EW_Winter22-23_LR

$5.00 Winter 2022 Edie Fraser & Kay Unger on how to build a lasting legacy How to steady yourself in a volatile market Exploring the mindset block that keeps many women-owned firms playing too small How to survive a technology disaster The power of leading with kindness Finding Your Purpose Patricia Marx leads 100+ year old Chicago-based New World Van Lines PLUS

■ - Diversity. Inclusion. Belonging. Diversity is embedded in our culture, practice and service. Championed by our leadership, diversity begins with representation and inclusion at all levels. Wells Fargo is committed to building opportunities that serve and drive a diverse culture. Together, we are striving to amplify the unique voices that strengthen and inspire our teams. Explore how our valued executives are using their expertise and vision to create positive change at wellsfargo.com/diversevoices 2021Wells Fargo Bank, N.A. All rights reserved.

2023 will be a banner year for the Enterprising Women Foundation The excitement is building for 2023 as the Enterprising Women Foundation prepares to host Young Enterprising Women Mentoring Forum events at cities across the U.S. and Canada. With most in-person events paused during the pandemic, we are excited to be able to present our signature mentoring events again at high schools this Spring, with forums scheduled for Nashville, Chicago, New York, Houston, Washington DC, Raleigh and a number of other cities. The Enterprising Women Foundation, with local chairs in each city, invites a panel of accomplished women CEOs to share advice and offer small group mentoring to high school girls predominated in under-served high schools where the need is greatest. Our primary focus is encouraging young women who are high achieving in math, science or technology to consider a career in one of the STEM fields, but to also consider a future path toward entrepreneurship (particularly in a STEM field). With the belief that “you can’t be what you can’t see,” we open doors to new opportunities for these young women and encourage them to think and dream big. For many, it will be the first time they have met a woman CEO and they will be inspired to hear how these women overcame obstacles, found mentors to guide them, and broke down barriers to enter fields that have been traditionally dominated by men. We award scholarships to many of these young women to attend our annual conference, where we have designed two days of leadership training, public speaking and self-confidence building, and offer panels on opportunities in the STEM fields and entrepreneurship. Each young woman is matched with three mentors with expertise in her field of interest. We expect to host our largest group ever of scholarship recipients at the 2023 Enterprising Women of the Year Awards Celebration & Conference, May 21-23 at the Wyndham Grand in Clearwater Beach, Florida. Nominations for our Class of 2023 Enterprising Women of the Year Award Winners is now open on our website at www. enterprisingwomen.com. The deadline to submit a nomination is Feb. 1, 2023. Consider submitting an award nomination and plan to join us in May in Florida, where you can also lend a hand with our Young Enterprising Women Mentoring Forum Program. To learn more about our Foundation’s work or volunteer to host an event in your city, visit us at www.enterprisingwomenfoundation.org. —Monica Smiley msmiley@enterprisingwomen.com Scholarship recipients in the Young Enterprising Women Mentoring Forum Program gathered with volunteers from the magazine’s Advisory Board at the 20th Annual Enterprising Women of the Year Awards Celebration & Conference in Florida in late October. enterprising Women 3 Monica S. Smiley FROM THE PUBLISHER

28 Finding Your Purpose: Patricia Marx leads New World Van Lines with the fourth generation now actively involved in running this 100+ year old Chicago-based family business. 31 Finding purpose by building your legacy with two women who live it every day—Edie Fraser and Kay Unger. 34 How this California winery owner found her why. 36 Dee Robinson found her purpose and realized that Courage was central to her life—so she authored a book to share her ‘Ten Commandments’ to moving past fear to find joy and fulfillment. enterprisingwomen.com Women THE VO I CE OF WOMEN ENTREPRENEURS Vol. 23, No. 4 2022 FEATURES DEPARTMENTS SALES AND MARKETING 14 Closing the deal when the buyer already has a contract from someone else in hand. 16 Inclusive marketing with diverse audiences strengthens your brand. MANAGEMENT AND LEADERSHIP 21 Has your company survived a disaster? Survival skills from the trenches. 24 How to build an effective thought leadership program to attract a top buyer. 26 Leading through change to scale and thrive. 4 enterprising Women

DEPARTMENTS 41 The new leadership model: Leading with kindness. 44 How to avoid these six intellectual properties ‘business killers’. HUMAN RESOURCES 18 Soft skills are the qualities most desired by business leaders. DIVERSITY & INCLUSION 48 How to build a diverse culture in months, not years. MENTORING 38 Asma Ishaq shares her thoughts on why it’s important to double down on peer support. FINANCE 8 How to steady yourself during a volatile market. 10 Be prepared to access the capital your business needs. GLOBAL VIEW 60 Ancient knowledge and new purpose: The symbolism of colors. PERSONAL GROWTH 65 Healthy life, healthy business: why maintaining your personal health should be a top business priority. 66 Is there a blueprint, road map or formula for writing a book? EDITOR & PUBLISHER Monica S. Smiley EDITORIAL DIRECTOR Carol L. Genee ASSOCIATE EDITOR Kathy Ann Moilanen PRODUCTION MANAGER Carley M. Dancer CONTRIBUTING WRITERS Susan Michel Marilyn Magett Caryn Kopp Jacqueline Hayes Kathleen Quinn Votaw Sandi Webster, PhD Julie Lilliston Deborah Garry Patricia Marx Edie Fraser Kay Unger Jill Osur Dee M. Robinson Asma Ishaq Rohini Anand, PhD Merilee Kern Dominique Shelton Leipzig Amber Lutz-Sherman Christy Sheehy-Bensinger Manishi Sagar Judi Sheppard Missett Leslie Atkins ART DIRECTION/DESIGN SPARK Publications EVENT CONSULTANTS Beth Blake Jamie Kopp DIRECTOR OF AUDIENCE DEVELOPMENT Austin Dancer 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 2022 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. Women SPOTLIGHTS 50 Amber Lutz-Sherman Lutz Plumbing, Inc. 52 Christy Sheehy-Bensinger C. Light Technologies 54 Maggie Gerth PROPS Luggage 57 Dominique Side Nikki Green and VgnBae Studios COLUMNS 3 Publisher’s Note 65 Healthy You 66 Endnote enterprising Women 5

Christy Alexander 5-Star Therapy www.5-startherapy.com Leslie Atkins LA Communications, LLC www.corporatestorytellers.com Sheri Apodaca Nearshore Technologies www.nearshoretechnologies.com Robin Bailey The Legacy Connection www.callerconnection.com Robert Bard Latina Style www.latinastyle.com Elin Barton White Knight Productions Inc. www.whiteknightpro.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 Jeska Brodbeck Be Light Consulting www.belightconsulting.com Barbara Brown 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 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 CESI Debt Solutions www.cesidebtsolutions.org Laura Chiesman FirstWave Financial www.firstwavefinancial.com Nicole Cober Cober, Johnson & Romney www.cjrlegal.com Jennifer Compton J&L Communications www.jandlcomms.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 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 Arianna Sholes Douglas Tula Wellness & Aesthetics www.tulawellnessmd.com Kathy Durfee TechHouse www.tech-house.com Jen Earle National Association of Women Business Owners www.nawbo.org Denise Evans IBM Corporation www.ibm.com 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 CEO, Women Business Collaborative www.wbcollaborative.org Anne Freedman Speak Out Inc. www.speakoutinc.com Joan Killian Gallagher Warden-Brooks, Ltd. www.wardenbrooks.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 Judith Goldkrand Wells Fargo Bank www.wellsfargo.com DeLisa Guerrier Guerrier Development www.guerrierdevelopment.com Sharon G. Hadary, PhD Sharon Hadary & Co. www.sharonhadary.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 Dee Hawkins A Better Answer Call Centers® www.abetteranswer.com Cynthia Hetherington Hetherington Group www.Hetheringtongroup.com Sonya Hopson HIRE Strategies LLC www.hire-strategies.com Sally Hughes Caster Connection www.casterconnection.com Kathleen Hunt Personalized Payroll Services, Inc. www.personalizedpayroll.com Barbara Hutchinson, MD, PhD Chesapeake Cardiac Care www.ccardiac.com Marina Ilari Terra Translations www.terratranslations.com Asma Ishaq Modere www.modere.com Debby Jackson Pivotal Talent Search. LLC www.pivotaltalentsearch.com Marilyn Johnson MarilynjSpeaks.com www.marilynjspeaks.com Kelley Keller The Keller Law Firm, LLC www.kkbrlaw.com Jill Kerrigan JAK Creative Design www.jakcd.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 Nishidha Kumaresan Pioneer Technologies www.pioneertechinc.com Cathy Light Lideranca Group Inc. www.liderancagroup.com Julie Lilliston Julie Lilliston Communications www.julielilliston.com Kimberly Lineberger Lineberger Construction Inc. / Carolina Construction School www.lci-lineberger.com Virginia Littlejohn Quantum Leaps, Inc. www.quantumleapsinc.org Julie Lopez Dr. Julie Lopez, LLC www.drjulielopez.com Renee Pepys Lowe RPL + Associates www.rplassociates.com 6 enterprising Women

Amber Lutz-Sherman Lutz Plumbing, Inc. www.lutzplumbing.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 Karen Maples Myutiq www.myutiq.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.nwvl.com 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 Amy Millman Springboard Enterprises www.springboardenterprises.org 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 The Institute for Economic Empowerment of Women www.ieew.org Phyllis Newhouse Xtreme Solutions, Inc. www.xtremesolutions-inc.com Marlene Morrison Nicholls Stewart Morrison Insurance www.stewartmorrison.ca Dr. Nkem Okeke Medicalincs www.medicalincs.com Kathie Okun The Okun Financial Group, Inc. www.theokungroup.com Kris Oswold United Parcel Service www.ups.com Jill Osur Teneral Cellars www.teneralcellars.com 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 Carrie Peele Mako Documents www.makodocs.com Silvia Pencak WBE Canada www.wbecanada.org Iris Phillips Grace Federal Solutions, LLC www.gracefederalsolutions.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 Kathleen Quinn Votaw TalenTrust www.talentrust.com Adonica Randall Abaxent LLC www.abaxent-global.com Marti Reeder Edge Solutions & Consulting, Inc. www.edgesolutionsinc.net Sharon W. Reynolds DevMar Products, LLC www.devmarproducts.com Keisha A. Rivers The Kars Group LTD www.karsgroup.com Dee Robinson Robinson Hill, Inc. www.robinsonhillusa.com Helena Rodrigues AllBy www.allby.pt Lynthia Romney RomneyCom L.L.C. www.RomneyCom.com Manishi Sagar Kinderville Group www.kinderville.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 Minerva Serrano Activus Connect www.activusconnect.com Mary Ellen Sheehy Vistage www.vistage.com Ciemone Sheppard Ciemone Inc. www.ciemoneinc.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 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 Dr. Gulden Turktan 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.velez-ent.com Cristina Vicini The International Alliance of Women www.tiaw.org Jill Vitiello Forty1-Vitiello www.vtlo.com www.forty1.com Lucie Voves Church Hill Classics www.diplomaframe.com Andrea Wagner Berkshire Sterile Manufacturing www.berkshire.com Priscilla Wallace Wells Fargo www.wellsfargo.com Joanna Wasmuth Erase Poverty www.erasepoverty.org Candace Waterman Women Impacting Public Policy www.wipp.org Nancy Watt Nancy Watt Communications www.nancywattcomm.com Sandi Webster Sandi Webster LLC www.sandiwebster.com Thomasina H. Williams Sankofa Legacy Advisors www.SankofaLegacyAdvisors.com 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 Lynn Yanyo Jade Lending www.JadeLending.com Jessica Ye Jessica Ye & Company www.JessicaYe.com Tina Young Quality Compliance & Management www.QCMConsulting.com enterprising Women 7

Andrey_Popov / Shutterstock.com FINANCE by Susan Michel How To Steady Yourself During A Volatile Market 2022 has been an interesting year – and one that most investors would like to forget. The S&P 500 has now fallen for three straight quarters and has suffered its worst performance at this point in a year since 1931. One of the questions I am often asked is, “Are we heading into a recession?” I think it’s safe to say that the risk of a recession (assuming we are not already in one) is exponentially higher than it was a year ago. But how does market volatility affect you as an investor, and how can you keep your emotions in check and make decisions based on logic rather than emotion? Here are some tips to help you stay calm during this unsettling time: 1 Focus on what you can control. Stay calm, and don’t be influenced by negative feelings. If you’re saving for retirement or college for your children, don’t let short-term fluctuations get in the way of those long-term goals. 2 Stay informed - but don’t obsess. Keep up with what’s happening in the markets and businesses that interest you, but stressing over every move they make—whether up or down—won’t help you make better decisions in the long run. 3 Re-evaluate your risk profile. Know how much risk you’re willing to take before investing in a company or sector of the market. If you have a high tolerance for risk and are ready to accept some losses on occasion, then go ahead; otherwise, stick with safer investments until you feel more comfortable with taking risks again. The stock market is unpredictable, but there are ways you can use downturns to your advantage. ■ If you have a lower risk tolerance or a shorter time frame: This is a time to focus on dividend stocks. These stocks tend to be less volatile in these recessionary environments, and they Sources: Bloomberg: “Runaway Bear Market Blows Past Everything Meant to Slow It Down” A Wealth of Common Sense - “Navigating the Pain of Your First Bear Market” As an investor, it often pays to be an optimist, and history tells us that although we do not know when, good times will return. 8 enterprising Women

Learn more and donate at insightfulvisionaries.org Wellness • Arts • Entertainment The Insightful Visionaries Disabled/Disadvantaged Solopreneurs (DIS) program provides disableddisadvantaged persons with the tailored resources and information required to become successful business owners. Advocacy • Education • Entrepreneurship Make us your choice of charities Carolyn Marshall Covington CEO, Speaker, & Advocate Only if Given the Chance pay you “rent” (i.e., dividend income) for the opportunity to live in your portfolio. ■ If you have a higher risk tolerance or a longer time frame: The next several months may provide an opportunity to purchase quality companies at a discount. The average recession lasts roughly 13 months, with a market drop of around 36%. That indicates that we still have more downside to go, but as a longterm investor, you can use this as an opportunity to invest more money each time there is a significant drop. ■ Treasury Bonds: Last year, if you bought a 2-year US Treasury bond, you would have received an annual yield of 0.11%. Today (thanks to the Federal Reserve’s interest rate increases), the same 2-year treasury bond will give you an annual yield of over 4.0%. Typically, when the yield on treasuries rises, so does the yield you receive on the cash in your bank checking and savings accounts. However, banks still have such a high level of cash deposits from the pandemic that they don’t want to incentivize people to give them more. As a result, many investors I have worked with take advantage of our unique environment by taking the cash they do not need for their everyday expenses or an emergency fund and investing it in US treasuries. In this scenario, they can get above a 4% yield without taking a market risk since treasuries are backed by the US government. As an investor, it often pays to be an optimist, and history tells us that although we do not know when, good times will return. Remember, over the 50 years from 1970-2019, there have been 7 recessions, 10 bear markets, and 4 legitimate market crashes with losses of over 30% for the U.S. stock market. And yet, the S&P 500 has provided an average total return of 11.89% over that same time. So keep in mind that market volatility is normal, and it’s important to remember that time in the market is more important than timing the market. Susan Michel is the founder and CEO of Glen Eagle, an award-winning financial services firm based in Kingston, NJ. Offering retirement planning to business owners and wealth management, Glen Eagle takes an educational, holistic approach to meet its 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. She was recently named an Enterprising Women “Top 20 in 2020” Award Winner. enterprising Women 9

FINANCE by Marilyn Magett Be Prepared to Access the Capital Your Business Needs Women own 40 percent of U.S. businesses, yet the revenue from their firms makes up just two percent of the total revenue generated. What does this statistic reveal? Women-owned businesses tend to be small, and many aren’t growing rapidly. Growing a business typically requires financial investment – for example, into a marketing campaign, hiring salespeople, product development, new technology, and even business coaching and consulting. Yet many women business owners unconsciously limit their business growth by the way they choose to finance expansion. In this article, we’ll explore the mindset block that keeps many women business owners playing too small and what you can do now to get access to the capital your company needs to maximize its growth potential. Check Your Mindset One of the noticeable differences between male and female business owners is that men, as a whole, tend to be more comfortable with risk and debt. Many women business owners avoid taking out loans or even assuming credit card debt. For them, it’s often a point of pride that their businesses are debt-free. Instead, they fund business growth by reinvesting profits. But when you bootstrap growth by using only your profits, you limit the pace and scale of your business growth. Positioning your company for growth often requires a bigger investment than your profits allow. What often fuels fear of debt is a lack of financial planning—and a lack of understanding of the financial instruments available to your business. Which Type of Capital Is Right for You? There are many forms of capital available to fund business growth. Which is right for your situation depends on your business and industry, how rapidly you want to grow, and how prepared you are. Here are the most common options: ■ “Aunt Agnes’s Mattress” – loans from friends, relatives, and even yourself. ■ Line of credit – a preset limit that you can borrow against and pay back as you choose. ■ Asset-based lending – a loan or line of credit that’s secured by assets, typically your receivables. 9dream studio / Shutterstock.com 10 enterprising Women

■ Equipment loan – financing specifically for business equipment. ■ Long-term loan - a lump sum paid back over a specific time period, typically years. ■ Real estate secured loan - a loan that is secured by real estate you own. ■ Angel investors - individuals who provide capital, often to start-ups, in exchange for ownership equity or convertible debt (a loan that you repay with equity or stock). ■ Private equity - investment from a private equity fund that assumes an ownership interest in your company to generate a positive return for its investors over a number of years. ■ Venture capital - investment from a venture capital firm, which will play an active role in your company’s growth with the goal of generating a fast return on its investment. ■ Private investors – as with private equity funds, this type of investment typically requires giving up a substantial interest in your company. ■ Investment funds - pooling the resources of multiple individual investors, investment funds provide venture capital or long-term loans. Often, these investment funds are organized and headed by women specifically to support women-owned businesses. ■ Revenue-based lending – a loan where the payment is a percentage of revenue. Which Funding Is Right for You? As you consider which type of financing might be right for your business, ask yourself whether you want a partner. Some forms of lending require you to give up a percentage of ownership in exchange for financing. On a positive note, lenders who make this type of arrangement may have business expertise and knowledge that you don’t possess. If you don’t want a partner, stick to traditional forms of financing, such as a line of credit, long-term loan, asset-based loan, equipment financing, etc. You may also be able to structure a combination deal, where part of your financing is provided via a loan, with a smaller percentage being given as an equity deal. Also consider how quickly you want to grow – for example, what is your five-year goal? There is a tremendous difference in wanting to profitably grow your revenue by 50 percent vs. growing your business tenfold - or even 100X. Each scenario requires a different level of funding injection. Don’t Wait - Prepare Now Even if you don’t have an immediate need for financing, the time to get your financial house in order is now. Lenders want to know that you will be a good steward of their money. To prove this, you’ll need to: ■ Know and understand your numbers. Lenders will expect you to be able to enterprising Women 11

FINANCE Your goals are our goals. As a full-service, woman-owned marketing agency, we partner with our clients to reach their goals: to launch a brand, generate leads, grow market share, build profit, scale their business, or position it for sale. At BBG&G, our integrated marketing programs start with strategy and end with results. Our services include: Reach New Markets? Scale? Build Profitability? DEBORAH GARRY FOUNDER & CEO CERTIFIED WBE, WOSB, DBE (845) 615 - 9084 smartstrategies@bbggadv.com BBGGADV.com J BRANDING J MARKETING STRATEGY J LEAD GENERATION & ADVERTISING J E-MARKETING J DIGITAL MEDIA & SOCIAL J WEB DEVELOPMENT & SEO J CONTENT MARKETING J VIDEO Agile Marketing for Your Business Landscape. “Call me for a 1- on-1 consultation. There’s no obligation or cost for Enterprising Women subscribers.” answer questions about your financials and to understand the relationship among the various numbers on your financial statements. ■ Have a plan for growing your business. This means not only knowing what you’ll do to grow your revenue, but also understanding how every decision will impact all of your numbers. Take Your Accountant’s Advice with a Grain of Salt Your instinct may be to call your accountant for help with preparing your numbers and financial plan. A word of caution: Accountants tend to focus on minimizing taxes, which requires minimizing profits. But when you minimize profits, you become unbankable. To feel comfortable loaning you money, lenders want assurance and proof that your business is profitable. Your profits, after all, are how you’ll be able to pay off your loan. If your business is currently not profitable, the first thing you need to do is figure out how to turn around your business so that it does generate a profit. If you need funding to make this happen, consider pursuing financing via asset-based receivables. Chief Financial Officers (CFOs) are trained to think strategically. They use financial statements not only to diagnose what’s happening in your business today, but also to predict how the choices you make will impact your numbers in the future. Whether you hire a full-time CFO or work with a virtual fractional CFO, these strategic professionals can work in conjunction with your accountant to create a strategic financial plan, organize your financials so your business appeals to lenders, and manage the various financial tools needed to properly run your company’s finances. Marilyn J. Magett is the CEO and Founder of CRS Financial Management Solutions, which provides virtual CFO services to established 7-figure companies. By creating financial order out of chaos, she helps business owners maximize profits, manage cash flow, attract funding, and increase their companies’ value. Outside of the office, she enjoys reading, watching movies, and spending time with family in the two places they call home, San Diego and Jamaica. She is a member of the Enterprising Women Advisory Board. Learn more at www.evolvecfoservices.com. Even if you don’t have an immediate need for financing, the time to get your financial house in order is now. 12 enterprising Women

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SALES & MARKETING by Caryn Kopp I Already Have a Contract for That Golden Opportunity or Dead End? When business leaders or salespeople hear prospects say, “I already have a contract for that, thanks anyway,” they too often think there is no opportunity. They hang up, cross the prospect off the list, and never contact the prospect again. That’s a big mistake! They miss valuable opportunities when they do this. Think of what a contract is: It is a written, legal document covering specific products/services for a particular block of time. A contract usually exists when significant business volume warrants the creation of a formal document. You want in on that, right? The question is: how do you get in on the opportunity if there is already a contract? Here are a few ideas for you. 1Don’t give up if there’s no ink One strategy often overlooked is converting a prospect who decided to go with another vendor but who hasn’t signed the contract yet. In that situation, ask, “Has it already been signed or is it in the process of being signed?” If you hear that it is not yet signed, there is still an opportunity for you! Be prepared with solid reasons why moving forward with anyone else is not in the prospect’s best interest. 2 Find the gaps Look for opportunities outside the contract boundaries. You can provide ancillary products/services that don’t fall under the terms of the contract). Therefore, there is still opportunity here, even though it may not be for your core business offerings. Also, just because a contract exists with one department doesn’t mean that all the departments within your prospect’s company fall under the same constraints. Two high-value probing questions you can ask are: ■ What does the contract cover? ■ Who else in your company needs (fill in with what you sell) and is not part of the contract? When the time comes for contract renewal, being a current vendor will put you in a stronger position to compete for the bigger bucks. 3 Know the contract end date and dig deeper Contracts have a start date and an end date. Many contracts are one year in length. Companies will begin reviewing the contract for renewal at least three months before the termination date. If you connect with a prospect even three months after a contract was signed, you may only be six months away from the contract review period. If you want to be considered during the next review, you have some work to do. Find out who is on the decision-making team. Meet with each of these people to find out what is important to them. Stay in touch with relevant, high-value communications so you will be included when the time comes to review vendors. Here are a few more probing questions you can use: If you want to be considered during the next review, you have some work to do. Find out who is on the decisionmaking team. Meet with each of these people to find out what is important to them. Mangostar / Shutterstock.com 14 enterprising Women

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 ■ When is the contract review period? (It may be just around the corner; keep track!) ■ To whom do I need to introduce myself to be considered during the next contract review? ■ What is important to you in selecting a vendor? What is important to your boss? 4 Take over the current contract It happens, and you can do it, too! Consider this: Most contracts have a termination clause. Depending on whose lawyer wrote the agreement, the termination clause can be for cause or no cause. It can be with 90- or 30-days’ notice or no notice. Ask how happy the prospect is with the service they receive. Don’t assume that a signed contract means the prospect is satisfied. Several years ago, for example, three companies competed for a three-year, multi-million-dollar contract. One company won. Of the two companies not selected, one just stopped calling the prospect. That was a big mistake, and in a few sentences, you will see why. The remaining company called the decision maker every month to check-in. It took 20 seconds to make the call. He said, “How is everything going? How satisfied are you with the service you’re currently receiving?” By the end of the contract’s first year, the decision maker was no longer happy with the service she received from the chosen vendor. She tried to rectify the situation but concluded that it wasn’t going to improve. She exercised a 30-day termination clause. What do you think happened next? Did she go back to the marketplace with another RFP (Request for Proposal) to choose the next vendor? No! She just gave the multi-million-dollar contract to the guy who called her every month. When a prospect says there is already a contract, it is just the starting point for you. There is STILL opportunity! Roll up your sleeves and do the work: these dollars can be yours. 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 2020. Reach her at http://www.koppconsultingusa.com. enterprising Women 15

Inclusive Marketing: Engaging Diverse Audiences & Strengthening Your Brand Personalized marketing has transformed how brands engage with consumers. Marketers can use machine learning, behavioral data, automation and more to personalize the customer journey, delivering realtime marketing messages designed to drive conversions. But consumers are more than data points and have higher expectations of brands. Consumers want to see themselves and the intersectionality of their life experiences reflected in the content they consume, including advertising. Over 71% of people surveyed in a 2021 Facebook study say they expect brands to promote diversity and inclusion in their online advertising. Consumers will break up with a brand unwilling to do the work to be inclusive. They will spend their dollars in a different store, attend a different university, or work for another company and share their frustrations online. So how can brands be more inclusive? It starts by identifying opportunity zones. Build Diverse Marketing Teams Diverse teams bring fresh ideas and perspectives to an organization and a deeper understanding of the communities they are trying to reach. Bringing these voices and talents into the conversation adds authenticity, credibility, and objectivity to the creative process. Failure to do so increases the likelihood of missing the mark and alienating audiences. So look around the room at the people tasked with bringing an idea to market. Is there adequate representation present to ensure objectivity? If the answer is no, look for ways to diversify your talent pipeline, such as partnering with minority-serving institutions like historically black colleges and universities (HBCUs). Actively look for opportunities to work with diverse suppliers to augment your marketing team. But don’t just fan out bits and pieces of projects. Invite suppliers to the table to participate in brainstorming sessions and strategy talks. They may provide insights and context that may have been otherwise overlooked. Use Market Research To Guide Marketing Strategy Buying decisions are influenced by experiences, cultures, and traditions. It will be challenging for marketers to connect with buyers and convince them to purchase if they don’t understand how these factors influence consumers’ purchase decisions. Engage a qualified research partner to conduct market research to understand key audiences better. Honing in on quantitative and qualitative data (think surveys and focus groups) will build a comprehensive audience profile to guide marketing strategy, messaging, and creative. Increase Representation in Marketing Collateral Audiences are not monolithic. Even when targeting a specific demographic, nuances exist and should be considered during the strategy and creative process. Analyze the visuals, messaging, and word choice used in marketing collateral for red flags. Be sensitive to who’s included and who’s missing and the context in which those individuals appear. SALES & MARKETING by Jacqueline Hayes Sources: 1 Deloitte: Diversity, Equity, and Inclusion (DEI) across the consumer value chain - A North American perspective 2 2022 ThinkNow Diversity & Inclusion: Brands and Consumer Purchase Intent Report Nadya_Art / Shutterstock.com 16 enterprising Women

“Dee’s methods for success in all aspects of life are testimony that anything is possible when you put your mind to it. Mindy Grossman CEO, WW International “Values matter. Purpose matters. Visionmatters.The fact that Dee Robinson gets this is what makes Courage by Design such a masterpiece. Highly recommended. Jerry Greenfield Cofounder, Ben & Jerry’s “ Dee Robinson’s transparency on how courage manifested in her life will resonate both with seasoned leaders and those just beginning their journey. Leslie Anderson Global Head of Employee Tech Experience and US Chief Technology, Resiliency and Operations Officer for BMO Financial Group www.couragebydesign.com Grab your copies at: Get your free resources at: www.couragebydesign.com/downloads-material Robinson Hill, Inc. 207 E. Ohio Suite 331, Chicago, IL 60611 According to Getty Images, less than 1% of visuals feature pregnant women, LGBQ+ identities, or people with larger body types. Only 1% of visuals include a person with a disability. Often when women are presented in advertising, they are subjected to stereotypical roles associated with domestic life, while men are associated with business and leadership. In reality, women are business leaders and men do laundry, so being aware of stereotypes is critical to being inclusive. Many marketers fall prey to just checking the box. But checking the box fails to consider the intersectionality of how consumers live across various aspects of diversity, e.g., a Black millennial female who identifies as a person with a disability and comes from a bi-cultural family in the south. By understanding these constructs, marketers can avoid creating content that unintentionally perpetuates exclusionary and prejudicial practices. Get Executive Buy-In Inclusive marketing starts at the top. Diversity and inclusion must be prioritized by leadership and modeled throughout the organization. Otherwise, efforts will fall flat. So, make the business case for D&I. Studies show that diverse companies report higher “innovation” revenues in terms of new products than their non-diverse peers and nearly half of consumers are more inclined to buy from brands that value diversity and inclusion. Being inclusive is not only the right thing to do but also good for business. Next Steps Inclusive marketing is personalized marketing. It’s taking the time to get to know an audience beyond what they look like to how they live. Getting started, however, can be challenging, especially without guidance. Crayons & Marketers developed an inclusive marketing assessment to help organizations identify opportunities to improve inclusive marketing efforts. The assessment covers a range of areas, from the diversity of marketing teams to the accessibility of marketing assets. Marketers and small business owners don’t have to keep wondering if they’re being inclusive. The assessment provides a safe, judgment-free zone to find out. Jacqueline Hayes, MBA, PCM® is the Principal and Chief Marketing Strategist of Crayons & Marketers. She serves as Vice President of the Diversity, Equity, and Inclusion Committee for the American Marketing Association Nashville Chapter (AMA Nashville) and is an alumna of the Goldman Sachs 10,000 Small Business Program. Jacqueline is certified as a Digital Marketing Professional through the Digital Marketing Institute and Professional Certified Marketer® through the American Marketing Association. She is a previous recipient of the Enterprising Women of the Year Award. enterprising Women 17

HUMAN RESOURCES by Kathleen Quinn Votaw Building Faith – Making Change Every generation has survived something remarkable. Women leaders have rarely been properly recognized as a powerful force in both accomplishments and survival over the centuries. Today, the leadership value of our “soft skills” is finally being fully appreciated. And, not only appreciated, empathy and other soft skills are now the qualities most desired in business leaders. The realization has finally come that soft skills are essential in managing the continuous and tumultuous change that defines this generation—and it’s what younger generations demand from employers. Whether people work in the office, remotely, or a hybrid of the two, the best leaders realize that employees are shifting from a “work to live” to a “live to work” mentality and adjust their style accordingly. Because women tend to more easily shift to meeting employees where they are, we are a big step ahead in recruiting and retaining the talent needed to grow our businesses. Despite all this positivity, the statistics on women leaders still disappoint. Research by Zippia in fall, 2022, shows familiar numbers: women represent 58.4 percent of the U.S. workforce but hold just 35 percent of leadership positions and are only 8.8 percent of Fortune 500 CEOs. And yet, companies with women executives are 30 percent more likely to outperform other companies. We can move these numbers! (25 Women In Leadership Statistics [2022]: Facts On The Gender Gap In Corporate And Political Leadership – Zippia) Women leaders have long recognized that people bring their whole selves to work. We understand that we are not just hiring someone with a certain skill set; we are hiring a person who has a life outside of work. To succeed in addressing the range of traits, experiences, and needs each person brings with them, we need to lead with faith in our people, and copious amounts of love, trust, empathy, and kindness. This has come naturally to most women leaders and now it has become a necessity. This is the point in time for women leaders to model the characteristics needed for our people and our companies to thrive in environments of continuous change. Having faith in your employees involves creating a community of respect, trust, transparency, and a touch of fun. Sounds idealistic, but this is exactly what people are looking for from leaders. These soft skills may come naturally to you, but in order to help all boats rise, we offer several ways to intentionally incorporate faith into your workplace culture and model it for others to follow your lead: Lead with respect. Keep in mind that differences of opinion are not necessarily bad; they can shed light on pain points such as unfairness, or Women leaders have long recognized that people bring their whole selves to work. We understand that we are not just hiring someone with a certain skill set; we are hiring a person who has a life outside of work. PeopleImages.com - Yuri A / Shutterstock.com 18 enterprising Women

Trust. Technology. Transformative. www.ECCOSelect .com ECCO Select is a trusted technology leader providing transformative IT services and solutions to meet your most urgent business priorities and long-term strategic goals. As well as offering a host of specialized solutions, we help our clients fully gain their strategic advantage and realize their ultimate potential. • IT Consulting Services • Application & Software Development • Architecture • Data Management • Managed Services • Program Management • Rapid Deployment • Security • Systems Integration • IT Staffing & Professional Services ECCO Select provides people, process and technology solutions for our clients’ needs. We are the talent behind the technology. IT Services Consulting Talent Training • Software Development • BI, ML, AI • Cyber Security • Program/Project Mgmt • Support Transformations • IT Strategy • Business process analysis and improvements • Contract • Contract-to-hire • Permanent • System knowledge strategies and tools • Technical systems training The Talent Behind the Technology Kansas City, MO | Washington, D.C. | eccoselect.com policies that may need updating, and lead to innovation. Circle back to the need to lead together: Leadership based on mutual respect makes a better workplace and happier people within it. Communicate effectively. Always listen first, it’s the key to effective communication. Give people your undivided attention and the space they need to talk. Then listen patiently to understand what the true issues are, and don’t judge! Build trust. Trust is built when your words and actions consistently match, and people are empowered to make decisions and feel safe taking action. Trust should not have to wait to be earned; create an environment where you are comfortable offering it freely. Break the mold. Employees at all levels must deeply understand that we are stronger and need to lead together to meaningfully change the status quo. We’re all pioneers in creating the special and unique workplace cultures we need today and tomorrow. Make it fun. Treat employees as the human beings they are, not just a name on your payroll. Encourage everyone to fully participate and contribute to the team effort, getting creative in organizing new and inclusive experiences for both in-person and remote settings. The reason people leave is not about the money or the perks. It’s about whether you put your people first, clearing a path for them to succeed and staying out of their way. Now is a long-sought-after opportunity for women to change the statistics that again confirmwe’ve been held back as leaders. It begins with building faith and trust between you and your employees. When you dare to care about your people, they will choose to come work for you and stay. And when you share the value of your soft skills, everyone in every workplace benefit from a large dose of positive change. Having faith in your employees involves creating a community of respect, trust, transparency, and a touch of fun. Kathleen Quinn Votaw is founder and CEO of TalenTrust and a member of the Enterprising Women Advisory Board. Connect with her at kvotaw@talentrust.com or learn more at www.talentrust.com. enterprising Women 19

Has your company survived a disaster? We were a two-year-old company making boss moves by delivering projects for Fortune 500 companies. Ex-peers hired my business partner and me to strategize, execute and launch marketing campaigns for new products and services. We invested our time in growing the business by keeping expenses low. We could afford no mistakes. The Disaster of Technology Our project for a telecom company was analyzing data from a massive, aggregated database of information from all telecom companies. We needed a partner or two with expertise in information management and programming analytics. We reached out to a colleague with this expertise, “John,” and got a two-for-one price with his current business partner. Once we signed a contract to become business partners, he insisted we purchase a hard drive and store it at our office in Newark, NJ so the client would feel comfortable their data was secure. We thought getting a solution using the new “cloud” technology would be better but purchased the hard drive. During the project, I had to drive several times from Brooklyn to Newark at night because the system went down and had to be manually turned on. Our client was extremely happy with the direction of the project, and we were too far into the project to make any changes without impacting delivery timeframes. And then, it happened the night before our big readout! I got the usual “system is down” call. In Newark, the hard drive was silent – no humming sound. I had a sinking feeling in my stomach. Our business partner determined the hard drive was dead and we would need to cancel the critical morning meeting. I revealed that I was on a 30-day trial of a new-on-the-market cloud service that automatically backed up every hour, and during my previous late-night trips to Newark, installed it and the data should have been backed up online. I gave him the login info and he continued working. MANAGEMENT by Sandi Webster, PhD I got the usual “system is down” call. In Newark, the hard drive was silent – no humming sound. I had a sinking feeling in my stomach. TierneyMJ / Shutterstock.com enterprising Women 21

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