Cedar Valley Business Monthly - June 2011

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THE COURIER PAGE 3CEDAR VALLEY BUSINESS MONTHLYcvbusinessmonthly.com

TIFFANY RUSHING / Courier Staff Photographer

Travis Dobbs assembles a hydraulic muffl er April 27 at Schumacher Elevator Co. in Denver.

By JIM OFFNER

[email protected]

DENVER — Now marking its 75th anniversary, Schumacher Elevator Co. continues a long ride upward.

Family is at the heart of the business, its president, Marvin Schumacher, said. With 49 years in the business himself, Marvin Schumacher attributes much of its success to a well-entrenched family philosophy.

“Our family philosophy is we

really hire the right people,” he said. “We hire people who are technically profi cient, whether it’s service — our big thing — and make sure they have a great personality and fi t in. We also like a background of hard work, whether on a farm or something where they physically or educa-tion-wise have excelled. It has really helped us, because your big companies don’t always hire that way.”

Schumacher Elevator Co.’s roots sprang from agriculture

and rural Iowa. It started in 1936 with a custom-made lift for feed bags and chicken crates designed by William Schum-acher and his son, Elmer. Today, the fi rm, which has 5,000 eleva-tors in service around the world, manufactures a complete line of custom-designed and standard elevator systems and compo-nents in its Denver plant.

Schumacher Elevator employs 180 workers.

Going upSchumacher Elevator marks 75 years in Denver

Volume 5 ● No. 7

BUSINESS MONTHLY COLUMNS

Page 4 Jim OffnerFamily-owned fi rms the foundation of local economy.

Page 10 Wartburg CollegeInternships a gateway to productive workers.

Page 39 Work coachFacebook has its place in the workplace.

BUSINESS MONTHLY STAFF DIRECTORY

Cedar Valley Business Monthly is published monthly. It is a free publication direct-mailed to more than 6,500 area businesses. For distribution, call Courier Communications at (319) 291-1527 Contact Cedar Valley Business Monthly at P.O. Box 540, Waterloo, IA 50704.

BUSINESS MONTHLY ON THE COVER

TIFFANY RUSHING / Courier Staff Photographer

Jeff, Helen, and Marvin Schumacher in the elevator at Schumacher Elevator in Denver.

www.cvbusinessmonthly.com

See SCHUMACHER, page 5

EDITORIAL CONTENTNancy Raffensperger [email protected](319) 291-1445

Jim [email protected](319) 291-1598

ADVERTISINGJackie [email protected](319) 291-1527

Sheila [email protected](319) 291-1448

JUNE 2011

THE COURIERPAGE 4 CEDAR VALLEY BUSINESS MONTHLY cvbusinessmonthly.com

Thank you to our customers & employees!

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At last count family-owned businesses represented about

half of U.S. gross domestic prod-uct, generated 60 percent of the nation’s employ-ment and created nearly 80 percent of new jobs.

Those numbers serve as over-whelming evi-dence that mom and pop nurture much more than children: Under

their steady hands a business community blossoms.

That’s certainly true in the Cedar Valley, which is home to a number of prominent and long-tenured family fi rms.

The examples have been cited often, and they’re certainly worth mentioning again:

Peterson Contractors Inc. of Reinbeck and its ubiquitous red-and-yellow trucks remains one of the area’s leading builders.

Cedar Valley Corp. is another specialist in highway construction.

Warren Transport Inc. is a long-established major trucking fi rm.

Powers Manufacturing Co. makes jerseys that major college athletic teams wear.

Bertch cabinets have long been a source of pride and a symbol of excellence in the Cedar Valley’s manufacturing sector.

The Lockards are major play-ers in real estate, on both the commercial and residential sides of the business.

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Matt Parrott & Sons Co. off ers office products and printing services.

Hellman is a major adver-tising agency that is run by the Hellman family and maintains its Cedar Valley heritage and val-ues. Founder Bob Hellman has made one of his major causes the building and renovation of base-ball diamonds for area kids.

That’s just a sample. An exhaustive list of family-owned enterprises — from barbers, to roofers, to grocers, to heating/cooling experts in the Cedar Val-ley — would fi ll up several vol-umes of this publication.

A glance at this month’s Cedar Valley Business Monthly will provide more than a little insight into some of those businesses and what makes them fl ourish, as well as provide these busi-nesses’ unique perspectives on how these enterprises are able to survive and thrive in an increas-ingly corporate culture.

The cover story focuses on Schumacher Elevators, a Denver-based company that is marking its 75th anniversary business. The company has reached across several generations of Schum-achers, all of whom have built on dreams of success of their predecessors with new ideas and evolving technology. It’s a story that really could apply to any number of family-owned fi rms in the area.

If it accomplishes nothing else, this issue of the Business Month-ly will illustrate the importance of family as a foundational ingre-dient in the health of the business community at large.

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Family fi rms the foundation of the business community

Jim Offneris the Courier

business editor. Contact him at jim.offner@

wcfcourier.com.

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The Iowa Farm Bureau con-ferred its “Entrepreneur of the Month” award for March on the company.

“They’re a unique organiza-tion,” Joe Papp of the Center for Industrial Research and Service, who nominated the company for the award, said in a news release. “They’ve done a lot for the com-munity and have been instru-mental in bringing the library and athletic facility to this area. Even in tough times, there were very few layoff s (there) because as times changed, they changed with the times to keep this com-pany strong.”

Ruth J. Wilcox, CIRAS program manager, said Schumacher was nominated because the compa-ny “exhibits those characteris-tics driving the Iowa economy, as do all manufacturers in Iowa. They’re a wonderful presence for the Cedar Valley area.”

Schumacher’s current run of growth dates to the late 1990s, when it built a new produc-tion facility in Denver, Marvin Schumacher said.

“We’ve now come into the growth area of the company; in fact, we’re about four times the size we were when we moved in here,” he said.

Jeff Schumacher, son of Mar-vin and his wife, Helen, joined the company in 1993 and helped to oversee that growth, Marvin said.

Jeff , now 45, is a certifi ed public account with a masters degree in business engineering and execu-tive MBA from the University of Iowa.

“He’s pretty well positioned

to run a company,” Marvin said. “He has done a lot of things for the company since then and has helped it grow. That’s probably what has helped us as much as anything.”

Helen, Marvin’s wife of 52 years, had been business/accounting teacher for years in schools in Denver, Waverly and Tripoli, but now is active in the day-to-day operation of the company.

“She takes care of a lot of the tougher legal, insurance and liability issues and that type of thing,” Marvin said.

As is common with a lot of family businesses, the Schum-achers have other children — a son and a daughter — who pur-sued other callings and are not involved in the company.

But there may be another gen-eration on the way. Jeff has two high school-aged sons.

“One is a junior in high school, and he’s going into engineering, but I’m not sure what he’ll do,” Marvin said.

And the other grandson?“He’s a freshman; we’ll see

what he’s going to do,” Marvin said.

Both are involved in Denver High School’s Junior Achieve-ment program, which Marvin started.

SCHUMACHERFrom page 1

“We’ve now come into the growth area of the company; in fact, we’re about four times the size we were when we moved in here.”

Marvin Schumacherpresident, Schumacher Elevator Co.

JUNE 2011


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MidAmerican Energy Company’s EnergyAdvantage® programs are designed to encourage the use of high-efficiency space and water heating equipment, central air conditioning, lighting and other measures in commercial and industrial buildings. The installation of new energy-efficient equipment will save you money on your energy bills and can make your business more comfortable for your customers and employees.

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JUNE 2011

Your bones need calciumCalcium is a key ingredient for

bone health. Most of us do not get enough, and our bodies steal some from the bones. That weak-

ens our bones.Everyone needs

1,200 to 1,500 milligrams of cal-cium — four or fi ve 8-ounce glasses of milk — every day. Few of us drink that much milk. We need other foods and/or supplements. My blog at www.bonedocblog.com has a list of cal-cium-rich foods.

There is a much longer list at the U.S. Department of Agriculture.

Your body can absorb only 500-600 mg of calcium at each meal. Remember to drink enough water to prevent kidney stones.

Calcium carbonate is the most common calcium supplement. It is the cheapest, but there are problems. It may upset your stomach or make you constipat-ed. Calcium carbonate requires lots of acid to dissolve. You must take it with a full meal. If you take

medications for acid refl ux dis-ease, you will not properly absorb calcium carbonate pills. If you are over 50 you may have diffi -culty digesting calcium carbon-ate pills.

Many patients take enough cal-cium carbonate but are not able to digest it properly. They don’t get enough calcium into their blood-stream. Therefore, the parathy-roid glands have to tell the osteo-clast cells that eat away bone to release calcium from bone. This is secondary hyperparathyroid-ism. This is now common.

Calcium citrate can solve this problem. It does not require acid to dissolve. It can be taken with-out food and if you have refl ux disease. Calcium citrate is much less likely to cause constipation or stomach upset than calcium carbonate. The tricky part is that calcium citrate is usually two tablets per serving.

Even if you are taking calcium citrate to supplement the calci-um in food, you could still have a problem — low vitamin D. You must have enough vitamin D to absorb the calcium in your diet. Most persons in Iowa are low on vitamin D.

Dr. Jay Ginther

is director of the Cedar Valley Bone Health Institute. Contact him at

233-2663.


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Wartburg College

More than 74 percent of Iowa students who graduate from Wartburg stay in the state, as do 26 percent of out-of-state U.S. graduates.

With more than 50 majors, Wartburg students can assist your business in a variety of fields. Our leading majors are biology, business administration, communication arts, elementary education and psychology. See all that Wartburg has to offer at www.wartburg.edu/academics.

Our success speaks for itself:

placement rate for all graduates

podiatry, veterinary medicine, nursing schools, occupational therapy, and physician’s assistants programs

both leadership and social entrepreneurship minors. It has gained national recognition for its service programs.

Contact Derek Solheim, associate director of Pathways Center for Career Services, 319 352-8425 or [email protected].

For internships, contact Jo Dorrance, 319 352-8698 or [email protected].

The solution to Iowa’s college student “brain drain”?

Try Wartburg College’s Pathways Center for Career Services.

Ground source heat pumps like an oil well in your yard

By GARY SHAWVER

Ground source heat pumps have been around since the mid-1970s and have been steadily catching on, especially in the last 10 years. They are being installed at many new new schools and homes, and are an effi cient way to heat and cool your home or business.

So how do they work? In essence they are a refrigeration system that uses ground water or antifreeze as a medium to obtain heat or to “reject” heat. There are various methods, but basically the system works either using standard water wells or a series of loops that are installed in the earth that contain antifreeze.

In the winter the water or anti-freeze brings the heat from the earth into your heat exchanger (located in your home or base-ment) and freon then extracts the heat from the water or anti-freeze. Then a compressor com-presses the freon gas that has just extracted the heat and makes it a denser gas with more heat. The freon is then passed across an air exchanger (in most cases) and the heat is carried via forced air, through your home, just as a normal furnace does.

If a loop system is utilized the antifreeze is circulated through the series of loops back into the ground to “pick up more heat” and then is returned to the heat exchanger. If a water well is used, the water is typically re-injected into the ground or aqui-fer through another water well placed some distance from the extracting water well. A water well system typically utilizes

a supply well and an injection well. In the summertime, the process is reversed and the cool water or cool antifreeze accepts the warmth from the home and puts it back into the earth to be cooled down. In essence it is a refrigeration system that utilizes well water or antifreeze in lieu of air as a typical heat pump or air conditioner does. But it is much more effi cient.

Which type of earth coupling you utilize — loops or water wells — depends both on the cost and the geology as well as a few other factors. Water wells are often uti-lized in the Cedar Valley, espe-cially on larger projects, due to their cost savings and effi ciency of operation.

Shawver Well Co. Inc. has a long history of geothermal earth coupling. I fi rst installed a sys-tem in my home in 1979. Since that time Shawver Well Co. has installed many commercial and noncommercial earth couplings in the Cedar Valley.

Soon, community geothermal systems will be a viable option for many communities and neighborhoods, further reduc-ing the cost and enhancing the economic benefi ts of geothermal heating and cooling. Some have already been installed, and other community systems are on the drawing board. America has the ingenuity to be self-suffi cient, providing we can get regulators to “look outside the box.”

Gary R. Shawver is president of Shawver Well Co. Inc. in Fredericksburg. Contact him at (563) 237-5341

Get your money’s worth Advertising in the Cedar Valley Business Monthly is an effi -

cient way to spend your advertising dollars. If you want to place a display ad, call an account executive at 291-1497 from 8 a.m. to 5 p.m. Monday through Friday. Our account executives

and creative department will be happy to help you establish a campaign, step-by-step, that will sell. Before you set next

year’s budget, give us a call.

JUNE 2011


Taking an inventory of your personal life

By ANJI BARNARD

Once a year, our business does an inventory. We print out what

seems like a for-est of paper and walk around to fi nd the part, double-check-ing the quan-tity on hand. We do quick adjustments in the computer so quanti-ties are correct and then don’t think about it again until three hundred some odd days later. Our busi-

ness is updating our accounting software so we have chosen to double check our inventory again to insure accuracy.

Iif you’ve ever done inventory you know what a monotonous task it is.

That Saturday when I was at work, I continued the inventory, but on a diff erent topic. This time I did a personal inventory of me.

By doing so, it also put situa-tions into a clearer perspective.

I realized after making various lists, I don’t take time for myself, defi nitely not as much as I should. I think others too would agree after doing some soul searching, none of us take as much time out for No. 1 as we should.

When doing your own inven-tory, remember you must list pros and cons just like you list assets and liabilities in business. Sometimes we don’t always like what we uncover, so we make the needed adjustments. Unlike a few clicks of the mouse on the computer at work to fi x a prob-

lem, such adjustments need daily devotion and focus, similar to physical exercise.

We take care of others, whether it be spouses, children, friends or grandchildren, yet hardly take time out for our own personal, mental health.

We need to have relationships that are mutually respectful and nurturing. In business we don’t necessarily get to choose our customers. We answer the phone and take orders from custom-ers whether we like their tone of voice or not. We help the people who walk in the door, even those who you can tell really don’t think a woman will know about a nor-mally open magnetic reed switch, let alone doing a small repair sol-dering a hair-thin light bulb to the back of an ATM screen.

We are in business to make a profi t, and we strive to make our personal lives fulfi lling. We can look to others for moral support, but taking time for self explora-tion can be rather exhilarating.

To be honest with ourselves is the right thing to do, and it makes you feel good, as well. Just as we make positive changes in multiple aspects of our business, we can also make small changes to better ourselves. We wouldn’t want to leave the door unlocked for someone to walk into our business and steal everything just as we wouldn’t want to con-tinue with behaviors that aren’t healthy and productive.

Somehow after this I have a newfound tranquility in my life. Now that the sun is fi nally fi lling up the sky again and the fl owers are in bloom, go out there and eat a banana split, take a boat ride and relax. It’s summer, but still a good time to do inventory.

Anji Barnard is chief information

offi cer with Farnsworth

Electronics in Waterloo. Contact her

at 234-6681.

JUNE 2011

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JUNE 2011

Don’t assume your boss hogs all credit for project

By MARIE G. MCINTYRE

McClatchy-Tribune News Service

Q. My boss appears to be taking credit for a diffi cult project that I am working on, even though it does not involve him in any way. The vice president of our department sent out an email congratulating both my manager and me on the project’s success and expressed appreciation for our hard work.

My manager could have gra-ciously set the record straight by replying to the vice president and giving me the credit, but did not. I wonder if he may be exaggerating his role. I know that whenever he meets with executives about the project, he uses slides that I created. What should I do about this?

A. Credit-grabbing managers are annoying. However, I think you may be jumping too quickly to an unwarranted conclusion.

The vice president mentioned you in her congratulatory email,

so she obviously knows about your involvement. Including your boss in the compliment is customary offi ce etiquette, since managers have responsi-bility for all work done in their departments.

You don’t know what’s going on behind the scenes. He could be commending you in con-versations with executives or praising your work in progress reports. The vice president was clearly aware of your role.

As for the slides you created, all managers use work produced by their employees when talk-ing with higher-ups. That’s just standard operating procedure.

For future success, support from your boss is much more valuable than solo recognition for this project. If you develop an adversarial relationship, he will be much less likely to give you credit for anything.

Marie G. McIntyre is a work-place coach and the author of “Secrets to Winning at Offi ce Politics.”


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JUNE 2011

Internships a gateway to productive workersDuring discussions with vari-

ous friends whose off spring are recent college graduates, a com-mon thread existed when talk-

ing about the jobs their chil-dren had just obtained.

Their children all had mean-ingful intern-ships in their career fi elds.

So, as we cel-ebrate local businesses in this issue, those of us at Wart-burg College want to thank

the many companies throughout the Cedar Valley — and beyond — that have assisted our students by providing them with intern-ship experiences.

According to Wartburg’s Cen-ter for Community Engagement, 40 percent of our graduating students had completed a mini-mum of one internship for aca-demic credit, while another 25 percent completed an internship for experience alone.

Nearly 80 percent of those internships were in the Cedar Valley, with multiple students working at — among other places — John Deere, Mudd Advertising, Waverly Light & Power, KWWL, Target Distribution Center, The North American Review, CUNA Mutual and Terex Crane.

The students also have worked at Cedar Valley nonprofi ts such as the Grout Museum, Self-Help International, Big Brothers/Big Sisters and the United Way. In nonprofi t management, students help with grant-writing, fund-raising and learn about doing a

lot on a small fi nancial budget. In most cases it’s a win-win

situation for both the businesses and the students. Businesses get a temporary employee with solid fundamental skills and a good learning curve. For students, their employers will be providing them with a real-life work envi-ronment and, in many instances, state-of-the-art equipment that colleges can only dream about.

Some will be making a relatively seamless transition from intern-ship to career opportunity. I have watched a number of my former communication arts students go directly from internships at places like Mudd and KWWL to full-time jobs there.

Chikemma Nwana, the college’s outstanding student in com-puter information systems, had an internship at Credit Suisse on Wall Street, which just morphed

into a full-time position as a technology analyst.

Internship coordinator Jo Dor-rance has worked with the dean of faculty to raise for-credit internship standards and develop refl ection and evaluation tools for both community partners and for the students.

“This has aided the college in assessing how Wartburg stu-dents are succeeding in their out-of-the-classroom experi-ences,” Dorrance said, “and pro-vided students deep learning opportunities through assigned curricular projects.”

Years ago when I was editor of The Courier, we had a pipeline of Wartburg students who, I would joke to my colleagues, seemed to come off the same assembly line. They had sound fundamental skills, and we rarely had to repeat concepts to them. They laid to

rest the fear that interns would extract more in time than they contributed in productivity.

Indeed, the students know what’s at stake and take the tasks at hand seriously.

“Wartburg students have very creative ideas of what they might wish to pursue as a voca-tion. Internships help them bet-ter understand possible career choices and are great resume builders. Most importantly, many internships lead to full-time employment after gradua-tion,” Dorrance said.

So again, thanks for making these opportunities available to Wartburg students. With nearly three-quarters of our Iowa graduates and one-quarter of our out-of-state graduates remaining in Iowa, it’s also one way businesses can counter the state’s “brain drain.”

Saul Shapiro is director of news and community

relations at Wartburg College.


A N I O W A O R I G I N A L .

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JUNE 2011

Picking the right supervisors is crucial to business successHiring the right people is among

the biggest challenges facing any organization. The quality of an organization cannot exceed the

quality of its people. Finding capable folks whose val-ues are aligned with those of the business is critical.

There’s one activity that is more vital than choosing the right employ-ees — select-ing the right supervisors.

Research by Frederick Her-

zberg during the 1980s deter-mined that job dissatisfaction is not merely the absence of job satisfaction. This is similar to personal relationships whereby

hate is not the absence of love; apathy is.

Herzberg found factors contrib-uting to job satisfaction are quite diff erent than those which lead to job dissatisfaction. For exam-ple, great working conditions don’t greatly infl uence satisfac-tion. Poor working conditions, however, such as a dirty, noisy or uncomfortable workplace drive dissatisfaction. Likewise, while personal responsibility is a major contributor to job satisfaction, lack of responsibility is not a main driver of dissatisfaction.

Herzberg’s study showed that a bad supervisor and a poor rela-tionship with a supervisor where the second- and third-largest factors driving dissatisfaction. Only poor company policies and administration ranked higher. So choosing the wrong supervisor can undo all that hard work spent hiring the right people.

The ideal supervisor candidate

possesses both strong process skills and people skills. They must be recognized both for what they know (Intelligence Quotient, or IQ) as well as how they work with others (Emotional Quotient, or EQ). Leading organizations rec-ognize the supervisor’s primary role is to develop people who can solve problems and improve their portion of the business. This results in utilizing the collective brain power of all employees.

Supervisor candidates must be capable teachers. They should be skilled in the work performed but even more so as a problem solver. Great supervisors have confi -dence within their subject mat-ter and yet the humility to admit there’s always more to learn, often from the people they’re teaching. Strong teachers pos-sess the perception and patience to allow others to meaningfully learn with the methods and at the pace that works best for them.

Strong supervisor candidates must also demonstrate courage, willing to risk episodes of inter-personal discomfort when fair-ness dictates the need for coach-ing a wayward employee. They won’t hide behind company pol-icies and they understand that fair is not the same as equal.

Time demands increase dra-matically as one assumes respon-sibility for a group of people. So does the number of activities to be monitored. Choosing individ-uals who have demonstrated that they are organized and masters of their own time is critical.

Finally, the right individual pos-sesses a clear understanding of the business and an appreciation for how their area of responsibil-ity fi ts into the big picture. They understand the overall organi-zation is what is most impor-tant, not their specifi c area of responsibility.

Odds are slim you’ll be lucky

enough to identify an individ-ual that meets all these skills. If not, distinguish between “must” requirements that are values-driven (e.g., other-centered, courageous) and the “want” requirements that can be learned (e.g., subject matter experience, problem-solving skills). Don’t compromise on the “musts.”

If all else is equal, by all means promote from within and treat experience as an asset. This sends a strong message to all employees that they are valued.

Never select a current employ-ee who isn’t highly respected among their peers, no matter how experienced. This likewise sends a strong message, but not the one intended. It’s much bet-ter to hire a person from outside the organization who possesses the skills required. The right per-son will quickly overcome the initial cynicism by demonstrat-ing the needed qualities.

Rick Brimeyer is president of Brimeyer LLC,

an independent management

consulting fi rm in Ames. Contact him at

(515) 450-8855.


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JUNE 2011

Insurance equals fi nancial security at every stage of your lifeAs your priorities change at

every stage of life, you need to change with them, espe-cially when it comes to insur-ance. Coverage that meets your needs when you are 25 years old is likely to be diff erent when at 55.

C o n s i d e r these impor-tant stages and the insurance needs of each.

When you are young and just beginning to accumulate fi nan-cial assets, your ability to earn income is likely the foundation of your fi nancial future. Protecting that income is critical. If you are a 35-year-old earning $50,000 per year, let’s say you have an additional 30 years of earning potential. With estimated annu-al salary increases of 3 percent, you’ll earn more than $2.3 mil-lion dollars over the remainder of your career.

What would happen to those

■

you care about if you could no longer work because of illness, injury or death? Chances are there would be hardship unless you protected your income with disability income insurance and life insurance.

If your employer off ers dis-ability income insurance, you may assume you’re adequately protected. However, that cov-erage may be insuffi cient. Also, remember group disability ends when you leave your job. With today’s unstable job market, that’s something to think about.

Individual disability income insurance policies are available with various optionsand may be more aff ordable than you think. Since coverage stays with you, job changes or unemployment won’t interrupt your protection.

Another way to protect your income is with short-term life insurance that may be able to be converted to permanent insur-ance on. Term insurance off ers inexpensive protection at a time in your life when you might have large fi nancial obligations like a home mortgage, and permanent life insurance may be fi nancially out of reach. Life insurance with

a guaranteed conversion feature may also give you the ability to convert to permanent life insur-ance in case your health changes.

As you grow more fi nancially successful, achieving your fi nan-cial goals requires ongoing atten-tion. It’s true that your income remains the foundation for your future, but hopefully you’ll begin to have more opportunity to improve your lifestyle, enjoy more discretionary spending and save more money.

Insurance can be a valuable tool for reaching your goals. Let’s say you are a family with two wage earners and depend equally on both salaries to help with fi nan-cial obligations like college. You will also be trying to grow your retirement savings. This may be the time to convert your term life insurance to permanent policies. This may help you accumulate tax-deferred cash value and still

■

provide income-tax-free ben-efi ts in the case of your untimely death.

A permanent life insurance policy can ensure a steady fl ow of dollars to supplement retirement income for your survivors in case you don’t reach retirement age. If both you and your spouse live up to or beyond your life expectan-cies, it may also give you a source of supplemental income to help control the amount of taxes you pay in retirement.

In later years, you may wish to leave assets to loved ones or char-ities. You’ll also want to avoid having to deplete your assets in case you or your spouse becomes ill during this life stage.

Once again, certain types of life insurance provide the fl exibility to reach these goals. Diversifi ca-tion through life insurance can reduce the amount of taxes due. Thanks to a tax-free death ben-

■

efi t, it may be a good way to help off set your taxable investments so your family can make the most of your fi nancial legacy.

Leaving a gift to charity with life insurance is a fl exible, cost-eff ective and, in many cases, tax-advantaged strategy to benefi t your cause after your death.

If you are wondering which life stage you are in and what type of insurance you need, an insurance review with a fi nancial advisor can be helpful. Be sure to ask him or her about the insurance policy’s features, benefi ts and fees, and whether the insurance is appropriate for you, based upon your fi nancial situation and objectives.

Because each life stage goes by too quickly, it’s important to make the most of every day. Knowing that you and your loved ones are protected will help you do just that.

Larry K. Fox is a private wealth

adviser with Ameriprise Financial

Inc. in Waterloo. Contact him

at 234-7000.


319-235-5999 | 1-888-531-3696 1844 Ridgeway Ave. Waterloo, IA 319-235-5999 | 1-888-531-3696

erloo, IA

WO-052711016

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JUNE 2011

Succession plan crucial for family-run businessesWhen developing a succession

plan for your business, you must make many deci-sions. Should you sell your business or give it away? Should you struc-ture your plan to go into eff ect dur-ing your lifetime or at your death? Should you trans-fer your owner-ship interest to family mem-bers, co-owners, employees or to an outside party? The key is to pick

the best plan for your circum-stances and objectives, and to seek help from fi nancial and legal advisers to carry out this plan.

Selling outrightYou can sell your business out-

right, choosing the right time to sell — now, at your retirement, at your death or anytime in between. The sale proceeds can be used to maintain your life-style or to pay estate taxes and other fi nal expenses. As long as the price is at least equal to the

full fair market value of the busi-ness the sale will not be subject to gift taxes. But if the sale occurs before your death it may result in capital gains tax.

Buy-sell agreementA buy-sell is a legally binding

contract that establishes when, to whom and at what price you can sell your interest in a busi-ness. A typical buy-sell allows the business itself or any co-own-ers the opportunity to purchase your interest in the business at a predetermined price. This can help avoid future adverse con-sequences, such as disruption of operations, entity dissolution or business liquidation that might result in the event of your sudden incapacity or death. The ability to fi x the purchase price as the taxable value of your business interest makes a buy-sell agree-ment especially useful in estate planning. Agreeing to a purchase price can minimize the possibil-ity of unfair treatment to heirs. And if your death is the trigger-ing event, IRS acceptance of this price as the taxable value can help minimize estate taxes. Addition-ally, because funding for buy-

sells is typically arranged when the buy-sell is executed, you’re able to ensure that funds will be available when needed, provid-ing your estate with liquidity that may be needed for expenses and taxes.

Private annuityWith a private annuity, you

transfer your ownership interest in the business to family mem-bers or another party (the buyer). The buyer in turn makes a prom-ise to make periodic payments to you for the rest of your life (a single life annuity) or for your life and the life of a second person (a joint and survivor annuity). Again, because a private annuity is a sale and not a gift, it allows you to remove assets from your estate without incurring gift or estate taxes. If you’re considering

a private annuity be sure to talk to a tax professional.

Gifting your businessIf you’re like many business

owners, you’d prefer to have your children inherit the result of all your years of hard work. Of course, you can bequeath your business in your will, but transferring your business dur-ing your lifetime has many addi-tional personal and tax benefi ts. By gifting the business over time, you can hand over the reins grad-ually as your off spring become better able to control and man-age the business on their own, and you can minimize gift and estate taxes. Gifting your busi-ness interests can minimize gift and estate taxes because:

It transfers the value of future appreciation in the business out ■

of your estate to your heirs. This can be especially valuable if busi-ness growth is expected.

Gifts of $13,000 per recipient are tax free under the annual gift tax exclusion.

Aggregate gifts up to $5 mil-lion are tax free under your life-time exemption.

Gifting using trustsYou can make gifts outright or

use a trust. You can use a trust to keep control of the business for as long as you want. You can establish a revocable trust, which will bypass probate and allow you to change your mind, or an irre-vocable trust, such as a grantor retained annuity trust or a grant-or retained unitrust to provide you with income for a period of time and move your business out of your estate at a discount.

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Jordan Alborn is a fi nancial

adviser with FSB Warner Financial, Inc. in Waterloo. Contact him at 235-6561 or

(800) 747-9999.



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JUNE 2011

State offi cials send reminder to be wary of identity theftDES MOINES — Whether it’s a

computer hacker who steals per-sonal information through the Internet, or a thief who steals it the old-fashioned way, someone can use that information to com-mit fraud and steal your identity. Criminals can use the informa-tion to obtain goods or services, obtain bogus government docu-ments, or even get a job, all under your name.

Protect your Social Security number. Avoid using your Social Security number as a personal identifier whenever possible. Don’t write it on a check, and avoid carrying the number in your wallet or purse.

Never give your credit card, bank account or Social Security numbers over the phone unless you initiated the call, and check out the business. Don’t give fi nancial or personal information on sweepstakes entries, prize off ers or warranty and rebate cards.

Check your monthly billing statements and annual credit reports. On your credit card bill, check for unauthorized charg-es. Check your credit report for errors or anything unusual. You are entitled to a free annual cred-it report from each of the three national credit bureaus. Go to www.AnnualCreditReport.com, call toll-free at (877) 322-8228, or write to Annual Credit Report Request Service, P.O. Box 105281,

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Atlanta, GA 30348. (Beware of “look-alike” websites that charge you for your credit report. Also, your credit report does not include your “credit score,” which is available for a small fee directly from the credit reporting companies.)

Consider placing a “freeze” on your credit reports. A credit freeze prevents identity thieves, third parties and potential credi-tors from accessing information on your credit reports without your approval. There is a one-time $10 fee per credit report. A freeze will not lower your credit score.

“Opt out.” Tell companies not to share or sell your infor-mation. First, when you receive the annual “privacy notice” from your fi nancial institutions, fi ll out the form and tell them not to share or sell your informa-tion. Second, ask the three credit reporting companies not to give your name to solicitors. (They sell lists to credit card market-ers, for example.) Go to www.OptOutPrescreen.com, or call (888) 567-8688 to remove your name from the lists they market. You may ask to be removed for fi ve years, or permanently.

Register for the National Do Not Call Registry. Call (888) 382-1222 from the phone you wish to register, or go to www.DoNot-Call.gov. Also, tell telephone solicitors not to call you again,

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and to put you on their do-not-call list. By law, they should not call you again.

For information on preventing

and dealing with identity theft, go to www.IowaAttorneyGener-al.gov, or call toll-free (888) 777-4590 or write to the Attorney

General’s Consumer Protection Division, Des Moines, IA 50319. See also: www.FTC.gov/idtheft and www.PrivacyRights.org.

For breaking news

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JUNE 2011

Hospice works with businesses on end-of-life issuesCedar Valley Hospice is reach-

ing out to area businesses by off ering the Car-ing Connections program, “It’s About How You Live at Work.”

As one of 35 hospices selected nationwide to pilot the program, Cedar Valley Hos-pice partnered with several area businesses in 2010 including: The VGM Group Inc., Veridian Credit

Union, BankIowa, Iowa WORKS Cedar Valley and Cedar Falls Utilities. The Caring Connec-tions program educates employ-ers and employees on the impact of caregiving, serious illness and

grief in the workplace focusing on the health and productivity of staff .

This year, because of a grant from the Community Founda-tion, Cedar Valley Hospice is able to continue the program for businesses in the Cedar Valley. The local grant allows Cedar Val-ley Hospice to off er resources that address specifi c end-of-life needs and provide education to business leadership teams, human resources staff , super-visors and employees. Off ered at no cost, the program can be customized to meet the needs of each business.

“Our ultimate goal of off ering the Caring Connections pro-gram,” says Jennifer Siech, com-munity outreach representative, “is to fulfi ll the Cedar Valley Hospice mission of providing the

leadership and setting the stan-dard for excellence in delivering comprehensive palliative and end-of-life care to patients and services to those who grieve. It also parallels our vision of off er-ing innovative programs and building community partner-ships, so Cedar Valley Hospice will be the hospice and palliative care provider of choice in the area that we serve.”

The Caring Connections pro-gram is one of many community services off ered by Cedar Val-ley Hospice. Organized by mem-bers of the community to provide valuable end-of-life care, Cedar Valley Hospice has grown to include children’s and adult grief counseling, LINK palliative care, the Cedar AIDS Support System and the Cedar Valley Hospice Home.

End-of-life issues including making health care decisions, caregiving, serious illness and death are tough topics to dis-cuss, especially in the workplace. Addressing these issues will help businesses create a positive work environment and enhance pro-ductivity. Not only is it the right

thing to do, it is good business.If you are interested in learning

more about the Caring Connec-tions program, “It’s About How You Live at Work” for your busi-ness or organization, please con-tact Jennifer Siech, community outreach, at 272-2002 or [email protected].

Mary Alfrey is director of advancement at Cedar Valley

Hospice in Waterloo. Contact her at 272-2064.

Want to get posted?For advertising opportunities in future cvbm directories, contact Jackie Nowparvar at 319-291-1527.

Morrison ConsultingMorrison ConsultingMorrison ConsultingCustomized accountingsolutions for small businesses

Services:Services:

Quickbooks set up, repair,

training, bookkeeping,

payroll and tax services

Leah Morrison Consultant11643 Kimball Ave. Suite BWaterloo, IA 50701Phone: 319-231-4873

Building •Maintenance • Services

PAGE 18WWW.GREATERCEDARVALLEYCHAMBER.COMJUNE 2011

4th

St.

5th

St.

Mulberry St.

Lafayette St.

Sycamore St.

Cedar St.

Commercial St.

Bluff St.

Carnival Parking

Carnival Parking

Lincoln Park

Jefferson St. RiverloopExposition

PlazaS

tart

Cedar River

3rd

St.

1

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Legend1 - Reviewing Stand

2 - Restrooms 3 - First Aid 4 - Public Market 5 - Library 6 - Waterloo Courier

End

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Ave

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7 - 5 Sullivan Brothers Convention Center8 - Russell Lamson Bldg.9 - Court House10 - City Hall11 - Chamber Of ce-River Plaza Bldg.12 - Black’s Bldg.

8

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12

Park

ing

Lot

ParkingRamp

StagingStaging

4th

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Staging

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My Waterloo Days 5K Walk/RunSaturday, June 4, 8:00AMStarts and finishes atKingsley Elementary School201 Sunset Rd., Waterloo

My Waterloo Days Parade RouteSaturday, June 4, 9:30AMSponsors:

Sponsor:

Friday June 3 4:00 PM - 11:00 PM Saturday, June 4 10:00 AM - 11:00 PMSunday, June 5 11:00 AM - 5:00 PM

Vendor Hours

Friday, June 3, 4:00PM-12:30AMSaturday, June 4, 8:00AM-12:30AM

Shuttle System Schedule

Parking available on the TechWorks campusSponsored by

Waterloo Black Hawks Booster Club

City of WaterlooCommunity National BankGMAC MortgageGreater Cedar Valley Alliance & ChamberKWWL TelevisionLife 101.9MidAmerican EnergyMix 96.1 KCVMRamada Convention CenterSigns & Designs93.5 The Mix1650 The FanUS BankVeridian Credit UnionVGM ForbinWheaton Franciscan Healthcare-Iowa, Inc.

Thank you to our Sponsors!

3rd Street

Park Avenue

Jeff

erso

nS

tree

t

Stage

Shade Tent

Beer

Id

Tix

Carnival

Ho

bb

ies &

Cra

fts

Co

mm

ercia

lVe

nd

ors

Food Court

Stage

Activities

Family & Kid’s

Porta PottiesPorta Potties

MidwestOne

Bank

Five Sullivan Brothers

Convention Center

Community National Bank

Barracade

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cad

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1. JNE’s2. Hog Wild Wings3. Paynes Church4. St. Demetrios5. Friendly Fryer LLC6. Nona’s Concessions7. Jamaican Smoothies8. Other Place Concessions9. House Entertainment

10. Queen’s Apple11. Dominos12. Donuts R Us13. Kiwanis14. Mt. Carmel15. Becker Concessions16. Shooters Grill17. Marios18. HyVee Logan Avenue

Food Court

RiverLoop Expo Plaza

PAGE 19 WWW.GREATERCEDARVALLEYCHAMBER.COM JUNE 2011

Alan ShakespeareWells Fargo Bank, N.A.

Lisa WagnerJohn Deere

Cindy BraatzVGM Group, Inc.

Jim DenholmCUNA Mutual Group

Francisco VerasteguiJohn Deere

No Pictures Available for-Dr. Adrian P. Talbot, Cedar Falls Community School DistrictCaleb Sieh, Lincoln Savings Bank

Kathy ChristensenCBE Group, Inc.

Tim TurnisINVISION

Lindsey SmedleyVeridian Credit Union

Ali IngmanUNI

Jordan AlbornFSB Warner Financial

Brooke N. WittkopHogan-Hansen, P.C.

Matt PhillipsVGM Group, Inc.

Cedar Valley Leadership Institute 2011 Graduating Class.Congratulations!

For reservations, please calll the Alliance & Chamber office at 232-1156 oremail Bette Wubbena at [email protected].

For reservations, please calll the Alliance & Chamber office at 232-1156 oremail Bette Wubbena at [email protected].

Cost is $300/Morning and $350/Afternoon Four Person Best Shot

(includes green fee, cart, continental breakfast, lunch, social)

7:30 - 9:00 a.m.Sunnyside Country Club, 1600 Olympic Dr., Waterloo

The quarterly networking breakfast includes updates on city and county issues and programs from Mayor

Buck Clark, Mayor Jon Crews and a Black Hawk County Supervisor. There is no cost to attend. RSVP by June 23. Alliance & Chamber networking events are open to all

Alliance & Chamber members and their employees.

Gold Sponsors

Irv Warren Memorial Golf Course, 1000 Fletcher Ave, Waterloo

Premier Sponsor

Good MorningCedarValley-Thursday,-June 30

Spring Golf Classic-Thursday, June 9

Abby HowieMidWestOne Bank Two Shot Gun starts @ 7:30 a.m. and 1:00 p.m.

Jill WaddleVGM Group, Inc.

Renee SteffenVGM Group, Inc.

Jeremy StrohmanUniversity Book & Supply

Juan LedesmaJohn Deere

Brady GruhnLockard Development

Amy BeckerManpower

Juanita EiklenborgVGM Group, Inc.

Laura FolkertsDutton, Braun,

Staack & Hellman, P.L.C.

PAGE 20MARCH 2010 WWW.GREATERCEDARVALLEYCHAMBER.COM PAGE 20JUNE 2011

JUNE CALENDAR OF EVENTS

June 2 - 5 My Waterloo Days June 2 Thurs. TechBrew, Voodoo Lounge, Cedar Falls, 5:00 - 7:00 p.m. June 7 Tues. TechWorks Board Mtg., Sky Event Centre, Blacks Building, 3:00 -4:00 p.m. Alliance Board Mtg., Sky Event Center, Waterloo, 4:00 - 5:30 p.m.June 8 Weds. Finance Committee Mtg., Waterloo Office, 8:00 - 9:00 a.m. June 9 Thurs. Spring Golf Classic, Irv Warren Golf Course, Waterloo June 10 Fri. Government Relations Mtg., Cedar Falls office, 7:30 - 8:30 a.m.June 14 Tues. Ambassador Mtg., Clarion Inn University Plaza, Cedar Falls, 4:00 - 5:00 p.m.June 16 Thurs. Investor Relations, Cedar Falls Office, 8:00 - 9:30 a.m.June 23 Thurs Greater Cedar Valley Chamber Board Mtg., Clarion Inn University Plaza, 5826 University Ave., Cedar Falls, 8:00 - 9:00 a.m.June 30 Fri Good Morning Cedar Valley, Sunnyside County Club, Watrloo, 7:30 -9:00a.m.

Sandi Sommerfelt grew up in the Cedar Valley and currently resides on an acreage near Frederika. She graduated from the University of Northern Iowa with a BA in Business Management and was previously the VP – Director of Operations and Executive Assistant at Jackson’s International Auctioneers & Appraisers in Cedar Falls. Sandi is thrilled to be a part of the Greater Cedar Valley Alliance and Chamber, and is excited to work with the community and its’ business leaders to help promote and grow the Cedar Valley!

Celebrating Cedar Valley Innovation!Congratulations to Mark Mayfield, owner of Adrenaline X Mobile Laser Tag!

Winner of the Dream Big Grow Here Cedar Valley contest.Mark received $5000 to help grow his busines in the Cedar Valley.

NewAldaya Lifescapes7511 University Ave., Cedar Falls

Cedar Falls Business andProfessional Women

RIBBON CUTTINGS

Greater Cedar ValleyAlliance & Chamber namesnew Executive Assistant

JUNE 2011WWW.GREATERCEDARVALLEYCHAMBER.COM

S. J. Dust - CEcD President & CEOGreater Cedar Valley Alliance & Chamber

amily rms c m rise t all business enter rises in North America

o ortune com anies are amily-controlled

amily businesses account or o .S. ross domestic rod-uct

amily businesses enerate o the country s em loyment and o all ne ob creation ich- lint

esterday artici ated in our Ne ember rie n . One member described her new business – a leadership consulting business located in Waverly – and how every member in the family has a role. It’s not a family business in that everyone is doing related business tasks, but they all clearly understand that for her to be successful in an entrepreneurial adventure, it takes the family’s support. That’s always true. On the other side of the room was another family business – a couple who operates a music business. There is a division of work, but no doubt they do whatever it takes to make the ongoing venture successful. Point is, there are many family businesses of all descriptions celebrating Small Business Week, together, every day. That’s typical of the Cedar Valley economy. One of the impressive features of the Cedar Valley economy is the large number of family owned and operated businesses of all sizes. When asked about well known family businesses, some may go to names like Forbes or Koch. Forget that. The Cedar Valley boasts a lot of very successful family owned and or operated rms. Our well known family names and operations that should make anyone’s family business list include names like Bertch Cabinets and Lost Island, PFG/Best (Wasendorf), The CBE Group (Penaluna), Schumacher Elevators, Peterson Genetics, Rada Knives, and Lockard Development. That doesn’t begin to exhaust the list which also includes Mudd Advertising, Crystal Dist. (Poe), Lockard Companies, PCI (Peterson), Northland Oil (Petersen), Nagle Signs, Sulentic (Waterloo Industries), and we shop for cars with Skarlis (Community), Deery, Rydell, and Witham. Many strong names in the elds of insurance, real estate (such as Nelson, Sulentic-Fischels, and NAI Iowa Realty Commercial – Cedar Valley), service (like Schmitt Telecom) and retail (Palace Clothiers is one that comes to mind) are family businesses.

These companies are fun to work with from the economic development perspective. They are entrepreneurial. They have the bene t of their history and community. They have vision and concern for future generations. They are committed to the community. Look around the Cedar Valley and see the impact of generations of families philanthropy such as; Young, Warren, Gallagher, and Guernsey. Their e ect on our community is apparent. One thing I have to say to those who make family businesses work: I admire you. There are many dynamics in a family business that make it work. Many of these businesses have to be managed di erently than a rm of unrelated managers or owners. The successful ones understand that success for future generations often relies on talent from outside the family. For interesting facts and observations regarding the family businesses’ role in the economy and their behavior, visit http://www.um int.edu/som/m c/resources/ data.htm. (And my apologies to any of our strong family operated businesses that I didn’t include – wasn’t intentional.) From time to time, an investor voices concern that we focus too much on larger companies. Our focus is as much to create an environment where small businesses can thrive to realize their growth goals and dreams as it is to recruit the next big dog operation. Through e orts to make the environment work for our family owned small and large businesses, we help you increase wealth for all, so in turn these family businesses allow us all to:Be Part of Something Greater – The Cedar Valley of Iowa.

Family, Small Business Dominate Cedar Valley Landscape

PAGE 21

PAGE 22PAGE 22JUNE 2011 WWW.GREATERCEDARVALLEYCHAMBER.COM

Welcome New Members! ABCM-Harmony House Health Care Center2950 W. Shaulis Rd.Waterloo, IA 50701Phone: 319-234-4495Fax: 319-232-1886Website: www.abcmcorp.comContact: Kellie LeasureCategory: Health Care

Angie Chaplin Leadership Partners, LLCP.O. Box 100Waverly, IA 50677Phone: 319-239-0750Fax: 319-352-4423Website: www.angiechaplin.comContact: Angie Chaplin, Owner/PresidentCategory: Consulting/Social Media Management

Control-o-fax3070 W. Airline Hwy.Waterloo, IA 50703Phone: 319-234-4561/800-344-7777Website: www.controlofax.comContact: Elloha QuigleyCategory: Printers

Benevolent & Protective Order of the Elks, #290407 E. Park Ave.Waterloo, IA 50703Phone: 319-234-7568Fax: 319-235-5218Contact: Kevin AndrianoCategory: Associations/Organizations

IAHomesForSale235 White Pine St.Robins, IA 52328Phone: 319-292-3726Website: www.IAHomesForSale.comContact: Jaymie FeldmanCategory: Real Estate

Don Lentz Heating, Cooling, Refrigeration & Plumbing81 Sycamore St.Waterloo, IA 50703Phone: 319-232-9872Fax: 319-232-3503Website: www.donlentz.comContact: Mike WaldenCategory: Plumbing/Heating/Air Conditioning

Mama Mimi’s Take ‘N Bake Pizza226 Brandilynn Blvd.Cedar Falls, IA 50613Phone: 319-277-7555Fax: 319-277-7676Website: www.mamamimis.comContact: Jim Andreassen, President and CEOCategory: Restaurant

Mod Hair Color Salon & Beauty Store4507 Algonquin Dr. Ste. BCedar Falls, IA 50613Phone: 319-553-1080Website: www.modsalonbeautystore.comContact: Jody Carrier / Heather HalbfassCategory: Beauty Salon

Select Structural Engineering528 Mulberry St.Waterloo, IA 50703Phone: 319-287-9062Contact: James HowardCategory: Engineering Services

Senior Wishes LLCP.O. Box 376Denver, IA 50622Phone: 319-415-1757Fax: 319-984-5768Website:www.seniorwishessw.comContact: Julie Woodard

Category: Consulting

Shaw Electric Inc.905 Cedar Bend St.Waterloo, IA 50703Phone: 319-296-1048Website:www.shawelec.comContact: John Greiner, Project ManagerCategory: Electrical Contractor

4113 University Ave.Cedar Falls, IA 50613Phone: 319-859-9000Fax: 319-859-9001Website:

Contact: Angie Camlin

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WO-052711041

JUNE 2011

Photos by NANCY NEWHOFF / Courier Editor

Dream Big Grow HereAbove, Dream Big Grow Here Cedar Valley contest winner Mark Mayfi eld, left, owner of Adrenaline X Mobile Laser Tag, a new startup company in Cedar Falls, accepts a $5,000 fi rst-prize check from Jean Trainor, chairman of the Greater Cedar Valley Alliance, May 10 at Sunnyside Country Club in Waterloo.

Sarah Miller Caldicott, great-grandniece of Thomas Edison, left, was the keynote speaker May 10 at the Cedar Valley Alliance Dream Big awards ceremony at Sunnyside Country Club. At right is Cedar Valley Alliance CEO Steve Dust

At left, Cary Darrah of Cedar Valley TechWorks and Pete Hill of Lincoln Savings Bank at the Dream Big Grow Here awards ceremony May 10 at Sunnyside Country Club in Waterloo.

THE COURIERPAGE 26 CEDAR VALLEY BUSINESS MONTHLY cvbusinessmonthly.comW

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Family businesses are worth preserving through generationsWhen you think of the word

“heritage,” what does it bring to mind? What about the words family-owned business? Accord-

ing to the Small Business Admin-istration, about 90 percent of Ameri-can businesses are family-owned.

The family-owned business is also the back-bone of our econ-omy. Newsweek magazine says, “Family-owned businesses con-tinue to form the backbone of the American econo-my. Consider the following statis-

tics reported by the University of Southern Maine’s Institute for Family-Owned Business: Some 35 percent of Fortune 500 com-panies are family-controlled. Family businesses account for 50 percent of U.S. gross domestic product. They generate 60 per-cent of the country’s employ-ment and 78 percent of all new job creation.”

So what is a “family-owned business?” Chapter 25(a) of the Iowa Targeted Small Business Certifi cation Program says it is a business owned by more than one member of one family with the following characteristics:

Ownership is shared by family members.

Profi ts are disbursed among family members.

The business tax return is fi led in the name of the company with the family members listed as offi cers.

In the Midwest when we think of a family-owned business, farming may top the list. A 2009 USDA report states that 97 per-cent of farms are family-owned farms, and the number of farmers 65 years and older is increasing by 18 percent. In our “graying” soci-ety those numbers can become a signifi cant cost to a business. This cost can occur from failure to transfer the leadership role to the next generation or when the family “CEO” becomes ill or dis-abled. Chances of becoming dis-abled or ill increase with age.

When we think of a fam-ily-owned business, we should also think of large corporations.

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Cargill is an example of a fam-ily-owned corporation. Their economies of scale are diff erent, but their internal workings are much the same. We must also remember the ‘mom and pop” businesses All share the same concerns: leadership selection, skilled employees, employee absenteeism, production risk, market risk, institutional risk and fi nancial risk.

For a family-owned business, leadership and employee selec-tion must be based on qualifi -cations and not on their DNA. Failure to choose a qualifi ed suc-cessor can destroy the family and also the company. This is the time to count on your succes-sion plan and to bring in your already established team of pro-fessionals — CPA, lawyer and fi nancial adviser. Unexpected illnesses, accidents, disabilities

and divorces are among the rea-sons two-thirds of family-owned businesses fail to successfully transition into the next genera-tion (www.gaebler.com).

Risk management is the key to a smooth transition. Without the use of wills, life insurance, disability insurance, succession planning and estate planning, the impact of the unexpected can be devastating for the fam-ily and for the business. Imple-ment these tools well in advance of their need and make sure you have confi dence in your plan.

So, why do we delay planning? The National Ag Safety Database tells us that more than 13 mil-lion individuals in rural America are aff ected by disabilities and that agricultural injuries aff ect the elderly in substantial num-bers. We’ve all heard messages reminding us about the impor-

tance of estate planning, living wills, power of attorney, etc. Do we listen?

The baby boomers are in the midst of the transfer era. Wealth transfer combined with business succession transfer will greatly impact the generations to come. Our family-owned businesses are vital because they contribute to the gross domestic product, employment opportunities and job creation. Each year, a typi-cal family-owned business will donate $50,000 annually to phil-anthropic causes, mostly to local, educational and religious organi-zations (MassMutual/Raymond Institute American Family Busi-ness Survey, 2003).

The family-owned business is the backbone of our economy and a part of our heritage that we must transfer into the next generation.

JUNE 2011

Patricia Harkin is director

of business development with Financial Decisions Group in Waterloo.

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JUNE 2011

‘Smart design’ a good decision when remodeling Home remodeling, including

kitchen and bathrooms, seems as popular as ever. This should

come as no sur-prise since the new housing mar-ket has slowed down some, and people are looking to fi x up what they already have.

Now might be a good time to consider remod-eling a kitchen or offi ce, and incor-porating some of what I call “smart design.” With good planning and making use

of every available inch of space, more can be done with less. With smart design it is not just a mat-ter of setting a bunch of cabi-nets in a room, but deciding what would work best in the space and then designing the cabinets to serve that function. This is true regardless of the space or scope of the project: whether residen-tial kitchens, bathrooms, family or mudrooms, or a commercial projects like a new reception desk or shelving and fi ling systems for a busy offi ce.

Another component of smart design is incorporating some of the many new products that increase the function of cabine-try. Products can make drawers open automatically with just a touch of the drawer front. This increases the ease of use, espe-cially with large drawers or trash pull-out and in busy offi ces and clinics. There also are pull-out racks available for virtually any-thing that can be kept in a cabi-net. These provide easier access to whatever is stored, which means the items are more likely to be both used and returned to their proper place after use.

Smart design also incorporates more environmentally friendly approaches like including the use of reclaimed or sustainable woods in more kitchens than ever before. In a similar vein, more water-based fi nishes are

being used as well as low volatile organic compounds adhesives. In the midst of these adaptations in a reduce, reuse, recycle approach to remodeling and new construc-

tion there is also a return to using oak, often quarter-sawn, for fur-niture and cabinetry which gives a richer look.

In planning a home or offi ce

remodeling project, make sure to seek out a designer/builder concerned with smart design — someone who will invest the time and energy into listening to

your ideas and designing cabi-nets or furniture that will not just fi ll the space, but meet your spe-cifi c needs for storage and func-tion as well.

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There are simple paths to beating stress using basic nutritionStress is common in everyday

life at home, in relationships, at work or at school.

Stress could also be brought on by divorce, illness or losing a loved one. Stress can have an aff ect on our sleeping pattern.

How our bodies cope with stress can have a big impact on how we feel. Stress can make us sick, or eventually cause chronic health concerns. How

are you coping with stresses in your life? Have you ever heard the expression “Don’t sweat the small stuff ?” Some things really aren’t worth getting stessed-out about.

There are many ways of cop-ing with stress. Deep breathing is important in calming the nervous system. Going for a long walk, exercising or being involved in a sporting activity may be a great way to cope with stress. Prayer or positive visualization are a couple other ways to beat stress. Some people are stress eaters. When they feel stressed, they may head for the fridge or freezer, often not choosing good-quality foods. Over a period of time this may cause unexpected weight gain. Other people may have very little appetite during a stressful time, which could result in weight loss.

A variety of natural alternatives exist to relieve stress. Chronic stress can deplete our bodies of minerals. Supplementing with some extra minerals daily can help. Magnesium is an extremely important mineral to everyday

health, especially at stressful times. Muscles must have ade-quate amounts of magnesium in order to relax. On a side note, we hear so much about calcium being needed for strong bones, but magnesium must be included for bone health as well.

Other benefi cial stress bust-ers are passionfl ower, holy basil, inositol, L-theanine, GABA and 5HTP. Passionfl ower and holy basil are herbs often used for relaxation and to alleviate anxi-ety. Inositol is related to the B vitamins. It has been shown to reduce anxiety and panic attacks.

L-theanine is an amino acid used for its relaxing and anti-anxiety eff ects. L-theanine is a component found in green tea.

Go ahead and enjoy your cup of tea! You might need to drink more than just one or two cups of tea per day to get enough of a

relaxing benefi t from it. GABA (Gamma-aminobutyric acid) is an amino acid that works as a neurotransmitter in the central nervous system. It may aid in proper brain function. 5HTP is an amino acid that increases the brain’s production of serotonin, which promotes relaxation. It has also been shown to improve the

symptoms of anxiety. Although these are natural alternatives to stress or anxiety, some of these should not be combined with many of the anti-anxiety or anti-depressant medications. Stop by your local health food store and check out the many opportuni-ties are available for relieving stress.

Marilyn Bartels

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Store in Waterloo. Contact her at

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By JIM OFFNER

[email protected]

WATERLOO — Ten years as a U.S. Army National Guard

medic served as inspiration for Mark Mayfield’s new company, Adrenaline X Mobile Laser Tag — whose focus is a war-like game with no victims.

“I like basing things on team-

work,” said Mayfield, whose company won the $5,000 prize in the Greater Cedar Valley Alli-ance’s fi rst Dream Big Grow Here Cedar Valley contest for small businesses in the region.

Adrenaline X Mobile Laser Tag edged out the startup Broad Street Brewing Co. in Reinbeck, 3,578 votes to 3,160.

Broad Street co-owner Trevor Schellhorn is converting a dry-cleaning establishment in Rein-beck into a micro-brewery and tap room and expects to open by the July 4 weekend.

Schellhorn missed out on the prize money, but he said the exposure the contest brought was priceless.

“We realized at the start that even if we didn’t win, we would make that up in business that’s going to come back around through all the exposure,” he said. “It really made us think outside the box as far as sort of knocking down doors and screaming our name in people’s face.”

Mayfi eld, who completed a bachelor’s degree in youth, lei-sure and human services at the University of Northern Iowa in May 2010 after an 18-month stint in Iraq with the Waterloo-based 1st Battalion, 133rd Infan-try, formed his Cedar Falls-based company in June.

The idea was to combine his formal education, military expe-rience and a little high technol-ogy to create laser-tag events suited for groups ranging from 10 or 12 to hundreds of participants.

The company still is in its nascent stage, with Mayfi eld’s

wife, Alisha, and several part-time helpers putting on three or four events per month.

Adrenaline X takes its inven-tory of 15 infl atable cylindrical “bunkers” and Pippmann laser-tag “guns” to a site, sets up a computer-controlled system and turns teams of “combatants” loose on each other.

“We can pick diff erent game modes they want to play,” May-fi eld said. “We use a computer system, and I can track who shot who, the hit percentage. They know who the best of the group is. But the ultimate goal is for the team to succeed, and we can switch sides, teams and game modes.”

The cost is $350 for an event, which can be as small as birth-day party or as large as a youth-group meeting. There’s also a 20 percent discount for members of the military and college students with a valid ID, Mayfi eld said.

The winnings from Dream Big Grow Here will serve as key seed money, Mayfi eld said.

“It’s a launching pad to big-ger things,” he said. “We can get a couple more guns. That way we can have larger parties. We can get more bunkers to create a bigger fi eld to make things more interesting. We need a trailer to transport our stuff in and keep it safe. It’s also going to help us in advertising.”

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Cedar Valley Alliance contest winner kick starts laser-tag business

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JUNE 2011

Reputable nonprofi ts can tell you where your money goesTechnological breakthroughs

like the Internet, computers, smart phones and online banking have increased the ability to know the fi nancial fl ow of any business

or organization. This increased awareness has prompted people to understand how donations are spent through nonprofit orga-nizations, which are held to a very strict standard of accountability in order to maintain a 501c3 status.

Many people have had to take a deeper look at their fi nances and

are making smarter spending decisions, so it is only fair to ask a nonprofi t organization, “Where does the money go? “

Any reputable organization should be able to provide answers and off er a transparent view into how donations are spent. When you receive a phone call, email, or letter asking for a donation, do your research before mak-

ing a gift. Many organizations raise money for worthy causes; however, how an organization allocates income indicates how dedicated it is to the cause.

Here are some key tips on researching nonprofi t or charita-ble organizations before getting involved or making a donation:

Visit their website. Any rep-utable nonprofi t organization should have website with legal information, contact informa-tion and some indication of how they allocate their income.

Find out when the organi-zation was established. Has it always upheld a fi nancially responsible and ethical reputa-tion throughout its existence?

Be sure the nonprofi t orga-nization is tax-exempt under section 501(c)(3) of the Internal Revenue Code and is eligible to receive contributions deductible as charitable donations for fed-eral income tax purposes.

Call the organization to get any answers you are looking for. A reputable organization should be able to answer your questions.

Check the Better Business Bureau website, www.bbb.org. Ensure that the organization is

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accredited or has a good record.Check www.charitynavigator.

org, a guide to intelligent giving. If you receive a call, letter or

email, you feel is suspicious, trust your instincts and take at least one of these steps before making a gift or getting involved.

Since 1913, the American Can-cer Society has been one of the most trusted nonprofi t organiza-tions because of its meticulous donation handling process.

Over three-fourths of the overall income to the American Cancer Society is put back into research, prevention, education, detection and patient support. The American Cancer Society has invested more than $3.4 bil-lion in research nationwide to help better understand, prevent and cure cancer; the second-highest funder of cancer research next to the U. S. government.

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The American Cancer Society is currently funding 10 research grants in Iowa — nine at the Uni-versity of Iowa and one at the University of Iowa Hospitals and Clinics — totaling $6.3 million.

In addition to research, a majority of the allocated funds in the American Cancer Society Midwest Division are spent on prevention, early detection and patient support. Education and prevention are important because two-thirds of all cancers are pre-ventable. Imagine if 11,500 fewer Iowans were diagnosed each year. For patient support, donations allow the American Cancer Soci-ety to off er free lodging at the Hope Lodge to cancer patients undergoing long-distance treat-ment. Rides to doctor appoint-ments or treatments are available through the Road to Recovery program. Several other preven-

tion and educational programs are off ered locally and nationally – including smoking cessation, sun safety and tips on health. In addition, a 24-hour hotline, (900) 227-2345, is available to anyone seeking support, answers or services for cancer patients.

When the American Cancer Society was established in 1913, cancer was a death sentence, but much progress has been made thanks to supporters. Thanks to the research and education from the American Cancer Society, the average fi ve-year survival rate for all cancers is now 68 percent. We are creating about 300 more birthdays nationwide each day. As we save lives we are giving people more of the most precious commodity: time. More time with families and friends, more memories, more milestones … and more birthdays.

Kelly Warren is community

relations offi cer with American

Cancer Society/Midwest Division, Inc. in Waterloo. Contact her at

272-2880.


By MATTHEW WILDE

[email protected]

WATERLOO — Frank Moore embraces technology on his farm, even though his newest tractor still has a cassette deck.

Moore, who farms 1,600 acres near Cresco, divulged those facts to ag engineers to make a point. Not every farmer can or wants to buy a new tractor, combine or sprayer every year, he said. But equipment needs to be designed to help farmers get the most out of their acres for the longest period of time.

Moore was the featured speaker on Day 2 of the three-day Agri-cultural Machinery Conference at the Five Sullivan Brothers Convention Center in downtown Waterloo last month.

An estimated 600 ag equip-ment designers attended the event, organizers said. Moore, who also owns Three Rivers Ag Consulting, said the opportunity to speak at the conference was too good to pass up even though he still had corn to plant.

The conference is a forum for ag engineers and other profes-sionals in the fi eld to exchange

ideas. Moore said any informa-tion he can provide will help not only him but other producers in the future.

“I can give them a sense of what farmers are going through and how decisions are made,” Moore said. “Precision agriculture has taken over.”

Moore said engineers have to keep customers in mind.

Farming has changed from a labor-intensive occupation to one that depends on technol-ogy. That means fewer and older farmers working the land.

In the mid-1800s, about 60 percent of the nation’s popula-tion farmed. Today, it’s less than 1

percent, data indicate. The aver-age age of farmers in Iowa is 56.

Moore, in his mid-50s, said it takes three days to switch pre-

cision ag equipment from one piece of equipment to another, and sometimes computer screens are hard to read and understand.

Additional training would be helpful, he said.

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“I can give them a sense of what farmers are going through and how decisions are made. Precision agriculture has taken over.”

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WO-032511019“Equipment needs to be friend-

ly to older farmers,” Moore said.DISTek Integration Inc., a soft-

ware production company in Cedar Falls, is developing ways to make producers’ lives easier. The company was an exhibitor at the trade show.

Nick Elliot, DISTek busi-ness development specialist,

said Moore’s thoughts didn’t go unheard. His company has soft-ware to combine multiple moni-tors for diff erent pieces of equip-ment into one.

“We’ve supported customers in that eff ort already. In the future, everyone has to consider stan-dardizing designs,” Elliot said.

Moore spoke of the need to make 300-bushel-per-acre corn the norm to feed and fuel the world. Kyle Tingle, a senior accounts manager for John Deere, said the

company is making equipment to handle the workload.

“That’s the name of the game,” Tingle added. “Bring equipment to market that the customers want and need.”

MACHINERYFrom page 32

MATTHEW PUTNEY / Courier

Photo Editor

The 26th annual

Agricultural Machinery

Conference took place at the Five

Sullivan Brothers

Convention Center in Waterloo

last month. The event,

which was in Waterloo for

the fi rst time, covered three

days.

THE COURIER PAGE 33JUNE 2011 CEDAR VALLEY BUSINESS MONTHLYcvbusinessmonthly.com


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JUNE 2011

By JOHN MOLSEED

[email protected]

WATERLOO — A couple more culinary cultures are converging on downtown Waterloo. A Thai restaurant and a Mexican restau-rant opened in May.

El Patron Family Mexican Res-taurant, 301 E. Fourth St., early in the month. My Thai, 624 Syca-more St., was to open by the end of May. The new venues join a roster of restaurants that includes Jamaican, Irish, Chinese and multiple American restaurants.

El Patron moves into the for-mer home of La Chiquita, which opened in 1994 and closed in October last year. Aurora Torres, co-owner of El Patron, said the location could help the new busi-ness establish a customer base.

“That’s kind of why we chose it,” Torres said.

The restaurant is the fi rst busi-ness she and her husband, Vicent Martinez, have started. Marti-nez worked at Los Margaritas and will bring some of his experience

from there to El Patron, Torres said.

Although El Patron’s location may be familiar to downtown visitors, the interior has had a facelift.

New family-owned eateries spice up downtown Waterloo’s culinary scene

BRANDON POLLOCK / Courier Staff Photographer

Aurora Torres, owner of El Patron Family Mexican Restaurant, stands in the renovated dining room.

See RESTAURANTS, page 35


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JUNE 2011

New carpet, booths and tables give the space more of a family restaurant feel, Torres said.

My Thai opened in downtown Waterloo after owners Banjong Wachakit and Wanida Thomas closed Thai Blessing II Go, which was in a strip mall in Cedar Falls.

“We’re still putting fi nishing touches on everything,” Panida Wachakit, Banjong Wachakit’s daughter, said in the fi rst week of May. Thai Blessing closed in April 2010.

“When I go out or go shop-ping somewhere, I see custom-ers,” Banjong Wachakit said. “They say, ‘When are you going to open?’”

The space at 624 Sycamore needed a full renovation. The restaurant qualified for six months of free rent through a Iowa Department of Economic Development program designed to help cities aff ected by fl ooding in 2008 fi ll up spaces in fl ood-aff ected areas.

Both restaurant owners said being downtown gives them access to foot traffi c.

“It looks like there’s a lot of traffi c in and out,” Torres said “A

lot of people walking around.”Having more variety will help

keep that traffi c up, said Jeff Kurtz, executive director of Main Street Waterloo.

“We want to be known for our diversity,” Kurtz said. “What’s exciting is downtown is continu-ing to develop itself as a destina-tion for entertainment and places to eat.”

The two new eateries join New-ton’s Paradise Cafe and Black’s 501 Steakhouse to open in the last year. Black’s, formerly Roux

Orleans Cajun-style restau-rant, opened with a new format in March. Newton’s opened in a renovated space at East Fourth Street and Sycamore on the same block as My Thai.

RESTAURANTSFrom page 34

BRANDON POLLOCK / Courier Staff Photographer

Steve Broell, with Mike Fereday Heating & Air Conditioning, hooks up a stove at My Thai Cuisine restaurant in Waterloo on May 2.


Rotary International:We are a “Global Network of Community Volunteers,”

with 34,000 clubs in more than 200 countries. Since 1905, we’ve been Building Communities and Bridging Conti-nents – one project, one scholar, one life at a time. Rotary has immunized more than 2 billion children against polio and has the once-crippling disease on the run.

This message brought to you by Rotary International, Rotary Dis-tricts 5970 and 6000, and the Rotary club in your community. Learn more: www.rotary.org; www.district5970.org; www.rotary6000.org.

FIGHT HUNGER. TEACH LITERACY. STOP DISEASE.

CHANGE THE WORLD.

LEARN HOW AT ROTARY.ORG

YOU ARE THE MISSING PIECE.

ROTARY. HUMANITY IN MOTION.

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JUNE 2011

Study charts how recession affects recent college grads

McClatchy Newspapers

KANSAS CITY, Mo. — A nation-al survey of 2006-2010 college graduates has found that just over half are working full-time.

The survey, released last month by Rutgers University’s John J. Heldrich Center for Workforce Development, said 53 percent of the graduates are working in full-time jobs.

Twenty-one percent are in graduate or professional schools.

Seven percent are unemployed, and seven percent are working part-time and looking for full-time work.

Among those working, up to one-third of the recent graduates said they accepted a job that paid less than they expected or was below their level of education or was not in their fi eld of interest.

Eighteen percent took a job without health benefi ts.

The median starting pay for 2009 and 2010 graduates was 10 percent lower than the salary received by those who entered the workforce in 2006 and 2007, the researchers said.

Half the graduates said they’d taken jobs that didn’t require a bachelor’s degree.

The survey found male gradu-ates were making more than the women. “There is more than a $5,000 diff erence in starting sal-aries, with a median for men of $33,150 compared to just $28,000 for women,” the report said.

Nearly one-third of the gradu-ates had quit a job since gradua-tion. Twelve percent said they’d been laid off . Twenty-three per-cent worked for temporary agen-cies or done seasonal work.

Despite the less-than-rosy job market they encountered, nearly three-fourths of the graduates surveyed said they had no second thoughts about the value of their college education.

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How strong is the family business in the Cedar Valley these days?

Family is the heart of our business. It starts from our family working closely together in our offi ce to serve seniors in the community. We pass that family relationship on to our CAREGivers who impact the lives of seniors they care for every day. We create a feeling of unity and treat everyone like they are our family. As once said to us from a CAREGiver “ I enjoy working at Home Instead Senior Care because of the people they always have a smile, they are not just clients, they are like my family”

Candy DiercksHome instead Senior Care

”Family businesses are the most important businesses in the Cedar Valley because the have learned through trial and error those things that consumers demand - service, price and quality. They have built their businesses on good reputations and commun ity involvement. Consumers have come to trust family members and know that the business will consistently give them the service they desrve and want. In the 26 years I have been in business, I have learned that integrity and fairness is most important to many people. Fmaily businesses have developed relationships jthat stand the test of time. Providing good service to one generation will trickle down to the next generation. Family businesses are proud to be a part of families and the whole community.”

Ron PotterPotter’s Hearing

I believe the family business is recovering and getting stronger once again in the Cedar Valley. There is evidence across the Cedar Valley that local family businesses are making it through the past several years of fi nancial hardship and hopefully with all of our local support they will continue to do so. Businesses such as restaurants, bars, car dealerships, insurance agencies, retail stores, jewelry stores, bail bondsmen, equipment rental, hardware stores, salvage yards, construction and trucking companies are all examples of our diverse locally owned and family ran businesses; there are many more, let’s stop at one this weekend!

Scott ParsonsAll State insurance


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1001 Peoples Square • Corner of Kimball & San Marnan1001 Peoples Square • Corner of Kimball & San MarnanWaterloo, IA 50702-5740Waterloo, IA 50702-5740

Jordan AlbornVP, Financial AdvisorOffi ce: (319) 235-6561Cell: (319) 231-3326Toll Free: (800) [email protected]

MEMBER FINRA/SIPC www.FSBFS.com

FSB WarnerFinancial, Inc.

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Facebook can have an proper place in the workplaceBy LIZ REYER

Minneapolis Star Tribune

Q. I’m trying to fi gure out the right balance for rules about using Facebook, etc., at work. I tend to see quite a lot of it going on, but on the other hand, peo-ple seem to be productive. What are your suggestions?

A. Before you have a problem, think through your stance on acceptable use as well as prob-lems that could arise and how you’d want to resolve them.

Is it really a problem?In one sense, it really doesn’t

seem as if you have an issue in terms of anything except per-ception. So, start by looking at your feelings about Facebook-types of activities at work. Pay attention to your inner reactions when you walk by someone’s desk and see the Internet open. You may tense up, feel worried, or get angry.

Compare these responses to your reactions to other non-work activities. Are you con-cerned if people have personal phone calls? Schedule appoint-ments with contractors, delivery people or doctors?

As you think about this, how much refl ects your feelings about Facebook or other social media, and how much is real concern about productivity?

Analyze your work environ-ment, as well, particularly in terms of the day-to-day pres-sure and the opportunity to take breaks. This can be challenging for people who are generally deskbound and working on a computer all day, so observe whether your team members are getting away from their desks or if they may be taking “online breaks.”

About the issue of productiv-ity: How do you assess whether you have an issue with a par-ticular individual? If someone isn’t pulling their weight, it shouldn’t really matter whether it’s because they’re burning up hours chatting with a co-worker or wasting time online.

How to reactGiven your thoughts from the

inner game, decide how you want to address the situation before you have a problem. Your options range from complete restriction from using these sites to a completely laissez-faire approach. You’ll likely be most successful if you seek some middle ground.

This might look something like this: Team members are allowed to use online sites with some sensible limitations. Obviously, for example, X-rated sites would not be allowed; check with your HR department about other restrictions or limitations.

You would also want to let people know that, if you feel that they are online so much that it’s interfering with productivity, you’re going to address it on a case-by-case basis. In addition, you may want to ask for coop-eration for a “no-online” zone if, say, clients will be in the offi ce.

As far as ensuring that people are getting the respite from work that they need during the day, encourage some movement away from their desks. However, acknowledge to them that online time may be providing the men-tal break that they need.

A common issueWith the growth in popularity

of social media, this is a common issue in the workplace. Develop standards that focus on ensuring that your team’s work gets done, and gets done well, and con-

centrate on correcting excep-tions when they occur rather than limiting everyone’s online activity.

Liz Reyer is a credentialed coach

with more than 20 years of busi-ness experience. Her company, Reyer Coaching & Consulting, off ers services for organizations of all sizes.

Get your money’s worth

Advertising in the Cedar

Valley Business Monthly is an effi cient way to spend your advertising dollars. If you want to place a display ad, call an account execu-tive at 291-1497 from 8 a.m. to 5 p.m. Monday through Friday. Our account execu-tives will help you establish a campaign.

JUNE 2011


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EXCLUDES REPAIRS/ALTERATIONS AND HOUSEHOLD ITEMSEXPIRES 6/15/11. NOT VALID WITH OTHER DISCOUNTS

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JUNE 2011

Women drawn to challenges of entrepreneurshipBy CINDY KRISCHER GOODMAN

McClatchy Newspapers

MIAMI — Enthusiastic and bleary-eyed, Margo Wolfe declares, “I haven’t slept much in two weeks, and I’m not even tired anymore.”

Shaking off exhaustion, she readies her TCBY frozen yogurt store for the University of Miami students who have been streaming in from the nearby campus since the store opened earlier this month. At the same time, she takes a contractor call about a second location she plans to open next month.

Only 24, Wolfe said, “I love the idea of being an entrepreneur.”

The rewards for men that go into business are obvious: big-ger challenges, higher income potential and the thrill of own-ership. The reasons women go into business aren’t as clear-cut.

The assumption is that many women open a business so they can manage their own schedule, especially when they have chil-dren at home. But ask women like Wolfe, and they have a completely different reason for choosing the riskier path of starting a business over joining the corporate world: They hate the idea of having a boss.

Kim Stone sees a new energy around the idea of entrepre-neurship and understands it. She had only one boss. It was her last. For 19 years, she has operated her own Miami shoe store, Shoes to You. “I like the independence,” she said. “I love selling shoes to women, and they know I love what I do.”

Of course, independence and stamina require grit. Stone per-severed during the recession by slimming inventory and focus-ing on customer service. She has had to learn how to become a boss, how to make the store hours work with her personal life, and how to keep customers coming back.

“You can’t look at someone else and copy what they are doing,” she says. “You have to

fi nd out who you are and what you need to run a business.”

For more women, the learn-ing process increasingly holds allure. Even in a tough environ-ment, women have been will-ing to forego a stable income to start a business and grow it. As of 2011, there are more than 8.1 million women-owned businesses in the United States, generating nearly $1.3 trillion in revenue. During the last fi ve years, the number of women-owned fi rms increased by 50 percent — a rate of 1 ½ times the national average, accord-ing to American Express OPEN State of Women-Owned Busi-ness, using data from the U.S. Census Bureau. “I think entre-preneurship is the next profes-sional frontier for women,” said Julie Weeks, American Express OPEN Research Advisor on Women’s Business Issues and author of the report.

Weeks says all the compo-nents are in place: Women are getting more advanced degrees, have more role models than in prior decades and are educat-ed to look at entrepreneurship

as a career. They are starting businesses because they see a need in the marketplace or have a dream, rather than out of necessity, and they are often doing it as a full-time endeavor, rather than on the side while raising kids. Janice Gonzalez, an ad agency owner and immedi-ate past president of the Wom-en’s Chamber of Commerce of Miami-Dade County, said another fact is at play, too — the opportunity that technology presents.

“If you are in the service industry, you can eliminate a physical office. That opens opportunities for women to see a quicker return,” she said.

To survive as your own boss, Gonzalez added that it takes a “cowboy mentality,” or “a cer-tain amount of guts and opti-mism and not being afraid of failing.”

Of course, owning a business is not without its downsides — from fi nancial pressure to long hours to managing employ-ees. Weeks’ research has found there is no diff erence between women and men in business

closure rates. Half of all busi-nesses close within fi ve years.

Cindy Krischer Goodman is CEO of BalanceGal LLC, a pro-vider of news and advice on how

to balance work and life. She can be reached at [email protected]. Read her columns and blog at http://worklifebalancingact.com/.

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Documents

Cedar Valley Business Monthly - June 2011