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BABY BOOMERS:THE NEW FACE OF OMAHA UNEMPLOYMENT

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CLEAN FREAKSPRIMUS STERILIZER AND THE

FIGHT AGAINST EBOLA

FOX BUSINESS NETWORKS

LIZ CLAMAN HOW SHE FINALLY GOT

WARREN BUFFETT TO SAY YES

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managing editor

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JOHN GAWLEY

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& interactive media

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contributing writers

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DEPARTMENTS SPECIAL SECTIONS

COLUMNS

FEATURES

TABLE OF CONTENTS

COVER FEATURE

11 FROM THE EDITOR The Baby Busters

31 OMAHA CVB Prepare to Meet Our Makers

32 THE BRAND BRIEF Many Happy Returns

33 ETHICS How Caffeine Makes You Ethical

80 OFFICE FURNITURE Workplace Mobility

81 B4B Filling the Ranks

82 THE KNOW-IT-ALL Oil Play

12 ON THE RISE Bill Hipsher and the Amazing Ascent of B2 Interactive

14 BRAND REBRAND The 24-Hour Rebrand

16 BIZ+CHARITY History in the Digital Age

18 OMAHA! Primus Sterilizer is on the front line in the Ebola battle.

20 HOW I ROLL From Russia With Tough Love

34 BUY OMAHA PROFILES Best Buy Signs

35 THE FIRM DEAL REVIEW Middle Market Edition

51 BEST OF B2B WINNERS The best businesses in Omaha.

28

22 24 26WALK LIKE A BUDDHAThe ancient practice of Mindfulness moves into the office. ON THE MOVEThe Bookworm Thrives As Many Bookstores Fail.SAYING YES TO OMAHAHow Foxs Liz Claman Got Warren Buffett to say, Yes.

OLDER EDUCATED,AND STILL LOOKING

BABY BOOMERS ARE THE NEW FACE OF OMAHA UNEMPLOYMENT.

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BABYBUSTERS

THE BEST OF THE BOOMERS ARE OFTEN GETTING THE WORST TREATMENT FROM EMPLOYERS.

My brother-in-law is a top-shelf hydrologic engineer with more than 30 years of management experience with a major engineering firm. Two years ago, on the back end of the recession, he was laid off. Now, after two years of rejection in his job search, he has decided he just as well retire early. Nobody, it seems, wants him.

Astonishing to those of us who know him and his career: Demeaning and depressing to him. But, typical, apparently, in the post-recession marketplace. Exceptional men and women (mostly Baby Boomers) who were forced from the job market have had the hardest time of any demographic in getting accepted back into the workforce in jobs comparable to those they left.

As youll discover in our cover story, Nebraska has not been immune to this phenomenon,

one that is not only financially devastating, but emotionally as well. As youll learn, too, even the highest echelon of Omahas business community has not been immune.

As this magazine continues to grow, we believe its important to not only showcase a broad palette of successful and innovative Omaha companies and people, but also to explore issues impacting businesses and their employees. Omaha is an increasingly sophisticated city. We hope you agree that this magazine continues to grow into a worthy reflection of our community.

B2B

Robert Nelson is managing editor of B2B, a publication of Omaha Magazine, LTD. Nelson can reached at [email protected].

FROM THE EDITOR BY ROBERT NELSON


ON THE RISE | BY JUDY HORAN | PHOTOGRAPHY BY BILL SITZMANNBaltimore Ravens quarterback Joe Flacco has 317,000-plus likes on his Facebook page compared to the 500 likes on the I hate Joe Flacco page. Perhaps Flacco lovers really do outnumber the haters 634 to one in a town known for its passion for (and sometimes virulent opinions on) football. Or maybe, Flacco has a really savvy company managing his social media.

Amazingly, Flaccos social media, along with that of numerous other companies and individuals, is run by a company that only two years ago consisted of two guys. Now that company, B2 Interactive, already has 80 employees in Omaha and Lincoln, making it one of the states fastest-growing companies.

Those two dreamers at the heart of B2 Interactive are Bill Hipsher and Brandon Taylor. In 2012, they saw a major dearth in the number of companies providing top-shelf website design, development, and marketing. And to them, that meant a major opportunity.

Im not saying that print, radio, and TV arent important, but companies know they need to be digital as well, he says.

U.S. spending on digital advertising is projected to almost double by 2018 ($82.96 billion) over 2013 ($43.11 billion), according to eMarketer.com. Demand is there because technology is changing, Hipsher says. Every day, something is coming out, whether a device or website or people shifting how they watch TV.

Hipsher and Taylor have expanded twice since launching B2 Interactive. The company now occupies 10,000 square feet at their Millard location. In July of 2014, they acquired Hurrdat Social Media, a digital marketing agency in Lincoln. The co-founders ended 2014 with 60 employees in Omaha and 20 in Lincoln.

They (Hurrdat) have a strong team and a great group of clientsa natural fit for us. It was an opportunity to expand our footprint into Lincoln where we already had some clients, Hipsher says.

B2 Interactive combines web development, content marketing, social media marketing, search engine optimization,

BILL HIPSHER FROM TWO DREAMERS TO 80 EMPLOYEES IN TWO YEARS.

12


local listing management, and more to offer a robust web presence for businesses. B2 now works with a diverse group of local, regional, and national clients.

Marketing is a big piece of what the company offers, helping clients get the message across on their blog and websites to communicate with potential customers, Hipsher says.

Social Media marketing (Facebook, Instagram, Twitter, Google Plus, and LinkedIn) is used to promote sales and build a strong brand. Using Search Engine Optimization (SEO), B2 Interactive also helps websites get more easily found in search engines.

Besides managing Flaccos social media, which reaches six times more people than it did a year ago, the company has recently invigorated the social media presence of numerous other companies and individuals. A few examples of recent successes:

Online sales for a national holiday retailer have doubled in nine months with SEO and content marketing services from B2.

Husker magazine HailVarsity.com saw traffic to its new website increase six times in a year while also seeing a significant growth in sales.

A small local lawn care and snow removal company asked for a new website, SEO, and local listing optimization. The company now occupies an average of 2.6 organic listings on the first page of Google.

The company success, Hipsher says, largely comes from the persistence and focus of the B2 Interactive crew. This [growth] has happened largely because weve been steadfast in what we do, what we say we do, and why we exist.

And along the way, with a growing number of professional athletes as clients, his crew is picking up an ever-growing list of sports allegiances.

We are now all Ravens fans, Hipsher says. Hes not the only NFL player we work with, though, so we have to spread the love.

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BRAND REBRAND | BY ELIZABETH MACK | PHOTOGRAPHY BY BILL SITZMANN

When Greg Daake returned from a conference in Minneapolis where he heard a panel present their experience with a 24-hour total rebrand, he knew he wanted to try it. Daake, founder and creative director of the Omaha rebranding company of the same name, wondered how would his 10-person team respond? A complete rebrand usually takes anywhere from three to eight months. Was it even possible? Would anyone else want to attempt it? Was he crazy?

Everyone was all in, Daake says, grinning.

Once the seed was planted, things started falling into place. This was going to be a total volunteer effort, so Daake wanted to choose a nonprofit that was in need of a rebrand, but maybe couldnt afford the price tag. Through a series of fortuitous circumstances, Omahas Montessori Co-op School fell in their lap.

Once the school was on board, they had to do a little homework of their own ahead of time so the creative team could hone in on Montessoris vision and understand their mission. We had submitted some questions to orient us to who they are and what they were, Daake explains. We also had them fill out a 2-3 hour questionnaire that kicks out a profile. So when we began the real work, we knew who they were and the lens they see the world through, Daake says.

After that initial fact-finding, they were on the clock. On rebrand day, representatives from the school were brought in at 8 a.m. and Daakes team presented their findings. After

PASSIONPROJECT

THE 24-HOUR REBRAND

14


that first face-to-face, the team worked all morning on creating a tagline and identity. After another short meeting at noon, Daakes team brainstormed all afternoon and brought the schools representatives back at 5 p.m.

At our 5 oclock presentation, we said, Heres what were thinking for a tagline, and identity, the brochure and the webpage. So at 6 p.m. that night, we were off and running. They closed their doors. They locked themselves in. They worked all night long and didnt sleep. It was intense, Daake says.

After a full day of conceptualizing, the night was spent on the execution. Another piece of homework that sped the process along was shooting photography and film at the school for a video. Daakes team built the entire website overnight. Our web designer was buried in empty Red Bull cans, Daake laughs. We were all exhausted.

At 8 a.m. the next morning, representatives from Montessori Co-op returned for the unveiling. They were crying. We were crying. It was so fulfilling and amazing, Daake says, emotion welling in his voice. We were fueled by the clock, but also by their appreciation. They were so moved by it. I get misty thinking about how fun and cool it was just to see their reaction. Wow, Daake says, shaking his head.

Daake says that beyond what they did for their clients, it was great for his team.

To see everyone pitching in, everyone sacrificing. There is something about 4 a.m. when youre riding the caffeine wave, when inhibitions are gone and you really get to know someone. It really grew the team.

When asked if he would do it again, he answers with an emphatic, Yes! It was one of the best things Ive ever done in my life.

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Universals Vice President Todd Murphy and Kara Neuverth, Boys Towns Director of Media Relations


Lee Simmons has a goal to see all of the film in the archives of Omahas Henry Doorly Zoo and Aquarium digitized and preserved. Weve got about 100,000 feet of 16mm film of virtually every animal that came into the zoo and virtually every procedure we did in the zoos first seven years, he says. We can never duplicate these.

His first digitizing effort last year started with film from 1971 when Simmons, then director of the world-renowned zoo, helped examine and treat 384 animals at a zoo in New Orleans. He filmed the procedures on 16mm film. Forty-four years later, he has no way to view his work.

16 mm film projectors have become antiques. Everyone is going digital, says Simmons, now chairman of the Omaha Zoo Foundation.

He asked Universal Digital Preservation to digitize the video. He then shared thumb drives of the converted film with several veterinary schools.

We were using fairly unique immobilizing drugs back then that are no longer available, Simmons says. Ive shown it in the past to veterinary interns and staff here at the zoo.

Being able to convert assets into a usable format can represent a great source of value to institutions, says Todd Murphy, Universals vice president. However, each day that passes places these documents at risk of being lost forever. Digital preservation is a process that ensures this history can remain relevant well into the future.

HISTORYIN THEDIGITALAGE

CENTURY-OLD UNIVERSAL EXPANDS TO PRESERVE THE VALUABLE PAST.

BIZ+CHARITY | BY JUDY HORAN | PHOTOGRAPHY BY SCOTT DRICKEY

16


A rising need for digitization persuaded Murphy last year to expand into a high-security, climate-controlled space in the historic Universal Information Services building downtown. Customers are mostly corporations, organizations, libraries, and museums.

At Omaha Central High School, alumni were concerned about the loss and deterioration of items in their archives. After more than 150 years, the school has considerable history stored away. They also wanted to share historical images on the schools website.

Alumni Jim Wigton, 1966, and Barry Combs, 1950, volunteered to see that the priceless items were digitized. The Register student newspaper is now online starting in 1886. So are yearbooks from 1904 and on. Basketball game films from the 1950s and 1960s are now digitized.

As time and funds permit, we hope to scan much of the Alumni Associations archive collection, says Wigton.

Restoration Exchange Omaha also wants to make its sizable archives available to the public. The nonprofit is the result of the merging in 2013 of Landmarks Inc., Restore Omaha, and Omaha Urban Neighborhoods.

When we merged, we inherited from Landmarks Inc. these amazing archives accumulated over 50 years, says Restoration Exchange Omaha executive director Kristine Gerber.

We eventually will put all these archives on our website. It will be a great resource for the community. There now isnt one place to go if researching the architectural history of Omaha.

Fading photos, 16 mm films, VHS tapes and audiocassettes languishing in basements can be archived, used for presentations, and shared online when digitized.

Mitch Treu oversees the expanded service for Universal. Documentation from the past has an invaluable place in the future and making that history relevant again is possible.

B2B

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omAHA! | BY ANTHONY FLOTT | PHOTOGRAPHY BY BILL SITZMANN

Ten years ago, Ebola was known, but not feared. Just 17 people were infected with the virus in 2004, all in the Sudan. Seven of them died.

That same year, PRIMUS Sterilizer Company in Omaha completed a project that, in 2014, helped the University of Nebraska Medical Center (now called Nebraska Medicine) successfully treat two patients with the virus, putting the center at the forefront of the Ebola battle in the United States.

The fight took place in Nebraska Medicines Nebraska Biocontainment Patient Care Unit, designed to provide the first line of treatment for people affected by bio-terrorism or extremely infectious, naturally occurring diseases. Its the largest facility of its kind in the U.S.

PRIMUS, founded in Omaha in 1990, provided the facility with its sterilization

unit. President Michael Douglas is proud of the role his company played in the fight against Ebola here, though hes cautious about overstating the effort.

We did help, but we dont want to overplay our help in the grand scheme, Douglas says. We were fortunate enough to have our sterilizer there. We are proud of being in Omaha and proud of the success they had at the hospital. Theyre just outstanding people and considered the best in the world right now.

Still, Douglas concedes, the PRIMUS equipment used was a piece of the puzzle in the secure, air-locked facility.

For the facility, PRIMUS built a double-door sterilizer that is 20 inches wide, 20 inches high, and 38 inches long. Material used during the treatment of Ebola-infected

FIGHTINGEBOLA

PRIMUS STERILIZER IS ON THE FRONT LINES IN THE BATTLE AGAINST KILLER DISEASES.

18


patients was put into one end of the chamber, sterilized by a process involving heat, pressure, and steam, then pulled out the other door completely sterile. Those materialsprotective clothing, instruments, tools, food trays, etc.then were incinerated.

If anything could have been improved, it might be that the sterilization chamber was bigger.

They didnt anticipate the amount of materials that had to be sterilized, Douglas says. It was a surprise even to them. There were 30 to 40 people being used in the treatment of one Ebola patient. That can generate a lot of protective clothing waste and other general hospital waste.

I think its an evolutionary thing. Everybody is learning about ithow to treat it, what generates survival rates. Theres all sorts of learning, including disposal of all these

materials and how to generate less waste.

That PRIMUS was up to the task at providing cutting-edge equipment for such a dangerous health risk is no surprise. Since being formed 25 years ago, originally as Phoenix Medical Services, it has grown to become the industrys leading U.S. manufacturer with more than 1,000 clients in 48 states and 23 foreign countries. That includes Stanford University, Seoul National University in Korea, Schering-Plough and, most recently, the U.S. Food & Drug Administration.

PRIMUS has 54 employees, one third in Omaha and the rest in Great Bend, Kansas, where its equipment is custom-manufactured in a certified pressure-vessel factory. PRIMUS serves four vertical markets: healthcare (hospitals, dental offices, surgery centers, etc.); laboratory research (food companies

such as Cargill and Tyson Foods); bio-pharmaceuticals (Novartis, Merck); and vivaria (animal research facilities).

Douglas takes pride in the many ways PRIMUS equipment is being used. That includes for humanitarian efforts around the world in places such as Kenya, New Guinea, and elsewhere. A foundation started by Billy Graham is among the clients.

Its quite interesting to sell into these countries and see what these sterilizers are used for, Douglas says. We like to think theyre saving lives throughout the world.

B2B

HOW I ROLL | BY ROBERT NELSON | PHOTOGRAPHY BY BILL SITZMANN

There are three million of these things puttering around China right now, but here racing around a cornfield outside Gretna, this Ural sidecar motorcycle looks pretty unique.

Actually, it looks like something out of a PBS documentary on the German invasion of Poland. (In fact, the Ural is a not-terribly-modernized version of the World War II BMW motorcycles used in support of blitzing Nazis).

The ride in the sidecar, especially bouncing through corn stubble, is profoundly unrefined. The lumbar begins to numb. You feel helpless and vulnerable. It is by no means the most comfortable form of exhilaration in this world, but it is exhilaration nonetheless.

Here you are at the mercy of the driving skills of George Perlebach, the owner of this strange (at least to North Americans) contraption. Perlebach bought this limited edition 2012 Ural because thats kinda what Perlebach does. In one of the outbuildings of his farm sits, among other things, several motorcycles (hes been riding since he was 15), a powered parachute, a vintage Porsche 914, and, oddest of all, a massive U.S. Army transport truck that he bought because he, like too many men, should not being shopping online after midnight.

Perlebach, a family-practice doctor and business owner, is not nave regarding the Ural drawbacks. Although the company has been adding some more modern

FROMRUSSIAWITHTOUGHLOVE

THE URAL SIDECAR MOTORCYCLE IS A ROUGH, BUT THRILLING RIDE.

HOW I ROLL | BY ROBERT NELSON | PHOTOGRAPHY BY BILL SITZMANN

George Perlebach


20

technologies in recent years (for one, they now have a fuel-injection engine), the engineering and build quality is still, well, vintage, he admits. It is loud. The engine is underpowered by modern standards. With the sidecar, the motorcycle veers when breaking and accelerating. Turning corners is a challenge. Its not about performance or great build quality or anything refined, he says. Its an experience unto its own.

Now to the upsides: Perlebach can fit up to four people on the Ural if he can find three others who would dare. He gets to give someone the once-in-a-lifetime sidecar ride experience, which, he says, ironically seems

to be scariest to people who ride motorcycles (perhaps, he says, because those who ride are used to being in control of the vehicle).

When hes out ridingwhich sometimes includes trips to his business in Lincolnhe always is striking up conversations with people along the way. Its a novelty for everyone. I like talking to people. And on this thing, youre going to be getting into conversations.

If youre a motorcycle rider reaching a certain age, you might appreciate one of Perlebachs other reason for liking the Ural: Those larger motorcycles that were so cool in youth can be unwieldy in later years, especially if your

back is bad. Perlebach spent much of January recuperating from back surgery. Having three wheels means the bike wont fall over on you.

Youve probably noticed the rise of the three-wheeled touring motorcycles. Sure, theyre starting to become a little cooler, but, as Perlebach points out, a lot of folks probably still wouldnt want to take it to Sturgis.

The Ural still has a bit of an edge to itits unusual, its a bit funky, he says. For people who want three wheels, it gives them an option.

B2B



FEATURE | BY ELIZABETH MACK | PHOTOGRAPHY BY BILL SITZMANN

On any given Monday evening or Saturday morning in the heart of Dundee, you might find a small group of people, hands folded, heads slightly downward, walking barefoot in slow and deliberate circles on a small patch of grass, seemingly undisturbed by the city noise surrounding them. Leading these

barefoot walkers is silver-haired Dan Weidner, mental health practitioner, professional counselor, and mindfulness meditation guru.

The barefoot walkers are learning the walking meditation in Weidners Basic Mindfulness workshop.

Weidner, who has studied and practiced mindfulness for over 30 years, has been leading basic mindfulness meditation classes at The Center, formerly The Center for Mindful Living, for five years. Weidner believes that people are tired of feeling stressed out and anxious. Were on this roller coaster, rushing to get things done, and it wears people down, Weidner explains. I think people are seeking meaning to their lives, and thats what mindfulness is all about.

Mindfulness, the ancient Buddhist practice referring to a state of active attention on the present, dates back over 2,500 years. Now, the practice has been rapidly gaining mainstream

WALK LIKE A BUDDHATHE ANCIENT PRACTICE OF MINDFULNESS MOVES INTO THE OFFICE.

22

Dan Weidner


attention. Mindfulness programs have been incorporated into schools, the military, and professional sports teams, such as Super Bowl champs Seattle Seahawks. Major corporations like General Mills, Intel, and Target now have mindfulness programs for their employees.

Most people that come to the workshops are looking for a way to manage and deal with emotions, to change their relationship to suffering, both physical and mental. Meditation and a practice of mindfulness can do that, Weidner says.

Research seems to back this up. Study after study has shown that mindfulness meditation is

more effective for anxiety and depression than drugs. Recent research has shown it can even change the chemistry of the brain. Weve had anecdotal evidence for over 2,500 years; now we have empirical evidence that it works, Weidner says. Even Time magazine devoted a recent cover story to The Mindfulness Revolution. It seems to be a revolution thats here to stay.

Though mindfulness meditation sounds simple, its not always easy, and its not a quick fix. Changes are subtle and gradual, Weidner explains. Hopefully, even just creating an awareness and learning how to observe your own life, learning the value of respecting your own opinion as opposed to always seeking

the opinion of others, is a huge benefit.

The one thing Weidner says most people take away from the class is what he refers to as equanimitya balance of emotions. Its not that you dont have good days and bad days, but the bad days dont seem so bad; there is more of a balance and a calmer approach to life.

There is what happens to you, and there is what you do with what happens to you, Weidner says. What your mind does with what happens to you is often actually worse than what happens. Mindfulness can teach us to let be and let go.

B2B


FEATURE | BY ANTHONY FLOTT | PHOTOGRAPHY PROVIDED BY FOX BUSINESS NETWORK

The Omaha billionaire gave Fox Business Network Anchor Liz Claman two of them. But the market maven still got the deal she was afterwhat eventually became the hour-long 2006 CNBC report, Warren Buffett: The Billionaire Next Door.

He rejected the first couple of pitches, Claman says.

Initially, Claman proposed talking about upcoming mid-term elections. He summarily said, I dont know whats going to happen in politics. Claman countered, suggesting they talk about what might happen a bit closer to Buffetts wheelhousethe markets. Again, Claman got a no.

He said, I dont know where the markets going. Now Ive struck out twice.

She got a hit on her third swing, suggesting she come to Omaha and ask Buffett how he values a business. Thats all he cares aboutfinding great, appropriately valued businesses.

I finally got it right. I remember it so crystal clearly. It really was a pivotal moment in my career. Journalists get a lot of nos. The really good ones dont take no for an answer.

Make no mistake, Clamans one of the good ones. She made a national name for herself with CNBC then, in October 2007, jumped to Fox Business Network where today she anchors Countdown to the Closing Bell. Her debut with Fox? An exclusive with Buffett, of course.

Claman has made it to Omaha more than a dozen times, mostly to report on the Berkshire Hathaway Annual Shareholder

SAYINGYES TOOMAHA

USUALLY, WARREN BUFFETTS NO IS A DEAL-BREAKER.

24


Meeting. And shes still getting her one-on-one with Buffett, as well as time with his sidekicks, Berkshire VP Charlie Munger and fellow billionaire buddy Bill Gates.

Claman knew precious little about Buffetts hometown before her first visit. My mother was a huge fan of Willa Cather and had us read all her books, she says. Thats what I knew.

But its become a welcome spring break. I never, never roll my eyes thinking I have to go to Omaha, she says. I love the restaurants. I have my favorite people, favorite places. Omaha has a vibe to it.

Especially the food. She mentions Twisted Fork, M.s Pub, Mahogany Prime Steakhouse, and V. Mertz (As good as any high-end New York restaurant, she says). Last year, she held a meet-and-greet at 801 Chophouse. And at Buffetts request she ran a 5k charity run sponsored by a Berkshire holding company. Then again. And again. The Fox Business crew joins her.

Shell cover her ninth Berkshire annual meeting when it convenes May 2. It never gets old.

Theres nothing like it in corporate America or the business world, says Claman, whos covered the meeting from recession to recovery. I think Warren and Charlie work very hard to keep it fresh every single time, and every year they really stay on the news of whats happening and also pointing forward to where they think its going.

Claman has to continually reinvent her reporting of Buffett, too. Shes interviewed him 31 times, but often with a different twist. Its a must given the copycat nature of news reporting. One year there was an hour-long sit-down with Buffett, Munger and Gates as the markets opened. Then came the Monday sit-downs. Then questions with Buffett on the Thursday preceding the meetingright before a bridge game. Then an interview at the HiltonBerkshire Central, Claman calls itas shareholders were checking in.

CNBC and Bloomberg News have followed suit. But Claman, like Buffett, seems to always stay one step ahead of the competition.

Each time we do something different, she says. I always have something up my sleeve. Its really on us to keep it fresh and different.

B2B

Beth and Phil Black


FEATURE | BY JASON KUIPER | PHOTOGRAPHY BY BILL SITZMANN

This isnt the first time the owners of The Bookworm have done this whole move thing. Beth and Phil Black have owned the independent bookstore for nearly 30 years and last fall they moved into their third location, anchoring the new Loveland Centre at 90th Street and West Center Road.

Its a move the couple felt necessary for the future of the store.

ON THE MOVETHE BOOKWORM THRIVES AS MANY BOOKSTORES FAIL.

26


Since the recession, the climate for brick and mortar booksellers, like many other industries, has been less than kind. Yet The Bookworm, which opened at Regency Court in 1986 and then moved to Countryside Village in 1999, continues to serve a faithful reading public.

Weve got loyal customers, says Beth Black. Omaha supports local. Omaha is incredible in how it gets behind local businesses. And weve got wonderful workers here who really love books. Who want to put the right book into peoples hands.

We are noticing more young families coming in and its a better layouteverything on one level, Black says. The expansion is good. There are a lot more people saying its easier to get here and we are seeing more people from Council Bluffs, Papillion, and Ralston. Its been a good move.

The layout is different, and the wide-open look has led some people to think the store

is a new business. A lot of the coziness of the old Countryside Village location was out of necessity due to cramped spaces. For some customers, the change has taken some getting used to, Black says.

We went through the same things when we moved from Regency, she says. Its just differentits a change. Our customers take ownership in the store. Its their store. The physical store has changed, but nothing else. Well hear moms come in and say, See they still have cookies and, Look. Carl the dog is still here.

Several recent trips to The Bookworm, both during the week and on weekend days, saw a good number of browsers, very similar to typical traffic at the old Countryside Village location. Black says another thing the store has going in its favor is the support of the city. Omaha, she says, doesnt just shop local; its also a very intelligent city.

People read here, she says. Even people with all their electronic devices they still like a book. And whenever there is an event in Omaha people call us to sell books.

Black says The Bookworm will be selling books at the Holland Lecture Series for the upcoming appearance of activist and author Angela Davis on March 4. The Bookworm is involved every year in the Berkshire Hathaway weekend.

Everyone wants to know what Warren and Charlie are reading, she says. They both are big readers and promote reading.

Black says shes sure this is the final move for The Bookworm. She says that the staff looks forward to being a part of Omaha for a long time to come.

B2B


Mike Gawley


Mike Gawley punctuated the day he was let go from his job with a thud.

As he was cleaning out his desk after 30-plus years at a company he had grown and nurtured, Gawley could feel the tension tightening around him. He hadnt eaten very much that day nor did he drink enough water.

And I passed out, he says matter-of-factly, with no dramatic gestures. I passed out that evening during a prayer service. I knew then my health was going to be the most important thing.

COVER FEATURE | BY CAROL CRISSEY NIGRELLI | PHOTOGRAPHY BY BILL SITZMANN

OLDER, EDUCATED,AND STILL LOOKING

BABY BOOMERS ARE THE NEW FACE OF OMAHA UNEMPLOYMENT.

CONTINUED ON 30

29


Keeping his mind and body as free from stress as possible is perhaps the reason Gawley, 58, gathers his thoughts and measures his words carefully about the difficulties in finding a jobas if hes still trying to grasp what happened to him upon hearing the words, Your services are no longer needed. On a June day in 2013 Gawley went from president and CEO of Oakview Construction, a developer of commercial properties, to just another name on the Great Recessions roster of its hardest-hit demographic: skilled workers ages 55-64.

We try hard to avoid recessions because theyre not a shared burden; their cost (in joblessness) tends to fall disproportionately on certain people in an unpredictable way, says Dr. Eric Thompson, an economics professor at the University of Nebraska-Lincoln. As director of the Bureau of Business Research, Dr. Thompson crunches a lot of data, but hes sensitive to the human toll the numbers represent. People hear, Oh, the economy has recovered, but it hasnt recovered for them because their skills havent transferred to a position comparable to the one they lost.

Even by Nebraska standards, the last downturntechnically pegged from December 2007 to June 2009was pretty tough overall. The unemployment rate of 55- to 64-year-olds stood at 2.2 percent statewide in 2006 (pre-recession) but rose to 2.8 percent in 2013. Nationally, the jump was much greater3.1 percent in 2006 to 5.8 percent in 2013. Nebraska did outpace the nation in one area, however.

There was a growth in discouraged workers here, greater than the national average, among those 55 and over, says Dr. Thompson, referring to those who stopped looking for jobs.

Mike Gawley had never looked for a job before. He didnt have to. As a construction engineering major at Iowa State, the tall, lean farm kid from rural western Iowa hooked up with Oakview Construction in Red Oak during the summers and had a job waiting for him upon graduation in 1978. He oversaw a variety of building projects before opening a branch office across the river in Omaha in 1987. Within

five years the new Omaha site bettered its Iowa counterpart in projects and revenue. Gawley became President of Oakview Construction in 1997. They were licensed in 48 states, including Nevada. That ignited the companys downfall.

At the beginning of the recession, about 15 percent of our work was in Las Vegas and the projects, mostly warehouses and offices, were financed by banks, including Lehman Brothers, says Gawley, citing one of the biggest investment bank failures on record. As the banks went under, we couldnt collect the money. So we had to be sold. When Gawleys three-year agreement with the new owners of Oakview was up in 2013, he found himself on the outside looking in.

The construction industry doesnt have much interest in me, says Gawley with resignation. They say Im too old and too senior (in position). I was a CEO and thats where people think I fit. But how many companies are looking for CEOs?

Not too many, and the prospects for a supervisory position arent much better since companies have learned to do more with less. The middle layer of supervisors was eliminated during the recession, so now its just the workers, mostly young, and the top people, according to Debbie Christensen of the Nebraska Department of Labor. Thats a big issue. Theres not that stepping stone [to the top] as much as there used to be.

Christensen, who works at the Omaha Career Center, encourages older workers to say in their cover letter, I understand Im starting over and my pay will be different, but Im willing to do that.

Gawley has worked with a job coach and has posted his new resume online. Every day for a year and a half he has followed pretty much the same routine: wake up early and get to Lakeside Wellness Center by 5:30, exercise, shower, put on dress pants, a starched white shirt and a sports jacket, drive home to Elkhorn, go downstairs to the computer, check the want ads, trade magazines and his job networking schedule, and make phone calls that all too often arent returned.

Why get dressed up? To give me the right mindset of, Ive got to work now, I cant get distracted he says.

A quiet, gentle man by nature who displays an almost pastoral approach to people, Gawley finds solace in his church, St. Patricks, his wife, Colleen, their three married children and five grandchildren. He admits he hasnt found his job niche yet, but hes grateful for his friends in Omahas business community who have proven the most valuable in helping him with leads. Gawley has also accepted a credo straight from a job coachs handbook.

My expectations now are much lower than a year ago, he says, but he remains optimistic his niche is just over the horizon.

B2B

CONTINUED FROM 29

WHY GET DRESSED UP?

-MIKE GAWLEY

To give me the right mindset of, Ive got to work now, I cant get distracted.

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Remember these lyrics from the popular television show Cheers:

Making your way in the world today takes everything youve got, taking a break from all your worries sure would help a lot. Wouldnt you like to get away.

The Omaha Convention and Visitors Bureau took a page out of the old Cheers songbook and created a marketing campaign based on the premise that everyone does like to get away and that a beer just might be an interesting incentive to convince some folks to get away to Omaha.

What helps is that over the last couple of years Omahas craft beer scene has really come of age, offering brews that are distinctly Omaha and worth the trip. Visitors can sample some of the best beers theyll ever taste created by craftsman who have made beer their life and Omaha their home.

The Omaha CVB partnered with eight area craft breweries to offer the Omaha Craft Brew Explorers Journal. Since the goal is to attract out-of-town visitors to Omaha,

anyone living outside the metro area can request the Journal, which includes coupons for a free beer at each of the participating breweries. The brewery will stamp the Journal and after visiting all locations visitors can stop by the Omaha Visitors Center and pick up a souvenir pint glass to commemorate their beer journey. To promote the campaign, the Omaha CVB purchased regional advertisingit was a short but sweet 12-week campaign that ended in October of 2014. However the requests keep coming and so do the visitors. As of the end of December, close to 4,000 people had requested the Journals, and many have emailed, tweeted, and Facebookd to tell us how much they enjoyed their experience.

So just a quick thank you to Sam, Woody, Coach, Cliff ,and (everybody say it with me) Norm! You were right. Cheers!

B2B


1PREPARE TO MEETOUR MAKERS

EXPLORE LOCAL BREWS WITH THE OMAHA CRAFT BREW EXPLORERS JOURNAL

OMAHA CVB BY DANA MARKEL

Dana Markel is Executive Director of the Omaha Convention & Visitors Bureau. Questions or comments? Email the Omaha CVB at [email protected].


2 THE BRAND BRIEF BY JASON FOXMANY HAPPYRETURNS

MARKETING RESULTS NEED NOT BE A MYSTERY.

What is the point of marketing in general and advertising in particular? This is not a rhetorical question. While the jaded among you might say its to employ the lower third of graduating MBA classes, the answer is neither so cynical nor complex. The point of all the PowerPoint decks, research, ill-advised focus groups, handwringing about engagement, and knee-jerk directives to make the logo bigger is to sell stuff. Usually a physical thing or service, and at other times a cause or idea. But we dont spend all this energy and money to just give folks a warm fuzzy during Judge Joe Brown. We do it to get them to act.

Which leads to the second-most often asked question between client and agency: Hows this (the work) going to help my bottom line? Or, if you were in the upper third of your MBA class, whats the ROI? (And in case you havent guessed, the most-asked question is how much is this going to cost me?)

Attaching a return on investment number to advertising does several things, some good and some less so. It sets a measurable goal against which to judge success. It helps the non-marketing types in the C-suite understand why marketing should be done at all. It calms nerves by assigning a tangible data point to what is commonly seen as a black art and budgetary black hole.

But it also assigns a data point to something that may

not be geared to achieving that outcome (Do you want sales or awareness? Activation of affinity? All of the above? With that budget? Seriously?). It places easily understood short-term goals above amorphous long-term brand building. It assumes each project is a separate entity unto itself that is neither influenced by, nor an influencer of, other efforts. And, more than likely, the number was a guesstimate based upon a previous, similar project created when market conditions were probably more favorable. No big whoop.

This is not meant to give ROI the stink-eye. It is meant to give simplistic demands for on-the-nose ROI the stink-eye with a noogie on the side. Possibly a swirly. The day is young.

Certain advertising vehicles are fairly easy to measure. Coupons. Direct-response television. Email blasts. Online display ads. The more redemptions, calls, site visits, or clicks you get, the better youve done. (To be clear, Im not judging the worthiness of these mediums for any particular purpose beyond easy measurement.) Because of their near-instant measurability, a lot of businessesand not just local mom-and-pops, eithergravitate toward them, attempting to drive sales overnight while sacrificing building their brands over time.

(Granted, theyll still build a brand over time. Only it will be a brand known for

constant discounting, spam, and appeals to act now because supplies are limited even though everyone knows they arent.)

When it comes to what most people consider brand advertisingthe type that builds awareness, attempts to put a brand into consumers evoked sets of options, builds a personality, establishes the brand promise, etc.measurement is still possible. It just often takes more time and money than most marketers want to spend. The most common example is a pre/post analysis. What did consumers think before a campaign ran and what did they think after? Did site and/or store visits go up? And, yes, you can even use sales as a measure in many instances; e.g., restaurants often see an uptick when theyre advertising even if they arent pushing a limited-time offer.

Of course, all this ROI measurement assumes two things: that youre willing to invest in both the marketing itself and the measurement of its effectiveness. And while only you can decide how much to spend on your marketing, you cant complain about your lack of ROI if youre

unwilling to actually I. So save up your ducats, find an agency partner who has a clue, strategize, then act. Done well (which is different than perfectly), youll eventually have people in other departments laying claim to the returns you and yours enabled.

B2B

Jason Fox is the Executive Creative Director at Webster, and the chin behind @leeclowsbeard.


ETHICS BY BEVERLY KRACHER, PH.D.

DEPRIVATIONBLINDSPOT

HUMANS NEED SLEEPAND MAYBE A LITTLE JAVATO BE GOOD.

Which of the following is significantly correlated with ethics?A. ChocolateB. VegetablesC. CaffeineD. All of the Above

In a recent survey, most people responded all of the above. I picked chocolate because I think chocolate is associated with everything that is worthwhile in life.

But, bizarre as it may sound, the answer is..... caffeine.

Why?

The Huffington Post reports that professors at the University of Washington, the University of Arizona, and the University of North Carolina have identified what we can call the Deprivation BlindSpot. The more sleep deprived, the more likely we are to be blinded by the desire for quick solutions, the need to fit in, and other psychological tendencies that lead to unethical decisions.

When youre sleep-deprived at work, its much easier to simply go along

with unethical suggestions from your boss because

resistance takes effort and youre already worn down, says David Welsh, an organizational behavior professor at the University of Washington. However, we found that caffeine can give sleep-deprived individuals the extra energy needed to resist

unethical behavior. (Note: You might think

so, but Welshs study was not funded by Starbucks.)

If there is any truth to the claim that caffeine can help us resist unethical behavior, its worth implementing a workplace policy that provides free coffee and other caffeinated beverages to all employees.

And its reasonable that other practices can also protect us from the Deprivation BlindSpot. First, lets make sure we take breaks. No more working straight through the day, getting up only once or twice, and eating lunch at the desk.

Second, managers and supervisors can walk around, talk to employees, watch their body language, and ask questions. This practice can help us identify each others deprivations. It also helps create a culture of care and respect.

Third, schedule decision-making meetings and high-pressure tasks at the beginning of the day, when even the most exhausted employees have their best burst of energy.

Finally, napping is not just for kindergarten. Employers can promote napping. Google and other tech companies are known for it. Progressive companies are building nap pods and separate rooms to invite employees to nap. As long as employees perform, they can take as many naps as they want.

In what ways do you see yourself or your employees being tired at work? Have you witnessed workers making not-so-great-choices because theyre tired? What do you do to help yourself and them overcome the Deprivation BlindSpot?

B2B

Beverly Kracher, Ph.D. is the Executive Director of Business Ethics Alliance, and the Daugherty Chair in Business Ethics & Society at Creighton University.

34 | B2B OMAHA MAGAZINE | SPECIAL ADVERTISING SECTION volume 15 | issue 1

Best Buy Signs, which specializes in advertising, signs, and displays, started 25 years ago and is still growing strong. In our advertising category, Best Buy Signs now has two advertising programs for the City of Omaha. First, the Omaha Bus Bench Program, which consists of 500 bus benches located throughout Omaha. Our second program, which is just getting started, is a campaign with the City of Omaha Parks and Recreation Department that offers advertising at Omahas premier sport complexes and arenas. You can learn more about both programs at omahabusbench.net and omahaparksprogram.com.

Besides our work with the city, Best Buy Signs has helped a multitude of startups and small businesses along with most of the major well-known companies here in the metro.

We try to give our clients the very best products without over-selling, knowing that good business relationships are long-lasting, and if you take care of someone now there will be a potential for projects in the future. Customers keep coming back because we treat them fairly and honestly.

Im most proud of what we have done to improve and build our City of Omahas Bus Bench Advertising Program. We have great clients that use the advertising medium to promote their business or to get the word out about a specific program or event.

On the community side, we always make a point to partner with nonprofits and the city to promote important projects. We work with Donate Life, Breast Cancer Awareness, and the Mayors Hotlinejust to name a few. When we took over, we restructured the entire program. Best Buy Signs purchased and placed 500 benches that complement the metro bus system and creates revenue for the City of Omaha. This year will be one of our proudest of all as we get the new Omaha Parks Program off the ground.

B2B

BEST BUYSIGNSJIM PAULISON

Best Buy Signs 17410 Storage Rd. Omaha, NE 68136 402.861.0384 bestbuysigns.net

Basement to Big Time29-YEAR-OLD BELLEVUE NATIVE SELLS FOR $7,827,000 PG. 8

Cyber InsuranceARE YOUR CLIENTS PROTECTED? PG. 12

Foodies New Owner30 YEARS OF KITCHEN PREP PG. 6

MIDDLE MARKET EDITION

Spri

ng

201

5

A Publication of The Firm Business Brokerage

2Volume 1 Issue 3

Published by The Firm Business Brokerage, LLC

President/Editor Cortney Sells

Director/Assistant Director Cassandra Powers

In-House Legal Counsel Susanne Miller

Executive Broker Lindsay Novak

Referring Broker Rachael Rand

Referring Broker Elizabeth Jones

Business Broker Breann Becerra

Associate Broker Lori Stangl

Development Manager Holley Garcia

Broker Liaison Rene Rademacher

Marketing Division Adam Jaime

Client Services Nycole Wandvik-Tolle

Client Services Julie OBrien

IT Department Adam Trubnikov

Contributing Writers Elizabeth Jones

Lindsay Novak Susanne Miller

Rene Rademacher Alex Shteriev Jason Quinn

Frank Younes

Photography Bill Sitzmann

Design OBI Creative

To Subscribe:

The Firm Business Brokerage, LLC

210 N. 78 St., 2nd floor

Omaha, NE 68114

402.998.5288

[email protected]

Advertising Inquiries:

402.884.2000

[email protected]

The Firm Deal Review Spring 2015

Columns

4 Negotiated: High & Younes Law Firm

Business Planning Know Your Exit

12 Net Worth : Quinn Insurance New Technology New Threat

14 Executive Impact Bringing the Buyer and Seller Together is

Only the Beginning

15 Cash Flow : Beacon M&A What Businesses Sold for in 2014

Departments

5 More is Not Always Better Not enough hours in the day for this

Clocktower Chiropractor

6 Culinary Class to His Own Kitchen Chef Hilger spends 30 years prepping

for a kitchen of his own.

The Bottom Line

Sells Insights

Reset

Version 2.029-Year-Old Tech Guru Hits Reboot

pg.8

An estimated 9 million of Americas 15 million business owners were born in or before 1964. Basic economics would hypothesize that, as a result, an estimated 11 million businesses will be transferred from one generation to the next. Uprooting and a redistribution of this wealth will provide

the upcoming generation the ability to grow through acquisition. In this issue, our hope is that you enjoy learning about re-gional entrepreneurs that hit reset on their careers. Selling your business is not the end of your legacy. It is the breathtaking beginning of your next chapter. The FIRM

Special Section

7 Fresh Off The Firm There are more than 115 opportunities

in the listing portfoliofrom medical

practices to commercial services

companies.

by Cortney Sells president/editor


3Spring 2015 The Firm Deal Review

Frank E. Younes J.D.

4

Negotiated: Business PlanningKnow Your Exit

written by Frank E. Younes, Partner at the firm of High & Younes, LLC.

An exit strategy may be the last item you consider when operating your cur-rent business or buying a new one. How-ever, there is no question that, at some point, it will be a crucial piece of your return on investment.

Many exit plans exist, but only one is the best for you and your family. It is a necessity to determine which exit plan is best from the beginning, especially when involved in a multi-member organization. The different types of exit plans include:

A succession plan Transfer of ownership interest to

an heir during the owners life, or upon death

Transfer of ownership interest to another member

Sale of ownership interest to a third party

Liquidation and dissolution of the business

A properly developed exit plan will provide benefits to any business, including:

Improve the probabilities of success Increase the valuation of the

sale price Prevent complacency Provide a timetable for growth Providing realistic goals for growth Prevent litigation

Many unexpected events may cause need for exit, which if not properly planned could result in disagreements among partners, conflict, litigation, confusion for family, dissolution of the business, forced sale at a lower than desired price, and decreased profitability. Such events include:

Unexpected offers to one or more members

Health or family crisis Age or retirement Market changes Death of the sole member or one

of multiple members Partnership disagreements and

falling outs

An exit plan is extremely important for all businesses. In multi-member organizations customized planning in partnership documents can prevent conflict surrounding the buy-out price, or sale by one partner to a third party. In the event of one partner buying out another partner, voluntarily or involuntarily, conflicts can be avoided by including either a pre-determined purchase price or calculation of a purchase price within the organizations documents. Further, decisions regarding right of first refusal, tag-along and take-along should be made in the organization documents to guard against conflict when a partner receives an offer for purchase of his/her ownership interest. Such determinations provide all members the option of exit or purchase when changes occur in the ownership structure.

I urge any business owner(s), whether sole proprietorship, partnership, LLC, or corporation, to protect themselves and their business by investing in an appropriate exit strategy.

You may contact the law offices of High & Younes, LLC., at 402-933-3345 for a free consultation. The FIRM



Dr. Ryan Goss, current owner of Clocktower Chiropractic and former owner of Wellness Pointe Chiropractic, is a local chiropractor. He purchased Clocktower just out of college; then when his CPA brought another to his attention, he decided to purchase a second practice. While they were both successful, there just wasnt enough of Dr. Goss to give

both practices his full attention. After much deliberation, he decided to sell one of the practices to a budding chiropractor associate, Dr. Ben Tapper, in order to be sure that all of his patients would maintain the highest level of care.

Dr. Goss came to The Firm Business Brokerage with a unique circumstance. He had chosen to sell Wellness Pointe Chiropractic to the deserving chiropractor on staff. Even though he had a buyer in place, there was much to do in order to get to the closing table. The time, energy, and stress of selling his practice to Dr. Tapper would detract from his patients care. This led to his obtaining outside assistance through a business brokerage.

More is Not Always BetterNot enough hours in the day for this Clocktower Chiropractor

written by Elizabeth Jones

From the day he received his valuation to the day he closed on the sale of his business, it was just over one month. During that time, The Firm assisted in the entire transaction, including helping the buyer obtain acceptable financing. The goal in hiring The Firm was ultimately met with the realization of the stresses of selling a business being alleviated. The goal was to alleviate the process of selling a business in order to remain focused on his practice. This goal was ultimately achieved. The FIRM



The Deal ReviewMultiplier: 2.44Bank: United Republic, Erol KinkaidReason for Sale: RetirementLoan Type: SBA Express

6Hilger grew up at the Venice Inn, climbing the ladder from busboy to salad boy, pizza cook, bartender, waiter and, eventually, manager. His admiration for cooking grew so much that he applied for and was accepted into Metros Culinary School, graduating in May 2013. Culinary school was instrumental, Brian says. I learned about food costs, bookkeeping, and safety issues in the kitchen.

Thirty wonderful years after the start of his busboy days, the Venice Inn decided to close its doors. Hilger worked up until the last shift.

After the Venice Inn closed, Hilger spent time traveling, only to return home out of a job and missing the restaurant. Looking for a solution, he picked himself up and returned to his idea of owning a restaurant. A Google search led him to The Firm Business Brokerage, and he eagerly began reading the many restaurant listings.

After meeting with a broker, Hilger had a list of four restaurants specific to his interests. He spent time secret-shopping and reviewing financial information, eventually picking a business and making an offer. After waiting patiently, the seller chose another buyers offer, leaving Hilger discouraged about fulfilling his dream. He admits to talking himself out of the possibility of becoming an owner.

With encouragement from his broker, he returned to his restaurant prospect list and performed additional due diligence on the opportunities. He made an offer on another business, and anxiously waited for the response. This time he received the call that said Foodies accepted your offer!

With financial support from his family, closing day was within sight. A month into the 90-day transition period, he was ready to take over the reins without continued help from the previous owner.

Foodies is a family affair. Hilger works every day at his restaurant. His sister assists with Foodies popular catering and delivery service. There are occasional appearances of his mom, who helps behind the register and his dad, who greets customers. The original Foodies employees have remained, and he values each one of them.

Hilger says, The Caniglia family and Venice Inn taught me everything about the restaurant business and how to run things the old school way. A picture of the Caniglia family proudly hangs on the wall of Foodies while former Venice Inn regulars frequently stop by for lunch and dinner.

Business is good. Food costs used to be over 49% and now they are averaging 30%. Overall, gross sales are up and were making 25% more compared to the previous owners numbers! Hilger hopes to keep increasing sales, maintain great quality food, plus add new specials and maybe open a second location in town. The FIRM

From Culinary Class to His Own Kitchen!Chef Hilger spent 30 years prepping for a kitchen of his own.

written by Lindsay Novak

It was July 1984 and 16-year-old Brian Hilger was sprinting to his first job inter-view. He was running five minutes late, terri-fied that he had already ruined his opportu-nity. To his surprise, he was hired on the spot and became a busboy for the Venice Inn.

Within days, his love for the restaurant industry had begun, and he told everyone he met, I love this! I am going to own a restaurant some day!

Chef Brian Hilger



The Deal ReviewReason for Purchase: Always wanted to own a restaurantFinancing: Family-supported investmentDays on the market: 111Brokers: Rachel Rand, Listing Broker, Lindsay Novak, Buyer Broker

Fresh Off The Firm

Industrial Warehouse & Conveyor InstallationOWNERS PROFIT $304,562 PRICE $1,085,000

In operation since 1987, this Midwest-based company installs industrial rack, workspace, and conveyor systems into existing warehouse space. Serving clients locally and throughout the U.S., strong cash flow and profit margins make this business a great choice. Seller will provide transition assistance.

Well Known Wine BarOWNERS PROFIT $108,840 PRICE $325,000

If you have a passion for wine, you will have fun owning this successful wine bar. This popular wine and food location has been consistently trending upwards since it opened.

Franchised Restoration with Carpet CleaningOWNERS PROFIT $100,889 PRICE $445,000

This successful franchise has been around for over 60 years offering a variety of cleaning services and top-notch maintenance for fixtures and furnishings. This business comes with all the necessary staff and equipment to ensure these lucrative services can still be offered by a new owner.

Retiring Dentist in Prime LocationOWNERS PROFIT $234,625 PRICE $928,000

This well-established dental practice has a 94% collection rate and boasts a 37% profit margin. With 2,200 active patients, it would be a great investment for any savvy buyer. It is located in a high traffic area in West Omaha where they bring in 30 new patients a month.

CurvesOWNERS PROFIT $27,012 PRICE $40,500

This centrally located womens gym has doubled membership and profits in less than two years; with a nationally recognized spokesperson it will have continuous steady growth for a new Owner!

Temporary Staffing Agency OWNERS PROFIT $328,412 PRICE $808,000

Established in 1999, this business is a large provider of both general business and industry-specific personnel services. The business serves clients locally and nationally, spanning several industries. Repeat clients help the consistent profit margins, but there is still room for growth!

Specialty Medical PracticeOWNERS PROFIT $905,060 PRICE $1,540,000

Specializing in the treatment of acute and chronic pain syndromes, this Omaha clinic takes an interdisciplinary approach to pain treatment. Even with a solid base of 1,800 active clients, this business still has room to grow.

Simple Ad Sales Business OWNERS PROFIT $22,000 PRICE $45,000

This indoor billboard company has been around since 1999 and can be yours for a very low price. You can make a nice salary only working 20 hours bi-weekly visiting or calling your clients.

With the exception of Curves, no actual businesses names are used on this page.



8Ellie Diehm and Tony Valenti


The Deal ReviewSale Price: $7,827,000From List to Close: Less than 4 monthsDays on the Market: 20 days from listing to close.2013 Gross Sales: $4,788,020.Profit Margin: 58%Reason for Sale: Divorce Broker: Cortney Sells

YOU NEED TO START THE SELLING PROCESS KNOWING NOT ONLY WHAT YOU ARE ASKING FOR BUT ALSO WHAT YOU WANT. KEEP YOUR FOCUS ON THE GOAL THROUGHOUT THE WHOLE PROCESS.

-Ellie Diehm, CFO at Managed.Com.

Self-Made Tech GuruOmahas Very Own Zuckerberg

written by Susanne Miller photography by Bill Sitzmann

Tony Valenti remembers his father say-ing If you think you can do better, then you should quit and do better. Valenti was in high school, working at a small software business that built websites. He took the advice to heart, put in his notice and started working as a programmer for hire. While working on one of his coding projects, he met someone who was in the niche that he eventually moved into: putting websites onto the internet. Their conversations made him think about the direction he would take.

When he started the business in 2004, he started small: just Valenti, his telephone, a computer, all in his basement. Did he think that he would be running a successful business specializing in DNN platforms 10 years later? Not at all Valenti stated with

a serious look on his face. When it started it was something that interested him; he was a student and didnt need huge profits every year. It was almost a surprise that it did so well. He thought it would be fun running his own business, but over time it just got bigger and bigger.

With growth came the need to bring on employees. In 2007 Valenti hired a receptionist to field the calls that came in. He hired more people to help out with the workload. It was a casual work environment, with all the employees actually working out of his home! In 2008, it was time to move to an office space. All the stereotypes that you would imagine of a tech start-up from out of a moviethat really happened. It was a good place to be.

One of the lessons that he learned as he grew: it is important to have good people. The bottom line is important, but it is easy to place too much focus on how much is being spent. Doing that, you may wind up with a lot of turnover and employees that have to be continuously monitored so the work gets done. Valenti soon realized that he needed quality employees he could trust to do their jobs autonomously so that he didnt have to wear so many hats; and that cost more. You can pay as little as possible and have more work or pay a little bit more so you dont have to watch the employees constantly. It is so worth it.



10

About a year ago Valentis priorities started to change. His personal life was in transition and it drew more of his focus. Being CEO was no longer the most important part of his life. The business was in a good place with solid customers and employees, almost to the place where could start to think about

handing the baton off to someone else.

Valenti and his CFO, Ellie Diehm, reflected on the path that Valenti took to get to the sale. In June 2014 Valenti wasnt looking to sell, but was interested in exploring the idea of buying a new business at The Firm Business Brokerage. After looking at what was available he didnt find a business that was the right fit for him at that time. He did, however, learn about the business sale process and considered the possibility of selling his business. Valenti came back to The Firm for his complimentary business valuation and signed his Listing Agreement on September 15, 2014.

I FEEL LIKE THIS IS A RESET! AFTER THE SALE IT WAS LIKE A HUGE WEIGHT HAD BEEN LIFTED OFF MY SHOULDERS.

-Tony Valenti

Interested parties came forward immediately. The Firm brought 22 qualified buyers within only 45 days. Out of the 22, 19 of them were out-of-state buyers. With four nearly full price offers on the table, Valenti had some thinking to do, and a big decision to make. This was his business, and he had to feel confident that the next person could run it as well or better than he could. The buyer that was ultimately chosen was very upfront about the way he did business and the way he planned to run the business, even going so far as to privately fly Valenti

and Diehm to his offices so they could spend the day with him, look into his corporation and talk to his business partners and employees. This really resonated with Valenti, In the end, I didnt choose the buyer with the most money on the table; I chose the one I had the most confidence in and I felt the most comfortable with.

Aggressive timelines were important to Valenti. Diehm was very succinct with the reason, pointing to the old adage, Time kills all deals. In fact, a cover story was created to allow for due diligence in efforts to keep the sale confidential during the process. The buyers representative posed as a budget consultant so that he could move freely through the office, review documentation and speak to employees. The plan worked and the process moved forward.



With an aggressive timeline of accepting an offer on December 5th to a January 9th closing, there were multiple hurdles to overcome, and there was a lot of work from all parties to get to the finish line.

There is so much involved that it is easy to become overwhelmed. If you want to get it done, both buyer and seller need someone on the inside, like Cortney Sells, quarter-backing all the work to push it forward, explains Valenti.

The closing occurred Jan. 9, 2015, less than four months from when the Listing Agreement was signed. Diehm will stay on with the new owners, working with the existing management team as different structures, policies and procedures are put in place. She was involved for seven years as the business grew to where it is today, and now she has the opportunity to see where it goes in the future. The plan of the new owners is to double sales in year one.

Valenti is looking forward to what comes next. I feel like this is a reset! After the sale it was like a huge weight had been lifted off my shouldersthen every day of transition another layer of weight peels back. Valenti also notes, I am carrying back a percentage of the sale price, so I have a vested interest in the businesss continued success. The promissory note was a great option for me because I receive a nice interest rate on a monthly payment over the next several years; and it helps defer my taxes.

Diehm and Valenti are interested to see what the new owners will do to grow and change the business. Thinking back on the sale experience, Valenti can sum it up for others in two sentences: Make the new owners life easy, they are writing you a big check so respect their risk. And use a business brokerage like The Firm, there is no way this would have been completed without their team. The FIRM


12

Net Worth:Cyber Insurance in 2015

written by Jason Quinn, Quinn Insurance

Cyber insurance is quickly becoming a must-have policy for many corpora-tions, large and small. High-profile security breaches, combined with falling premiums and recent exclusions to the commercial general liability policy, are causing this emerging coverage line to gradually be-come a staple in any solid business risk management and insurance program.

At least 35 carriers are writing stand-alone cyber policies, with many more providing it by endorsement. Coverages vary greatly, and there is no standard cyber form at this time. With many coverage exclusions to consider, having a trusted commercial insurance agent to guide business owners through the terms and conditions of any cyber policy is key.

While financial transactions may be a coveted avenue of attack, what hackers really want is personal confidential information (PCI). This consists of personally identifiable information such as names, addresses, birth dates, and credit card numbers, as well as personal health information like medical records.

A 2014 study by the Ponemon institute focused on 61 U.S. companies over 16 business sectors in the U.S. Of these companies suffering a data breach, the cost per record is just over $200, with the average cost to that organization at $5.9 million.

Jason Quinn



Most small businesses cant afford a loss of this size. A broad cyber insurance policy, coupled with a solid cyber security plan, can significantly reduce the potential for this type of financial meltdown.

HAVING A TRUSTED AGENT TO GUIDE BUSINESS OWNERS THROUGH THE TERMS AND CONDITIONS OF ANY CYBER POLICY IS KEY.

-Jason Quinn

The following are several coverages you should expect from your cyber policy:

Privacy and security liability for settling with clients for their incurred losses, as well as the costs of notifying those clients of the breach

Regulatory fines and penalties coverage

Public relations and crisis management coverage, to mitigate the damages

Loss of data, intellectual property, and direct damage to network coverage, as replacing hardware and recovering files and other data can be costly

Cyber extortion coverage for threats to a site or system

Business interruption coverage, if there is a potential for loss of income

A few years ago, small business owners faced minimum premiums of several thousand dollars. Today, cyber policies start at a minimum premium of $1,250 plus taxes and fees.

No businessnot matter its sizeis immune to the threat of a cyber incident. Procuring the right cyber insurance policy for your company and solidifying your cyber security plan will prove to be a worthwhile investment. The FIRM

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14

When thinking about selling a busi-ness, many sellers dont know where to begin. There are many pieces to the puz-zle, including knowing what your business is worth, finding a buyer, and understanding the lending and legal aspects of the trans-action. Continuing to run a business day-to-day while putting the puzzle together can be both daunting and overwhelming. Engaging a business broker to facilitate the sale process alleviates much of the stress and allows a seller to continue to focus on their business.

The professionals of The Firm Business Brokerage understand that there are three parts to the sale process, referred to as the 80-10-10 split, and ensures that all three of its divisions are working for you and the business you are selling. The first step, creating a Business Valuation, involves individuals from both the Operations and the Brokerage Divisions. This Business Valuation is both complimentary and completely confidential, and will be prepared within three to five business days. A review of the Business Valuation with the seller provides insight into the fair market value of the individual business and the

Executive Impact: Bringing a Buyer and Seller Together is Only the Beginning

written by Rene Rademacher, Broker Liaison

sale process as a whole. Creation of this Business Valuation, although quite detailed, represents about ten percent of the work performed for the seller.

CONTINUING TO RUN A BUSINESS DAY-TO-DAY WHILE PUTTING THE PUZZLE TOGETHER CAN BE BOTH DAUNTING AND OVERWHELMING.

-Rene Rademacher

When a Listing Agreement is signed between the seller and The Firm Business Brokerage, all three divisions, Operations, Brokerage, and Client Development, will develop and implement a strategy for the private placement of the business with qualified buyers. Once a buyer is identified, the preparation, negotiation and acceptance of a Contingent Offer to Purchase is facilitated. Once again, the process is very systematic and detailed, and

represents another 10 percent of the work performed for the seller.

Once a Contingent Offer to Purchase is made, the largest portion of our job, the remaining 80 percent, really begins. There are many tasks to complete, more than most business owners have the time or the expertise to complete on their own. The Operations Division assists with all aspects of the closing process, including referrals and introductions to legal, accounting, and bank professionals. Both the buyer and the seller are supported throughout the time it takes to reach closing, with each step, and the reason for it, fully explained.

The largest, and most involved part of the job of a business broker really begins after a buyer has been found. If a business owner is considering the current or future sale of a business, consulting a business broker is an important step. The process can seem overwhelming at times, but the professionals of The Firm Business Brokerage will assist throughout the process. The FIRM

Signed to offer the closing table80%

Buyer Placement10%

Seller Packaging10%



Alex Shteriev, M.B.A CBI, Managing Director, Partner of Beacon Brokerage

located in the Toronto Area.

Cash Flow: What Businesses Sold for in 2014

written by Alex Shteriev, M.B.A CBI, Managing Director, Partner of Beacon Brokerage located in the Toronto Area.

As an eventful 2014 was closed last quarter, I wanted to take the time to reflect and make sense of what happened in the busiest year for me to date, both in terms of the numbers as well as total value of transactions. While this sounds like a fairytale ending to a great year, 2014 was anything but.

TIMING IS (NOT) OF THE ESSENCELooking at transactions in 2014, compared to previous years, a couple of facts stand out. The average Due Diligence period almost doubled, standing at an astounding 150 days (just shy of five months), compared to an average of just over 90 days for transactions I have completed in the previous five years. In 2014 for a number of transactions this period was extended

due to the financial institutions backing the deal requiring more time, and on a few occasions more thorough information. However, not only were the banks more cautious, buyers did not seem to be in a hurry either, it seemed like everybody preferred this prolonged period of dating the seller. Whether that would make for better marriages, only time will tell.

PRICED TO SELLEver since the beginning of the financial crisis in 2009, the issue preventing higher transaction volume

among small to medium size businesses, has been the unreasonable valuation and price expectations of business owners. It appears that in 2014 we have started seeing more reasonable business valuations, as well as business owners willing to listen to their broker, but more importantly to the voice of the market. This has been reflected in transactions in 2014 selling for an average of 92% of their asking price, compared to businesses selling for 84% of asking during the previous five years. What is more, a number of full asking price LOIs (Letters of Intent) were signed, only to get lowered post-Due Diligence due to materially significant causes. All in all, it appears like 2014 was the year when we finally had a predominant price-to-sell attitude versus sell-at-certain-price thinking by business owners.

OH THOSE MULTIPLESAs every conversation about buying or selling a business inevitably begins, it focuses and ultimately ends with discussion on multiples. Here is what businesses I represented sold for in 2014. Weighted average EBITDA multiple was 3.13 (with a high of 3.9 and low of 2.9), compared to weighted average of 3.43 for the previous five years. Weighted average SDE multiple (Seller Discretionary Earnings) was 2.29 (with a high of 3.0 and low of 1.6). No surprise there as this modest decline in multiples, compared to previous years, is in line with the aforementioned more reasonable valuations and the dominant price-to-sell sentiment in the market. Share deals versus asset deals were split exactly as previous years, with 75% of deals being asset transactions, and 25% share purchases.

THE 2015 (CRYSTAL) BALL GAMEAny predictions for the future can only be reasoned as long as they are based on and try to reasonably extrapolate the past. Based on how 2014 transpired and what is the current sentiment in the investment community, financial institutions, and among business owners, I expect a balanced buyer-seller market with deals in the small to mid-size business segment executed at about 3.25-3.5 x EBITDA range, with better businesses selling at close to 4 x EBITDA. Also, it will be reasonable to expect due diligence periods to drop down closer to their norm of approximately three-month degustation periods, as well as asking to selling price ratios to remain in the 90th percentile. The FIRM

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