Wichita Business Magazine Spring 2023

HALL OF FAME

DEEPLY ROOTED IN CREATING BEAUTY

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The Elders have greatly expanded from their initial sawmill and woodworking shop and you-pick summertime blackberry farm into two locations in Wichita.

THE POWER OF STORYTELLING FOR YOUR BUSINESS

Angela Breer of Dot Strategies talks person-to-person strategies and storytelling as a priority for your brand.

WICHITA BUSINESS HALL OF FAME

Get to know this year’s Junior Achievement Wichita Business Hall of Fame Laureates: Jill Hattan, Todd Lair, Larry Fleming and Ron Draper.

THE AUCTION ADVANTAGE

Kevin Howell of J.P. Weigand & Sons shares signs that indicate you should consider doing an auction.

CREATING HARMONY

Family businesses, Slide Out Shelf Solutions and Creative Closet Concepts, become Harmony Home Concepts to provide whole-house functionality.

FORWARD VISION

BKD CPAs & Advisors and Dixon Hughes Goodman joined forces to become FORVIS. Managing Partner Steve Webb, who is taking over for the retiring Bill Pickert, shares their forward vision.

PLANNING FOR FINANCIAL INDEPENDENCE

Martha Linsner with the Trust Company of Kansas shares strategies to help you plan for retirement to ensure your financial independence.

LEGISLATIVE PRIORITIES FOR BUSINESS IN KANSAS

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CONTRIBUTORS

PUBLISHER & EDITOR

Tara Dimick

CREATIVE DIRECTOR & DESIGNER

Danielle Smith

SALES DIRECTOR

Braden Dimick

braden@wichitabusinessmagazine.com

316-706-0178

COVER PHOTOGRAPHER

Fernando Salazar

CONTRIBUTING WRITERS

Amy Geiszler-Jones

Kim Gronniger

MeLinda Schnyder

Eric Smith

CONTRIBUTING PHOTOGRAPHERS

Tim Davis

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Aaron Patton

Fernando Salazar

CONTRIBUTING EXPERT

Angela Breer

32

Alan Cobb

Kevin Howell

Martha Linsner

Toni Porter

Gabe Schlickau

34

Eric Stafford

MARKETING ASSISTANT

Cordell Dimick

40

EXPERIENCE WICHITA

Hope Dimick

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2023 Wichita Business Magazine is published by E2 Communications, Inc. Reproduction or use of this publication in any manner without written permission of the publisher is prohibited.

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Learn about the legislative priorities of the Kansas Chamber and the Wichita Regional Chamber of Commerce to serve, protect and enhance Kansas businesses.

Every effort was made to ensure accuracy of the information in this publication as of press time. The publisher assumes no responsibility of any part for the content of any advertisement in this publication, including any errors and omissions therein. E2 Communications, Inc. makes no endorsement, representation or warranty regarding any goods or services advertised or listed in this publication. Listings and advertisements are provided by the subject company. E2 Communications, Inc. shall not be responsible or liable for any inaccuracy, omission or infringement of any third party’s right therein, or for personal injury or any other damage or injury whatsoever. By placing an order for an advertisement, the advertiser agrees to indemnify the publisher against any claims relating to the advertisement.

Photo by AARON PATTON

Photo by AARON PATTON

Photo by Fernando Salazar

Moving FORward requires VISion

Introducing FORVIS, forward vision from the merger of BKD and DHG

FORVIS is a forward-thinking professional services firm committed to Unmatched Client Experiences TM

We anticipate our client’s needs and outcomes, preparing them for what’s next by offering innovative solutions.

Created by the merger of BKD and DHG—a merger of equals—FORVIS has the enhanced capabilities of an expanded national platform and deepened industry intelligence. With greater resources and robust advisory services, FORVIS is prepared to help you better navigate the current and future dynamic organizational landscape.

We are FORVIS. Forward vision drives our Unmatched Client Experiences.

Beauty DEEPLY ROOTED in CREATING

The roots of George and Katharine Elders’ ever-expanding Elderslie Farm ventures may be on a 102-acre plot of land in Kechi, but they go deeper than the ground they are in, they are nourished by classic literature and opera and an entrepreneurial lineage.

“I would never have pursued entrepreneurship and local culture without reading people like the English romantics,” said George Elder, as he took a break from creating fine furniture, including tabletops for the Elders’ new restaurant in the Wichita Art Museum and his woodworking business’ first foray into a line of home furniture.

AMY GEISZLER-JONES AARON PATTON

“William Wordsworth would be one of the most influential; and Victorian art critics like John Ruskin, who lived through very similar times, when they were interested in preserving authentic culture and deepening cultural rootedness tied to originality and nature.”

He also finds inspiration in a quote by 19thcentury Russian novelist Fyodor Dostoevsky: “Beauty will save the world.” Some, like George, who studied history and English literature at Clemson University, interpret that Dostoevsky wasn’t talking about aesthetic beauty; he was talking about the beauty that comes from inspiring the best in people

Photos by AARON PATTON

and from the connections people and communities form with each other.

“The business endeavors that we have undertaken … is my understanding of creating desirable culture. If you look at our mission statement, it’s to celebrate and elevate the culture of South Central Kansas,” George said.

Since starting the commercial endeavors of Elderslie Farm more than a decade ago, George and Katharine have greatly expanded from their initial sawmill and woodworking shop and you-pick summertime blackberry farm. Through the years, they added the seasonal Bramble Café, a farm-to-table fine dining restaurant on-site, and a goat dairy and artisan cheesemaking operation.

Now they are expanding from their home base of Elderslie Farm — purchased by George’s parents, Philip and Becky — into two locations in Wichita.

Everyday by Elderslie, a retail shop selling local and sustainably sourced items including Elderslie products such as its charcuterie boards and cheeses, opened in December 2022 at Bradley Fair, 2132 N. Rock Road, near the Il Vicino restaurant.

This March, its new restaurant concept, 1400 by Elderslie, will open in the Wichita Art Museum. The restaurant replaces the 15-year, Latour-run cafe and is expected to focus on breakfast, lunch, weekend brunch, coffee and bar service and eventually dinner, while also handling the museum’s catering.

Family Influences

In visiting with George and Katharine Elder, it becomes apparent both are products of their family influences.

George credits both his maternal and paternal genes for his interest in entrepreneurship. His maternal great-grandfather, Walter Love, founded the Love Box Co. in 1923. His grandfather, Bob Love, ran the company for a long time, and George’s father, Philip, was also associated with the company. Philip Elder helped stimulate his son’s interest in the land. Before George’s birth, Philip had worked on a sheep station in Western Australia and had also managed sawmill operations in Arkansas.

Katharine said she grew up in a very “culinaryinterested” household. In fact, her mother, Judith Wencel, organizes small group trips to Northern Italy that often revolve around food. A fall 2022 trip featured Katharine as the guest chef for cooking classes.

The daughter of pulmonologist Mark Wencel, Katharine went to Wichita State University to study chemistry and opera. She remembers being teased about her career choices with comments like, “Are you going to sing when you’re in the lab?” She sees both fields as having been helpful in her chosen culinary career now. Culinary concepts are often the product of good chemistry, while the hospitality industry involves performance elements of setting the stage for a successful customer experience.

Married since 2011, George and Katharine met years earlier. Their parents were friends who attended the same church and the Wencels were often invited to the Elderses’ farm, an experience Katharine remembers with fondness.

“It was always a place where people came and gathered, and were welcomed and fed,” Katharine noted.

Building the Beauty

In creating their various business entities, George and Katharine are also helping other artisans and small, local businesses. They are creating those connections and community that add to the beauty Dostoevsky mused about.

For example, the woodworking shop sources local Kansas trees, purchased from small growers or farmers who don’t have the sort of logging numbers that would interest bigger sawmills. George and the joiners he employs turn the wood into charcuterie boards, live edge bar tops, tabletops and now a line of bedroom furniture.

The couple has grown their goat herd from about 50 to more than 70, and this year expect about 50 kids to be born on the farm. While some will be kept as replacements for their own dairy herd, the Elderses also expect to sell several as replacements in other Kansas herds.

In her farm-to-table dinners, Katharine relies on seasonal produce grown by several area farmers.

“We are very dedicated to seasonality and locality and showcasing what the growers right around here have to offer,” Katharine said.

While bottom lines are important in business, the pair said one of their goals is to add value to other people’s lives.

“We know we’re not solving people’s practical issues…but we are trying to render something beautiful to their lives whether it’s through a fine dining experience, cheese or a piece of furniture,” George said. “I think Dostoevsky was right, ‘beauty will save the world.’”

Katharine and George Elder at Elderslie Farm.

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“We know we’re not solving people’s practical issues … but we are trying to render something beautiful to their lives whether it’s through a fine dining experience, cheese or a piece of furniture.”

- George Elder Owner

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Phots by AARON PATTON

2009

Elderslie Woodworks, which sources Kansas trees for its products, is established.

2012

The front room of the farmhouse where George Elder grew up is converted into a dining space and Katharine serves the first formal farm-to-table dinner, initially using vegetables grown on the farm by George’s sister, Alexis. The Bramble Café opens.

The first blackberries are planted at Elderslie Farm. With their dense, compact growth, the fruit allows the farm to maximize its smaller acreage.

Farmhouse renovations are completed to include a commercial kitchen and more dining rooms and a patio for the fine dining restaurant.

2020 2023

Elderslie Creamery opens. Cheeses are made onsite with milk from the farm’s goat herd.

Elderslie Woodworks will release its first room collection featuring bedroom furniture. 1400 Elderslie will open in the Wichita Art Museum.

Everyday by Elderslie, a bricks-and-mortar store, opens in Bradley Fair.

Katharine Elder holds goats from their dairy herd.

The Elder’s woodworking shop sources local Kansas trees and turns them into charcuterie boards, bar tops, table tops and furniture.

Photos by AARON PATTON

If you were asked to think of the best story you heard recently, it wouldn’t be hard to think of one because people remember stories.

Humans are hardwired for stories; we’re drawn to connections. Stories move us from just deciphering if the information is important to the feeling that we need the information.

A good story elicits emotion; a great story moves us to action.

Incorporating storytelling into your business with a marketing and communications focus will help people not only remember your brand but also help them feel connected to it – leading to an increase in your bottom line.

This only happens with an effective marketing strategy. Putting the right strategies and tactics together will create the storytelling masterpiece your brand needs. Shaping your brand narrative dives deeper into your brand’s authenticity, ultimately resonating with customers.

THE POWER OF STORYTELLING FOR YOUR BUSINESS

5 REASONS STORYTELLING MATTERS

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MAKE IT ABOUT THE CUSTOMER, THEY’LL MAKE IT ABOUT YOU.

There’s a shift in marketing from the traditional business-to-business or business-to-consumer and it’s becoming people-to-people – P2P. This shifts why storytelling is important, it means creating connections, feelings, and emotions with your products and services, and it humanizes your marketing approach.

BUYING SOMETHING IS DIFFERENT THAN BUYING INTO SOMETHING.

Helping consumers connect with what you’re selling brings them in on a deeper, more loyal level. The narrative shapes how they feel vs. one-and-done experiences with your organization.

ANGELA BREER FOUNDER & CHIEF DOT CONNECTOR DOT STRATEGIES

Photo SUBMITTED

3 5

TURN DATA INTO STORIES.

Make your numbers relatable. Think of ways to turn numbers into stories, maybe they highlight your client’s financial success, or they show you’ve sold a big volume of products and helped people change their lives. Consider the why, the human interest behind the numbers. Tell what the numbers mean and how the data weaves into making impactful stories that people remember – stories they want to be a part of.

4

SOLVE PROBLEMS.

Paint pictures with words and show them how the benefits of what you’re selling will improve their lives and fix their problems. Selling the benefits is imperative to the stories you share.

EMPOWER OTHERS TO SHARE YOUR STORY.

What people say about you when you’re not in the room is the best kind of word-of-mouth advertising and marketing that can happen. Make sure the stories leave others wanting more. This also includes internally how employees share the mission and vision of the organization when speaking with others.

Dot Strategies connects the dots to creatively tell stories with a marketing and communications focus with these 3 steps.

1. Identifying strategy and purpose.

2. Simplifying the process.

3. Bringing stories to life with the right formats (e.g., social media, website copy, events, videos, etc.).

People will remember how you made them feel. If your marketing efforts don’t include a focus on P2P and storytelling as a priority, consider what stories your brand can tell.

Stories impact the bottom line. Make sure you write the story you want shared before others write it for you.

WICHITA BUSINESS

The Junior Achievement of Kansas Wichita Business Hall of Fame recognizes esteemed business leaders in the Wichita area. Business Hall of Fame laureates are individuals who have not only forged successful careers but have also helped strengthen the community.

MEET THIS YEAR’S LAUREATES:

Ron Draper

Jill Hattan

HallFame of }

Larry Fleming Todd Lair

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Wichita Business Hall of Fame

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The family-owned business started when Don Stehley, who was a quarterback with Kansas State University in the 1940s, then a coach, and then with the KSU Alumni Association, came to Wichi ta to launch the Interim HealthCare franchise. Jay, who has a B.S. degree from Emporia State University in business administration, took over operations in 2001 after a 17-year career with PPG, an automotive paint and chemicals company.

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With its diverse service offerings, Interim HealthCare has been able to meet a variety of needs in the Wichita market. In addition to meeting home health needs and hospice care for families, the personal care and support services can help individuals and families in even more ways, with non-medical help around the house, up to around-the-clock skilled nursing services. And, Interim HealthCare also helps other arms of the medical field in Wichita through its staffing services, providing skilled workers for hospitals and doctors offices. For more information about Interim HealthCare of Wichita, visit www.interimhealthcare.com, or call 316-265-4295.

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Inc.

Entrepreneurial Sponsor

Textron Aviation

Spirit of Achievement Sponsor

Don Hattan Chevrolet & Pink Saloon Boutique

Laureate Sponsors

LDF Companies

Leading Technology Composites, Inc. (LTC)

Lee Aerospace

The Mann Family

Walser Auto Group

Chairman Sponsors Cox Communications Equity Bank

FORVIS

Koch Industries

Stryv Bank

TNW Group

Print Sponsor

RAND Graphics (in-kind)

Laureate Reception Sponsor

INTRUST Bank

Tribute Sponsors

AgVantis

Capitol Federal Bank

Clark Investment Group

Wine Sponsor

Meritrust Credit Union

Sierra Pacific Mortgage/Coldwell Banker

Table Sponsors

Allen Gibbs & Houlik

Commerce Bank

Dondlinger Construction

Foulston Siefkin

Gene & Yolanda Camarena

Hutton

IMA

Jim Hattan

JRI Hospitality

KANZA Bank

Kice Industries

Pat & Sylvia Do

RCB Bank

Sherri & Josh Hamilton

SJCF Architecture

Spirit Aerosystems

Star Lumber & Supply Co.

Stifel

The Carnahan Group

Tim & Tracy Farrell

Wark Masonry & Adventure Rentals

Wichita Public Schools

Wichita State University Foundation

Yingling Aviation

In-Kind Sponsors

David Wolfe Video Production

SPK Grocery-Flowers

Ron Draper Textron Aviation

Jill Hattan Don Hattan Dealerships and Pink Saloon boutique

Todd Lair Leading Technology Composites,

Larry D. Fleming The LDF Companies

Jill HATTAN

CEO of Don Hattan Dealerships and Pink Saloon

Photo by FERNANDO SALAZAR

It took Jill Hattan a few years to embrace the family business, but once she did, she has made her mark on the oldest car dealership in Wichita.

Her grandfather Don Hattan was a Chevrolet Motor Division accounting manager when he got the chance to purchase a Chevrolet store. He opened Don Hattan Chevrolet in 1949 in Valley Center and rebuilt on North Broadway after a fire. Her father Jim Hattan worked with his father and assumed operational duties in 1979, running the dealership until he retired in 2010. Jill Hattan joined the dealership in 1995, became general manager in 2002 and dealer principal in 2010.

Under Jill’s leadership, the mothership location moved to a new building in 2003 off I-135 in Park City, and one dealership has become four in the Wichita area with the addition of Don Hattan Ford in Augusta and two used car dealerships at Don Hattan Derby and Don Hattan West.

“I grew up in the business and I said I would never be in the business, so having more than one dealership certainly wasn’t something I intended,” she said. “But I want to provide more opportunities for our great employees, and expanding the business is one way we can provide upward growth.”

Hattan said honoring the family legacy by staying family-owned in an age of consolidation drives her, along with challenging the status quo and providing opportunities—for her family, employees and the greater Wichita community.

Learning Through Osmosis

Whether you’re interested or not, Hattan said, you learn through osmosis when there’s a family business. She remembers tagging along with her dad to the dealership and overhearing business conversations, as well as her dad driving her and her twin sister to school in a Corvette while he listened to tapes of mystery shoppers they’d paid to call in to the dealership.

“Inspect what you expect was the lesson from hearing him listening to the tapes,” Hattan said. There were other lessons though she didn’t realize she was learning at the time.

“I learned from my dad the value of relationships and specifically with our employees,” she said. “Dad was always approachable, he genuinely cared about how the employees were doing and had an open door policy. He knew the importance of keeping good people happy and engaged. I spent a lot of time growing up attending picnics, parties and events he had in appreciation of the employees. I carry a lot of this forward and am grateful for those lessons.”

As a teen, Hattan spent time working at the dealership, from washing and shuttling cars to answering phones. When it was time for college, though, she wanted to create her own path.

Change Of Heart (And Career)

With no plans for a career in the car business, Hattan left Wichita and spent time in Denver, Colorado, and Lawrence, where she earned a bachelor’s degree in English literature at the University of Kansas.

PHOTOS SUBMITTED

Working a temp job in Denver after graduation, she came up with the idea to open a clothing and housewares boutique. When she sat down to write a business plan, she realized her degree hadn’t prepared her, so she decided to return to Wichita to get an MBA at Wichita State University.

She worked at the dealership while taking her first business class and quickly realized she was getting more real-world business acumen there.

“Dad had me calling customers and asking how their experience was,” she said. “I was chatting with customers, getting feedback on what was good or what was not good. That was my fuel to go to dad and say ‘I’ve been hearing this a lot, can I fix this?’ He’d say, ‘Yeah, go fix it.’ It was really fulfilling to hear directly from the customers and then to be empowered to go solve their problems.”

She decided to put her MBA on hold temporarily and work full time at the dealership. Working there as an adult for the first time, Hattan saw her fellow employees’ passion for the industry and their commitment to learning and growing.

“I saw things differently than I had when I was a kid,” she said. “I started thinking I could probably help with this and do a good job. So I kinda got sucked into the car business after all.”

Making A Difference

One of the first projects Hattan undertook when she became CEO in 2010 was to make the dealership more comfortable for more people—both employees and customers—and to combat the industry’s negative reputation. She thought about what she would want as a female customer during the buying and service experience.

The dealership launched Ladies Day, offering discounted service appointments on Tuesdays along with complimentary seated massages and manicures while customers wait. The promotion turned their slowest day of the week into one of the busiest, and

the incentive continues today at all locations with a service department.

“It’s about more than just having a day,” Hattan said. “It’s about hiring the people who can provide the service and make women feel comfortable at our dealership.”

As part of the initiative, the sales and service teams also trained to provide a hassle-free buying experience customers can trust with transparent pricing that embodies the Don Hattan Dealerships motto, “Shop us last, you’ll love us!”

As the dealerships have grown from a single location to four dealerships, Hattan and husband Ben Thomas have developed an internal leadership program to ensure their hometown values culture stays intact. The couple, who have four children ages 8 to 20, teach the emerging leaders five-month series of classes that is required of new managers and optional for other employees.

Hattan also wants the dealerships to provide opportunities in the communities in which they operate. Employees at each location connect with schools in their communities, support the YMCAs and are active in chambers of commerce.

In 2019, Hattan finally got a version of the boutique she once wanted to open several decades ago. She noticed several shops in Wichita were changing hands or closing, so she proactively reached out to the owner of Pink Saloon, an upscale women’s boutique in Waterfront Plaza.

“I shopped at the store and besides being a fun passion project for me, I get to help keep what I think is an important business in Wichita.”

PHOTO SUBMITTED

PHOTO SUBMITTED

Todd LAIR

Founder and President of Leading Technology Composites, Inc.

Photo by FERNANDO SALAZAR

Todd Lair had his career path mapped out by the time he was a sophomore at Wichita State University working toward a business degree.

He would continue working in composites manufacturing, an industry he’d first gotten a taste of as a 14-year-old making composite airplane parts as his summer job at Precision Composites Inc. (PCI), the company his father founded.

He loved the process of getting to see and touch what he was creating and the near immediate feedback of whether what he produced worked or needed further adjustments.

He’d worked for PCI every summer leading up to college, when his father sold the company and it became the composites division of a plastic extrusion business. He continued to work there part-time while going to school, enjoying the fact that he was no longer seen as the owner’s son. After graduation he worked full time in the business and at 24 years old he had set a goal to be running the composites division by the time he was in his thirties.

“I wanted to run it someday, that was my whole vision,” Lair said. “So I was pretty shocked to get a call from the manager one night telling me that the division had sold to a competitor.”

Lair was savvy enough to realize the new owner planned to run the composites business himself, so while he would likely have a job, he wouldn’t have room to grow.

The call came in while he was playing ping pong and drinking beer with his brother Tim. His brother encouraged him to go out on his own, but Lair told his brother, who was studying medicine, that he didn’t understand what it would take to start a manufacturing company. His brother continued to challenge Lair’s reasons for not doing it and by the next week Lair had resigned.

“Part of my resigning so quickly was my worry that if I stayed any longer, I wouldn’t end up leaving because I had such a deep emotional connection to the business since I had worked there as a kid,” Lair said. “Somehow I came to that conclusion that if I’m going to try something, I need to force myself to do it.”

That was 1993, and Leading Technology Composites, Inc. (LTC) started with two employees, 900 square feet of space, rented time to use an autoclave to cure parts and had no initial clients.

Now in its 30th year of business, LTC has 441 employees, 421,000 square feet of manufacturing capacity across three facilities, owns seven autoclaves along with other specialized equipment and has

a roster of recognizable clients in three markets: personal protection, vehicle protection and aerospace.

Bold Decision

Now with 30 years’ perspective, Lair better sees the factors at play for him to make the bold decision to start a company without a full plan.

“I couldn’t have been luckier, more fortunate or more blessed to have had at such a young age a pretty technical depth of knowledge,” he said. “It started with my dad telling me when I was 14 that if I was going to work I wasn’t getting an office job, I was going to make parts. I knew how to physically make product myself, I knew how to run an autoclave. I also knew how to negotiate a contract and my last job at the company my dad had started was in sales and marketing.”

The second thing Lair said he had going for him was the support of his parents and their entrepreneurial examples. In addition to PCI, his dad had started, grown and sold two quality assurance firms. His mom had handled financials and human resources for PCI, then purchased a preschool that she ran successfully.

Finally, Lair had a bold idea that he felt confident he could produce though he’d not yet proven it: take the composite technology used to produce aerospace parts and apply it to developing lighter, better composite armor products for at the time small, niche law enforcement and military markets.

He wanted LTC to be diversified to avoid the dramatic cycles of the aerospace industry, so he limited development in the first year to the personal protection market. Lair got a big break when The Safariland Group, a distributor of innovative lifesaving equipment to law enforcement, military, outdoor recreation and personal protection markets, accepted his pitch for an exclusive line of handheld, ballistic SWAT team entry shields and body armor plates.

“The important thing is they said yes without coming to visit us because if they had seen the 900 square feet we were operating out of there’s no way they would have said yes,” Lair said.

Delivering that first product was not an easy process. Lair said they quickly learned they didn’t have enough law enforcement experience to understand the application as well as they needed to. He reached out to Wichita’s police chief, who had previously led SWAT teams in Dallas, and formed a partnership to evaluate their products.

Using some of the same products they’d developed for personal protection, LTC next targeted the commercial vehicle protection market. They landed a deal in 1996 to develop an armored car system for Toyota.

“To meet Toyota’s needs, we came up with some innovative concepts that led to a couple of patents,” Lair said. “That led to us gaining a whole bunch of technical experience that we otherwise wouldn’t have gained. We learned so much on that project that helped us be a better supplier to other automotive applications. That was huge, huge, huge for us.”

Around the same time, LTC finally entered the aerospace market. Today LTC’s customers include Boeing, Lockheed Martin, Gulfstream and Textron Aviation, to name a few.

The company continued to grow and keep a healthy mix among its three markets. Lair credits a loyal group of key managers and the organization making operational and management system changes to be able to scale a 10-person company to 50 employees, then 100 to 200 and, today, more than 400.

Giving Back

Lair is married to Julie, who has owned Lyndon’s clothing boutique in Bradley Fair since 2016. Together they have four children: Sam, Sydney, Sallie and Shelby. The couple created the Lair Foundation in 2008 motivated by the verse in Luke 12:48 “to whom much is given, much is required.” The nonprofit contributes to Wichita charitable organizations as well as groups dedicated to serving veterans.

LTC and the foundation started the Wichita State 9/11 Veteran Business and Engineering Scholarship in 2010, awarding a scholarship annually to a soldier who has served in the armed forces following 9/11.

Lair said as he’s started to reflect more on 30 years of leading LTC, he’s realized how helpful mentors and peers have been throughout his career as part of the Young Presidents Organization and other informal relationships. He is paying it forward through YPO participation and by mentoring personal friends who are starting enterprises.

“I look back and I can see more clearly now how in quite a few cases there were successful business people who took an interest in me at a time when they didn’t have much to gain from their relationship with me,” Lair said. “I didn’t fully realize the kindness and the help they were giving me at the time, and now at my age I feel the responsibility to give that back to others in the way that it was so generously given to me.”

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FLEMING

Owner and Chairman of The LDF Companies

Photo by FERNANDO SALAZAR

Larry

Larry D. Fleming’s first time in Wichita was the day in 1975 when he moved here to open the city’s first Wendy’s Old Fashioned Hamburgers restaurant. Rock Road was just two lanes but already showing potential for its starring role in east Wichita’s development: a new mall, Towne East Square, was being built across the street from his newly constructed fast food restaurant.

Fleming had heard about the new concept from his cousin, a doctor in Ohio, where founder Dave Thomas opened the first Wendy’s in 1969. The franchise was at 40 locations and growing when the cousins met Thomas and signed their franchisee contract. Wichita was the closest geographic territory they could get for Fleming, a Tulsa, Oklahoma, native.

“People came to try us, and they liked it,” said Fleming, adding that while McDonald’s and Burger King were already in the market, their Wendy’s was the first fast food restaurant to bring the concept of a pickup window to Wichita. “We were blessed with good business from day one, fortunately, because I was down to my last few dollars when we opened the doors.”

The cousins had split the $30,000 franchise fee; Fleming, then 30, had invested all he had to open what was then the 200th Wendy’s in the nation (there are 6,500 Wendy’s worldwide today).

“That was the first of three times that I can remember that I was putting it all in to get to the next level,” Fleming said. “I got to know the word leverage early on and I lived with that word for a good long while.”

His Wendy’s locations grew to six in Wichita before he branched out within Kansas, Oklahoma and Texas to own as many as 43 restaurants. As the company was growing, Fleming’s cousin died in a car accident and Fleming purchased the other half of the operation from his estate.

Fleming also established a program that funded adoption professionals dedicated to finding permanent families for children in foster care who are most often overlooked; it was the model for what has become Wendy’s Wonderful Kids, the signature program of the national, nonprofit Dave Thomas Foundation for Adoption.

Fleming’s second all in move came just two years after he opened his first Wendy’s. He and a partner purchased a Coors beer distributorship in Muskogee, Oklahoma, when the previous owner died.

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“In the 1976-77 timeframe a Coors distributorship was a hot commodity in this part of the country, and the opportunities to own one were few and far between,” said Fleming, who bought out that partner in 2000.

It was the first of several distributorships he would acquire in Kansas (including Wichita) and Oklahoma, culminating with that third—and the largest—all-in move. In 2002, he accepted an offer from Coors Brewing Company (now Molson Coors Company) to purchase the Tulsa distributorships for Coors and Miller.

“I didn’t hesitate, probably because I was too stupid to hesitate,” Fleming said. “I often tell people the biggest thing I had going for me when I went into business for myself was ignorance.”

To support his growing enterprise, Fleming formed The LDF Companies in 1983, with a division to operate the restaurants, another for the wholesale beverage distribution operations and one to manage Fleming’s privately held entities.

Wendy’s inducted Fleming into its international hall of fame in 1998—the chain’s highest honor recognizing a lifetime of achievement to the brand. Fleming aimed for integrity, honesty and exceptional service across all of his businesses, supporting and encouraging employee involvement in every community where they do business.

At their height, the companies employed more than 1,500 people; Fleming sold the restaurants in 2017 and today the LDF entities employ about 400 in Oklahoma and Kansas. There is a corporate headquarters and distribution center in northeast Wichita as well as a distribution center in Tulsa.

In 2021, Fleming moved away from day-to-day oversight of the company; he splits time between Wichita, Tulsa and Carlsbad, California. His son David Fleming is now CEO while Larry remains owner and chairman of The LDF Companies. His daughter Erin is the company’s social media and creative manager. Another daughter, Rebecca, and granddaughter Kirra live in Wichita.

Reflecting back on his career in light of the Junior Achievement honor, Fleming said he always wanted to be in business for himself. After earning degrees in accounting and business administration from Northeastern State University in Tahlequah, Oklahoma, he worked for a national accounting firm and then finance departments at American Airlines and PepsiCo. He was preparing to go all in when the right opportunity came along.

“As soon as we opened the first Wendy’s, it was no longer work,” he said. “It was more than a livelihood, it was a passion to grow my own business.”

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DRAPER President and CEO of Textron Aviation

Photo by FERNANDO SALAZAR

Ron Draper never envisioned himself as the CEO of the world’s largest general aviation manufacturing company. Sometimes, a lifetime of experiences simply makes you the right person for the job.

When you take the work ethic gained growing up on an Idaho farm and combine it with a passion for flying, an ambition to learn and a natural ability to lead, you get the perfect ingredients to be the successful president and CEO of Textron Aviation.

“I never dreamed that I would even be the senior vice president of operations when I started,” said Draper, who earned a degree in engineering management from the U.S. Military Academy and an MBA from Wichita State University. “I don’t think I ever gave being president serious thought until maybe a year or two before they offered me the job.”

Following high school, Draper’s ambition to learn and lead took him off the family farm and on to West Point, where he became an Army aviator. Following his military career, he moved to Wichita in 1999 to work at Cessna Aircraft Company with little thought to eventually holding the top position at one of Wichita’s largest employers.

“That’s not what I set out to do,” Draper said of becoming CEO. “I did want to be a leader, I did want to have influence, and I did want to be successful. But I wanted to do it in a way that balanced my family and my work. I worked hard and I was fortunate I had the right opportunities. Textron kept developing and investing me, and I had a supporting family who was game for all this is.”

Draper became president and chief executive officer of Textron Aviation in 2018 at the age of 50. The company is the largest manufacturer (by units) of business jets and general aviation aircraft, including the Cessna and Beechcraft brands, and is a subsidiary of industrial conglomerate Textron Inc.

Key Choices

Draper calls his route to the C-suite atypical. An outsider might see it as a series of key choices that put him on the path to CEO, preparing him for a role he didn’t know he wanted. Among those decisions:

• Choosing to leave the family farm in Idaho to attend the U.S. Military Academy in West Point, New York, in order to afford the education he aspired to achieve.

• Selecting aviation from the U.S. Army officer branch options, where he would lead soldiers across the globe.

• Starting a job with Cessna Aircraft Company in 1999 at the end of his active service commitment, despite higher paying offers including a position with John Deere that any third-generation farmer would’ve had trouble passing up.

• Saying yes to leave Wichita after five years to move to fellow Textron company Bell Helicopter in North Texas, where he would lead procurement during a critical development phase on the Bell Boeing V-22 Osprey, a tiltrotor military aircraft capable of vertical takeoff and landing.

• Making another move, this time to Textron Specialized Vehicles in Georgia, where he would assume his first executive role: vice president of Integrated Supply Chain for the maker of golf cars and other commercial and industrial utility vehicles.

• Picking Wichita again in 2011, when given the choice for his next executive role. Back in Kansas, he oversaw the manufacturing operations for all Beechcraft and Cessna commercial products as senior vice president of Integrated Supply Chain. Under his leadership, Textron Aviation brought seven different products to market.

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Draper could have turned down any or all of those opportunities. Instead, he said yes and then figured out ways to find the balance he was unwilling to compromise. He gave up his two favorite hobbies— golfing and flying—for nearly a dozen years, but he continued making time to coach his sons’ sports teams.

He accepted a different job about every 24 months with Textron. Several meant moving his family to another state; one required working seven days a week for long periods; others entailed frequent travel while he had a wife and four young sons at home.

Through the years, Textron provided leadership development programs and courses that were helpful, though he said the best preparation for becoming CEO was saying yes to the diversity of work, from difficult and challenging projects to making decisions in business upcycles and downcycles to working in different industries.

“Without that, I would not have been as ready to be in this role,” Draper said. “It stretched my ability to handle stress, my ability to balance work and life and prioritize what’s important.”

Two sons are now in college and two are in high school, and he’s back to flying as a fixed-wing multiengine commercial rated pilot—because he loves it and for the familiarity it gives him with customers, suppliers and a variety of the company’s departments, from customer service to engineering.

In his four years as CEO, Draper said he’s especially proud of the focus he has given to cultivating a healthy and engaged workplace for Textron Aviation’s 13,000 employees worldwide, 10,000 in Kansas. The company’s culture is centered on four values: be human, be trustworthy, be collaborative and be legendary.

An integral part of the culture is employees’ pride and their role in the company’s legacy of giving back to the communities where they work, Draper said. Textron Aviation’s employee-led Uplift is an organization that assists employees and communities in all the company’s U.S.-based facilities’ locations. A majority of the funds raised support United Way (they are the largest annual contributor to United Way of the Plains), with remaining funds used to assist employees in financial need or contributed to support additional community nonprofits.

Draper is a contributor to Uplift, as well as many Wichita charitable causes. He also serves on the boards of the Greater Wichita Partnership and the executive committee of the General Aviation Manufacturers Association.

Draper sees his role as continuing the legacy of the aviation legends who built the Beechcraft and Cessna brands. Clyde Cessna formed his company in 1927, then his nephew Dwane Wallace led it for 40 years, followed by Russ Meyer. Walter and Olive Ann Beech started Beechcraft in 1932. The companies merged in 2014 to form Textron Aviation.

“It’s humbling to stand on the shoulders of those types of giants, and I feel it’s my duty to continue to build on their success,” Draper said. “How do we take care of our employees? How do we ensure that we have the right products, the right service, the right processes so that this company that’s been here for 95 years will be here for another 95 years? My role is to keep that going and advance it.”

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THE AUCTION ADVANTAGE

KEVIN HOWELL COMMERCIAL ASSOCIATE & CERTIFIED AUCTIONEER J.P. WEIGAND & SONS

When it comes to selling commercial or residential property, auctions can be a great way to move a property quickly and efficiently. An auction is an accelerated method of sale that draws many potential buyers, generates competition, and increases the likelihood of getting the best price for your property. Before deciding whether an auction is the right choice for you, there are some signs that indicate you should consider doing an auction.

QUICK SALE

The first sign is if you want to sell quickly. Auctions greatly expedite property sales due to their competitive nature; often buyers are willing to bid more than they may have with other methods of sale to secure the property. If speed is your main goal, then an auction may be the best way to go about it.

MAXIMUM MARKET EXPOSURE

A second sign is if you’re looking for maximum market exposure. During auctions, properties often receive attention from national, regional, and local markets; this allows more buyers to participate in the bidding process and can draw top dollar for your property. With traditional sales methods, you miss out on reaching potential buyers who are outside of your immediate area; with an auction, however, anyone may potentially take part in the bidding regardless of their location.

MULTIPLE PROPERTIES

Another indication that an auction might be right for your situation is if you have multiple properties or large parcels of land that could benefit from a collective sale. Auctions allow you to “package” multiple items into one lot and draw more interest than each individual item would receive through traditional means; this could also generate higher bids from investors with specific interests in certain types of properties or geographic areas. Additionally, when multiple properties are being sold at once during an auction, it reduces paperwork and administrative costs associated with separate purchases over time; this gives sellers greater returns on investment when done properly.

“STALE” LISTING

Finally, you should consider doing an auction for commercial or residential properties if the listing has been on market for too long without any real buyer interest or offers coming through – sometimes called “stale” listings by real estate agents – as this could signal potential problems such as title defects or overpricing issues that need addressing before any type of sale takes place. An auction provides fresh energy and excitement around sales while allowing more flexibility with terms regarding inspections and financing which can help bring out buyers otherwise hesitant due to those concerns.

In conclusion, there are numerous indications that point toward doing an auction when selling commercial or residential properties such as needing a quick sale, wanting maximum market exposure for your listing(s), having multiple units/parcels available together rather than individually listed, or having stale inventory from longerthan-usual marketing periods without substantial offers coming through regularly. If even one of these conditions applies to you then it might be worth considering giving auctions a chance as they offer considerable advantages over traditional selling methods while helping to get the most value out of what’s being sold quickly and effectively.

With decades of experience in helping sellers and buyers reach their goals, J.P. Weigand & Sons, Inc. has the tools to create a successful sales strategy to help ensure maximum exposure and deliver the highest bidding prices available.

CREATING Harmony

Family businesses, Slide Out Shelf Solutions and Creative Closet Concepts, become Harmony Home Concepts to provide whole-house functionality.

KIM GRONNIGER AARON PATTON

Photo by AARON PATTON

Have you ever felt defeated searching through cluttered kitchen cabinets for cumin, a colander or a cake pan? Does getting dressed in the morning invoke anxiety because you can’t easily assess or access what you want to wear in a messy closet? Could your home office be more attractive and efficient?

Phil and Shelley Davis help customers in Wichita, Hutchinson, Newton and surrounding areas contain the chaos with three businesses: The Best Home Guys, Slide Out Shelf Solutions and Creative Closet Concepts, all of which will be available under one name, Harmony Home Concepts, in 2023 to better reflect the whole-house nature of improving functionality.

“The name reflects our desire to bring harmony to a home with everything we offer in one place and room to add more,” said Shelley. “We already have some new ideas for businesses that will easily fit under our new company umbrella.”

Dedicated to a single-day, whole-house installation philosophy, the Davises and their employees provide immediate relief from aggravations by making it easier to retrieve necessary items for daily living in more inviting environments.

Whether customers need to compensate for their own physical limitations or spatial conundrums in their homes, the Davises can create “a calm oasis,” said Shelley.

}Photos by AARON PATTON

“It’s frustrating when you can’t see what you have, and you might only wear 5 percent of the clothes in your closet because it takes too much time to find things. We want to make every day easier and many of our customers wish they’d done the work sooner because it’s such an improvement to their lives.”

Shelley said one customer dreaded cooking until the installation of her slide-out drawers brought renewed satisfaction with spending time in her kitchen.

“We created a closet dressing room, and the client said the transformed space was an oasis not just because it made getting ready in the morning easier, but also because it was a joy to come back to it to shed the chaos of the day,” she said.

Following a layoff as director of a 24-hour call center, Phil purchased a handyman franchise in 2005 that changed to The Best Home Guys in 2015. Shelley, a former elementary teacher and school librarian, has been active with the company’s operations since the beginning and joined the company full-time in 2021. The Davises’ daughter, Kaylee, helped with the family business as a college student and became a full-time

employee in 2022, handling the company’s social media in addition to closet design, client scheduling and installation work.

“Now we can pay her a living wage,” Phil quipped. During initial customer meetings, Phil asks about pain points to determine customized solution strategies, which are guaranteed for as long as homeowners remain in their residence.

The Davises also integrate customer feedback to enhance their operations. The idea for the slide-out shelf business originated in 2018 with two retired women living in patio homes with limited storage.

“We started asking ourselves whether we could turn that idea into a primary business,” said Shelley. “Then people asked us about closets, so we added that to our offerings in 2022. We’re always adjusting and adapting to provide our customers what they need.”

She said grab bar installations are becoming a popular service for people aging in place or rehabilitating from injuries and surgeries, resulting in the company’s Grab Bar Install Pro service. The company’s custom closet systems can also accommodate requests for home office and garage makeovers.

Photo by AARON PATTON

Shelley and Phil Davis help customers contain the chaos with Haromony Home Concepts.

Customer feedback even helped facilitate a change to slide-out shelves, which each hold 100 pounds.

“We put in shelves that were 28 inches deep for one client, and when those shelves started to bow, we replaced them with thicker bottoms, which we now use across the board for all of our clients,” said Phil.

All employees are licensed, bonded and insured and adhere to high-quality standards, said Phil.

“We focus on niches in the market we’re good at to assist homeowners on this part of their journey.”

Closet raw materials are made in North Carolina using sawdust to create thermally fused laminate with attractive finishes before being manufactured by a family business in Tennessee.

“We watched a demonstration for one of the closet shelves and they loaded it with barbells and water, and it held 1,000 pounds,” said Phil.

The Davises also provide demolition and painting services with closet installations.

“It’s a rare service in the closet industry, but already having a handyman service made it easy for us to offer a one-stop-shop option for a complete transformation for our clients,” said Shelley.

Both Davises have family businesses in their roots. Phil obtained an accounting degree from Wichita State University and aspired to be an entrepreneur like his father, who worked in a corporate position with a business on the side, and his grandparents, who owned a grocery store. Shelley’s mother was a selfemployed artist and teacher. Although Shelley’s first entrepreneurial endeavor “flopped,” she said she learned a lot from the experience and enjoyed the time she got to spend with her daughters.

Shelley and Phil Davis’ daughter, Kaylee, joined the company full time in 2022.

“We love that we are families helping other families in the area live better lives. One day we may take this business beyond Wichita, but for now we’re learning what works here and taking pride in helping our neighbors.”

- Phil Davis Owner

To anticipate and overcome the challenges of owning and expanding a business together, the couple sought assistance through the Small Business Development Center, a Mini MBA program, a Vistage executive coach and a local business coach with The Tomcat Group. As they continue to grow their business, the Davises are working with Ford Saeks, a business accelerator coach and owner of Prime Concepts Group, a marketing firm. They continue to benefit from Wichita Independent Business Association member interactions and resources.

Although a family business offers many rewards, Shelley’s advice to other spouses with entrepreneurial aspirations is “hang on because it’s a roller coaster. As an educator, I lived by a bell. I knew when lunch was and when grades were due. As an entrepreneur, you never know what will happen. But be open to the things that come because you never know where they might lead.”

Phil and Shelley acknowledge that being married to your business partner poses challenges because

your emotional and economic well-being are so interconnected.

The Davises work with a marriage therapist and with Paul White, a renowned Wichita psychologist who provides counseling for family business partners.

“You shouldn’t feel ashamed that you don’t know how to do it all and you should seek help,” said Shelley.

“It’s important to set communication boundaries because it’s easy to only talk about work when you’re together all the time,” said Phil. “You need to remember to interact as a married couple and not just business partners.”

Two of the Davises’ installers are also family members, though not related to the couple.

“We love that we are families helping other families in the area live better lives,” said Phil. “One day we may take this business beyond Wichita, but for now we’re learning what works here and taking pride in helping our neighbors.”

Photo by AARON PATTON

FORWARD VISION. FORVIS.

DAVIS

That’s the exciting distinct name of the newly established, $1.5 billion national accounting firm resulting from the merger, effective June 1, 2022, between peer firms, BKD CPAs & Advisors and Dixon Hughes Goodman.

With the legacy of serving clients firmwide for 100 years, FORVIS’ 72-employee office in Wichita, located at 1551 N. Waterfront, Suite 300, is now part of a top 10 accounting firm that employs 5,700-plus with offices in 72 markets in 28 states as well as the United Kingdom and the Cayman Islands. On top of that, FORVIS serves clients in all 50 states and internationally with a wide range of services for individuals, closely held private companies, Fortune 1000 companies and everything in between.

ERIC SMITH TIM

But there’s also another notable change to the Wichita office: It will be gaining a new leader in partner Steve Webb, who has been chosen, by the firm, to step into the Managing Partner role following the retirement of Bill Pickert later this Spring. Webb, a 25-year veteran of the firm, has lived and raised his family in Wichita and has been actively engaged with the community. Previously, he served as tax quality leader for the Wichita office.

“Merging these firms together accomplished something that would’ve taken decades for each firm individually to accomplish,” said Webb of FORVIS, which is now No. 8 in Inside Public Accounting’s ranking of the top 500 firms (based on annual revenues).

Historically, BKD was No. 14 in the rankings, and DHG was No. 17. With the increased stature nationally comes new benefits and opportunities for expansion and recruitment, Webb said.

“The importance of ranking is two-fold. First, it shows the stability and the growth of the firm. The second, is recruiting,” Webb said. “Being a top 10 firm allows us to compete with firms for the top talent

coming out of our local and national colleges and universities. In addition, it attracts experienced professionals who want to continue working for a firm with the depth and breadth of resources of a Big 4 firm but want the flexibility to work on a number of industry engagements instead of just a few. “

Despite all the merger activity and BKD morphing into FORVIS, Webb assured they’re still the same office Wichitans have come to know and love.

“We grew in size significantly, but we still work with the same industries. We still have partner involvement on our engagements. Clients are still working with the same engagement teams and still receiving the same unmatched client experience we have historically been known for,” Webb said. “The only difference is we now have even more resources and services to allow us to add even more value to our client relationships.”

Webb said BKD and DHG had developed a close relationship, working together as peer firms for a number of years.

“It became obvious to both firms we were so very like-minded and matched culturally that we would be stronger together and, with a merger, we could ensure the legacies of both firms continue for the benefit of our clients and our people,” Webb said. “We were both focused on providing unmatched client experiences as well as developing our people and ensuring they have the tools and training to grow personally and professionally in their careers. Together, we have a larger geographical footprint enabling us to be where our clients are. We have enhanced capabilities with services and resources for middle market as well F1000 companies. We are able to offer our professionals training as well as lifestyle benefits that, alone, we would not have been able to offer.”

The merger also made sense from the standpoint that of the 72 combined markets the two companies were located in, only three cities had overlapping offices.

While FORVIS is now a giant in the accounting world, its roots can be traced back to Wichita, Webb said.

It all started in 1914 when Clinton H. Montgomery, an accountant in Philadelphia, traveled to Wichita to audit a bankrupt company. As the story goes, he liked it so much he decided to stay, forming the first public accounting firm in Kansas. He opened and hung a shingle at the corner of Douglas and Market, right in the heart of growing downtown Wichita.

In 1917, Montgomery hired Wade Kurtz. Then, in 1919, another Wichitan, William Baird, joined the firm and they opened the first branch office in Kansas City. A couple years later, with the addition of Claire Dobson, a second branch was opened in Springfield, Missouri. Montgomery retired in 1923 and sold his practice to the three men, who renamed the firm Baird, Kurtz & Dobson. The later became known as BKD, CPAs & Advisors and now FORVIS.

It takes a FORward VISion to make it as a business for 100 years. That mindset is where the name FORVIS comes from and is one that continues to drive FORVIS leadership into the future for its clients, Webb said.

Steve Webb (right) has been chosen by the firm to step into the Managing Partner role following the retirement of Bill Pickert (left) this spring.

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BKD was previously headquartered in Springfield, Missouri and DHG was based out of Charlotte, North Carolina. Though the location for the new FORVIS headquarters has yet to be determined, Webb indicated, “rest assured, FORVIS is an established presence in Wichita and will continue to serve Wichita and the State of Kansas for years to come.”

While Webb is grew up in Iowa, he’s been in Wichita for 20 years and cherishes the fact his relationships with FORVIS have extended into the community.

“I have thoroughly enjoyed raising my family here. Building both business and personal relationships and becoming engaged with local initiatives to grow our economy through involvement with community organizations has been personally rewarding,” Webb said. “Wichita is the largest city in Kansas, however, it maintains that close-knit community feel. I don’t just see and talk to my clients during the work week. I bump into them Thursday night at the grocery, Friday night at football games and Sunday morning at church. Wichita is in the heartland but it is the Wichita people who are the ‘heart’ of our community.”

Bill Pickert, Denise Gros, Jenifer Hitschmann, Mario Bonilla, Michael Gerber Back Row: Mitch Caddell, Jennifer Wold, Matt Morris, Matt List, Steve Webb

3.10

CASH REWARDS CHECKING

PLANNING FOR FINANCIAL INDEPENDENCE

30s Planning for Retirement in Your 30s

The earlier the retirement planning starts, the better the chances of achieving financial independence. For the thirty-something, planning is typically not at the forefront of one’s mind. After all, it is 30 years away, and there are likely more immediate concerns, such as paying off student loans, starting a family or purchasing a first home.

Here are several ways to start thinking about the future now and steps to set retirement plans in motion.

Automate savings

Establishing a disciplined approach to save money for the future is key. Participation in a workplace retirement savings plan is the easiest way to contribute automatically. Focus more on the idea of starting to save sooner than later rather than stressing over how much is being set aside.

Strive for 10%

By setting aside 10% starting in your 30s, enough should be saved by the time you reach retirement age in your 60s to have a comfortable life.

Open a Roth IRA

If you are maxing out your workplace retirement plan and want to save more—or you don't have a plan through work—consider opening a Roth IRA.

Ask for a raise

Check out sites such as Payscale.com and Glassdoor.com to research salaries for particular jobs and learn the art of negotiating pay. Then funnel any raises or bonuses into a retirement account.

MARTHA L. LINSNER, CTFA President & Chief Operating Officer The Trust Company of Kansas

Like many areas in life, having a plan to meet a goal is critical. The same holds true when planning for retirement. There are many aspects to consider—age, health, location, hobbies, travel, inheritance, gifting, taxes, on and on. So, when and where do you begin?

Well, the sooner the better in order to gain financial independence.

Invest wisely

Choosing the right asset mix is critical. Deciding on the right mix and sticking to it until goals or circumstances change significantly is a major step toward investment success.

Do not time the market

Often, investors' biggest mistake is letting emotions rule buying and selling decisions. Don't panic and liquidate when the markets fall. It is best to choose a particular investment strategy based on your risk tolerance and stick with it.

Eliminate debt

Debt can get in the way of saving for retirement. The higher your debt levels and the longer it takes you to pay it off, the less money you will have to set aside for retirement.

40s 50s

How much should you have saved for retirement by age 40?

By the time you are 30, you should have saved half of your annual salary. By age 40, you should have twice your annual salary saved for retirement.

What if you’re 50 and haven’t started saving?

If, when you reach your 50s, and an uneasy feeling comes over you because you have not saved enough for retirement; don’t panic. Though you can’t expect to match someone who started planning in their 30s, your cause is far from lost. Steps to take at this point include start saving and protecting the money you have, create additional income streams and cut spending.

Age 65 is a common retirement age because that is when Medicare health coverage begins. Enrolling in Medicare isn't the only thing to do at 65. Other decisions include:

Purchase supplement insurance

Medicare won't cover all health care expenses. On average, expect it to cover about 50-60% of the health care costs. To gain additional coverage many retirees purchase supplemental insurance.

Decide when to start Social Security—now or later

You need to carefully weigh out the pros and cons of starting Social Security at 65. There is no one “best age” for everyone to start collecting Social Security. Ultimately, it is your choice.

Consolidate IRAs/other retirement accounts

If you have money in a retirement plan at work, you’ll need to determine if you should roll this money over to an IRA. It may be much easier to manage your retirement savings if you consolidate all your retirement accounts into one IRA.

Taking retirement account withdrawals now or later

The IRS requires you to take distributions from IRAs and other qualified retirement plans starting at age 70½. However, you can withdraw funds before this age, and sometimes for tax reasons, it makes sense to do so.

When it comes to planning for retirement, a financial planner can help development a comprehensive plan to assist with reaching goals and accountability to those goals. Finding a wealth management provider who can do a good job managing your assets, but also one who has access to a comprehensive financial planning software that offers clients both, goals-based and cashflow-based, analyses and projections may be the best solution to achieve financial independence.

At The Trust Company of Kansas, we help people. We promise to minimize the burden of wealth management, and bestow the freedom to enjoy everything else.

WE LISTEN TO YOUR DREAMS and then find ways to minimize the burden of wealth management, bestowing the freedom to enjoy everything else. Visit us at tckansas.com.

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Retiring at 65 and the decisions you’ll need to make 65

Whatever your age, consider a wealth management service advisor

KANSAS CHAMBER’S LEGISLATIVE & POLICY AGENDA

The Kansas Chamber is the leading statewide, member-driven organization that serves as the most credible legislative voice for the Kansas business community at the statehouse. Its president and CEO, Alan Cobb, said it is a reputation the Chamber doesn’t take lightly.

“There is no other organization in the state focused on the laws, rules and regulations that impact a business’ operations like the Kansas Chamber,” Cobb said. “Regardless of the business sector or industry, what happens in Topeka at the Kansas Statehouse can help or hurt expansion and investment. The Chamber is there to stop the bad policy ideas and promote the good ones.”

The Chamber recently released its legislative and policy priorities in connection with the beginning of the 2023 legislative session in Topeka. The agenda’s priorities are based on the work of member working groups, months of conversations with business leaders across the state as well as research from the Chamber’s Annual Business Leaders Poll, Kansas Tax Modernization report, and the Kansas Competitiveness Analysis report.

“Kansas has seen improvement in some economic metrics. Our regulatory climate has improved, and our employment laws are among the best in the nation,” Cobb said. “Unfortunately, the work is not done. Actions taken by other states have made them more attractive to investment and to workers. We must act to become competitive.”

Pointing to examples of the challenges facing the state and its business community, Cobb said, “The lack of population growth continues to be a barrier for greater economic prosperity. And our legal climate has become favorable to the trial bar.”

Cobb said the Chamber’s 2023 agenda proposes how the state can address the challenges and seize on the opportunities before it. The agenda includes policy positions on numerous issues, but the Chamber will actively pursue about a dozen bills focused on five areas: taxes, workforce, legal reform, energy, and regulations.

REDUCE THE TAX BURDEN

Tax revenues collected the last few years pushed Kansas’ annual receipts to record levels. The Chamber believes now is the time to further modernize the state’s tax codes to position our state to be regionally competitive and better attract investments and workforce.

The Chamber proposes replacing the state’s current multi-tier tax rates with a simple 5% rate for all taxpayers and businesses, exempting the first $15,000 in income.

Another tax bill to be introduced would grant corporations the choice between the current three-factor apportionment formula and a new, single-factor sales-based formula.

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Alan Cobb president and CEO Kansas Chamber

Eric Stafford Vice-President of Government Affairs Kansas Chamber

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MEET WORKFORCE NEEDS

As we work to attract new businesses to Kansas and create a climate that encourages growth of existing entities, the strain on the state’s workforce will only get worse.

The Chamber will ask the Legislature to establish a new tax credit for employers who participate in the Kansas Registered Apprenticeship Program. Once thought of as a tool for unions to develop tradesmen, apprenticeships are great workforce solutions for small and larger employers, associations, and organizations across multiple industries and sectors.

The Chamber also will support policies to make childcare more affordable and accessible for Kansas workers by relaxing overly restrictive staff-to-child ratios and increasing childcare capacity across age groups.

IMPROVE ENERGY COSTS

Kansas is the largest producer of wind energy in the world. However, this low-cost source of energy has not resulted in savings for Kansas ratepayers. In fact, it’s quite the opposite. Kansas continues to be the highest energy cost state in the region, making manufacturing and production of goods and materials expensive. Kansas must improve its energy costs to be more competitive.

The Chamber will support efforts to achieve regionally competitive electric rates and delivery costs as well as ensure uninterruptable service, regardless of the source of power.

Vice-President of Government Affairs Eric Stafford leads the Chamber’s efforts at the statehouse. He said it is imperative state lawmakers and the governor understand the impact their decisions have on the business community and the health of the state’s economy.

“Kansas is at a crucial point in its economic history,” Stafford said. “Overreaching, unnecessary laws and regulations can stop any progress. We look forward to working with the Kansas Legislature and Governor Laura Kelly on the issues important to the state’s business community so Kansas can become more competitive and a great state to do business.”

ADOPT LEGAL REFORM

Kansas has become the 18th best state for trial lawyers as the state’s court system has eroded protections and expanded liability against businesses and individuals.

Requiring disclosure of third-party financing of litigation is among legal reform measures that the Chamber will seek during the session.

The Chamber also will support lowering pre-judgement interest rates to bring Kansas in line with other states as well as legislation that reinstates caps on non-economic damages.

STOP OVERREACHING REGULATIONS

Cities and counties across the country, and in Kansas, are banning legal consumer merchandise and household products. These patchwork policies create a compliance nightmare and put businesses outside city limits or in another county at a competitive advantage over those regulated by these restrictions.

The Chamber will introduce legislation prohibiting local governments from banning consumer merchandise and plastic containers.

LEGISLATIVE & POLICY AGENDA LINK

WICHITA REGIONAL CHAMBER OF COMMERCE’S LEGISLATIVE AGENDA

“The Chamber sets legislative priorities based on the needs of its members, while working in collaboration with similar business-oriented organizations,” said Toni Porter, the Chamber’s Vice President of Government Relations. “As one of the largest business organizations in Kansas, the Chamber amplifies the voice of the business community by advocating pro-business policies at the state level.”

This year’s agenda includes several new priorities. Among those are support for the Wichita Biomedical Campus, support for policies that expand access to affordable childcare and reforms to childcare regulations that make Kansas competitive. Additionally, the Chamber’s agenda includes support for extending the APEX program for economic

development and support for policies that will draw federal funding for transportation projects to south central Kansas.

“Our legislative priorities are developed from the results of a survey of members conducted each fall,” said Gabe Schlickau, vice chair of advocacy for the Chamber. “In 2022, we were successful in advocating for income tax credits for the aviation industry, prioritizing computer science education, support for vital economic development incentives and ensuring dedicated transportation funding streams are only used for the transportation program. We believe these legislative priorities will continue to foster a strong business climate and help our region’s businesses thrive.”

• Workforce Development, Talent and Education

• Taxation and Budget

• Economic Development

• Entrepreneurship and Technology

• Healthcare

• Transportation

• Energy, Environment and Regulation

• Diversity, Equity and Inclusion

THE WICHITA CHAMBER’S 2023 LEGISLATIVE AGENDA IS FOCUSED ON:

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