Scholl & Company - June 2022

Scholl & Company - June 2022

YOUR FINANCIAL SUCCESS

JUNE 2022

SCHOLLCOMPANY.COM

831-758-5966

I think there is a valuable opportunity right now on the job market — one that, perhaps, we haven’t ever had an opportunity to capitalize on. Let me set the scene. Right now, you have businesses that are scrambling to fill positions but can’t seem to find the right people to fill the job. You also have older adults who are living longer than generations before them but are healthy and vital enough to want to work longer than their parents or grandparents did. The standard idea of retirement is about as outdated as some of the clothing trends these workers had when they first entered the workforce. People are working and living longer than ever before. There’s no reason why these two phenomena can’t aid each other. I’m a firm believer in the power of experience. Older adults can add valuable knowledge, experience, and perspectives to businesses. They often take on a parental role in companies, mentoring younger employees and molding co- workers to be just as hardworking and dedicated as they are. In fact, I believe there is a lot we can learn from these employees. In particular, older generations are able to have a respectable discussion with someone they disagree with and appreciate their views, even if they still can’t agree with them. That kind of understanding is critical to bridging gaps and fostering greater connections in business. They say it’s all about who you know, right? Those with experience, patience, and consideration for others make it a point to respect others. That has tremendous value in business. TRUST THE OLD GUYS Why Older Employees Can Benefit Businesses

I often find myself learning something new when I talk with our clients who are of a certain age. Now, I’m getting up there in years myself, but I still appreciate the wealth of knowledge from those who have more experience than I do. And in many ways, they are willing to learn from those who are younger than them, too! Imagine what kind of growth that could create in a business. Younger employees would gain experience and valuable wisdom, while older workers could expand their understanding and views. It’s a synchronously beneficial relationship. There’s another phenomenon I’ve noticed in recent years as it relates to this idea of working longer and sharing your wisdom with younger generations of workers. We’ve found that more people in pre-retiree and retiree age groups are not just returning to work; they are starting their own businesses, too. They have been in the ring before. They know where all the pitfalls are and start at an advantage. They will still make mistakes and learn a few things, but those growing pains will be far less painful. They will have already experienced it. As we move into the latter half of this year, I encourage everyone to think about the value your most tenured and older employees bring to your team. Creating a component, value-producing culture starts with the team you have executing your business’ goals. Whether that means adding more experience and trusting the young guns, you have to find what will work best for your business. Just don’t count the old dogs out quite yet.

BUSINESS IS GREAT, AND WE'RE LOOKING FOR MORE.

We hope that you will keep us in mind if the opportunity arises to refer family, friends, colleagues, and neighbors. Thank you for your continued support .

1 SchollCompany.com

The Year Is Half Over!

Where Does Your Business Stand?

and assess the progress you’ve made. If your business has already met any goals, celebrate your success. Then, consider what your next goal should be. But if you set ambitious goals, you probably still have a lot of work to do before the year closes. If you’re on track, assess what you’ve been doing right, let your team know, and find ways to keep doing it. But if you’ve fallen behind, this is your opportunity to course-correct. Where has your plan gone wrong? What might work better? There is still plenty of time to formulate a strategy and make up for past mistakes. Assess Your Finances Many people start a business out of a passion for their line of work, but none of them succeed without a solid financial plan. Now is the time to review your sales, expenses, cash flow, and tax payments. Are sales where you thought they would be? Have your costs silently crept up over time? Are your liquid assets and tax allocations as high as necessary? No matter how happy your customers or employees are, if your finances aren’t doing well, neither is your business. This is another opportunity to identify problems before they get too out of hand and correct any negative trends. The longer you avoid cost cuts, the more they'll hurt, and sales are easier to pick back up after only a brief slump. Even in the worst- case scenario, discovering the truth now is better than a big shock in December. By getting a clear picture of where your business stands today, you’re setting yourself up for success during the rest of the year. Whether you gain new insight into where your business can improve or walk away with nothing more than renewed peace of mind, a mid-year review is well worth your time and effort. Don’t wait until the end of the year to assess your 2022 performance — do it now while the books are still open. You have plenty of time to make changes and stave off that end-of-the-year regret.

Who can believe we’ve reached the midpoint of 2022? It seems like the calendar pages flip faster every year. But while it can be hard to tell one day (or even one month) from the next, that’s no excuse to skip your mid-year business review. A mid-year review is your opportunity to evaluate your business’ performance, learn from the past, and course- correct for the future. It’s also an excellent excuse to get in front of your team, reiterate goals, and provide visible leadership. But if you’re not sure how to perform one, you’re not alone. Here are some tips to get you started and on the right path to a successful second half of the year. Perform a Gut Check It might sound a little mushy, but how you’re feeling about your business can tell you a lot. So, set aside some time to check in with yourself. Try blocking off a day, and think of taking it off-site — this isn’t something to do on your lunch break or while rushing from one meeting to the next. Then, do some soul-searching. Consider your company’s vision and values and ask yourself if you’re living up to them. Also, think about your business goals and whether you’re setting them too low or high. If they seem to be slipping away from your grasp, take that feeling seriously. How about your work/life balance? If you’re working too many hours and feeling anxious about your future, it’s not good for you or your business. Write out some questions to ponder in advance, but remember, this isn’t about statistics or finances. It’s about how you’re doing. If you conclude that you could be doing better, let that shape your path forward for both your life and your business. Review Your Goals Most business leaders set goals for themselves and their businesses each year, but no one meets them through luck alone. Your mid-year business review is the perfect time to remind yourself (and your team) of the objectives you set

2

831-758-5966

A STROKE ABOVE THE REST FORD PAINTING EMBODIES QUALITY AND FAMILY VALUES

If you had asked Brian Ford as a kid where he’d be today, he never would have guessed. His father opened Stephen Ford Painting in 1969, but Brian originally had no intention of following in his footsteps. “I helped Dad on and off when I was young, probably as early as 12 or 13,” Brian says. “I didn’t really like the business, so I started working as a paperboy at 14. Then I worked at the Pacific Grove golf course before starting as a bagger at a grocery store.” Brian stayed at the grocery store for several years while attending junior college. He secured

In the meantime, “I needed a job,” Brian says. “I hadn’t been out of work since I was 12! I went to my father and said I needed a couple of weeks of work — and I’ve been here ever since!”

several promotions and could have made it a career. But he soon realized it wasn’t where he wanted to spend his life. “I decided I didn’t want to be stuck there,” he remembers. So, he left that job behind to find something new.

3

831-758-5966

It’s a testament to the fact that family businesses can last for generations when everyone puts in the work and dedication. But the pieces won’t fall into place without the proper planning. Laying the groundwork for how the family will work together and relate to each other professionally starts from day one. Stephen passed away 17 years ago, but Brian was prepared to take over the business when he became ill. He is long past his reluctance to enter the world of painting and thoroughly enjoys his work. “I love meeting different types of people and listening to their stories,” Brian says. “I also love making people happy and getting nice complimentary letters from our customers.” And because he knows value matters to customers, he also enjoys beating the company’s estimates whenever he can. Brian encountered Scholl & Company approximately 18 years ago when they acquired another firm Brian had hired. The change was a welcome one. “They had a vast amount of knowledge that the other company really didn’t talk us through,” Brian says. “Bret took the time to give us a lot of different options for how we can save money, and he has grown with us. He had ideas for how we could benefit from giving our employees 401(k)s and many other aspects of running the company.” Stephen Ford Painting has built its reputation with customers and fellow contractors alike. “We have quite a few contractors who are clients,” Bret notes, “and every time we hear any of them talking about who will get a quality job done, it’s Stephen Ford Painting. That’s something Brian and his dad built their brand on extraordinarily well.” Brian takes pride in that reputation. “Our employees have been with us for an average of 12–15 years, so they know what’s expected of them, and they know how to give quality work,” he says. “We have a lot of repeat customers. I see them every two years, whether they need just a little bit of maintenance painting, a new area completed, or they’re buying a new home or doing a remodel. “My father always focused on the quality of the workmanship,” Brian adds, “and maintaining that reputation is what keeps me going.” Does your home or business need interior or exterior paintwork completed? Contact Stephen Ford Painting at [email protected] or 831-373-6026!

Brian wasn’t initially gung-ho about painting. But what he did have in those early days was a great relationship with his dad. “My father was my best friend,” Brian says. “We got along really well. We golfed together, fished together, and went on vacation together.” The business remains a family enterprise today. Brian has been married for 27 years, and he and his wife live on five acres with their two daughters and a menagerie of horses, dogs, and cats. “My mom still works in the office doing accounts payable and receivable,” he says, “and my wife does human resources.”

“IT’S A TESTAMENT TO THE FACT THAT FAMILY BUSINESSES

CAN LAST FOR GENERATIONS WHEN EVERYONE PUTS IN THE WORK AND DEDICATION.”

4 SchollCompany.com

And Gain Long-Term Business Success! Unlock Your ‘High Performance Habits’

As you can see, these aren’t your basic healthy habits like “drink water” and “get eight hours of sleep”! Burchard calls the first three “personal habits” and the last three “social habits,” and in the book he uses real-life examples to explain each habit. He also offers daily exercises that will help you form them.

Did “Atomic Habits” by James Clear change your life in 2018? Was “Tiny Habits” by BJ Fogg one of your top books of 2019? If you’ve read those two bestsellers, you’re a step ahead of most entrepreneurs. But you might still be sleeping on one of the original books on the power of habits, which is packed with gems you can’t find anywhere else: Brendon Burchard’s 2017 read "High Performance Habits: How Extraordinary People Become That Way.” Brendon Burchard is a legend in the world of personal development coaching. Oprah.com called him “one of the most successful online trainers in history,” and more than 2 million people have taken his online courses. But with the help of your local library, you can start learning his secrets to success without paying a cent. In “High Performance Habits,” Burchard recommends six specific habits that will help you reach your personal and business goals. He calls this the HP6 model.

It takes multiple keys to unlock each habit. For example, to demonstrate courage, Burchard says you must “share your truth and your ambitions” by telling someone about your goals every day. But that alone isn’t enough. To truly form the habit, you also need to reframe struggle and zero in on someone worth fighting for — whether that’s your team, your clients, or your children. “High Performance Habits” is a business book, but it’s also a personal development book. It will force you to dive deep into your strengths, weaknesses, and motivations to unlock your real high-performance potential. You can use it to fit more tasks into a day, increase your confidence, or become a better leader — whatever your business needs! Pick up a copy today to see why Andrew Burns of Medium calls this “the epitome of a book that needs more than one read.” Falsely Accused and Condemned The Salem Tomato Trials

1. Seek clarity. 2. Generate energy. 3. Raise necessity. 4. Increase productivity. 5. Develop influence. 6. Demonstrate courage.

HAVE A Laugh

Surely, you've heard about the Salem witch trials in Massachusetts, but did you hear how the people of Salem, New Jersey, put tomatoes on trial in the 1800s?

At that time, researchers discovered the stems and leaves of tomatoes contained toxins, and a small amount exists in a much lower concentration in the fruit. In 1820, wary of the poisonous red fruit, tomatoes were put on trial in the town courthouse, made to answer for their toxicity. However, Colonel Robert Gibbon Johnson, a farmer and historian, refused to believe the tomato was harmful and ate them on a regular basis. He even hosted tomato competitions, granting a prize to the person who could grow the largest tomatoes. People thought he was simply mad. To prove his point and redeem his reputation, Johnson frantically ate a basket of tomatoes at the Salem tomato trials. Then, he stood before everyone, as healthy and hoping to coax the crowd into dropping the “charges” against the fruit. When he remained healthy months later, tomatoes were no longer regarded as evil and poisonous.

5 SchollCompany.com

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

18275 Meadow Song Way Corral de Tierra, CA 93908 831-758-5966 schollcompany.com

Inside This Edition

1.

The Incredible Value You May Be Missing From Your Employees

2. 3. 5.

Where Does Your Business Stand?

Stephen Ford, A Stroke Above the Rest

Read This Book to Boost Your Performance The Salem Tomato Trials

6.

Meet TikTok’s Favorite Money Expert

Meet the ‘Financial Feminist’

Tori Dunlap Helps Women Save

Targeting such a specific demographic is a smart strategy because she can tailor her message and marketing dollars just for them. 2. She’s social media savvy. Dunlap jumped on TikTok early, and she plays the algorithm game on both TikTok and Instagram well. By using reels, trending soundtracks, and humor, she makes her social media presence “engaging, entertaining, and actionable,” as she put it to Forbes. 3. She’s not afraid to get personal. On her podcast “Financial Feminist,” Dunlap shares details about her childhood and opens up about her own struggles with money and sexism. This transparency helps

A woman stands in front of a camera. She says, “I will have over $30 million by the time I retire, and I’m only 27. Let’s talk.” Would you watch the rest of that video? If so, you might want to join the many people who already follow Tori Dunlap (@herfirsk100k) on Instagram and TikTok. By age 25, Dunlap had saved $100,000 thanks to financial advice from her parents — and she turned that process into a business. She launched Her First 100K, a financial coaching service for women, and became a viral success on social media. The Guardian newspaper calls her “the TikTok feminist saving people from debt” and Forbes puts her at the center of the “FinTok” (Financial TikTok) movement. She’s been featured on the “Today Show,” Business Insider, TIME, and BuzzFeed since launching her business in 2019. So, what is she doing right? 1. She knows her demographic. Dunlap talks directly to people just like her: millennial and Gen Z women fighting an uphill battle against the patriarchy and suggestions that deprivation is the only way to save. “I’m never going to shame people for their oat milk lattes or blame their brunch habits for not being able to buy a home,” Dunlap told Forbes.

convince her fans that she’s the real deal, and because she feels like a friend, they stick around and use her services long term.

To learn more about what makes Dunlap tick, visit HerFirst100k.com.

6

831-758-5966