You Belong in Business

Michael Cohen, owner of niche insurance provider DBL Center in New York, didn’t predict the pandemic. But all the modernization and business planning he did beforehand, triggered by the death in 2017 of his father, the business’s founder, made him better prepared to face it. Cohen sits down with Lance Hennesay, advanced solutions director for Principal, and host Kyle Munson to talk through the finer points of business valuation, succession planning, and the tricky timing involved in deciding when to sell a business—especially in today’s more volatile economy.

Rachel Hunter, a florist and retailer in Longmont, Colorado, was a decade into her small business career when the pandemic hit. Faced with losing most of her events-based revenue, she didn’t play it safe—she invested in a calculated massive expansion of A Florae to fuel a new phase of growth. She adjusted her lines of business, tripled the size of her staff, and relocated—betting big on her ingenuity and 2021 revenue. In this episode Hunter talks through the steps of her small-business pivot with Mark West, national vice president of business solutions for Principal, and host Kyle Munson. The three of them also walk through the five guiding factors for a business pivot.  Timecodes and show notes: principal.com/youbelonginbusiness

Restaurants, the hardest-hit industry in the pandemic economy, are cultural hubs of business communities everywhere. Helping them survive in 2021 and beyond requires a mix of targeted federal relief, pivots to operations, and innovative partnerships. Apollo Woods, founder and CEO of OKC Black Eats, works with dozens of restaurants in Oklahoma City. He and Mark West, national vice president of business solutions at Principal®, join host Kyle Munson to talk through a full menu of options. (1.50) Quantifying the economic impact to restaurants. (7.00) Extra PPP help for restaurants. (9.29) Is this enough federal relief for restaurants? (13.00) How restaurants innovate in the pandemic. (15.50) Pivot pitfalls restaurants should avoid. (19.50) Restaurants are cultural hubs in business communities. (28.50) Seek innovation grants and other local support. (33.35) Which entrees are our podcast guests and host eager to order in a restaurant once they're vaccinated?  

The firehose of federal relief for businesses, the Paycheck Protection Program (PPP), was replenished for 2021 with nearly $300 billion and greater flexibility. How long your PPP loan period lasts, which expenses qualify, and tax implications are among many factors that were adjusted to help direct resources to some of the small businesses most in need. Lance Schoening, government relations director at Principal®, and Mark West, national vice president of business solutions at Principal, join host Kyle Munson to walk through the recent upgrades to PPP and other federal relief introduced by the Consolidated Appropriations Act, 2021. Covered in this conversation: (2:13) Simplified forgiveness for PPP loans of $150,000 and less (6:39) A more flexible PPP (8:22) More eligible PPP expenses (11:02) What about ‘second draw’ PPP? (14:00) Other 2021 federal relief changes (16:10) Retirement plan provisions (19:19) More federal relief for business in 2021?

Business owners have more than enough to handle with their daily workload, let alone the extra planning required to manage a successful business sale to a buyer who may be their own son or daughter. That’s why Steve Utsler—himself the son of a small business owner—specializes in business succession planning. In this episode, Utsler and two of his clients, the father-son duo of Chuck and Jason Gassmann of Bell Brothers heating and cooling in Des Moines, Iowa, join host Kyle Munson to walk through the practical steps of business succession—why to start early, common pitfalls to avoid, and how the family dynamic factors into the deal. (Steve Utsler is a Principal Life Insurance Co. and Principal National Life Ins. Co. Financial Representative and Principal Securities Registered Representative.)

About a year ago we spoke to our global economist, Bob Baur, and two business leaders from Urban Chestnut Brewing Co. in St. Louis about what it means to “recession-proof” your business. Can it be done? If so, how do you better prepare your workforce, supply chain, sales, and other areas of business? Then the pandemic hit. We shelved the recording. We pick up our conversation at the end of the year to compare earlier expectations with the reality of navigating the 2020 downturn—and what all this says to help businesses prepare better for 2021 and beyond. Baur and host Kyle Munson are joined by Urban Chestnut’s Jon Shine, partner and vice president of wholesale sales, and Michael Tessier, chief financial officer.  

The historic challenge and stress of the pandemic have made it imperative for business leaders to better support the mental health and well-being of employees. In this episode, Dr. Steve Pratt, senior medical director for Magellan Healthcare, and Jennifer Lollino, vice president of human resources for Ecos, join host Kyle Munson to share best practices for monitoring the well-being of a workforce and strategies—from simple conversational techniques for managers to a formal EAP, or employee assistance program—to offer employees the right support at the right time.

Your business may be at risk of a cyberattack—especially when the boom in remote work has scattered employees connecting to their company networks. Meg Anderson, vice president and chief information security officer for Principal, and Dave Nelson, founder and CEO of info security services firm Pratum, join host Kyle Munson to talk about what businesses can do to better protect themselves from the pervasive cyber threat—and when to call in the experts.

Business owners stymied over the process for Paycheck Protection Program loan forgiveness—or when Congress might offer more stimulus—also may wonder what they can do to be proactive now. Try some of these ideas before end-of-year to better situate your business for 2021. Mark West, national vice president of business solutions for Principal®, joins host Kyle Munson to talk through: (1) federal stimulus, (2) taxes, and (3) other business strategies.

The best time to get a business line of credit is when you don’t need it—but that’s not always possible. Here are some ideas for how to pursue credit now, featuring Ami Kassar, CEO of business loan advisory Multifunding. We're also joined by John Rusk, co-owner of New York City general contractor Rusk Renovations, and his chief business officer, Andrew Hatzenbuhler. 

A healthy work culture with employees who understand and support your mission can help make a business more competitive in a good economy—as well as buffer the stress and anxiety of your workforce during a crisis or economic downturn. This episode features Cassie Sampson, owner of East Village Spa in downtown Des Moines, Iowa, and Meg Burdick, human resources specialist and freight claims manager for Soniq Transportation and Warehouse in Kent, Washington, who share how they’ve relied on and adjusted their work culture during this pandemic. They’re joined by Amy Friedrich, president of U.S. Insurance Solutions for Principal®. 

Managing business cash flow can be tricky in a thriving economy, let alone in a year as volatile as this one. Many businesses are struggling to reduce their cash-burn rate during a downturn—if not cope with a complete shutdown. Some businesses must pay extra attention to taxes or other implications of shifting cash flow. This episode features two small business leaders in conversation about cash-flow challenges: Karen Henninger, chief financial officer of Henninger Media Services Inc. in Arlington, Virginia; and Lauren Stroope, office manager of Stroope Honey Farms in Pearland, Texas. They’re joined by Polina Engel, a business specialist for Principal®. 

Two drastically different businesses—a New York City bank and a Midwestern trucking franchise—talk about how the pandemic has inspired changes to their business models that may become a permanent part of operations. Javier Evans, executive vice president and chief human resources officer for Sterling National Bank in New York, and Kent Brown, president and co-owner of Nebraska Truck in Grand Island, Nebraska, explain their approach to remote work, hygiene, and other adjustments in this year of dramatic business disruption. They also share perspective on effective communication to help guide employees through change. Evans and Brown are joined by Polina Engel, advanced solutions director for Principal®.

The Paycheck Protection Program (PPP) Flexibility Act, signed into law in early June, gave businesses more time and better options for spending billions of dollars in federal relief. Many business owners now will have 24 weeks to spend their stimulus money—three times longer than the original eight-week window. In this episode, Lance Schoening, government relations director, and Mark West, national vice president of business solutions for Principal®, talk through the four major changes introduced by the PPP Flexibility Act and what they mean for businesses trying to maximize their loan forgiveness. Then look ahead to other factors that may affect federal relief for businesses throughout 2020. 

The unprecedented economic stimulus this year through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and similar federal programs has helped businesses maintain payroll and weather some of the effects of COVID-19. But business leaders also seek other timely and creative ideas to maintain cash flow in one of the most challenging business climates in decades. A recent Principal® webinar featured a conversation on cash-flow strategies for businesses with Lance Schoening, director of government relations for Principal; Mark West, national vice president of business solutions for Principal; and Kimberly Weisul, editor-at-large for Inc.com and Inc. Magazine.   You Belong in Business is a podcast from Principal dedicated to hard-working business leaders like you. We don’t just interview entrepreneurs. We place them into real conversations with business experts to talk about the challenges of growing and protecting what they’ve built.  These are authentic yet focused discussions that reveal hard-earned insights to help listeners like you work smarter in your own business. Hard work is embedded in the DNA of every business entrepreneur. And helping small businesses grow is in the DNA of Principal. We work with more than 140,000 small- and medium-size businesses nationwide.  When you subscribe to You Belong in Business, you’ll become part of this conversation, hearing practical solutions to help overcome the hurdles that you, like our guests, face every single day.   This podcast provides educational information only with the understanding that Principal® and its employees are not offering legal, accounting, investment or tax advice. Business owners should consult with their counsel or other advisors when making business decisions. Guests are not compensated for their appearance and Principal does not endorse the businesses of its guests. Some guests may own Principal products or use our services. Unless noted otherwise, none of our guests are affiliated with Principal, Des Moines Iowa.   Inc. Magazine and Inc.com not affiliates of any company of the Principal Financial Group. 1176591-052020

The popular Paycheck Protection Program (PPP) through the Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided hundreds of billions of dollars in emergency funds to businesses. Now business owners want to be sure they know how to properly spend their PPP money so that most of their loans are forgiven. PPP loan forgiveness was a popular topic in a recent Principal® webinar featuring Lance Schoening, director of government relations for Principal; Mark West, national vice president of business solutions for Principal; and Kimberly Weisul, editor-at-large for Inc.com and Inc. Magazine. The three of them in this episode share strategies and perspectives on PPP loan forgiveness.   You Belong in Business is a podcast from Principal dedicated to hard-working business leaders like you. We don’t just interview entrepreneurs. We place them into real conversations with business experts to talk about the challenges of growing and protecting what they’ve built.  These are authentic yet focused discussions that reveal hard-earned insights to help listeners like you work smarter in your own business. Hard work is embedded in the DNA of every business entrepreneur. And helping small businesses grow is in the DNA of Principal. We work with more than 140,000 small- and medium-size businesses nationwide.  When you subscribe to You Belong in Business, you’ll become part of this conversation, hearing practical solutions to help overcome the hurdles that you, like our guests, face every single day. This podcast provides educational information only with the understanding that Principal® and its employees are not offering legal, accounting, investment or tax advice. Business owners should consult with their counsel or other advisors when making business decisions. Guests are not compensated for their appearance and Principal does not endorse the businesses of its guests. Some guests may own Principal products or use our services. Unless noted otherwise, none of our guests are affiliated with Principal, Des Moines Iowa.   Inc. Magazine and Inc.com not affiliates of any company of the Principal Financial Group.  1176591-052020

You Belong in Business is a new podcast from Principal dedicated to hard-working small business leaders like you. We don’t just interview entrepreneurs. We place them into real conversations with business experts to talk about the challenges of growing and protecting what they’ve built.  These are authentic yet focused discussions that reveal hard-earned insights to help listeners like you work smarter in your own business. Hard work is embedded in the DNA of every business entrepreneur. And helping small businesses grow is in the DNA of Principal. We work with more than 160,000 businesses nationwide.  When you subscribe to You Belong in Business, you’ll become part of this conversation, hearing practical solutions to help overcome the hurdles that you, like our guests, face every single day. You Belong in Business—Challenges and solutions for growing companies: Please subscribe and be ready for the series debut later this year.