RISBJ Volume 5 Issue 2

volume five issue two

The

Financial Troubles

Not Minor to Minority Business

Finance issue Quick Tips And Facts You Should Know

Permanent Life Insurance It Can Help In The Worst And Best Of Times

F E AT U RE D E NTREPRENEU R IN TER V IE W: SEVEN QUESTIONS FOR TOM BURGESS www.risbj.com | volume five issue two 1

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chosen Neighborhood because it’s affordable and has what they need.”

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www.risbj.com | volume five issue two

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Women 3rd Annual

E NT R E P R E NE U R I AL

to Watch

It’s Back!

Rhode Island Small Business Journal is excited to announce the return of the Entrepreneurial Women to Watch Awards.

The 2016 winners and nominees will be honored at a celebration event in Pawtucket at the Historic Slater Mill. The event will take place on Thursday, March 24th, starting at 6pm.

RISBJ created the Entrepreneurial Women to Watch Awards over three years ago to honor the most confident, tenacious, professional and sophisticated women industry leaders in our state. This year, the awards again will be divided into five categories: Community Champion, Minority-Owned, Small Business, Solopreneur, and Startup. In each of these categories, three winners will be selected, adding up to fifteen winners total.

Review of 2015 Award Winners: Community Champion

Elizabeth Cunha, The Center for Dynamic Learning Kathleen Moren, Healthy Babies, Happy Moms Inc. Jen Silbert, Learning401

Minority-Owned

Kappy Bois, Royal Health and Wellness Yemi Sekoni, Donahue Models and Talent Maria Denizard, La Femme Salon

Small Business

Anne Aldridge, Ocean State House Cleaning Ava Anderson, Ava Anderson Non Toxic Michelle Collie, Performance Physical Therapy

Solopreneur

Kristin Niessink, Kristin Niessink MS, RD, LDN Lesli-Ann Powell, Little Birdie Papercraft and Design Studio Dr. Kate Siner, Dr. Kate Inc.

Startup

Stephanie Additon, Java Skincare Jan Dane, Stock Culinary Goods Maria Tocco, The Providence Flea

For More Information and news regarding the event, continue to visit our website, www.risbj.com, or follow us on social media.

Thursday March 24, 2016 | Starting at 6:00 PM Slater Mill | 67 Roosevelt Avenue, Pawtucket, Rhode Island

www.risbj.com | volume five issue two

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from the founder GIVE ME A BREAK

Don’t we all feel this way sometimes? It’s perfectly acceptable as an entrepreneur to have a “Calgon take me away” moment. So on the eve of my first non-Disney vacation in 6 years, I thought of no better topic to write about than the benefits of taking a break.

Here are my top 4 reasons to take time away from the daily grind!

Refresh and Recharge

I’m sure most of you are just like me – my mind is always going and thinking of what’s next. There are many late nights where I can’t sleep, thinking of new ideas, new opportunities and ways to overcome challenges. While coffee helps many of us get through the day, you never truly operate at full capacity without a good night’s sleep. By taking a vacation or a stay-cation, we get to recharge our mind and body.

Take Time for Yourself

Always being in work-mode doesn’t create a healthy worklife balance. You need to spend time on activities you enjoy outside of work. For all of us, those activities are different.

From art and music to yoga, sports and spending time outdoors, we all have activities that help to motivate and recharge us. It also gives us a change to step away from challenges we face and come back with new ideas.

Disconnect from Technology

Admit it, you’re addicted! And if you’re not, please share your secrets with me. As a culture, we’re addicted to our phones,

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RISBJ | rhode island small business journal

our tablets and our laptops. Even when we’re not at work, we’re constantly checking email, Facebook, text messages, etc. Taking time off not only relates to work, but it also means taking time off from technology. Being able to think and function without our electronic devices helps us become better communicators, leaders, friends, husbands and wives.

Strengthen Personal Relationships

I strive to be a great husband, father, son and friend and I admittedly struggle with that during the week. I get progressively better on the weekends, but 2 days each week just isn’t enough. We all need to take time to reconnect with our family and friends and those we care most about. Our relationships are far more important than our entrepreneurial endeavors, but often take a back seat to the challenge of running a business. Maintaining a work-life balance can be a challenge, but it’s attainable if we make it a priority.

So remember, a preemptive strike against burn-out is always a good thing, and if you’re already burnt out, then it’s definitely time to get away. I look forward to hearing from you (in 10 days)!

Gil Lantini Founder Ralph Coppolino Co-Founder Mike Casale Senior Designer Amanda Repose Managing Editor Marketing Julia Cianciolo Lauren Bansbach Alison Dupuis Kelly Sobolewski Hannah Spain Marketing Assistant Kassandra Petrocelli Interns Jason Boulay Georgio Elian Alex Paxman Sandra A. Ristau Contributing Writers Michael Brito C. Alexander Chiulli, Esq. Ted Donnelly Mayor Jorge Elorza Larry Girourard Buck Harris Kristin M. MacRae William F. Miller, Esq. Governor Gina M. Raimondo Dr. Ronald G. Shapiro, Ph. D Heidi Werther Kristen M. Whittle, Esq.

Minimize Business Interruption Trust Gentry For Your Next Commercial Move Your one stop moving and office installation specialist Gentry has the expertise to keep your business running smoothly. We guarantee that your belongings will be moved safely and efficiently with minimal business interruption.

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A special thank you to RISBDC, Commerce Corporation and Tom Burgess.

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www.risbj.com | volume five issue two

5

UPCOMING EVENTS NETWORKING & WORKSHOPS

Liberty or Loyalty: An Interactive Living History Program Colony House 10:00am Washington Square, Newport

Out of the Box Networking Social Courtyard Marriott 5:00pm 55 Jefferson Park Road, Warwick

Coffee and Commerce: Dale Venturini with Rhode Island Hospitality Association East Bay Chamber of Commerce 7:30am 16 Cutler Street, Warren

For More Events Visit 6

www.risbj.com RISBJ | rhode island small business journal

2 nd 9 th

Capital City Connection Networking Corner Bakery CafĂŠ 8:00am 160 Hillside Drive, Cranston Leading Edge Networking Greenwich Farms 7:00am 75 Minnesota Avenue, Warwick

16 th

26 th

Adapt Big Market Wins to Your Small Budget Parlor Kitchen and Bar 6:00pm 200 Broadway, Newport

Lunch -N- Learn: Spruce Up Your Resume East Bay Chamber of Commerce 12:00pm 16 Cutler Street, Warren

Lean and Green Lunch and Learn Polaris MEP 11:30am 315 Iron Horse Way, Providence

17 th

23 rd

24 th

101 Workshop: Operations Social Enterprise Greenhouse Hub 4:00pm 10 Davol Square, Providence

1st

MARCH

20 th

FEBRUARY

contents

volume five issue two

INSIDE THIS ISSUE 8 Small Business News

11

13 A Message from Gina M. Raimondo 14 Capital City 15 Tips and Facts on Finance 16 Start-up Resources 18 SBA Rhode Island Participating Lenders

15

20 Process Optimization 22 Financial Issues 24 Important Assets to Possess

30

26 Blue Cross Blue Shield of RI

32

28 Getting Ready to Grow 30 Permanent Life Insurance 32 Seven Questions for Tom Burgess 34 The Education Exchange 36 Six Tips to Get You Organized for Tax Season 39 Liquidity Options for Owners of Private Companies 40 Personnel Practices

ON THE COVER volume five issue two

The

Financial Troubles

Not Minor to Minority Business

Finance issue

Quick Tips And Facts You Should Know

Permanent Life Insurance

It Can Help In The Worst And Best Of Times

FEATURED ENTREPRENEUR INTERVIEW: SEVEN QUESTIONS FOR TOM BURGESS

Featured Finance Tips

Featured Entrepreneur Interview

39 www.risbj.com | volume five issue two

7

SMALL BUSINESS

NEWS

SBA’s Emerging Leaders Initiative Expands to Help Entrepreneurs Grow and Succeed

PROVIDENCE, RI – The Emerging Leaders training focuses on small, poised-for-growth companies with potential for job creation. The seven-month intensive, executive entrepreneurship education series includes approximately 100 hours of classroom time per participant and provides the opportunity for small business owners to work with experienced mentors, attend workshops and develop connections with their peers, city leaders and financial communities.

“The SBA’s expansion of Emerging Leaders last year to over 20 new locations made this invaluable training accessible to more entrepreneurs than ever before,” said SBA Administrator Maria Contreras-Sweet. “The training, mentorship and resources that these small business owners receive help them take their enterprises to the next level, spurring business growth, job creation and stronger communities.”

“The initiative has trained more than 3,000 promising small business owners in underserved communities since its inception in 2008, and its impact continues to expand, Contreras-Sweet continued.”

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RISBJ | rhode island small business journal

There are three new locations joining the initiative for the first time – Sacramento, Calif., Montpelier, Vt., and Concord, N.H. The expansion means the successful training initiative will now be available to entrepreneurs in a total of 51 cities across the United States.

The Emerging Leaders initiative has been a catalyst for expanding opportunities for underserved communities.

Graduates have reported that nearly 70 percent achieved revenue growth and over 80 percent created new jobs or retained all existing jobs. Graduates have secured federal, state, local and tribal contract awards over $700 million.

Local recruitment for the 2016 training cycle is underway at selected SBA district offices, and classes are scheduled to begin in April. Information on how interested small business owners can apply and eligibility criteria can be found at www. sba.gov/emergingleaders.

For more information about Emerging Leaders, or to contact the respective local SBA District Office in that area, please visit www.sba.gov/emergingleaders.

SMALL BUSINESS

NEWS

Rhode Island’s 2015 Home Sales Activity Highest in More Than a Decade

WARWICK, RI – Rhode Island’s housing market saw the largest volume of single family homes sold last year since 2004, with 9,782 sales, and the highest median sales price since 2008. Year-over-year sales activity rose 10 percent and median price increased five percent from 2014, to $225,000.

The data, pulled from all Realtor-assisted sales, was recently released by the Rhode Island Association of Realtors and its subsidiary, the State-Wide Multiple Listing Service.

“We’re seeing cautious growth in the market again. It’s not the same type of frenzy that caused Rhode Island to lead the country in double digit appreciation a decade ago. Instead, we’re seeing more moderate, steady gains. Last year was a ‘win-win’ for just about everyone. Sellers benefitted from more activity and increased prices. Buyers on the other hand, were able to tap into continued low interest rates, and unlike most other areas of the country, a decent supply of homes to choose from,” said Arthur Yatsko, president of the Rhode Island Association of Realtors. Sales in many areas across the nation have been stunted by a lack of inventory, a problem which has not significantly affected Rhode Island’s housing market.

The upward trends seen among single family home sales carried over to other sectors of the market as well. There was a six percent increase in activity among condominium sales compared to 2014 and a three percent increase in median price. The multi-family home market experienced the largest gains last year with a 14 percent gain in sales activity and 15 percent appreciation in median price from the previous year.

About the Rhode Island Association of REALTORS® The Rhode Island Association of REALTORS®, one of the largest trade organization in Rhode Island with approximately 4,400 members in 750 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island’s property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

The Association is one of more than 1,400 local boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America ‘s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries. www.risbj.com | volume five issue two

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SMALL BUSINESS

NEWS

Foundation Partnership Launches

with Rhode Island College to Open Office of Innovation “At a time when many in government are asked to do more with less, it is vital to think more creatively, and embrace new approaches to reaching and informing people,” former U.S. Secretary of Education Arne Duncan said. “Nationally recognized as an innovative leader in government, Richard helped our team pioneer new approaches for using technology to engage with citizens and improve government impact through public and private partnerships. It will be exciting to see what new ideas he will pursue in Rhode Island.”

“Richard was a serial entrepreneur inside government,” Deputy Director of the White House Office of Science and Technology Policy Tom Kalil said. “From reducing the digital divide with ConnectED, to developing new models for bringing highlytalented individuals into government, Richard was focused on using all the tools he had to support student learning. I look forward to watching Richard tap the best of Rhode Island’s creative talent to move the state forward.”

At the Department of Education, Culatta led Datapalooza, an initiative to make government data more publicly accessible in computer-readable form and spur the use of that data by entrepreneurs as fuel for the creation of new products, services and jobs.

PROVIDENCE, RI – Governor Gina M. Raimondo today announced Richard Culatta as Rhode Island’s first Chief Innovation Officer. Culatta will lead an effort to find better approaches to provide more opportunities for all Rhode Islanders, and improve government services, while reducing costs and increasing transparency.

“Part of creating opportunities for all Rhode Islanders is putting their needs first, and turning away from how government has always done things,” Raimondo said. “We need new approaches, both in the way government operates, and in the types of businesses we attract and nurture here. The role of the Chief Innovation Officer will be about opening up government and using data to solve problems.”

“To effectively serve citizens, government needs to become competent in the digital age and work with the private sector to tackle challenges that are too big for either to solve on their own,” Culatta said. “In doing so, Rhode Island has the opportunity to become a nationally-recognized innovation hub and an example for the rest of the country of how to make government move faster at a reduced cost.”

Culatta, a Rhode Island native, recently left his role as Senior Advisor to former U.S. Secretary of Education Arne Duncan.

He also served as the Executive Director of the Department of Education’s Office of Educational Technology.

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The Office of Innovation, located at Rhode Island College, and supported by the Rhode Island College Foundation, will be a central hub for innovation efforts in the state. The office is responsible for making government more efficient, cost-effective, and responsive to citizen needs while accelerating and promoting innovations in the private sector across the state.

“The presence of the Innovation Office at Rhode Island College underscores the critical role public higher education plays in the Rhode Island economy,” Rhode Island College President Dr. Nancy Carriuolo said. “We are delighted to host this initiative and look forward to involving our talented faculty and students in statewide innovation efforts.”

“The Rhode Island College Foundation believes that the Innovation Office is a smart investment for the college and the larger Rhode Island community,” Rhode Island College Foundation Board of Directors Chair William Hurry said. “The new research and development opportunities afforded the Rhode Island College community will complement Rhode Island College’s valuable educational experience, while the office’s outcomes will benefit all Rhode Islanders, including more than 39,000 Rhode Island College alumni currently residing in our state.”

SMALL BUSINESS

NEWS

U.S. News & World Report Ranks New England Institute of Technology’s Online Programs #1 in RI

EAST GREENWICH, RI – U.S. News & World Report released its 2016 Best Online Programs on January 12, 2016, a resource used by millions of domestic and international students to compare the academic quality of more than 1,200 bachelor’s and master’s level distance degree programs offered at colleges and universities across the country. Dr. Douglas H. Sherman, Senior Vice President and Provost at New England Institute of Technology (NEIT), announced that the university has earned the No.1 spot in Rhode Island for its online bachelor’s degree programs and was ranked 3rd in New England as well as 49th nationally.

For the fifth year, the U.S. News Best Online Programs report is used by students and working adults seeking online education programs to complete their degree or advance their career while maintaining a flexible schedule that suits their lifestyle. Prospective students search the directory to explore factors such as program offerings, tuition, and online services.

To be considered in the bachelor level rankings, only degreegranting programs offered predominately online at regionally accredited colleges and universities are reviewed.

The various methodologies used are based on such factors as faculty credentials and training, student services and technology, and student engagement. For more information on the Best Online Program rankings and methodologies, visit www.usnews.com/online.

“Online learning is becoming an integral part of higher education, and consumers are hungry for information related to legitimate online degrees,” said Anita Narayan, managing editor of Education at U.S. News. “The Best Online Programs rankings can help prospective students begin their search for a program that suits both their academic and career goals, as well as their work and family schedules.”

www.risbj.com | volume five issue two

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RISBJ | rhode island small business journal

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Gina M. Raimondo | GOVERNOR

A Message From

Gina M. Raimondo

Putting New Jobs i n c e n t i v e

by Governor Gina M. Raimondo

This past month has been full of exciting new developments for companies in Rhode Island. We are working hard to make it easier to do business in Rhode Island, encouraging companies to expand and create more high-skill, high-wage jobs.

I want to share the story of one of those businesses with you.

Greystone is a manufacturer that was started here in Rhode Island in 1932. They make a variety of machined and plated products, have two locations in Rhode Island and opened a facility in Virginia in 1992. So, when they were thinking about expanding, they started to compare the pros and cons of business climates in Rhode Island and Virginia.

This sounds like a story you’ve heard before, right? The bitter memories of companies uprooting their offices here in favor of more business-friendly states are still fresh in our minds. But this time, the story has a different ending.

My jobs plan was also created with businesses in mind. Right now, Rhode Island ranks 49th in the nation in unemployment insurance taxes.

t o

w o r k

After working with the company and talking about their needs, we were able to convince them to expand here. Now 25 goodpaying, advanced manufacturing jobs are being created in Rhode Island.

Greystone took advantage of the new Qualified Jobs Incentive.

In return for tax credits, the company agreed to hire 25 new fulltime employees with an average salary over $50,000, and to keep those jobs here for at least the next 12 years. Greystone will now be able to expand one of its facilities by approximately 10,000 square feet to accommodate new machinery and staff.

This is just one of the early results that shows our economic development tools are working to spark Rhode Island’s comeback. In the last month, these tools have helped three major real estate projects advance, and we’ve awarded 11 innovation vouchers to support partnerships between businesses and universities.

My jobs plan was also created with businesses in mind. Right now, Rhode Island ranks 49th in the nation in unemployment insurance taxes. The proposal would reduce UI taxes without harming benefits, saving businesses approximately $30 million in its first year alone. This will be the first time Rhode Island has moved off of the highest tax bracket since 1992.

The jobs plan also builds on the progress we made during my first year in office. Rhode Island already has the lowest corporate tax rate in New England, and last year we eliminated the commercial tax on energy and reduced the corporate minimum tax. Our state has so much to offer; we can’t give businesses reasons to miss out. Let’s work together to get this done, and let businesses thrive in Rhode Island. www.risbj.com | volume five issue two

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CAPITAL CITY | Providence is Open for Business What Clams Me About SMALL Manage A Remote Worker or Office SMALL BUSINESS BUSINESS || How Dear To Mom: A Taught Letter Home From ALeadership One Day Warrior

PROVIDENCE

IS OPEN FOR BUSINESS

by Mayor Jorge Elorza

Access to capital is essential to business success, which is why the Providence Business Loan Fund (PBLF) is a critical tool that needs to be utilized by new businesses. Creating jobs and growing our local economy are among the highest priorities of my administration.

The PBLF was established more than 25 years ago and was designed to assist businesses of all sized by providing access to financing that can help businesses grow and increase employment within the city. We know that the availability of capital can be critical to businesses success and it has

become more difficult to get a small loan from the big banks.

The PBLF is comprised of qualified financial advisors who are well versed in what individual businesses need to succeed. There are a variety of tools that can be used in the process of starting or growing a business. The PBLF offers Revolving Loans and Storefront improvement grants that allow for access to capital. There is also a special program that will target specific neighborhoods.

use. We already have some of the best schools in the country, highly skilled labor pool, an extraordinary quality of life, and close access to international marketplaces of millions.

We are excited to meet the needs of an expanding market. The PBLF will allow investments to be made to businesses of all sizes. With the PBLF, we are more convinced than ever that Providence is a place for business to grow and expand.

F FICE O THE MA F O YO

The PBLF adds another resource that start-ups and growing businesses can

R

WE ALREADY HAVE SOME OF THE BEST SCHOOLS IN THE COUNTRY, HIGHLY SKILLED LABOR POOL, AN EXTRAORDINARY QUALITY OF LIFE, AND CLOSE ACCESS TO INTERNATIONAL MARKETPLACES OF MILLIONS. 14 14

RISBJ | |rhode island small RISBJ rhode island smallbusiness businessjournal journal

Jo

rg

e O. E

lorza

Quick Tips And Facts You Should Know About Small Business Finance | SMALL BUSINESS

Quick tips and facts you should know

about small business finance

77%

of small businesses rely on personal savings for their initial funds, according to Wells Fargo-Gallup poll

A businesses online presence

may impact a lender’s decision to provide financing

Develop a streamlined

process for payroll

to ensure you are meeting all necessary requirements for your employees

According to the IRS of the 1.09 million penalties assessed by the IRS,

47%

Design a systematic

financial plan

so that everything that flows in, flows through all the proper channels and is accounted for

were for delinquent payment, while less than 0.5% were for inaccuracy

The SBA gives businesses

credit scores on a 0 to 100 numbering scale,

the likelihood of a small business getting a loan is dependent on that score, according to Small Business

by Demand Media 2015 www.risbj.com | volume five issue two

15

RESOURCES

RHODE ISLAND SMALL BUSINESS

Development Center

Where can you turn when you need business help? When you don’t know the steps to get started, or how to access financing, or what it takes to attract new customers? When you have a dream, but aren’t sure how to make it a reality?

You can find the help you need at the Rhode Island Small Business Development Center (RISBDC). The RISBDC offers no-cost, confidential, one-on-one business counseling to entrepreneurs who wish to start, grow or improve their businesses. In addition, the RISBDC offers high quality training programs on relevant business topics at no or low cost, and helps to coordinate federal, state, local, academic and private resources to assist small business owners and aspiring entrepreneurs.

The RISBDC is part of a national network of Small Business Development Centers, with over 1,000 locations across

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RISBJ | rhode island small business journal

the country employing approximately 5,000 certified business counselors. The program is the U.S. Small Business Administration’s (SBA’s) largest matching grantfunded program, providing comprehensive services to the small business community. SBDC’s undergo a rigorous accreditation process, ensuring that clients receive consistent, high-quality services. In Rhode Island, the program is hosted by the University of Rhode Island and funded by the SBA, URI, CommerceRI, and the State of Rhode Island.

The RISBDC, which has been providing expert assistance to small business owners for over 30 years, has service locations in Kingston on URI’s main campus, and in Providence and Lincoln. To find out how the RISBDC can help you and your business, please call us at 401-874-7232 or visit our website at www.risbdc.org.

RESOURCES

Commerce Corporation Dedicated to stimulating economic growth in Rhode Island, the Commerce Corporation is a customer service-focused agency that invests in Rhode Island’s businesses. By helping to navigate the public sector, providing financing vehicles, deploying state incentives, and investing in networking opportunities, the Commerce Corporation is in the business of business.

In the last six months we have launched the following two initiatives that assist with business development.

Statewide Action Team

The Statewide Action Team (STAT) is a centralized, statewide concierge network charged with making it easier to get business done in Rhode Island. STAT aims to help businesses access information, resources and programs through a single point of contact in a timely and efficient manner to promote business success. This initiative is a part of the administration’s focus on attracting new businesses, expanding existing businesses, and jumpstarting our economy and creating jobs.

Stat Seeks To: • •

• • •

Provide easy access to state agencies and their services; Connect a business to the right state expertise and resources to make a project happen quickly and successfully; Answer questions in a timely and accurate manner; Provide a personalized approach to starting a business in Rhode Island; and Enhance agency to agency transparency and visibility.

Business Navigation Center

The Business Navigation Center serves as a starting point for all businesses conducting, or looking to conduct, business in Rhode Island, and is one piece of a larger initiative to make Rhode Island more business friendly.

The center, located at the Commerce Corporation in Providence, currently has nine, highly-qualified advisors on staff; they can be considered the concierge office to the resort that is Rhode Island, ready to help any start-up or existing business. To add a personal touch, each client is assigned one advisor, which will enable the advisors to become intimately knowledge about the needs of their clients. Based on the information received, the advisor, personally, will guide the client through the solution to address each business need. Potential clients can connect with the Business Navigation Center online through the Commerce Corporation’s website.

Through the center, the Commerce Corporation will offer a unique service to address the complexities of starting a business and to showcase the toolkit of programs available to existing businesses in Rhode Island. www.risbj.com | volume five issue two

17

SBA

Rhode Island

SBA Rhode Island Participating Lenders Accion Micro

Business Development Company EXP/EE

Dexter Credit Union

10 Fawcett Street, Suite 204 Cambridge, MA 02138 Jennifer Spaziano (617) 684-0235 Jspaziano@accioneast.org

40 Westminster Street, Suite 702 Providence, RI 02903 Peter Dorsey, President (401) 351-3036 PDorsey@BDCRI.com

934 Dexter Street Central Falls, RI 02863 David Angell, Chief Lending Officer (401) 724-6200 David.Angell@DexterCU.org

Bank of America PLP/EXP

Centreville Bank EXP/EE

Freedom National Bank PLP/EXP/EE

111 Westminster Street Providence, RI 02903 Kevin P. Tracy, Senior Vice President (401) 278-5520 Kevin.P.Tracy@baml.com

1218 Main Street W. Warwick, RI 02893 Karen Flynn, SVP Lending (401) 821-9100 Ext. 5244 KFlynn@CentrevilleBank.com

584 Putnam Pike Greenville, RI 02828 David Caruso, Vice President (401) 244-6655 DCaruso@FreedomNationalBank.com

BankNewport EXP/EE

Citizens Bank PLP/EXP/EE

Greenwood Credit Union PLP/EXP

500 West Main Road Middletown, RI 02842 Douglas Hanson, Vice President (401) 845-8731 Douglas.Hanson@BankNewport.com

One Citizens Plaza Providence, RI 02903 Gary Heidel, Director, SBA Program (401) 468-6127 Gary.Heidel@RBSCitizens.com

Bank Rhode Island PLP/EXP/EWCP/EE

Coastway Community Bank PLP/EXP/EWCP/EE

2669 Post Road Warwick, RI 02886 Holly Ferrara, Vice President Commercial Lending (401) 562-2784 HFerrara@GreenwoodCU.org

One Turks Head Place Providence, RI 02903 Manny Barrows, Senior Vice President (401) 574-1604 MBarrows@BankRI.com Scott Lajoie, Vice President (401) 574-1657 SLajoie@BankRI.com

Bay Colony Development Corp. 504 1601 Trapelo Road Waltham, MA 02451 Mary Mansfield (781) 478-3655 MKMansfield@BayColony.org

Bristol County Savings Bank PLP/EXP 215 Armistice Boulevard Pawtucket, RI 02860 Joan Medeiros (508) 678-1862 Joan.Medeiros@BCSBmail.com Stephen M. Hardy (401) 722-8845 SMHardy@BCSBmail.com

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RISBJ | rhode island small business journal

Home Loan Investment Bank PLP/EXP/EE

One Coastway Boulevard Warwick, RI 02886 Joe Hindle (401) 330-1600 JHindle@Coastway.com

1 Home Loan Plaza, Suite 3 Warwick, RI 02886 Daniel Murphy, Vice President (800) 223-1700 x435 DMurphy@HomeLoanBank.com

Community Investment Corp. 504/Micro

Independence Bank PLP/EXP/EWCP/EE

2315 Whitney Avenue, Suite 2B Hamden, CT 06518 Gary Toole, RI Manager (203) 776-6172 x124 GToole@CICLending.com Buck Harris, Vice President Community Lending (203) 776-6172 x128 BHarris@CICLending.com

1370 South County Trail East Greenwich, RI 02818 Robert A. Catanzaro, President (401) 886-4600 RAC@Independence-Bank.com

Coventry Credit Union EXP 2006 Nooseneck Hill Road Coventry, RI 02816 Claudia Flanagan, Director of Consumer Lending (401) 397-1900 x2314 CFlanagan@CoventryCU.org

Navigant Credit Union EXP/EWCP/EE 1005 Douglas Pike Smithfield, RI 02917 Jeffrey P. Cascione, Vice President (401) 233-4716 JCascione@NavigantCU.org

New England Certified Development Corp. 504 500 Edgewater Drive, Suite 555 Wakefield, MA 01880

SBA Rhode Island Participating Lenders | SMALL BUSINESS

Nancy Gibeau, Loan and Investment Officer (RI, MA) (508) 254-7891 or (401) 450-0047 NGibeau@BDCNewEngland.com

Ocean State Business Development Authority 504 155 South Main Street, Suite 403 Providence, RI 02903 Henry Violet, President (401) 454-4630 BudV@OSBDA.com Russ Gaston, Chief Operating Officer (401) 454-4560 RGaston@OSBDA.com

Pawtucket Credit Union EXP 1200 Central Avenue Pawtucket, RI 02861 Joseph Silva, Vice President Commercial Lending (401) 729-4092 Joseph.Silva@PCU.org

People’s Credit Union EXP 858 West Main Road Middletown, RI 02842 Peter Murray, Business Relationship Manager (401) 846-8930 Ext. 1273 PMurray@PeoplesCU.com

Radius Bank PLP/EXP/EWCP 1 Harbor Street, Suite 201 Boston, MA 02210 Anina Butler, Vice President (617) 728-7320 AButler@RadiusBank.com

Rockland Trust PLP/EXP 288 Union Street Rockland, MA 02370 Michael Savage, Senior Vice President (781) 982-6546 Michael.Savage@RocklandTrust.com George Couto, Vice President Government Lending (781) 982-6768 George.Couto@RocklandTrust.com

Santander Bank PLP/EXP/EWCP/EE One Financial Plaza Providence, RI 02903 Stephen J. White, SBA Product Manager (617) 953-9135 SWhite@Santander.us

Savings Institute Bank & Trust 100 Bellevue Avenue P.O. 210 Newport, RI 02840 Timothy Burns (401) 608-1679 Timothy_Burns@BankSI.com Christina Feden (401) 608-1691 Christina_Feden@BankSI.com David Williamson (401) 608-1628 David_Williamson@BankSI.com

South Eastern Economic Development Corp. 504, Micro 80 Dean Street, Taunton, MA 02780 (508) 822-1020 Maria Gooch-Smith, Executive Director MGoochSmith@SeedCorp.com Lisa Holmes, Commercial Loan Officer LHolmes@SeedCorp.com Tamarah Bacon, MicroLoan Manager TBacon@SeedCorp.com

TD Bank PLP/EXP/EWCP 180 Westminster Street Providence, RI 02903 David M. Ferreira Vice President Small Business Relationship Manager (401) 489-5620 David.Ferreira@TD.com-

UPS Capital Business Credit PLP/EXP/EWCP 35 Glenlake Parkway, NE Atlanta, GA 30328 Jack Mello, Senior Policy Credit Officer (877) 263-8772 JMello@UPS.com

The Washington Trust Company PLP/EXP/EWCP/EE 23 Broad Street Westerly, RI 02891 Robert J. O’Neill, Vice President Retail Lending (401) 348-1442 RJONeill@WashTrust.com Christopher Grasso, Business Banking Officer (401) 348-1250 CMGrasso@WashTrust.com

Wave Federal Credit Union 480 Greenwich Avenue Warwick, RI 02886

David Duprere, Executive Vice President (401) 781-1020 David@WaveFCU.org

Webster Bank PLP/EXP/EE 100 Westminster Bldg., 50 Kennedy Plaza, Ste 1110 Providence, RI 02903 Anthony Capuano, Senior Vice President (401) 228-2042 ACapuano@WebsterBank.com Bob Polito, SVP Government Guaranteed Lending (860) 612-5433 RPolito@WebsterBank.com

Westerly Community Credit Union EXP/EE 122 Granite Street Westerly, RI 02891 Michael Lynch, Vice President, Lending (401) 596-7000 Ext. 2116 MLynch@WesterlyCCU.com Holly DePerry, Small Business Lending and Business Development (401) 637-4436 HDePerry@WesterlyCCU.com

For More Info Visit

www.sba.gov/ri U. S. Small Business Administration Tel: 401-528-4561 Rhode Island District Office Fax: 401-528-4539 380 Westminster Street, Room 511 E-mail: providence.ri@sba.gov Providence, RI 02903-3246

PLP: Preferred Lender Program -1-day turn around from SBA EXP: SBAExpress Lender-expedited loans up to $350,000 Micro: $50,000 limit up to five years to repay with technical assistance 504:Fixed rate loans for Real Estate/ M&E purchase or improvement EE: Export Express Streamlined financing up to $500,000 EWCP: Export Working Capital Program Lender-expedited loans up to $5,000,000 www.risbj.com | volume five issue two

19

SMALL BUSINESS | Process Optimization: Required For Market Penetration?

n o i t a z i m i t p O s s e c o Pr

Requ

for Market Penetr

by Larry Girouard

I don’t know about you, but when I get up in the morning I go through the same routine every day. While I will not bore you with the gory details, my actions are automatic as I start by wandering to the shower with my eyes half open at 6am, and end by sitting down at my desk at 8am.

Most of us are creatures of habit, unless the wildcard of young children are injected into the mix. While behavior habits do evolve, this metamorphosis is usually very incremental in nature. More often than not the “I have always done it this way” describes the certainty of our actions.

This also best describes the culture of the companies most of us work in for our 9 to 5 jobs. Even small incremental change is painful, making this the Achilles Heel for effective and efficient market penetration. This is a sobering reality that most company presidents and managers do not come to grips with.

Penetrating a target market is most difficult because the resistance is high for a target account to switch from an existing supplier to a new one. Even if the target account is

20

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not totally happy with their current supplier, the “devil you know” is a given, and there is a risk in jumping ship into the great unknown.

Put yourself in the sales position of the company you work for, or the sales position for one of your clients. What is so special about your company? What is so special about your client’s company? What would you say about your company in front of a target account that would be compelling enough to get their attention?

Things like: we have good service; been in business a long time; great people; blah, blah, blah; is what these target accounts hear from all suitors that covet their business. If this is all that sales is walking in with, there is little chance that the sales pitch will get much traction. Think about that for a minute.

Sales must be armed with a story that will provide the potential buyer with a compelling reason to switch some, or all, of their business.

We live in a world of NOWISM. We have been programmed to expect things immediately (Facebook, LinkedIn, Google,

Process Optimization: Required For Market Penetration? | SMALL BUSINESS

uired

ration?

Twitter, Skype, etc.). Objectively looking at most companies, they do not provide their current customers with any level of immediacy. Their lead times are long, on time delivery performances spotty, timely response to quotes poor, communication with customers (face-to-face, letters, emails and phone) are not professional or concise, and so on.

Regardless of what your product or service is, differentiation at the “yellow page” description level is almost impossible unless you are a pet rock, cabbage patch doll, UBER, or AirBNB. Few products or services have this luxury.

Therefore the only reasonable option on the table is to quantifiably improve all the touch points between the company and the customer. If the resulting sales pitch includes impressive performance metrics around each touch point, you now have a sales pitch with some real punch.

For example, VIBCO, a Rhode Island manufacturer, improved the delivery time of their industrial vibrators from 4-5 weeks to 1-2 days by implementing process optimization techniques driven by empowered employees. VIBCO’s ability to deliver quickly outperformed their competition during the recent recession. The result: They were able to capture a larger

You improve the process supporting any touch point, and you positively impact the performance of that touch point measurably.

share of the recession ravaged construction market and actually grew their business during this period.

Every touch point between a company and their customers is supported by a process, or family of processes, of some kind.

It is all about process, and process improvement. You improve the process supporting any touch point, and you positively impact the performance of that touch point measurably.

If you apply that logic to all customer touch points you have quantifiably improved your value proposition. Sales is now in a position to use the value proposition performance data to sell with confidence. Differentiation is now apparent, making it easier to address the key question every target account will be asking, or thinking.

Why should I buy your product or service?

You must provide your target accounts with a real reason to believe! Process optimization on processes directly linked to the company’s value proposition (customer touch points) is foundational to any successful market penetration initiative.

Larry Girouard is the President of The Business Avionix Company, LLC. For more information, visit www.BusinessAvionix.us. www.risbj.com | volume five issue two

21

MBE/DBE | Financial Issues: Not Minor to Minority Business

Financia

NOT MINOR TO MINORIT

by Michael Brito

22

When a Minority Business Enterprise/Disadvantaged Business Enterprise (MBE/DBE) launches into a new year it needs to operate as if all things are possible! However, the only way to look at all possibilities is with a realistic approach. Businesses must ask questions that require honest answers, answers that may carry with them hard, eye-opening realizations. In terms of finances, how did we exit the previous year? Did we meet our goals? What do we need to do to make the horizon brighter in the coming year?

costs, advertising that produces low ROI’s, needless gift giving, unproductive time usage, and single tasking employees! There are many ways to get more out of your staff, your time and yourself than you may realize! Think of ways to tighten scheduling, lower your insurance risk (thereby lowering your premiums), double or triple task employees, and how to get more out of your vehicle fleet.

Many “mom and pop” enterprises very often see themselves as too small to matter but even the sole proprietor should know that when you run your small business as if it where a mega-corporation, success is much more possible!

If you’re managing your businesses books alone, have them reviewed --now. If your financial future is less encouraging than last year, sit down with a small business financial consultant and be willing to take any recommendations under advisement. Remember that you’re not expected to be the expert in all areas of your business, especially regarding its finances.

Establish a strict budget and stay on course! Heed all spending caps that you set or have your accountant become a little more involved. Don’t run personal expenses through your business --ever! Always pay yourself first and live within your means. If you want to use any service or product your business offers then pay for it, you’ll only be cheating yourself in the long run if you don’t!

A wise man always knows when to seek financial advice and it should be before you need to wave the white flag. If you’re in need of financial assistance as a MBE/DBE, there’s good news...there are more opportunities to obtain financial assistance in Rhode Island than some may think. Let’s look into all possibilities when seeking one-on-one mentoring, or any form of supportive services that are now offered either by governmental, quasi-government, or private companies and agencies. Finances don’t have to be an area of dread when viewing your business forecast!

I will always remember my Dad paying at the cash register of his own store before leaving with anything, I thought it was odd as a child however, I completely get it as an adult business owner. You see financial issues don’t have to be “no man’s land” so stop thinking that you don’t posses the education, knowledge or background to understand the numbers; just focus, ask for help, put your business on a fiscal diet, and you’ll be prepared for any economic situation!

Going forward let’s look into lowering our fixed operating costs by trimming things like bonuses, traveling and fuel

Michael Brito Team Member, Managing the Road Ahead www.managetheroadahead.com

RISBJ | rhode island small business journal

Financial Issues: Not Minor to Minority Business | MBE/DBE

al Issues

TY

BUSINESS OWNERS Establish a strict budget and stay on course! Heed all spending caps that you set or have your accountant become a little more involved.

www.risbj.com | volume five issue two

23

PROFESSIONAL DEVELOPMENT | Important Assets to Possess To Be an Effective Leader

Important Assets to Possess to be an

Effective Leader

by Heidi Werther

I had the wonderful opportunity to spend five days skiing in Park City, Utah at the end of January and it was the best skiing I have ever experienced. As I write this for the small business owner, you may be wondering why I’m sharing with you that I had a great ski vacation. I mention it because at one point, as I was skiing down the trail, four words came to mind: trust, desire, drive, and passion. I was fully present with what was driving me to do my best skiing ever after 9 inches of snowfall; something that has always caused me to get a bit uncomfortable in the past. See, as a New Englander, powder skiing is not what I am used to. Even with the multiple ski trips out west, skiing on groomed trails, or even icy trails, is my comfort zone; powder skiing is outside of my comfort zone.

Yet as I experienced this fluffy powder, I trusted my abilities to ski; after all I’ve been a skier for 23 years and can handle any terrain. I had a desire to fully enjoy and let go of any limiting beliefs; I had the drive to tackle the powder and ski my best; and skiing is one of my passions – I just can’t get enough of the thrill and the view. Still, what does this have to do with business?

As I work with my clients who are trying to take their businesses

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or teams to the next level, trust, desire, drive and passion all play an important role. If a business owner or leader lacks any of these assets, the business will suffer in some fashion. If you are a small business owner or responsible for driving results for your team; consider the following:

• • • •

What or who do you need to trust?

What is your overall desire for your company or your team?

What drives or motivates you to do your best and achieve your goals?

What are you passionate about? How can, or does this contribute to your leadership abilities?

If one or more of these assets is lacking or completely missing, what does that suggest to you? Are you doing what you love and find meaningful? If your answer is no, what do you want to do differently? If your answer is yes, what do you need to revitalize your desire, drive, or passion? And if trust is an issue, what do you need to do to build or rebuild your trust?

By being truthful with yourself, reflecting on a time, or an event when all four of these assets existed, perhaps you can gain inspiration to bring that to your present work. And if you have all of these assets and you still want more for your business, what else is needed?

Heidi Werther, Professional Coach, Mediator, and Consultant, works with individuals and organizations empowering them to embrace changes that fuel constructive results.

Contact Heidi Werther at hwerther@heidiwerther.com for more information.

WE’RE LIKE A GPS FOR GETTING YOUR BUSINESS TO THE RIGHT PLACE. Just Right Commercial Loans from BayCoast Bank Whatever your reasons for needing a commercial loan, our team of lenders can help you. With financial advice, and smart business insights, we’re always accessible and ready to listen. Our loan decisions are made locally, so you don’t have to wait long to find out if you’ve been approved. Contact us by email or phone, and let’s see how our money can become your money.

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Call Pat Bucci at 401.942.3854 For More Info. www.risbj.com | volume five issue two

25

HOW WILL FEDER

Blue Cross Blue Shield of Rhode Island (BCBSRI) is committed to assisting small business owners through this transition. “We proudly provide coverage to 95% of sole proprietors in Rhode Island, giving them all the information they need to get the right plan,” said George Tager, manager of small group sales at BCBSRI. “We know the new federal regulations can be confusing, so our top priority is to help small businesses understand how the rules affect them.

“We’re already contacting small businesses that might be affected,” Tager added.

BCBSRI has put special emphasis on customer service, adding phone service seven days a week and recently opening its third Your Blue Store retail location.

You can ask questions face-to-face at Your Blue Stores in Bristol, Lincoln, and Warwick.

Sole proprietors who start purchasing their insurance as individuals will continue to enjoy the same BCBSRI value-added features they received as small group purchasers, like CVS/pharmacy discounts and the 24/7 Nurse Care Line. They also can purchase medical and dental coverage together with just the one Blue Cross card.

We know the new federal regulations can be confusing, so our top priority is to help small businesses understand how the rules affect them F26 O R

M O R E

RISBJ | rhode island small business journal

Sole proprietors, get ready. You now have one more thing to sort out in your business: how you buy health insurance.

Effective January 1, 2016, the Affordable Care Act (ACA) redefined the meaning of “small group.” According to the new rules, sole proprietors now fall into one of two health insurance categories: small group purchasers or individual purchasers.

Why is this important?

“If you think about the Rhode Island economy, small business immediately comes to mind because it is the lifeblood of Rhode Island,” said Melissa Cummings, senior vice president and chief customer officer at Blue Cross & Blue Shield of Rhode Island (BCBSRI). The state’s well being is directly tied to the health of the business community.

I N F O R M A T I O N

P L E A S E

V I

RAL RULE CHANGES AFFECT YOU?

To know where a business fits under the change, understand the primary difference between these two groups—number of employees.

their choices are. They also can use HealthSource RI (HSRI), the state’s health insurance exchange, and may be eligible for federal tax credits.

“A sole proprietor can retain their ‘small group’ status if they employed at least one person during the preceding calendar year and they continue to employ at least one person (who is not a spouse of the owner) on the first day of their annual health insurance cover period,” explains George Tager, manager of small group sales at BCBSRI. In this case, nothing changes for the small business.

These credits can help reduce the cost of individual coverage, but you need to be careful when you apply for them. They are based on net income, and if you suddenly find your income higher than expected, you will need to contact HSRI and make adjustments to avoid having to pay back some, or all, of the tax credits.

The owner of a business that has no employees, regardless of incorporation, must purchase coverage in the “individual” market. This change actually presents business owners with a range of options for various budgets, so they should learn what

S I T

Although change is not always welcomed, opportunity is. Many of the people who make up the lifeblood of Rhode Island are currently facing change in how they insure themselves and their families. But with this comes the opportunity to better understand their medical and dental insurance needs.

w w w . b c b s r i . c o m / y o u r b l u e s t o r 27e www.risbj.com | volume five issue two

FINANCE | Getting Ready To Grow: A Guide To Finding The Right Financing For Your Business

Getting Ready to Grow

A GUIDE TO FINDING THE RIGHT FINANCING FOR YOUR BUSINESS

by Buck Harris

•

Shop – Of course interest rates are important, but a lot of variables effect interest rates. Take the time to research companies and find one that is relationship-driven. Borrowing money is not just about the money. A quality lender will want to understand your business outside of the numbers.

•

Ask for Details – Interest rate, loan term, collateral requirements, equity injection, and credit tolerance: you need these details in order to make a sound decision about how a particular loan will affect your cash flow.

•

Be Wary – Quick money comes at a price, usually in the form of high interest rates. More often than not, business owners end up refinancing those loans through traditional lenders.

•

Be Patient – Borrowing money from a trustworthy lender

•

Be Responsive – Test your ability to function in today’s

•

Know Yourself – Be honest about your own strengths and weaknesses and surround yourself with people who can fill in the gaps. Don’t be afraid to spend the money for bookkeeping services, marketing support, or a reliable cleaning service.

By delegating those functions, you can direct valuable energy and attention to doing what you do best.

Financing your small business, whether you are starting one or growing one, can be daunting, especially given all of the different lending options available today.

The first, and most important step, is preparing for the financing process. It isn’t as simple as filling out a couple of forms. This is by design. The process is rigorous because respectable lenders reserve their money for entrepreneurs who are prepared to successfully manage their business for the long-term.

In light of this, here are a few principles that can help guide your decision, and, ultimately, connect you with the financing that is right for your business.

•

•

•

•

28

Evaluate Your Big Picture Needs – Make it a point to

understand, not only your financial need, but your operational, marketing, and personal needs, as well. A good lender will help you evaluate everything that affects your business, from zoning requirements, to insurance issues and cash flow considerations

Plan Ahead – Borrow money before you need it. Think about

where you want your business to be a year, and three years from now. Plan for it, and include milestones that may require financing. Many struggling business owners seek financing after they’ve spent all their money. At this point, it will be nearly impossible to find a lender who will bail you out.

Assess the Risks – Most people are afraid of risk and

hesitate to borrow money to grow their businesses. This is a big mistake. Sometimes not borrowing money is the riskiest decision you can make.

Listen – Get information from multiple lending sources.

Banks, alternative lenders, even private investors can give you information that will help you decide what is best for your needs. Often, the right choice is based more on options and support, than interest rate alone.

RISBJ | rhode island small business journal

takes time. Lenders want to see proof of your capabilities in order to minimize their own exposure to financial loss.

Stay committed to the process and be prepared for a lot of questions. Ultimately, this sets you up for long-term success.

marketplace by using the loan process to build your organizational capabilities and assess your own ability to respond to professionals who are willing to take a risk on you.

Managing a small business is an extremely complex undertaking.

Your financing partner should be a trusted member in your portfolio of managed professional services, allowing you to focus on running your business, not chasing your tail for the cash you need to survive.

Buck Harris is the Vice President of Community Lending at Community Investment Corporation, a non-profit economic development leader contributing financial expertise and practical guidance to small business entrepreneurs.

Because questions don’t take the weekend off.

Introducing weekend customer service. At Blue Cross, we understand Rhode Islanders know the value of hard work. That’s why we offer customer service seven days a week. So if your employees need answers at work or at home, our team is here for them. It’s not what you’d expect from a health plan, but maybe you should.

Find out how our team can help your business: Call your broker or BCBSRI sales representative at (401) 459-5959

Click bcbsri.com/employers

Blue Cross & Blue Shield of Rhode Island is an independent licensee of the Blue Cross and Blue Shield Association.

Come by Your Blue StoreTM in Warwick, Bristol and Lincoln

www.risbj.com | volume five issue two

29

SMALL BUSINESS | Permanent Life Insurance Can Help In The Worst—And Best—Of Times

It can help in the worst—and best—of times.

PERMANENT LIFE INSURANCE

for your family, there are other benefits as well. One of the most significant financial perks permanent life insurance offers is the ability to build cash value over time.

You can use some benefits during your lifetime.

Cash value is a potentially valuable resource that grows tax-deferred within your policy. As long as you continue to pay your premiums, the cash value will continue to grow.

What’s more, you can borrow against the cash value while you are still alive, which is why it is often referred to as a ‘living benefit.’

It can help you get ready for life’s important milestones.

by Ted Donnelly

Most of us buy insurance—whether it is home, health, auto, or disability insurance—to protect our loved ones in case something unfortunate happens. And while people buy permanent life insurance for much the same reason, you may be surprised to learn that it can help during many happy occasions as well.

Enjoy financial protection…and more.

While the primary purpose of life insurance is to replace some, if not all, of the income that would be lost if you were no longer around to provide

you can be sure this coverage will be there to help your loved ones today, tomorrow…or whenever the time comes 30

RISBJ | rhode island small business journal

As you might imagine, there are plenty of reasons why the cash value in your policy could come in handy. Many people use the money to help pay for a child’s education or wedding, put a down payment on a home, or to supplement their retirement nest egg if their need for death benefit protection goes down.

Business owners also make good use of this benefit by drawing on it whenever they need additional capital or would like to expand their operation.

It will be there for you—or your loved ones.

With permanent life insurance, there are no restrictions on how you use the cash value. You can use it to cover unexpected emergencies—or to help prepare for some of life’s most joyous moments.

Moreover, some permanent life insurance policies may be eligible for dividends, which may be used to help pay premiums or purchase additional insurance. And because permanent life insurance offers a lifetime of protection, you can be sure this coverage will be there to help your loved ones today, tomorrow…or whenever the time comes.

Edward F. Donnelly III “Ted” is a Financial Services Professional and Agent at New York Life Insurance Company and Registered Representative offering securities through NYLIFE Securities LLC (member FINRA/SIPC), a Licensed Insurance Agency.

TAKING CARE OF BUSINESS IN PROVIDENCE. The commercial banking team at BayCoast Bank in Providence will take care of you and your business like no other bank. That’s because we’re local and empowered to provide solutions — and yes, even get “creative” to help your business succeed. We think that’s ‘just right.®’ Whether you are looking for a loan for expansion, a term loan, construction, new equipment, a business checking account or a line of credit — we’ve got it.

Joe Sheehan 401-274-2106

Mike Paiva 401-273-2539

Call us. Let’s talk about what we can do for your business.

Providence Commercial Loan Office 10 Dorrance Street, Suite 101B, Providence, RI 401-273-0475 • BayCoastBank.com

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401-837-0239 www.risbj.com | volume five issue two

31

ENTREPRENEUR | Seven Questions For Tom Burgess

Seven Questions for Tom Burgess CEO of Linkable Networks has successfully launched four companies out of Newport, Rhode Island.

Tom is the true definition of an entrepreneur and offers some great insight about starting a company, valuing family and the people surrounding you, and the thrilling journey of an entrepreneur.

AOL. The issue back then was Rhode Island did not have the very robust investment community that it does now so we had to move the company to Boston. Linkable Networks, my current company, also launched in Newport and then moved to Boston still has a solid core of Rhode Island based employees.”

Tell us about your background growing up. “I grew up all

What was the first business that you started when you were younger? “This is really goofy but when I was younger I

over New England and went to Providence College. I met my wife in Rhode Island, who has lived here her whole life.

We’ve travelled around the world but always come back to the Ocean State. For one, we love sailing and two, Rhode Island has such a strong Italian heritage built on family. That is why we love it here.

I’ve launched four companies since 1994 and they’ve all been launched out of Newport, Rhode Island. –Isn’t that crazy! They have all been in the advertising industry.

The first couple culminated in the founding of Third Screen Media, a mobile advertising technology company, launched in 2001. It grew very quickly and was acquired in 2006 by

asked my father to buy me a John Deere lawn mower. I drove around my town cutting lawns and my father made me pay him back. At the time, I had hundreds of dollars invested into this lawn mower. My father and I had a big discussion and we put together a plan in terms of how many yards I needed to secure in order to pay him back; that early business venture taught me volumes about running my own shop.”

Tell us a little more about your current business, Linkable Networks. “We are what is known as a shopper attribution

company. We began Linkable Networks to solve a problem.

It’s a formula I’ve developed over time where I find problems in large industries that can be solved with advertising dollars.

In particular, Linkable was created to infuse advertising dollars into the payments industry.

We saw a trend happening, the collision of the advertising world and the payments industry. When you and I swipe our credit cards to pay for something banks charge the retailer a toll called the interchange fee. There’s been an

We see oursel entrepreneurs that ha of the standard in th in 5 years - that sta 32

RISBJ | rhode island small business journal

Tom Burgess Seven Questions For Tom Burgess | ENTREPRENEUR

ongoing battle between retailers and banks regarding the cost of that interchange fee. Linkable created and patented a software solution that allows a third party advertiser, or Consumer Package Good Brand (CPG) to fund or offset that interchange fee. In return, the CPG is able to close the shopper attribution loop by receiving data that confirms what advertising is driving consumers into the stores to buy their products. It’s a win for both the retailer and the CPG.”

What is your vision for Linkable Networks? “We’ve solved

a very big problem in the industry and we see our business scaling quickly. We see ourselves as the founders and entrepreneurs that have built the first version of the standard in the industry. Who we are in 5 years - that starts today. We take it as it comes.”

Give us three tips for potential entrepreneurs thinking of beginning their journey? “I have very specific points here: 1. If you want to be or think you want to be an entrepreneur, go work for one. Find an early-stage start-up needing help. Try to bring something to the

lves as the founders and ave built the first version he industry. Who we are arts today. We take it as it comes.

table. Dive in, get completely immersed. See if you understand it, learn from the process so you can start your own company with the knowledge needed for success.

2. The other piece, sell a prototype before you build anything. Don’t build and expect people to come. You

may sell a prototype, or a mockup, or slideware; sell the idea and if people buy it then build it.

3. Lastly, don’t fall into the trap of doing one thing and doing it well. This is probably my biggest pet peeve. So many businesses fail because they don’t adapt. That is a very strong belief of mine. In order to succeed you need to adapt.“

What have you learned most about yourself in the process of growing businesses? “I need help! That is likely one of the

biggest challenges for an entrepreneur... We are confident and we want to do everything ourselves. I have been very fortunate to surround myself with fantastic people that have helped me along the way. You cannot underestimate the value of great partners, employees, investors and the support from your family. My wife and I co-founded our first company so she knows the game plan first hand. I even bring problems home to my kids. I lay out the business problems and let them solve it over a period of time, then return to my business with their feedback. At Linkable I’ve surrounded myself with experts in our field. I don’t like to settle; I want the best. They’re not always easy to find but the extra effort pays off in the end.”

Do you have someone you model? “The entrepreneur I admire most is Richard Branson. His persistence, refusal to accept failure and outrageous success is awe inspiring.”

Thanks Tom for the inspiration.

– Interview by Amanda Repose

www.risbj.com | volume five issue two

33

PROFESSIONAL GROWTH | The Education Exchange

by Dr. Ronald G. Shapiro, Ph. D.

As part of a series focusing on Rhode Island small businesses whose mission includes helping organizations, their owners and employees grow throughout 2016, we turn to The Education Exchange. The Education Exchange is a not-forprofit 501c (3) organization, established in 1978 and located in Peace Dale, Rhode Island. To date they have helped over 20,000 students!

The mission of the exchange is to prepare adult learners from diverse backgrounds to be productive employees and/or successful students in vocational or college programs. Their course offerings include basic literacy, communication, General Education Development (GED, High School Equivalency Exam) preparation and testing, English as a Second Language (ESL), workplace readiness (“soft”) and numerous computer skills. Their lab based computer class offerings include Microsoft Office® and QuickBooks™ training.

While the primary focus of The Education Exchange is preparing people for work and further education, small business owners may also benefit from the exchange technology offerings which prepare people for certification exams, the customer service offerings, which improve customer focus, or any of the other offerings. They will even rent

34

RISBJ | rhode island small business journal

out their computer lab for other educational needs, and will offer to help to find an instructor, too! Funds raised from these business services, along with grants, support the workforce preparation programs.

When I spoke with executive director Cameron Ennis he was most excited to tell me about their new Real Jobs RI aquaculture grant to train Rhode Islanders to farm oysters. This program should help to boost productivity of oyster farming as well as provide interesting job opportunities. Part

The Education Exchange | PROFESSIONAL GROWTH

of the oyster farming curriculum includes a food safety course and a serve-safe alcohol certification class. Both the food safety and the alcohol certification classes are also offered to restaurant owners as a convenient and cost effective way to provide mandatory training for their staff.

In his role as the Executive Director of the exchange Cameron has noticed the need for small business owners and managers to identify employees education needs, draft plans (with dates) to fulfill these plans,

and review these plans at least once per quarter in staff meetings and 1: 1 manager: employee discussions. Cameron recommends that these development plans focus on: •

Learning technology which may improve business productivity.

•

Improving customer relations/customer service skills for all employees who interact with customers.

•

Achieving certification needs for relevant employees.

•

Cross training employees to minimize impact of employee illness or departure from the business and to provide employees with job variety (which may improve job satisfaction and consequently employee retention).

•

Training to help the business grow.

Need a professional recommendation?

Contact Cameron Ennis, cennis@edexri. org or call, 401-783-0293 for personalized recommendations for your business or personal education needs. For more information visit www.edexri.org. .

Dr. Ronald G. Shapiro is an Independent Consultant in Human Factors Learning and Human Resources.

A special thank you to Industrial Consultant Dr. Margarita Posada Cossuto for helpful comments.

www.risbj.com | volume five issue two

35

FINANCE | 6 Tips To Get You Organized For Tax Season

6 tips

To Get You Organized For Tax Season

by Kristin M. MacRae

When tax season arrives, do you find you’re scrambling to search for all the paperwork your accountant requested?

How many of you have walked into your accountant’s office with a bag full of receipts and disheveled paperwork? Has your accountant charged you an extra fee because you were disorganized? Get your information in order now and you won’t run into this problem next year.

Here are 6 things you can do now to get ready for next year’s tax season.

Get organized. Have a system and a process for every email, financial document, and piece of paper that enters your office.

It’s all about creating working organized systems that will help you to become more efficient and productive.

Create a filing system. Keep all banking and financial documents organized in a filing system. Keep your statements and receipts together. As you receive documents throughout the year, keep them organized, labeled, and filed. This will keep you on track throughout the year.

Attach receipts to credit card statements. How many of

receipts stored in labeled files. You’ll never have receipts floating all over your office again!

Organize and contain tax related documents. As you begin

to gather information for your taxes, create a folder or small organizing container (depending on how much tax information you have) for the tax year. Keep it in your filing cabinet with other important tax documents that you refer to throughout the year. If you have an abundance of documents and use a bin, do not throw the documents into the bin, it will defeat the purposing of maintaining organization. Keep information sorted by category. You can keep track of donations, stock shares, or 401k information in one location.

Keep all prior years organized in the same area. Label all your tax information from prior years and keep contained in one bin or labeled boxes. Check with your accountant to see how many years back you need to keep documents.

Maintenance. It’s great if you set up organized systems but all your hard work will be a waste of time if you don’t maintain the systems. For most people, this is the most difficult part. Create routines from the systems you create and put the work in to maintain them.

you keep an ongoing bin of receipts? Your system is to throw receipts into a bin with the other 500 receipts from that year.

Do you have receipts scattered all over the office? File monthly receipts in a pouch or file. When your credit card statement arrives, match up the receipts and file with your credit card statements. Do you have electronic statements? Keep monthly

Wouldn’t it be great to go to your file cabinet, grab all of your labeled files and visit your accountant with no effort? Make a plan to tackle this project and you’ll be less stressed when tax season rolls around. Your accountant will have more confidence in you and you won’t be getting charged an extra fee due to your disorganization.

36

Kristin M. MacRae is an Organizing & Efficiency Expert and Owner, Organizing In RI, LLC.

RISBJ | rhode island small business journal

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L

Liquidity Options For Owners Of Private Companies | LEGAL

iquidity FOR

OWNERS

OF

by William F. Miller, Esq.

One of the frustrations of being a shareholder of a private company is that, while their ownership stake in the company may have significant value, historically it has not been readily convertible into cash. Since the shares are not registered with the Securities and Exchange Commission they cannot be traded in the public markets, and transfers of shares of private companies are subject to federal and state securities laws and often to contractual prohibitions on transfer under shareholder agreements. In many cases, shareholders had only two alternatives: wait until the company goes public or, more commonly, is acquired by another company.

However, in recent years, a third alternative seems to be emerging in the form of so-called liquidity rounds or secondary sales of private company stock. In general, these typically fall into one of two categories: company sponsored transactions (usually in the form of a company redemption) and shareholder sales to third parties. Both raise a variety of issues, but in many cases they are different issues from the perspective of the company and the shareholder.

Redemption by the Company

From the companyâ&#x20AC;&#x2122;s perspective, there are distinct advantages to the redemption approach because the company retains greater control. However, the devil is in the details. Under the laws of many states, a redemption offer by a closely held company must be made to all shareholders, although there is no requirement that all or any particular percentage of shareholders elect to participate. Secondly, the laws of the state where the

Options P R I VAT E

COMPANIES

company is organized often limit the source of funds that may be used by the company to redeem outstanding shares. Finally, Section 302 of the Internal Revenue Code can produce some surprising and unpleasant tax results if the redemption is not properly structured. These include treating the payment received by the redeeming shareholder(s) as a dividend, subject to ordinary income rather than long term capital gain treatment, and loss of the selling shareholderâ&#x20AC;&#x2122;s tax basis in the shares redeemed.

Sales by Existing Stockholders to a Third Party

Most often, these transactions take place in connection with an angel or other private equity financing, where most of the stock acquired is newly issued by the Company but the investor is willing to purchase a limited amount of stock from existing shareholders. They may also arise when an existing shareholder wants to buy more equity in the company but the company is not interested in issuing new shares. In that situation, minority shareholders are often willing to sell some or all of their equity.

Since the buyer is a third party and not the company itself, many of the rules that apply to a redemption by the company, do not apply to a third party sale. However, since shares of most closely held companies are subject to transfer restrictions, a third party sale will usually require the company and sometimes other shareholders to waive the transfer restrictions.

Either of the approaches summarized above can provide liquidity to company shareholders in advance of a sale of the company or an IPO. However, both require careful planning and sound professional advice.

For more information, contact Attorney William F. Miller at 401-824-5100 or email wmiller@pldw.com.

www.risbj.com | volume five issue two

39

LEGAL | Hiring Basics

Personnel Practices H I R I N G

by C. Alexander Chiulli, Esq. and Kristen M. Whittle, Esq.

As the first step in the employment relationship, the hiring process is also one of the most important. It is an opportunity for both parties to lay the groundwork for a successful relationship, but employers should take certain steps to ensure that the process is completed properly. In addition, employers should be aware of pitfalls for liability, such as claims of discrimination, breaches of privacy, and violation of laws and regulations governing, for example, drug testing and social media. Even prospective employees, who are not ultimately hired, may present claims in this regard. The following do’s and don’ts are intended as best practice tips to guide employers through the hiring process.

DO avoid questions related to a candidate’s membership in protected classes (e.g., race, gender, age, religion, sexual orientation, or disability). Employers should also generally refrain from including this information, such as an applicant’s gender or date of birth, on an employment application.

Unless an employer is subject to affirmative action requirements (and most employers are not), hiring decisions should be made based on a candidate’s merit, and not on his or her membership in a protected class. Instead, employers should focus on determining whether applicants are qualified for a position by probing their education, experience, and skill-level. Through fashioning qualification-based questions, employers will not only obtain more useful information for making hiring decisions, but may avoid potential discrimination claims.

DON’T overlook compliance with industry-specific screening procedures.

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RISBJ | rhode island small business journal

B A S I C S In areas such as healthcare, child care, aviation, and education, among others, certain screening procedures are mandated by law and essential to protecting the public interest. Failure to complete the required screening procedures can potentially give rise to liability on the part of an employer.

DO, however, proceed with caution when conducting background checks. While an employer may generally inquire about applicants’ background information during the interview process, employers are not typically permitted to run background checks without applicants’ consent. In addition, a recently-enacted Rhode Island law prohibits employers from inquiring about an applicant’s criminal convictions prior to the first interview. This law, known as “ban the box” because of the prohibition on a check-box on job applications concerning an applicant’s criminal history, provides that it is unlawful for most employers to ask job applicants about arrests, charges, or criminal convictions (including any verdicts or findings of guilt, guilty pleas, or pleas of nolo contendre) on any employment application.

Employers who do not use formal job applications are similarly prohibited from asking about these topics until at least the first interview.

Hiring Basics | LEGAL

Through fashioning qualification-based questions, employers will not only obtain more useful information for making hiring decisions, but may avoid potential discrimination claims.

DONâ&#x20AC;&#x2122;T forget to comply with Rhode Islandâ&#x20AC;&#x2122;s drug testing statute, if drug testing is part of the application process.

Rhode Island has enacted one of the strictest laws in the nation concerning employee drug testing, and violations can lead to criminal liability. If pre-employment drug testing is not required by an industry-specific law or regulation, employers should consider whether to engage in this practice at all.

DO use only publicly available information about job applicants when conducting screening or due diligence research on social media. The Rhode Island General Assembly recently enacted legislation prohibiting employers from requiring applicants to provide access to their social media accounts or to add the employer as a contact on their social media accounts. In other words, an employer may not require an applicant to connect with the employer on a social media site as a consideration in the hiring process.

By creating a culture of compliance in the hiring process, employers may avoid liability down the road. When in doubt, however, employers should always contact a seasoned professional to help navigate this process.

C. Alexander Chiulli, Esq. Associate, Barton Gilman LLP Kristen M. Whittle, Esq. Associate, Barton Gilman LLP

www.risbj.com | volume five issue two

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The American Diabetes Association and Blue Cross & Blue Shield Rhode Island are pleased to be launching the Diabetes Educational Boot Camp for Seniors this fall. The half-day events are designed to help seniors learn more about diabetes self-management and engage in cooking demonstrations and physical activities, and will be offered at senior centers throughout the state.

Please consider joining us at either of these two FREE events!

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