Scholl & Company, LLP - April 2022

Scholl & Company, LLP - April 2022

YOUR FINANCIAL SUCCESS

APRIL 2022

SCHOLLCOMPANY.COM

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On paper, I started Scholl & Company at the worst possible time. My first child had just been born, and I had a stable, steady career with a larger firm. But something kept nagging at me. I didn’t believe the way I wanted to serve my clients matched where I was working, and I knew I could do better. So, with a young child at home, I took the biggest leap of faith I have taken to date and started Scholl & Company. TAKE THE RISK Don’t Let the Fear of Failure Stop Your Growth

business today, and he revolutionized the car industry and its accessibility to everyday people. Yet, the first two businesses Ford started failed. It wasn’t until the third company Ford started, the Ford Motor company, that he found success. It’s no surprise then that one of the most famous quotes about failure, and a philosophy I personally believe in, comes from Ford. He stated, “Failure is simply the opportunity to begin again, this time more intelligently.” This fear of failure can be so paralyzing. It can limit our scope or belief that we are capable of so much more than we give ourselves credit for. And yet, I cannot think of one successful person who wouldn’t say they have failed. Taking a risk and losing out does not mean total and complete devastation. You can always learn from this experience, and perhaps more importantly, there’s no guarantee that you will fail, either. Put trust in yourself. That’s the biggest key to business success. There are so many gurus out there who would have you believe that this habit, or that tool, will help you achieve your biggest dreams, and these can certainly help. But taking a calculated risk and learning from that experience, no matter the outcome, can sometimes be the biggest leap you take that positions your company for growth. You already took a risk striking out on your own. With some thoughtful evaluation of risk versus reward, you may be ready to bet on your business and put it all out on the line As always, my team can help you find the financial expertise and support you need to take this risk. Call us today with any questions.

It was the best decision I could have ever made.

On April 5, we celebrated “Go for Broke Day.” It’s a holiday dedicated to “putting it all on the line” and taking a chance. As business leaders, this is something we do all the time, but that doesn’t mean we feel comfortable doing so. Some business leaders may avoid taking risks for fear of losing everything they built. But business isn’t without its challenges and major risks. You will likely fail, and your chance for failure is likely higher because of the risk you are taking. I get it. It’s hard. I remember wondering if I had made the right choice after starting Scholl & Company, and I was scared I had taken too big of a gamble. But I knew this was something I had to do. Remember, you could lose everything, or you could gain a whole lot. The value — and point — is that you do it fully. There are countless stories of success throughout history that didn’t begin as successful ones. Henry Ford is a perfect example. His business model is the plan through which we run

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 .

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“Going green” is an action we should all take in our personal and professional lives, but how much does sustainability actually matter in business? Do consumers even care, and is it affordable? To put it simply: It matters a lot, consumers care quite a bit, and yes it is. According to Barron’s, a survey found that 70% of consumers in the U.S. and Canada want to support businesses that are eco-friendly. Imagine if 70% of your customer base discovered how unsustainable some of your practices were. Could you afford to lose them? Most business owners would agree that would be devastating. The problem is eco-friendly solutions cost a lot of money upfront. One study even found that eco-conscious products can cost as much as 50% more than regular goods and services. The demand for such products isn’t as high as the commonly used, well-known, and less “green” products, and the cost of making products that are revolutionary, new, and require a different system is much higher than an already established, yet less eco-friendly one. The result is a storm of small business owners racking their brains about how to cut costs while also “going green.” At Scholl & Company, we know it’s possible. Our team has been paperless since 2003. (Yes, that long!) That means we have saved one tree from deforestation for nearly every 17 reams of paper we could have used in this office. Better yet, the cost of going paperless has more than paid for itself. We no longer have costs associated with ink and paper. All we need are the tech tools already required for business survival. This Earth Day, make affordable swaps to create a “green” business. Consider Remote Work By supporting platforms that allow for remote work, you create a sustainable work environment in a few ways. For starters, you reduce the amount of excessive waste office spaces create. This can include anything from overuse of paper products to spoiled food in the fridge because everyone refuses to clean it out. Plus, you cut down on high Go Green, Keep Your Cash 3 Ways Being Eco-Friendly Won’t Break the Bank

energy bills and consumption, and your employees limit their pollution footprint by not commuting. Now, this may not be an option for our winemakers, restaurateurs, or service industry businesses, but there are a few ways you can make this possible. If you need to host regular staff meetings, try to convert these to Zoom or do so when it’s most convenient for everyone to be in one place, thereby limiting numerous trips. Re-Use Furniture Consider searching through estate sales, business closing sales, and secondhand stores to stock communal areas like break rooms and meeting spaces. Doing so will limit the demand for cheap, environmentally-damaging furniture. Another option is to purchase eco-friendly furniture. Items, like those made from bamboo, are more sustainable and durable. The cost may be higher, but you won’t have to worry about replacing the furniture after a few years. Bamboo is highly sustainable, and you can search for wood products that have been grown in sustainable forests, too. Go Paperless We’re big advocates of this! Need to give a customer a receipt? Email it to them. Need to store sensitive information? Connect with a trusted IT expert to find a software solution that works for your company. Need to host a meeting? Create a PowerPoint or share your screen, rather than printing a report. Going paperless is easier than ever. There’s no reason why paper should be your go-to method for correspondence any more. Bonus: Incentivize composting! If you have a lunchroom, consider installing a composting area where employees can discard their food scraps. Once the composting process is complete, invite employees to take some home, or donate it to a local community garden! If you need additional guidance about the most affordable ways to sustainably grow your business while staying “green,” or if you are looking to explore various tax incentives for being sustainable, please contact our team at Scholl & Company today.

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A RELATIONSHIP FOR SUCCESS HOWWE HELPED A YOUNG ENTREPRENEUR FIND HIS SUPPORT NETWORK

“I joke all the time that I kind of got tricked into it,” says Paul Bowker, owner of Sail Monterey.

The truth is, Paul combined his passion for sailing with a degree in entrepreneurship to grow the already established Sail Monterey along California’s coast. Paul grew up in Orange County and attended Cal State Monterey Bay, studying business and entrepreneurship. While at CSU Monterey Bay, Paul joined the university’s sailing and yachting club, discovering a passion for cruising through the open seas with nothing but the wind to propel you forward. “There’s really something amazing about harnessing the power of the wind with simple equipment,” Paul says. “You won’t understand it until you do it.” After graduation, Paul was like any other unemployed graduate: broke and trying to find his way. With a passion for sailing, Paul was soon hired by Sail Monterey’s former owner. As time went on, Paul started doing small construction jobs around the company and taking on greater roles. After a while, the owner of Sail Monterey asked his most loyal employee to become a business partner, giving Paul 10% stake in the company. Paul saw the move as an opportunity to become invested in his workplace. Shortly, the pair split ownership of the company 50/50, and two years later, Paul took over the company from the original owner.

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Today, Sail Monterey offers sailing cruises, lessons, and rentals. As Paul explains, the company does pretty much everything other than sailing races, allowing their customers an opportunity to fall in love with the seas, just as he did all 10 years ago at CSUMB. “We’re out here just to have fun,” Paul says, “to teach and give people an opportunity to sail who have never had it, and to educate people about sailing.” As Paul continues to grow the business and his team, he has taken an active role in its growth. Paul can be found at Sail Monterey seven days a week, and there are a litany of chores and projects on his to-do list. However, Paul sees a greater future for Sail Monterey, one where the business can be the “most generous employer to its staff” on Old Fisherman’s Wharf, and he doesn’t have to be at the office every day each week. Part of that growth has been relying on Scholl & Company for support and guidance. As Paul continued to navigate his early days of sole business ownership, one of his biggest fears was not managing the monetary side of the business well enough. "WE’RE OUT HERE JUST TO TEACH AND GIVE PEOPLE AN OPPORTUNITY TO SAIL WHO HAVE NEVER HAD IT, AND TO EDUCATE PEOPLE ABOUT SAILING.”

Partnering with Scholl & Company has alleviated that fear.

“Mikey [Arnsdorf] specifically has given me advice on how to handle things, and also really, we’re going to end up saving a lot of money because of the knowledge that [Scholl & Company] has,” Paul says. “They know every day what the current tax law stuff is, stuff I never know.” Both Paul and Michael, a certified public accountant with Scholl & Company, agree that perhaps the most important part of this relationship is that they have a mutual respect for one another. Paul explains that as he was shopping around for accounting professionals, he could tell many only saw dollar signs when they heard he owned a sailing business. “It’s huge for me that I was referred to Mikey by a friend,” Paul says. “I knew he would care about me personally rather than just be another job for him. I’m so thankful for them. It really has been such a breeze running a business.”

As an added bonus for us, we know where we’re hosting our next employee gathering!

“I’m going to come to you guys for taxes,” Paul says. “You guys are going to come to me for the party on the sailboat!” The Sail Monterey story illustrates the value of referrals. Thank you to our clients and friends who have continually recommended our team to your peers. It’s the greatest compliment you can give us. And to learn more about Sail Monterey, please visit MontereySailing.com.

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Take Your Internal Pep Talks Up a Notch

HAVE A Laugh Mental distance is exactly what it sounds like — stepping back mentally from your worries and problems so you can “Chatter” is an exception to the rule, perhaps because it was written by an actual psychologist! Leaning heavily on scientific research and engaging case studies, Kross offers concrete tips for reducing negative thoughts (what he calls “chatter”) and giving your self-confidence a boost. One of his biggest tips, which drives a big chunk of the book, is the importance of creating “mental distance” during your internal pep talks. You probably know about the benefits of positive self-talk, but have you mastered it? If not — or if you’ve never heard that phrase — "Chatter: The Voice in Our Head, Why It Matters, and How to Harness It" by Ethan Kross may be the most important book you read in 2022. Positive self-talk is something most of us engage in daily. It’s the “you can do this” nudge you give yourself to combat dark thoughts like “I don’t know what I’m doing” and “no one will take me seriously” before a big presentation. But few resources give you precise strategies for how to engage in positive self-talk effectively so you can make those negative impulses go away. With Tips From ‘Chatter’

gain a new perspective. Kross goes over several ways to do this, including trying to “look back” at your current situation from one, five, or 10 years later; comparing this hurdle to tougher ones in your life; and shifting your

internal monologue to third person so you can try talking to yourself as if you were your own friend. With these strategies, we can transform our thoughts, rather than avoid them. Of course, those suggestions just scratch the surface of what’s offered in the book. Kross also goes over how to help your friends, colleagues, and employees eliminate chatter, and how mastering your inner voice will help you thrive under pressure. The magazine Inc. named “Chatter” one of the "4 Business Books That Will Accelerate Your Success In 2022” — don’t miss it.

Not Just a Condiment Ketchup Once Cured All

In 1834, Dr. John Cook Bennett came up with a recipe for tomato ketchup that he advertised as a cure for indigestion, jaundice, diarrhea, and rheumatism. The ketchup was packed into pills, and his research made its way into well-respected American newspapers. The craze over the ketchup pills grew, and many other entrepreneurs began creating their own versions of the “extract of tomato” pills. Some versions didn’t contain any tomatoes at all and, instead, were filled with laxatives. Still, Americans believed these ketchup pills were the key to ultimate health. Scientists then began to look into Bennett’s research claims, but the ketchup pill craze died down by 1850. Modern research shows that tomatoes contain the antioxidant lycopene, which is linked to reducing the risk of cancer and heart disease. They also are abundant sources of potassium, vitamin C, vitamin K, and folate. While Bennett’s research was exponentially exaggerated, we can say it wasn’t completely inaccurate.

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Inside This Edition

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Growth Comes With Risk

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Your Business Can Afford to Go Green!

Sail Monterey Grows With a New Generation ‘Chatter’: Your Guide to Thriving Under Pressure The Ketchup Pill Craze

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The Business Perks of Patreon

Should Your Company Be on Patreon?

3 Things to Know About This Popular Funding Platform

If you have a favorite artist, are dedicated to a YouTube channel, or listen to a lot of podcasts, you’ve probably heard of Patreon. But what exactly is the platform — and how can you leverage it for your business? What Is Patreon? Patreon is an online funding tool that allows businesses and individuals to offer their supporters tiered monthly memberships in exchange for exclusive perks like behind-the- scenes clips, extra content, and one-on-one time with creators. 3 Things to Know 1. Patreon isn’t just for artists anymore. Patreon started as a platform where artists and other creatives could get financial support from their fans, but in the last few years, it has expanded dramatically. Now, all kinds of

project on Patreon rather than asking people to support your whole business. Your Patreon supporters will chip in on a monthly basis, making your creative process easier financially. This is a great way to explore your favorite parts of your business, strengthen relationships with clients, and grow your marketing toolkit. 3. Patreon makes giving back easier. If you run a nonprofit on the side or want to launch a giveback program within your company, Patreon might be the platform you need. It’s more interactive than Kickstarter or other crowdfunding options, and the bonus content you provide will get supporters really invested in your vision. If you go this route, launch your Patreon early so you have the support you need to fund the nonprofit approval process and startup phase. To Patreon, or Not to Patreon Ultimately, only you can decide if Patreon is a good fit for your company and your goals. To learn more about the platform, how it works, and the business it supports, visit Patreon.com. In particular, we

small businesses including newspapers, event venues, and nonprofits are funded in part by Patreon members.

2. You can monetize your side projects and passions. Does your company have a podcast or YouTube channel? If so, you could put that passion

recommend clicking on the article “Is Patreon Right for Your Business?” on the home page. It will show you the ropes!

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