Thinking Bigger Business Media—December 2017

VOL. 26 // ISSUE 12 // DECEMBER 2017

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Offices Worldwide

CONTENTS

D E CE M B ER 2017 VOL. 26 // ISSUE 12

SPECIAL FOCUS

28 SBA Lenders See the top area SBA lenders and find out how to make your business more likely to qualify for loans.

D E PA R T M E N T S

07 The Bigger Picture 08 Legislative Briefs 10 Biz Bits 12 BIG | deals 15 25 Under 25 ® Updates 49 BIG | talk 50 BIG | shots

OUTLOOK

20 KC Futures Downtown Kansas City’s North Loop is getting a close look by city leaders and advisers.

S M A R T S T R AT E G I E S

32 BIGGER | finance Tips for tax season

24 | KC ENTREPRENEURS

34 BIGGER | hr Make employees ambassadors

36 BIGGER | marketing Find the right media mix

38 BIGGER | growth Recalibrate in three steps

40 BIGGER | law Maximize your company’s sale price

HE ON T R E V O C

WHY NELL HILL’S

ENDURES Mary Carol Garrity’s store is a brick-and-mortar success in an era of online shopping.

16 B IG I N F LU E NC E | 18 B IG S TA R T S | 18 M A D E T O L A S T

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THINKING BIGGER BUSINESS // December 2017

19 KC M A D E I T

22 E N T R E P R E N E U R I A L J O U R N E Y

Redivus Health

Vita Craft

Richard Hu, HJM Architects

An app helps medical professionals treat sepsis, stroke and cardiac arrest.

The Shawnee company has manufactured cookware for nearly 80 years.

Pivoting proves painful but pays off.

17 C O M PA N Y T O WAT C H

SMART COMPANIES THINKING BIGGER®

5

CONTENTS

D E CE MB ER 2017

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THE BIGGER PICTURE

What Are You Willing to Do to Be Successful?

O

ver the years, one of my

partner were down to their last bit of cash after

favorite questions to ask

their first two years in business. Desperate

business owners is what

to stay afloat, they called once again on an

lengths they would go to in

order to be successful. The question not only produces some fun and interesting stories, it provides insights into what some entrepreneurs

out-of-town prospect who kept eluding them.

To their surprise, the prospect was ready to do the deal and wanted to visit their office in Kansas City for

are made of.

the contract signing.

Responses have been varied, to say the least. The

Problem solved, right?

founder of a multimillion dollar graphic design studio

Turns out the partners worked from home and were

believed that any true entrepreneur should be willing to take out a second mortgage on their house.

Then there was the story of a single mother who struggled to get her business off the ground while going to night school and working a full-time job. After finally getting the business launched, she rode a city bus to her office every day—with her child in tow in a

concerned that meeting in a home office would kill the deal. So, they leased space for a week, rented furniture, brought in computers and telephones—even art for the walls! They also arranged for friends to “work” in the space on the day of the signing. In short, they got the deal inked and won a major client at a critical juncture.

stroller—because she couldn’t afford a car or a sitter.

As you close out 2017 and begin looking at a new year,

All her “extra” cash was in the business.

take some time to honestly ask yourself what you would

Another maxed out more than 20 credit cards before

be willing to do to achieve success. It’s a good exercise

finally being eligible for bank financing.

for defining two things: what success looks like for you

But my favorite is the “Great Office-Scapade.” A panelist

and just how far you’re willing to extend that “extra

I was interviewing recently recalled that he and his

mile” to achieve it.

Ke lly S can lon // Publisher // kscanlon@iThinkBigger.com

SMART COMPANIES THINKING BIGGER®

7

L E G I S L AT I V E B R I E F S

LOCAL

FEDERAL

KC Voters Approve New Single-Terminal Airport

Yoder Calls Tax Reform ‘A Win for Middle Class’

Approval for a new single-terminal plan at Kansas City International Airport flew through ballot boxes in November.

The measure received support from 75 percent of voters in Kansas City, Mo. The project is expected to cost more than $1 billion, with financing for the new terminal to be paid through airport revenues.

Kansas City Council was expected to finalize a memorandum of understanding with developer Edgemoor Infrastructure on Nov. 30. Edgemoor said it had planned to break ground in the fall of 2018 on the 750,000-square-foot terminal, and the project is scheduled to be completed in 2021.

Edgemoor’s preliminary design features a two-level curbside drop-off and pickup area.

Waiting areas at each gate will have more room for passengers.

The U.S. House of Representatives passed the Tax Cuts and Jobs Act on Nov. 16.

U.S. Rep. Kevin Yoder, R-Kan., voted in favor of the bill.

“More money in your pocket, higher wages on your paycheck—it’s a win for middle-class, hardworking families all around,” Yoder said in a statement.

The bill would have to be reconciled with the Senate version before going into effect.

For small business, the proposal would reduce the tax rate to no more than 25 percent.

Yoder’s statement noted the difference between the federal tax proposal and recent tax issues in Kansas.

“Unlike the Kansas Tax Experiment, the plan establishes strong safeguards to distinguish between individual wage income and ‘pass-through’ business income to prevent tax avoidance and abuse,” Yoder’s office said.

U.S. Rep. Emanuel Cleaver II, D-Mo., did not support the bill.

“Like many Missourians, I support efforts to simplify the federal tax code; however, I strongly oppose shifting the tax burden from corporations onto hardworking, middle-class families,” Cleaver said in a statement.

“This tax plan would eliminate deductions that so many families, small business owners, and seniors rely on.”

The requirements to build the terminal include: » Private financing » 6,500-spot parking garage » 35 gates (expandable to 42 gates) » A local workforce » Prevailing wages for construction workers » Assurance that the City’s MBE/WBE goals as well as workforce development or job training for local workers are met or exceeded » 1% of the cost dedicated to the arts Kansas City will continue to own and operate the airport.

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Missouri Gov. Eric Greitens announced the results of a task force created to evaluate the state’s boards and commissions.

Task force recommendations include the elimination of nearly 450 bureaucratic appointments, the consolidation of boards and commissions that do duplicative work and the creation of overarching boards that can provide oversight on a number of issues.

The recommendations would make it easier to do business in Missouri, the governor said.

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BIZ BITS

Kauffman Foundation Injects $1.2 Million into Local Microlenders The Ewing Marion Kauffman Foundation is investing $1.2 million in local microlenders, but the ultimate impact could be much larger.

Through the new KC Microfinance Portfolio, four microlenders—AltCap, the Women’s Business Center, the KC Hispanic Economic Development Corporation and Justine PETERSEN—each will receive $300,000 in the coming months.

Each nonprofit organization makes small loans to businesses that might not be able to secure financing from a traditional institution.

What’s new is the KC Microfinance Portfolio will work to help those microlenders sell their loans to local banks, enhancing the microlenders’ ability to provide capital to their clients.

“This allows microlenders to reduce their operating costs and helps banks to fulfill

their Community Reinvestment Act requirements,” said Jonathan Brereton, a Kauffman consultant who worked on a similar project in the Windy City.

The first loans could be sold as soon as next summer.

The initial $1.2 million investment should provide funding for 20 to 30 business—to start, at least.

Up-and-coming leaders will be paired with a mentor and introduced to professional and community networks. It’s a two-year commitment. For criteria and to apply, visit http://maglcc.org/mentoring. The application deadline is Dec. 15.

The program is named for entrepreneur C. Stephen Metzler, who died in 2015 and was a founding board member of the chamber.

Metzler was the co-owner of Metzler Bros.

Insurance and a 25 Under 25® alumnus.

Clay County EDC Taps New Executive Director Applications Open for Metzler Mentor Program Applications are now open for the next class of the C. Stephen Metzler Mentor Program, a leadership development initiative from the Mid-America Gay and Lesbian Chamber of Commerce.

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Missouri State Rep. T.J. Berry has been named as the next executive director of the Clay County Economic Development Council.

Berry, a lifelong Clay County resident, has served on several entrepreneurshipfocused committees in the legislature and is a board member of the Missouri Technology Corporation.

“We need to focus on growing what we have while attracting every new company we can,” Berry said. “I want to focus on helping people avoid mistakes when they start their business, so their chance of success goes up.

And I want to make sure we promote the good things in the Northland so that when outside companies pick Clay County, people will want to set their roots here.”

Berry will succeed Jim Hampton, who has led the council since 2001, but the transition will take a few months. Berry will begin on a part-time basis in January, working alongside Hampton until the legislative session ends in May.

Digital Sandbox Partnership Offers Boost for St. Joseph Entrepreneurs

342 N Water St, Liberty, MO www.SaintJamesEvents.com

10

THINKING BIGGER BUSINESS // December 2017

Digital Sandbox KC and the Innovation Stockyard are looking for early-stage entrepreneurs in St. Joseph who need a little help launching their products and services.

Applications are open through Jan. 12 for the next round of Digital Sandbox’s St. Joseph program. It’s designed for companies with the potential to achieve big growth quickly.

Selected companies could secure up to $15,000 in funding for product development and proof-ofconcept costs, along with three to six months of coworking space at the Innovation Stockyard in the Kit Bond Incubator.

Seven companies will get the chance to make their case to a panel on Jan. 26 in St. Joseph. Visit www.digitalsandboxkc.com/ programs/stjoe for more information.

Women-Owned Business Growth Outpaces Others The seventh annual State of WomenOwned Businesses Report found that the number of women-owned firms has grown at a rate of 2.5 times faster than the national average over the past 20 years.

Nationally, the number of women-owned firms increased by 114 percent from 1997 to 2017, compared with a 44 percent increase among all businesses.

The Kansas City metro area ranked No. 8 in city employment vitality rankings, which measured the employment growth rate from 2002 to 2017 and the average number of employees.

Matt Condon Elected to Greater KC Chamber’s Board Chair Matt Condon—the founder of not one, but two small businesses— will serve as the next chairman of the Greater Kansas City Chamber of Commerce.

Condon founded ARC Physical Therapy+ in 2003 and then, a few years ago, launched Bardavon Health Innovations, where he serves as CEO. The 42-year-old Condon, who’ll be the youngest-ever KC Chamber chairman, joined the organization’s board of director after he won the chamber’s Mr. K Award in 2010.

Condon will serve a one-year term that began in November. Recently, he’s been leading the chamber’s effort to make Kansas City the most entrepreneurial city in the United States.

“There’s been tremendous growth,” he said, “but we still have a long way to go.

We need to stay focused on promoting entrepreneurship—it’s part of the foundation of whether Kansas City will still be vibrant 10 years from now.”

Condon is taking over for Karen Daniel, the CFO of Black & Veatch, who will continue as immediate past chair.

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BIG | deals

AWARDS AND HONORS KU’s Bioscience & Technology Business Center Wins $50K The Bioscience & Technology Business Center has won a $50,000 award that will help it continue to serve some of the region’s most innovative startups.

Founded in 2010, BTBC is a University of Kansas-affiliated accelerator with locations in Lawrence and Kansas City, Kan. It was one of 20 organizations to receive an award as part of the U.S. Small Business Administration’s most recent Growth Accelerator Fund competition, now in its fourth year.

The contest, which included a two-tier review process, is designed to boost accelerators in areas where there are gaps in services and support for entrepreneurs.

BTBC offers office and laboratory space, along with other services, to companies in the fields of medicine, life sciences, energy, chemicals, software and hardware, and other fields.

K-State’s Entrepreneurship Efforts Earn Accolades Kansas State University has won a national award for its work in encouraging entrepreneurship and economic development in the Sunflower State.

On Nov. 12, the Association of Public and Land-grant Universities presented K-State with an Innovation & Economic Prosperity University Award for innovation. It was part of the APLU’s annual meeting in Washington, D.C. By collaborating with civic and private-sector groups, the university’s Knowledge Based Economic Development program has helped attract hundreds of knowledge-based businesses to area.

12

THINKING BIGGER BUSINESS // December 2017

Pete Dorhout, K-State’s vice president for research, said the university has more than 480 active collaborations with companies.

K-State was praised for its Center for the Advancement of Entrepreneurship, which delivers mentoring, training and funding to the state’s entrepreneurs. In the last year alone, the center approved more than $256,000 in grants.

The APLU also cited K-State’s Institute for Commercialization, which encourages technology-transfer partnerships between the school and the private sector. In the past five years, it has generated almost $15 million in royalties, company equity and funded research.

One of the center’s partnerships is with TechAccel, an Overland Park-based organization that invests in ag and animal health technology—including research developed at K-State—and works to bring it to market.

Kansas Dental Center Office Lauded for Design Kansas Dental Center has won a national design award for its office in Overland Park.

The center was saluted as the Outstanding New Dentist Practice as part of the most recent Dental Office Design Competition.

The American Dental Association sponsors the contest.

“We are honored to be recognized for this award,” said Dr. Anthony Papinsick, who owns Kansas Dental Center. “Most important, though, we are pleased that our office is a

warm, welcoming space, and that patients feel comfortable during their visit.”

It’s due to the work of several Kansas City companies. HIVE Design Collaborative and Guy Gronberg Architects P.C. designed and engineered the space. Valencia Construction handled the build.

The Outstanding New Dentist Practice is open to new, remodeled or expanded facilities housing the first practice owned by a doctor or doctors who graduated sometime in the past 10 years. Kansas Dental Center launched in the summer of 2016.

KC Construction Firms Win Big Some of the region’s best construction projects— work you probably have seen while driving around the city—were recognized in November by the Heart of America Chapter of Associated Builders and Contractors.

Twelve Kansas City firms were saluted during the organization’s Excellence in Construction Awards.

The top prize, General Contractor Project of the Year, went to Emery Sapp & Sons Inc. of Columbia for its work on the South Lawrence Trafficway.

The awards also recognize companies with excellent safety records. This year, Herzog Contracting Corp. took home the General Contractor Safety Award. Shawhan Sheet Metal LLC won the Subcontractor Safety Award, and Wachter Inc. received the Superior Safety Award.

The other winners include: » Teague Electric Construction, Inc. // Veterans Outreach Center, Kansas City, Mo. » Westhues Electric, Inc. // Lenexa Civic Center, Lenexa » JPI Glass // University of Kansas Health Education Center, Kansas City, Kan.

BIG | deals

» Emery Sapp & Sons, Inc. // Turner

Commerce Center & Amazon Fulfillment Center, Kansas City, Kan. » Fogel-Anderson Construction Co. // Cosentino’s Market at Bluhawk, Overland Park » Neighbors Construction Co., Inc. // Kansas City Power & Light— North Building, Kansas City, Mo. » Excel Constructors, Inc. // The Sheridan at Overland Park, Overland Park » Neighbors Construction Co., Inc. // Kansas City Power & Light— Tower Building, Kansas City, Mo. » Fogel-Anderson Construction Co. // Journey Church International, Lee’s Summit » Crossland Construction Company, Inc. // Raymore-Peculiar High School Addition and Renovation, Peculiar » Mega Industries Corp. // Nelson Complex WWTP Handling Improvements, Mission » Excel Constructors, Inc. // VISTA 154 at Ironhorse, Leawood

TikiCatEarns No. 1 Spot Critiki, a travel guide dedicated to Polynesian pop culture sites, has named Kansas City’s TikiCat as the best tiki bar in the world.

The Westport bar owned by Mark Sellers opened in April and already has caused a stir among Mai Tai experts. Critiki said guests reported “a top-tier, expectationsbeating experience.”

“The man behind TikiCat, Mark Sellers, has been a tikiphile for a long time, and has many years of hospitality experience. He clearly has what it takes to execute a great tiki bar, and I’m looking forward to seeing what he does next,” the review said.

TikiCat is a reservation-only cocktail bar located below HopCat.

Stock Hill Named Among ‘Legendary’ Steakhouses Stock Hill, an upscale steakhouse that opened last year near the Plaza, was picked as one of the 31 best steakhouses in America

by Thrillist.

Thrillist, a site that focuses on the best places to eat, drink and travel, noted the “innovative appetizers” and “next-level customization options” in its review.

Stock Hill is a part of the Bread & Butter Concepts restaurant group, based in the Crossroads Arts District.

CEO Alan Gaylin said some of the other restaurants listed are “legendary” and raises the bar for Stock Hill.

“To be open one year and to have Thrillist come and say we’re in that company, it’s one of the highs for us,” Gaylin said. “And it’s great for Kansas City to have a steakhouse here listed in that company … We’re keeping up with the big cities. A lot of times, Kansas City gets overlooked in those lists.”

EXPANSION Dimensional Innovations Opens Offices in Atlanta, Minneapolis Dimensional Innovations is expanding with not one, but two new locations outside Kansas City.

The company, known for its experiential design-andbuild projects, opened offices in Atlanta and Minneapolis on Nov. 1.

Dimensional Innovations is no stranger to either market. The company has previously been hired for jobs with the Atlanta Falcons, Atlanta United, the Minnesota Twins, the Minnesota Vikings and the Minnesota Timberwolves.

Todd Vaught, who previously worked with Sky Design, will be Dimensional Innovations’ managing director in Atlanta.

Scott Dawald, who’s been with the company continued

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BIG | deals

since 2013, will serve as managing director in Minneapolis.

The expansions are just the latest sign of growth at Dimensional Innovations. Within the past year, the company opened a second location here in Kansas City. It employs more than 250 people locally.

Earlier this year, the company landed a spot on the Inc. 5000 list of the fastestgrowing private companies for the second year in a row.

Papa Keno’s Opens in Crossroads A new Papa Keno’s pizzeria opened in the Crossroads Arts District in November.

The restaurant at 1815 Wyandotte St. is the second location for franchisees Philippe Lechevin and Steve Robson, who are both chefs. They also own a Papa Keno’s in Overland Park.

The Crossroads location is the fourth Papa Keno’s. The first opened in Lawrence in 1991.

The new restaurant features artwork by local artist Nicole Emanuel. Interior design was by John O’Brien at Hammer Out Design.

Papa Keno’s will feature a full bar, with beverages from local brewers including Torn Label, Kansas City Bier Co. and Stockyard Brewing Co., as well as distillers J. Rieger & Co. and Tom’s Town Distilling Co. FINANCING

“We operate in a spa-like environment,” he told Thinking Bigger in January.

“We’re more like a drive-up retail space than a hospital.”

The company has three KC metro area locations and five others in the San Francisco area, the Chicago metro and the suburbs of Philadelphia. The funding will help the company ramp up its national expansion efforts.

Farmobile Announces $18.1 Million in Series B Funding Overland Park’s Farmobile has just raised another $18.1 million in Series B investment, bringing its total funding to more than $28 million.

The money will allow the company— which helps farmers collect and profit from their data—to expand its platform.

“We will accelerate development of distribution channels in ag retail, OEM and equipment dealerships, and insurance,” said Jason Tatge, Farmobile’s CEO and co-founder.

This round of investment included funds from Anterra Capital, AmTrust Agricultural Insurance Services and other existing investors.

Founded in 2013, Farmobile has created devices and platforms that allow farmers to collect data from their machinery and use that information for data-driven agriculture— for example, more precise application of water, fertilizer and other resources.

Farmers also have the option of selling their data to third parties on Farmobile’s Data Store marketplace.

MERGERS & ACQUISITIONS

Funding Will Help Infusion Express Expand Nationwide Infusion Express, based in Overland Park, closed on $13.5 million in Series B funding in October. McKesson Ventures was lead investor.

Infusion Express provides intravenous drug treatment for people dealing with such conditions as Crohn’s disease, lupus, multiple sclerosis, rheumatoid arthritis and other autoimmune diseases—but in a unique setting, CEO Don Peterson said.

14

THINKING BIGGER BUSINESS // December 2017

Xenometrics Sells to French Company Xenometrics LLC, a nonclinical contract laboratory located in Midwest Bioscience Research Park in Stilwell, was acquired in October by a French company for an undisclosed amount.

The acquisition by Citoxlab Group is its third in North America but its first in the U.S. Alfred Botchway, CEO and a founder of Xenometrics, said that joining Citoxlab Group enables the development of the company and its staff and that he has

worked with the new parent set shortand long-term investment goals.

“We are very proud that a leader like Citoxlab decided to invest in our company.

We have been well aware of their excellent reputation as a science-driven CRO,” Botchway said.

NEW BUSINESSES Former Blue KC CEO Launches Lifecare Strategic Services LLC After retiring from Blue KC as CEO in 2014, David Gentile is ready for a new challenge.

He’s launched Lifecare Strategic Services LLC, which aims to support strategic initiatives of physicians, medical groups, independent hospitals, health systems and regional insurance carriers/third-party administrators in the Kansas City region.

Gentile has more than 35 years of combined health system and health plan career tenure.

As part of Lifecare Strategic Services, Gentile will offer strategic counsel to organizations across the region and coordinate access to strategic consulting services from both HealthScape Advisors, a health care consulting firm based in Chicago, and Dobies Healthcare Group, a Kansas City health care branding and marketing firm.

New Restaurant Features Indian Barbecue Skewers Kebab Nights, a new casual dining Indian restaurant, has opened in Overland Park. Its niche is Indian-style kebabs served hot and fresh off the grill.

This is the second concept for local restaurateur Roushan Kumar. He opened Kulture Kurry in Overland Park three years ago.

“So far, our customers have been pleasantly surprised to learn that these skewers are healthier than most fast casual food options with low-fat meats, no fried foods and lots of delicious vegetables cooked to perfection,” Kumar said.

Learn more about the restaurant on Facebook or at www.KebabNightsOP.com.

2 5 U N D E R 2 5 ® U P DAT E S

WillCo Acquired by Ohio Firm WillCo Technologies Inc. (Class of 2010)

has sold to an Ohio company for an undisclosed amount.

The IT firm provides cybersecurity services to the U.S. Department of Defense.

It was acquired by Metisentry LLC. Founder Kevin Williams will retain a minority stake and will remain on the board of directors of WillCo. Williams told the media he would use the money from WillCo’s sale to fund his future retirement as well as his other startup, WISE Power Inc.

Schloegel Named Top Home Remodeler Schloegel Design Remodel Inc. (Class of

2004) was recognized as the best home remodeler in Johnson County in 2017.

The honor was conferred by Johnson County Lifestyle magazine in its 2017 Readers Choice Awards.

Schloegel has worked in Johnson County suburbs including Overland Park, Leawood, Mission Hills, Prairie Village and Lenexa since 1980.

Founder and president Jake Schloegel said the company’s keys to success are a focus on customer experience, professional involvement and community engagement.

DivvyHQ Expands Dashboard Offerings DivvyHQ (Class of 2010), a platform for con-

tent marketing, introduced two new products.

The new 3.0 content dashboard interface is the starting point for users and gives them a quick update of recent activity, upcoming deadlines and recently published content.

The other product, DivvyHQ Analytics, is an add-on module of the core platform. It aggregates data and monitors performance of published content.

“Not only are DivvyHQ customers expected to consistently create compelling

content and drive engagement with their audiences, they’re also tasked with trying to keep track of what is and isn’t working,” said DivvyHQ Co-founder Brody Dorland.

“Simply tracking everything across multiple channels while trying to cobble together performance data into some sort of execfriendly narrative is no small task, and we are optimistic that DivvyHQ Analytics will ease that pain point.”

SARIN Receives State Recognition SARIN Energy Solutions (Class of 2017) earned kudos from the state of Kansas.

The Overland Park LED lighting company was recognized as a top Kansas minorityowned business in the supplier and distributor category at the 33rd annual Minority and Women Business Awards Luncheon in October.

“We operate throughout the Midwest but can’t imagine calling anywhere else home for our company,” said president and founder

Inayat Noormohmad. “We also know we couldn’t be successful without our wonderful customers, employees, and other partners.”

The Minority and Women Business Awards Luncheon is part of Minority Enterprise Development Week. The event recognizes 16 companies and four individuals for their support of Kansas minority and women-owned businesses.

KC Bier Co. Expands Hours, Menu Kansas City Bier Co.

(Class of 2017) is giving patrons more to enjoy, and more time to enjoy it.

The Waldo brewery announced it would roll out a new menu and new hours in November. The new hours are 2 p.m.-11 p.m.

Tuesday through Friday, 11 a.m.-11 p.m.

Saturday and11 a.m.-9 p.m. Sunday.

The brewery specializes in Germanstyle beer.

Want to

GIVE BACK Looking for something to do?

Bring your talents to SCORE and volunteer. You will share your skills and expertise helping small businesses achieve success. Come work with other enthusiastic professionals.

Join us at KansasCity.Score.org

(816) 235-6675 SMART COMPANIES THINKING BIGGER®

15

BIG INFLUENCE | STRIP’S CHICKEN

Restaurant Gives Back in ‘Completely Different’ Way

18-year-olds who are aging out of foster care would be able to apply for the free transportation.

Todd Johnson says people often ask him to chip in. He wants to help, but he also wants to make it count.

That led Johnson, owner of Strip’s Chicken in Olathe, to start a unique give-back program at his restaurant: Round Up A Hug for Foster Kids.

“I just really felt strongly that in this day and age, there’s just so many problems in the world,” Johnson said. “I wanted this to be bigger than just about me opening a business.”

It works like this: Patrons are asked when they get their check if they would like to round it up and donate the money to help area foster children. Strip’s matches the money raised, up to $1,000 each month.

But the funds don’t just get sent to an organization, where Johnson said he’s never sure how much is spent on administration and marketing. Instead, he decided that Strip’s would buy two cars, and

Johnson called foster children “a lost population that we don’t really raise enough money for.” He said he realized that without reliable transportation, teens aging out of foster care would face another setback: the inability to get to school or a job.

So far, Johnson has bought one car, but he said he’s still working out the details of the program with a lawyer and accountant.

“There’s no standard form on what we’re trying to do,” he said.

But even the challenges of creating a whole new type of program hearken back to the Strip’s motto: “Completely different … and absolutely better!”

Johnson said he hopes to begin taking applications for the program soon.

Tradeshow Booths Museum Exhibits Corporate Displays

www.exhibitassociates.com

YOUR BRAND. OUR BUSINESS. 816.474.5333 sales@exhibitassociates.com 16

THINKING BIGGER BUSINESS // December 2017

C O M PA N Y T O WAT C H K C

R E D I V U S H E A LT H

E N T R E P R E N E U R S

Real-time Guidance Helps Health Care Providers Save Lives

(Photo courtesy of Austin Walsh Studios)

REDIVUS HEALTH HELPS MEDICAL PROFESSIONALS QUICKLY TREAT SEPSIS, STROKE AND CARDIAC ARREST. edivus Health puts life-saving information at doctors’ fingertips when patients need it most.

The Olathe company develops cloud-based applications that guide health care providers through time-sensitive events like sepsis, stroke and cardiac arrest.

“I left my full-time position as a hospital-based physician in 2015 to dedicate my time to building the company,” said CEO Dr. Jeff Dunn, who founded the company with four other physicians.

“We secured funding, built our team and developed and tested prototypes throughout 2015 and 2016.

We launched the current version of the Redivus Health app on iOS and Android in March 2017.”

Dunn’s inspiration for the company sprung from a real-life Code Blue situation—a patient in cardiac arrest.

According to the American Heart Association, the average survival rate of cardiac arrest is only 10.6 percent. Many factors influence this statistic, but the goal of Redivus Health is to support health care providers when treating patients in life-threatening situations.

“I was working as a hospitalist and responded to a cardiac arrest case. Two health care providers treating the patient didn’t know how to proceed,” Dunn said. “It was as if they were frozen and did not know the next step of treatment. Sadly, the patient did not survive.”

R

ENTREPRENEUR

Jeff Dunn C O M PA N Y I N F O R M AT I O N

Redivus Health 22201 W. Innovation Drive Olathe, KS 66061 1-800-217-9360 www.redivus.com TYPE OF BUSINESS

Mobile app that guides health care providers through timesensitive events like sepsis, stroke and cardiac arrest.

Dunn knew that professionals needed a better way to have vital knowledge at hand. “Rarely had I seen a Code Blue executed with order, confidence and in compliance with evidence-based guidelines,” Dunn said. “It was time to use technology to bring about positive change in health care. Everyone deserves safe and effective medical care. Medical error is the third leading cause of death in the United States. In a life-or-death situation, chaos, inexperience and uncertainty can overwhelm health care providers.”

Redivus Health’s mobile application delivers evidence-based protocols that lead clinicians through diagnosis and treatment of cardiac arrest and other emergencies.

Often, these guidelines consist of dozens of steps or several pages of PDFs. Redivus Health’s app literally puts the information in doctors’ hands—they can pull it up on their mobile devices immediately.

“Basically, it’s like GPS for health care—turnby-turn navigation for high-mortality medical events,” Dunn said.

Dunn is proud of Redivus Health’s potential impact on emergency care.

“It boosts providers’ confidence, reduces stress and errors, documents every action taken and, ultimately, saves patients’ lives,” he said.

“In a medical crisis, there’s no time to waste.

Redivus makes it simple and intuitive to follow the national guidelines.”

Pete Dulin is a freelance writer based in Kansas City, Mo. www.petedulin.com SMART COMPANIES THINKING BIGGER®

17

AT A G L A N C E K C

E N T R E P R E N E U R S

BIG STARTS | DRONES4HIRE

MADE TO LAST | PRYDE’S KITCHEN AND NECESSITIES

Marketplace for Drone Pilots Takes Off

Where Customer Service Is a Source of Pryde

Find licensed drone pilots easily with Drones4Hire.

Celebrating nearly 50 years in business, Pryde’s hospitality is as important as its vast selection of kitchen tools and housewares.

COMPANY // Drones4Hire ENTREPRENEUR // Cory Mullins WHAT THEY DO // Drones4Hire connects licensed, insured FAA

drone pilots to businesses and individuals via a proprietary online marketplace. “We provide clients a simple, quick platform to locate and hire top licensed drone pilots,” CEO Cory Mullins said.

THE INSPIRATION // When the FAA began regulating commercial

drone flights in August 2016, it mandated that all commercial drone pilots have a UAS remote pilot license. Via Drones4Hire, individuals and businesses have a go-to online platform for finding qualified pilots to deliver specialized drone services. “They can easily locate, hire and pay for drone services in one place,” said Mullins, a longtime aviation professional. “Furthermore, pilots now have a useful tool to showcase their work and expertise to help expand their business.”

WHAT’S NEXT // Drones4Hire plans to expand from Missouri and

Kansas to California, Florida and Chicago in 2018. The company is also adding new features to its platform and allowing pilots to promote new services, including virtual tours, 3D aerial models, underwater inspections and interior photos. Drones4Hire’s new enterprise portal will enable “large corporations to purchase custom solution packages while receiving their images and video files within 72 hours from the time of order placement.”

HOW TO CONTACT // Drones4Hire.com, (877) 577-1782 18

THINKING BIGGER BUSINESS // December 2017

Louise Meyers and her team at Pryde’s Kitchen and Necessities greet each guest with warmth—and an offer of coffee or tea. Hospitality is part of the draw at this kitchen and housewares retail shop.

Founded in 1968 by Meyer’s parents, John and Connie Perucca, Pryde’s has been a destination in Kansas City for cutting-edge and classic culinary tools and kitchen supplies for nearly 50 years.

“My parents conceived of the idea for Pryde’s at the kitchen table,” Meyers said.

The store’s high level of customer service, expertise and personal interaction distinguishes this retail resource from online shopping experiences.

“You lose the human factor in the translation of being expedient about buying things,” Meyers said.

Known for its gift registry and complimentary gift-wrapping services, Pryde’s has served three generations of couples and customers.

“It’s a tradition in families to register wedding gifts at Pryde’s,” Meyers said. “We guide couples to choose solid basics that endure for a lifetime.”

To endure in an ever-changing retail landscape, Meyers said, “I would recommend buying a building, not leasing. You will be dollars ahead in the long term and have a salable asset in the future. Don’t saddle yourself with unmanageable debt. Bigger is not always better.”

Meyers also shared advice from retail mentor Vince Stonestreet, who said, “If it’s bought right, then it’s half-sold. Get the best value for your customer.” www.prydeskitchen.com

KC MADE IT K C

V I TA C R A F T

E N T R E P R E N E U R S

Cooking With Class FOR NEARLY 80 YEARS, VITA CRAFT HAS MANUFACTURED THE WORLD’S FINEST COOKWARE. ack in 1939, three salesmen got together and developed a line of cookware that uses a waterless process and vapor-sealed lids to prepare highly nutritious dishes.

The trio couldn’t have realized that Vita Craft would still be producing trendy, tasty meals well into the 21st century.

The Shawnee-based company produces stainless steel cookware under eight brands with pieces that can be configured in multiple ways. Its manufacturing facility, which includes a factory store, covers two city blocks.

“Vita in our name is for vitamins and minerals—(our products are) designed with a vapor seal in the lid and pan design to reduce heat while cooking and not boil away vitamins and minerals,” said Gary Martin, Vita Craft’s president.

“The craft is for craftsmanship. I have real people who actually make it. The average piece of cookware is touched by human hands at least 12 times in the process.... Every piece is hand-buffed or polished to take away any minor scratches.” (In fact, Vita Craft uses a buffing compound like a jeweler would.)

B

A LIFETIME GUARANTEE, AND MORE

Martin said there are a number of characteristics that make Vita Craft a unique product in the marketplace. For starters, its waterless approach to food preparation.

Users cook with the lid on and, thanks to Vita Craft’s vapor seal, the process relies on the natural juices of what’s being cooked.

“It’s the healthiest way to cook and cleans up very easily,” Martin said.

Vita Craft’s products are also perfect for stack cooking, where several pots or pans are stacked on top of each other over a single burner.

“The cookware can be treated like a minioven on the top of a stove top,” he said. “You can cook a cake on top of the stove, and it will be done, and it won’t burn.”

Additional features of Vita Craft cookware include heat-resistant handles as well as cladded stainless steel and layers of aluminum and aluminum alloy construction for strength and durability.

And the company offers a lifetime guarantee to repair or replace its products.

“If we don’t have a product any more, we will replace it,” Martin said. “Grandmas will send in something and say, ‘If you cannot fix it, I want my pan back,’ and we’ll send it back and send a piece of new cookware.”

VITA CRAFT’S ORIGINS … AND FUTURE

The original owners, each of whom had been selling other cookware products, came together to create the line in Pennsylvania.

They moved to the Kansas City area in 1940.

Ever since, Vita Craft has been continuously producing the cookware except for a twoyear period during World War II. The company moved to its current location

in 1946, expanding as needed. In 1976, Vita Craft began distributing in Japan, a market that blossomed for the company.

“Seventy percent of what I make, I export to Asia,” Martin said.

In 2002, Vita Craft was purchased by Mamoru Imura of Japan but remains a Kansas corporation.

“He takes no salary or draw from this company,” Martin said.

“So I have three rules (as president): Take care of his company; I do not back-order him; and I do not ask him for money so we stand on our own two feet,” Martin said.

“Any profits we make, I use a three-part rule: one part is put away for a rainy day, one part is invested back into the company and our third part is invested in our people.”

In the beginning, Vita Craft was marketed only through direct sales in private homes, mostly to newlyweds and those starting out on their own. Today, Vita Craft is sold through distributors, but Martin is trying to enhance the products’ reach through other outlets, including online retailers like Amazon. Vita Craft also produces blind-label cookware for other companies.

Martin has a five-year game plan for Vita Craft.

“I would like to see us get discovered in the retail market, hire more people and grow some internationally,” he said. “You have to keep evolving.”

Ruth Baum Bigus is a freelance writer in the Kansas City area.

SMART COMPANIES THINKING BIGGER®

19

KC FUTURES

( by Kate Leibsle)

Head North for Downtown’s Future THE NORTH PART OF THE LOOP IS GETTING EXTRA ATTENTION FROM CIVIC LEADERS. he southern and central portions of downtown Kansas City are humming along, with new construction, development and businesses regularly popping up. So the time has come for the city to redirect its focus to the north—specifically to the north loop and the mile of interstate that makes up the north side of the downtown freeway.

Earlier this year, the Economic Development Corporation of Kansas City hired the Urban Land Institute (ULI) Advisory Services Program to conduct a study of the area and make recommendations to the EDC and the City of Kansas City, Mo., as to what the future might hold for that area.

The timing was just right to start working on that part of the city, said Bob Langenkamp, the EDC’s president and CEO. “The area is an important connector between the central business district and the River Market,” he said.

There are also lingering issues with the north side’s infrastructure, including the Buck O’Neill Bridge; questions about how, when and if to cover Interstate 670; and, generally, how to make the area more of an economic engine for the city.

“That all led to the request to bring the ULI in,” Langenkamp said.

The ULI panel was led by Glenda Hood, former Florida secretary of state and a former mayor of Orlando. Other members included urban planners, designers and architects from around the country.

It was important to have outsiders look at the area and offer suggestions, Langenkamp said.

“It’s an opportunity to bring people from around the country to hear different

T

20 THINKING BIGGER BUSINESS // December 2017

perspectives,” he said. “It’s a good struture for facilitating a different perspective.

They’ve not heard about the area or issues for years and years and years. They are completely neutral.”

The panel’s initial report calls for nine initiatives to redevelop and reenergize the area: 1.

Bo p b La ngenkam

Develop a downtown master plan.

2. Get creative with outreach strategies

to bring in a wider, more diverse set of community partners.

3. Leverage education program momentum.

4. Work on improving regional cooperation.

5. Expand the KC Streetcar lines.

6. Focus on downtown infill for

immediate development.

7. Bring Route 9 back to grade.

8. Reconnect Independence Avenue to

downtown and surrounding neighborhoods.

9. Integrate the North Loop vision in a

city strategic visioning exercise.

While all the recommendations are worthwhile and necessary, obviously they can’t all be accomplished overnight.

The market, finances and, in some cases, elections play a role in what happens next, Langenkamp said.

In terms of prioritization, there is a strong consensus that bringing Route 9 back to grade is at the top of the list.

“That would improve the connection of Columbus Park to the River Market,” Langenkamp said, “and enable us to work on reconnecting to the rest of Independence Avenue.”

The panel will deliver its final report by the end of the year, and then the hard work really starts—implementation.

That has to be a grassroots effort, he stressed. Already there is great interest from a variety of constituencies. Corporate, residential, small business and other partners

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are watching and ready to jump in, Langenkamp said.

“There are a number of people and groups who believe in the recommendations strongly enough and will be willing to put in the work,” he said.

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Kate Leibsle is a freelance writer in the Kansas City area.

SMART COMPANIES THINKING BIGGER®

21

ENTREPRENEURIAL JOURNEY K C

( by Katie Bean)

E N T R E P R E N E U R S

85 percent of the firm’s revenue. That freed him to build up the firm’s business in KC. Meanwhile, he said, wading into running the business included “30 years of accounting to untangle,” which included changing the business from a C-corp to an S-corp.

With a leaner budget, HJM had to work smarter.

“It got to the point where we were counting every single dollar, every penny,” he said.

After Painful Pruning, Architecture Firm Blossoms Richard Hu recounts the transition of his family business.

G

rowing up with an entrepreneur father may have made small business ownership seem natural for architect Richard Hu, but it didn’t fully prepare him for taking over his father’s firm.

There wasn’t a succession plan in place, per se. Hu said he began considering taking over management of HJM Architects in early 2014, after working with his father there for about 10 years. But in all that time, they hadn’t started any conversations about a transition.

Every year, Hu said, his father would say he’d retire in two years—so he didn’t seem quite ready to let go. When Hu finally brought up the topic in the last quarter of 2014, he was surprised to hear his father say, “OK, let’s do it.”

“He just walked out and shut the door behind him, and that was it,” Hu said, laughing.

22

THINKING BIGGER BUSINESS // December 2017

Changing Course Taking over wasn’t as simple as building on the firm’s current business—in fact, continuing that model was the last thing Hu wanted to do.

In the decade he’d been working at HJM, about 75 percent to 90 percent of the firm’s revenue came from projects in China. Building those projects and relationships required monthly trips overseas.

As Hu mulled taking the reins of the business, he realized his passion was building up Kansas City, particularly the urban core.

And especially with young kids at home, he wasn’t keen on traveling to China every month.

So, as Hu took over as president of HJM in 2015, he nixed the China projects—and

Planting Seeds The first year and a half after taking over was a stressful time, Hu said. The entire family’s income rested on the success of the business because his wife works as the firm’s office manager. They didn’t pay themselves in the first few months, and the firm took every job available.

“There were times when she would poke me at night and say, ‘We’re not making any money! We’ve got to do something,’” Hu said.

“And I told her, ‘Just trust me! Trust me, we’ve got this figured out.’ But then I wouldn’t be able to sleep.”

But as time went by, the pivot paid off, Hu said.

He described his first year as one of planting seeds, and the second year as the time when they started seeing projects sprout. Now, the company does 100 percent of its projects in the Kansas City area and has a steady flow of business. The projects are getting bigger, and the company is raising its profile in the local building community.

‘I Aged a Lot’ HJM, which considers itself a project leader that can help clients with master planning and feasibility studies as well as design, counts among its projects the Lyric Opera of Kansas City Richard J. Stern Opera Center buildings and the recently completed music venue The Truman Kansas City, both in the Crossroads Arts District.

Business is blooming for HJM. But looking back, Hu acknowledges the uncertainty.

It’s worked out for the firm—“but at the same, I think I aged a lot in the early years,” Hu said.

Katie Bean is the Executive Vice President at Thinking Bigger Business Media.

(913) 432-6690 // kbean@ithinkbigger.com

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TREASURE TROVE Mary Carol Garrity is the founder of Nell Hill’s in The Village at Briarcliff.

24 THINKING BIGGER BUSINESS // December 2017

Mary Carol Garrity shares the secret of her store’s longevity.

ENTREPRENEUR

Mary Carol Garrity C O M PA N Y I N F O R M AT I O N

Nell Hill’s 4101 N. Mulberry Drive Kansas City, MO (816) 746-4320 www.nellhills.com TYPE OF BUSINESS

Home décor and design emporium YEAR FOUNDED

1981 E M P L OY E E S

50 to 100, depending on the season KEYS TO SUCCESS

“If you’re not willing to change, you’re not going to survive.”

I

t feels a little like a party. The Christmas decorations are out, Motown classics play softly in the background, and Mary Carol Garrity looks right at home as she waves hello to guests.

Garrity, the founder of Nell Hill’s, isn’t literally at home—she’s at her décor and home furnishings store in The Village at Briarcliff. But she is in her element. There’s nothing she loves more than being on the floor of her store, welcoming shoppers and guiding them to the perfect addition to their own homes.

“One thing I’ve really tried to keep true to over the years,” she said, “is someone could come in here and spend $5 or they could spend many thousands and walk out happy.”

Garrity has kept her doors open for 36 years—no mean feat in the world of retail—while earning a national reputation and a devoted following among her customers.

What’s the secret to Nell Hill’s longevity? A willingness to change.

“What I started out to be and what I ended up being were two different things, and that’s because I persevered and I was flexible on what I was doing,” Garrity said.

FROM THE GOURMET CORNER TO NELL HILL’S

Garrity has owned her own shop since she was 25, though it wasn’t originally Nell Hill’s.

She had been working retail in Wichita when her dad, George, talked her into moving back home to Atchison and opening a specialty food shop, the

Gourmet Corner. The morning he suggested the idea, Garrity went to work and gave two weeks’ notice.

It was a big leap to open a gourmet food business in a town of 10,000 people in rural Kansas, but retail was in her blood. Her parents owned and operated a clothing store, and she grew up watching and assisting them.

Unfortunately, there was only so much demand for gourmet food. As much as she loved the work, Garrity realized that she had to change things up if she was going to survive. So she expanded her lineup of goods.

Bath products led to soap dishes, which led to mirrors.

In the space above the Gourmet Corner, she soon was selling jewelry, artwork, furniture—what you would recognize today as Nell Hill’s. (The name comes from Garrity’s grandmother, an idea suggested by Garrity’s sister Judy.)

As Nell Hill’s blossomed, Garrity had to make another adaptation: She had to learn to delegate.

Early on, she shouldered the hard work by herself. During the busy seasons, she would wake up at 3 a.m., go to the shop and stock the shelves, come home to clean up and then head right back to wait on customers.

Today, she relies on a much bigger group of designers, associates and warehouse staff. Most of the year, the team consists of 50 people. During the holidays, close to 100 people are employed by Nell Hill’s.

by James Hart // photography by Dan Videtich SMART COMPANIES THINKING BIGGER®

25

KC ENTREPRENEURS

Why Nell Hill’s Endures

“What I started out to be and what I ended up being were two different things, and that’s because I persevered and I was flexible on what I was doing.”

Mary Carol Garrity // owner and founder

Finding people with the right sensibility isn’t easy, Garrity said, but the current crew is probably the best she’s ever had.

One of the most important team members is her husband, Dan, who joined Nell Hill’s about 10 years ago. An attorney by training, he helped set up systems that streamlined inventory, delivery and other back-office functions. While Mary Carol tends to be more of an optimist when it comes to new projects, he’s more likely to ask hard questions about the nitty-gritty details.

Without Dan, Nell Hill’s Kansas City location might never have happened.

The Briarcliff developers had courted Nell Hill’s for a long time, encouraging Garrity to open a store on their property, but she always resisted. Finally, Dan encouraged her to hear them out.

“Thirty days later,” Garrity said, “we signed the papers on the building.”

‘RETAIL MAY BE HARD, BUT IT’S NEVER DULL’

The Kansas City location, now celebrating its 10th year, has been a tremendous success, partly because life is different for today’s shopper.

Back when Garrity opened her shop in Atchison, it was commonplace for a group of girlfriends to hop into a car for an afternoon’s adventure. They were happy to drive a couple of hours to check out a cool store or an interesting restaurant.

Life is busier now for the average customer, who’s juggling

work, family and everything else.

They might not be able to get away for an afternoon outing, but they do have time to drive to Briarcliff.

“If I were to open up my store this year … it was plenty hard then, but it would be so much harder now,” Garrity said.

In 2016, Nell Hill’s experienced another big change: Garrity closed and consolidated her Atchison store with the Kansas City location.

She was careful to do it in a way that minimized any potential impact to her hometown and her team. None of the Atchison staff lost their jobs—a van shuttles them to work and home each day.

And Garrity found another store owner to move into Nell Hill’s old space.

The Atchison store’s sales had tapered off as fewer shoppers were willing to make the drive.

It was time to make the change.

“If you’re not willing to change, you’re not going to survive,” Garrity said. “And you know what? It makes it a little more interesting. The one thing I’ll say: Retail may be hard, but it’s never dull. I never get bored.”

‘I BACKED MYSELF INTO A LOT OF CORNERS’

Naturally, the Kansas City store opened just in time for the Great Recession.

“And so there were a lot of sleepless nights,” Garrity said, “because we thought, ‘Oh my gosh, we’ve just invested all our money into this building and this business— what were we thinking?’”

26 THINKING BIGGER BUSINESS // December 2017

And, of course, they rode it out.

Decades of experience helped them navigate the tough times.

If you ask Garrity if there’s anything she wishes she knew when she was starting out— knowledge that could have helped her avoid setbacks—her answer might surprise you.

“No, because you know what, part of my ignorance to everything made it work,” she said.

“Because I didn’t have enough common sense to question what I was doing.”

In her 20s, she took necessary risks that a more seasoned entrepreneur might not have.

Case in point: Garrity was invited to exhibit at the first-ever Holiday Mart sponsored by the Junior League of Kansas City.

“And that was really my big break,” Garrity said, “because when people saw my merchandise and saw the prices and everything, they started driving up to Atchison.”

But the Holiday Mart could have easily ended in disaster.

Garrity had invested in a big order of inventory that arrived two weeks before the show—and that came with net 30 terms. If the Holiday Mart hadn’t gone well, if customers hadn’t responded immediately, it could’ve been the end of her store.

“But I did it, and it worked,” Garrity said. “When I was younger, I backed myself into a lot of corners like that.”

Making Nell Hill’s successful has demanded hard work, but Garrity also is careful to note that she has benefited from some luck breaks, too.

Her business has been featured

by Forbes magazine, NBC’s “Today Show” and other national media outlets. It all started when a reporter from the Wall Street Journal wrote about the shop.

“He called us one day, and I thought he was selling subscriptions,” Garrity said. “He did this very lovely article. It was so amazing how many people came from that article.”

above // Julie Raven, manager, wraps

purchases for guests. inset // Bruce Douglas, head of visual design and Kristen Kurtz, designer, pour glasses of sparkling wine for guests.

These new customers drove from Kansas City, from Omaha, and increasingly, Nell Hill’s welcomed shoppers from Texas and other parts of the country.

While Nell Hill’s still attracts national attention, Garrity now spends a good deal of effort creating her own content. She writes blog posts that are turned into a nationally syndicated newspaper column, and she has penned nine books on home decorating. That’s not counting

the store’s active presence on social media.

“When you’re in business,” Garrity said, “you’ve got to be able to be quick on your feet to change. Even before all this, I was always changing. I was always changing our looks, I was changing our style of doing things.”

‘TO ME, THAT’S SUCCESS’

What does future look like for Garrity? She has two goals right now.

“One, I want the store to be better and better because you’re only as good as what you’ve got in your store at the time and how it looks,” she said. “And I want to spend some time away.”

She and Dan always take a nice vacation every year, and she wants to make more time for more trips.

There may come a day when she’s ready to retire, but she still feels enthusiastic about coming to work.

“I don’t measure success by how much I’m selling,” Garrity said. “I would’ve felt just as successful if I had kept that little shop in Atchison and never done anything more than that—never had this store, never expanded into other stores, never done anything like that.

“Because if you’re happy and you love what you do, and you can eke a living out of that—to me, that’s success.”

James Hart is a freelance writer based in Kansas City.

SMART COMPANIES THINKING BIGGER®

27

SBA LENDERS

(By Marco Carbajo)

2017

6 Ways to Enhance the Power of Your Business Credit Profile business credit profile is the face that a company presents to lenders, suppliers, insurance companies, lessors and other businesses when they decide whether to extend credit or do business with that company. It’s used for setting terms on credit, loans, lease payments and insurance premiums, to name a few.

As a business owner, it’s essential to take proactive steps to improve your business’s credit profile. Once you are aware of what information is important, you can take the steps necessary to make an impact.

Here are six ways you can improve the strength of your company’s credit profile:

A

1

PAY BETTER THAN TERMS

The payment experiences other suppliers and companies have with your company have the greatest impact to your business credit profile. However, paying better than terms indicates that a company pays its suppliers a certain number of days in advance. For example, for a perfect Paydex Score of 100, a company needs to pay early.

2

ADD TRADE EXPERIENCES THAT ARE NOT BEING REPORTED

Are any suppliers and lenders that your business has been paying on a consistent basis not reporting on your business credit

profile? If that is the case, your business credit profile is not a true representation of all your company’s payment experiences.

Check and monitor your profile regularly to ensure that all your supplier and vendor relationships are reporting.

YOUR 3 UPDATE BUSINESS CREDIT PROFILE

The accuracy of the information being reported about your company is crucial.

Even minor mistakes in your profile can make it more challenging for your business to qualify for a line of credit or loan. The good news is the major business credit reporting

Nominations Open for 2018 National Small Business Week Awards

N

ational Small Business Week isn’t until April, but companies looking for recognition can get started now on award nominations.

Since 1963, the U.S. Small Business Administration’s National Small Business Week has recognized the outstanding achievements of America’s small businesses for contributions to their local communities and the national economy.

The next celebration is April 29-May 5.

The 2018 National Small Business Week Awards include recognition for the Small Business Person of the Year (one from each state), Small

28 THINKING BIGGER BUSINESS // December 2017

Business Exporter of the Year, Phoenix Awards for disaster recovery, federal procurement awards, Jody C. Raskind Lender of the Year, Small Business Investment Company of the Year and SBA resource partner awards.

Guidelines, criteria and nomination forms can be accessed online at www.sba.gov/nsbw/awards.

Nominations are due at 2 p.m. Jan. 9 to the SBA’s Kansas City district office, 1000 Walnut St., Suite 500, Kansas City.

All nominations must be mailed or hand-delivered—no electronic submissions are accepted.

agencies have processes in place to address disputes and correct errors on their websites.

YOUR DEBT FINANCING 4 KEEP RATIO AT A LOWER LEVEL

The extent to which your business uses debt to finance its operations is an important factor that impacts your company’s credit ability. Keeping debt at a lower level shows suppliers and lenders that your company is not overextended and therefore less likely to default.

MONITOR THE KEY FINANCIAL

5 INDICATORS IN YOUR REPORT

You can identify areas where your company can improve its performance and profile by seeing how it compares to other companies in its industry. Using financial indicators in your report is a powerful tool for evaluating your company’s performance.

KEEP YOUR CREDIT ACCOUNTS ACTIVE

6 The most powerful way to enhance

your business credit profile is to use your credit accounts regularly and make timely

payments. Building a strong business credit report is about demonstrating that your company can use its credit effectively when it needs it and that it can make timely payments when it borrows.

The fact is no one knows your business better than you do. You may have a business that is growing and profitable, but when it comes to getting business credit, what matters most is what is reporting on your business’s credit reports.

There’s no question that every small business owner should strive to attain a strong business credit profile. Although it takes time to establish payment history and overall creditworthiness, let these tips to enhance your profile serve as a guideline to help you build a solid profile.

Marco Carbajo is a business credit expert, author, speaker and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, SBA.gov, About.com, AllBusiness.com and his blog, BusinessCreditBlogger.com.

SMART COMPANIES THINKING BIGGER®

29

SBA LENDERS

2017

Top 25 SBA Lenders—FY 2017 RANKED BY THE NUMBER OF SBA-GUARANTEED LOANS TO BUSINESSES IN THE KANSAS CITY REGION.

Lender Name

FY17 Loan Number

FY17 Loan Dollars

US BANK

Cincinnati, Ohio

65

$9.6 M

57

$17.3 M

52

$16.9 M

39

$16.5 M

34

$24.5 M

28

$16.4 M

28

$5.7 M

26

$12.4 M

25

$8.7 M

24

$14.7 M

24

$5.4 M

20

$12.9 M

13

$2.0 M

Olathe, Kan.

12

$5.2 M

Lee's Summit, Mo.

11

$6.0 M

San Francisco, Calif.

11

$3.7 M

Kansas City, Mo.

11

$1.4 M

Salt Lake City, Utah

9

$4.4 M

Omaha, Neb.

9

$2.7 M

Festus, Mo.

8

$4.0 M

Wichita, Kan.

8

$4.1 M

8

$1.1 M

8

$0.6 M

BRANSON BANK

18

$4.1 M

FIRST BUSINESS BANK

Madison, Wis.

Springfield, Mo.

INTRUST BANK

BANK OF BLUE VALLEY

Overland Park, Kan.

$2.2 M

MIDWEST REGIONAL BANK

HEARTLAND BUSINESS CAPITAL

Overland Park, Kan.

13

FIRST NATIONAL BANK OMAHA

COMMERCE BANK

Kansas City, Mo.

Topeka, Kan.

CELTIC BANK

WELLS FARGO

Sioux Falls, S.D.

$4.3 M

COUNTRY CLUB BANK

ARVEST BANK

Fayetteville, Ark.

13

BANK OF THE WEST

GUARANTY BANK

Springfield, Mo.

Jefferson City, Mo.

SUMMIT BANK OF KANSAS CITY

UMB

Kansas City, Mo.

$17.6 M

BANK OF THE PRAIRIE

CROSSFIRST BANK

Leawood, Kan.

13

MID-MISSOURI BANK

RURAL MISSOURI INC.

Jefferson City, Mo.

Wilmington, N.C.

CAPTIAL CITY BANK

BANK OF MISSOURI

Perryville, Mo.

FY17 Loan Dollars

HAWTHORN BANK

OAKSTAR BANK

Springfield, Mo.

FY17 Loan Number

LIVE OAK BANK

SIMMONS BANK

Pine Bluff, Ark.

Lender Name

Branson, Mo. HERITAGE BANK OF THE OZARKS

17

30 THINKING BIGGER BUSINESS // December 2017

$5.1 M

Lebanon, Mo.

Job Creation, Retention Increases Among KC-Area SBA Borrowers LOCAL SMALL BUSINESS FINANCING TOTALS $347.7 MILLION

» 22 percent increase in 504 loan program borrowers » 7 percent decrease in 7(a) loans approved

rea borrowers from two guaranteed loan programs of the U.S. Small Business Administration reported creation of nearly 4,000 new jobs and retention of more than 8,000 jobs in fiscal year 2017.

In the federal fiscal year that ended Sept. 30, the SBA Kansas City District and Springfield Branch offices supported $347.7 million in loans through the SBA’s two largest programs, 7(a) and 504 loans.

Here’s a look at the numbers from FY 2017: » 851 loans approved » 3,947 jobs created » 8,106 jobs retained

The SBA’s 504 loan program funds longterm capital assets; 7(a) loans are the most common type of financing offered by the SBA. Both programs work through approved lenders. In the Kansas City-Springfield region, 137 lenders tapped the guaranteed loan programs in the last fiscal year.

The chart on page 30 lists the top lenders in the Kansas City District by number of SBA loans. Rural Missouri Inc., based in Jefferson City, made 34 loans and had the highest value of loans at $24.5 million. It is the only bank on the list with more than $20 million in SBA loans for the past fiscal year.

A

In FY 2017, 23 percent of SBA loans went to businesses in areas designated as rural.

Women represented 39 percent of SBAbacked borrowers, and loans to area startup businesses increased to 45 percent of all SBA-backed loans made.

Here’s a breakdown by industries receiving SBA-backed loans: Retail // 12 percent Accommodations and food service // 12 percent Miscellaneous services // 11 percent Professional and scientific services // 10 percent Construction // 9 percent Manufacturing // 9 percent

For more information about these and other SBA programs, visit the Kansas City SBA website at www.sba.gov/mo. Contact the Kansas City District Office at 816-426-4900 or email KansasCity_do@sba.gov.

Lending More Than an Ear. At Country Club Bank, we support the dreamers, the doers, the leaders, and visionaries, committed to propelling you, your idea and our community toward success. Create, plan, prosper, and join us in shaping Kansas City’s skyline. As a proud Small Business Administration preferred lender, let Robin and our team of professionals assist you on your financial journey.

Robin Wells SVP, Commercial Lending 816-751-9345

Member FDIC

816-931-4060 www.countryclubbank.com SMART COMPANIES THINKING BIGGER®

31

BIGGER | finance S M A R T

( by Nicole M. Eshnaur, CPA, CGMA, MBA )

S T R AT E G I E S

6 Tips for a Smoother Tax Season What should small business owners be focused on?

W

hile you started 2017 with the best of intentions to keep your financial records organized, you may find yourself scrambling to find receipts and other documentation to prepare your tax returns. All too often, it is accounts receivable that presents the greatest challenge.

32 THINKING BIGGER BUSINESS // December 2017

More than 70 percent of small businesses outsource their tax preparation, according to the 2015 Small Business Accounting Report.

Outsourcing does not eliminate the need to plan in advance. Here are six tips to help small business owners prepare for tax season.

Carefully Track All Your Business Expenses This might sound like a no-brainer, but everyone gets busy, and despite good intentions, recordkeeping can lag. If you have lost one or

1

more of your receipts, or they have become unreadable, don’t panic. You can still file your return. The IRS accepts the following records as proof of expenditures: bank statements, canceled checks and pay stubs. When you incur the qualified expense by credit card, the IRS requires a statement that shows the transaction date, the payee’s name and the amount you paid.

Remember, it’s always a good idea to enter your expenses, from entertainment and mileage to business trips and meals, into your

Use Accounting Software

2 Has your business missed deadlines and even faced penalties because you lack the time for proper reporting? Effective accounting software will help you track your accounts, expenses and payroll. According to the Small Business Accounting Report, QuickBooks remains the most popular software, especially with its Self-Employed offering, but many other effective software programs exist. CPAs can assist small business owners in selecting the appropriate accounting and recordkeeping systems that best fit their needs.

Defer Income

3 Deferring income into next year or

Fund a Qualified

4 Retirement Plan

If you are fortunate enough to have extra money in the bank, consider creating and funding a qualified retirement plan for you and your employees. If you only have a few or no employees, a Simplified Employee Pension (SEP) plan is optimal. With a SEP, you make 100 percent of the contributions. If you have more employees, SIMPLE IRA plans or 401(k) plans are great options. The costs associated with creating and administering the fund are typically tax-deductible.

Has your business introduced or improved a new product or process? If so, it may qualify for valuable research and development (R&D) tax credits. Businesses with less than $5 million in annual revenue can take the tax credit up to $250,000 against their payroll taxes, assuming they have employees engaged in R&D for five years. Be sure to check your state’s tax incentive programs.

You don’t want to pay more in taxes than you have to, so plan ahead—don’t wait until tax time.

Work with a Qualified CPA

6 Using a software program is a great start to getting your records in order. A CPA with expertise in working with small business clients can help ensure you are taking advantage of every tax incentive and deduction, as

o

well as keep you in compliance with the latest rules and regulations. You will also have the added assurance of knowing your taxes are prepared accurately and on time to avoid late filing penalties.

Keeping in contact with your CPA yearround allows for a smoother and more accurate income tax return process. And when your CPA is involved in your business throughout the year, she or he is better able to identify and implement income tax strategies beneficial to your business.

You don’t want to pay more in taxes than you have to, so plan ahead—don’t wait until tax time. For even the most careful business owner, tax season can be a nightmare. If you follow these tips, it doesn’t have to be.

Nicole M. Eshnaur, CPA, CGMA, MBA is a practice leader with MarksNelson’s Entrepreneurial Services group. She helps businesses to prepare their financial statements, plan for their tax situation, manage their cash flow and payroll needs, and forecast their future financial needs.

(816) 743-7700 // neshnaur@marksnelsoncpa.com // www.marksnelsoncpa.com

m a o n w i n e h the c t be

r? ente

accelerating expenses into this year can lower your tax bill. A business that uses the cash method can hold off submitting invoices, while a business using the accrual method needs to delay shipping their products or providing services.

Accelerating expenses by, for instance, buying new computer equipment or stocking up on office supplies can also lower the current year’s tax bill—although the equipment must still be placed in service before the end of the year.

Deferring income or accelerating expenses only makes sense if a company’s tax rate is projected to be the same or higher, in the coming year.

Advantage of Tax 5 Take Incentive Programs

Want t

accounting system as you go. Mobile apps are also available to make the process easier and accessible at the time the transaction occurs. A good business practice is to include detailed notation, such as business purpose and attendees, to support your expenses with documentation should you be audited.

Each month, female business owners come together to help each other troubleshoot issues in a roundtable forum. Be the woman in the center, or be part of our solution team. Join today.

www.NAWBOKC.org nawbokc@gmail.com Sign up for our next Troubleshooting Event on Facebook @NAWBOKC

SMART COMPANIES THINKING BIGGER®

33

BIGGER | hr S M A R T

( by Janet Smith )

S T R AT E G I E S

Transform Your Employees Into Ambassadors Some of the best advocates for your business are the people who work for you.

E

very business owner wants (and needs) employees who are reliable and trustworthy, productive and accurate, interested in their work, pleasant to be around, concerned about customer satisfaction, loyal and focused on the company’s success. Let’s call them golden employees because they are worth their proverbial weight in gold.

Golden employees typically have healthy levels of emotional intelligence, and the maturity and professionalism necessary to perform well under most conditions, for most employers. They have an intrinsic desire to work hard and do their best.

Perhaps most importantly, these top-notch employees offer their employers something 34 THINKING BIGGER BUSINESS // December 2017

incredibly valuable: the potential to become company ambassadors. Ambassador, in this sense, describes employees who are such avid fans of the company they work for that they frequently sing its praises to customers, family, friends and others.

Employees who become ambassadors are worth their weight in platinum. They’re one of the best marketing resources a company can have, and they’re rather rare. According to Gallup’s 2017 State of the Workplace Report, 70 percent of Americans aren’t engaged in their jobs. The unengaged complain about their jobs to anyone who will listen, including customers. So it’s a big deal when employees spontaneously brag about their work and workplace to customers and anyone else they might encounter, both on the clock and off.

The honest, unscripted positivity of company ambassadors is a valuable endorsement that boosts both a company’s reputation and its bottom line.

As noted, golden employees do what they do because excelling is innately rewarding to them. Turning them into ambassadors, however, is an extrinsic thing. Employees can’t become ambassadors by being asked to do so, or by having that role added to a job description. Employees become company ambassadors when they are inspired to do so.

Here are some critical sources of that inspiration.

1. Employees Are Inspired When They’re Treated Like Owners Open the books, share concerns about the business and the industry, and seek their suggestions and feedback. The collective brain trust of employees is astronomical, yet leaders far too infrequently view employees as the valuable resources that they are. Let employees try doing things in a new way, and if it doesn’t work, encourage them to learn from the experience and keep moving forward.

When profitable, recognize and thank your stellar employees with a bonus.

2. Employees Are Inspired When They Feel Trusted Treating them like owners will get the ball rolling. Keep it going by empowering workers to make decisions, broadening their scope of empowerment as they earn it. Intelligent, dedicated employees become apathetic when required to get the boss’s OK before taking action to satisfy a customer. Employees also feel trusted when they have autonomy, aren’t micromanaged or secondguessed, and receive challenging work and new responsibilities.

3. Employees Are Inspired by Energizing Work Employees who become ambassadors find their work challenging. They’re engaged and engrossed, and time flies by.

Ask employees to list both the responsibilities they enjoy and feel they do best, and those they dread or find boring. Find ways to maximize the time they spend doing what they love and do best.

Holiday Parties and Liability— How Not to Suck the Fun Out of Your Event The holidays are coming, and it’s an opportunity to show your employees a good time at the annual celebration.

But, you run the risk of liability when alcohol is involved in your festivities. If your employees are at a companysponsored event and end up getting hurt, or worse, as a result of alcohol, it’s entirely likely that the burden of liability will fall squarely on your shoulders. Here are a few ways to limit liability:

• Not every good time has to involve dinner, drinks and dancing. Great teambuilding can happen around a fun lunch. Then, release everyone to go finish their shopping.

• If you include alcohol, consider providing drink

tickets. If you have a 5-hour event and you’ve provided 2 drinks, then the liability for drinking more is somewhat shared by those who consciously decide to indulge.

4. Employees Are Inspired When They Receive Frequent Feedback Employees who do a good job need to hear this, often. And when an employee makes a mistake or uses poor judgment or otherwise falls short of expectations, a calm, constructive oneon-one conversation should take place within a few days. Bosses who wait for formal review time to pay a compliment or discuss a problem don’t inspire their employees. Top performers in particular thrive on frequent feedback. Schedule one-on-ones at least every few weeks, even for 15 minutes. Employees who become ambassadors know where they stand with their employer.

• Inviting spouses or significant others usually cuts

5. Employees Are Inspired by Great Bosses Golden employees will only transform into company ambassadors if they have a great boss, whether the boss is a company owner or someone else. Great bosses are aware of Points 1-4 above. Plus, they communicate clear expectations, gladly answer questions, provide excellent training and make employees feel genuinely appreciated. Outstanding bosses have a sense of humor, don’t take themselves too seriously and take employee concerns very seriously. They hold everyone accountable, develop cohesive teams and don’t tolerate toxic or underperforming employees.

Employees with the potential to become ambassadors don’t expect perfection, but they do expect their leaders to treat them with respect and kindness, and to listen and have empathy. With enough of the right elements in place, many employees, over time, transform into ambassadors. Those who do feel valued, significant and proud to be a part of something exceptional. These platinum employees are walking billboards, shining a positive light on their employer and its products or services. When companies inspire their employees to be ambassadors, everyone wins!

This is one of those areas where an ounce of prevention equals three tons of cure. If it sounds over-the-top to be this acutely aware of your responsibilities, consider the morale and liability issues that would ensue if something tragic happened. It’s not a holiday gift you’d ever want.

Janet Smith is a workplace culture consultant through her company, The Power of Goodwill. She conducts employee morale assessments, facilitates high-energy workshops and provides training and coaching to bosses at all levels.

down your exposure from the types of behaviors that can create liability and embarrassment for you and your company.

• Stay sober and coherent until the end of the event.

Make sure that folks leaving your party are safe to drive. If they aren’t, insist they get a ride home, or call a cab or Uber for them. Do whatever it takes. If you can afford it, pay for their ride home. It’s your event and it’s a small price to pay for making sure your people make it home safely.

Have questions? You know who to call.

When you have an employee issue, you need a professional answer right away. The HR Help Desk is ready 24/7 to answer your tough HR questions.

Give us a call at (855) 474-2836 to find out how to subscribe to get real-time solutions and guidance for your HR challenges.

855.474.2836 | thehrhelpdesk.com

(816) 588-6400 // www.ThePowerOfGoodwill.com SMART COMPANIES THINKING BIGGER®

35

BIGGER | marketing S M A R T

( by Darryl Mattox)

S T R AT E G I E S

Finding the Right Media Mix for Your Small Business You have a world of options for reaching customers.

6 Pay-Per-Click // Use targeted keywords and phrases from your SEO strategy. Don’t compete with yourself.

M

7 Pay-Per-Lead (PPL) // Develop standards for lead validity, and have a good sales process to work the leads. Remember that optimization is king.

arketing has changed dramatically in the last five years, and a 360-degree approach to marketing should include all traditional and digital formats.

Still, everyone wants to know how to be successful. What’s the right mix of marketing channels and strategies?

Of course, the first question you must answer is how you measure success. Until you define that, there can’t be an effective plan.

But, once you understand your goals, use the following strategy as a building block to help develop a strong marketing mix.

1 Referrals // These are often the highest-

converting inquiry source. Incorporate referrals into your everyday marketing strategy.

2 Website // This goes beyond design because pretty doesn’t necessarily produce profits. Ensure the back-end is built for optimization.

3 Search Engine Optimization (SEO) //

Optimize on a daily basis to understand how people are getting to your brand. Increase your traffic and conversions with well-written landing pages.

4 Remarketing // You have qualified leads under your nose, so sniff them out. Manage and clean your database monthly.

5 Broadcast, Cable and Streaming // Viewer

programing is still the best way to reach the mass audience. Diversify your purchase, and rotate your strategy to maximize reach.

36 THINKING BIGGER BUSINESS // December 2017

8 PPL Optimization // Implement an inquiryscoring approach to increase conversion.

Allocate appropriate time and manpower to these big data analytics.

9 Social Media // Gives weight to SEO and PPC efforts. Understand the channels your audience uses, and be committed to manage the network daily.

10 Print // Engaging creative will ideally fit the publication’s genre. Negotiate for position, frequency and added value such as free color or size upgrades.

Avoid Sabotaging Your Marketing’s Impact The “marketing funnel” has truly grown, and that has a lot to do with new technology. Brands are now better at reaching their audience with targeted messages specific to individual needs and wants. Understanding all aspects of the customer journey is important but often requires a shift away from fragmented marketing toward a more integrated approach.

Having one holistic view on digital and the more traditional media channels, such as television, print and radio, can increase response in every channel.

Each channel should enhance, not sabotage, your overall marketing mix. For example, if

you have a social program but lack optimized landing pages on a user-friendly website, then you’re throwing away money. Figuring out how to measure each channel’s impact on your bottom line is key.

Budgeting in a Direct Response World It takes, on average, seven to 12 touchpoints before a prospect becomes an inquiry—these come from three or more channels on average.

As a rule of thumb, while running a direct-

Marketing Attribution

43%

42%

15%

Transferred to Online Transferred to Brand Awareness Transferred to Recorded as Primary

response strategy, allocate 10 to 20 percent of your budget to branding and broad-based media. Define targeted media for direct response or immediate action.

According to a recent Gragg Advertising Attribution Study, 57 percent of leads generated by traditional media are not attributed to the originating source. So where are your offline leads coming from? You can understand and track attribution through a variety of methods such as dedicated phone lines, landing pages

and dropdown menus for each media source.

The following image illustrates the attribution effect across channels.

Find What Supplements Your Marketing Show some creative flair as you move through testing new channels. Direct mail has a high cost-per-lead but can be highly effective if used with emailing. A print strategy delivering a well-defined target within

relevant content provides awareness, impact and helps drive interest for prospects who want to try out your product or service.

Radio typically produces a high cost-per-lead but still drives strong brand awareness.

Have fun with your commercials to break the clutter. Outdoor ads should be dynamic to grab attention, with a rotation of design every 90 days.

Successful marketing is no longer predicated on interruptions or buying power dictated by large budgets and purchased views. Consult with your marketing team to further analyze strategies behind your marketing mix that work.

Remember, effective direct response marketing goes beyond ROI. It moves your audience to get involved.

Darryl Mattox is president and COO of Gragg Advertising, a full-service direct-response marketing agency and Premier Google Partner. dmattox@graggadv.com // www.graggadv.com

SMART COMPANIES THINKING BIGGER®

37

BIGGER | growth S M A R T

( by Susan K. Spaulding )

S T R AT E G I E S

What’s Next for You and Your Small Business?

A three-step plan to recalibrate for exciting new growth.

S

mart entrepreneurs realize they always have to keep thinking about what’s next, both for themselves and for the companies they lead. Otherwise, they won’t be ready for the next big opportunity that comes their way.

But it’s so easy to get worn down by the daily grind of running a business, to lose focus.

Get too comfortable with the way things are, and pretty soon, growth starts to stagnate or even decline.

If you feel like you’re sliding into the danger zone, it might be time to recalibrate and engage in some “what’s next” planning. Here’s a three-step plan for getting back on track.

Recalibrate Recalibrating can involve a modest adjustment to what you’re currently doing,

1

38 THINKING BIGGER BUSINESS // December 2017

or it can be a sweeping change. It means encouraging disruption and examining what was and what is, then readjusting for what can be.

It all starts with understanding where you are today. Knowing what matters to you, your business, your workforce and your customers is fundamental to laying the groundwork for what’s next.

You can accomplish this by: » Paying more attention to what your competitors are doing. » Talking to your customers and listening to what they’re saying. » Examining your customers’ behavior by identifying what makes them an ideal customer for you, i.e., what are they buying from you, how often are they buying, when are they buying and how much are they buying. » Talking to your front-line people and finding out what they hear, say and do.

With this intelligence, you can create “what’s next.”

Differentiate

2 The next step is to set your company apart from its competition.

People have lots of choices today. Customers are not limited to the neighborhood market— they can buy from around the world. So, if you don’t have a point of difference, you will be invisible.

One way to differentiate is by offering something that competing businesses do not.

You can innovate your product, your service or your attitude.

For example, if you’re an insurance company, you can be friendly, personable and easy to understand. That’s different!

If you’re a cellphone company, you can throw out the dreaded contracts, make it easy to transfer content and have accessories that actually work.

If you’re a fitness center, you can be centered on the fitness goals of the client rather than the latest, greatest promotion … unless it’s a promotion that adds value to the relationship you have with your clients.

Of course, that means you have to have a meaningful relationship.

To create what’s next, you have to break the existing mold.

3 Engage You’ve done your research and recalibrated how you look at your business. You’ve come up with exciting new ways to differentiate your company. There’s just one thing left to do: engage.

Engagement starts with you, the entrepreneur. If you don’t believe in what’s next, if you don’t have passion for this new path, no one will follow.

If you are engaged, you can engage other people—rally them to serve as your advocates.

This can include your management team, your

workforce, your customers, your suppliers— anyone who is part of your organization’s circle of influence.

Engagement involves listening. Ask for feedback. Ask for ideas. Work together to find new solutions. If there’s collaboration, there’s engagement. If there’s engagement, you’ll sell more, enjoy stronger relationships with clients and have a team that is committed to your goals and interests.

But again, it all starts with you. Are you ready for what’s next?

Burnout is one of the top three reasons companies are facing a significant exodus of people—not just among rank-and-file, but among the leadership, too. Maybe you’re tired of what you’re doing and how you’re doing it.

While burnout is a real concern, it’s hard for many business owners to break loose.

Your identity is tied to the business, and you probably haven’t thought about yourself as an individual for a long time.

If you take the time to consider what matters to you and what you might want to do, why you want to do it, how you want to be perceived and how you want to connect with others, you’ll uncover exciting possibilities for yourself and your company. Maybe it means acquiring another company, inventing a new product, giving back or preparing to hand off your company.

Just remember that recalibrating is not a one-and-done event. It’s an opportunity to experiment and readjust and, importantly, it’s a continuous action.

Susan K. Spaulding is an author, speaker, facilitator, researcher, strategist, consultant and coach. She works with businesses and leaders to take inventory, uncover the possibilities and navigate a path forward. susan@susankspaulding.com // www.susankspaulding.com // Twitter: @susankspaulding // LinkedIn: www.linkedin.com/in/susankspaulding

Commercial . Industrial Data/Comm Design Build Utility . Prime MO: 909 Troost, KCMO 64106 KS: 3236 N. 7th St, KCKS 66115

816-842-7023 www.markone.com

SMART COMPANIES THINKING BIGGER®

39

BIGGER | law S M A R T

( by Sheila Seck)

S T R AT E G I E S

Owners should use the following strategies to optimize the value of their business before trying to sell it.

1

Get an early start. // Preparing for

a sale takes time. Ideally, an owner should spend one to three years prior to the sale getting the company ready, although with the assistance of an adviser, this may be done more quickly. Owners should focus on business valuation drivers such as sales growth, product offering, management team and profitability.

Assemble your team. // Gather a group

2 of talented professionals to help with

the sale. A business owner will need a CPA, a tax adviser, a business lawyer and a mergersand-acquisitions adviser. Each of these professionals brings different skills to assist in a sale.

The team should help prepare due diligence materials, develop a buyer profile, structure the deal to minimize tax consequences and, most importantly, meet the business owner’s goals.

Establish long-term contracts. // Buyers

3 find dependable cash flow attractive in

8 Ways to Maximize Your Company’s Sale Price Failure to prepare could lead to a lower price—or no buyers at all!

S

mall business owners often exit their businesses through a sale of the company.

Unfortunately, many companies suffer from poor exit planning, leaving sellers discouraged when they go to market.

40 THINKING BIGGER BUSINESS // December 2017

Sellers who have inconsistent revenues, weak strategic plans, inaccurate financial records and a declining client base will find their companies either fail to attract any buyers or sell at discounted rates.

a company. This could come either in the form of recurring revenue or long-term contracts.

If possible, business owners should develop contracts that have terms of one year or longer and do not require the consent of the customer to transfer the contract to the new owner.

Develop a strong brand. // A strong brand

4 and community awareness are distinct

assets for a business and are part of the business’s value. Examples of assets affecting brand and value include copyrights or trademarks, patents, proprietary mailing lists, long-term contracts, a loyal customer base, a well-recognized name and a perception of quality.

Build a strong team. // A company has

5 little value if the business is centered

around the exiting owner. An owner should build a staff of key employees who have client relationships, technical expertise, knowledge of business operations and an ability to work independently from the owner. The owner should also consider offering incentives to key employees to stay through a transaction and for a period with the new owner to provide stability to the business.

Sellers who have inconsistent revenues, weak strategic plans, inaccurate financial records and a declining client base will find their companies either fail to attract any buyers or sell at discounted rates.

attract sophisticated buyers. This adviser takes on most of the work related to the sale, so the business owner can focus on growing the company.

Putting It All Together

Organize financials. // Buyers want to see

6 a company’s financial data in electronic

format. Unorganized and inconsistent financial data may scare off potential buyers. For a small, privately held company, a buyer may not require audited financials, but a buyer will expect to see three to five years of wellorganized financial data that has been reviewed by the company’s CPA or accountant.

7

Clean up outstanding issues. // Clean up

any lawsuits, threatened lawsuits, insurance claims, warranty claims, supplier issues and HR issues before putting the company up

for sale. Most buyers won’t accept a company with any significant outstanding problems or will significantly discount the company’s value. Not cleaning up these issues may suggest to a buyer that the company is not well-managed.

Develop a sales strategy. // A mergers-

8 and-acquisitions specialist or adviser can help a business owner market the business.

This person will work with the business owner to develop a buyer profile and business description report to attract buyers. The adviser will also justify the asking price and

If you are thinking about selling your company, act now. You need adequate time to prepare for a transaction, and poor planning and execution of the sale process will likely result in a significantly lower sales price.

Planning ahead can allow you to reap a significant increase in the value of your business.

Sheila Seck is the founder and managing partner of Seck & Associates, a law firm specializing in mergers and acquisitions, startups, corporate counsel, technology, intellectual property, securities and private equity. www.seckassociates.com

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SMART COMPANIES THINKING BIGGER®

41

SCALEUP! KC

JOHN CRUM CLEANING

( by Dawn Bormann )

Cleaning Up Processes For Growth

BY TAKING TIME TO BUILD SYSTEMS, JOHN CRUM ACCELERATES EXPANSION.

B

ack in 2012, John Crum launched Crum Cleaning with little more than his hatchback, all-natural cleaning supplies and a small roster of clients.

It was a humble startup with Crum as the sole employee. But the residential and commercial cleaning business has grown considerably in five years. Crum has a staff of six and a large enough client base to keep his cleaning teams busy six days a week. It’s 42 THINKING BIGGER BUSINESS // December 2017

allowed Crum to net small financial gains each year.

Still, Crum knew he could achieve more.

It’s why the entrepreneur turned to ScaleUP! Kansas City this year to grow his business. Crum knew he needed help to increase revenue and achieve a dream of moving the business out of his home and into a commercial facility.

The free program, which is offered by the UMKC Innovation Center and U.S. Small Business Administration, offers classes, peer mentoring, professional guidance and more.

It’s open to businesses operating in a market capable of supporting more than $1 million in annual sales.

Crum knows he has the capacity to fulfill that financial mission, but he had hit an entrepreneurial hump. ScaleUP!, he said, has proven to be one of the best decisions he could make for his business.

He’s already begun making plans to move his business this spring. He credits ScaleUP! with providing the push he needed to make the leap.

Crum was surprised how connected he felt among the diverse ScaleUP! entrepreneurs. Crum went in thinking his business challenges wouldn’t apply to others.

“We all have very different businesses and very different backgrounds, but it was just so surprising how common the issues are,” he said.

SPONSORED CONTENT

“Sometimes we don’t see the value in things because all we think about is the moment. You have to think about what it’s going to bring to me tomorrow.”

Regardless of the industry, he learned, every entrepreneur at ScaleUP! understood and could offer advice, be it for retaining high-quality employees or setting up sound business plans.

One of the biggest lessons he learned from ScaleUP! advisers came early. It was a simple concept of writing down every business process. For Crum, that meant better utilizing an iPad application that he had already been planning to use.

ScaleUP! experts showed Crum why spelling out every task was critical if he was going to be able to step away from day-to-day cleaning and work on business growth.

The application allows Crum’s staff to maintain his attention to detail. If a client wants the blinds left at a precise angle, Crum remembers it. That detail—seemingly small—is exactly the type of element that

Crum feared would be overlooked if he’s not on the job. But, he said, ScaleUP! experts helped point out that he can use the app and other tools to curb that problem. The app allows staff to post pictures of customer preferences in their account.

ScaleUP! experts also urged him to address his biggest challenges. For Crum, it was often things like equipment maintenance. If one staff member didn’t clean the vacuum properly, no one knew until it broke down. It caused considerable time lost. Again, ScaleUP! advisers reminded him to spell out assignments for staff and make everything routine.

Since ScaleUP!, Crum has slowly stepped away from daily cleaning, and customers say his product hasn’t slipped.

“I know that he values his reputation, so he’s not going to let somebody work for him that’s not going to uphold those values that he has,” said Amy Boren, longtime customer.

By stepping away from the day-to-day work, the ScaleUP! classes showed Crum how he can focus on the bigger picture.

ScaleUP! advisers put pressure on Crum to set goals and focus on daily steps to carry out his mission.

“You want to build a better social media presence? Well, that’s not going to happen if you don’t take the time to build those posts,” he said.

ScaleUP! also showed Crum that he needed to focus on leadership. Employees need to understand his plan and their role in that strategy. Since taking the classes, Crum has changed his interactions with employees.

He regularly talks with staff and includes his four success rules—show up, be aware, work hard and take responsibility.

“I’m using language that talks about our vision,” he said.

Hiring the right employees was something ScaleUP! advisers thought was critical, too.

“We’re hiring around the $10 price range,” Crum said. “The biggest problem is showing up.”

ScaleUP! experts pushed Crum to think about his employment package differently.

How else could he stand out?

It pushed Crum to find an Affordable Care Act adviser that his employees could speak to about health care. He’s also started networking with other entrepreneurs to find more unique avenues that could help retain high-quality employees.

Starting in January, Crum will sit down with all of his employees to hear their goals.

Perhaps there will be creative ways for him to help them achieve personal success, too.

ScaleUP! also encouraged him to make his next location accessible to transit.

“It’s got to be on the bus line,” Crum said.

Crum encourages other entrepreneurs to think about ScaleUP! and not be intimidated by the short-term class commitment.

“It is a big commitment, but the thing is, you’ve got to look at the long-term picture,” he said. “Sometimes we don’t see the value in things because all we think about is the moment. You have to think about what it’s going to bring to me tomorrow.”

Dawn Bormann is a freelance writer in the Kansas City area.

ENTREPRENEUR

John Crum COMPANY

Crum Cleaning 816-616-6266 www.crumcleaning.com Crum Cleaning provides full-service cleaning for commercial and residential properties.

ARE YOU READY TO SCALE UP?

ScaleUP! Kansas City—a free program for KC small businesses—is looking for companies that want to supercharge their growth.

Learn more at www.scaleupkc.com

SMART COMPANIES THINKING BIGGER®

43

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44 THINKING BIGGER BUSINESS // December 2017

SPONSORED CONTENT

THE HEISENBERG’S

Roll It!

ADDING VIDEO TO YOUR MARKETING PLAN CAN BE A POWERFUL TOOL FOR MOVING YOUR COMPANY FORWARD. popularity is surging: 78 percent V ideo of people watch videos online each week, and 55 percent watch them online every day. More video content is uploaded to the web in a month than television has created in the last 30 years.

That shouldn’t come as a surprise, considering that video is everywhere. It’s on YouTube, Facebook, a growing number of company websites, emails, social media and a host of other platforms.

So, the question is: Can your customers find your company through video?

If you’re not taking advantage of video, it’s time to consider adding it to your marketing plan. Here are the Top 6 reasons that more and more companies are incorporating a video strategy.

BUILDS STRONGER 1 VIDEO EMOTIONAL CONNECTIONS. You know the adage: People buy from people they know, like and trust. Video involves more of our senses and creates greater emotional bonds— which are essential for building long-term, trusting relationships.

SEARCH ENGINES LOVE VIDEO. 4 Comscore, a company that measures and analyzes media, reports that adding a video to your website can increase your company’s chance of landing on the front pages of Google results by 53 times. Because sites with videos tend to keep people on the site longer, the search engines read that as a sign your site has good content—and you may be rewarded with a boost in the rankings. Of course, you also need to optimize the video with keywords and add appropriate links.

VIDEOS ARE ACCESSIBLE.

5 Tools for producing videos and

platforms for viewing videos are becoming more accessible and affordable. Even SmartPhones can be used to produce videos that are suitable for certain purposes. And from an audience standpoint, the rise of SmartPhones has made video more accessible on mobile devices, delivering an even larger audience.

ARE GREAT 6 VIDEOS FOR CONVEYING A VARIETY OF MESSAGES. There’s a video format for most types of content you’re likely to need as a business: “explainer” videos, promotional videos, animated videos, videos that tell a story, interactive videos, video ads, videos for email and more. Each can help you accomplish specific goals.

VIDEO BUILDS HIGHER ENGAGEMENT. 2 The Content Marketing Institute reports that audiences are about 10 times more likely to interact with—share, embed, and comment on—video than with other types of content. And, in a 2016 study released by Wyzowl, 76 percent of users said they would share a company’s video if it was entertaining.

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46 THINKING BIGGER BUSINESS // November 2017

EQUITY BANK NAPKIN STORIES

WHOLESALE TRUCKS OF AMERICA

SPONSORED CONTENT

Understanding the Power of Purchasing

“Having a relationship with a bank like I have with Equity Bank, and specifically Larry Hillier, has been another key to our success. We’ve had a very harmonic relationship. I can’t say enough about having somebody in your corner so you can pay for what you’re buying,” he said.

Hess, founder of Wholesale A lTrucks of America, gives his staff

He said the reason the relationship has been so strong is that he has no hidden agenda. “I’m very open, very honest, and do what I say I’m going to do. I think when you set that up with the person who’s going to be your finance arm, whether it’s a bank or an individual—and again I go back to reputation—the relationship will be successful.”

the leeway to make most decisions. There’s one area, though, where he won’t let go of the reins: purchasing.

“I control the purchasing, so I know what we’re doing,” said Hess. “I monitor the purchase side more than I monitor the sales side. I give my employees the freedom of selling trucks as long as they sell them at a profit.”

Purchasing is a skill that Hess honed as a youth. His father, who was a cattleman, would give him “some leash” when they went out to buy cows.

“I would get to make those decisions, and my father would take a percentage of my buys when we sold them.

I learned early on what being entrepreneurial meant,” said Hess.

FROM CATTLE TO TRUCKS Hess did well in the cattle business as a kid, but the trucking industry is where he’s made his career.

He started with Arrow Truck Sales in Atlanta and then transferred to Kansas City, where he worked as a wholesaler for the company. He decided to start his own business in 2001 when Arrow sold to a larger organization.

“When that happened, I decided to go out on my own and do what I was doing, but do it for myself,” said Hess.

DRIVING A BUSINESS Wholesale Trucks of America is a used truck wholesale dealer—working primarily with Class 8 tractors—that buys from fleets that are trading their vehicles.

“A lot of dealers only like to handle their own brands, so if someone trades in ‘off brands’, we purchase those and resell them

to dealers across the United States,” said Hess.

Besides closely guarding the purchasing side of the business, Hess says WTA’s reputation in the industry has been critical to the company’s success.

“Everything we do, we very sincerely attempt to do on a first-class level,” he said. “We have our trucks inspected prior to purchasing them. Then we send those inspection sheets out to our prospective customers so they can see the bad as well as the good and know what they are buying. You can spend all the money in the world on advertising, but you only have one reputation to spend. We’ve been very conscious of that.”

Hess wants to ensure the used truck industry has a solid reputation too. He’s been involved in the Used Truck Association since its founding.

“We were very passionate about putting together an organization that held people to a certain standard, improved the reputation of the used truck dealer and provided education for the new people starting in our business,” he said.

A LONG-HAUL BANKER Hess stresses the importance of working with a banker that is with you for the long haul.

Hess leaves open the possibility that his two sons, who are also involved in trucking with other companies, may someday join the business.

“Whether they want to come back, where we go from here, that’s still up in the air,” he said.

In the meantime, with Equity as a partner, Hess plans to continue to grow the business, keeping it moving down the road.

SHARE YOUR NAPKIN STORY

Some of the most amazing business stories started as an idea scribbled on a napkin.

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Equity Bank is a full-service community bank with offices in Kansas, Missouri and Arkansas. Our group of bankers are experienced with businesses from small to large.

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To share your napkin story, get in touch at marketing@equitybank.com or (913) 323-9300.

Visit: Equitybank.com/napkin-stories

SMART COMPANIES THINKING BIGGER®

47

48 THINKING BIGGER BUSINESS // December 2017

BIG | talk

» The BIG thinkers

behind the BIG ideas. »

Rocky Romanella Author, speaker, consultant KELLY » You credit your father with

giving you some essential pieces of advice. What are they?

ROCKY » My dad told me two things

when I started at UPS that helped me throughout my career. One was: “Whatever they ask you to do, say yes and thank you.” And the second was: “Learn your job and learn some more. Whenever you think you know everything there is to know, that’s the day you’re going backward.”

That leads me to a leadership principle that I think is so important today: It’s important for you to believe in your people until they are ready to believe in themselves. UPS believed in Rocky Romanella way in advance of me believing in myself. They bridged that confidence gap until I got to the point where I started to have some successes in each new opportunity they presented to me. I think that same thing happens to entrepreneurs, where they start a business and there’s someone that needs to believe in them. Who is it that supports that entrepreneur? It’s probably their family, it’s another small business owner, it’s someone they trust and value who says, “Hey, I think you can do this.”

KELLY » Why did you start

3SIXTY Management?

ROCKY » It gave me an opportunity

to leave a legacy. To me, it’s all about legacy as a leader. Do you leave it a little better place than you found it? Are people better because of their time with

you? Are your customers better because of their interactions with you? And I feel like this company 3SIXTY gives me that chance to help people.

KELLY » What was your inspiration

for “Tighten the Lug Nuts”?

ROCKY » I noticed loose lug nuts

on a vehicle as I walked through a facility. I pointed it out to a supervisor along with some additional items that he believed to be very important. Those lug nuts at that point were important to tighten up, and when he didn’t stop and do it, now they became urgent. You can only juggle so many urgent things. So, the lesson is: Don’t let important things become urgent. If you think about business and life, we do that all the time. When people allow important things to become urgent, they can only handle so many urgent things, and that’s when they get overwhelmed.

KELLY » Why do you use a fictional

character in your book?

ROCKY » I’ve always believed that

my responsibility as a leader is

to challenge people to go beyond that first right answer and be the best they can be. But that challenge can sometimes make a person defensive. I always felt like if you didn’t have enough confidence yet, the challenge may defeat you a little bit instead of being taken as constructive criticism. So many years ago, I developed this character named Joe Scafone. And I’d run things through this character as my way to challenge people to not stop at the first right answer. It was a way that we could smile and have a joke about it but not make people feel like they didn’t have a good idea. Joe Scofone became the character that allowed me to challenge people to do their best.

That’s what separates very good ideas from excellent ideas. You go right past that first right answer.

KELLY » What new lessons did

you learn after working for a big company—UPS—and then going out on your own?

Rocky Romanella is an author, speaker, and founder of 3SIXTY Management Services. Romanella began his 36-year career with UPS as a part-time loader and unloader, eventually working his way up to become the president and general manager of UPS Supply Chain Solutions. After retiring from UPS, he went on to become CEO of UniTek Global Services. His book “Tighten the Lug Nuts: The Principles of Balanced Leadership” explores how a true leader can add value as a trusted adviser, mentor and visionary.

entrepreneur. You’re all excited about your business plan, about the company you want to create and you have a vision of what that company’s going to look like. But you have moments where it’s just not coming together, right? You have to learn to take yourself through those peaks and valleys, not to let your highs get too high or your lows get too low. Especially when you get down, don’t get that defeatist attitude because your people are watching you. Your customers see what you do, too.

Everything you do speaks.

To listen to the full interview, scan the QR code or visit theRadio Archives of www.iThinkBigger.com

ROCKY » The hardest part is gener-

ating your own confidence as an SMART COMPANIES THINKING BIGGER®

49

BIG | shots

KC’s Got Talent Winners Talented businesspeople competed Nov. 9 at KC’s Got Talent, a fundraiser for Women’s Employment Network.

Pictured, from left, are: LaQuisha Harvey, People’s Choice Award winner; Darron Story, emcee; Amanda Hughey, first place; and sisters Shauna Huntington and Casie Nelson, second place. (Photo courtesy of J Robert Schraeder Photography)

KCK Women’s Executive Network KCK Chamber Women’s Executive Network put on its last event of 2017 on Nov. 7 at Amigoni Urban Winery in the West Bottoms. From left, Valerie Mussett, 2017 Chairwoman of the KCK Chamber Board of Directors, and Margaret Steele pose with guest speaker Lynn Parman, CEO of the American Royal. (Photo courtesy of KCK Chamber)

Global Entrepreneurship Week Chris Goode, founder and CEO of Ruby Jean’s Juicery (left), poses with two Global Entrepreneurship Week attendees Nov. 13. Goode was a panelist for an event called Take Flight during the 10th annual GEW festivities. (Photo courtesy of Valerie Hird, KCSourceLink)

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