Courtney Sukitch, an operations analyst whose versatile skillset lends itself to a range of projects in areas of technology, facility maintenance and training programs, has her fingers on the pulse of almost everything happening around Waldron.

“There are two types of people,” Sukitch said. “There are people that want to be totally knowledgeable in one subject, and then there are people who want to be knowledgeable about just about everything. I’m the person that picks number two, and that’s what I do for Waldron. Anything that makes Waldron go, I have a hand in it.”

Sukitch isn’t confined to one type of project, but rather her curiosity and commitment to making all facets of Waldron’s organization run smoothly have established her as a reliable and creative resource for her coworkers.

At least once a week, someone comes up to Sukitch’s desk to share a new idea with her. These are her favorite kinds of discussions. Instead of getting bogged down by the prospect of adding something new to her to-do list, she approaches these conversations eagerly and attentively, telling her coworkers, “Sit down and let’s see if I can make your idea come to life.”

With a new set of projects and challenges in store for her every week, Sukitch is constantly absorbing information in her operations research. She is currently working on a virtual reality project, and she recently spent several days researching methods of camera and microphone installation. Through all these topics, Sukitch engages in surprising and enlightening conversations with experts working both in and outside of her field.

Sukitch possesses a constant curiosity that has enabled her to continue learning new things every day and collaborating with her colleagues in ways that enrich both employee and client experiences, all while honoring Waldron’s values of innovation and services that simplify everyday life.

Let’s learn a little bit more about Courtney.

What would you say is the best advice you’ve received so far in your career?

 “I think it’s the power of saying ‘I don’t know.’ It helps me become more informed, it helps me stay curious, and it helps me become a better employee holistically.”

Can you think of a mentor or someone who has made a big impact on your career, be it at Waldron or somewhere else?

“I can think of one that has influenced me both personally and professionally, and that’s my grandpa. He was one of those people that had such a zest for life. He was a very enthusiastic person and I think that’s where I also get my hunger to learn new things.”

What are some surprising things about you that people might not know?

“It would be surprising to learn that I train for a lot of races. I do Tough Mudders, I train for marathons, and I’m also an avid skier. I’ve been skiing since I was six years old and I’m kind of like an amateur ski instructor. I think I’ve taught about twenty people how to ski, so it’s something I’m very passionate about.”

What’s the next item on your bucket list?

“That one’s easy for me­­­­­ — it’s to go to Italy. I got married during COVID-19, so our honeymoon got canceled six times. But we’re hoping sometime next year we’ll be able to do our honeymoon trip there.”

Disclaimer

Last week, our very own John Waldron joined the Proprietors of Pittsburgh Podcast to talk about staying true to your moral compass, his “light bulb” moment, authoring his first book, and much more. Enjoy the podcast below!

Disclaimer

Waldron Private Wealth, an independent wealth management firm located just outside Pittsburgh, was recently named one of the region’s best small businesses of 2020 by the Pittsburgh Post-Gazette’s Top Workplaces program. Waldron was ranked third out of 58 companies in the Small Business category, which is designated for companies employing between 50 and 149 people.

“Before you can even think about delivering top-tier service, you need top-tier talent,” said John Waldron, CEO and founder of Waldron Private Wealth. “This achievement is a true reflection of the dedicated team we have, and it means more coming during a such a difficult year. They work tirelessly to make Waldron a truly unique and dynamic workplace, whether we’re in the office or working remotely.”

For the 10th year, the Pittsburgh Post-Gazette has partnered with Philadelphia-based Energage to rank Greater Pittsburgh’s Top Workplaces. The process is based on a 24-question survey of employees who rate their workplace culture. Companies are then selected by Energage based on the survey responses, and winners are sorted based on size.

More than 15,000 employees submitted surveys for the 2020 program. For this year’s winners list, 92 Pittsburgh-area employers were ranked based on their employee survey feedback. The survey gathers responses from questions regarding company alignment, coaching, connection, engagement, leadership, performance and the basics (pay, benefits, etc.).

“This was the first year we were eligible to enter the Top Workplaces program, so it’s a true honor to be selected,” said Matthew Helfrich, partner and president of Waldron Private Wealth. “I believe our firm is unique in the way we connect with employees, listen to their concerns, and translate those concerns into actionable changes. As a member of the leadership team, it’s nice to know our employees feel that process is working to their benefit.”

Waldron Private Wealth has always demonstrated a strong commitment to the company’s founding principles and strategic vision. Central to this approach is a key differentiator – maintaining a low client-to-staff ratio, currently better than 5 to 1. This ratio allows Waldron advisors to customize planning and investment solutions for each client’s unique situation.

Today, the firm employs 54 full-time team members and recently moved into a brand-new office building to accommodate future growth. Employees of the firm enjoy fully funded healthcare plans, flexible schedules, including 3+ weeks of PTO and paternal/maternal leave options, as well as an internal mentoring program, opportunities for community outreach and a company gym.

Beyond the cultural success, the firm’s leaders have also stayed true to their CEO’s desire to maintain Waldron Private Wealth’s small business status while also expanding its capabilities.

“Beyond our service offerings, at the end of the day, our business is about understanding people and their personal goals,” continued Waldron. “When I look back at the last 20 years of our business, I believe we truly embody that mindset in everything we do – from the way we serve clients to the way we treat our employees. And it’s what will keep us ahead of the curve for generations to come.”

Disclaimer

Each member of the diversely talented team at Waldron leverages his or her unique skillset and experience to help our clients solve their immediate challenges and achieve their long-term goals.

Our team members are what make our firm so unique, so to help you get to know us a little better, from a professional and personal standpoint, we’re publishing a series of Team Member Spotlights.

This quarter, we turn the Spotlight on Melissa Lamb. Melissa is an innovative leader of the client service group, where she trains and mentors our service team, and manages operational and administrative services for our clients.

Why did you join Waldron? I was looking for a place to call home (my work home). We spend so much time with those we work with, more than our own families, so it was very important that I find a team that truly cared for one another and the clients they work with. The culture here is like none other, Waldron was a perfect fit!

What is the best advice you have ever received? Don’t let things bother you that you can’t control. This advice came from Justin Lamb, my husband. I tend to stress easily, so he reminds me of this to help calm me down.

If you could have dinner with anyone, who would it be? Eleanor Roosevelt. I believe she is one of the most influential women of our country’s history. She was outspoken, outgoing, determined to make changes wherever she saw work needed to be done, advocating for human rights, civil rights, and international rights. Dinner with her would be so inspirational!

Fun fact: I attended Eleanor Roosevelt College, which is one of the 7 colleges that make up University of California San Diego.

What is something people would be surprised to learn about you? I speak Spanish fluently. My mom is from Nicaragua and I am a first generation American. Growing up, I lived with my mom and my grandparents, who didn’t speak English at all. I learned how to speak, read, write and embrace the Latino culture at an early age. I’m also a salsa dancer. I was part of the Mambo Club in college and taught classes.

What is the next item you plan to knock off your bucket list? Taking an official honeymoon! When we got married, our “honeymoon” was driving across the country to move from California to Pennsylvania. We never really had the opportunity to plan or take a honeymoon due to the move. We’ll be married 15 years in 2 years so I’d like to take a kid-free honeymoon to Hawaii.

Disclaimer

The rate at which technology is impacting business is accelerating. And the breadth of that impact is expanding as well.

But when you are in the thick of developing your team, growing your marketshare and strengthening your brand – evaluating and preparing for trends on the horizon may not make it onto your daily agenda.

This is precisely why we invited our business owner clients and our colleagues who serve them to an event focused specifically on the technology trends that are impacting the business landscape, both nationally, and here in Western Pennsylvania.

Our evening featured two industry experts who each shared TED style presentations focused on the trends they are seeing in the marketplace, how they are impacting business leaders and how they are impacting the workforce leading us into the future.

Our first speaker was Andrew Brzezinski, Vice President of Fidelity Institutional and Fidelity Trading Ventures. Andrew’s work focuses on the exploration and adoption of artificial intelligence, quantitative analysis, data science, trading algorithm design, financial modeling, and market forecasting.

Andrew painted a crisp picture of the current landscape, including the many commercial applications of artificial intelligence (AI) which are in the marketplace now, as well as a broader view of the role of AI is playing and where it’s heading. As a starting point, Andrew provided a functional explanation of what AI is currently – the optimized amalgamation of data, with the end goal of predictive analysis and deep learning about human behavior. AI is actively being developed by entities like Google, Amazon and Uber to drive autonomous vehicles, cloud, big data, gaming and virtually every activity on the internet. So, beyond scraping through your browsing history to suggest the most appropriate interstitial ad to interrupt the article you are reading, AI is also being developed to help your work force focus its activities and thinking on those areas he described as their “best roles” – those distinctly human capabilities which require emotional analysis, intuition, creativity and empathy. Andrew also addressed the common concern that as AI improves, human responsibilities will increasingly be taken over by automation, explaining that the ideal role for AI is to assume those functions which can be more efficiently executed by machine learning, allowing team members to focus their energy on leveraging emotional understanding and insights to drive critical thinking and decision making.

Our second speaker was Audrey Russo, President and CEO of the Pittsburgh Technology Council and co-host of TechVibe Radio on KDKA 1020 AM. Audrey has been working with local businesses here in Pittsburgh for over 38 years and reminded our audience that while we are green and leading the country in robotics now,  Pittsburgh used to be described as “hell with the lid blown off” during the industrial and heavy manufacturing period. Around the time this tapered off, in the mid 1980s, Carnegie Mellon University began its rise to prominence as the country’s leading innovator and incubator for robotics and automation technology. Audrey discussed how the workforce in Pittsburgh has grown to be one of the most educated in the country, particularly at the post graduate level, and how this has led to a wealth of talent as well as a disruption for employers. She likened interconnected smart appliances to our highly educated workforce. Much like an internet connected refrigerator can track how much turkey you have and automatically order more from amazon, in demand employees are demanding similar levels of transparency from the companies they work for. They want to know how their service or product is impacting their customers, in real time, and the agency to adjust what they are working on. The resulting fluidity of the employment relationship is leading to shorter engagements and more flexibility. She brought up the Affordable Care Act as a real world example of this evolving paradigm, explaining that while the ACA did not deliver its full promise of quality, affordable healthcare offered through online exchanges, it did introduce the concept of moving health care away from the employee-employer engagement and onto an independent provider framework. Such a shift will allow employees more freedom to pursue opportunities which are better aligned with their unique human abilities, rather than forcing them to remain stuck in static, long-term employment relationships which may no longer be fulfilling or even efficient.

Interwoven throughout the evening was a high-end tequila tasting, moderated by Catador, Peter Katz, Division Director with Southern Glazer’s Wine & Spirits. Guests were walked through the harvesting and distillation process, as well as traditional quality control and production techniques as they enjoyed a hand selected tasting menu of blancos, reposados and ultra anejos. From tending to 7-foot agave plants, to slow steaming pinas in a stone horna to grinding the cooked agave under a tahona wheel – each step is guided artfully by an experienced Maestro. Such care and artful execution illustrates the irreplaceable value of the human touch necessary to produce the world’s highest quality tequilas.

And much like the distillation process is aided by technology that improves the accuracy of temperature and acidity readings, businesses in our evolving landscape benefit from innovations like regression analysis that provide insight and modeling that might otherwise remain uncovered and untapped. The true value of technology, it seems, is to replace inefficiently allocated man-hours with automation, where appropriate, freeing up time for irreplaceable and invaluable human cognition and creativity.

Disclaimer

On September 30, 1972, Roberto Clemente faced NY Mets starter Jon Matlack in the bottom of the 4^th inning of a scoreless game when Roberto reached for on off-the-plate curve ball and smacked it into the gap for a double.

This would be Roberto’s 3,000^th hit, and his final hit as a major league player. He would reach 3^rd on a passed ball and score on Manny Sanguillén’s single. The Pirates would go on to win 5-0.

In the winter of 1972, an earthquake devastated the small nation of Nicaragua. Roberto had already built a considerable legacy of supporting struggling South American and Caribbean countries, so it surprised no one when he chartered a flight to deliver much needed supplies on New Year’s Eve. Tragically, his plane crashed en route.

To honor the game’s best right fielder, the first Latin American player to notch 3,000 hits (and the 11^th player ever) and one of the greatest humanitarians to ever play the game – we organized an intimate gathering of teammates, family and friends at The Roberto Clemente Museum to celebrate Roberto’s life and his milestone 3,000th hit.

Our informal gathering was hosted by the Museum’s proprietor, Duane Rieder, moderated by WTAE’s Ryan Recker and featured Duffy Dyer – the catcher behind the plate for Roberto’s historic hit, teammate Manny Sanguillén and Roberto’s son, Roberto Clemente, Jr.

Over the course of the evening guests were treated to amazing stories and insights about Clemente from those who knew him best:

“Roberto didn’t want to hit home runs. He could have hit 40 per year, but he didn’t want to because a home run would kill a rally.” – Manny Sanguillén, catcher, Pittsburgh Pirates, 1967 – 1976, 1978 – 80

“Typically, for every hitter on the opposing team we’d come up with a scouting report on how to pitch them, what their tendencies were, what crossed them up. Except for Roberto. He moved around inside the batter’s box so much and made so many adjustments, there was no point. He was going to hit you no matter what!” – Duffy Dyer, catcher, NY Mets, 1968 – 1974, Pittsburgh Pirates, 1975-1978

“He inspired us, and he brought other people into the clubhouse to inspire us too, people from outside of baseball, like Bruno Sammartino, Satchel Paige and Muhammad Ali” – Manny Sanguillén

“I was talking to Sandy Koufax once about how to pitch to Clemente, he said the only safe place to pitch him was “On the ground” – Duffy Dyer

“I was about 8 the night he got his 3,000^th hit, and playing right field for the Mets that night was Willie Mays, who had knocked his 3,000^th hit two years earlier – he was the 10^th player to do it. After the 4^th inning was over, Willie trotted over to the Pirates dugout to congratulate my dad and shake his hand, and they both got a big ovation from the crowd at Three Rivers.” – Roberto Clemente, Jr.

“Tom Seaver was the smartest pitcher I ever worked with, and he said hands down, the hardest hitter he ever faced was Clemente.” – Duffy Dyer

Throughout the museum are amazing artifacts from Roberto’s inspiring life and career, including his 1956 offer letter from Branch Ricky, Jr., a slightly dented silver slugger bat (his kids tested it out in the backyard) and the propeller from his ill-fated flight. Roberto grew up in Carolina, Puerto Rico, the youngest of seven children. His father was a foreman on a sugar cane farm, and Roberto worked right alongside him loading and unloading trucks for the municipality. Originally, he was a track star and had Olympic aspirations before he turned his attention full-time to baseball.

Throughout his major league career, all with the Pirates, he donated a significant portion of his salary as well as time and resources to support the people of Puerto Rico. He worked tirelessly to create more opportunities for Puerto Rican athletes, better cultural understanding and social equality. He played winter ball in Puerto Rico and always donated supplies and equipment when he came back home. During the winters he spent much of his time volunteering to teach baseball at youth camps and schools, and developed a vision of creating a Sports City with modern equipment, fields and staff to provide training and opportunities for local athletes. He was unable to get funding for his facility during his lifetime, but his widow Vera was able to turn his dream into reality and opened the Sports City complex in 1974. Sports City features baseball fields, basketball courts, a swimming facility and the island’s only American football field. Sports City has been an unmitigated success and has allowed countless Puerto Rican athletes to follow their dreams, including future World Series champion, Bernie Williams, and All-Stars Ivan “Pudge” Rodriguez, Rubén Sierra and Roberto and Sandy Alomar.

Over the course of his career, Clemente earned 12 Gold Glove Awards, 4 National League batting titles, 12 All-Star Game selections, 2 World Series Championships, was named regular season MVP in 1966 and the World Series MVP in 1971 for his superb performance against the heavily favored Baltimore Orioles. Clemente batted .414, hit two home runs, and turned in several standout defensive plays to carry the Pirates to one of the biggest upsets in World Series history.

Disclaimer

While much of today’s mail is digital, many pieces of correspondence are still delivered via the U.S. Mail.

And If you travel regularly or just want to track packages and sort through incoming mail while you’re away from home, you should consider signing up for the U.S. Post Office’s “Informed Delivery” service. Informed Delivery is a free service that allows you to view and manage the mail and packages which are en route to your mailbox remotely, using any internet connected device.

When mail arrives at your local post office, it is sorted for delivery and scanned, with an image stored for each piece of letter-sized mail. Larger packages are scanned and the information is collected, but typically photos are not taken. For Informed Delivery users, the details of each piece of mail and package are automatically uploaded to your account. So when you login, you can easily scroll through each piece of mail that is scheduled for delivery. And while you won’t see an image for larger packages, you can view the delivery status, provide delivery instructions or schedule redelivery if needed.

Informed Delivery is a customizable service that allows you to receive email or text message alerts about the mail coming your way. While this service does not cut down on the junk mail you receive, it does allow you to see what is scheduled to arrive and manage the delivery of USPS packages.

There are many instances when this service can come in handy: if you are waiting for a check, a new credit card, an invitation, or a package, you can login and tell in seconds if the mail has arrived or in the case of a package, where it is and when you can expect it.

To see the full suite of services and to create your free account, visit the Informed Delivery website. Please note, Informed Delivery is not available in all locations and in some locations identity verification may require a visit to your local Post Office. But once you have set-up your account, USPS Informed Delivery is free service that can really simplify managing your mail.

Disclaimer

There are many, many things I don’t know how to do around the house. And while some are quite common, there is no remedial “Basic Life Skills” class I can take that will cover them all. Luckily, there is Google!

When something isn’t working, or needs to be fixed or replaced, and I don’t know how to do it, my first response is to google it. Whether it’s a garbage disposal, a toilet or a garage door – it seems that for almost any common household problem, someone has already diagnosed it and posted a video online showing how to fix it.

My first Google how-to video experience came about by accident when my washing machine stopped working. There wasn’t smoke or any incident that had occurred. It just wouldn’t start. So I googled my model and the symptoms just to try and figure out what might have happened. Within a few seconds of scanning the results I found one that matched my situation exactly. It turns out a broken lid lock circuit will prevent a washing machine from starting. I compared a few more notes and toggled the results to videos. The first one I watched showed me exactly what I needed to do – how to take the housing off, where the circuit was located, which part I needed and even where I could get a new one. I drove to Lowe’s, picked up the part, and an hour later my washing machine was fixed.

Once I experienced how useful instruction videos could be, I started using Google to research problems when they came up. A year ago, I was rear-ended and had to get a rental car. Of course, when I returned the rental, I left my garage door opener in it, so I had to get a new one and pair it with my garage door. Finding the correct video took about 30 seconds. It’s worth noting that even if it turns out that you can’t fix the problem yourself, it’s highly likely that you will learn something just reading through the results.

There is an astounding variety of how-to videos and solutions I and other Waldron team members have found using Google:

Why did my garbage disposal mysteriously stop working? Click the red reset button on the bottom of the disposal casing.

How do you make Guinness beef stew? This recipe is amazing. It starts with bacon and ends with individual mashed potato serving bowls.

What’s the best way to wash your car? By employing the two-bucket system, you can save water and avoid scratching your car with the dirt and debris that you’ve washed off.

Why won’t my garage door close? The most likely cause is that the two sensors at the base of your garage entrance are not aligned. The good news is that it’s an easy fix.

How can I insert a photo inside of a custom frame in Photoshop? Click here to see the video.

Google is an amazing resource – or, more accurately, the people who have taken the time to share how-to videos you can easily find using Google are amazing. From changing a tire to keeping deer out of your garden – the amount of free solutions you can find is endless. Obviously, if you feel something is beyond you or in any way dangerous, hire a professional.  But I have found that for countless basic things that I don’t know how to do (yet), Google is a tremendous resource that has really simplified my life.

Disclaimer

Waldron Private Wealth hosted a highly informative panel discussion on June 27 exploring the unique landscape in Western Pennsylvania for business owners looking to sell and entrepreneurs looking buy.

The panel included industry experts who have helped 100s of buyers and sellers maximize their multiples and gain entry into targeted markets.

Panel:

John Lewis II, Co-Founder, Metz Lewis Brodman Must O’Keefe
Melissa A. Bizyak, Partner, Grossman Yanak & Ford LLP
Andrew J. Bianco, Managing Director and Founder, Strategic Advisors

Moderator:

Matthew A. Helfrich, President, Waldron Private Wealth

The evening kicked off with opening remarks from Waldron Founder and CEO, John Waldron, who set the stage by discussing the impact buying or selling a business has on an entrepreneur and the unique financial landscape we are currently in. For a business owner interested in selling their business, this transaction will likely be the biggest liquidity event of their life. In many ways, it will also be the culmination of their life’s work. Starting a business, growing it, hiring trusted team members, developing life-long customer and vendor relationships, establishing yourself within your community – for many business owners, their business is the crowning achievement of their professional life, and in many ways, their identity. They have poured all of their creative and entrepreneurial energy into this entity, so preparing to sell it is not just a big deal. It is the biggest deal of their life. You have to get it right. And for buyers who are looking to expand and get into new markets or extend their presence to become an industry leader, acquiring a new business can be a means of achieving their long-term goals for themselves and their family.

The landscape.

The private equity industry has $2.5 trillion in potential cash to be deployed right now. At Waldron, we have five clients who are currently working through the many layers of compliance, legal issues and terms of a business sale transaction. The environment we are in is hot. Companies are operating at capacity, employment rates are extremely high, performance and production are soaring, talent is at a premium and access points to entry are limited. Banks are willing to lend, private equity firms are flushed with cash and strategic buyers are looking at every opportunity to find access points.

The experts.

Andrew Bianco’s firm, Strategic Advisors focuses their practice on private equity transactions, assisting buyers and sellers to negotiate the best terms possible for these momentous deals. He pointed out that multiples right now are some of the highest he’s seen, and have recently gone as high as 9.5, 12, 13 and even higher. Strategic buyers more than private equity firms are driving the trend because access points are limited and, as mentioned previously, cash is readily available. If people want a company in a given market, or a presence in a specific industry they are going to pay up for it. Companies that were trading at multiples of 4 just 10 years ago are routinely getting 6.5 times their ebita valuation. Even if you never thought about selling, the multiples people are willing to pay are high enough that depending on your long-term goals for yourself and your business, you might reconsider your position. He pointed out that you can create negotiating leverage with cash, by employing scheduled hurdles and by conducting thorough due diligence on the business and its assets so that you aren’t surprised by any liabilities – making sure relevant considerations are understood and factored in.

Melissa A. Bizyak, Partner, Grossman Yanak & Ford LLP. Melissa’s accounting firm specializes in business valuation and forensic accounting to help sellers prepare their business and balance sheets for the sale and buyers to understand the hidden liabilities and tax implications of acquisition. A trend she is seeing now is that while business owners are doing a great job delivering value to their clients and growing their businesses, they rarely come to the table with their tax liabilities and financial statements in good order or even in compliance. Because of the reduced transaction timelines, frequently dropping to 120, 90 and even 60 days, the quality of due diligence entrepreneurs are conducting in advance of the transaction is lacking. A few years ago, she would recommend sellers hire an independent third party to conduct an audit of their financial statements going back three years, but now due to the accelerated pace, she often settles for one (although three would still be preferred). Taking the time to kick the tires before you go down the road of exclusivity and letters of intent is of critical importance to not just the sale price, but to the speed of the transaction and can eliminate tax and legal complications down the road. Diligence also includes looking closely at the structure of the firm, from employees, assets and forecasting to external issues like competitors, potential disruptions, tariffs and regulatory issues. Another key component of diligence owners must conduct are quality of earnings (QofE) reports and a thorough review of the company’s ownership structure which can identify any roadblocks and potentially prevent additional legal issues.

John Lewis II, Co-Founder, Metz Lewis Brodman Must O’Keefe. John assists business buyers and sellers leveraging his experienced team of corporate transaction and securities specialists to establish terms of the purchase or sale that maximize not only the price but identify and mitigate any risk factors including fair labor standards, tax exemption and compliance issues. John also emphasized the importance of QofE reports, and pointed out that even deeper digs are often required, looking into the accuracy of earnings and conducting additional research into their sustainability. He mentioned a $100 million deal that had reached the Letter of Intent stage when the seller’s QofE report revealed a discrepancy that ultimately blew up the deal. This illustrated a point that all three panelists made, which is that in order to make a successful sale or purchase, you need to conduct your due diligence well in advance of the letter of intent to give you leverage in negotiations and to avert any surprises. He mentioned working with a client selling an S corporation who hadn’t actually filed their election paperwork. To be in a good position to sell your business, everything needs to be properly filed, executed and in compliance. If, for example, you were a seller, you should think of your business like selling a house. You need to do an inspection and then spend some money enhancing the curb appeal. You identify areas that require additional capital, and in some cases, you trim the fat, perhaps removing a pool which  originally seemed like an enhancement, but as the family landscape changed, became a liability. Another critical aspect of the transaction sellers and buyers need help with is drafting or even reading the agreement – it is incredibly important to surround yourself with a team to help you manage all of the information and complexity so you are not overwhelmed. If the seller was a top line salesman, they likely act like they have ADHD already and will not take the time to carefully read the agreement, or even if they are a detail oriented engineer type, they will read everything and be overwhelmed anyway. The value of an experienced team is that they will walk you through the process and identify the salient aspects of the deal you need to focus on which simplifies negotiations exponentially.

Key takeaways:

Matt closed the event with a quick survey, asking each panelist what is the one idea people should leave the room with:

John Lewis: Know your business’ primary vulnerabilities before you get into a sales discussion.

Melissa A. Bizyak: Be aware of your risks and leave yourself enough time to fix it.

Andy J. Bianco: I would reiterate what has already been said: be prepared. If the other side discovers something, they are going take a big board and hit you over the head with it.

If you would like to discuss the potential sale of your business or a business acquisition click here to contact a member of our planning team – we would be happy to review your situation at no cost or obligation.

There are many rewards programs in the marketplace, offered by banks, grocery stores, airlines, and more.

It seems like every company in every industry has a program in place to make sure you buy your goods and services from them. Because there are so many brand loyalty programs out there, we thought it might be helpful to share with you a few which our team members really like.

Citi Double Cash credit card – Casey Robinson, CFP®

The Citi Double Cash credit card is a no annual fee, cash back rewards card. The card offers 1% cash back on items purchased and 1% back when you pay, effectively making it 2% cash back on all purchases. The rewards are offered on all purchases, no exclusions and no limits. You can apply cash rewards towards your statement balance or deposit them as cash into your bank account.

Chase Sapphire Reserve credit card – Casey Robinson, CFP®

The Chase Sapphire Reserve card is a premium travel rewards card. This card provides significant benefits, but only makes sense if you spend $2000+ on travel each year. The annual fee is $450 plus $75 for each authorized user – but if used correctly, it can yield rewards in the thousands. To start, you automatically get credited $300 on the first $300 you spend on travel every year. So, your fee nets to $150 + $75 for each user. You accumulate Chase Ultimate Rewards points at a rate of 3 points for every $1 spent for travel & dining and 1 point per $1 on everything else. Chase Ultimate Rewards points can be redeemed for nearly everything, including cash. The bonus element of this program is that when you redeem points to pay for travel, you receive a 1.5x boost on your points. For example, if you spend $1,000 on a flight you will receive 3,000 Chase Ultimate Rewards points, worth $30. If you redeem those 3000 points to book another flight, you receive a 1.5x rewards boost, yielding 4,500 points, worth $45. This yields 4.5% cash back on a $1,000 flight. In addition to the rewards, this card also gives you access to all Priority Pass airport lounges where you have access to complimentary food, beverages and private WiFi.

Chase Amazon Prime Rewards credit card – Oliver Cohen

Every holiday season, and throughout the year, when I need to buy someone a present, I tend to use Amazon. For most purchases they don’t charge sales tax, shipping is free, and their prices are better than what I find at brick and mortar stores. And returning a shirt that’s too big or that you simply don’t want is simple, so long as you do it within 30 days. Since I do most of my gift shopping at Amazon anyway, an Amazon credit card made perfect sense for me. As an Amazon Prime member, I get 5% back on anything that I buy on Amazon, 2% back for all restaurant, pharmacy and gas station purchases and 1% back on all other purchases. And If you aren’t an Amazon Prime member, the rewards on Amazon purchases is still 3%. For me, this amounts to hundreds of dollars in points earned each year. The points show up as a payment method when I log into my Amazon account, so often-times when it’s time to buy someone a present, or to buy myself a present, I have enough points to pay for it. For me the key is gas and restaurants. I am spending this money anyway, but at least now, I am accruing points which I will definitely use. I’ve used points to buy a lawn mower, clothes, a grill and jewelry. If you already shop on Amazon, this is a great way to reap tangible rewards for your purchases.

Giant Eagle fuel perks – Ali Postlewaite, CFP®

I utilize Giant Eagle Fuel Perks to the full extent. I regularly purchase gift cards at Giant Eagle to accumulate Fuel Perks – currently the offer is $.20 off per gallon of gas per $50 you spend on gift cards. My strategy for maximizing Fuel Perks is to purchase gift cards for retailers I shop at regularly (Amazon, TJ Maxx, Target) with the benefit of drastically decreasing the amount I spend on gas. And when my husband and I recently went through our basement renovation project, we purchased thousands in Lowe’s gift cards for the materials we needed. This resulted in enough Fuel Perks for me and my husband get free gas for an entire month after the renovation.

For any rewards program, it’s always important to read the fine print to make sure you understand the restrictions and fees, and to determine if your spending behavior aligns with the particular reward structure. But for what it’s worth, these are programs that our team members use, often, and have found to provide valuable benefits for purchases we are already making.

The opinions expressed about these programs are the opinions of the individual team members, and do not reflect those of Waldron Private Wealth. Waldron Private Wealth has no reciprocal relationship with any the companies whose rewards programs our team members have reviewed.

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The Road to Success panel discussion held at the Fairmont Hotel in Pittsburgh was engaging and full of insights for the entrepreneurs in attendance.

Our panel included Dr. John Altman, Chairman, Finance and Audit Committee, Miami University Board of Trustees, Joseph Ferrara, Founder, Wombat Security, and John Waldron, CEO and Founder of Waldron Private Wealth, and was moderated by Bill Flanagan, broadcast journalist and Chief Corporate Relations Officer for the Allegheny Conference on Community Development. In keeping with the intent of the Road to Success series, we composed our panel with highly successful business leaders from a variety of industries (manufacturing, online security and wealth management) and explored their experiences starting, growing and harvesting their businesses. Our panel also offered a diversity of business goals, with Mr. Altman looking to develop successful companies with the intent of selling them to the team that built them, Mr. Ferrara looking to build a successful company structured so that all team members could cash in their options within a short time horizon, and Mr. Waldron working to sustain growth and expand marketshare and services for his namesake firm, and transfer ownership to high performing team members over time.

The importance of your employees.

For Joe, his company started with himself, two investors and two faculty members from Carnegie Mellon University, and grew to 200 employees in year seven when the company was sold. Every person on his team had shares in the company, and in a way, were all entrepreneurs themselves, as their take home pay wasn’t the goal – cashing in the shares was. And they did – the business sold for $200 million. But their complete alignment and commitment to the vision of the firm was what drove the start-up’s success. For Dr. Altman, his view of employees was that, at each of the eight companies he ran, he preferred to hire entrepreneurs, so, as he put it, “The people who got on the train early, were able to buy the train at the end.” For John, he focused on hiring diversely talented people, and letting the experts take the reins. He realized he was adept at many of the technical aspects of providing service to his clients, and hired people with the skills he didn’t have to provide the missing elements at the same high level of performance firm-wide.

What makes an entrepreneurial venture successful?   

Dr. Altman felt that debt ratios and cash flows are important but come in a distant second to one key aspect of a firm’s success: customers. In his experience, all of the complex financing and structuring will get you nothing if you don’t have customers. And when you have customers, you can grow. They will let you know what else they need and provide guidance as to what other products you should develop. He also pointed out that in order to successfully turn an idea into a business, you have to be able to recognize an opportunity and pull the trigger before it vanishes. Joe seconded the notion, explaining that for any idea, there is a limited window of opportunity. If you wait too long, an inferior product is likely to swoop in, and close that window. Conversely, if you can gather financing, fine tune your product and take it to market in a timely manner, you can create an entirely new product segment. Joe was able to do just that with interactive cyber security training at Wombat Security. John had a similar experience in the financial services arena in the early 90s when he was as accountant at Deloitte. As a CPA, he was aware of the many components that comprised a client’s financial life, and understood the complex relationships they had with each other, but was prohibited by the SEC from providing a comprehensive suite of services. At the time, clients were typically getting investment management advice from advisors working for investment banks who were likely selling their own products, risk management services from insurance agents, estate planning from attorneys, tax assistance from CPAs and other services provided by a patchwork of professionals, all handling specific and separate services. No firm or advisor provided his vision of a comprehensive wealth management offering, integrating all of these services. John saw his opportunity and took a leap of faith, leaving his high paying accounting position to strike out on his own. Initially, he struggled to stay afloat, but once he had a few engagements, he was able to establish credibility through referrals. His reputation grew, and as he signed more clients, he reinvested in his team to ensure that he would be able to provide the same concierge, comprehensive service to each new client.

Lessons learned.

For Joe, he would have started earlier. He felt he was complacent with a high paying job, benefits and paid time off, but that he missed some opportunities by remaining in the corporate world. Dr. Altman wished he had valued team members more, earlier on. He realized over time that it was team members who make a business successful. Later in his career he focused on giving team members ownership, but he wished he had done that sooner. John said he struggled with the idea of not being the sole owner of his company and sharing ownership with senior team members. But over time he realized that by allowing team members to take ownership, he was creating sustainability for the business, and for his clients. And after the administrative and legal process of transferring minority ownership to his executive team, he noticed that these already high performing team members had another gear. And when he came through the tunnel, he realized that he could focus more on what he wanted to, which was exploring new aspects of service to develop and offer to his clients.

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