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 As residents of North Texas, we are proud to live in one of America's hotbeds of entrepreneurship. Being an independent wealth management team, we personally thrive on the challenges and rewards of owning our own business. This month's edition features entrepreneurship in all its glory, and we have some inspiring success stories to share.
We love to hear your feedback on our monthly e-letter. Let us know what you like, what you'd like more of, and what you'd change. Click here to shoot an email to our editor.
We hope everything is coming up roses for you this June. Don't forget Dad on June 19!
Michael & Tina
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Discover West Texas!
As wealth managers, we encourage a strong save-and-invest discipline for our clients. Surprisingly, we find many people who have actually saved enough to meet their life goals yet don't realize it! One of the joys of our approach to portfolio management is that we have the ability to guide clients about when it's OK to turn loose some cash and live a little.
High on the list of our clients' life lists is luxury travel, but you don't have to fly to an exotic destination to experience it. There's simply no better place to live large than in the sweeping vistas of West Texas. Our state is the home of some amazing elite hideaways for those looking to enjoy the best the world has to offer. June is a great month to visit before the killer summer heat arrives.
The epitome of the luxurious West Texas lifestyle has to be Cibolo Creek Ranch near Marfa. Since 1857, this 30,000-acre ranch has hosted CEOs, celebrities and movie stars. Set against the dramatic backdrop of the Davis Mountains, guests can hike, ride horses or take part in a backcountry Humvee wilderness tour. You can raft the Rio Grande or relax in the spa. People rave about the world-renowned Tex-Mex gourmet cuisine.
Close by is the renowned Lajitas Golf Resort and Spa. If you want all the dramatic West Texas scenery in a resort setting yet at a more affordable price, Lajitas is an outstanding choice. This resort is perfect for an active vacation--they have everything from ziplining to skeet shooting to championship golf.
If you are a cowboy on a budget but don't want to sacrifice quality, the Chisos Mountain Lodge in Big Bend National Park has surprisingly great reviews by travelers for the price. As the only hotel within the 800,000-acre park, rooms book up way in advance.
Good news and bad news for vacationers: the nearest airports are either Midland/Odessa or El Paso--a four-to-six hour drive from these resorts. This keeps the idle daytrippers away, yet makes it a challenge to get there. You won't be sorry you made the effort, though. The haunting West Texas landscape is like no other and lingers in your memory for a lifetime. |
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Ready to Live the American Dream?
 Toiling a lifetime in a corporate job ain't what it used to be, not since employers swapped out gold watches and job security for high stress and pink slips. America was built on the pluck and ingenuity of entrepreneurs. Now more than ever, the American Dream is being powered by people discovering new and creative ways to earn a living despite rough economic times.
While you can certainly earn a comfortable living in an executive job, entrepreneurship remains the surest way to claim and keep a personal fortune. At Tannery & Company, we work with a number of clients we call "middle-class millionaires" who have amassed a considerable net worth through an almost magical formula of grit, creativity, and discipline.
Most people harbor a secret idea for a business they'd love to start and run. The main reasons people are drawn to small business ownership include:
- Independence--probably the greatest draw in these days of high-stress corporate jobs. Nobody looks forward to working for "the man"--unless that happens to be yourself. You have great freedom to determine your own hours, goals, and tasks. Yet, this freedom comes with a good deal of responsibility. Most entrepreneurs work long hours, especially in the beginning, and often forfeit vacations, personal spending, and family time until they become established.
- Passion--many people start a business because they believe they can do something different and better than what's already in the marketplace. This is especially true for people in a specialty field that takes an unusual amount of skill or training. Yet passion won't carry the day unless you match it with solid business skills. Many passionate entrepreneurs want to spend all their time on their craft, and ignore the planning, sales and financial tasks it takes to be successful.
- Lifestyle--people often design a business to help sustain a certain lifestyle. Sometimes, one or more parents desire to stay home with the kids and corporate work doesn't allow much workplace flexibility. Or, a dedicated surfer might set up a board shop close to his or her favorite beach.
- Money--short of winning the lottery, the surest way to earn significant money is to start a business or work in an entrepreneurial environment inside a corporation where hard work is rewarded with significant cash. H. Ross Perot, for example, earned his multi-million stake to launch EDS by earning millions as an IBM computer salesman. He was happier at EDS!
What is your business dream? At Tannery & Company, we advise many business owners in sorting out business vs. personal finance issues. In the context of a comprehensive wealth management plan, we can also examine how to position yourself financially for a business launch of your own. See column (right) for links to entrepreneurial support websites.
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Entrepreneurial Snapshots
Below we feature three of our key clients who continue to inspire us with their entrepreneurial ingenuity and dedication.
 Nick Mallouf left his successful 25-year career as a financial services consultant to pursue his dream of being a professional photographer. When asked about his career change, Nick said, "One day it just hit me. If I was going to pour money into a career, it might as well be one I could enjoy. Now, people envy me. They see me as someone who has successfully broken out of the corporate rat race. Every day, I truly enjoy the creativity and the adventure in my work. Being successful in my field requires much more than being a competent artist. I still have to be a good businessman. Early on, I discovered the power of networking and one-on-one meetings with other business owners as the key to expanding my business." To see examples of his work, click here. FYI, last fall Nick took a portfolio of shots of our company we are using in all our current communications, including the great photo of at the top of this e-letter.
 Terri Jones, co-owner and founder of BC Incentives, loves the entrepreneurial lifestyle. "You can't beat the independence. You can work as hard as you want with unlimited income potential. I know I spent many 80-hour workweeks in the early years of my company, but now I have the luxury of backing off a bit and working anywhere I choose--as long as my laptop is handy." BC Incentives designs and develops employee incentive and recognition programs. One of their key clients, Mary Kay Cosmetics, recognized their superior level of customer service by awarding them the Top Supplier of the Year. "The key to success with us was building trust with our clientele. We spend time getting to know their business and goals. Anyone can order products from a catalog. We focus on making our clients' jobs easier by tailoring customized programs we know their employees will value." Terri also commented that a key business decision six years ago was to buy rather than lease a building to house their operation. "This way, we are creating a legacy rather than blowing money on rent." Visit Murray and Terri Jones's company website at www.bcincentives.com. Ray Harvey, Owner of Starlight Cleaning Service and Superior Landscapes, has always been an entrepreneur. He can't imagine what it must be like to work for somebody else! "After 28 years, I've finally earned the right to slow down a bit and have more room in my schedule, too." With two decades in the commercial cleaning business, commercial landscaping became a natural offshoot of his business. "People learned to trust us. Our business is built on solid relationships." His advice to budding entrepreneurs? "Be resilient! It's the single biggest factor in our success, and allowed us to reinvent our business and pricing model when the economy tanked a few years ago. I think humility is also a key factor. With the number of employees we have, mistakes do happen. Not often! But when they do, we meet right away with our clients to admit blame and do whatever it takes to make things right." As for marketing, his team does a lot of cold calling. "At the end of the day, though, most of our business comes from referrals from satisfied customers. We focus on superior customer care and followup." |
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As a valued client or friend of Tannery & Company Wealth Management, thank you for spending time with us today. If you have any financial issues or concerns, pick up the phone and give us a call. We are always happy to hear from you and welcome your referrals.
214.239.4700
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I have always found that my view of success has been iconoclastic: success to me is not about money or status or fame, its about finding a livelihood that brings me joy and self-sufficiency and a sense of contributing to the world.
- Anita Roddick,
founder of the
Body Shop
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Chrissy's Corner 
Tannery & Company is going green! Over the past few weeks, I've been calling all our clients to let you know you can "stop the insanity!" All your LPL Financial statements and transactions are available on-line. For most clients, this is faster, more convenient and more secure than keeping paper files. Plus, when you suspend home delivery of your statements, you save trees. What could be better? Call me, and I'll walk you through the process. 214-239-4700. Thanks! |
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Tina's Tip
Gifting for Graduates
Many of you know I love to select that perfect gift for someone special and then wrap it up in a distinctive package. When it comes to graduation gifts, people often become stumped. So, I thought I'd offer up a few of my tried-and-true gift ideas for grads.
- Container store gift certificates--college-bound or new college grads LOVE to shop in these stores and this is a gift bound to please. Of course, kids living in the boonies can always shop on-line. For really last-minute shopping, they offer instant eCards at their website.
- Books: I love Oh, the Places You'll Go by Dr. Suess or Katie Couric's brand-new book The Best Advice I Ever Got.
- Luggage--a great piece of luggage is always appreciated. You can buy upscale brands at bargain prices at Tuesday Morning or Marshall's.
- AAA Membership--for the special kids on your list. Great peace of mind for young people AND their parents.
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Key Websites for Entrepreneurs
The basic subscription to this innovative website is free. Find out how your entrepreneurial idea ranks in terms of viability, and put together a basic business plan.
A treasure trove of articles, blogs and ideas to support your new business.
A quirky but valuable website that gives advice, inspiration, and real-life examples of people who have escaped the corporate cube.
One of the most widely-read blogs, Seth dishes up a cornucopia of ideas to feed your entrepreneurial spirit.
This valuable site has indexed links to all topics of interest to startups and small business.
This link takes you to the IRS's list of downloadable free publications that small businesses will find useful. |
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Michael's Mission
My new favorite FREE IPAD app is ZITE:Intelligent Magazine. If you are always on the hunt for cutting edge news, this is the app for you! ZITE queues up magazine articles for you to skim based on your browsing preference. Cool! You can finetune the experience by voting thumbs up or down on recommended articles.
For busy professionals, this can save you a ton of time by getting you to the news you need now! You can select from one or more areas of interest, too--from gourmet cooking to fitness to finance, it's all there. Smart reading!
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What We're Reading
The E-Myth Revisited
This a MUST-READ book for entrepreneurs and everyone who dreams of launching a business. This book has been around since 1995 and revised 3 times, and its advice is as compelling as ever. It has been very helpful in building our practice over the years. |
NEW! Hijack Your Future
Visit the latest addition to our client communication portfolio, our financial blog Hijack Your Future.
Articles posted here you will not find anywhere else, and are not duplicated in our other communications.
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Event Calendar
Don't forget the most important event in June--FATHER'S DAY! Here are a few other notable events in our area:
Join Tina and other Richardson-area leaders to hear dynamic speaker Debbie Mrazek speak on Saying Yes to Sales!
Join Tina at this great event to raise awareness and funds for women's heart health.
If you've never visited this gem of a hotel on the seawall in Galveston, plan a trip soon!
Great bike ride and float
in the Texas Hill Country.
Join the cause to cure breast cancer.
Doesn't get better than this! On most Tuesdays and Thursday all summer, see great bands perform live on the shore of White Rock Lake. Bring a picnic! June concerts include Brave Combo and Emerald City.
June 19 Sunday--Father's Day
Best fireworks display in the DFW area!
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