Are you affiliated with educational and professional associations? This includes colleges and their related fraternities and sororities, as well as our state and national professional organizations. These organizations promote our success, past, and future. We continue our affiliated out of gratitude and, in some cases, for the continuing professional and personal opportunities they provide.
Our better natures compel us to “give back” to those who help us achieve the success we enjoy today. Typically, we can give our own time and our money. However, occasionally we are called on to “solicit” support from other people. Many of us heed the call, but few of us actually like asking for donations.
What if there were a solution that could raise SIGNIFICANT DONATIONS, not just on a single fund-raising drive, but year-round? And, what if that solution was “free” to the association and the donor? This solution exists and can be realized through engaging Retail Benefits, Inc. as part of your fundraising strategy.
Associations that regularly communicate to 10,000 or more people are great candidates for Retail Benefits. This includes most colleges, universities, and their affiliated fraternities and sororities. When Retail Benefits cashback shopping is engaged as an element of fundraising, the following advantages will be realized:
Year-Round Fund Raising – Cashback giving is automatic and on-going. Once the donor signs up and downloads the shopping app, everything happens automatically.
No out-of-pocket expense for donors – Cashback donations are from the money that has always been spent shopping. Therefore, no new donor expenditures are required
Reduce/Eliminate the cost of membership – Association can apply cashback to reduce or eliminate dues making it easier for members to join and/or stay affiliated
Drive engagement – A portion of cashback can be directed to the donor as “donor bucks” to purchase special offers and merchandise (such as hats, shirts, pins, etc.)
Designated donations to multiple purposes – Donations can be subdivided to support annual dues, the building fund, and/or special causes
Messaging – Communicate directly to participants via the app on association business
To learn more about cashback shopping and its potential for your association, contact Philip A. Davis at pdavishr@comcast.net or 678-977-5578.
Is it possible for Target to make money from purchases made on-line at Walmart? The astounding answer is YES!
Four Thousand plus (4,000+) on-line retailers offer cashback to shoppers to entice purchases through their websites, including Target and Walmart. If your online store is a cashback provider, there is now a way to make money on purchases made at all the other online retailers offering cashback. Your store makes money on every purchase from all other participating retailers AND in the process creates an incentive for future purchases at your store.
How It Works?
In our Target example, this giant retailer could offer its on-line shoppers the “Target Cash Back Shopping App” with the headline, “Earn cashback from all your online purchases at Target and all other participating retailers, and leverage it for great buys at Target.” Using this approach, the cashback from purchases made at Target and all other retailers is held for future on-line purchases at Target.
Key Advantages?
A retailer that adopts the “cashback shopping app” will realize the following advantages:
Grow revenue – Retain a portion of shopper cashback to enhance profitability
Earn money – Every time your customers shop on-line with other retailers
Gather competitive information
Know what and when shoppers are buying at other retailers, and
How much they are spending by item and in total
Craft offerings – Based on shopper and competitive insights
Message – Communicate directly to shoppers via the app on special offers, etc.
Next Steps?
Every Retailer has unique branding and messaging. My firm works with your marketing and IT professionals to customize our app to the look and feel of your online presence. The app itself is built for an easy download on to your shopper’s mobile and desktop devices. The Retailer provides advertising to entice shoppers to join the program. Money is earned when on-line purchases are made through the app.
Phillip Davis
To learn more about the cash back shopping app. and the business opportunity it represents, contact Philip A. Davis at pdavishr@comcast.net or 678-977-5578.
Late last week the government reported that the U.S. economy created 1.763 million new jobs last month. The expectations had been for 1.48 million. It’s good to see the numbers going in the right direction.
These are huge gains in employment, but it comes after even larger losses. To be sure, the economy is a long way from where it was just six months ago. The unemployment rate is down to 10.2%. We’ve had recessions that peaked with lower unemployment rates. The number of unemployed people dropped by 1.4 million to 16.3 million. The labor-force participation rate is 61.4%, which isn’t as bad as I had expected.
Let’s look at leisure and hospitality, which is a crucial sector for the economy. Leisure and hospitality added 592,000 jobs in July. In May and June, the sector added 3.4 million jobs. That sounds impressive, but leisure and hospitality lost over 8.3 million jobs in March and April.
We had more good news for the jobs market on Thursday, when the jobless-claims report finally fell below one million. The number of folks filing for jobless benefits fell to 963,000. That’s the first time in 20 weeks it came in under one million. Economists had been expecting 1.1 million.
While the jobs market is better, there’s still a long, long way to go. We also saw strong CPI numbers, which surprised me a bit as the increases were the largest in years. Something to continue to watch.
We’re also seeing another move towards cyclical stocks. By this, I mean stocks whose fortunes are closely tied to the broader economy. When cyclicals do well, that’s often though, not always an early sign of an improving economy. Perhaps Wall Street is sensing that the economy will reopen sooner than expected.
An Important Message For Parents Of College-Aged Kids
For those of you like me who are sending their children back to college, there is an important step to take now more than ever as we live through this health crisis and want to protect our kids as much as possible even as they are moving away to a college campus.
For my readers in Georgia, the law states that a person who is 18-years or older is considered an adult. At this point, parents cannot legally access their medical or financial matters. To help make sure that parents can continue protecting their children while they’re away at college, it is a good idea to create two essential estate planning documents: a financial power of attorney and an advance directive for health care. For my readers in other states and other countries, it would be wise to check your state’s laws.
Financial Power of Attorney
A financial power of attorney is someone who is legally authorized to act on another person’s behalf. A financial power of attorney can help with money, real estate, or legal matters. If the student gets sick or becomes incapacitated, the parent with the financial power of attorney can make sure that any bills are paid, and any legal issues are handled appropriately.
If a student becomes incapacitated and they have not named a financial power of attorney, the court will likely appoint a guardian or a conservator to help with any financial or legal issues. That court-appointed individual may not necessarily be the student’s parent.
Advance Directive for Health Care
An advance directive for health care is a legal document in which a person lists their health care and treatment preferences. It puts their doctors on notice about medical decisions if they are otherwise able to communicate those wishes due to an injury or illness. Within the advance directive, a person can designate their medical power of attorney. If a college student designates their mother or father as their medical power of attorney, that parent can speak to their child’s doctor, look at any health care records, and make decisions about their child’s medical treatment.
If a student gets hurt or seriously ill without having an advance directive in place, there could be delays in making urgent health care decisions. If the parent is not named the medical power of attorney, he or she might have to petition the court in order to act on their child’s behalf.
While I don’t practice law, I have a great group of legal experts in my network to help answer your questions. If you want to discuss this further, feel free to contact me and I will do my best to help!
Kevin Garrett – Integrated Financial Group
My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:
1) Accessing and Managing Retirement Assets
2) A Performance Contract (Typically a Sports or Entertainment Contract)
3) Divorce Settlement
4) Inheritance or Insurance Payout
5) Sale of a Business or Stock Options
6) A Personal Injury Settlement
I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.
My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds and managing taxes.
Firm Specialties:
Retirement Planning For Business Owners & Executives
Woman’s Unique Financial Planning Needs
Professional Athletes
Investment/Asset Allocation Advice
Estate Planning
Risk Management
Strategic Planning
Kevin was listed in The Wall Street Journal as “One of the Financial Advisors In The Southeast That You Need To Know”
Kevin was listed in Forbes Magazine’s Annual Financial Edition as a Five Star Financial Advisor
Kevin has been awarded the FIVE Star Professional Wealth Manager in in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017,2018 and 2019.
Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.
KEVIN GARRETT, AWMA, CFS
Integrated Financial Group
200 Ashford Center North, Ste. 400 | Atlanta, GA 30338
2020 is an election year, and as we get closer to November, I expect this to replace COVID-19 and the recession at the top of investors’ minds. The makeup of Congress may influence stock market performance, and how stocks and the economy perform prior to the election may forecast who will win.
THE MAKEUP OF CONGRESS IS VERY IMPORTANT
Although all election years feel different, 2020 no doubt may be one of the most unique election years ever. We have a pandemic, a deep recession, extremely heightened partisanship, a mail-in ballot controversy, an unpredictable president, and the oldest presidential candidate ever.
Amazingly, 1940 was the last time the S&P 500 Index was lower during an election year with an incumbent in the White House. Historically, when a president has been up for reelection, it has tended to boost stocks.
Stocks were down big in 2008-but President George W. Bush had finished his two terms. It isn’t about Republican or Democrat-it’s about incumbents trying to boost the economy and stock prices by the time voters go to the polls.
I’m often asked if stocks perform better under a Republican or Democratic president. I take a different view and point out that stocks have tended to do their best when we have a split Congress. Markets tend to like checks and balances to make sure one party doesn’t have too much sway.
When Republicans have controlled both chambers in Washington, DC, on average the S&P 500 has gained13.4% per year and gross domestic product (GDP) has grown 3%. When Democrats have controlled both the House of Representatives and the Senate, the economy did a little better, with GDP growth of 3.3%, while the S&P 500 was up 10.7% on average. Some of the best stock gains in recent memory took place under a split Congress. Stocks gained close to 30% in 1985, 2013, and 2019, all under a split Congress. The average S&P 500 gain with a divided Congress was 17.2% while GDP growth averaged 2.8%, again suggesting markets may prefer split power come November.
WATCH THE ECONOMY
History shows that the US economy has had major bearings on the presidential election outcomes. If there has been a recession during the year or two before the election, the incumbent president has tended to lose. If there were no recession during that time, the incumbent tended to win. Incredibly, the economy has predicted the winning president every year going back to President Calvin Coolidge, when he won despite a recession within two years of the election. But Coolidge inherited a recession when President Warren G. Harding passed away, and by the time people voted in November 1924, the Roaring ’20s had started to take hold, and the economy was strong again.
My analysis suggests the 2020 presidential race is still up in the air. If the economy continues to open up, a vaccine is on the way, and the massive stimulus continues to drive asset prices higher, President Trump’s chances may improve. A weak economy struggling to come out of recession and weaker markets would likely favor challenger former Vice President Joe Biden.
AND WATCH THE STOCK MARKET
Since 1928, the stock market has accurately predicted the winner of the presidential election 87% of the time, including every single election since 1984. It’s quite simple. When the S&P 500 has been higher the three months before the election, the incumbent party usually has won; when stocks were lower, the incumbent party usually has lost.
Think back to 2016, when virtually no one expected Hillary Clinton to lose-except for the stock market. Stocks were quite weak leading up to the election, with the Dow Jones Industrial Average down nine days in a row. Copper (a President Trump play on infrastructure) was in the green a record 14 consecutive days.
POTENTIAL POLICY CHANGES
Markets tend to be volatile ahead of elections because of the uncertainty around possible policy changes. In this election, the stakes are particularly high for corporate America because a takeover of the Senate by Democrats and a possible Biden victory reportedly may lead to an increase in the corporate tax rate from 21% to 28% and unwind the corporate earnings boost the 2017 Tax Cut and Jobs Act delivered.
Other areas to watch that could impact markets:
* Tighter financial regulation could have some market impact.
* Healthcare should perform well regardless of the election outcome with “Medicare for All” off the table.
* Energy could be hurt by a potential blue wave, but prices may get support from lower production and higher production costs.
So in summary, as we get closer to the November election, how stocks and the economy are doing could be a big signal for who will win the election and be in office in January.
KEVIN GARRETT, AWMA, CFS
Integrated Financial Group
200 Ashford Center North, Ste. 400 | Atlanta, GA 30338
Phone | 770.353.6311
Email | kgarrett@intfingroup.com
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Stocks shook off the 5.9% S&P 500 Index drop a week ago Thursday by gaining three days in a row before fading a bit at week’s end. While researching and reading this week, two charts stood out to me that tell us quite a lot about how investors have reacted during this volatile market and what could be next.
Incredibly, nearly a third of all investors over 65 years old sold their full equity holdings. With stocks now back near highs, this is yet another reason to have a plan in place before trouble comes, as making decisions when under duress can lead to the exact wrong decision.
As shown in the above chart, according to data from Fidelity Investments, nearly 18% of all investors sold their full equity holdings between February and May, while a much higher percentage that was closer to retirement (or in retirement) sold. Some might have bought back in, but odds are that many are feeling quite upset with the record bounce back in stocks here.
Along these same lines, investors have recently moved to cash at a record pace. In fact, there is now nearly $5 trillion in money market funds, almost twice the levels we saw this time only five years ago. Also, the past three months saw the largest three-month change ever, as investors ran to the safety of cash. If you were looking for a reason stocks could continue to go higher over the longer term, there really is a lot of cash on the sidelines right now.
Stocks are Overbought
Last, I noted a few weeks ago that the extreme overbought nature of stocks here is actually consistent with the start of a new bull run, not a bear market bounce, or the end of a bull market. Adding to this, the spread between the number of stocks above their 50-day moving average and 200-day moving average was near the highest level ever.
Looking at other times that had wide spreads, they took place near the start of major bull markets. Near-term the potential is there for a well-deserved pullback, but going out 6 to 12 months, stocks have consistently outperformed historically.
About Integrated Financial Group
My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:
1) Accessing and Managing Retirement Assets
2) A Performance Contract (Typically a Sports or Entertainment Contract)
3) Divorce Settlement
4) An inheritance or Insurance Payout
5) Sale of a Business or Stock Options
6) A Personal Injury Settlement
I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.
My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging, and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds, and managing taxes.
Firm Specialties:
Retirement Planning For Business Owners & Executives
Woman’s Unique Financial Planning Needs
Professional Athletes
Investment/Asset Allocation Advice
Estate Planning
Risk Management
Strategic Planning
Kevin was listed in
The Wall Street Journal as “One of the Financial Advisors In The Southeast That You Need To Know”
Kevin was listed in Forbes Magazine’s Annual Financial Edition as a Five Star Financial Advisor
Kevin has been awarded the FIVE Star Professional Wealth Manager in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017, 2018, and 2019.
Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.
KEVIN GARRETT, AWMA, CFS
Integrated Financial Group
200 Ashford Center North, Ste. 400 | Atlanta, GA 30338
Phone | 770.353.6311
Email | kgarrett@intfingroup.com
I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.
Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
When the employment report for April is released this Friday, the economic damage from the deepest of the Coronavirus shutdowns will become clear.I am estimating that nonfarm payrolls will be down roughly 22 million versus March, and the unemployment rate will skyrocket to around 17.0%, the highest reading since at least 1948.
To put that in perspective, during the subprime-mortgage panic of 2008, payrolls declined 8.7 million over a 25-month period. Now, it looks like we lost almost three times as many jobs in just one month. The highest unemployment rate since the wind-down from World War II was 10.8% at the end of the 1981-82 recession. The jobless rate peaked at 10.0% after the Great Recession.
Unfortunately, I expect the unemployment rate to be even higher in May, and it is very difficult to believe that $2.5 trillion in government spending offset more than 50% of the damage. I hope I am wrong about that, but promising money to companies for payroll expenditures – but only having them able to open at 25% to 40% capacity – will not save many restaurants or bars.
While the economic damage is horrific, there are some positive signs. While 30 million workers filed for unemployment benefits in the past six weeks, those currently receiving benefits (what are called “continuing claims”) are up a smaller 16 million in the first five weeks of that period and will be up around 20 million for the full six-week period. Yes, that’s still awful, but it tells us that the Payroll Protection Plan and areas of actual job creation, such as online retailing and delivery services, are offsetting some of the damage.
This kind of job destruction will be accompanied by a very large decline in GDP. We’re estimating a contraction at a 30% annual rate in the second quarter. But everyone already knows that.
We won’t get that data until late July, and by then I expect the economy to be expanding, albeit from a low base. In fact, I’m already seeing some light at the end of the tunnel. During the week ending Saturday, May 2, 939,790 passengers went through TSA checkpoints at airports. That’s up 26% from the prior week and up 40% from two weeks ago. The amount of motor gasoline supplied has grown three weeks in a row, and is up a total of 16%. Hotel occupancy and railcar traffic are both up from a month ago. This high-frequency data will give a clearer read on the pulse of the economy as we gradually reopen, and is something I review weekly.
Anyone who ventures outside will notice more cars on the road and more activity, including in businesses that are still required to be closed to the public but are preparing for clearance to re-open. Many researchers are using cell-phone location data to track the movement of people. For example, Apple looks at “routing requests” on map applications. In mid-April, both walking and driving requests were down roughly 60% from January 13th. As of Saturday, walking and driving requests were only down 29% and 16%, respectively.
This recession will be brutal, the worst of our lifetimes. But it is not a normal recession, and it will also be short. Investors should keep in mind that, although the weeks ahead will be tough, there are better days beyond them.
Kevin Garrett – Integrated Financial Group
My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:
1) Accessing and Managing Retirement Assets
2) A Performance Contract (Typically a Sports or Entertainment Contract)
3) Divorce Settlement
4) Inheritance or Insurance Payout
5) Sale of a Business or Stock Options
6) A Personal Injury Settlement
I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.
My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging, and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds, and managing taxes.
Firm Specialties:
Retirement Planning For Business Owners & Executives
Woman’s Unique Financial Planning Needs
Professional Athletes
Investment/Asset Allocation Advice
Estate Planning
Risk Management
Strategic Planning
Kevin was listed in
The Wall Street Journal as “One of the Financial Advisors In The Southeast That You Need To Know”
Forbes Magazine’s Annual Financial Edition as a Five Star Financial Advisor
Kevin has been awarded the FIVE Star Professional Wealth Manager in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017,2018, and 2019.
Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.
KEVIN GARRETT, AWMA, CFS
Integrated Financial Group
200 Ashford Center North, Ste. 400 | Atlanta, GA 30338
Phone | 770.353.6311
Email | kgarrett@intfingroup.com
Website | kevingarrettifg.com
With each passing week, the economic damage wrought by the Coronavirus and the resulting shutdowns grows larger. It’s not just businesses, both small to large, feeling the pain. Educational institutions, hospitals, churches, not-for-profits, and state and local governments are all finding it hard to remain financially viable.
The US has essentially turned off broad swaths of the private sector – the ultimate and only source of income and wealth creation. Without the private sector, there is no money to pay for government, schools, healthcare, or charitable organizations. To make up for it, the US has resorted to an open-ended expansion of the Federal Reserve’s balance sheet (and expanded their power) and huge increases in government borrowing and spending, the likes of which the US has never seen outside of wartime.
As in 2008, many are worried that huge increases in Quantitative Easing and money growth, along with the purchasing of debt directly from the market, will lead to much higher inflation. However, at least for now, that doesn’t appear to be a problem. The consumer price index (CPI) fell 0.4% in March and is up only 1.5% from a year ago. This week, West Texas Intermediate (WTI) oil was trading at record low levels. This suggests another negative number for the CPI in April.
But the drop in measured consumer prices in March was not just driven by lower energy prices. Other factors included lower prices for hotels, airline fares, and clothing. What do all these categories have in common? A massive drop in customers due to the shutdown.
Sure, hotels are cheap today, but almost no one is using them; hotel occupancy rates are down about 70% from a year ago. Yes, anyone who flies can get cheap seats, but the number of people going through TSA checkpoints is down 96% from a year ago. Clothing prices fell 2% in March as sales at clothing & accessory stores fell 50%. Who had time to buy clothes when you had to stock up on groceries and toilet paper?!?
In other words, prices for the actual items people bought in March probably did not fall as much as the CPI report suggested, and the same argument will probably apply to April, as well. Bottom line: in the near term, while it may look like deflation, that’s not true for the average consumer.
As I look further out, official measures of prices will eventually turn back up. I see multiple broad forces at work on consumer price inflation, which should prevent us from lurching into either ultra-high inflation or Great-Depression-style persistent deflation.
Obviously the Fed’s actions will boost various measures of the money supply. And the unusually generous unemployment benefits for many workers who have recently lost their jobs means those businesses that are trying to ramp up production will have to offer higher wages than usual to attract workers, which could feed through to higher end-prices.
However, in spite of these reasons to fear higher inflation, there is one big reason to avoid fearing hyperinflation: the demand for holding money balances, by both individuals and companies, is going sky high. The precedent of shutting down the economy will make cash King. That’s the only way to survive. So, yes, the money supply will be much higher, but velocity will be much lower; people will hold cash dear.
While I think inflation measures will head towards 3.0% in 2021, higher than it was immediately prior to the Coronavirus, hyperinflation is unlikely.
Interest rates will go up eventually, too, but don’t expect a sharp rebound. After the Great Recession, the Fed didn’t raise short-term rates again until late 2015, when the unemployment rate hit 5.0%. After the expected spike in joblessness in the next couple of months, it’ll be a long time before we get back to 5.0% unemployment. Meanwhile, having witnessed two massive recessions in a row, investors will place an even larger premium on safety and risk-aversion than they have for the past decade, which will hold the 10-year yield down relative to the economic fundamentals we’ll see in the eventual recovery.
We’ve never seen an economic shutdown like this before. The ability of people and the government to panic like this changes nearly every economic calculation. For inflation, there are forces going both ways. Only time will ultimately tell.
Kevin Garrett – Integrated Financial Group
About Kevin
Kevin was listed in
The Wall Street Journal as “One of the Financial Advisors In The Southeast That You Need To Know”
Kevin was listed in Forbes Magazine’s Annual Financial Edition as a Five Star Financial Advisor
My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:
1) Accessing and Managing Retirement Assets
2) A Performance Contract (Typically a Sports or Entertainment Contract)
3) Divorce Settlement
4) Inheritance or Insurance Payout
5) Sale of a Business or Stock Options
6) A Personal Injury Settlement
I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.
My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging, and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds, and managing taxes.
Firm Specialties:
Retirement Planning For Business Owners & Executives
Woman’s Unique Financial Planning Needs
Professional Athletes
Investment/Asset Allocation Advice
Estate Planning
Risk Management
Strategic Planning
Kevin has been awarded the FIVE Star Professional Wealth Manager in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017, 2018, and 2019.
Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.
KEVIN GARRETT, AWMA, CFS
Integrated Financial Group
200 Ashford Center North, Ste. 400 | Atlanta, GA 30338
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A prudent man foreseeth the evil, and hideth himself (or ‘seeks refuge’): but the simple pass on, and are punished. Proverbs 22:3
Ralph Watson
Regardless of where Covid-19 originated, it is an actual virus and it is among us.
Mass hysteria has gripped our country emptying our grocery stores and gun shops and tanking our economy. I’m not making a political statement nor placing blame. I am simply acknowledging the current reality of our world and the tragic effect it is having on our businesses, large and small.
Let me invite you to step away from the madness for a few minutes for a dispassionate chat about our current situation.
At this point, there is precious little we can do with the country on lockdown. Our customers are not circulating in the marketplace, but are rather cocooned in their homes possibly shopping online. That doesn’t mean we can’t do ANYthing!
In his seminal book, The 7 Habits of Highly Effective People, Stephen Covey presented his Time Management Matrix exposing the relationship between Urgent tasks and Important tasks.
Quadrant I was the “Urgent & Important” containing all the fires that business owners face all day long: operational breakdowns, customer complaints, employee disagreements, accounts receivables, job bidding, and the list goes on ad infinitum! This is the quadrant in which we spend most of our waking business hours.
Quadrant II was the “Important but NOT Urgent” containing – honestly – all the most important issues of life: date night with the spouse, children’s ball game or dance recital, thinking & planning, reading important literature, praying or meditating, taking care of our health and on it goes.
The paradox of these two quadrants is that the ONLY way to get Quadrant I under control is to camp out in Quadrant II and DO the Important work of strategic business planning and management self-improvement! As you are able to become proactive and look down the road to see potential dangers, you are able to make those provisions to avoid the fires and reduce the size and tyranny of Quadrant I.
Although this may be the first time our current living generation has seen what is happening, it is not the first time for our country. Let me acknowledge that during the Great Depression, there were bakeries that went out of business – but there were bakeries that survived. There were clothing stores that went out of business, but there were clothing stores that made it.
The point is that no business segment vanished. Some businesses in every category made it in spite of so many of their competitors folding for good. So while we are all currently forced out of Quadrant I, now is a great time to take full advantage of the situation to get seriously deep into Quadrant II and not squander this unique opportunity to Be Greater Faster!
Read a management book. Call friends who own businesses to talk about common issues. Engage with a professional consultant – a generalist if you need overall help, or a specialist if you feel you need specific help like marketing. Reconnect with distant family. Get spiritually recentered.
Now maybe a good time to do a deep clean on your business. If you own a restaurant, pull all your equipment from the wall and clean behind that greasy frier and refrigerator. If you have inventory, get it straightened up, pull inactive SKUs and sell them off online if you can. Take a close look at your shop floor to see if there is a better way to improve the flow of production.
Now is NOT a time for deer-in-the-headlights paralysis!
If you need inspiration, reach out to someone you can trust!
Ralph C. Watson, Jr. 404.520.1030
Ralph.Watson@BeGreaterFaster.com
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Jim Weber – Managing Partner, ITB Partners
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You need to address the urgent needs of keeping your family safe and healthy. You need to address the critical issues around employees, payroll, managing your cash and other realities of the current crisis. Period! Absolutely! If you haven’t spoken to your bank about the financial relief bills that congress is about to pass, call them now!
You also need to get back to business to the greatest extent possible as you address these – hopefully – short-term issues, even if you are doing it from your home kitchen table in your pajamas. During the last recession, I saw too many business owners slow down when they should have been redoubling their efforts.
You need to get back to basics and plan out how your business may change (opportunities!) and how you are going to ramp up as quickly as possible. You need to get back on The Value Track and back to exit planning – creating your future: your exit / succession / transaction. Make sure that you are integrating your short-term crisis management decisions into your planning. They will impact your business and its value just like any other decision.
How can you keep to your timeline for the sale of your business or get back to family business succession planning for the transfer/sale to your children or other family members? It may be delayed but don’t assume it will and don’t slow down working toward it.
What can you learn from what other companies are doing? What is likely to change as we come through this period that you can adapt your product or services to address. (Hand sanitizer in happy meals? McD’s, I want royalties!) I am very serious about this. My clients have been hit hard like everyone else, in a variety of ways. They are all getting creative in the short-term and I know that these decisions and detours are going to make them stronger and more valuable companies.
You need to have a clear, but flexible plan that considers the “what-ifs”. Whether here in the Spring of 2020 or in every year since you started your business. You won’t always know what those “what-ifs” are, but they WILL occur. Hurricanes, recessions, competitors, regulations, your own illnesses, tariffs, hacking, lawsuits…
Here are 4 brief blogs I have written over the last 10 years on the topic of business risk. These business management and leadership issues did not start today. Take a few quick minutes: Thoughts to Consider on Risks to Your Business
In the meantime, I am reiterating my offer of a one-hour conversation with you, your clients or other business owners who could use a sounding board at this time – whether for input on urgent problems, thinking through strategy in order to come out of the crisis or to focus on building/rebuilding value if working toward a sale.
This year of challenges marks my 20th year in practice as a consultant, coach and exit strategist; helping clients grow, solve problems, build value and work on exit strategy. I would be happy to explore how my 20 years of experiences with other clients – and how they are addressing this situation – might provide insights and help your business survive & thrive!
Stay Healthy & Safe!
David Shavzin
David Shavzin, CMC Exit Strategist – Value Growth, Exit Planning, Succession Planning
David Shavzin created The Value Track to help business owners build value and create a path toward a successful exit. Too often, they have not built the value they need and are unprepared when the time comes to put their transition into action. In this RadioX interview, “Maximizing Exit Strategy, Understanding Value”, interviewed by John Ray on Business RadioX®: Listen to the Interview
David discusses critical issues that business owners need to understand in order to maximize the sale of their business. Exit planning is a process – not something to decide one day, and try to implement the next.
David helps business owners think through their long-term goals and plans, educates them on business value and brings the right – collaborative – advisory team around the table. He then assists in the implementation of value-growth initiatives, guiding them to a successful transition (sale, family transfer, etc.). His 7-step process improves their quality of life and allows them to exit on their own terms.
A frequent speaker on these topics, David is a CMC, former IMC Georgia chapter president and President and Co-Founder of Exit Planning Exchange Atlanta, formed to bring advisors together in a collaborative effort to serve their clients.
His early career was in banking and finance, then 12 years with life sciences company Sanofi/Aventis. He spent 4 years in corporate finance and Mergers & Acquisitions. Then, 8 years of leading teams responsible for Quality, Finance, Supply Chain, Customer Service and IT functions within a $175M subsidiary.
