Advisor Academy

Many consultants/advisors/coaches are serving business owners who resist the notion there might be significant, unrecognized issues in their company, or who believe they needn’t be concerned about issues they don’t know about.  Call it the Ostrich-Head-In-The-Sand Syndrome. As a consequence, consultants feel powerless to get their clients to take action in their own best interest.  From an exit planning perspective, being fully prepared for a future exit is one of those critical issues business owners may be inclined to ignore until it is too late. On Thursday, December 5th, join EvaluSys CEO Tom Bixby and XPX Charlotte founder in a discussion with Larry Gard, Ph.D., XPX Chicago member, executive coach, former longtime clinical psychologist who will help attendees get inside the head of business owners to: Feel confident in your ability to reach clients who resist identifying and confronting issues in their business. Generate client curiosity in your approach and interest in your recommendations. Have a significant impact on your clients’ success in ways they hadn’t anticipated. This program is scheduled for 45 minutes, to include significant opportunity for Q&A with Dr. Gard.  Don’t miss this important program helping you grow your power to create value for your advisory clients!

In previous communications, we’ve discussed the significant changes brought about by the SECURE 2.0 Act. Effective implementation of many provisions within the act relies on guidance from the IRS and DOL. IRS Notice 2024-02 and IRS Notice 2024-55 offered clarification on several crucial aspects of SECURE 2.0. Guidance is helpful as plan sponsors make decisions regarding both required and optional provisions in the act. Here are some key provisions to consider: Automatic Enrollment Requirement  SECURE 2.0 mandates automatic enrollment features for 401(k) plans established after December 29, 2022, effective in 2025. The IRS guidance clarifies that a plan is deemed to be established when the employer adopts a 401(k) plan, regardless of the plan’s effective date. The notice also provides further clarity for plan mergers and spin-offs. Mergers: If a plan established after December 29, 2022, merges into a 401(k) plan that was established prior to that date, the ongoing plan will generally be subject to the automatic enrollment mandate unless the merger is: 1) a result of a business acquisition, and 2) the plans are merged by the last day of the plan year following the year of the transaction. Spinoff plans will be treated as a pre-December 29, 2022 plan as long as that portion of the plan had been established before that date. Higher Salary Deferral Catch-up Limits for Ages 60-63  For 2024, the salary deferral contribution limit is $23,000. If a 401(k) plan permits catch- up contributions, those age 50 and older can also make catch-up contributions up to $7,500. Those limits are expected to increase in 2025 based on cost-of-living adjustments to be announced later this year. Beginning in 2025, plans may also take advantage of a provision in SECURE 2.0 that would permit participants age 60-63 to make higher catch-up contributions. For those plan participants, employers may increase the catch-up limit to the greater of: * $10,000 (which will be indexed for cost-of-living adjustments in later years) or * 150% of the regular age 50 catch up deferral limit. De Minimis Financial Incentives  Employers can now provide “de minimis” financial incentives to encourage employee retirement plan contributions. These incentives must not exceed $250 and are available only to employees who have not previously elected to defer contributions. The incentive can be provided incrementally over time, contingent on the employee’s continued participation. Employees receiving these incentives are subject to regular tax, withholding, and reporting requirements. Terminal Illness Distributions  SECURE 2.0 introduced a new exception to the 10% penalty on early distributions for terminally ill employees. The IRS notice defines a terminally ill individual as someone who has been certified by a physician to have a condition or illness that can be reasonably expected to result in death in the next 84 months. This exception does not create a new type of distribution; rather, employees must still qualify for another permissible distribution from the plan. While this provision will be optional for employers, if a plan opts out, employees may categorize a distribution as a terminal illness distribution on their own tax return. If an employer does elect to recognize terminally ill distributions, the plan must obtain a specific certification from the physician rather than relying on an employee’s self-certification. Hardship Distributions with Self- Certification Most plans that permit hardship withdrawals allow such withdrawals only if the hardship satisfies one of the “safe harbor” reasons. Such reasons include the purchase of a principal residence, amounts needed to prevent eviction or foreclosure on a personal residence, qualifying medical expenses, tuition, funeral and burial expenses, certain expenses to repair the employee’s principal residence, and expenses and losses related to a federally – declared disaster. SECURE 2.0 provides that a plan can adopt employee self-certification rules. That means a plan sponsor may rely on an employee’s written self-certification that the distribution is for one of the plan’s safe harbor hardship reasons and is not more than the amount required to satisfy the financial need and they do not have alternate means that are reasonably available to satisfy the hardship need. The participant is expected to maintain records that support the hardship. Many plan sponsors are adopting self-certification.  Emergency Personal Expenses Distributions SECURE 2.0 permits a 401(k) or other defined contribution plan to offer emergency personal expense distributions. If the option is offered, eligible employees can withdraw up to $1,000, or their vested balance (if less) for “unforeseeable” or “immediate” personal emergency expenses once each calendar year. Self-certification is available. The distribution is not subject to the usual 10% tax on early distributions. Also, emergency expense distributions can be repaid to the account within a three-year window. Another emergency expense distribution can’t be made within the three-year window unless the previous distribution is fully repaid or contributions equaling the distributed amount are deposited.  Domestic Abuse Victim Distributions SECURE 2.0 permits a plan to offer domestic abuse victim distributions. This type of distribution may be made to a participant within a one-year period beginning on the date when a participant becomes a victim of domestic abuse by a spouse or partner. The maximum distribution is the lesser of $10,000 or 50% of the participant’s vested account. The $10,000 limit is subject to future cost of living adjustments. Self-certification is available. The distribution is not treated as an eligible rollover distribution for tax withholding purposes; however, the participant may repay the distribution any time during the next three-year period. The distribution is taxable, but there is an exception from the 10% early withdrawal penalty. (Note that plans which are subject to the spousal consent requirements for distributions may not be able to adopt this provision.) The IRS has also delayed the deadline for SECURE 2.0, SECURE, and CARES amendments until December 31, 2026. This gives them additional time to issue further clarifying guidance. As always, we are committed to keeping you informed as things develop.

As an advisor, your role is to help clients prepare to exit their business, yet many people resist thinking about the future because it involves so many unknowns, decisions, and choices.  And emotions typically complicate matters further, sometimes derailing the process altogether.  Here are some questions that can help you establish rapport with your clients, learn more about their concerns, and move the conversation forward. How are you feeling about your work/profession/business these days? Which aspects of work are you still enjoying, and which are you ready to leave behind? Do you envision retiring from work at some point, or are you contemplating an encore career? What part of planning for your future feels most challenging? How do you imagine your life in retirement will be different from how it is now? What process are you using to figure out what you’ll do next after you retire? What would you like to see happen with your business long term? What options have you considered for the transfer of your business? What steps have you taken to make your business more attractive to a potential buyer? What are your concerns about transitioning your firm to new ownership? What would be your ideal scenario for transitioning out of your company? What topic(s) have we touched on today that we should put on our agenda to revisit? So, what happens after you pose a few of these questions and your clients open up about emotional matters?  Remember, the most helpful thing you can do is to listen attentively.  You’ve created a valuable opportunity for them to talk about things they may not share with other advisors.   Here are some tips for managing the conversation when clients raise emotionally loaded topics: Don’t try to “fix things” by immediately offering suggestions. Doing so sends the message that you’re uncomfortable hearing their concern.  You can offer suggestions but do so later. Don’t say anything that conveys the message that their feeling or concern is unwarranted. “There’s really no need to feel that way” or “I’m sure it will be just fine” may sound reassuring to you but could be experienced as dismissive by your client. Don’t immediately offer a logical counterpoint to your client’s emotion. Remember, feelings don’t have to make sense; they’re “as is”.  Put another way, if feelings made sense, they would be thoughts. People report concerns and characterize their feelings differently from one another, so it’s in your best interest to seek amplification and clarification by inquiring as follows . . . “I want to make sure that I understand exactly what you mean by ___.  Can you tell me more?” “People sometimes mean slightly different things when they talk about ___.  What does ___ mean for you?” “Before I suggest anything, I’d like to learn more about it from your perspective.” It’s possible that during early conversations your client may hint at mixed feelings about exiting their business.  That’s perfectly normal, but you need to bring it out into the open.  You want to foster an atmosphere such that your client keeps you apprised about where they’re at.  If they keep their ambivalence to themselves, it has greater potential to blindside you and complicate the sale.  You can say: “In my experience, it’s normal to have some mixed emotions about selling.  Those thoughts may not always be top of mind, but when they do pop up let’s be sure to talk about them.  Believe it or not, they can help inform our process and alert us to aspects of the sale that are important to you.” You may also find that your client is overly risk averse.  If so, consider saying the following: “Our work together won’t be comprehensive if we only plan for what could go wrong.  That’s just half the equation.  It’s fine to be conservative and err on the side of caution, but to be truly realistic we should also consider a range of possibilities both good and bad.”   Author’s Note:  The concepts in this article are derived from Robert Leahy’s book, Overcoming Resistance in Cognitive Therapy.  New York:  Guilford

BENEFICIAL OWNERSHIP INFORMATION REPORTING CORPORATE TRANSPARENCY ACT SUMMARY One of the unique and often attractive features of a Limited Liability Company can be anonymity.  In most states, formation and registration of an LLC does not require disclosure of the owners or officers.  For various reasons, legitimate and not so legitimate, the owners of a business may not want to broadcast their ownership.  Whether there are genuine concerns regarding privacy and nefarious desires to avoid civil and/or criminal liability, people have availed themselves of this feature.  As such, it can be difficult to identify assets to enforce judgements or confirm net worth in the civil context.  Additionally, it can be difficult to trace financial and criminal wrongdoing to the actual bad actors. The Federal Government has decided to make things a little easier for itself by creating the Financial Crimes-Enforcement Network or FinCEN.  Try saying that five times fast!  In summary, the U.S. Treasury Department will require the vast majority of LLCs along with C and S corporations to report specific information about the business.  This will include information identifying the ownership of the company.  This is not necessarily a new thing for the shareholders of S and C corporations, but this will be a big change for the members of LLCs.   THE RUNDOWN Authority               United States Department of the Treasury Corporate Transparency Act (31 USC 5336(b)) Financial Crimes Enforcement Network (FinCEN) Rule   Deadline                  January 1, 2024-January 1, 2025 for entities formed before January 1, 2024 Within 30 days of formation for  entities formed on or after January 1, 2024   Who Must Comply   Any entity that had to file a formation document with a state authority as part of its formation or registration as a foreign entity doing business in the United States.                    YES–Corporations (C, S, B[1] and P[2]), Limited Liability Companies, Limited Partnerships, Limited Liability Partnerships[3].                    NO—Sole Proprietors, General Partnerships. Exemptions                23 Categories of Exemptions and Exceptions to the rule, including inactive entities, nonprofits, entities that are already subject to federal reporting and regulations, financial institutions, and government entities. Corporate Information       Legal Name Trade Names or D/B/A Names Address Formation State TIN/EIN Ownership Information       Beneficial Owners. Owners with at least 25% ownership or who have substantial control the company directly or indirectly. Legal Name DOB Home Address Driver’s License, State ID, or Passport Number Picture of said ID   Duty to Update          Within 30 days of any change or need to correct information.   Failure to Comply     Civil liability $500/day Criminal penalty up to $10,000 and/or 2 years in jail   THE SOLUTION Resources              FinCEN

There is significant evidence that supply chains have “normalized.” Delivery times are fast and overall demand is low. Many companies are now looking at “longer-term” supply chain planning and changes. Some of these changes include multi-sourcing and digitizing supply chain operations. Geopolitical events and resulting tariffs/sanctions could quickly change the supply chain landscape, however, so it is more important than ever to be nimble with respect to strategic and tactical planning.

Do you dread networking for new business?  Here are some techniques to help you refine your approach so that networking becomes more enjoyable and productive. Several years ago I co-founded a networking group attended by experienced, successful professionals. What I didn’t anticipate was that many of these highly competent and engaging people struggled with networking. In off-line conversations they admitted to a host of challenges. Here are just a few of the things they shared with me: “I’m self-conscious in informal networking settings. I meet interesting people, but inside I’m so uncomfortable that I’m not fully there in the conversation.” “I know that I should be asking the other person thoughtful questions, but sometimes my mind just goes blank.” “My elevator speech isn’t effective.  No matter how many times I practice it and revise it, it feels like a speech instead of a conversation-starter.” “Networking conversations seem too forced and contrived to me; they just don’t feel natural.” These talented people were well informed about networking. They knew what to do, but putting it into practice was another matter entirely.  For most of these individuals it’s not that they didn’t know enough about networking. Rather, they didn’t know enough about themselves. They didn’t understand the psychological barrier that prevented them from using the networking skills they already possessed. Most networking experts are quick to point out that the process is not about you; it’s about getting to know others and determining how you can help them. The individuals in my networking group would readily and enthusiastically agree with that notion. They were sincerely interested in others and yet in networking situations they still found themselves feeling ill at ease, distracted by their own internal state instead of focusing on the people they’re meeting. Why does this happen? In some cases it’s because they get tripped up by their own expectations. They tend to remember past networking encounters that didn’t go well, forgetting about the ones that were uneventful or good. Because of their selective memory they anticipate that subsequent networking encounters will be uncomfortable. As a result, they’re primed in advance to notice any self-consciousness or anxiety – and they get distracted from connecting with the person in front of them. In other cases, it’s because they’ve prepared themselves on the outside but not on the inside. They rehearsed their elevator speech so that they would sound natural. They put business cards in their pocket and made sure their shoes were shined. If it was a virtual gathering, they double checked their background and lighting. They thought about topics for conversation. All of that is fine, but it has very little to do with getting to know others and trying to help them. There is a disconnect between what they’ve prepared for versus what they’re trying to accomplish. No wonder they’re uncomfortable! Here are some things you can do to prepare yourself before a networking event: Remind yourself that your goal is not simply to initiate LinkedIn connections, and that it is extraordinarily unlikely that you will meet someone who is a perfect match for your product or service. Your primary goal is to get to know people and to determine how you might help them. Look through your own list of contacts.  Identify at least a half-dozen people who you could envision attending the networking event with you. Now that they’re top of mind, you’ll be better prepared to connect them to new people you meet at the event. Give some thought to how you can get to know the people you’ll be meeting. Don’t want to get stuck in the same old tired dialogue? Then don’t ask the same old questions. I like to make sure that I have a clear understanding of the other person’s work so I often ask, “When I’m with my own clients, how would I know if they were a perfect fit for your product/service? Put more simply, what should I be listening for?” Encounters between even the most well-prepared and thoughtful networkers can occasionally falter. Sometimes the conversation just doesn’t flow, or it stalls out despite your best efforts. And just because you’re trying to get to know someone doesn’t mean that you’ll click with him or her. I know a businesswoman who used to shy away from networking situations because she feared getting stuck in conversations that were going nowhere. She was concerned about appearing insincere or rude if she tried to extricate herself. I helped her rehearse a genuine yet gracious exit: “Thanks very much for telling me about your work; hopefully I’ll meet someone else here I can connect you with.” Networking can be enjoyable and profitable on many levels if you adopt the right mindset. A little bit of inner preparation can go a long way toward helping you focus outside of yourself, which is the best way to meet others. © Larry Gard, Ph.D.  2023

INTRODUCTION Effective sales strategies are crucial for success in the dynamic landscape of modern business. Business owners recognize the pivotal role that sales teams play in revenue generation and customer acquisition. As a result, they must invest in training programs to enhance the skills and capabilities of their sales force. Two complementary approaches are “Sales Skills Training” and “Sales Training Platforms.” The first half of this article focuses on the distinction between “Sales Skills Training” and “Sales Training Platforms,” the second half focuses on which types of Sales Training Platforms and Sales Skills Training align better with certain types of businesses. I’ll also leave you with a table listing the various sales-related business attributes (relationship vs. transactional, long sales cycle vs. short, etc.) to illustrate which types of sales training platforms align best with your business. Sales Skills Training: Fostering Personal Mastery Sales Skills Training programs, often illustrated by the offerings of Dale Carnegie, Franklin Covey, Huthwaite’s SPIN Sales Training, and many of the Sandler Sales Training programs, typically focus on honing an individual sales representative’s skills and capabilities. These programs often focus on developing interpersonal skills, communication techniques, and emotional intelligence. While some emphasize developing a relationship and becoming a “trusted advisor,” most promote more direct sales techniques to motivate a customer to sign. The core premise of most sales skills training is to equip sales professionals with the training, tools, and finesse to navigate diverse customer personalities and tailor their approach to identify and quickly develop solutions that meet specific customer needs. Dale Carnegie’s program, known for its enduring legacy, emphasizes relationship-building as a cornerstone of successful sales. It teaches participants how to establish rapport, handle objections gracefully, and foster genuine connections with prospects. Sandler Sales Training takes a more direct approach, emphasizing the importance of customer pain points while probing and quantifying the impact of inaction while trying to persuade the customer to take quick action. Both are effective given specific circumstances but are not interchangeable because they rely on different approaches. Each is most effective when aligned with the type of sale you’re executing. For example: Is it transactional- or relationship-based? Is it an indirect sale with a standard contract or a complex deal with a highly engineered solution, customized agreement, and multiple decision makers/influencers? Sales Training Platforms: Systematic and Comprehensive Approach Contrasting with, and yet supplementing, the individual-centric Sales Skills Training described above, Sales Training Platforms like Miller Heiman’s “Strategic Selling,” Holden International’s “Power Base Selling,” and Wilson Learning’s “The Counselor Salesperson” all provide a more systematic and comprehensive approach to sales training. These platforms offer structured methodologies and frameworks that guide sales teams through various stages of a more complex, relationship-based sales process. Individual Growth vs. Team Alignment One of the primary distinctions between Sales Skills Training and Sales Training Platforms lies in their focus on individual growth versus team alignment. Sales Skills Training programs prioritize enhancing personal skills, allowing sales representatives to refine their ability to engage and persuade clients effectively. These programs are particularly beneficial for developing rapport and trust one-on-one. In contrast, Sales Training Platforms emphasize a collective approach. They provide a unified framework that ensures sales teams operate cohesively, following a structured process that aligns with organizational goals. This team-oriented approach is especially relevant when dealing with complex, multi-stakeholder sales scenarios where coordinated efforts can make or break a deal. Adaptability vs. Systematic Consistency Another key difference revolves around adaptability versus systematic consistency. Sales Skills Training programs often equip sales representatives with a toolkit of interpersonal skills, allowing them to adapt to various customer personalities and situations. These programs empower sales professionals to think on their feet and adjust their approach as needed, fostering flexibility. Conversely, Sales Training Platforms offer a consistent methodology that guides sales teams through standardized steps. While this approach may appear rigid, it can be highly effective in maintaining quality control, especially in organizations with a large and diverse sales force. It provides a common language and process that everyone follows, ensuring a streamlined and predictable sales process. Conclusion One of the most critical aspects of developing an effective sales training program for your business starts with understanding the distinction between Sales Skills Training and Sales Training Platforms. While Sales Skills Training focuses on enhancing individual sales representatives’ interpersonal skills and emotional intelligence, Sales Training Platforms offer systematic methodologies that guide teams through the sales process with consistent and coordinated efforts. Both approaches have their merits, and the choice between them should be based on an organization’s specific needs, go-to-market strategy, and the complexity of the deals they pursue. Ultimately, whether through the personal mastery cultivated by Sales Skills Training or the systematic consistency of Sales Training Platforms, the goal remains the same: to empower sales teams to achieve unparalleled success in a competitive business landscape. If your business needs a comprehensive, customized sales training program to elevate your Sales Team’s performance, let’s

INTRODUCTION To maximize performance, it is essential that sales leaders provide comprehensive ongoing training and coaching to their sales team to become a high-performance sales organization. In this article, we will explore the 8 types of sales training high-performance sales leaders deploy to ensure their teams have the knowledge and skills necessary to excel. These training types include Company, Industry/Competition, Products, Systems, Sales Processes, Sales Skills, Sales Management, and Artificial Intelligence (AI). 1. COMPANY TRAINING Comprehensive knowledge of the company’s vision, mission, values, and culture is essential for sales professionals. Company training familiarizes sales teams with the company’s unique history and story, the organization’s goals, unique value proposition, target markets, and overall business strategy. This training helps salespeople align their efforts with the company’s objectives, effectively communicate the value of their offerings, and build trust with customers. By understanding the company inside-out, sales professionals can better represent its brand and deliver a compelling sales pitch. 2. INDUSTRY/COMPETITION TRAINING Understanding the industry landscape and competitive landscape is vital for sales professionals. Industry/competition training equips sales teams with knowledge about market trends, customer preferences, and the competitive landscape. This training allows salespeople to position their products or services effectively, address customer pain points, and differentiate themselves from competitors. By staying up-to-date with industry trends, sales teams can adapt their strategies and remain ahead of the competition. 3. PRODUCT TRAINING Product knowledge is the foundation of successful sales. Product training ensures that sales teams have a deep understanding of the features, benefits, and applications of the products or services they are selling. This training equips sales professionals to effectively communicate product value to customers, address specific customer needs, and handle objections. By being well-versed in product knowledge and high-impact use cases, sales teams can build credibility, instill confidence in customers, and close deals more effectively. 4. SYSTEMS TRAINING In today’s digital age, sales teams rely on various systems and tools to manage customer relationships, track sales activities, host video meetings, conduct webinars, query databases, generate pricing requests, and efficiently navigate sales processes. Systems training provides sales professionals with the necessary skills to leverage these tools effectively. Whether it is a customer relationship management (CRM) system, ERP system, order entry system, sales automation software, sales analytics, or a mobile platform, understanding how to navigate and utilize these systems optimally enables sales teams to work efficiently, enhance collaboration, and make data-driven decisions. 5. SALES PROCESS TRAINING A structured and standardized sales process is essential for consistent sales performance. Sales process training guides sales teams through the steps involved in a typical sales cycle, from lead generation to deal closure and post-sales support. This training helps sales professionals understand the importance of each stage, develop effective sales strategies, and improve conversion rates. By following a defined sales process, sales teams can identify bottlenecks, optimize workflows, and deliver a seamless customer experience. 6. SALES SKILLS TRAINING Sales skills training focuses on enhancing core selling skills such as communication, negotiation, objection handling, relationship building, and closing techniques. These skills are fundamental to establishing rapport with customers, understanding their needs, and influencing their buying decisions. Sales skills training provides sales teams with practical techniques, role-playing exercises, and real-world scenarios to improve their ability to engage customers, overcome objections, negotiate, and close deals. Continuous development of sales skills is essential for long-term success and adapting to changing customer expectations. 7. SALES MANAGEMENT TRAINING A well-structured and comprehensive training program equips sales managers with essential skills and knowledge to lead their teams effectively, resulting in improved sales outcomes and business success. Organizations can create a culture of excellence that fosters collaboration and consistency by providing managers with strategic planning, motivation, and performance management tools. According to a study by the Harvard Business Review (2018), companies that invest in sales management training experience a substantial increase in revenue and profit margins. Therefore, investing in sales management training is a wise and proven approach to elevating sales performance. Sales Xceleration offers an outstanding sales management training program called the Certified Sales Leader (CSL). It covers the foundations of successful sales leadership, including Sales Strategy, Business Planning, Hiring, Onboarding, Managing a Team, Motivating & Getting the Best from your Sales Team, Creating an Environment of Sales Success, Coaching & Sales Culture, Improving Poor Performance, Sales Meetings, Ride-a-longs, Roleplays, Understanding Customers, Forecasting, CRM, Compensation, and Mentoring. In addition to a certification exam, the CSL program includes practical tools, documents, and templates to improve all aspects of sales leadership. 8. ARTIFICIAL INTELLIGENCE (AI) TRAINING As technology continues to advance, sales teams need to harness the power of AI to gain a competitive edge. AI training equips sales professionals with knowledge about AI-driven tools and applications that can enhance their sales effectiveness. This training helps sales teams understand how AI can automate routine tasks, provide insights, and enable predictive analytics to improve customer targeting, lead generation, and sales forecasting. AI can be especially beneficial when developing templates, refining sales scripts, and improving marketing automation flows. By leveraging AI effectively, sales teams can optimize their workflows, identify new opportunities, and drive revenue growth. CONCLUSION To maximize your sales team’s performance, sales leaders and business owners must deploy a comprehensive range of training programs. Company, Industry/Competition, Products, Systems, Sales Processes, Sales Skills, Sales Management, and AI training are crucial elements that ensure sales professionals are equipped with the necessary knowledge and skills to excel in their roles. By investing in these training types, business owners can empower their sales teams to stay ahead of the competition, effectively communicate value, and drive revenue growth in an ever-evolving sales landscape. If your business needs a comprehensive, customized sales training program to elevate your Sales Team’s performance, let’s

Expense Reduction Analysts (ERA) are looking at numerous ways to help companies save money and improve processes in an inflationary environment. One of ERA’s most successful verticals in assisting companies with their freight costs. Need: Business leaders are looking at unique ways to combat inflation and reduce freight costs. Solution: ERA’s freight specialists put forward 10 unique ideas to combat rising freight costs as a catalyst to initiate a conversation with decision-makers and promote our expertise. Value: Decision makers who utilize ERA’s group of experts will save more than with their internal teams alone. Please take a look a the attached PDF. Reach out if you have any questions or if I can be of help.

If your business performance is lackluster, take a closer look at how it’s operating. And if you’re a business owner already running your company on EOS® – the Entrepreneurial Operating System — congratulations! You’ve already taken an essential first step toward gaining clarity around your goals and organizing the milestones for how you and your team will achieve them. But where and when does marketing fit into the equation? EOS® plugs marketing strategy into a two-day Vision Building™ Agenda and seven other important topics. That’s a great start, but it only scratches the surface. A comprehensive EOS Model® provides a visual illustration of a six-piece pie chart comprised of the components it deems essential to any business, including: Vision People Data Issues Process Traction Vision Powered by Marketing Strategy & Planning Arguably the foundation for success, and the focus of this article, a company’s vision typically encompasses its core values, purpose, passion, niche, and unique value. It is designed to inspire and motivate employees to work toward a common goal. So…what happens when there’s no clarity around the vision? No focused goal and zero hopes of achieving it. EOS® corrects this by getting everyone in the organization crystal clear about where they’re going and how they’ll get there. But here’s the thing — if you only consider yourselves in this vision, you’re leaving out an essential piece of the picture — your customers. Marketing plays a crucial role in clarifying a company’s vision. Effective marketing is about understanding your target audience and communicating your company’s purpose and values to them in a way that resonates. In other words, your vision needs to align with the needs and desires of your customers. By conducting Positioning Workshop, SWOT analysis, and competitive and industry research, you will unearth existing brand perceptions, gain vital insight to determine if those perceptions will help or hinder your value proposition, and allow you to adjust your vision accordingly. What if, for example, Patagonia’s vision to “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis” lacked a sizeable enough target market that cared enough about Mother Earth to pay $299 for a jacket? It would be a company without any customers and any profit. Luckily for Patagonia, the company’s vision seems to resonate with the strategic marketing plan to your operating system, and you’ll get the insight you need to realize your vision. And stay tuned for our upcoming contact Incite Creative. We have over 23 years of marketing expertise and have worked with businesses running on EOS® and welcome the opportunity to partner with EOS Implementers®. outsourced CMO services. In short, we become your company’s chief marketing officer and do so virtually and efficiently — saving you time and money. Since 1999 we’ve had the pleasure of building and boosting brands for a core set of industries. Our thoughtful process, experienced team, and vested interest in our client’s success have positioned us as one of the Mid-Atlantic’s most sought-after marketing partners for those looking to grow their brand awareness and bottom line. Stop paying for digital and traditional services you may not need. Our retainer, no markup model means our recommendations don’t come with any catch or commission. Our advice aligns with what you need and what fits within your budget. For more information, contact us at 410-366-9479 or info@incitecmo.com. 

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How would it feel to shorten the time to productivity? Why does someone need to do their job the way they do? How can people become productive faster? Introduction: As a small business owner, you wear many hats. You’re the visionary, the marketer, the accountant, and often, the HR department. However, having the right people in the right roles is key to your success. It’s not just about filling seats; it’s about aligning talent with the demands of each department. This is where Kolbe comes in – a powerful tool that can help you unlock your team’s natural strengths and optimize your business’s performance. The Problem: Mismatched Skills and Frustration We’ve all seen a detail-oriented person struggling in a fast-paced, idea-generating role or a creative mind bogged down by rigid processes. Mismatches like these lead to frustration, decreased productivity, and, ultimately, higher turnover. This is especially damaging in a small business where every team member’s contribution is crucial. You might be tempted to use traditional methods, like resumes or personality tests. While these have their place, they don’t always get to the heart of how someone naturally gets things done – the key information the Kolbe A™ Index provides. Enter the Kolbe A™ Index: Understanding Your Team’s Conative Strengths The Kolbe A™ Index isn’t about measuring intelligence or personality. It measures a person’s conative strengths – their instinctive method of taking problem-solving action and getting things done. It reveals how they prefer to: Fact Finder: Do they need to gather data or rely on intuition? Follow Through: Are they good at meticulously executing plans, or are they more adept at improvising? Quick Start: Do they prefer to start new processes or refine existing ones? Implementor: Are they good at taking something complex and making it simple, or are they adept at handling intricate details? The Kolbe Index places you on a spectrum for each mode of action and gives you a number (ranging from 1-10) for how you naturally prefer to act within each mode. Map Roles to Kolbe Strengths: Now it’s time to analyze the demands of each department and role within your business. For instance: Marketing: You might look for individuals with high “Initiator” and “Fact Finder” scores. Operations/Production: This might be an area for those with a stronger “Follow Through” style. Sales: Those with a strong mix of “Initiator” and “Implementor” could excel here. Accounting/Finance: Look for those with a high “Follow Through” preference and a strong preference for “Fact Finder”. Open the Dialogue: Have open and honest conversations with your team. Share their Kolbe results (with their permission) and discuss how their strengths align (or don’t align) with their current role. Make Strategic Adjustments: Consider making adjustments based on the Kolbe results and those conversations. This might mean moving someone to a different department, shifting responsibilities within a team, or modifying a team member’s workflow to better utilize their strengths. It’s critical to remember that this is not a tool to punish or demean anyone but to place them in their best role, where they can thrive. Embrace Team Diversity: Each Kolbe profile offers unique strengths and values. A team of people working in the exact same way is not as effective as a team that balances diverse strengths. Benefits of Using Kolbe in Your Small Business: Increased Productivity: People who work within their natural strengths are more efficient and engaged. Reduced Frustration: Fewer mismatches mean less frustration, which leads to improved morale. Lower Turnover: Happier employees are less likely to leave. Improved Team Collaboration: When people understand how their teammates approach work, they can collaborate more effectively. Enhanced Problem Solving: A well-balanced team with diverse Kolbe profiles can tackle challenges more creatively. Better Decision-Making: Understanding the different ways each person naturally approaches a problem can lead to better decision-making in the long run. Rethink your Growth and Exit Planning: As a small business owner, you’re constantly looking for ways to optimize your operations and create a thriving work environment. Using Kolbe is not about forcing square pegs into round holes. It is about understanding the natural approach of your team and putting everyone in a place where they can thrive. Investing time and resources to understand your team’s conative strengths will pay dividends in increased productivity, happier employees, and, ultimately, a more successful business. So, take the first step, explore the power of Kolbe, and watch your team’s potential flourish. Call to Action: Are you ready to understand the power of your team’s strengths? It is important to have a Certified Kolbe Consultant guide you on how to use this data to attract, engage, and develop your team so you can grow and exit on your terms.

Listen to this post as a podcast: Click here to talk to Bloomwood about your finances. Are you ready to take control of your finances and maximize your after-tax income? If so, you’re in the right place. I’m Billy Amberg, founder of Bloomwood, and today, we’re going to explore a financial case study that affects everyone—whether you’re just starting out on your wealth-building journey or you’re a seasoned investor with substantial assets. The 1% Financial Advisor Fee: Is It Worth It? The financial advisory and wealth management industry invests massive marketing dollars to convince you that paying a 1% portfolio management fee is worthwhile. But is it really? Let’s break it down. For those with financial advisors who provide significant value through tax planning, estate planning, and comprehensive financial strategies, paying 1% can be justified. If you have a complex trust or unique investment needs, that fee might also make sense. However, if your advisor is merely managing your portfolio, responding to your questions reactively, and failing to offer proactive financial planning, then you are overpaying. Many advisors hold periodic meetings about investments, but that alone doesn’t justify the 1% fee. Why Paying 1% for Just Investment Management Is Too Much To understand why paying 1% for basic investment management isn’t worth it, we must first explore key investment principles. One of the best ways to structure your investments is by using the Three Buckets Approach: Cash Reserve Bucket: This is your safety net, typically covering 6 to 12 months of living expenses in case of an emergency. It also provides liquidity for investment opportunities, such as purchasing real estate. Fixed Income Bucket: If you need stable income to support your lifestyle, especially in retirement, this bucket consists of low-risk investments like bonds, ensuring steady cash flow. Long-Term Growth Bucket: Everything else belongs here. This is where equities and growth-focused investments come into play, aligning with long-term wealth accumulation. Understanding Risk Tolerance and Why It Matters Less Than You Think Many investors are familiar with risk tolerance questionnaires used by financial advisors or platforms like Vanguard. While these assessments provide insight into your comfort level with risk, they are not the ultimate determinant of investment strategy. For example, a young professional with limited financial resources who fears market volatility might lean toward ultra-conservative investments. However, avoiding equity exposure could mean they never accumulate enough wealth to retire. An advisor’s role should be to educate and coach clients through investment realities rather than just accommodating risk aversion. Why Beating the Market Is Nearly Impossible Many financial advisors attempt to justify their fees by claiming they can outperform the market. However, history shows that even professional fund managers struggle to consistently beat benchmark indices like the S&P 500. Consider this: The NASDAQ (Technology Index) has significantly outperformed the S&P 500 in recent years. The S&P 500 itself remains a difficult benchmark to beat even for top-tier investment professionals. The only funds consistently outperforming the market are quantitative hedge funds like D.E. Shaw, Citadel, and Two Sigma—which charge exorbitant fees and require massive investment minimums. If professional fund managers can’t consistently beat the market, how can an individual financial advisor do so? The answer is simple: they can’t. The True Cost of Active Management vs. Index Funds Rather than paying a financial advisor 1% to actively manage investments, many investors can achieve better results with low-cost index funds. Vanguard, for instance, offers index funds with fees as low as 0.05% per year. Additionally, for just 0.30%, you can get a Certified Financial Planner (CFP) through Vanguard, which is more than a third cheaper than the typical advisor fee. How to Determine If Your Advisor Provides Real Value Before you continue paying a 1% management fee, ask yourself: Is my advisor providing value beyond just investment management? Am I receiving proactive tax planning, estate planning, and financial strategy sessions? Can my advisor point to tangible financial benefits I’ve received beyond portfolio returns? If your advisor’s only contribution is managing your portfolio, you are likely paying for underperformance. Paying 1% for an actively managed fund that fails to beat the market is counterproductive when low-cost index funds offer superior long-term results. The Bottom Line: Are You Getting a Fair Deal? If you’re paying 1% for asset management, it should come with significant added value, including tax planning, estate planning, and personalized financial strategy. At Bloomwood, we focus on delivering real, tangible benefits beyond just managing investments. If you want to learn more about investing and getting massive value through financial planning, check out our other content: Kickstart Your New Year with Smart Financial Planning: A Comprehensive Guide Tax Planning: How Buying Tax Credits Can Cut Your Tax Bill and Boost Profits Disclosures Bloomwood does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly. We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice. We recommend that you seek the advice of a qualified attorney and accountant. For additional information about Bloomwood, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (

We know that a way higher-than-acceptable percent of those who sell their company have many regrets a year later.  A piece of that is how well did they plan life beyond the sale?  Purpose is a huge part of that, and we have many XPX members who are retirement coaches and help people plan for purpose.  That is incredibly important. And there is so much more.  How is that person going to thoughtfully, proactively remain healthy, minimize their health-related risk factors, stay mentally sharp, have a robust social network since so much of their current social network is wrapped up with the business, partners, clients, etc. And then what about knowing when and how to include family members so that inevitable changes in the future are fully planned?  We have XPX members who plan the financial, the estate, the insurance pieces which are all important.  There is a much deeper personal side that is rarely planned and leaves families not knowing what to do when a crisis happens, health declines, a spouse is lost, or other unexpected events. All of this can be planned, and when it is, the future is brighter and more secure. Selling the business just opens the door to new phases of life that are just as fulfilling and engage those prior business owners in new ways to engage with their community, their family, and their unique interests. Purpose is not busy-ness.  In a future article we will talk about how very important that differentiation is.

Listen to this post as a podcast: Click here to talk to Bloomwood about your finances.   Quantum computing and artificial intelligence (AI) are two transformative technologies that have the potential to reshape industries and solve some of the world’s most complex challenges. Together, they form a dynamic duo capable of driving breakthroughs in fields ranging from healthcare to manufacturing. In this post, we’ll explore the synergy between quantum computing and AI, the challenges involved, and the exciting future ahead. What is Quantum Computing? Quantum computing offers the potential to solve problems that classical computers struggle with, such as those in drug discovery and material science. Quantum computers operate using quantum bits, or qubits, which can exist in multiple states simultaneously (superposition). This ability to represent both 0 and 1 at once allows quantum computers to solve problems much faster than classical systems. How AI is Transforming Industries Artificial intelligence, particularly machine learning, is already transforming industries such as healthcare, finance, and defense. By analyzing large datasets and making predictions based on that information, AI systems are helping organizations make more informed decisions and predictions. In fields like healthcare, AI is improving diagnostics, personalizing treatment plans, and advancing medical research. In finance, AI-powered algorithms are being used for fraud detection, risk assessment, and market prediction. The Challenges of Building Stable Quantum Computers Despite its potential, building stable quantum computers remains a significant challenge. Quantum states are incredibly fragile, and any disturbance can cause errors in calculations. This makes developing reliable quantum computers a difficult task. Furthermore, quantum encryption is a concern, as quantum computers could eventually break current encryption methods. Researchers are already working on developing quantum-resistant encryption to address these challenges. The Rise of Quantum Sensing Quantum technology is not limited to computing. Quantum sensing is emerging as a powerful tool for detecting small changes in physical properties such as magnetic fields, gravity, and time. This could lead to breakthroughs in medical imaging, environmental monitoring, and navigation, with applications in everything from precision healthcare to transportation. The Economic Impact and Job Creation The growth of the quantum and AI industries is expected to generate over $1 trillion by 2035, creating hundreds of thousands of jobs across various sectors. By 2030, it is predicted that 250,000 jobs will be created in the quantum sector, with that number rising to 840,000 by 2035. These technologies will not only fuel economic growth but also provide opportunities for innovation and creativity across a range of industries. How Companies Can Capitalize on Quantum and AI Advancements Companies looking to thrive in the quantum and AI space must: Adopt early: Be early adopters of quantum and AI technologies to establish themselves as leaders. Create value: Apply these technologies in ways that solve real-world problems in industries like healthcare, finance, and manufacturing. Innovate rapidly: Keep pace with technological advancements and remain adaptable in a fast-moving market. Invest in infrastructure: Have the financial strength to fund R&D and build the necessary infrastructure. Leverage marketing: Effectively communicate innovations to the public and industry stakeholders.   Key Companies to Watch in the Quantum and AI Space Tech Giants Leading the Way Companies like IBM, Microsoft, Apple, Amazon, and Nvidia are heavily investing in quantum computing and AI technologies. These tech giants are positioning themselves for long-term leadership by developing cutting-edge solutions and forging strategic partnerships in the space. Industry Disruptors Smaller companies like Square, Chime, Clario, and Anduril Industries are harnessing AI and quantum technologies in unique and innovative ways. Particularly in finance, healthcare, and defense, these disruptors are pushing the envelope on what’s possible with these technologies. Innovations in Telecommunications and Manufacturing Telecommunications: The Future of Quantum Communication In telecommunications, BT is exploring quantum communication to enhance the security and efficiency of digital networks. IQ Go is leveraging AI to improve network management, optimizing resource allocation and improving network reliability. Manufacturing: Virtual Models for Optimization In manufacturing, companies like Forge are using AI to create virtual models of manufacturing processes. This allows them to simulate, optimize, and improve production lines with digital twin technology, resulting in greater efficiency and cost savings. Democratization of Quantum and AI Technologies One of the most exciting developments in the quantum and AI space is the democratization of these technologies. Cloud-based services now allow small businesses to access powerful quantum and AI tools without needing their own hardware. This mirrors the early days of the internet when once-exclusive technologies became available to the broader public, sparking innovation across industries. Quantum Startups Making Waves Several startups are making significant contributions to quantum computing. For instance: Reggetti Computing combines quantum and classical computing in a hybrid approach to enhance performance. IonQ is pushing the boundaries of quantum computing with trapped ions as qubits, offering high fidelity and long coherence times. Zapata Computing provides platforms for quantum algorithm development, making quantum computing more accessible to those without deep expertise in the field. Key Concepts in Quantum Computing To fully appreciate the potential of quantum computing, it’s essential to understand some key concepts: Superposition: Qubits can exist in multiple states simultaneously, allowing for parallel computations. Entanglement: A quantum phenomenon where qubits are linked, enabling instantaneous communication and increasing computational power. Fidelity: The accuracy with which qubits can be manipulated. Coherence Time: The duration for which a qubit can maintain its quantum state before it decays. Will Quantum Computers Replace Classical Computers? While quantum computers are powerful, they are not meant to replace classical computers. Instead, they are designed to tackle problems that classical systems cannot handle, such as complex simulations and optimization tasks. The future will likely see a hybrid approach where both types of computers complement each other, each playing to its strengths. Responsible AI Development As AI continues to evolve, it’s crucial that we develop it responsibly. This means addressing issues like bias, transparency, and accountability. For example, if an AI system is trained on biased data, it may perpetuate and even amplify those biases in its decision-making. In fields like healthcare and finance, transparency is essential. We must ensure that AI decisions are understandable and explainable, particularly when they have a direct impact on people’s lives. Similarly, accountability is key: if an AI system causes harm, we need to determine who is responsible. The Future of AI and Quantum Computing As we look ahead, the future of AI and quantum computing is filled with possibilities. These technologies have the power to revolutionize industries, create new economic opportunities, and solve some of humanity’s most pressing challenges. But with great power comes great responsibility. We must ensure that these advancements are used ethically and transparently to benefit society as a whole. The quantum era is here, and it’s full of opportunity. Whether through AI’s ability to enhance communication or quantum computing’s ability to solve complex problems, these technologies are set to transform our world. Check out our other recent article on investing in quantum computing! www.adviserinfo.sec.gov). Please read the disclosure statement carefully before you engage our firm for advisory services. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.   The views expressed in this commentary are subject to change based on the market and other conditions. These documents may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.    All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.  There is no representation or warranty as to the current accuracy, reliability, or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. Bloomwood is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Bloomwood and its representatives are properly licensed or exempt from licensure. 730 Starlight Lane, Atlanta, GA 30342.

Enhance your member profile by adding a photo and your company logo! It’s a great way to personalize your presence and showcase your organization. Follow these simple steps to update your profile: 1. Log In to Your Account First, make sure you’re logged in to your member account by going to www.exitplanningexchange.com and clicking on the Log In button on the top right-hand corner of the page. Remember to use the email address associated with your member profile as your username. 2. Go to Your Profile Once logged in, navigate to your member profile. You can usually find this by clicking on your profile picture or your name at the top of the page. 3. Select “Edit Photo” Look for the “Edit Photo” button—typically located near the top of your member profile’s dropdown menu (photo below). Click on it to upload or update your high-res photo.

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