Sioux Falls Business Magazine January-February 2013

JAN/FEB 2013

BILL HINKS:

FURNITURE FOUNDER’S SUCCESS THROUGH FAITH, FAMILY PLUS:

The BEST TAX APPS HOW TO MAKE THE MOST OF INTERNSHIPS

For more than 40 years, Lindquist & Vennum has enjoyed enduring, high-quality relationships with clients throughout the Midwest and Rocky Mountain regions. As we near our one-year anniversary in the Great Plains, we reflect on the warm reception by the Sioux Falls business and civic community. It’s been a great year and we invite you to learn first hand what sets Lindquist & Vennum apart from other law firms.

When opportunity knocks.

We don’t just provide legal advice—we put it into the context of bigger-picture issues. Understanding your business objectives is the foundation of our relationship and helps us identify opportunities, meet challenges and strike the perfect balance between legal requirements and business rewards.

When business disputes arise.

Business problems come in all shapes and sizes.

When they strike, you want smart advice and swift resolution. Our approach to resolving disputes is simple: focus on the business objectives, mitigate disruptions to the business, and work hard to maximize the outcome.

Lee Magnuson Managing Parter, Sioux Falls A member of the firm’s mergers and acquisitions group, Lee has been representing businesses in commercial transactions and litigation matters for more than 30 years. He serves as trusted counsel to a variety of South Dakota businesses. Lee understands what makes businesses tick and is motivated by his clients’ success. lmagnuson@lindquist.com

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101 South Reid Street, Suite 302, Sioux Falls SD 57103 /

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605.978.5201 direct

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lindquist.com/siouxfalls

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SFBM /// CONTENTS /// Publisher

Jeff Veire (605) 336-9378

INSIDE THIS ISSUE

jeff@siouxfallsbusinessmagazine.com

/// Editor-IN-CHIEF

Greta Stewart (605) 376-8341 greta.stewart@sio.midco.net

/// Director of Sales

Tammy Beintema (605) 553-1900 tammy@siouxfallsbusinessmagazine.com

/// CREATIVE Director

STEVE RUML (605) 310-4643 STEVE@GHOSTCRTV.COM

/// How to Reach Us To modify your free subscription OR TO REQUEST MULTIPLE COPIES CONTACT: tammy@siouxfallsbusinessmagazine.com With story ideas CONTACT: jeff@siouxfallsbusinessmagazine.com

6 On Our Cover

// LEADERSHIP

He has 36 retail stores and is #48 of America’s Top 100 furniture retailers. We talk faith, family and furniture with Furniture Outlets USA founder Bill Hinks.

10 FOUR MONTHS OR FOUR DAYS

// RETAIL

They may be open for a short period of time so how are seasonal businesses making a profit? We found two excellent examples.

14 TAX APPS // TECHNOLOGY Get the best and easiest to use apps out there.

To advertise CONTACT: Tammy Beintema (605) 553-1900 tammy@siouxfallsbusinessmagazine.com

16 OUR LEGACY

// LEGACY

Elmer Karl is more than just the face of Karl’s TV & Appliance. Meet the man who started “your servicing dealership since 1956.”

All article photography by

Imagery Photography (605) 336-9378 www.imagery-photo.com

JJ Publishing, Inc. Sioux Falls Business Magazine 1608 W. 2nd Street Sioux Falls, SD 57104 (605) 553-1900 www.siouxfallsbusinessmagazine.com ©2013 Sioux Falls Business Magazine. All rights reserved.

No part of this publication may be reproduced without written permission from the publisher. Sioux Falls Business Magazine does not necessarily endorse or agree with content of articles or advertising presented.

20 WEARY WINTER WORKDAYS

// HEALTH & wellness

Seasonal Affective Disorder is real and affects millions of employees. What can you do to get through the dreary days?

24 2013 TAXES

// FINANCIAL

2013 is the most unique year since the 1986 tax reform in terms of tax planning. Find out how to navigate through the changes.

28 INTERN IMAGINATION // SALES & MARKETING Make the most of your intern and your internship program.

32 NON-PROFIT PROFILE Learn more about Children’s Care Hospital & School and how it benefits the community.

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Here are the facts: It is unlawful for employers to discriminate on the basis of race, color, religion, sex, national origin, age, handicap, sexual orientation, pregnancy,

Expertise, Risk & Safety, Business Planning & Growth, Go Global, Online Marketing If you have any questions you would like us to answer in our monthly column, please submit them via the "I'd like to learn more" link on our home page. Remember to visit our website to sign up for our monthly newsletter.

It's a great, complimentary resource for business owners and managers.

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SFBM /// FEATURE

A COMPANY IS ONLY AS GOOD AS THE PEOPLE WHO WORK WITH IT, AND WE HAVE BEEN BLESSED WITH GREAT PEOPLE. – BILL HINKS

BILL

HINKS Furniture Founder Finds Success Through Family, Passion

by Greta Stewart

IT’S NOT TOO OFTEN somebody can move a few hundred miles with an old car and only $50 to their name and go on to become one of the biggest furniture dealers in the nation.

But, Bill Hinks is living proof. “It was 1960 and I was only 22-years old,” Hinks reflects from his conference room above the massive warehouse at Furniture Outlets USA. “My uncle and mother grew up in South Dakota and often told me how wonderful the people were and what a great opportunity Sioux Falls would be.”

Hinks spent the first 12 years of his life in St. Paul, Minn.

His parents moved Bill and his three brothers to Wisconsin and opened a general merchandise store. The opportunity to work in the store through high school and college would eventually prepare Hinks to venture out and run his own business. Hinks attended school at the University of Wisconsin-Superior for three years with the intent of teaching. “I started out wanting to be a pro basketball player or a coach with the Minneapolis Lakers (now the Minnesota Timberwolves), but I later switched my major to music, thinking I would become a music teacher,” he says. Music is a first love for Hinks; he says his mother was very musically

/// BILL HINKS

A First Furniture Store It was 1977 when Hinks melded his love of sales and furniture together and created his first furniture store in Sioux Falls—Unclaimed Freight. Sales grew and by 1981, Hinks felt it was time to expand his brand, which first landed in Mitchell, S.D. Hinks says he is very proud of that store.

“I can say with great joy that almost all of the people who opened that store are still there today,” he says. Momentum continued for Hinks and by 1985, he realized he had outgrown the store and expanded the current location on 12th Street. 1993 brought a new store; this time outside the state, in Medford, Minn., which included the first Ashley

During the 1990s, Hinks made major retail impact in Sioux Falls when he bought the then-deteriorating Western Mall and renovated it. Today the Western Mall is now home to several large retailers, including anchors Scheels, Best Buy, Champps and Hinks’ own SD Furniture Mart-Ashley HomeStore-Carpet One. In 2001, Hinks built the massive retail store and warehouse, Furniture Mart USA, located past the airport just off 60th Street North. The location has 300,000 square feet on the ground floor and 120,000 on the top floor. The top-level houses corporate offices including in-house marketing, human resources, call center, conference room and a full break room with several amenities. Employees have the option to exercise during the day in a full workout facility, which is a nod to Hinks’ other passion—sports. “I want to make sure the employees are happy here,” he says. “I respect them, listen to them and pay attention to their ideas. I certainly didn’t do this by myself. I had a lot of help from great people with great ideas.”

Finding Time for Family Hinks also has found time for family during his career.

His wife, Carolyn, worked in the company with him for 25 years, and he has other immediate family members who currently work in the business, namely daughters

/// FEATURE

While Hinks was in the middle of his junior year at UW-Superior studying to become a music teacher, money became more of an issue than ever. “I decided to listen to my dreams of moving to South Dakota, where my uncle said I could make a fortune. So I left school and moved to Sioux Falls. I worked for Pepsi Cola and Metz Bakery. I did that for seven years,” he recalls. But he did more than drive a truck route every day. In fact, he built one of the largest routes in the region for Metz and takes pride in being able to re-open one account that had been closed to the bakery for 30 years.

Hinks then moved to Brookings, S.D. to continue working on his music degree. He bought a Texaco service station to support his family, and returned to school at South Dakota State University. Four years later, the service station was a huge success, going from 12,000 gallons of sales per month to over 90,000, and a huge back-room service business.

Realizing that his service station business and sales ability was what drove his passion; Hinks went into the mobile home business in Brookings. “It was 1970 and it all started with my brother who had a mobile home business. I knew the housing market in Sioux Falls was growing by leaps and bounds so I looked into it and just made a leap of my own.”

Hinks made the Marshfield Homes Top 15 Dealers list in his first year of operation. One year after opening the Brookings dealership, he opened a second in Sioux Falls.

That dealership also became one of the top dealers for Marshfield Homes, and also became the largest producer in mobile home sales of the 15 dealerships in the Sioux Falls market, selling over 160 homes in a year. It was by pure coincidence that furniture entered the scene in the late 1970s. “A friend talked me into going to market with him,” Hinks says. “And so I went with him to North Carolina and I came home hooked on furniture.”

7

A Change of Direction

Home Furniture brand. “We have great people working with us,” Hinks says of his success. “That is what has helped us grow. We employ friendly people with strong work ethics and we’ve tried really hard to make sure customers’ problems are solved.” Hinks’ philosophy is to provide customers with quality, name-brand furniture at guaranteed lowest prices.

To ensure the lowest prices, Bill is actively involved in all aspects of his business. He especially enjoys selecting the right furniture pieces to sell in his stores, attending several markets annually. Part of the thrill of expanding his business has been the research and planning associated with opening new retail stores, including finding the right “location”.

SFBM

inclined and he inherited those genes from her. “Mom loved music. She was very active in the church, playing the organ and was a choir director.” So naturally, as a teenager, Hinks would spend all of his extra money on records. “My one regret is that I wish I had learned how to play the piano,” he says.

SFBM /// FEATURE Tami Wallenstein and Lori Jurgens; son Bill Hinks, Jr.; sonin-law Gordy Wallenstein, stepsons Cory Price and Randy Landwehr; grandson Will Hinks and nephews Justin Hinks and Jerry Hinks. His daughter Tami’s career in the furniture business began in an accounting capacity after the business had been open for about seven years. “My father hoped I would join the business, but there were no expectations,” the Vice President of Furniture Outlets USA says. “I have been involved in many facets of the business. As in all family businesses, you do whatever it takes to get the job done, even when it may not be what you would like to be doing.” Even though Hinks has many of his family members pitching in and taking on all roles in the business, Tami says one of her father’s greatest talents is to find and retain great people. “We still have many of the very first people he hired,” she says proudly. “A company is only as good as the people who work with it, and we have been blessed with great people.”

One of those employees is Dave Whisler, who has been with Bill for over 35 years. “Over the years I have worn a lot of different hats. In the beginning my focus included sales, store management, advertising, customer service and buying.

Now my focus is in the area of Information Technology and System Communication.” However, Dave says he had no training in this area. “I was asked to step in to this spot as someone else was leaving that area. I got to learn this part of the business by the seat of my pants,” he says. Dave says the one thing that has not changed in that time is the

passion and energy that Bill has for the business. “He is a true visionary. He is always looking further ahead than most of the people around him. He is also extremely energetic.

When there is something he has in his sights, he goes at it with a passion.” Speaking of passion, Whisler says Hinks has plenty of it. “With his vision and energy combined, he moves forward full speed ahead.”

Jim Heinitz, CEO, has a long history with Bill. “I have been with Furniture Mart USA since 2005, so just about eight years. But Bill and I have been friends for the past 40 years, first as teammates on a softball team, to me working part time in the mobile home business while teaching and coaching to partners in the mobile home business for several years.” Jim says one of the most important aspects of the success of the business comes down to being treated like part of the family. “We are a family business and I think the best way to treat employees as family is that (Bill) is very concerned with communicating to the staff the importance they all are in the running of the business. He and his children have poured their hearts and souls into the company and everyone can see the passion that they all have for the company.”

Tami agrees with Jim. “Not only do I get to work with my father, but I also get to work with my brother, who also shares the passion of providing the best values and customer experience in our industry,” she says. When asked about the success of his furniture empire, Hinks says there is not

BILL HINKS SUCCESS

#48 of America’s

TOP 100

Furniture Retailers

/// BILL HINKS Hinks Family Scholarship, SDSU Foundation, Campanile Society and Music Department, Fellowship of Christian Athletes, Cosmopolitan Fund, SD Hall of Fame, Mayo Clinic, Assistance League of Minneapolis and more. In 2009, with the guidance of Steve Metli, long-time city mentor and visionary, Bill and Carolyn Hinks donated 16 acres of land to the City of Sioux Falls and created a new park west of town, now called Legacy Park.

In 2006, Hinks received the Cosmopolitan Club Distinguished Service Award. In 2007, he was inducted into the South Dakota Softball Hall of Fame and a year later into the South Dakota Hall of Fame. “That was one of the best days of my life,” he says, reflecting on that day in Chamberlain.

“We have so many amazing people in South Dakota and we are such a giving state. I just felt like, ‘what makes me so special?’” Whisler couldn’t disagree more. “One of the high points in my career was when Bill was inducted into the South Dakota Hall of Fame,” he says. “I had the privilege of

As he’s succeeded in his business ventures, Hinks has not forgotten to give back to others. Bill and Carolyn Hinks have established a foundation to support their charitable plans and their pay-it-forward ideas for the future. They generously support numerous charities and especially favor those related to helping children, including Children’s Inn, Make-A-Wish, Smile Train, Great Plains Zoo, Habitat for Humanity, Legends, United Way, Ronald McDonald House, Sanford Children’s Hospital/Health Project, University of Sioux Falls Scholarship Fund, Augustana College Fund-

SUCCESS

Furniture Mart USA

Carpet One

Unclaimed Freight Furniture

Clearance Centers

Ashley Homestores

Design Inc. (commercial)

writing one of his nominating letters. Seeing him being given that honor made me feel as proud as if a member of my own family had won it.” Bill has received numerous other awards, such as the Anthony Tuve Award and the Milt & Clara Harvey Award given by Augustana College.

Whisler continues, “Family can take on many different meanings here. I have attended sports events with the family as well as weddings and even funerals. You don’t work with someone that long and not be part of the family. Another part of family is watching out for the members in more of a parental/guidance role. Looking out for retirement savings and insurance needs have been part of that role that Bill has tried to provide as well.”

While family is what it’s all about for Hinks, business doesn’t stop, even on holidays. “Of course we talk business at the Christmas table,” he says with a grin. “We have to continue to give our loyal customers the best quality at the best price!”

Tami says her father’s passion, energy and dedication to customers will never waver. “Working with my father is one of the great benefits of being in a family business,” she says. “His sincerity and generosity is incredible.” n

/// FEATURE

Bill has started 36 retail store locations within the upper Midwest, spanning across North Dakota, South Dakota, Minnesota, and Iowa including:

9

Giving Back

BILL HINKS

SFBM

one most important player on the team. “It’s like a football team,” he says. “We have quarterbacks, linebackers, coaches, and everybody in between. That is what makes us good.”

Tami says she and the core team work especially hard to communicate. “The secret to being as big as we have become and as spread out geographically as we are, is to keep it small by communicating,” she emphasizes. “We have been fortunate to grow through the vision of my father. He is an absolute optimist, in business and in people.” Hinks says he has a lot to be grateful for. “The number one factor in our success is having faith,” he says. “Even when it got tough in some spots, we were always blessed and had help from God.” One of those tough spots Hinks refers to is when they started tracking sales and shipments electronically. “We had a couple of years where it was a struggle,” he says. “I remember it was Christmas of 2001 we had a lot of late deliveries on Christmas Eve. People were not happy but we lived through it, worked out the kinks and learned from the experience.

Now we don’t know what we’d do without the computer tracking system!”

SFBM /// RETAIL

CHANGING

seasons LOCAL BUSINESSES FIND SUCCESS THROUGH RAIN, SLEET OR SNOW

By Randy Grimsley

S

outh Dakotans are no strangers to changing seasons.

From the scorching summer heat with citizens watering their lawns while hoping to maintain some living grass, to the bonechilling winters with store shelves running low on salt for the driveway, we see it all.

For some businesses, the seasons hold more than adjusting the office air conditioner or shoveling the sidewalk in front of the storefront.

For many, such seasonal changes revitalize their income and are the very cause to open their doors to the public. Nearly all companies see large influxes in sales or clients during certain parts of the calendar year. Think of the run on flowers for Valentine’s Day or the increase in winter wear for a department store when the first snowflake falls.

However, some companies’ entire purpose is to serve customers for a brief few months or even only for several days each year.

/// SEASONAL BUSINESS How do such truly seasonal businesses make it work the rest of the time? Kevin Lorenzen, owner of Pyro City, understands just how short a season can last. Known as the master dealer for Black Cat Fireworks in the upper Midwest, Lorenzen’s time crunch is shorter than many other seasonal businesses. With in-state fireworks sales June 27-July 5 and December 28 to January 1, he also relies upon out-of-state sales and his wholesale offerings to make things work, which extends the amount of time he’s open for business by several weeks.

Still, during that time, Lorenzen receives 100 percent of his revenue. “There is zero cash flow in winter,” Lorenzen said. “That’s why budgeting for the entire year is so important for seasonal businesses.”

However, that doesn’t mean Lorenzen spends the rest of the year relaxing with a good book or napping in a hammock. He begins planning for the following year as early as August, just after his retail side has wrapped up. He works in product development for Black Cat, traveling to factories and meeting with vendors. In fact, this seasonal business owner recently went to China to assist with what the 2014 line of products Black Cat will provide. All done during his so-called off-season.

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/// RETAIL

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SFBM /// RETAIL Bruce Bettmeng, owner of five area B&G Milkyway ice cream shops, also understands the ups and downs of a seasonal business. While his old-fashioned ice cream store serves footlongs and Sloppy Joes, it’s known for the tasty soft serve ice creams, malts and slushwhips. Therefore, his stores are typically only open from early March to the end of October. “Our hours of operation are based completely on the weather,” Bettmeng said. “We try to open as soon as the weather breaks in the spring and stay open until it is consistently cool enough so we are able to make a profit.” While Bettmeng offers that he generally does get a couple of months off, the Milkyway is his only job and focus February through November. “During the off season, I do some fixing and repairing, go to vender shows to learn of new equipment and products and make plans for next year,” Bettmeng said.

“As with any seasonal business, there are plenty of things to do during the off time,” according to Lorenzen.

“The difference is the sense of urgency we feel. We can work at our own pace over the months, rather than the frantic time we see otherwise.”

Such businesses are also often misunderstood by the public, who envision the owner as having tremendous amounts of downtime in the off-season. “It doesn’t bother me anymore because I understand how much goes into the business. But even my mom and dad still

BRUCE BETTMENG owner of B&G MILKYWAY

wonder how I plan to make a living selling fireworks,” Lorenzen joked. Now after a decade of continued success and growth, he knows that “they are a lot more understanding.”

Indeed, while seasonal businesses are more active during a shorter period of time, the work continues behind the scenes for many year-round. Lorenzen believes that, like his business, most companies rely on one season to carry them throughout the year. “One thing that people don’t understand is there’s a reason they call Black Friday, Black Friday. Stores are hoping to get into the black that day with their finances. They have 12 months out of the year to generate income, but it comes down to that one month period during the holidays for them to actually hope to get in the black,” he said. “Everything is seasonal.”

And just like businesses that are open all year long, seasonal businesses plug away behind the scenes as well.

“The best advice I would pass on is that even if it’s a seasonal business, treat it like it’s a year-round business.

You have to work it 12 months out of the year for it to be successful,” Lorenzen said.

While South Dakotans brave another cold winter and look forward to the heat of summer, they know that to everything there is a season. And for some businesses, the season may mean everything. n

/// SEASONAL BUSINESS

SEASONED tip 1

tips

Save money during your high season. The ant stores up food for winter while the grasshopper doesn’t and gets pretty hungry in the lean times.

short on time &

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tip 2

tip 3 Attempt to expand season or reach into off-season with special deals. Can your business offer follow up visits, relatable products, or pre/post season offers?

tip 4 Work with other businesses to attract off-season attention.

Partnering with somebody who has a peak season different than you do can help both of you expand your customer base.

tip 5 Keep in touch with customers year-round. The off-season is an excellent time to remind customers you are still there, waiting to serve them when the time comes.

AT MERRILL LYNCH, WE BELIEVE IN THE POWER OF THE RIGHT ADVISOR.™ CONGRATULATIONS TO

DAVID R. OLSON FOR BEING RECOGNIZED ON THE BARRON’S TOP 1,000 LIST. David was ranked No. 1 in the state of South Dakota.

Our Financial Advisors demonstrate every day how their hard work, insight and dedication earn them the most important place of all—a place in the lives of our clients.

To see what the power of the right advisor can mean to you, please contact: David R. Olson, CIMA® Wealth Management Advisor Merrill Lynch 110 South Phillips Avenue Sioux Falls, SD 57104 (605) 335-0515 www.fa.ml.com/david_r_olson

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tip 6 Market yourself during off-season to increase base when your season arrives. Potential new customers should start getting an impression of you before they need you. Do you remember the lawn maintenance person who reaches out to you at the same time as four others in spring, or the one who reached out in fall, winter, and then again in spring?

/// RETAIL

Create budgets for entire year.

Remember to factor in all expenses for the year that effect your business and stretch the dollars that come in during your peak season.

Source: Barron’s “America’s Top Advisors: State by State,” February 20, 2012.

Barron’s is a trademark of Dow Jones & Company, Inc. All rights reserved. The Bull Symbol, Merrill Lynch Wealth Management and The Power of the Right Advisor are registered trademarks or trademarks of Bank of America Corporation. Merrill Lynch Wealth Management makes available products and services offered

by Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer and member SIPC, and other subsidiaries of Bank of America Corporation. © 2012 Bank of America Corporation. All rights reserved.

AD-04-12-0528 ARG490T3-02-12 Code 439804PM-0412

SFBM /// TECHNOLOGY

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USING MOBILE APPS TO STAY ORGANIZED IN TAX SEASON

WHAT THE PROFESSIONALS RECOMMEND IF TAX PREPARERS WERE granted three wishes, I think one wish would be used to make their clients more organized.

But since most offices do not have a genie on staff, taxpayers will have to use other means to stay organized.

Although the tried and true method of crumpled receipts and scribbles in a notebook are still accepted by most tax preparers, there are more modern and efficient methods. One of the most cutting edge ways to track your taxrelated information is through the use of mobile apps.

For those of you who have been living under a rock, a mobile application, or “app,� is a program downloaded to your mobile phone that performs specific functions. Apps can be games, recipe books, map programs, weather data, you name it.

With hundreds of thousands of apps available for iPhones alone, there is an app for almost everything you can imagine and more.

Steve Mix runs Limestone, Inc, a bookkeeping, payroll and cash flow planning business in Sioux Falls. Mix helps his clients file their taxes, but he also strives to maintain their organization throughout the year. There are a couple specific apps Mix recommends: 2012 Tax Reference Produced by Chesnut Consulting, is not an organizational app, but Mix highly recommends it for reference purposes. This app is packed with information under either personal or company headings. It clearly lists out available deductions and other key factors in an extremely simple and straight-forward interface. As Mix says, "you don't have to be a genius" to use the 2012 Tax Reference app.

Mint A personal finance app helps improve awareness of cash flow and spending. Mix recommends Mint for those who want to manage their money on the go. Mint manages all of your accounts, whether it be checking, savings, or investments, and categorizes your spending to give you a snapshot of where your money is going. Mint's prowess has been recognized in several contexts including TIME Magazine's 50 Best iPhone Apps (January 2011) and Kiplinger's Must-Have Money Apps (Winter Issue, 2011).

VehiCal Made by Red Cube, helps users easily and

efficiently track car expenses. The easy-to-use interface has options for personal or business expenses and allows the user to attach mileage and expenses to specific tasks or even to specific vehicles. VehiCal can also keep track of mileage per gallon to help you get the most out of each tank of gas. Each report produced through VehiCal can be emailed, making it easy to keep your records in one spot.

/// TAX APPS MORE GREAT APPS TO TRY Automilez from RED Method, Inc. is another highly-rated mileage app. Recognized in dailyfinance.com's article "5 Tips for Maximizing Tax Deductions," this app uses your phone's GPS system to automatically track your miles traveled. iDeductible contains information about deductions for employees,

self-employed individuals, personal and investment deductions. This comprehensive review is authored by a long time tax consultant and may bring to light deductions you did not know you could take.

iDonatedIt helps you organize your non-cash donations to charity, noting the date, the charity, and the fair market value of your donation.

Something as casual as dropping off a bag of clothes at Goodwill can add up to a large deduction if properly and accurately logged.

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Shoeboxed As its name implies, is a high-tech version of storing your

receipts in a shoebox. Noticed by CNN Money as number one in "8 Tax Apps for Filers on the Go," Shoeboxed categorizes and organizes your expenses into easily exportable information and creates expense reports. All you have to do is upload a picture of your receipt and the app does the rest. The Neat Company has a similar app that allows you to scan business cards, receipts and other documents with your mobile phone camera, making those documents available on any of your devices through use of the NeatCloud™ system.

Cardmunch You take a photo of a business card, and this app

transcribes the information for you and links to your contact's LinkedIn account. You can forward the contact, save it to your phone, or email the contact in one easy action.

siouxfallsbusinessmagazine.com

Evernote Pack away your notebook and pen, voice recorder, and photo album. Evernote keeps all of your notes, ideas, reminders, and photos in one common place, allowing access to these items on various devices no matter where you are. Evernote made the Forbes list of "10 Brilliant Apps Small Businesses Should Use" in May of 2012.

15

An alternative way to keep track of expenses is to visit the IRS website and print off a blank copy of the tax form you will have to complete, Mix says. Whether you are a sole proprietorship, S Corporation or a Partnership will determine the form you need. Look through what deductions are available and the expense categories, and keep track of those things for the year. Setting up a chart of accounts based on your tax return will make tax preparation a snap at the end of the year. Some specific things Mix recommends tracking are any purchases of assets and loans inside your business.

If you have not been keeping track of your deductible expenses, Mix says he can “recreate most of the year” through a combination of bank statements, credit card statements, sales tax report and the infamous crumpled receipts. “As for the IRS - all they care about is how much you make. “It’s up to you to keep track of your expenses. As far as the IRS is concerned, if you get a 1099 or W2, that’s what you owe taxes on”, says Mix. “The burden of proof is on you,” he adds. n

SFBM

NOT AN APP PERSON?

/// TECHNOLOGY

Square Also on the Forbes list is Square, an exciting app that allows users to accept credit card payments using their mobile phone. Invented by Twitter's creator, Square seems to be another home run, especially since any monthly fee has been waived in favor of a per transaction fee, so users do not have to justify a particular amount of activity.

SFBM /// LEGACY

OUR BUSINESS IS PEOPLE...

THIS TEAM KNOWS PEOPLE. – ELMER KARL

/// ELMER KARL

LEGACY

ELMER KARL

Electronics Entrepreneur BEYOND YOUR SERVICING DEALER SINCE 1956

After graduating from Gregory High School, Karl, who is the youngest of his family, joined the Army and served in the Army Signal Corps. He was stationed in California and Seoul, Korea. That is where he picked up his training in repairing electronics. “I had no idea at the time it would become my entire career,” he says. “That was my duty in the service. I was just doing what I was told,” he grins.

When he left the Army, he completed a degree from the DeVry Technical Institute in Chicago and worked as a TV technician at Marshall Fields in the city for a few months before returning to Gregory in the spring of 1956. Karl was 24 and about to become an entrepreneur. At the time, Gregory didn’t even have a television signal. “You were lucky if you even owned a TV,” he explains. Those who were

Progressive Growth, Rapid Expansion In 1958 Karl built a new building; one that offered appliances, and new and used TVs. “As we expanded, I had to hire some help,” he says. “So I took on a couple more people and the three of us did it all.” He also enlisted the

17

A “Signal” of the Future

fortunate enough to have the luxury were able to pick up one fuzzy channel from Sioux City, Iowa or from Sioux Falls, S.D. “It’s hard to imagine what that would be like,” Karl says.

“Now we’re so used to having television, even more than one television in our home, and being able to watch dozens of channels.” Reflecting back to the early years of his business, Karl says he didn’t even have enough money to start it up. “I borrowed $2,000 from the local bank with my dad co-signing the loan.” The TV and radio repair business was located in an old ice cream shop. Karl says rent for the building was $30. It had one showroom featuring one used TV and a handful of radios. Many people, including Karl’s father, had their doubts the store would even make it. “I was just going on instinct and luckily, I made it,” Karl says. He attributes the store’s success on the dedication to service, which Karl has made sure has been in place since the beginning. “Our customers know what to expect when they walk into a store,” he has said.

“We’ve been able to retain these customers because we’ve been consistent since day one. We have always put the customer first, above all else.” From the beginning, Karl explains that customers expected great service and expected the businesses to stand behind the products they sold because it was the right thing to do. “We just want to take care of the customer,” Karl says. “We have areas that we need to be competitive but our number one driving force is to make sure we have the best service and delivery around.” And that philosophy is what made Karl’s expand.

SFBM

WHEN IT COMES TO GIVING advice on how to build a brand, Elmer Karl doesn’t know the exact science behind it. But however he’s done it, he’s done it well. After all, like the slogan says, he’s been your servicing dealer since 1956. As the face behind his own marketing campaigns and even the face of local television and appliance dealers in Sioux Falls, it’s hard to go anywhere and not recognize him and his tagline.

Just like he says in his ads, it was 1956 when Karl opened the first Karl’s TV in Gregory, S.D. “I was born in Gregory,” he says in the conference room above his store on 41st Street in Sioux Falls. “My parents were farmers and I always knew I would stay around the area. Its home.” Karl was born in 1932, in the midst of the dustbowl. The economy was tough and as farmers, Karl says his whole family worked hard and expected nothing. “None of us ever dreamed of being business owners at the time. We were just trying to live the best we could.”

/// LEGACY

by Greta Stewart

SFBM /// LEGACY help of his new bride, Kay, whom he met, and courted on his return to Gregory. She did a great deal of the bookwork for a number of years, in addition to raising their three children. As the store’s reputation grew, so did the business.

In 1962 Karl opened a store in Winner. Another store opened in Pierre and by 1969 one more in Yankton. From there, Karl said he expanded whenever he saw opportunities, often when dealers wanted to retire or get out of the business.

Sometimes Karl bought them out, and an owner then became a store manager. He bought the Sioux Falls Brodie’s stores in 1986 from his good friend and owner Bruce Brodie.

The following year he purchased United Radio here in Sioux Falls from another friend, Roz Hybertson. “I think we’ve had some luck but I really think we were able to grow with the help of people like these and because of our reputation of good service and delivery,” he says.

Since those early days, Karl’s has grown significantly.

Today, Karl’s offers the region’s broadest inventory of instock name brand TVs and appliances. In addition, you will find a comfortable selection of recliners and an exclusive line of mattresses. Karl’s now has over 20 locations in seven states. “Through our expansive buying group relationships we are able to be priced competitively on a daily basis,” Karl says. “The kicker at Karl’s is simple: We truly service what we sell with our own dedicated staff of technicians, who are equipped to get the job done right. After being in business for over 50 years, we here at Karl’s know what is most important to us and that is the customer.” Karl’s CEO, Chuck Wolkow, who joined the company in 1976, continues to foster this commitment to customer service.

A Business Bond Builds To reinforce the connection between the company and its customers, Karl began doing his own TV commercials early on. He wanted to make sure people knew who the owner was and at the same time, made it easier for his customers to relate to him and the company on a personal level. Karl recalls a time when a marketing firm recommended he change out his slogan, since it was “old.”

Karl simply told them, “no.”

While the connection with customers is important, Karl makes sure his relationships with his employees are in good standing as well. Tom Johnson is the general manager of the Karl’s location here in Sioux Falls. Not unlike many of the other employees, he’s been with the company for 13 years. He says he has one of the best jobs out there. “The best part of any job is satisfaction of being able to help someone accomplish a goal, experience something new, and create a positive environment,” he says. “In my job, I look at is as (the role of) a fire chief. Every day presents new opportunities to help create positive resolution and provide positive solutions. Our staff is the best asset we have and working with them every day brings new opportunities, new learning situations and I get to be with people I enjoy.”

Karl takes pride in knowing his employees are happy. “I love seeing the motivation of people,” he says. “I like to interact with them, see them take pride in doing a good job and watching the dynamic of the team.”

In 1984, the owner wanted his employees to know they were extremely valuable to him. So he gave his staff a share in the organization’s success through an Employee Stock Ownership Plan (ESOP). The ESOP has been rolled out gradually over the years; the total percentage of employee shares increased as profits grew. “It gives me peace of mind knowing there’s a succession plan in place, and it allows the employees to feel a sense of ownership over the job they’re doing,” he said when he initially rolled out the plan. “I would say it has had nothing but a positive impact on employee culture here, although that’s been great from the beginning,” Karl said. “Working as a member of Team Karl’s means being a member of a family,” Johnson says.

“We are a family business and all of the employees are part owners in the company so everyone has a vested interest in taking care of our business. Johnson continues, “Our business is people…this team knows people. I like to think that customer service is not a department here at Karl’s, it’s everybody’s job. This kind of loyalty is shown not only to existing staff but also to those inherited during an acquisition. Whenever the company purchases another store, it looks to keep the staff in place, which is beneficial for both parties since the salespeople retain their jobs, and Karl and his team don’t have to recruit as many new hires. Although Johnson says Karl has struggled through many recessions and boom times, Karl also knows and

/// ELMER KARL customers. Elmer is also involved in other communities as well. Karl’s are members of the Chamber of Commerce in every town where they have a store and Elmer is active in a number of organizations, such as the El Riad Shrine, Rotary Club and McCrossan Boys’ Ranch. He and the company are also dedicated to assisting Habitat for Humanity and are supporters in the fight against cancer.

Elmer and his wife Kay have three children, all of whom are involved with the business in some form. His son Mike runs the UBS office in St. Cloud, Minn. and serves on the board; daughter Cindi in Sioux Falls is involved in inventory control & the IT department; and daughter Sandi, not only is his assistant but in charge of the payroll department for the corporation. “I’m very confident with where the company is going,” he says, when asked about the future. “I really understands the financial cycle and creates the environment to succeed rather than just stay the course. “During the last recession he said, ‘we are going to choose not to participate,’ so we didn’t; we continued to look to the good and we continue to grow.”

Like Karl, Johnson says the business would not be where it is today if it weren’t for the team. “Elmer has invested and created a culture filled with good people,” Johnson says. “(We have) people who care, people who will walk the extra mile, in your shoes, to provide solution and resolution. He provides strong leadership by allowing each of us to grow and create and be a part of our continuing success.”

Elmer Karl At A Glance

Hometown Hero: Gregory City Council—10 years Mayor (1977-1980) Volunteer Firefighter more than 30 years Leadership roles in Rotary Club, American Legion, S.D. Retailer’s Association Statewide Recognition: S.D. Hall of Fame—2008 Excellence in Economic Development award—2012 National Recognition: 2008--American Heritage Award from the Anti-Defamation League (ADL) in honor of his dedication to fighting discrimination and inequality.

19

like where I’m at now. I’m semi-retired but I like to pop in each location from time to time and talk with the customers and see how the teams are doing.” He spends his free time golfing or playing card games such as Pinochle or Pitch, the game in which Johnson describes Karl as a “world-class player.” Elmer and Kay love to go dancing in Gregory as well.

“We love going dancing in the ballroom there,” he says. “I really do like all kinds of music, even the music today but I have a special place in my heart for music from the Big Band era.” Will Elmer Karl fully retire? “I don’t know what I’d be retiring from,” he says. “I just don’t know what I’d do. I have no schedule!”

Looking back on his 13 years working with Karl, Johnson says, “Working for Elmer Karl has been, simply put, the best experience of my life professionally. He understands the human spirit, the psychology of people and the intricate details of business. Elmer is (also a) warm inviting man who is focused, yet always looking beyond the normal point of view.” Karl thinks he was just in the right place in the right time. “I’ve been really fortunate,” he says. “It’s been a good life. My plan now is to keep working on Plan A…Plan B isn’t so good.” n

SFBM

Karl is not only a strong leader in his own business, but is also making quite the mark in his hometown. He was on the Gregory City Council for 10 years and was elected mayor there. He served from 1977 to 1980. He was a volunteer firefighter for more than 30 years and has taken on leadership roles in the Rotary Club, American Legion and the South Dakota Retailer’s Association. In 2008, Karl says one of the biggest highlights of his career happened.

He was inducted into the South Dakota Hall of Fame. Later that same year, he received the American Heritage Award from the Anti-Defamation League (ADL) in honor of his dedication to fighting discrimination and inequality. Most recently, he was honored with the Excellence in Economic Development award in April 2012, which is given out at the annual Governor’s Economic Development Conference.

It’s quite obvious that community involvement is very important to Karl. In 2004, the old theatre in Gregory was in danger of being torn down. Karl worked with the bank to buy the town theater and organized a nonprofit corporation to operate the Hipp Movie Theatre. “The theater was a nice touch, good for the community,” Karl said. “They were going to shut it down, and we really didn’t (want) to see that happen.” Karl also encourages his store managers and employees to join organizations so they get to know their

/// LEGACY

Making a Mark

SFBM /// HEALTH & WELLNESS

The

WINTER

BLUES HOW TO

TREAT

AND BEAT

S.A.D.

BY CHRISSY MEYER

IT’S DARK WHEN you get to work in the morning. It’s dark when you leave work at night. You’re tired. You’re grumpy.

You have a sneaking suspicion you will never see the sun again. Ever. And the bone-chilling South Dakota wind Never.

Stops. Blowing.

Welcome to winter on the prairie, where the winter blues take hold of the population until spring pops back around to relieve us all. While Seasonal Affective Disorder (S.A.D.) affects only about one in 50 people, experts say the winter blues can have an effect on the office environment, decreasing employee productivity and morale, and ultimately, impacting the bottom line.

Megan Spawn, a licensed professional counselor in mental health with Psychological Solutions of South Dakota, says she typically sees individuals affected by S.A.D. beginning in early to mid-January and lasting through March and April. She says S.A.D. is characterized by lethargy – a lack of energy and motivation – and is different from general depression because of its tie to sunlight and weather.

“For people who struggle with depression, it’s not going to matter if they’re laying on a beach in Hawaii or if they’re laying on their couch in Sioux Falls. The depression will maintain itself in any environment,” she explains.

/// THE WINTER BLUES

Spawn says that employers should be aware that employees may be a little more sluggish and “slumpy” in the workplace and may not be as spunky as they typically are. Indoor employees especially who don’t have windows or sunlight are at higher risk for missing more work, for getting sicker longer, and just not being as motivated, because they’re not getting that exposure to sunlight, she adds.

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Once employers or supervisors are aware that an employee is struggling with S.A.D., Spawn suggests they look for ways to incorporate breaks into the employee’s day, whether it’s taking a 10-minute break to go outside and get some sun exposure or finding ways to get that employee away from his or her desk from time to time to create some change in the environment. “It’s not realistic in most businesses to offer incentive time off to Bermuda,” she explains. “But certainly any kind of striving for something that gets them out of that current environment typically is a welcome thing for employees.”

She suggests sending employees on errands to pick up supplies or even encouraging employees to take a quick walk around the block from time to time. Spawn also says changing up tasks throughout the day can help, too. She says morning hours are typically better for employees struggling with S.A.D., so if supervisors can place the highest expectations and highest-focus tasks in the morning hours and plan something more creative and less taxing for the afternoon hours, that can help, too.

Spawn says one of the most effective treatments for S.A.D. is light therapy.

According to Mahlanders lighting specialist Andy Berg, employers have a few cost-effective options for incorporating additional light into the workplace.

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SFBM /// HEALTH & WELLNESS

SYMPTOMS OF S.A.D. ~ Hopelessness ~ Increased appetite with weight gain (weight loss is more common with other forms of depression)

~ Increased sleep (too little sleep is more common with other forms of depression)

~ Less energy and ability to concentrate ~ Loss of interest in work or other activities ~ Sluggish movements ~ Social withdrawal ~ Unhappiness and irritability

Seeing The Light Berg says there are two schools of thought on light therapy. One theory is the color of the bulb. If you utilize a light bulb that provides light closest to actual daylight, the body will start to produce serotonin to provide improved mood. Berg says there are several light bulbs on the market today specifically designed for this strategy.

The other theory is that it’s not the color of the light that can have the greatest impact, but the amount of light.

Berg says with a higher lumen output, the body will produce that serotonin to improve mood. Regardless of which theory you subscribe to, though, Berg says that there’s no question that lighting in an environment can have a huge impact on mood. “Lighting definitely has a drastic impact on a workspace. You can create a very warm and inviting space or you can create a very vibrant and lively space just by changing out the lighting,” he says.

When designing a lighting scheme for a business environment, Berg focuses first on the types of tasks that will

be completed in the space. “Hy-Vee is much different than a cubicle at Citibank, so you need to know what type of a workspace it is and what the tasks are that are going to take place to determine the need for lighting,” Berg says.

According to Berg, employers should strive for general overcast lighting that enables people to perform their general tasks, but also should look for ways to incorporate lighting at the actual task site, which might include lamps or some kind of lighting focused on the actual workstation.

The type of lighting can matter, too. While LEDs, a relatively new technology, have a higher upfront cost, they provide some benefits down the road in terms of maintenance and efficiency over traditional fluorescent lights. Plus, Berg says some employees can be impacted by fluorescent lighting with migraine headaches or by being annoyed by buzzing light ballasts.

In the end, nothing beats natural light. “So in a workspace environment, a call center or even the lawyer’s office down the road, getting the windows exposed is really important,” Berg says. “Consider your layout, too. See if you can eliminate walls to get the natural daylight into certain work areas.”

TREATING S.A.D. AT HOME ~ Get enough sleep ~ Eat a healthy diet ~ Light therapy ~ Take medications the right way ~ Try to exercise more often ~ Avoid alcohol and illegal drugs ~ Learn to watch for early signs (that your depression is getting worse, and have a plan if it does)

/// THE WINTER BLUES

Changing The Mood

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Finally, employers can look to their office’s décor to find ways to battle the winter blues. Lenae Liddiard, president of Canfield Business Interiors, says while a business generally is not able to change its interior décor to adjust for the seasons in a cost-effective way, businesses can do many other things to change the mood of their space during the long winter.

She suggests having employees compete as teams to come up with a creative way to decorate their department or individual work areas.

Liddiard says to give each team a budget, a deadline and prizes and see how much buzz and creativity it stirs. “In our office, when someone has been on vacation, they have returned to a workstation covered with aluminum foil or post-it notes, or filled with balloons, for example,” she says. “It has created great teamwork and a lot of laughs for both the people who do the decorating, as well as for the person returning.”

Music can also lift the mood in the office, as well. Liddiard says whether it’s seasonal music or more upbeat tunes, music can play a big role in how a person perceives their workspace. She cites a recent survey conducted by the Muzak Corporation that found 60 percent of employees report less fatigue and 83 percent found their work more enjoyable when listening to music on the job.

“Another fun thing companies can do is to plan fun activities during the week that gets the staff out of their offices to mingle, have coffee, tell jokes, etcetera,” Liddiard says. “Just interjecting fun into a business as usual atmosphere can give the staff something to look forward to.”

That… and remembering that the warm days of spring are only a few short weeks away. n

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SFBM /// FINANCIAL

TAX

by Elizabeth Duffy

turmoil

Navigating Through Potential Tax Changes in 2013

WE ALL KNOW how frustrating South Dakota construction season can be. Navigating through detours, swerving around orange cones, never knowing what route you will have to take to get where you are going. Now imagine it is nighttime, you have no headlights, and all the street signs are in Latin.

That’s basically what going into 2013’s tax season is like.

“2013 is the most unique situation in terms of tax planning since [the] 1986 [tax reform],” says Terrance Nemec of Nemec & Associates CPA. Nemec remembers the 1986 tax reforms well, as no sooner did he graduate from the University of South Dakota than he had to unlearn many of the tax laws he had studied. 2013 will be much the same for CPAs and their clients.

After almost 20 years in a large national firm, Nemec decided to venture out on his own in 2007, forming Nemec & Associates CPA. His small firm focuses on businesses and

their owners. Nemec helps small sole proprietorships all the way up to $30+ million dollar companies working in areas including agriculture, manufacturing, consulting, and various professional industries like law and medical practice.

Although no one yet knows “the rules of the game,” Nemec works with his clients to plan for alternatives. “We take a snapshot of where they are and the goals they want to accomplish. Then we have to look at what the laws are, what they could be, and plan for alternatives.”

The alternatives depend largely on whether Congress decides to extend any, all, or some of the Bush-era tax cuts or simply let them expire. Through research, experience, and conversations with colleagues, Nemec believes that Congress will pick and choose what will expire, and will reinstate certain laws retroactively. However, the lack of certainty has made it a particularly stressful year for business tax planning.

/// /// TAX CHANGES IN 2013

EXISTING 2012 RATE

SUNSET RATE

10% & 15% 25% 28% 33% 35%

15% 28% 31% 36% 39.6%

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/// COMMUNITY FINANCIAL

Personal Income Tax 2012 was an election year and we have heard innumerable viewpoints on tax rates. The Kipplinger Tax Letter (the tax world’s version of a crystal ball) predicts a one-year extension in the Bush-era tax rates. The truth is, it’s impossible to know what the tax rates are going to be until Congress decides.

If Congress does not extend the Bush-era tax cuts, the rates will change according to the chart below.

WOMEN GO RED

27 25

Planning for Purchasing Assets Many of Nemec’s conversations with clients revolve around when to buy equipment. This is not an easy question to answer, as some of the most dramatic possible changes that will affect businesses involve depreciation on newly-purchased property. Depending on the rules, business owners may want to accelerate or defer purchases of machinery. Currently, 50 percent of the amount spent on new property can be depreciated that first year. Meaning, if a farmer buys a new combine for $100,000, he can depreciate $50,000 of the purchase in one single tax year, offsetting his taxable income that year by $50,000. This is referred to as “accelerated bonus depreciation,” which ends at the end of 2012. The remaining 50 percent would be written off under a normal depreciation schedule, which is typically over a seven-year period.

The Section 179 Expense Election is also set to change significantly. In 2011, a taxpayer was allowed to write off a purchase of equipment, new or used, of up to $500,000. In 2012, that amount lowered to $139,000, and in 2013, the dollar amount is set to lower to $25,000. Nemec explains that in 2008 and 2009, these expense elections were instituted in order to stimulate the economy and help bring us out of the recession. Congress was encouraging people to buy equipment and spend money. As we have come out of the recession, Congress must re-evaluate what incentives should remain and which are no longer needed. For instance, 100 percent accelerated bonus depreciation was allowed at one time, but has since expired because Congress “can’t justify [it] forever,” says Nemec.

Capital Gains Capital gains tax is fairly unique. Not everyone has to pay it, and when you do, the rates can vary quite significantly. Typically, non-wealthy people and small businesses pay between 0-10 percent on capital gains, with 15 percent being the maximum rate anyone pays. In 2013, that maximum rate will go up to 20 percent if the Bush tax cut expires. However, those in the 10-15 percent income tax bracket will still pay at the 0-10 percent rate on their capital gains.

SFBM

*CCH Tax Briefing, October 4, 2012

SFBM /// FINANCIAL

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Medicare Tax As part of the Health Care Reform Act, a new 3.8 percent Medicare Tax is being applied on “passive income” of over $200,000 per year or $250,000 for a married couple. Passive income includes net investment income from interest, dividends, capital gains, rents paid and other investments. This tax is in addition to the 1.45 percent of Medicare tax we currently pay, but does not apply to income earned by wages or to income under the $200,000/$250,000 limit. This tax can be withheld by the employer or paid by the individual, but either way, Nemec encourages those who may fall into this category to plan ahead.

Estate Tax As Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes.” It follows then that estate tax, which involves both death and taxes, should be extremely certain, right? Wrong! Estate tax is probably one of the most uncertain and misunderstood taxes we have. Neglecting to plan for such a tax is a common and unfortunate problem for many families.

As it sits, there is a $5.12 million exemption per person, with anything

Credits and Deductions

There has been ongoing discussion about scaling back credits and deductions, which ones to cut and when. Education credits and deductions, personal exemptions, sales tax deductions, and child tax credits are all uncertain. Also in question are the employment tax credits businesses receive for hiring veterans.

Payroll Tax Holiday

Payroll tax is also facing an uncertain future. Currently, we are enjoying a 2 percent payroll tax holiday. However, get ready to return your payroll tax holiday gifts and take down your payroll tax holiday tree, because it is set to expire this year. If that happens, it means we go back to paying 6.2 percent rather than 4.2 percent.

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over the exemption being taxed at 35 percent. As of January 1, 2013, the exemption lowers to $1 million per person, and anything over that exemption is taxed at 55 percent. Let’s put that in concrete terms. The Larsons own $6 million worth of farmland.

They have raised three children, none of whom farm, so when the Larsons retired, they rented out their farmland and live off the comfortable but modest rental payments they collect. Under 2012 law, the Larsons have enough exemption between the two of them to avoid estate tax when they pass away.

However, that will change dramatically in 2013. If the Larsons were to pass away without planning ahead, their heirs would be responsible to pay $2.2 million in estate tax, which would force them to sell the land that has been in their family for decades.

Although Nemec expects Congress to act retroactively in 2013 and increase the $1 million exemption, he encourages families to plan for the worst-case scenario and take steps to ensure their goals are achieved and their families are provided for.

So, what do we know for sure?

Benjamin Franklin was probably right about death and taxes. It is certain that taxes will continue to be a part of our lives. The question is when, what, and how much? n

SFBM /// SALES & MARKETING

ON THE JOB INTERNSHIPS PROPEL STUDENTS AND BUSINESSES

BY CHRISSY MEYER

NO MORE COFFEE runs or dry cleaning pick-ups. The days of the “gopher” internship are long gone. In today’s increasingly competitive job market, employers are demanding that colleges and universities produce a career-ready workforce, and students are demanding internship programs that provide a meaningful, worthwhile experience.

Sara Hansman, manager of employment services and internships for the Beacom School of Business at the University of South Dakota, says from the university perspective, internships provide a number of benefits for both students and employers. USD encourages students to complete internships to gain the equivalent of entrylevel experience, while testing out a job to find out if it is something they would like to do full-time in the future. Hansman also says students are able to apply the information they gain in the classroom to the real world.

“Internships are an excellent way to immerse students in a specific industry and allow them to make connections that may help them in the future,” Hansman says.

Beneficial To Employers For employers, Hansman says the benefits include having fresh ideas come from fresh minds outside the company. “Students are full of ideas, and they are eager to learn,” she explains. “With their education fresh in their minds, they have the knowledge and skills to dive right in.” Employers can also benefit from programs and initiatives

developed by interns to make improvements and solve a problem. Perhaps the biggest benefit to employers, though, is the opportunity to “try it before they buy it” with potential employees. Hansman says internships are an excellent way for employers to test out potential full-time hires. “Since there is usually a specific end-date, if the intern is not the right fit, or the company is not the right fit for the student, there aren’t any hard feelings, because no one had to quit or be fired,” she explains.

Bob Lowrey, managing partner of Northwestern Mutual Financial Network, which has received national recognition for its internship program, says that his company takes exactly that approach with its interns. Lowrey says Northwestern Mutual interns are trained similar to full-time new financial representatives and are expected to do basically the same job as a financial representative. “We recruit interns because it is good business,” Lowrey explains. “Finding the right people for our career is the most difficult part of what we do. Interns that succeed in sales as interns will generally succeed upon graduation.” Lowrey says that Northwestern Mutual interns have a track record of longterm career success with the company upon completion of the program, with almost 50 percent of the company’s current leadership starting their careers as an intern for the firm. In addition, he says interns who are offered full-time positions as financial representatives are

/// INTERNSHIPS

ADVICE FOR INTERNS CODY MALIK

“SPEND TIME TO LEARN MORE ABOUT THE COMPANY, PARTICIPATE IN COMPANY EVENTS, ASK QUESTIONS, AND PROVIDE INPUT WHEN APPROPRIATE. AIM TO BE REMEMBERED AND TO STAND OUT… IN A GOOD WAY.”

“DON’T BE AFRAID TO TRY SOMETHING DIFFERENT. YOU SHOULD FOCUS ON GETTING PRACTICAL BUSINESS EXPERIENCE. REMEMBER, INTERNSHIPS HELP YOU LEARN ABOUT YOURSELF AND WHAT CAREER IS BEST FOR YOU. STRETCH YOURSELF, YOU WILL BE GLAD YOU DID!”

“DON’T GET TOO HUNG UP ON THE MISTAKES THAT YOU ARE LIKELY TO MAKE AT FIRST. THE LEARNING CURVE IS TREMENDOUSLY STEEP AT THE ONSET, BUT IT WILL EVENTUALLY BEGIN TO LEVEL OFF. STAY RELAXED AND CONFIDENT AND YOUR ABILITIES WILL BEGIN TO SHINE THROUGH ONCE YOU MAKE IT PAST THE INITIAL ‘SHOCK AND AWE’ PERIOD.”

Providing strong coaching in leadership, sales, customer care and presentation skills for teams within companies who are serious about building strong companies through their people.

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Dale Carnegie Course Skills for Success Mitchell – January 17 Sioux Falls – February 19 Dale Carnegie Sale Skills for Success Sioux Falls – February 19 Brookings & Watertown - Spring 2013

Check www.nesd.dalecarnegie.com for more info.

17 29

/// SALES AGRICULTURE & MARKETING

ROBERT LOWREY

SFBM

the most productive representatives and have a much higher retention rate than other sources of employees.

Lowrey acknowledges that helping an intern determine a mis-fit with an employer is just as important a part of the internship process. “As I have told my own children, sometimes it’s just as important to find out what you are not intended to do in life as to find out what you are intended to do,” he says.

Northwestern Mutual interns get that valuable real-world and practical business experience to help them discover what they are looking for in a career, Lowrey says. One of the keys to the success of Northwestern Mutual’s program, according to Lowrey, is that the company strives to make the experience a meaningful one for the interns. Other companies considering hiring interns should focus on making the experience real. “I have found this group of younger people to be energetic, willing to learn, and wanting responsibility. What they often lack in experience, they make up in enthusiasm,” Lowrey says. He encourages employers to make sure to give interns the opportunity to have fun and develop relationships at work and to help them understand how impactful the work they do is to their clients and to the company.

SARA HANSMAN

SFBM /// SALES & MARKETING

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Leadership Excellence

31

When Cody Malik began his internship with Eide Bailly he was pleasantly surprised to find that the job provided him with the level of responsibility and the amount of respect that he knew he would need for a valuable career experience. “Prior to taking part in the internship process, I had a pre-conceived, stereotypical notion of how interns were treated in the workplace, such as making copies, filing, getting people coffee…,” Malik explains.

“My internship was a completely different experience.”

As an audit intern, Malik completed several advanced tasks for the firm including engagement planning, performing audit fieldwork, and even assisting with the final audit report. In addition, he valued the access he had to partners within the company and the relationships he was able to build with his co-workers.

“My internship with Eide Bailly was by far the best thing that has ever happened to me in my professional life,” he says.

Malik feels his internship not only allowed him the exposure to the technical side of his field, but it also allowed him to observe the way that professionals conduct themselves both externally and internally.

Although the internship was a required part of Malik’s Master of Professional Accountancy program at the University of South Dakota, he says he was planning to complete an internship anyway in an effort to connect his classroom experiences to the real world.

“In my opinion, learning the basics of a career field can be a bit like having someone try to explain how to put together an engine without actually having the engine to look at,” he says.

That real-world connection was a vital stage in Malik’s development process – one he says will definitely benefit him when he is ready to enter the workforce full-time.

Which is what Hansman says is the hallmark of a good internship – for the university, the student and the employer. n

“She was absolutely phenomenal. She is a true WOW factor for your next event.”

Lynda Billars - Realtor Broker, CRS, ABR, and SRES

SFBM

From The Intern’s Perspective

SFBM /// NON-PROFIT PROFILE

Is your business GETTING SOCIAL? Let us make it conversational worthy.

Organization Name:

Children’s Care Hospital & School Organization Address: 2501 W. 26th Street Sioux Falls, SD 57105 (605) 444-9500 Organization Website: www.cchs.org Mission Statement: Children’s Care Hospital and School provides excellence in person - centered services for individuals with special healthcare and education needs.

Describe the services/programs that you provide: A continuum of support and services for individuals with a range of medical, behaviorial, physical and intellectual disabilities.

605.370.4704 Facebook.com/socialbugLLC Tweeting @socialbugSD www.likesocialbug.com

Demographics you serve: Children ages 0-21 for inpatient, residential and school programs.

Children and adults through community based programs.

Other information that you would like to share: Children’s Care is a great place to work, volunteer or support with your philanthropy. Check out opportunities at www.cchs.org. n

/// CHILDREN’S CARE

Important Events / Dates: Phil Baker It’s a Snow Day Performances on Saturdays at 10:30 a.m.

Free for kids; $5 for age 16 and over.

Watertown - January 5 Watertown High School, DD Miller Auditorium Sioux Falls - January 12 O’Gorman Lorang Theatre Aberdeen - January 19 Aberdeen Recreation and Cultural Center Rapid City - January 26 Dakota Middle School Performing Arts Center Pierre - February 9 Pierre High School, TF Riggs Theatre Free Parent Training: Strategies for Picky Eaters Tuesday, January 8, 2013, 6-8 p.m.

Speech-language pathologists provide tips for helping your child eat more foods, covering food textures, tastes, and smells, as well as oral-motor and swallowing challenges. iPads in Special Education Workshop January 17, 2013, 8:00-4:00 iPad features, accessories, and apps that assist children with special needs in their educational program.

IntelliTools Workshop March 7-8, 8:00-5:00 Software that allows teachers to create and adapt individualized computer activities for any subject area.

TableScapes-Designs for Children’s Care April 13, 9:30 a.m A table decorating competition with brunch and entertainment, hosted by the Children’s Care Auxiliary.

Solving Complex Pediatric Feeding and Swallowing Issues workshop April 19-20, 7:30-5:00 Clinical evaluation and decision making for treating pediatric dysphagia.

Holiday Jam with the Hegg Brothers December 2013 Performances in Sioux Falls and Rapid City.

O R P H E U M

The historic Orpheum Theater Center is an ideal location for your meeting, banquet. three T H E reception, A T E Rseminar C Eor N T E With R distinct spaces, all at competitive rates, it’s time to shine the spotlight on your next event.

315 N. Phillips Ave. Sioux Falls, SD 57104 www.siouxfallsorpheum.com 605-367-4616

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Planning An Event?

33

Free Parent Training: Applied Behavior Analysis for Parents February 28-April 25, Thursdays, 7:00-8:30 p.m.

Dr. Vicki Isler teaches parents of children with Autism Spectrum Disorders or other developmental disabilities to assess their child’s behavioral concerns and develop a workable response plan.

SFBM

Mall Walk Registration February 2, 8:00-9:30 Walk starts at 9:30. Hosted by the Children’s Care Auxiliary.

Legislative Social, Feb 13, Pierre

SFBM /// RESOURCE DIRECTORY

ATTORNEYS Lindquist & Vennum LLP 101 South Reid Street Suite 302 Sioux Falls, SD 57103 p. (605) 978-5200 Lindquist & Vennum is a super-regional law firm with offices in Minneapolis, Sioux Falls and Denver. Sioux Falls attorneys provide exceptional service in the areas of corporate/ finance, financial institutions, trusts and estates, and dispute resolution and are backed by more than 185 colleagues in 24+ practices.

financial First Dakota National Bank 101 N. Main Avenue Ste. 101 Sioux Falls, SD 57104 p. 605-333-8200 www.accountforyourdreams.com

HEALTH INSURANCE Avera Health Plans 3816 S. Elmwood Ave, Ste. 100 Sioux Falls, SD 57105 p. 605-322-4500 www.AveraHealthPlans.com Since 1999, we provide the most

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EDUCATION University of Sioux Falls 1101 W. 22nd St. Sioux Falls, SD 57105 p. 605-331-6600 www.usiouxfalls.edu USF is a Christian liberal arts university

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