THE BUSINESS OF BURGERS!

Neal A. Deutsch, CFP^®

Published in Rivertown Journal, August 2008

In addition to our main office in Suffern we also have an office in East Tennessee, where we have a home. I spend time there as often as I can: if you are wondering why Tennessee, you have obviously never had the delight to see the Smokies at sunset, been to a Krispy Crème factory, or to revel in the innumerable eateries specializing in Bar-B-Q, one of my favorite gastronomical delights. Mostly, I think it’s the people- kind, honest, full of integrity and life.

On my last visit our next-door neighbor, Miss Jo, took us to a new place (it seems Miss Jo never runs out of “new places” to take us) to a small eatery called Poppy’s Place, run by a gentlemen named Mike. So different from New York, it was painted bright yellows and greens, and filled with local folk who obviously know the best place in town for lunch.  We were greeted by the Mike’s booming voice from behind the counter, resplendent with jokes and non-stop comments which made it hard to eat as we laughed and laughed. While trying to eat and laugh at the same time, I began to think about the different ways entrepreneurs do business in different geographic locales, but sharing the same business hurdles regardless of location.  

Many entrepreneurs who start or purchase a business do so for a number of reasons, both emotional and financial. Social status, the freedom to be your own boss and the potential for a high income are a few of the reason commonly cited. But, along with the joy of “being your own person” comes a litany of issues: marketing and advertising, sales, employee issues, having to personally cover your business cash shortages, business continuation, and time management between the business and family are but a short list of business owner responsibilities. What starts out as the great American dream can quickly turn into your worst nightmare. However, with planning and forethought, keeping a cool head and utilizing your vision and common sense can avoid much of the nightmarish situations.

The most prevalent issue is time management, or usually a great lack of it. Don’t forget that your family is your most important “customer” who needs to see you regularly. The business will be there tomorrow: the little league game or school play is a one-time thing. Just as you make an appointment with your clients, make an appointment with your kids. Really- from whom do you get the most return from? Set your hours and try to stick by them. Everybody has the right to personal time.

Dealing with employees can be a wonderful experience, if the fit is right. Hire the correct person for the position, always without bias or prejudice. If you hire an ill fitted person for a position thinking they will develop into the job, think again: everybody has their areas of expertise- find the right one to fill your job need. Draft a job description before setting out on your mission to find your next team member. Make sure you have a Policies and Procedures Manual, and have your employees sign for it when you give it to them. This will alleviate any issues or discrepancies later on due to a misunderstanding of company policy.

Your company vision and course will be an ever-changing entity. Economic issues, competition and customer need are but a few of the issues that cause a business owner to rethink his or her strategy or course. Be flexible- read the market.  

Business continuation is probably the most overlooked issue surrounding small business. If something were to happen to you, who will run the business, either temporarily or permanently? Taking in a partner, having a family member run things, or a full sale are but a few of the issues involved in business continuation. If you have not considered this very real issue, today is the time to begin the plan.

These are, of course, just a few brief issues that face a small business owner. I suggest you consult your trusted advisors to address yours, and to ask them to assist you in developing a business plan suitable for your needs. You have worked very hard to get to where you are: now protect it for yourself and your family.

And Mike…so far as I can tell, your Poppy-Burger is the best I’ve had yet in East Tennessee- I can’t wait to see you next month!

Neal A. Deutsch is a Certified Financial Planner^™  & Registered Securities Principal, offering securities through First Allied Securities, Inc., member FINRA/SIPC.  Neal is President of Chestnut Investment Group in Suffern, NY, helping people with financial planning since 1984. Please feel free to call Neal at 845.369.0016 or email him with your questions at neald@chestnutinvestment.com. Visit his website at www.chestnutinvestment.com