Winter 2024

$8.00 Winter 2024-2025 Maril MacDonald CEO of Gagen MacDonald Blending business savvy with farm wisdom Entrepreneurs of Purpose Meet 16 extraordinary CEOs who are making a difference ■ Joan Killian Gallagher on honoring her Irish legacy PLUS 6 ways visionary CEOs can hinder financial success Your ultimate guide to financial freedom Whatever the problem, community is the solution Staying fit through every age and stage

Carol Curran President & CEO of Phoenix Intelligent Information A maverick of industry and a trailblazing technology pioneer Entrepreneurs of Purpose Meet 16 extraordinary CEOs who are making a difference Joan Killian Gallagher on honoring her Irish legacy PLUS 6 ways visionary CEOs can hinder financial success Your ultimate guide to financial freedom Whatever the problem, community is the solution Staying fit through every age and stage $8.00 Winter 2024-2025

Recognizing exemplary leaders who have vision and purpose As 2024 comes to a close, we look back on an extraordinary mission-driven year for Enterprising Women magazine and its sister nonprofit, the Enterprising Women Foundation. Women entrepreneurs and business leaders are faced with an array of challenges from accessing the capital they need to grow to finding the talent they need in a post-pandemic world. We are here to be a reliable source of information and inspiration to help you meet those (and many other) challenges. Enterprising Women magazine is embarking on its 25th year in 2025 as the only magazine of its kind, written by women entrepreneurs for women entrepreneurs—sharing best practices and building a powerful community and network of women leaders around the globe. Our nonprofit foundation has experienced dramatic growth in the past three years with the evolution of the Young Enterprising Women Mentoring Forum Program, now in 25 communities across the U.S. and poised to double in size again next year. With a focus on educating, inspiring and mentoring high school young women primarily from underserved communities where the need is greatest, we are witnessing how this program is changing lives and opening doors for the next generation of women leaders. Through a grant from the Institute of Consumer Money Management (ICMM), we have incorporated a dynamic financial literacy component into our program that will help these young women plant the seeds of financial success as they master basic financial concepts taught in a fun, engaging way. And an army of mentors from across the country are connecting with these young women at each local event, engaging with them in small group settings and serving as inspiring role models. In April of this year, our foundation also assumed responsibility for the Peace Through Business Program, formerly run by the Institute of Economic Empowerment of Women (IEEW) under the leadership of Dr. Terry Neese. IEEW entrusted our foundation to continue its great work that began nearly 20 years ago in helping develop entrepreneurial leaders in Afghanistan and Rwanda. Through virtual training this year, we engaged with and listened to the resilient, brave women of Afghanistan as they conceived of new home-based businesses, wrote business plans, and formed a sisterhood that is providing strength and hope for their futures in a world where the Taliban has placed crushing restrictions on their lives. In Rwanda, where the Peace Through Business Program is now in its 19th year, women business leaders we have trained are serial entrepreneurs who have started new businesses that have transformed the economic landscape in their country. I have traveled to Rwanda twice to witness this change firsthand and see the impact that PTB has had in shaping this beautiful country. It is nothing short of remarkable. In July, we expanded the Peace Through Business Program into Uganda for the first time, working in partnership with our friends at the Paper Fig Foundation, a wonderful nonprofit started by Enterprising Women Advisory Board member and award winner Laurie DeJong. Together we celebrated our first group of Ugandan graduates in September. In Canada, we are teaching the Peace Through Business Program to immigrant women who have arrived in this country from all over the world and need our training to start new lives as entrepreneurs. We couldn’t do this great work without our Program Directors Manizha Wafeq and Chantal Munanayire, who are on the ground every day, passionate about working with women entrepreneurs around the globe to educate, inspire, and “pay it forward.” We are eternally grateful to them. For many years, I have said that Enterprising Women is much more than a magazine—it is a community of women who come together to share their best practices and support one another. Twenty-five years after creating that founding mission, I am proud to say that the work we all do together is true to our original vision. On March 27-29, we will gather in Nashville for the 2025 Enterprising Women of the Year Awards Celebration & Conference, celebrating our award winners and members of our Advisory Board, and connecting with the top women leaders who drive the women’s business community worldwide. We will also host nearly 100 scholarship recipients selected from 25 cities who will travel to Nashville for our Young Enterprising Women National Leadership Conference. All Enterprising Women readers are welcome to join us in Nashville and be a part of this remarkable event! Visit our website at www.enterprisingwomen.com to learn more and register to attend. Here’s to another successful year for the Enterprising Women community. We wish you good health, good fortune, and joy in the year ahead! Monica Smiley enterprising Women 5 Monica S. Smiley FROM THE PUBLISHER

Celebrate the 25th anniversary of Enterprising Women magazine with special anniversary programming and tributes—a historical look back on the past 25 years and future forward programming to address the pressing issues women entrepreneurs will face in the next 25 years! NASHVILLE! Join us in Nashville! 2025 ENTERPRISING WOMEN OF THE YEAR AWARDS CELEBRATION & CONFERENCE March 27-29, 2025 Grand Hyatt Hotel, Nashville, Tennesse THURSDAY, MARCH 27 • Explore Nashville Tours - Join other conference attendees for a fun afternoon with three tour options: Musician’s Hall of Fame & City Tour; Whiskey & Wine Tour; Mural City Tour. • 25th Anniversary Welcome Reception - Nashville-themed with southern food, line dancing and fun! FRIDAY, MARCH 28 • General sessions, workshops, She’D Moments, and Hall of Fame Luncheon • Honoree reception and dine-around dinners SATURDAY, MARCH 30 • Enterprising Women Foundation Luncheon • General sessions, workshops, speed networking • Pre-Gala Wine Tasting with women-owned wineries • Gala Awards Dinner Book your hotel and register today! Visit enterprisingwomen.com. For hotel reservations you may also call 1-800-233-1234. Mention group code G-EWFS to receive your special Hotel Group Rate. Interested in helping mentor the next generation of young women leaders? Volunteer opportunities are available to work with 100 scholarship winners attending our Young Enterprising Women National Leadership Summit, March 28-30 in Nashville!

enterprisingwomen.com Women THE VOICE OF WOMEN ENTREPRENEURS Vol. 25, No. 4, Winter 2024-2025 FEATURES Maril McDonald Carol Curran EDITOR & PUBLISHER Monica S. Smiley EDITORIAL DIRECTOR Carol L. Genee ASSOCIATE EDITOR Kathy Ann Moilanen PRODUCTION MANAGER Carley M. Dancer CONTRIBUTING WRITERS Caryn Kopp Susan Michel Marilyn J. Magett Victoria Woods Laura K. Chiesman Lacy Garcia Carol Soman Michael Ratigan Edie Fraser Andrea Simon, PhD Joan Killian Gallagher Jodi Standke Lauren Buckley LuzElena Rivers Judi Sheppard Missett Sharon Reynolds Manishi Sagar Jodi Carrington, PhD ART DIRECTION/DESIGN SPARK Publications VIDEO PRODUCTION MANAGER Alexander Dancer WEBSITE MANAGER Myra Ray EVENT CONSULTANTS Beth Blake Jamie Kopp CORPORATE & ADVERTISING SALES OFFICES 1135 Kildaire Farm Rd. Suite 200 Cary, NC 27511 USA www.enterprisingwomen.com ENTERPRISING WOMEN is published quarterly by Enterprising Women Inc. Annual print subscription rate is $20. Subscribe online at www.enterprisingwomen.com. Download our app in the Apple Store or Google Play. International print subscribers please add $25US for international postage. Enterprising Women is copyrighted 2024 by Enterprising Women, Inc. All rights reserved. Reproduction in whole or part is prohibited except by permission of the Publisher. The views expressed by contributing writers in this issue are not necessarily those of the staff or management of Enterprising Women Inc. Enterprising Women is not responsible for claims made by its advertisers. 28 L eading with heart: Maril MacDonald’s unique blend of business savvy and farm wisdom. 34 C arol Curran: a maverick of industry and an impressive history of growing entrepreneurial businesses. ENTREPRENEURS OF PURPOSE 36 A special Enterprising Women section in partnership with the Women Business Collaborative (WBC) showcasing 16 women who are shaping the future of business and creating legacies. 54 B uilding a legacy: Joan Killian Gallagher’s remarkable journey of building The Killian Homeplace Family History Centre in her ancestral home of Ireland. 6 enterprising Women

DEPARTMENTS SALES AND MARKETING 10 W hen hiring sellers, pay attention to the minutia. FINANCE 12 N avigating personal and business priorities for long-term success. 14 S ix ways visionary CEOs can hinder financial success. 16 S unsetting tax laws: what millionaires need to know. 18 S udden wealth inheritance: guilty or not guilty? MANAGEMENT 21 Y our ultimate guide to financial freedom. 24 What my divorce taught me: a lesson in personal finance. 26 P rofits and cash flow: a real Cinderella story. LEADERSHIP 60 L eadership is a responsibility, not a reward. HUMAN RESOURCES 63 W hatever the problem, community is the solution. HEALTHY YOU 69 S taying fit through every age and stage, especially menopause. 70 P assion, purpose and prevention: navigating burnout as a woman entrepreneur. GLOBAL VIEW 73 A ncient wisdom and new purpose. SPOTLIGHT 67 LuzElena Rivers Amera Solutions COLUMNS 5 Publisher’s note 80 Endnote: Women will lead the way enterprising Women 7

Melissa Adam United Parcel Service www.ups.com Christy Alexander 5-Star Therapy www.5-startherapy.com Leslie Atkins LA Communications, LLC www.corporatestorytellers.com Robin Bailey The Legacy Connection www.callerconnection.com Robert Bard Latina Style www.latinastyle.com Elin Barton Riveo Creative www.riveocreative.com Betsy Bassan Panagora Group www.panagoragroup.net Susan Phillips Bari The Susan Bari Company www.SusanSpeaks.online Lorin Beller Lorin Beller & Co www.LorinBeller.com Sarah Benken KNOW Women www.theknowwomen.com Fran Biderman-Gross Advantages www.advantages.net Gloria Bohan Omega World Travel www.owt.net Giselle Bonzi Washington Capital Partners www.washingtoncapitalpartners.com Kristina Bouweiri Reston Limousine www.restonlimo.com Renee Bovelle, MD Envision Eye and Laser www.envisioneyeandlaser.com Jeska Brodbeck Be Light Consulting www.belightconsulting.com Barbara Brown, PhD Capitol Hill Consortium for Counseling and Consultation www.ccccmentalhealth.com Natalie Buford-Young Springboard Enterprises www.springboardenterprises.org Camille Burns Women Presidents Organization www.womenpresidentsorg.com Dominique Cagle Nika Corporate Housing www.nikacorporatehousing.com Jennie Campbell The Stewart Lodges (retired) www.stewartlodgeatsteelwood.com Mary Cantando WomanBusinessOwner.com www.womansadvantage.biz Susie Carder SC Consulting www.SusieCarder.com Seema Chawla Tek Valley Corporation www.tekvalley.com Diane Chen, PhD CESI Debt Solutions www.cesidebtsolutions.org Laura Chiesman FirstWave Financial www.firstwavefinancial.com Nicole Cober Cober, Johnson & Romney www.cjrlegal.com Rebecca Contreras AvantGarde LLC www.avantgarde4usa.com Wendy Coulter Hummingbird Creative Group, Inc. www.Hummingbird-creative.com Carolyn Marshall Covington Insightful Visionaries www.insightfulvisionaries.org Karen Cripe Label Logic, inc. www.label-logic.com Carol Curran Phoenix Data Corporation www.phoenixdatacorporation.com Shital Daftari Saris and Things Inc. www.sarisandthings.com Sharon Davison 1021UX.com www.SharonADavison.com Michelle DeClerck Conference Event Management. www.myCEM.com Laurie DeJong LDJ Productions www.ldjproductions.com Anne Descalzo Clutch www.connectwithclutch.com Harriet Diamond Author, writer, speaker www.harrietdiamond.net Emilia DiMenco & Hedy M. Ratner Women’s Business Development Center www.wbdc.org Nathalie Doobin Harvard Services Group www.harvardsg.com Desiree Doubrox HomWork www.homwork.com Kathy Durfee TechHouse www.tech-house.com Jen Earle National Association of Women Business Owners www.nawbo.org Susanne Evens AAA Translation www.aaatranslation.com Marsha Firestone, PhD Women Presidents Organization www.womenpresidentsorg.com Celeste Ford Stellar Solutions, Inc. www.stellarsolutions.com Judy Fourie Fourie Group www.fouriegroup.com Edie Fraser Women Business Collaborative www.wbcollaborative.org Anne Freedman Speak Out Inc. www.speakoutinc.com Joan Killian Gallagher Warden-Brooks, Ltd. www.wardenbrooks.com Jayanthi Ganapathy Finaccurate LLC www.finaccurate.com Twyla Garrett Growth Management Services, Inc. www.hiregms.com Deborah Garry BBG&G Advertising & Public Relations www.bbggadv.com Dima Ghawi www.DimaGhawi.com Molly Gimmel Design To Delivery Inc. www.d2dinc.com Chanie Gluck 4D Global www.4dglobalinc.com Lili Hall KNOCK, Inc. www.knockinc.com Monick Halm Real Estate Investor Goddesses www.realestateinvestorgoddesses.com Linda Hamilton Linda A. Hamilton, CPA PLLC www.lahcpas.com Darnyelle Jervey Harmon, PhD Incredible One Enterprises ,LLC www.incredibleoneenterprises.com Lori Harris Harris Whitesell Consulting, LLC www.harriswhitesellconsulting.com Melissa Harrison Allee Creative, LLC www.alleecreative.com Cynthia Hetherington Hetherington Group www.Hetheringtongroup.com Dana Hetrick Lucas Commercial Flooring Group, Inc. www.lucasflooringkc.com Sonya Hopson HIRE Strategies LLC www.hire-strategies.com Sally Hughes Caster Connection www.casterconnection.com Sharon Hulce Employment Resource Group, Inc. www.ergsearch.com Kathleen Hunt Personalized Payroll Services, Inc. www.personalizedpayroll.com Barbara Hutchinson, MD, PhD Chesapeake Cardiac Care www.ccardiac.com Debby Jackson Pivotal Talent Search, LLC www.pivotaltalentsearch.com Kathryn Janicek Kathryn Janicek Productions www.kathrynjanicek.com Marilyn Johnson MarilynjSpeaks.com www.marilynjspeaks.com Nina L. Kaufman, Esq. www.NinaKaufman.com Karen Kerrigan Small Business & Entrepreneurship Council/ Women Entrepreneurs Inc. www.sbecouncil.org Merrilee Kick Southern Champion / BuzzBallz, LLC www.southern-champion.com www.buzzballz.com Sung-Joo Kim Sungjoo Group www.sungjoogroup.com Caryn Kopp Kopp Consulting, LLC www.koppconsultingusa.com Margery Kraus APCO Worldwide www.apcoworldwide.com Cathy Light Lideranca Group Inc. www.liderancagroup.com Julie Lilliston Julie Lilliston Communications www.julielilliston.com Kirsten Liston Rethink Compliance LLC www.rethinkcomplianceco.com Virginia Littlejohn Quantum Leaps, Inc. www.quantumleapsinc.org Renee Pepys Lowe RPL + Associates www.rplassociates.com Maril MacDonald Gagen MacDonald www.gagenmacdonald.com Gia Machlin Eco Plum Inc. www.ecoplum.com Marilyn J. Magett Evolve CFO Services www.evolvecfoservices.com Rúna Magnúsdóttir Connected-Women.com www.connected-women.com BRANDit www.brandit.is Purba Majumder Cybervation www.cybervationinc.com Francine Manilow Manilow Suites, Inc. www.manilowsuites.com Andrea March Women’s Leadership Exchange www.womensleadershipexchange.com Angela Marshall, MD Comprehensive Women’s Health www.mdforwomen.com Kris Martinez Martinez Creative Group www.martinezcreativegroup.com Patricia Marx New World Van Lines www.newworldvanlines.com 8 enterprising Women

Virginia McGann Value Management Resources www.vmresources.net Martha Mertz Athena International www.athenainternational.org Susan McGlory Michel Glen Eagle Advisors, LLC www.gleneagleadv.com Wanda McKenzie McKenzie & Associates Janice Migliore PALCO www.gotopalco.com Patricia Miller SpaceBound www.spacebound.com Judi Sheppard Missett Jazzercise, Inc. www.jazzercise.com Shaila Rao Mistry JAYCO MMI www.jaycopanels.com STEM-Institute www.stem-institute.org Cindy Monroe Thirty-One Gifts www.cindymonroe.com Fatimah Moody Linkvisum Consulting Group www.linkvisum.com Jacqueline Muller 3DOM (Asia Pacific) Ltd. www.jacquelinemuller.com Bonnie Nawara Association of Women’s Business Centers www.awbc.org Terry Neese Peace Through Business www.enterprisingwomenfoundation.org Phyllis Newhouse Xtreme Solutions, Inc. www.xtremesolutions-inc.com Marlene Morrison Nicholls Stewart Morrison Insurance www.stewartmorrison.ca Nkem Okeke, MD Medicalincs www.medicalincs.com Kathie Okun The Okun Financial Group, Inc. www.theokungroup.com Jill Osur Teneral Cellars www.teneralcellars.com Pooja Chandra Pama ACE Foods www.acefoods.org Neelima Parasker SnapIT Solutions LLC www.snapit.solutions.com Shina Parker Integrity Title & Escrow Company www.integritytitlellc.com Desirée Patno National Association of Women in Real Estate Businesses www.nawrb.com Kathleen Scheil Pavlik IBM - retired www.ibm.com Tameka L. Payton, Ph.D. Psychometric Solutions, LLC www.pychometricsolutions.org Sue Pellegrino Everest Discovery www.EverestDiscovery.com Silvia Pencak WBE Canada www.wbecanada.org Iris Phillips Grace Federal Solutions, LLC www.gracefederalsolutions.com Shelly Porges Beyond the Billion www.BeyondtheBillion.com Barb Potter TJ Potter Trucking Inc. www.tjpottertrucking.com Esther Poulsen Raare Solutions LLC www.raaresolutions.com Jeanette Hernandez Prenger ECCO Select www.eccoselect.com Fabi Preslar SPARK Publications www.sparkpublications.com Pamela Prince-Eason Women’s Business Enterprise National Council www.wbenc.org Marcel Quiroga TQM Wealth Partners www.tqmwealthpartners.com Sara Rahn Madison Avenue Worldwide, LLC www.madaveww.com Adonica Randall Abaxent LLC www.abaxent-global.com Marti Reeder Edge Solutions & Consulting, Inc. www.edgesolutionsinc.net Lisa Rehurek The RFP Success® Company www.therfpsuccesscompany.com Sharon Reynolds DevMar Products, LLC www.devmarproducts.com Lisa Riggs Sock Queen Spirit Sox USA www.spiritsoxusa.com Keisha A. Rivers The Kars Group LTD www.karsgroup.com LuzElena Rivers, DBA AMERA www.myamera.com Helena Rodrigues AllBy www.allby.pt Lynthia Romney RomneyCom L.L.C. www.RomneyCom.com Manishi Sagar Kinderville Group www.kinderville.com Mariyah Saifuddin Innovative Solution Partners www.isolutionpartners.com Liz Sara SCORE Foundation www.nwbc.gov Katie Schibler Conn Katie Schibler & Associates, LLC d/b/a KSA Marketing www.teamksa.com Judith von Seldeneck Diversified Search Group www.Divsearch.com Charmane Sellers API Design Build Group, LLC www.aleonpropertiesinc.com Jennifer Serino My Hot Lunchbox www.myhotlunchbox.com Minerva Serrano Activus Connect www.activusconnect.com Mary Ellen Sheehy Vistage www.vistage.com Ciemone Sheppard Ciemone Inc. www.ciemoneinc.com Arianna Sholes-Douglas, MD Tula Wellness & Aesthetics www.tulawellnessmd.com Esther Silver-Parker The Silver-Parker Group www.silverparker.com Robyn Smalletz Gloria Duchin, Inc. www.gloriaduchin.com Tressa Smallwood MegaMind Media www.megamindmedia.com Maria de Lourdes Sobrino Lulu’s Dessert Inc. www.lulusdessert.com Carol Soman Dashboard Enterprises www.dashboardny.com Jodi Standke Talon Performance www.talonperformancegroup.com Nicolina Stewart, CPA Capital Management Advisors, Inc. www.cmaadvisors.net Roseann Sunwoo Clara Sunwoo www.clarasunwoo.com Joanne Tabellija-Murphy Walmart www.corporate.walmart.com Michelle Taylor BETAH Associates www.betah.com Shelli Tench Shelten LLC www.sheltenllc.com Gulden Turktan, PhD International Women’s Forum Turkey www.iwfturkey.com Kay Unger Pitman Kay Unger Family Foundation www.kayungerdesign.com Elizabeth A. Vazquez WEConnect International www.weconnectinternational.org Letty Velez Velez Global Enterprises www.velezglobalenterprises.com Cristina Vicini The International Alliance of Women www.tiaw.org Andrea Vigil Allegiant Electric LLC www.allegiantelectricllcnv.com Jill Vitiello Vitiello Advisory https://www.linkedin.com/in/ jillvitiello/ Lucie Voves Church Hill Classics www.diplomaframe.com Andrea Wagner Herizon Funding www.herizonfunding.com Deborah Ward Televergence Solutions www.televergence.com Joanna Wasmuth Erase Poverty www.erasepoverty.org Nancy Watt Nancy Watt Communications www.nancywattcomm.com Sandi Webster, PhD Sandi Webster LLC www.sandiwebster.com Cheryl White National Access Design LLC. www.nationalaccessdesign.com Lynn Whitesell Harris Whitesell Consulting, LLC www.harriswhitesellconsulting.com Shakenna K. Williams, PhD Babson College http://www.Babson.edu Bonnie Wong Asian Women in Business www.awib.org Victoria Woods ChappelWood Financial Services www.chappelwood.com Mei Xu Mei Xu & Co. LLC www.meixu.com Sandra Yancey eWomenNetwork.com www.ewomennetwork.com Tina Young Quality Compliance & Management www.QCMConsulting.com Jenny Jing Zhu Lush Decor Home www.lushdecor.com enterprising Women 9

When hiring sellers, pay attention to the minutia In the 25 years we’ve been opening doors for our clients, we’ve become very proficient in hiring senior level sales talent. We’ve also learned a few things along the way. The people we hire are all U.S. based, business developers who love the part of sales most sellers hate—prospecting and landing the right meetings. At one point, we were interviewing candidates for a Door Opener® position for our company. There were two excellent candidates we were considering for an assignment. They both had similar skill sets and the same amount of experience, and both interviewed well. They both came to us by referral sources we trusted. How did we choose when everything looked so similar? We asked for samples of emails they had sent prospects from previous sales positions. One had clearly taken the time to research the prospect’s situation and wove what she learned into a short, concise email. Compelling language was used, specifying why a meeting would benefit the prospect. A clear CTA (call to action) included dates and times for a meeting. The other candidate’s email was very long and was not personalized for the prospect. It didn’t include an “ask.” Even worse, it used the phrase “squarely focused” (referring to her company’s area of concentration) twice. Can you guess who got the job? If the candidate wrote a poor email for someone else’s company, there is no reason to believe she would write a good one for my company. It’s important to note that the person who wrote the poor email can be trained to write a better email. Certain deficiencies are fixable. However, why would I hire someone who needed training when the other equally qualified person could hit the ground running? There are other areas of minutia you can drill into for better information as well. For example, many companies like to hire sellers who come with a “rolodex” (for those who don’t know the term rolodex, it means previously established relationships). Warning! Just because a candidate has a rolodex doesn’t mean it’s filled with the exact people you need to meet. I know many business leaders who have fallen into the trap of hiring someone who was well connected, only to find out the connections did nothing to move their businesses forward. Find out whether your candidate’s relationships will actually help with YOUR sale. One sales leader I know hired a seller who said she had connections within the exact companies my friend wanted to target. And, while it was true the seller did know people within those companies, she did not have connections with the people who were the right level. Worse, the people she did know were reluctant to introduce her to the more senior level people above them who were the actual decision makers. After six months of salary, benefits and no sales, my friend let this seller go. What can this leader do differently next time to avoid another mis-hire? Ask specific questions about the candidate’s connections. Here are a few examples of questions you can ask: Provide examples of names/titles/ companies of the people you know who will take meetings with you after you are hired. IhorL / xpixel / Jenov Jenovallen / Shutterstock.com 10 enterprising Women SALES & MARKETING by Caryn Kopp

CARYN KOPP is the Chief Door Opener at Kopp Consulting, whose Door Opener® Service helps clients get in the door for initial meetings with executive level decision makers. Her book, Biz Dev Done Right is an Amazon best seller. She also is the author of The Path to The Cash!® The Words You NEED to Bypass Those Darned Prospect Objections. She is a member of the Enterprising Women Advisory Board, a past recipient of the Enterprising Women of the Year Award and was named to the Enterprising Women Top 20 in 20 Years. Kopp Consulting is a 3x Inc 5000 winner and has been named Sales Outsourcing Provider of the Year. Reach her at www.koppconsultingusa.com. APCO WORLDWIDE PROUDLY SUPPORTS ENTERPRISING WOMEN FOR ITS COMMITMENT TO SUPPORTING WOMEN APCO IS CERTIFIED BY WBENC AS A MAJORITY WOMEN-OWNED BUSINESS apcoworldwide.com As a woman-founded business that today is the largest certified majority women-owned communications firm in the world, we know that the advancement of women in business is not only the right thing to do, it is a business imperative. 57%OF OUR GLOBAL LEADERSHIP TEAM POSITIONS ARE HELD BY WOMEN OF APCO’S WORLDWIDE OFFICES ARE LED BY WOMEN 1/2 How did these relationships begin – were they someone else’s relationships you inherited in your role or were they relationships you created from scratch? How often are you in contact with these people now (i.e. often socially, often within a business environment, talk a few times a year, once a year or haven’t talked in years)? Have you done work together or know each other from the industry? If I was to call a few of these people and ask if they would take meetings with you after you came on board, what would they say? Answers to these questions will help you determine the value of the candidate’s previously established relationships. Drilling into this level of minutia will help you uncover land mines and avoid the disappointment that is too common when hiring salespeople. For other areas of minutia or interview questions to use when hiring seller, please write us, www.koppconsultingusa.com. enterprising Women 11

FINANCE by Susan Michel Navigating personal and business priorities for long-term success As we approach the end of 2024, it is an excellent time to reflect on the complex decisions that impact business owners in the overlap of their personal and professional lives. In conversations with fellow entrepreneurs, I’ve noticed some common money-related questions that keep coming up. These questions show how challenging it can be to grow our businesses while caring for our personal money needs. Question #1: Should I prioritize funding my retirement or saving for my child’s education? This question has become increasingly pressing for many parents, especially in light of recent studies showing a shift in savings priorities. It is hard to find the balance between giving to others and saving for your own future needs. We always say the greatest gift you can give your kids is to never have to ask them for money later in life. The shifting landscape of savings priorities Recent research from Fidelity shows that there has been a significant change in how families are allocating their resources. In fact, for only the second time in the study’s 17-year history, parents now prioritize saving for their child’s education (73%) over saving for retirement (62%). This change highlights parents’ concerns about rising education costs and their desire to secure their children’s futures. But it also raises an important question: As parents, are we compromising our financial security in our later years? The importance of having a plan One statistic stands out: over one-third of parents (36%) do not have a financial plan to meet their goals. Just like in our businesses, planning is not just important; it’s crucial for our personal money. If we don’t plan well, we might not save enough for our own retirement or to help our kids with college. It does not necessarily have to be one or the other. If we plan ahead, we can help save for both important goals. Finding the right balance How do we balance these competing priorities? This is the key to successful financial management. There is no one way, as everyone’s situation will be unique to their situation, but these are some things to think about: 1. Secure your own oxygen mask first: Make sure you’re saving enough for retirement before putting money aside for your kids’ college. Remember, you can borrow for school, but not for your retirement! 2. U se tax-advantaged accounts: Max out retirement accounts like 401(k)s and IRAs before you start saving for education. This can save you on taxes and help your money grow faster. 3. Leverage 529 plans: 529 plan rules have changed, and you can use them for other expenses now. That’s why they’re becoming popular with more families. 4. Involve the whole family: Encourage grandparents and other family members to contribute to education savings as gifts. This can help increase savings without compromising your retirement goals. 5. Teach financial literacy: Talk to your children about college costs and savings. Not only will this help them understand money better and make smarter choices about their education, but they will also learn skills they will use long after college. Question #2: Where do I stand financially compared to my peers? Although comparing your finances to people in your age group can give you a clearer picture for planning purposes, it is also important to recognize that everyone has different needs. Depending on your Africa Studio / Shutterstock.com 12 enterprising Women

expenses, you may need more or less savings than someone else in your age group. As you can see by looking at the numbers below, there are wide ranges. The most important thing is to plan and save, even if it is just a small amount. Net worth comparisons The Washington Post recently published a calculator that allows Americans to compare their net worth to their peers. As of 2024, the average net worth of U.S. families is about $1.06 million, while the median is $192,700. You can see the wealth gap is continuing to expand when looking at the fact that about 8% of households have a negative net worth, while about 1 in 10 holds more than $2 million. These figures provide a reference point for your own financial position. Some ways to improve your own net worth might be the following: Make a plan to pay off debt. Credit card debt has continued to rise, and it is easy to get out of control. It is important to plan how to pay off debt so you do not hurt your long-term savings. Grow your money through smart investments: be focused on the long-term investments, not timing the market. Good diversification across your investments and low-cost investment options can help your portfolio grow regardless of the short-term market returns. Increase your income: as business owners, we tend to put everything back into the business. It is important to pay yourself and find ways to get money out of the business (into retirement plans) when possible. Be patient and consistent: the most important thing is to start today. Even a small investment amount can go a long way. The only bad decision would be to do nothing. With careful planning and the ability to adapt, we can save for retirement and help pay for our kids’ school while continuing to grow our companies. It’s not always easy, but by doing so, we can solidify a bright financial future for ourselves and our families. SUSAN MICHEL is the founder and CEO of Glen Eagle Advisors, LLC, an SEC-registered investment advisor located in New Jersey. Offering retirement planning to business owners and wealth management, the Glen Eagle team takes an educational, holistic approach to meeting their clients’ long-term goals. Susan is a member of the Enterprising Women Advisory Board and a past recipient of the Enterprising Women of the Year Award. enterprising Women 13

FINANCE by Marilyn J. Magett Six ways visionary CEOs can hinder financial success Visionary CEOs are known for their ability to think big, dream boldly, and inspire their teams with a clear vision of the future. Although these qualities are essential for driving growth, they can sometimes lead to challenges in the practical management of a business, particularly in the realm of finance. When visionary leaders become too focused on their dreams, they may inadvertently create obstacles for their Chief Financial Officer (CFO) and the financial stability of their company. To build a thriving business, it’s crucial to align visionary goals with solid financial practices. Below, we’ll explore six common ways visionary CEOs can unintentionally hinder their financial success and undermine their CFO’s ability to guide the company effectively. 1Seek your CFO’s input before spending While it may feel constricting to get approval for financial decisions, it’s vital to involve your CFO in these choices. Your CFO has a comprehensive understanding of your company’s finances, including cash flow, obligations, and revenue allocation. If you spend money without consulting your CFO, you risk disrupting cash flow, missing payroll, or damaging your financial reputation. Collaborating with your CFO ensures that your spending decisions are aligned with your company’s financial health. 2Handle new receivables with care Securing a new deal is exciting, but relying on future payments from an untested client can be risky. Even if payment terms are clearly defined, there’s no guarantee that a new client will pay on time until they’ve proven their reliability. Overcommitting based on anticipated revenue from a new client can leave your business vulnerable to cash flow issues. Your CFO can help you manage these uncertainties by advising on when it’s safe to count on receivables. 3Honor lending agreements A CFO often plays a critical role in securing loans or investments for your company, using their network and reputation to get favorable terms. It’s essential that you, as the CEO, fulfill these obligations. Defaulting on loans can harm not only your business’s creditworthiness but also your CFO’s professional relationships, which can have long-term consequences. Work closely with your CFO to ensure that your repayment plans are realistic and adhered to. 4Ensure payroll Is protected Payroll is one of the most fundamental aspects of running a business, and it’s imperative that funds are available when payroll is processed. If your account lacks the necessary funds, payroll withdrawals can bounce, leading to delays in paying employees and potential penalties. Consistently failing to meet payroll obligations can result in more stringent terms from your payroll processor, creating additional cash flow challenges. Collaborate with Gorodenkoff / Shutterstock.com 14 enterprising Women

Start with WHY Learn how to attract your ideal clients Why-driven communications can lead to exponential growth and propel your business far beyond what you could imagine. info.advantages.net/free_why_evaluation Want to know more? Take our complimentary WHY evaluation and see how your brand stacks up. You will receive valuable insights to improve your communications. advantages.net | 718.820.0688 Fran Biderman-Gross Strategista your CFO to ensure that funds are always in place when needed. 5Don’t spend money on deals that aren’t finalized While visualizing success and maintaining a positive attitude are important, it’s essential not to let enthusiasm lead to premature financial decisions. Spending money on deals that haven’t been finalized—before contracts are signed and deposits are received— can be a recipe for disaster. Your CFO can help you stay grounded and ensure that your spending aligns with actual, not potential, revenue. 6Hire strategically, but prudently Scaling a business often involves expanding your team, sometimes even before the need is fully realized. Hiring early can allow time for proper training and motivate your sales team, but hiring too many people too soon can strain your finances. A bloated payroll can quickly become a burden if revenue doesn’t keep pace. Your CFO can provide valuable insights into the right timing for hiring, helping you grow your team in a financially sustainable way. Balance your visionary drive As a visionary CEO, your role is to inspire and lead your company toward its full potential. However, it’s essential to balance your visionary drive with practical financial management. By avoiding the common pitfalls outlined above—such as spending without approval, relying on untested receivables, neglecting lending agreements, mishandling payroll, prematurely spending on deals, and over-hiring—you can prevent financial missteps that could undermine your company’s success. Your CFO is more than just a financial gatekeeper; they are a strategic partner in your company’s growth. By working closely with your CFO and aligning your visionary goals with sound financial practices, you can ensure that your company not only survives but thrives in the long run. MARILYN J. MAGETT is the CEO and founder of Evolve CFO Services, which provides Chief Financial Officer (CFO) services to growthfocused women-owned businesses. Contact her at mjmagett@evolvecfoservices. com or schedule a consultation. Marilyn is a member of the Enterprising Women Advisory Board and a past recipient of the Enterprising Women of the Year Award. enterprising Women 15

FINANCE by Victoria Woods Sunsetting Tax Laws: What Millionaires Need To Know As we approach the new year, it’s crucial for affluent households to stay informed about the upcoming sunsetting tax laws that could significantly impact your financial future. Knowing what is set to change will help ensure you are well-prepared to adjust and capitalize on opportunities that may arise. What Are Sunsetting Tax Laws? Sunsetting tax laws refer to provisions within the tax code that are set to expire or revert to previous regulations unless renewed by Congress. Many tax benefits that were enacted in the Tax Cuts and Jobs Act (TCJA) of 2017 will sunset on December 31, 2025. Assuming no legislation is approved to extend some or all of the TJCA, beginning January 1, 2026, tax rates for individuals and small businesses will increase, itemizing deductions on your tax return will likely be easier, and it will take far less net worth to trigger the dreaded estate tax. Key changes to anticipate in 2026 1. Individual income tax rates: The TCJA lowered tax rates across several income brackets, benefiting highincome earners. As these provisions sunset, the tax rates are expected to revert to pre-2018 levels. Additionally, income brackets will become more compressed. This means tax rates are going up and it will take less income to trigger higher tax rates. 2. Elimination of the Qualified Business Income (QBI) deduction: Currently, small business owners can deduct the first 20 percent of their annual revenue from taxation, meaning that only 80 percent is taxed. However, the QBI will expire at the end of 2025, subjecting 100 percent of small business income to taxation in 2026 and beyond. It’s interesting to note that the corporate tax rate that fell from 35 percent to 21 percent is not increasing. 2. Estate and gift tax exemptions: The exemption limit for estate and gift taxes has been significantly increased to more than $13 million per person. However, this is set to decrease by nearly half after 2025. For millionaire households, this could mean a higher tax burden on wealth transfer if proactive measures are not taken. 4. Standard deduction falls: The TCJA doubled the standard deduction for all tax filing statuses. The result is that far fewer households have been able to itemize deductions on their tax returns. Itemized deductions include mortgage interest, property taxes, charitable contributions, medical expenses, and interest on home equity loans and lines of credit. However, beginning in 2026, the standard deduction will fall by half, making it likelier that many more households will be able to take advantage of itemized deductions. BritCats Studio / Shutterstock.com 16 enterprising Women

The Talent Behind the Technology ECCO Select is proud to provide people, process and technology solutions to meet our clients’ needs. We are a talent acquisition and advisory consulting company, and the talent behind the technology. As a woman and minority-owned business, we honor those trailblazers who paved the way to allow us opportunities for success. ECCO Select - The Talent Behind the Technology WBE/MBE Certified | 888.567.ECCO | www.eccoselect.com 1601 Iron Street, Suite 200, Kansas City, MO 64116 Serving clients nationwide since 1995. The Right Talent at the Right Time IT SERVICES TALENT CONSULTING TRAINING JEANETTE HERNANDEZ PRENGER Founder & CEO, ECCO Select Strategies to Consider As the new year approaches, consider implementing these strategies to mitigate the impact of the sunsetting tax laws: ■ Tax-loss harvesting: If you have losing investments, consider selling them to offset gains elsewhere. This can help minimize your overall tax burden as the capital gains rates potentially rise. ■ Accelerating income: If possible, request that customers or clients pay for your services in advance. With rising tax rates beginning in 2026, taking income sooner might save you money in the long run. ■ Consider a Roth conversion: You can convert tax-deferred Traditional IRA funds into tax-free Roth IRA funds. The converted amount will be considered a taxable distribution in the year it happens. However, future distributions will be tax-free. You will have to pay the taxes on that money eventually. When would you rather pay it? While tax rates are lower or higher? ■ Gifting strategy: With estate tax exemptions potentially decreasing, now may be the time to gift assets to heirs. Consider utilizing the current exemption limits to pass wealth tax-efficiently. ■ Defer major business expenses: With the Qualified Business Income deduction expiring, more small business income will be subject to taxation. By waiting to make major business purchases until 2026 and beyond, you can create larger business deductions to offset the increase in taxable income. ■ Consult tax and wealth management professionals: Engaging with a professional tax and investment advisor will ensure that you are aligned with the latest regulations and can help tailor a holistic wealth management strategy suited to your financial goals. Navigating the complexities of sunsetting tax laws is essential for maintaining your wealth and optimizing your investment strategy. Being proactive and informed will empower you to make strategic financial decisions. VICTORIA WOODS is the Founder and CEO of ChappelWood Financial Services, a private wealth management firm based in Edmond, OK serving millionaires and business owners across the United States. Known as The Financial Diva, Victoria is the author and radio show host of It’s All About the $Money, Honey!, a sought-after speaker, and a member of the Enterprising Women Advisory Board. She can be reached at 405-348-0909 or Office@ChappelWood.com. enterprising Women 17

FINANCE by Laura K. Chiesman Sudden Wealth Inheritance Guilty Or Not Guilty? Some events in life have unexpected effects, and a seemingly positive occurrence may cause stressful and even negative impacts. Inheriting a large sum of money can be like that. It sounds good but is often riddled with conflicting emotions and unexpected challenges. Inherited wealth is increasingly at risk as it moves through the generations. Approximately 35% of inheritances are gone within two years, leaving the heirs back where they started or possibly even worse off. Even more startling, 70% of wealthy families lose their wealth by the second generation and 90% by the third, according to the Williams Group wealth consultancy. While there are many compelling stories about inherited wealth quickly lost through over-the-top spending and gifting, vulnerability to fraud, and bad business deals, the opposite reaction can also happen. Some heirs are frozen into inaction by anxiety as they feel disconnected from and reluctant to take control of the assets left to them. They feel uncertainty, fear, and often guilt about this new wealth. Sudden wealth is often short-lived. An abrupt increase in wealth can come from various sources: inheritance, divorce, death of a spouse resulting in life insurance and business liquidation proceeds, and, of course, the occasional much-publicized lottery win. Some of the roadblocks to moving forward and having peace of mind regarding inherited assets are: ■ Feelings of loss and grief. ■ Conflict with other heirs. ■ Isolation due to inability or fear of sharing this development with others. ■ Guilt over suddenly having unearned wealth. ■ Imposter syndrome – “Who am I to have all this, and what will I do with it?” ■ Sadness over the perception that those who left the wealth could have used these assets for a better quality of life. ■ Attachment to long-held, undiversified portfolio holdings, sometimes treating individual stock positions like a photo album. Since the death of a loved one is often the source of inherited wealth, grief is often a significant part of the process. Just as there are stages of grief, an inheritance can bring its own “stages of inheritance” to pass, as illustrated below and described by Ann Perry in her book, The Wise Inheritor. What’s the solution? Knowing what to expect and understanding that you may go through these emotional phases is a good start. In your own time, you can consider how this newfound wealth will impact your life and how it can support your goals and vision. These assets are now yours and have the potential to positively impact you and others. Envisioning this new future and designing a coordinated plan around your goals will be time well spent. Approach this journey with gratitude and excitement about new opportunities, allowing you to leave fear, guilt, and the resulting inaction behind. Estates commonly take months and sometimes years to settle, so you have time to pause, reflect, and get good advice. A first step is to consider meeting with a personal financial advisor whose goal is to help you make smart decisions and pursue your ideal future. LAURA CHIESMAN, CFP, CDFA, is managing director of Savant Wealth Management’s offices in Satellite Beach and Orlando, FL. She is a member of the Enterprising Women Advisory Board and a past recipient of the Enterprising Women of the Year Award. Contact Savant Wealth Management offices at (321) 773-7773 to schedule your complimentary initial consultation. Savant is a Registered Investment Advisor. Please see important disclosures at savantwealth.com Source: Ann Perry’s “The Wise Inheritor: A Guide to Managing, Investing, and Enjoying Your Inheritance” Emotional Stage Stages of Inheritance Stages of Grief Stage 1 Disbelief Denial Stage 2 Anger Anger Stage 3 Euphoria No Equivalent Stage 4 Guilt Bargaining Stage 5 Paralysis Depression Stage 6 Heirworthy Acceptance 4zevar / Shutterstock.com 18 enterprising Women

Bank of America, N.A., Member FDIC ©2024 Bank of America Corporation. All rights reserved. MAP6161919 | AD-11-23-0419 Ready for the next step on your journey? Great things can happen when you make every move matter. Building a business takes skill and determination. But it also helps to have a network of support. At Bank of America, we listen to your business goals and help you achieve them. With our financial expertise and your dedication, there’s nothing you can’t accomplish. Let’s take the next step together. Please take a moment to schedule an appointment with a Bank of America small business banker. To learn about the resources and support we offer women small business owners, or to make an appointment, scan or visit: bankofamerica.com/SBwomen.

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MANAGEMENT by Lacy Garcia Your Ultimate Guide To Financial Freedom: Owning Your Future With Confidence Every successful businesswoman, entrepreneur and industry leader understands the importance of financial literacy. Yet, amid the demands of running a business, leading a team or balancing family life, managing your personal finances and recognizing yourself as financially independent can often be overlooked and take a back seat. Owning your financial independence, regardless of your relationship status, is just as critical to your success as your professional achievements and deserves just as much attention as your career and family life. A Bank of America study reveals that 94% of women anticipate managing their finances independently at some point. Despite this, only 48% feel secure about their financial situation, and a mere 28% feel empowered to take action. Learning how to embrace your financial independence is the foundation for long-term success and can help you to confidently make informed decisions surrounding your finances and future goals. By following these simple and effective steps, you can gain control of your finances, strengthen your future, and create a path to even greater success! Get to know your finances & set goals The first step in your journey to financial independence is understanding your current financial situation. Ensure you are familiar with all of your assets and business expenses to better plan for your future and allow your finances to grow. Continuing to expand your financial literacy and understanding your personal finances can help you to make better informed decisions surrounding investments, tax strategies, retirement planning and more. By investing in your pathdoc / Shutterstock.com enterprising Women 21

MANAGEMENT personal financial knowledge, you are investing in your future. It is also crucial to establish goals, both personally and professionally. Examine your current situation and where you want to be. If you are in a relationship, you may be focused on working toward your shared goals together. However, it’s also important to identify your personal financial goals to establish your independence and prioritize what’s most important to you. Whether you want to scale your business, grow your family, or even make a career change, putting these goals into place will provide you with the motivation to determine the best course of action. Fostering transparency builds strong relationships No matter what your relationship status may be, it’s beneficial to ensure you have “the talk” - the “financial talk” to be more precise. Creating an open dialogue with your partner about money is essential and allows you to take part in every financial decision with confidence and keep your best interests in mind. Discuss your responsibilities and financial expectations together. Having these conversations with your partner or future partner not only builds a strong foundation for your relationship, but also your financial future and success. Maintaining financial independence can be achieved by taking on various responsibilities, such as keeping separate bank accounts or managing a personal savings fund. Even if one partner manages most of the household finances, it’s important to have an active role in financial decisions to ensure that both partners are informed and equally accountable. Advocating for yourself, both within your relationship and beyond, is crucial— it can help you stay prepared for whatever unexpected challenges life may bring. Seek specialized guidance: The role of a financial advisor One of the best ways to achieve financial independence is to build a support system around you through a trusted financial advisor relationship. Your financial situation may involve several different factors, including multiple income streams, real estate holdings, investments, retirement accounts, real estate, stock options and more. Through comprehensive financial planning and investment management services, which can include tax optimization strategies, specialized investment solutions, asset protection strategies, estate planning, and even philanthropic giving you can achieve your financial goals and maximize wealth preservation and peace of mind. Whether you are your family’s sole provider or you are learning to navigate 22 enterprising Women

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