Hello, in the wake of Hurricane Matthew, I find all my appointments cancelled for the next 2 days and I have a chance to share some insights that I recently learned.

I hope in sharing these, that they will a benefit you or your clients or others that you work with. 

Kim's Sharable List: 

1. Project SOS is a non for profit program to educate our kids on critical life skills. They recently taught at Grand Park Alternative school and were able to drastically change the primary goal ("live long enough to go to the Big House (prison) someday" by teaching 8 critical life skills to these children. I am so impressed with their work, I am chairing their annual comedy fundraiser in March.  Project SOS id looking for introductions into local middle and high schools. Their program is free for the schools. To recommend a school, contact Pam Robbins to make introductions:

2. We recently sold an insurance agency where the seller was ready to retire and travel with his wife. The buyer (another agency owner) required 3 yrs of tail coverage – this is E+O insurance for any errors made while the former owner had the book of business. This is an additional cost for the seller. If you have an insurance business owner looking to sell, this is a great tip to prepare them for the extra costs. 

3. We are working on a deal where the buyer offered an earnout (additional pay to the seller after the purchase based on the performance of the business) as part of the offer. The SBA will not fund a deal with an earnout in the agreement. This is a relatively new standard. If you are working with a client that is doing an acquisition, this is good information to share. There are some ways around this, but it is good information to know before getting too deep in the deal. We got around it by having the real estate appraised high enough that the bank did a real estate loan and the buyer bought the business with his cash. There are a few other ways to work around this as well. I'm happy to discuss this with you if you have a client that needs to structure a deal with an earnout. 

4. Suzi Lemen of DCSI shared with us that an employee handbook should include a section on hurricanes. What happens when there is a hurricane, who is responsible for what, when you close down and what pay is offered. This is a great idea so that your employees know what to expect and you have a guideline for what to do. 

5. One of the biggest concerns of a small business is protecting our data (especially when we get hurricanes). By backing up your computer to a cloud based service on a regular basis, even if your local PC is "wiped out" you can quickly recover all your information with a download from the cloud. I personally use Carbonite (there are many to choose from) and it took me less than a day to get back up and running after my last hard drive failure (I have one about every 3 years). In fact, all my client data is stored on Sharefile to assure it is safe even if something were to happen to me, my office has direct access to all my files to work with my clients. Today storing data in the cloud makes business seamless and protects our greatest asset - our clients' data. 

6. Personally, I love Pumpkin flavor. So for fun, here are 22 pumpkin flavored items at Trader Joe's ranked Worst to Best!! On the list, they missed the Pumpkin Spiced Chai Latte, I thought it was delicious and would highly recommend it for other pumpkin lovers!

Thanks for reading. If you have something worth sharing, please send it to me, I'd love to share it. 

I'm never too busy for your referrals, 

Kimberly Deas, BCI

Franchise Owner / Business Broker
Murphy Business & Financial Services

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