december/january/february 2015 the firm deal review
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December/January/February 2015 The Firm Deal ReviewTRANSCRIPT
43WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
Goodrich’s Vet PracticePLACED IN GOOD HANDS PG. 8
Off The FarmFROM HOG FEEDER TO FIVE-STATE CEO PG. 12
Ollie The TrolleyAN OMAHA TRADITION ROLLS ON PG. 5
EXIT PLANNING EDITION
Win
ter
201
5
The Firm Business Brokerage warrants the included information herin to be true and accurate
44 WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
2
Volume 1 Issue 2
Published by The Firm Business Brokerage, LLC
President/Editor • Cortney Sells
Director/Assistant Editor • Cassandra Powers
In-House Legal Council • Susanne Miller
Client Development Director • Alexa Billings
Executive Broker • Lindsay Novak
Executive Broker • Rachael Rand
Executive Broker • Elizabeth Jones
Associate Broker • Tracey George
Associate Broker • Lori Stangl
Outreach Coordinator • Rene Rademacher
Marketing Division • Adam Jaime
Client Services • Nycole Wandvik-Tolle
IT Department • Adam Trubnikov
Broker Liasison • Julie O’Brien
Contributing Writer • Kara Wesely
Contributing Writer • Bruce Brodkey
Photography • Bill Sitzmann
Design • OBI Creative
To Subscribe:
The Firm Business Brokerage, LLC
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The Firm Deal Review Winter 2015
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45WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
Columns
4 Negotiated Corporate Attorney Bruce Brodkey
Counsels New Business Owners
14 Net Worth An American Dream Cut Short
15 Cash Flow Perspective Directly From a
Buyer’s Point of View
Departments
5 Ollie the Trolley An Omaha Tradition Rolls On
6 Winning the Fight New Owners of I Love Kickboxing fi ght
to close on their business in only 46 days.
12 From Fields of Green to Team Green
New Opportunity, New City,
New Business
The Bottom Line
Sells Insights
Got Ketchup?
A Tail of SuccessTwo Vets Claw Their Way to Ownership
pg.8
Omaha’s very own Warren Buffet put his money into ketchup by acquiring
H.J. Heinz and taking it private for $23.3 billion. It is the well-proven power of a private investment that can drive corporate growth. Research from Ernst & Young notes that privately owned companies outperformed their publically held peers from 2006-2012. While ketchup and perhaps other small businesses throughout the Midwest may not seem overly exciting, it is in these areas that a new owner can make a big difference!
As you fl ip your cheeseburger while watching the Husker game this weekend—consider adaptability. Buffet will bring a new management team where they will rebrand and reposition ketchup; then take action to redeploy themselves into other markets. It does not matter if you are buying, selling, or managing a business, adaptability isn’t something to only consider in transitional times, it is most successful when used as a best practice. The FIRM
Special Section
7 Fresh Off The Firm There are more than 115 opportunities
in the listing portfolio—from medical
practices to commercial services
companies.
by Cortney Sellspresident/editor
3Winter 2015 The Firm Deal Review
46 WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
Bruce Brodkey
4
Negotiated: Why Legal Representation is a Must
written by Bruce Brodkey of Brodkey, Peebles, Belmont, and Line
The decision to buy or sell a family busi-ness is typically the most signifi cant in-
vestment or cash-out that a person can make during their lifetime. Unfortunately, times have long past where a handshake between parties was suffi cient to close the sale of an established business. The rise of lengthier and more complicated purchase agreements and the increasing preva-lence of governmental restrictions and regulations require that a sophisticated business person needs to assemble a team of professional advisors prior to undertaking such venture.
Smart investors place competent professional advisors in key positions in this process. This team should include not only a knowledgeable law fi rm, but also an accountant, investment advisor, and, depending on the type of transaction, business appraisers, real estate brokers, and construction experts.
On most occasions, the attorney should be involved from the outset and throughout the negotiation, due diligence periods, and closing. That attorney can be of critical assistance in the following activities:
Choice of entity: For buyers, a decision needs to be made with the help of counsel as to whether a purchasing entity ought to be formed as a limited liability company, corporation, or partnership. The client’s needs and the type of specifi c transaction often dictate the type of entity that should be formed.
Negotiation: The lawyer is best situated to negotiate the general terms and conditions of the agreement. While the lawyer frequently is not involved in negotiating the economic terms, counsel is needed where critical matters are to be negotiated. These include allocation of the purchase price between the various asset classifications, the protection of the client in the various warranties, representations, and indemnities from the creditors of the seller.
Due diligence: In most agreements, the buyer has the right to conduct its “due diligence” regarding the business of the seller. Frequently, this examination includes a thorough review of tax returns, profi t and loss statements, qualifi ed and non-qualifi ed retirement plans, fi nancing details, interviewing key personnel, performing
environmental testing reviews, and assuring that governmental regulations do not act as a signifi cant impediment to closing. The lawyer and the other professionals play key roles in these investigations, which are essential to an intelligent purchase of any business.
Closing: The lawyer is involved with the preparation of all required documents for closing. Typically these involve Bills of Sale, Promissory Notes, Non-Competition Agreements, Security Agreements, Leases, Option Agreements, and myriad other documents that may be necessary and convenient for fi nal closing. No buyer or seller wants to leave the closing table with any documents not fully executed.
A lawyer is an integral person in an assembled team of qualifi ed professionals to service the client in any business transaction. In my 43 years of practice, the early engagement of competent professional advice and guidance through the purchase or sale transaction is well worth the relatively small expense. Proceeding without the necessary team is fraught with potential oversights and probable problems after the fact. The FIRM
The Firm Deal Review Winter 2015
47WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
George Davis and Deb Skinner
You might say that Deb Skinner and George Davis are Omaha’s foremost
facilitators of fun.
“Life is too short, too hard and too serious not to have fun,” Skinner shares.
So when the pair started their search for a business to purchase it was no surprise that the company they chose was one almost completely dedicated to good times.
Skinner and Davis are the proud new owners of Ollie the Trolley, a name synonymous with Omaha and, you guessed it…fun. They have hit the ground running and have a bevy of fresh ideas for the classic trolley business that has been providing event transportation to Omahans since 1985.
“There are some lovely wineries and breweries around the metro area and we’re looking into partnering with them to offer winery and brewery tours. We’re also looking into offering a tour of tasting and cigar bars around Omaha, a shop ‘til you drop charter for senior citizens in and around the metro area, and a holiday lights tour,” Skinner says.
And if you are looking to experience the Old West, you might be in luck. Skinner, who is involved in a Wild West re-enactment group, has an idea for a tour that will involve cowboys pretending to rob and highjack Old Ollie.
The Wild West re-enactments and new tours will be coupled with the more traditional trolley uses, such as high school reunions and wedding parties. Nearly half of Ollie the Trolley’s bookings come from brides and grooms celebrating their special day. Any way you look at it, when you see a group riding around town on these classic trolleys, they are always having a good time.
The owners appreciate not only the good-time aspect of Ollie the Trolley, but also the nostalgic vibe that comes with riding an open-air trolley fi tted with wooden benches. The look and feel of the trollies is unique in comparison to charter and/or party buses, and they want to keep it that way.
“We provide a service that is not only nostalgic, but more sophisticated. It’s a niche market and it’s dignifi ed, traditional, and more upscale,” Davis says.
Ollie the TrolleyAn Omaha classic finds new owners and new life.
written by Kara Wesely • photography by Bill Sitzmann
Niche markets are something Skinner knows a lot about. Her professional life has included stints in marketing, tourism, and event-planning. Davis’ background is in the transportation industry, something that will come in handy in the years ahead. Both are from Omaha and found each other after moving away for several years, then returning to the city. They are now engaged.
Ollie the Trolley offers 22, 32, or 47-passenger trolleys and has a total of eight trolleys operating throughout Omaha.
The ownership team was pleased with their experience with The Firm.
“They are a good brokerage fi rm. They kept each side honest and did a good job gathering information and kept the process moving,” Davis says. The FIRM
5Winter 2015 The Firm Deal Review
The Deal ReviewBuyer Training Period: 90 days, over 130 pre-booked Trolley reservationsLaw Firms: Gross & Welch, William Lindsay and Steier Law, David SteierReason for Sale: RetirementYear Established: 1985Financing: Equipment loan at Core Bank, Ron Baumert
48 WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
6
graduating, he entered the U.S. Air Force and was stationed at Offutt Air Force Base. He went on to earn a position as Vice President of Operations for a hotel ownership group where he manages multimillion dollar hotels.
Kerkman grew up in Atkinson, Neb., later joining the Army Reserves and serving a tour in Iraq. He was awarded the Purple Heart for surviving a roadside bombing. After graduating from UNK, he moved to Omaha in 2013, taking a position as Implementation Specialist with an insurance group in Lincoln.
Frerichs grew up in Minden, Neb. He graduated from the University of Nebraska–Kearney, making his way to Omaha in 2012. He spent six years in the hotel business, where he met White, forming a partnership in 2013 with a Mission Foods route.
In May, the three decided to partner up
and purchased I Love Kickboxing through The Firm. They were excited to buy a business they could grow together and one they could help their clients reach health and fi tness goals in. Today the gym is doing very well with more energy, a great staff, and loyal membership. They spend their free time growing the business by hosting open houses, giving members incentives, embracing social media marketing, and even joining in partnership with a nutritional store. Since taking ownership in May, they have brought on over 100 new members and look to bring in 200 more in the coming months.
Currently, White and Kerkman are selling their Mission Foods route as they are putting all of their focus into I Love Kickboxing. If you are interested in owning this route, profi ting at least $50,000, email The Firm today at [email protected] or call 402.998.5288. The FIRM
They Kicked Tail for Our NationNow I Love Kickboxing Kicks Tail for Them
written by Elizabeth Jones • photography by Bill Sitzmann
In just 46 short days after listing, I Love Kickboxing had found its new grateful owners. Meet Ryan White, Kodey Kerkman, and Keith Frerichs, three entrepreneurs brought together by their love for business and kickboxing.
White came from a small copper-mining town in southeastern Arizona. After
Keith Frerichs, Ryan White, and Kodey Kerkman
The Firm Deal Review Winter 2015
The Deal ReviewFinancing: Promissory note from sellerDays on Market: 46 days from listing to closeValuation Type: Cost to createLaw Firm: Smith, Gardner and Slusky Law, Shaun JamesBroker: Rachael Rand, The Firm
49WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
Fresh Off The Firm
Passive Commercial Services BusinessOWNER’S PROFIT $128,800PRICE $180,000
This is the perfect business for someone who just wants a small company with extremely low overhead that is self-sustainable. The services offered are power washing, lot sweeping, line painting, and caulking during the spring, summer and fall; snow removal in the winter.
Mr. GoodcentsOWNER’S PROFIT $69,881 PRICE $87,000
Take over this established quick-service sandwich shop for less than it would cost to start a new business. The location is top-notch – over 60,000 cars drive by each day!
Concrete Manufacturing & DistributionOWNER’S PROFIT $401,986PRICE $1,780,000
With a patented concrete formulation, this business has carved a real niche in the market. Established operations in both the United States and Canada allow for international business to success-fully take place throughout dozens of distribution sources.
West Omaha Restorative Dental Practice OWNER’S PROFIT $515,000PRICE $650,000
This established and profi table dental practice has a prime location in West Omaha. Since 2004, the clinical staff has established long-term relationships with nearby families providing outstanding level of specialty care.
Ultimate Bar on Dodge StreetOWNER’S PROFIT $92,400PRICE $165,000
This recently-expanded and painted lounge features four pool tables, four dartboards, and seven TVs to accommodate patrons and host tournaments.
Web Hosting Platform IT BusinessOWNER’S PROFIT $3,001,084PRICE $10,600,000
With 10+ years of experience, this connecting network business has a great reputation and all the needed items in place to run smoothly. This business provides specialized IT services including cloud hosting and enterprise consulting.
Customized GIS Solutions ProviderOWNER’S PROFIT $1,449,447PRICE $5,196,000
Geography matters, and this business understands that fact. This niche-market with no competitors, established IT business focuses on GIS solutions for private and governmental entities.
Successful Senior Care Company OWNER’S PROFIT $169,620PRICE $535,000
This is the perfect opportunity for someone interested in providing care to the elderly. With four full-time administrative staff and 90 part-time caregivers, this well-established business extends its service to 13,000 seniors across three counties!
With the exception of Mr. Goodcents, no actual businesses names are used on this page.
7Winter 2015 The Firm Deal Review
50 WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
8 The Firm Deal Review Winter 2015
51WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
The Deal ReviewFinancing: Conventional loan by Access Bank, Nathan ChristProfi t Margins: 42%Days on the Market: 20 days from listing to close.Transition: Seller agreed to stay on to transition all families/pets to new owners.Year Established: 1990
THEY TOOK A LEAP BASED ON FAITH AND NOW THEY CONTROL WHAT COMES NEXT.
A Tail of SuccessTwo Vets Claw Their Way to Ownership
written by Susanne Miller • photography by Bill Sitzmann
Don’t wait until you are 47…I should have done this 10 years ago! I am doing
better for my family and kids by being my own business owner. If buying your own business is in your heart…just do it! It is important,” Dr. Sarah Mongan preaches as she refl ects.
Dr. Mongan and Dr. Melissa Gardner met at a veterinary clinic in Omaha where they practiced together for 16 years. Both dreamed of owning their own practice one day, but when a vet graduates from school they typically have a lot of debt, so the hope of stepping out on their own seems impossible. Most DVMs out of school will associate with an established practice with the thought of one day becoming a partner. These two ladies believed that they would become partners one day, but that didn’t happen after a decade and a half.
“
One day Mongan’s husband, Nate, said something that got her thinking. “What Omaha needs is a clinic that provides affordable veterinary care.” There are families that want to provide quality care for their pets but also want to pay reasonable rates to do it. She should start a practice that has that as a mission.
Three months later, she asked Gardner what she thought of the idea. Her immediate response? “Let’s do it.” The question now was whether to build or purchase an existing practice. Continued > To start one from scratch was too hard: fi nd a location, do a build-out, fi nd clients, etc. One week later they called The Firm Business Brokerage looking for a practice to purchase.
They quickly identifi ed one that fi t their criteria: a good location, a full staff in place, and established clientele. They put in an Offer to Purchase and started to prepare for closing. Then, a snag. Just before closing the existing owner placed an additional qualifi cation on the sale: he wanted a two-year employment agreement so he could stay on. Concern deepened as they calculated the cash fl ow once the existing owner’s salary was added into the mix. They would not be able to run the business with the added expense. They pulled the Offer to Purchase just days before the scheduled closing.
9Winter 2015 The Firm Deal Review
52 WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
10
Disappointed by the turn of events, the two started researching the cost to build a new location. There were so many reasons not to travel this path; there would be no staff present during the build-out, there would be no place to see patients until the facility was ready, and it was not the turnkey business they had hoped for. Of bigger concern: how would they pay the bank loans if they couldn’t see patients?
They soon realized that the grass isn’t greener when you start from scratch. The pair decided to hire The Firm to fi nd them a seller. The broker went out “on a wing and a prayer” to talk to six vets who may be close to retirement. Within two weeks, The Firm secured Dr. Goodrich as a client ready to sell his practice. Within 24 hours of listing, Dr. Mongan and Dr. Gardner submitted an Offer to Purchase. Less than three weeks later, the practice was theirs.
The Firm Deal Review Winter 2015
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53WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION“It really saved the deal to move that fast. If we hadn’t taken the leap of faith...we would still be in the 16-year grind of being an associate,” Gardner says.
The biggest challenge that they have faced as new business owners? They laugh and say, “Figuring out where everything is!” Three employees stayed after the purchase, and out of 1,700 active clients only one has left. “Every day we continue to move up and move forward!”
“IT REALLY SAVED THE DEAL TO MOVE THAT FAST. IF WE HADN’T TAKEN THE LEAP OF FAITH…WE WOULD STILL BE IN THE 16-YEAR GRIND OF BEING AN ASSOCIATE.”
-Dr. Gardner
It was a learning experience for both of them.They would now advise any vet student to have a plan and know where they are going. If you want to be a partner, get something in writing up front and don’t wait for 16 years like they did. In fact, when they are ready to expand and take on a new associate they will fi nd a person who can be the next owner of the practice.
The advice they would give someone looking to own their own business is simple: Jump! They took a leap based on faith and now they control what comes next.
“It is not just a business venture…it is an adventure. We feel happier and healthier. We landed exactly what we wanted,” says Mongan. The FIRM
11Winter 2015 The Firm Deal Review
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54 WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
Gary Grundmeier
12
From Fields of Green to Team Green New Opportunity, New City, New Business for Life-Long Farmer
written by Kara Wesely • photography by Bill Sitzmann
Gary Grundmeier knows a lot about hard work. He was born and raised on
a farm in northwest Iowa and owned and operated his own farm for over 20 years. And although he never shied away from hard work, after 20 years he felt like it was time for a change.
“I was looking for brighter opportunities and needed to move on,” Grundmeier says.
His search for brighter opportunities started with selling his farm and researching businesses for sale in the Omaha area. When The Firm introduced Grundmeier to the Team Green business, he knew it was the right fi t. Team Green has been successfully servicing Nebraska and the four surrounding states since the 1980s.
“It was as close to farming operations as I could get in this environment. I like to run crews and fi x things,” he says.
And with everything from string trimmers, lawn edgers, big snow plows, street sweepers, and 15 trucks, Grundmeier will be doing a lot of fi xing and, more than likely, a lot of running. But, this self-proclaimed optimist is not afraid of the responsibilities and challenges that will come along with owning a ground maintenance business like Team Green.
“If you don’t challenge yourself, you’re not going to gain much. If there were not challenges then everyone would do it,” he says.
The challenges he anticipates are mainly weather-related. With the snow comes long cold days and tired drivers. But again, with his farming background, pressing on through rain or snow is something he is more than familiar with.
Luckily, Grundmeier will have a little help. He believes he has already fostered a great relationship with Team Green’s general manager and 14 employees. Fostering relationships with employees is something he knows about.
“I enjoy people and like helping people improve themselves. I once had an employee with several personal problems
The Firm Deal Review Winter 2015
The Deal ReviewLocations: Services fi ve statesCPA Firm: Boone & Associates Owner’s Profi t: $766,048Financing: SBA loan byUnion Bank, Cassie KohlReason for Sale: Divorce
55WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
and really helped him improve his life. I’ve helped employees buy vehicles in the past. I am caring to a fault. I get to be more of a friend than a boss.”
Grundmeier farmed all his life in Storm Lake, Iowa, and at one time owned and operated 2,200 acres, 30,000 hogs, and had six full-time employees.
He was impressed with The Firm Business Brokerage from the beginning of the process and with the way the staff prepared him as a buyer.
“They are an exemplary example of how business should be done,” he says. The FIRM
13Winter 2015 The Firm Deal Review
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56 WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
Cassandra Powers
14
Russ Soukop had worked at a large cor-poration in Council Bluffs for a num-
ber of years where he gained knowledge in the recycling and distribution of used clothing, textiles, and goods. In 2011 Russ started his dream of business ownership, where the company fi lled a need in a niche market. The company was off to a success-ful start and then came the dreaded call that no one wants to be on the receiving end of. Russ had been diagnosed with Pulmonary Disease.
After over a year-long fi ght, Russ lost his battle. This left his widow, Sandy, with the
Net Worth: An American Dream Cut Short
written by Cassandra Powers • photography by Portrait Innovations
FOR SALE: DEALER OF RECYCLED CLOTHING & TEXTILES
PURCHASE PRICE: $106,000OWNER’S PROFIT: $63,880DISTRIBUTION TO: U.S., Canada, & Africa EQUIPMENT & INVENTORY (INCLUDED IN SALE): $58,214REASON FOR SALE: Death
REFERRAL TO THE FIRM: Attorney
SUMMARY: It’s the perfect opportunity to get in this business for under fair market value. Buy low, sell high, and go green with this textile recycling business. Purchase used clothes and materials in bulk, at a deep discount and resell them nationwide or world-wide for a nice profi t. This is a for-profi t company that collects unwanted textiles and resells them in the U.S. to retail stores and abroad, effectively diverting thousands of pounds of clothing from landfi lls. Access to inexpensive clothing and fabrics has lead to signifi cant growth for the need to effi ciently recycle excess inventory. Textile recycling continues to grow as this valuable asset has become a world commodity with the ability to bail and ship the clothing and textiles right away.
company. A company in which she had never worked in or learned about. Sandy set an appointment to see their attorney for some direction on what to do. Her attorney, Matt Saathoff of Saathoff & Associates directed her to see a business brokerage where she could start by getting the company valued. Upon valuation Sandy decided she would need to sell her late husband’s business.
The company is currently listed for sale and the family is actively seeking a new owner. The family had an estate plan that encumbered a will and a trust along with the legal documents that one knows they
need to have complete. It is monumentally important to not only have your legal documents completed but to have taken the time to write out and explain the inner working of your small business. Items you should have: a checklist of passwords and logins for email, quick books, fi nancial records, website, vendor, and customer lists. Also, have a write-up for what employees’ responsibilities are within the business, the pricing and bidding guidelines available, and other day-to-day operational procedures. The FIRM
The Firm Deal Review Winter 2015
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57WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
Todd and Amy Nelson of Diamond Laundry Service
Cash Flow: An Unedited Buyer’s Perspective
written by Amy Nelson, Vice President of Diamond Laundry
Have you ever thought of buying your own business? I never had. I was happy
in my safe little box working for someone else and never thought another thing of it. My husband, on the other hand; he thought about it often. When his job became a lit-tle less stable, the time seemed right to him. Suddenly I was receiving emails from him telling me to “take a look at these.” I was scared to death. I was thinking “No, we can’t do this. We don’t know anything about owning a business!” I humored him by going with him to The Firm Business Brokerage to discuss possibilities. A day-care center or a commercial laundry were two of the options presented. A laundry didn’t seem that interesting, and a daycare seemed like too much liability. They were both established businesses and the prices were similar. Maybe the laundry wasn’t such a bad choice.
Next, we found ourselves meeting with one of the owners of Diamond Laundry Service. Jaye McCoy came across as a very decent, honest woman who knew her business and was very upfront with any and all information about Diamond Laundry’s history, including fi nancial history. So far, so good, I guess. Next up is looking into fi nancial backing. We wanted to use our own bank. The broker was up for that, but also recommended a couple of institutions that she had dealt with in the past that were
small business friendly. Okay, I guess. Let’s see what happens. We then met with Nathan Christ from Access Bank maybe a week later. We talked about ourselves and why we wanted to own a business. He talked about his bank and what they considered to be our best assets. Financials are always tricky.
In the end, we got the funding we needed to purchase Diamond
Laundry Service. Enter fear! We started second guessing ourselves and started second guessing the business. Ring, ring, ring. Hello Cortney, we are out!
Another meeting with Cortney, and okay, we are calmed down now and we are back in. I think we were back out and back in at least one more time, before we fi nally reached the comfort zone and were convinced we were doing the right thing. March 7, 2014, we signed all the papers at Access Bank. What an exciting day! We are now business owners. The best part is, we are not left to our own devices. Bernie and Jaye McCoy worked with us for a full three months teaching us the ins and outs of Diamond Laundry Service.
Fast forward to now. We have owned Diamond Laundry Service for 10 months. We have come into our own. At least I should say my husband has. Todd runs the day-to-day operations of the business. I still work my in-the-box, safe and secure job, but now there is so much more out there. It is a big learning curve, but so worth the rewards. Every thought of owning your own business? Maybe you should. The FIRM
15Winter 2015 The Firm Deal Review
58 WEALTH MANAGEMENT WINNERS SPECIAL ADVERTISING SECTION
16The Firm Deal Review Winter 2015