. So if you’re a company may have a customer, that’s 50 percent of revenue the buyer wants to know is that 50 percent of gross profit, or 20 percent or 80 percent? And you know, most most businesses don’t have a handle on that.

[00:18:58] Cliff Bishop
So now they can get it fairly easily. So if they put together a team and work with their CPA and and other people, they can get those numbers, I think, and then also building the same thing on a legal side, making sure that everything’s in order with their attorney and all the records and things like that. So the timing can can be different. We met with some companies that are ready to go. You meet with them and say, Wow, your numbers are great, you have a good command of your business. You put together a good M&A type team. You know, we could get going in the next three months. There’s others we work three, four or five years with where the timing’s just not right. We can help them find the right people to come in and work on their numbers, put systems in place. And honestly, it’s usually not rocket science, it’s just a commitment to focus on that. The process itself, Betty, I mean, once a company is ready to go, it can go quicker than what most think. You know, from. We had one engagement letter that we signed in August of this past year and we closed at December thirty first. Most processes don’t take from the time they were to engage and really get going would take six to six to eight months.

[00:20:12] Betty Collins
Well, you know, one of the things I when I talk to business owners in twenty one was one of those years. I’m sure that you was a banner year. It was a huge year for people buying and selling mostly. There was a lot of fear. There’s a lot of unknown, right? What I tell people when you’re going to make decisions, especially like, Hey, I think I’m just going to sell because this legislation is going to get passed or there’s just there’s indicators out there in the market that tell you to not need your react, you know? And so I tell them, I get it that that the stock market was thirty seven thousand and now it’s thirty six and it’s going to thirty five something that’s not what you make your entire decision on your consumer price index, your interest rates, what is government in keeping a tax does play a role of how is that going to affect my buy or my sell when you’re making a decision of a lifetime business or hard work and you took the risk. There are so many factors that come into play before you just go make a decision that it’s time, you know, and I can’t emphasize that enough. And in talking with you over the years and certainly with Randy, it’s a great Randy Gerber.

It’s a great time to sell. Almost always, you know, I mean, you have those years, but there’s still a lot of good indicators out there and you’ve got to pay attention to those as well. When you’re making that, I’m ready now to make this decision, especially when you took the risk. You should get the reward and not make impulsive decisions. And that’s why I really wanted to have Randy Gerber and Brady worked capital on my podcast, talking about the good side. Talking about the optimism. Keeping that alive. One of the reasons I’m a business owner and I’m a CPA and I do what I do is because when the marketplace in this country works, the world works. And when employers can have employees, that means they’re there provision for households that form our communities. So it all plays a role and there’s all kinds of things you should be looking at as you’re making these decisions. So I know if you have questions and follow up and would like to get to know Cliff Bishop and Brady, we’re a little bit more.

[00:22:31] Betty Collins
Cliff, can you kind of direct us to the website as to where they can find you in your email?

[00:22:37] Cliff Bishop
Sure. The website is WW W Brady, Ware capital? And there’s also a link from the from the main Brady Ware site my email is. See Bishop Brady. Let’s see, I help at Brady. And my direct number is nine, three seven nine one three two five three eight, and I know if you want to contact that he she’ll be gracious enough to put us in contact as well. So really enjoy talking to entrepreneurs and look, even if you’re not ready to sell the business, you just want to talk about potential valuations and what’s going on in the market. We really enjoy those conversations. We have spent a time and we’ll love to talk to you. I personally enjoy hearing the stories that entrepreneurs have about how they’ve built their business and what they want to accomplish. So I really hope we get some, make some contacts and can help people make some good decisions.

[00:23:35] Betty Collins
Great. Cliff, again, thank you so much for taking time today, for joining my audience and everybody, you know, keep moving forward. Keep keep your optimism out there and grow. That business is the one thing that you control every day, right? For the most part, so buying and selling is something you need to be thinking about. And as an entrepreneur and I know that Brady Ware Capital can get you there. Have a great day.

Automated transcription by Sonix www.sonix.ai

Tagged With: Brady Ware Capital, buying a business, Cliff Bishop, raise capital, selling a business, value of your business

Melodie Carlson, Sunrise Banks

February 21, 2022 by John Ray

Sunrise Banks
Minneapolis St. Paul Business Radio
Melodie Carlson, Sunrise Banks
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Sunrise Banks

Melodie Carlson, Sunrise Banks (Minneapolis-St. Paul Business Radio, Episode 33)

Melodie Carlson, Chief Operating Officer for Sunrise Banks, reflected with host John Ray on the company’s human resources philosophies and practices, and how they have aided in the growth and development of the company. Melodie talked about flexibility in dealing with employees, how Sunrise managed the shift to remote work during the pandemic, employee communication, trusting employees and avoiding micro-management, her advice for work-from-home teams, and much more. Minneapolis-St. Paul Business Radio is produced virtually by the Minneapolis St. Paul studio of Business RadioX®.

Sunrise Banks

Sunrise Banks is a community bank headquartered in St. Paul, Minn. The bank offers traditional banking services while also partnering with fintechs to expand its reach nationally and across the globe. Sunrise is a certified B Corporation, a Community Development Financial Institution and a member of the Global Alliance for Banking on Values.

Company website | LinkedIn | Facebook

Melodie Carlson, COO, Sunrise Banks

Melodie Carlson, COO, Sunrise Banks

Melodie Carlson is Sunrise Banks’ Chief Operating Officer. Melodie’s role has evolved during her tenure at Sunrise and she has led many teams during her time with the bank. She currently leads the deposit operations, executive admin, facilities, fintech client relationships, fintech operations, human resources, internal audit, and retail banking departments.

Prior to joining Sunrise in 2015, Melodie spent 14 years at Target Corporation taking on additional responsibilities and leading teams in the internal audit, accounts payable, and payroll departments.

She started her career in public accounting at what is now called CliftonLarsonAllen (CLA), where she audited financial institutions and employee benefit plans.

 LinkedIn 

Questions and Topics Discussed in this Episode

  • How to communicate with employees while working from home.
  • 3 Steps to a Happy and Productive WFH Team
  • The benefit of one-on-one meetings with staff.
  • How to keep employees productive without micromanaging.
  • PPP loans and the mission of Sunrise Banks

Minneapolis-St. Paul Business Radio is hosted by John Ray and produced virtually from the Minneapolis St. Paul studio of Business RadioX® .  You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, Stitcher, TuneIn, and others.

Tagged With: b corporation, Employee Engagement, employees, HR, Human Resources, Melodie Carlson, Minneapolis St Paul Business Radio, PPP loans, remote work, Sunrise Banks

The Pricing Journey of a Professional Concierge

February 21, 2022 by John Ray

Pricing Journey of a Professional Concierge
North Fulton Studio
The Pricing Journey of a Professional Concierge
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Pricing Journey of a Professional Concierge

The Pricing Journey of a Professional Concierge

On a recent show I hosted, Julie Hullett, a professional concierge based in Nashville, told the story of her pricing journey and how raising her pricing fundamentally transformed her business. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

To connect with Julie, go to her website. The complete Nashville Business Radio episode on which she appeared can be found here.

TRANSCRIPT

John Ray: [00:00:00] Hello again, I’m John Ray on the Price and Value Journey.

John Ray: [00:00:04] Recently, I welcomed a professional concierge to one of my shows. Julie Hullett is her name. Julie Hullett Concierge is her business. She handles a wide range of personal concierge services for clients, everything from grocery shopping and delivery to paying bills, to running errands. She seems to do just about everything that a client might need to save time. She also does event planning and travel booking and has a relocation service. If you’re in Nashville, I encourage you to look her up. That’s where she’s based. She seems like she does a fantastic job for her clients.

John Ray: [00:00:42] Now, the interview we did was about her business and how she has grown, and she had a lot to say about how changing her pricing changed her business. Now, I didn’t bring this up. I didn’t ask the question. She brought it up on her own, which is telling, I think, because Julie understands how crucial raising her prices has been to the overall growth in her business.

John Ray: [00:01:06] Julie’s story illustrates the power of how changing your pricing can change your business for the better not just in terms of making more money, but in terms of working for clients who appreciate what you do, value it highly, and are willing to pay you for it. Let’s hear a little bit of my interview with Julie.

Julie Hullett: [00:01:26] Over time, my clientele has changed. Back to me running around and not making money, I wasn’t charging enough. And part of that, John, was because I didn’t understand the value of what I was offering. Right? And, as I saw that unfold and saw how much people appreciated it, I thought, “Well, maybe I’m missing something here.” And there was some fear around an increase because, you know, I think that’s natural with business owners.

John Ray: [00:01:53] Sure.

Julie Hullett: [00:01:53] But, guess what? I went up and my clientele changed, and I started getting a different set of clients who had different expectations and gave me bigger responsibilities. And I guess I kind of grew into the job, you know. And then, I became different. I evolved with it. And that’s pretty much my path. I mean, that’s how I got here.

John Ray: [00:02:15] And because of that change in your pricing, you attracted clients that valued what you do more.

Julie Hullett: [00:02:23] Correct. And that, you know, I realized what I had to offer people. Because, again, back to my very early comments, I’m really giving them their time back. That’s what they’re paying for. Because if I am doing the things we’re talking about like finding a therapist or taking the car to the emissions, then a dad gets to go to a soccer game with his son, right, or, the mom gets to take her mom out for a girls’ lunch and shopping. Or, you know, they’re doing things that are meaningful to them.

John Ray: [00:02:57] And you’re giving them something that’s priceless essentially is what you’re saying, right?

Julie Hullett: [00:03:03] Not to quote MasterCard, but, yeah, pretty much.

John Ray: [00:03:07] Let’s quote them. I love it.

John Ray: [00:03:12] So, what did we hear there? Well, Julie had a fear of raising her fees. That’s natural. We all have that. But she saw how her clients valued her services and she figured out where the client perceived value was and how much that value was relative to the low fees that she charged. Seeing that gap gave her the confidence to raise her prices. And then, that price increase actually attracted better clients.

John Ray: [00:03:40] Now, why would this be true? Because some clients may have looked at her early offerings, and maybe they thought the pricing was too good to be true. Or, maybe she hadn’t fully grasped the perceived client value, that time savings, and what they were able to do with that time. And she wasn’t talking about her services from that perspective.

John Ray: [00:04:02] She went on to explain the perceived client value quite well. It’s not that she is just giving time back, but she’s giving time back to do what? For dad to take, go to his kid’s soccer game or for a daughter to take mom out for a girls’ day out. It’s not just the abstract of getting time back, but the value of what clients are now able to do with that time, and those things that she described, those family times, they’re priceless.

John Ray: [00:04:35] You see, when you understand where clients perceive value, it makes it much easier for you to get over the fear of raising prices. And then, when you raise prices, you attract better clients.

John Ray: [00:04:51] Thank you, Julie, so much for sharing your story. Congratulations on your success. And keep up the great work.

John Ray: [00:04:58] Hey, and by the way, if you’re interested in Julie’s services, go to juliehulett.com. That’s julie, J-U-L-I-E, hullet, H-U-L-L-E-T-T, .com.

John Ray: [00:05:12] I’m John Ray on the Price and Value Journey. You can find our episode archive at pricevaluejourney.com. And if you’d like to get in touch with me directly, email me, john@johnray.co. Thank you so much for joining me.

 

 

About The Price and Value Journey

The title of this show describes the journey all professional services providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing which reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line as well as the mindset you bring to your business.

The show is produced by the North Fulton studio of Business RadioX® and can be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray The Price and Value Journey
John Ray, Host of “The Price and Value Journey”

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include advising solopreneur and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their “grey matter,” such as attorneys, CPAs, accountants and bookkeepers, consultants, marketing professionals, and other professional services practitioners.

In his other business, John a Studio Owner, Producer, and Show Host with Business RadioX®, and works with business owners who want to do their own podcast. As a veteran B2B services provider, John’s special sauce is coaching B2B professionals to use a podcast to build relationships in a non-salesy way which translate into revenue.

John is the host of North Fulton Business Radio, Minneapolis-St. Paul Business Radio, Nashville Business Radio, Alpharetta Tech Talk, and Business Leaders Radio. house shows which feature a wide range of business leaders and companies. John has hosted and/or produced over 1,100 podcast episodes.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

 

Tagged With: Concierge, John Ray, Julie Hullett, Price and Value Journey, pricing, professional concierge, professional services providers, solopreneurs, value

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