Who is going to fill your shoes upon retirement?

Retail Angles
A Bi-Monthly
Newsletter for
Retail Alliance
Members
May/June 2014
Ed
u c a ti o n
Who is going to fill
your shoes upon
retirement?
Ad
vocacy
Be
n e fi t s
CONTENTS
2
3
3
4
The Corner Post
5
Photos: Retail to Retail
(R2R) Events
Welcome New Members
Legislative Update
Member Spotlight:
Mannino’s Italian Bistro
THE CORNER POST
Retirement planning takes time;
don’t delay!
Kylie Ross Sibert, our VP of Corporate
Communications, recently told me that she
was going to interview some of our members
on their retirement plans in preparation for an
article in this issue of Retail Angles.
Retirement is something we all need to be
aware of and plan for. Business owners need
to begin the process of planning a proper exit
strategy before they can sit back and enjoy what
is deservingly theirs.
6
7
Upcoming Events
8
Article: Retirement Takes
Time
Here is a couple of due diligence items from
Entrepreneur.com that need to be checked off
the preparation list:
10
Member Spotlight: Retro
Daddio
• Remember that, unlike retiring from the corporate world, the sale and profit
of your business may be vital to your retirement nest egg. With this thought
in mind, the sale of your business may take over a year to complete.
11
12
The Retail Breakfast Club
• Get a fair business valuation that is realistic from an outside objective source
that has experience in selling or evaluating firms in your category/industry.
14
16 Retailer of the Year
Member Spotlight: SkyOn
Lighting
Photos: The Retail
Breakfast Club Feb & March
Premier Partners
Ray Mattes, President/CEO
• Make sure all of your financial books are in order, previous year’s tax returns,
budgets, general ledgers, balance sheets including account receivable
ledgers, account payables and charge offs.
• Understand the true profitability of your business, make sure you have
supporting documentation that illustrates the profit margins and accurate
expenses.
• Consult with a financial advisor in order to accurately determine your
financial needs after your business is sold.
• Organize any legal paperwork, incorporation papers, permits, licensing,
agreements, leases, customer and vendor contracts, etc.
• Determine a manageable succession plan prior to selling that will not disrupt
the operation of the business.
Managing Editor:
Kylie Ross Sibert, Retail Alliance
• Be honest and transparent with a potential buyer, explain your reasoning
for selling.
Writer/Graphic Designer:
Kylie Ross Sibert
• Don’t let your business performance decline because of a potential purchase,
don’t assume that the business is sold until the contracts are signed. Don’t
give a potential buyer any unnecessary negotiating power.
Contributing Writers:
Ray Mattes, Kristin Lindsey, Kate
Baker
Printer:
Professional Printing Center
2 Retail Angles
Depending on where you fall in the boomer generation, don’t procrastinate. Get
your nest eggs in order as retirement is right around the corner. v
Ray
WELCOME NEW MEMBERS!
•
•
•
•
•
•
•
•
Anchor Financial Group
Hapax
Heritage Natural Market
Lindenmeyr Express
Nordstrom
Ocean Palm
Onyx Security
Pixie Treasures Celtic Shoppe
• Renaissance Portsmouth-Norfolk
Waterfront Hotel
• Security 101
• Stylynn Hair Salon LLC
• The Bagel Baker
• The Velvet Rocket
• Tidewater Architectural Millwork
• Xpress CPA PLLC
LEGISLATIVE UPDATE
A Baby is Coming, A Baby is Coming!
By Kate Baker, Director of Government Affairs, Retail Alliance
As many of you may already know, my husband and I are
expecting our first baby in early June. Therefore, I will be
on maternity leave during a portion of the time this issue
of Retail Angles is in circulation.
However, I wanted you to know that I will be leaving you
in wonderful hands. Margaret Ballard, who is a consultant
for Retail Alliance, will be on call for any Advocacy issues
during June and July, the time I am scheduled to be out of
the office.
As you all know, Margaret is my predecessor in this job
and she will take great care of all your needs. If you have
any questions or issues during this time, please contact
Margaret at [email protected] or (757) 4069431.
Also, be on the lookout for Advocacy updates in our
email newsletter. If you would like to receive our
e-newsletter, please contact Kristin Lindsey at klindsey@
retailalliance.com. You can also visit our website, www.
virginiaretailfederation.com.
I look forward to seeing everyone when I get back! v
Retail
RetailAngles
Angles 33
MEMBER
SPOTLIGHT
Mannino’s Italian Bistro, an upscale casual Italian
restaurant, first opened in May 2008 in Virginia Beach,
adding a second location in September 2009. A third, in
Olde Towne Portsmouth, opened in October 2012. A fourth
location, at the Virginia Beach oceanfront, is slated to open
in June 2014.
The father/son chef team of John Rosario & John Matthew
Mannino partnered with sommelier Daris Gavin to open
new “Olde World” Italian Bistros. The goal was to give
patrons great Italian food at a reasonable price point with
wine choices to match. The entire Mannino’s Italian Bistro
family works together with great passion and attention
to detail to ensure that our guests develop a sense of
home and comfort while enjoying their dining experience.
We take great pride in providing a delicious meal with
outstanding service, and we encourage our guests to share
their experiences with others. By being committed to
excellence, Mannino’s was able to expand and grow during
a recession that saw the country suffer many restaurant
closures.
In addition to the restaurants, Mannino’s offers corporate
and event catering, on premises and off, from DIY to full
service. We also offer several of our sauces and our fresh
house-made mozzarella at the Olde Towne Portsmouth
Farmers’ Market and East Beach (Norfolk) Farmers’
Fare, when they’re operating. Soon, in cooperation with
Ashburn Sauce Company to jar our marinara, pomodoro,
and alla vodka sauces, we’ll be offering them for retail sale
year ‘round.
Brews at Museum of Contemporary Art; March of Dimes
Star Chefs Best Taste and People’s Choice; and People’s
Choice for WHRO’s Strolling Supper twice. Mannino’s is
listed as the number one Italian restaurant in both Virginia
Beach and Portsmouth at tripadvisor.com.
Mannino’s Italian Bistro is very heavily involved in the
community, supporting Foodbank of Southeastern Virginia,
Wounded Warrior Project, Children’s Hospital of the King’s
Daughters, and many other local organizations, schools
and churches. We’re involved in running and tourism
communities, partnering with J&A Racing, and are a
Preferred Vendor with The Bridal Dish, as well as members
of Virginia Beach and Portsmouth Restaurant Associations,
and Retail Alliance.
Visit us at:
4402 Princess Anne Road, Virginia Beach, VA 23462
1608 Pleasure House Road, Virginia Beach, VA 23455
606 High Street, Portsmouth, VA 23704
3420 Atlantic Avenue, Virginia Beach, VA 23451 ~ coming
soon!
Information on current locations, hours of operation,
menus, events, and more can be found online at www.
manninositalianbistro.com and at https://www.facebook.
com/pages/Manninos-Italian-Bistro/109571392398689. v
Mannino’s Italian Bistro has excelled in the past six years
because of our insistence on high quality… and extensive
networking. Some of our accolades include Taste of
Hampton Roads’ Iron Chef and People’s Choice; East
Coast Crab Soup Classic (both People’s Choice and Judge’s
Choice); 24K Gold Winner, Hampton Roads/Coastal Virginia
Magazine; The Virginian-Pilot’s Best of Virginia Beach for
three years and Portsmouth one year; winner of Stews and
4 Retail Angles
PHOTOS FROM OUR R2R EVENTS
HiHo Silver in
Newport News
&
The Creative Wedge in
Virginia Beach
Retail
RetailAngles
Angles 55
UPCOMING EVENTS
To register for all events visit retailalliance.com/events
Book Your Tickets Now!
Retailer of the Year is on May 22
Retail 2 Retail
Networking Mixers
Tuesday, May 13, 2014
6:00 PM - 8:00 PM
Co-hosted by CLT Accounting and Bennie
Rea Designs
3526 George Washington Memorial Hwy
Suite B-2, Yorktown, VA 23693
Tuesday, June 10, 2014
6:00 PM - 8:00 PM
CarLotz
1447 S. Military Hwy
Chesapeake, VA 23320
Loss Prevention
Task Force
Occurs every Fourth Tuesday
11:45 AM - 1:00 PM including lunch
May 27, 2014
June 24, 2014
We host a different speaker
each month on topics such
as counterfeiting, disaster
preparedness, security,
gang awareness, vendor theft, store layout,
and so on.
Retail Alliance
838 Granby St
Norfolk, VA 23510
New Member
Munchies
Held quarterly for new and existing
members to get the most out of their
Retail Alliance membership.
Wednesday, July 16, 2014
11:30 AM - 1:00 PM
Retail Alliance
838 Granby St
Norfolk, VA 23510
The Retail
Breakfast Club
Thursday, June 26, 2014
7:30 AM - 9:30 AM
Holiday Inn Virginia Beach - Norfolk
5655 Greenwich Rd
Virginia Beach, VA 23462
Speaker: Rita McClenny, CEO of Virginia
Tourism
Topic: Forecast on tourism for the region
Networkin
g
Great sp
ea
Full buffe kers
t breakf
ast
the
Breakfast
Club
^
MEMBER SPOTLIGHT
SkyOn Lighting has been around since 1972, originally
as a home audio retail business, but now supplying
high quality LED light bulbs and fixtures for homes and
businesses. Owner DJ Taylor shares their experience.
1.
Describe your business and the products/services
you provide.
We provide high efficiency, long life lighting solutions for
commercial, residential, and light industrial applications.
Our LED lights use 80% less electricity than incandescent
lights, and are guaranteed not to burn out for 10 years.
Because of reduced electrical and maintenance costs, most
of our clients recoup their investment in less than one year.
Our LEDs also put out a light that is very close to natural
sunlight which makes products and office spaces look much
more natural and colorful. All of our LED light bulbs dim
with regular dimmers and work in standard fixtures.
2.
How many locations do you have?
Our main office is in the Oyster Point section of Newport
News, but we travel from Northern North Carolina to the
DC area.
3.
Have you always been in the lighting industry?
We started in the home audio retail business in 1972 which
grew in to custom installed home audio, video, security,
and automation. High end home automation grew into
lighting control and eventually, high quality LED light bulbs
and fixtures for homes and businesses.
4.
the value of our product. That understanding would have
helped us close some lost deals early on.
7.
What has been your greatest success as a business?
What do you attribute that to?
Our greatest success has been adapting to change. The
world of mid to high end consumer electronics changes
at lightning speed, and we have been able to remain
successful for 40+ years because we can change quickly
with the times.
8.
What is the best part about owning your own
business? What changes has it brought to your life?
Owning a small, local business provides the freedom to be
flexible with the changing times. We have seen many large
companies miss trends because they were caught up in
bureaucracy while trying to adapt.
9.
What are some of the challenges that you face?
Which were the easiest to overcome, which are you
still working on?
Finding good people is always a challenge. Over the years we
have been setback by poor human resource management.
However, we have learned not to move too quickly with any
personnel decisions. Having the right people in the right
places has enabled us to reach new heights and embrace
new technologies.
Why did you decide to change your offerings?
We decided to get into the high efficiency lighting business
because no one in our area was doing it well. Cheap,
unreliable bulbs are being sold at Big Box retailers, and
traditional lighting sales people are not embracing the most
modern technology. Being an established, locally owned
business, we saw a need that was not being met, so we
decided to fill that need.
5.
What was your biggest challenge when starting the
business? Why?
There is always a challenge in getting people to embrace
a new technology, especially a new technology that has a
higher upfront cost than the old technology. We are taking a
disposable good, an old fashioned light bulb, and replacing
it with a durable good, an LED bulb that will last at least 10
years. However, once we explain the true cost savings of
the LED lights we sell, the technology is almost universally
embraced.
6.
What do you wish you knew then, that you know
now?
The ability to explain cost savings and technical details in
simple language is key to helping customers understand
SkyOn Lighting
Owner: DJ Taylor
11830 Fishing Point Dr, Ste 215
Newport News, VA 23606
Ph: 757.223.1062
www.skyonlighting.com
10. What should others know about starting a business?
What advice can you give?
Always have a plan and a direction. Without wellestablished goals, and metrics for success, businesses can
get stuck spinning in circles wasting huge amounts of time
and money. v
Retail Angles 7
RETIREMENT TAKES TIME
Author: Kylie Ross Sibert, Vice President, Corporate Communications, Retail Alliance
Much has been written about the Baby Boomer
generation but one thing that we all know for
sure is that retirement is already underway or
imminent for many of them.
Retirement of this generation is going to have a major
impact on the economy, with widereaching implications.
An unprecedented proportion of those baby boomers are
business owners and many of them are without a transition
plan for their business.
For a lot of them, their wealth is tied up in a single asset
(their business), which is at the mercy of a slowly recovering
U.S. economy.
The coming upsurge in business sales will be driven by the
baby boomer generation getting to retirement age as well
as owners who were planning on exiting earlier but were
affected by the global financial crisis.
This may create a pent-up wave of business owners looking
to offload their biggest asset and free up their money for
use in retirement.
In addition, a lack of exit planning by business owners
could have serious consequences on their wealth; the
productivity, employment and even survival of their
business.
According to a representative from Hampton Roads
business brokerage, Sunbelt, the majority of business
owners he talks to do not have an exit strategy and also
have no idea how to sell their business.
“It can take up to a year to sell a business, depending on
the industry,” their rep told us in our interview.
“This gives the broker enough time to market the business
well. Planning needs to start two years prior to putting it
on the market,” he said.
“Consideration needs to be given to how the business
is setup,” he continued. He gave an example in the past
where the business owner had not separated the property
and the business.
They had never paid themselves rent and when it came to
amortization, mortgage, etc it impacted the sellability of
the business, and possibly resulted in the accounting being
short by $50-60k.
Brenda Tusing of The Royal Chocolate does not have issues
with property ownership, although the 10 year lease
of her store in Virginia Beach Town Center is certainly a
consideration in her plans for retirement.
Another major consideration for Brenda is her business
partner. Terry, being 10 years Brenda’s junior, hasn’t got
retirement on her radar as yet.
Brenda’s husband is retiring soon and, as more people
around her get out of the workforce, it’s been playing
more on her mind.
“I’ve been considering how many good years I have left
and what I want to do and how I want to live the rest of my
life,” Brenda said during her interview.
“I really want to do so many things in my retirement.
Beekeeping is something I’ve always been interested in,”
she continued.
“And I’d love to travel and do more gardening. But will it be
as satisfying as what I do now?
I love the feeling of ownership and I feel
like I need to have challenges and
excitement, which I still have at The
Royal Chocolate.
My philosophy is to keep going
until I don’t enjoy it anymore,
until that thrill is gone.”
“I’ve been fortunate to have
a business partner who has
8 Retail Angles
complementary skills to me, that I can communicate with
and who I have great respect for.
Families are our first priority. Having flexibility for things
like an extended vacation with my family and friends, or
for Terry to work part-time during summer, allows us both
to keep fresh, and refreshed,” Brenda said.
She also admits it allows her to postpone making decisions
just yet about retirement. “But if Terry doesn’t want the
business, we’ll have to look at selling it. But we both have
to be emotionally ready to do that.”
Pam Katrancha is a self-confessed planner. This serves her
well in managing her store, Garden Gazebo, in Pembroke
Mall as well as her 32 seasonal franchise operations for
Hickory Farms.
Although she likes to keep busy, there’s no way she can do
that without planning and always keeping an eye on what’s
ahead. That’s one reason why she shut down her Ghent
Garden Gazebo store after 10 years.
Having recently reached retirement age, Pam has no plans
to stop working completely but she does hope to slow
down enough to allow her more time to do other things.
“Closing my Ghent store has provided the freedom to
focus on setting new goals and the energy to put into two
projects that have been on the backburner for a while,”
said Pam.
“I feel like I have unfinished business. I’ve had a patent on
a product for 10 years that I want to start developing, plus
I also want to get our online store up and running.”
The two projects might seem like a lot but, in actuality, set
her up in the long term for ongoing income with reduced
labor input. “I’m simplifying things that will in fact make
more money but mean not working harder, but working
smarter,” she continued.
Pam has also been working on getting her employees at
her Pembroke store to be able to run it without her being
so involved.
to handle the closing of
a store, especially with
product liquidation,
relationships with
vendors, customers
and employees.
We
started
planning
8-9
months
prior
to shutting the
doors and with
our
‘grand
closing ’
close
out
prices, final
markdowns
and other
initiatives,
we
were
able to sell
everything as
planned.”
Another retailer
who is making
plans
towards
retirement is Tom
Kinerk, of Jeness Uniforms.
Initially, when thinking about retirement, he went through
three options. Liquidate? Pass to his children? Sell?
But then a fourth option came into play and became
the most viable choice for him. The same initiative Pam
is working on but taking it one step further…keeping the
business but giving the employees full responsibility.
Tom took a conscious step back from his business and
handed the reins over to his staff. “Apart from being a
mentor, strategic planner and occasional fireman, my 11
staff now completely run the two Jeness Uniform stores,”
he commented.
“I’d love to be able to hand it over to one or more of
them when the time comes to sell it,” she continued. “I’ve
always admired other people who have sold their business
to employees. Although I love my store, I wouldn’t mind if
someone bought it and wanted to make changes. I’d even
be happy if it was someone younger who wants to improve
what I’ve done. I could mentor them and be involved to
help educate and support them with orientation and
training for six months or so if they wanted.”
“But for that to happen, I spent a great deal of time
finding the right current or new employees who would
take ownership and buy into the concept, training them
for months on end and turning all my customers over to
them.“
“If I was to sell my store, I’d make an exit strategy. Obviously
leases are a big expense, and negotiating as early as
possible when you might want to end it, or renegotiating
for an annual renewal, which is what I’ve done with
Pembroke. Closing Ghent gave me great experience in how
Fortunately this model has worked well for him thus far
and allows him to take extensive amounts of time away
from the business to travel and enjoy semi-retirement.
He also changed his payment model to be based more on
pay for performance. As Tom put it, “If the business does
well, they do well. If the business shrinks, it impacts them
as well.”
...continued on page 15
Retail Angles 9
MEMBER SPOTLIGHT
Retro Daddio is
a fun, nostalgic
store
that
carries licensed
retro themed
merchandise
plus tons of
other cool stuff! We talked to owner Jen Thurman about
her experience.
1.
When was your business established?
The business was established as an online store in 2010 and
our physical location opened in New Town in Williamsburg
in October 2013.
2.
Describe your business and the products/services
you provide.
We are a nostalgia/fun stuff store! We carry licensed
themed merchandise featuring Elvis, Doctor Who, Marilyn
Monroe, Audrey Hepburn, Star Trek, Star Wars, Monty
Python, Wizard of Oz and tons more, plus magnets, concert
posters, greeting cards, books, steampunk items, etc.
Retro Daddio
Owner: Jen Thurman
5100 Main St, Williamsburg, VA 23188
Ph: 757-220-1876
www.shopretrodaddio.com
no matter how prepared you think you are, everything is
more expensive and takes more time, and things constantly
pop up that you never anticipated. You just have to go with
the flow and take things day by day or you’ll get super
frustrated.
7.
What are your current challenges and how do you
overcome these challenges?
Financing is currently the biggest challenge—my initial
investment came from selling my house in Las Vegas and
using the money to buy fixtures and put down the security
deposit for our lease. I’d like to expand our product lines
and am looking into some options.
8.
What has been your greatest success as a retailer?
I consider it a success every single day when a customer
tells me “I love your store!”
9.
What are your future goals for the business?
Future goals include adding a part time employee and
expanding our offerings to draw new customers and keep
things exciting for our current (and awesome!) customers.
3.
How many locations do you have? Where are you
located?
We currently have one location in Williamsburg.
4.
What made you decide to start your own business?
I opened the business because I was working two jobs and
finishing my college degree and almost never got to spend
time with my husband, Ralph.
Our plan was to start with the online store and eventually
move into a brick and mortar location that we could work in
together. I’ve known since I was ten or eleven that I wanted
to own my own business someday, but the type of business
that I wanted changed a few times over the years. Ralph
passed away in January 2012, so he wasn’t able to be here
to see the dream come to fruition, but I know that he’s
supporting me every step of the way.
11. What advice would you give to others who are
interested in starting their own retail business?
5.
What was your biggest challenge when starting the
business?
Letting people know we exist has been a huge challenge.
Because our shop is one of the first on Main St and the
parking directly in front of the store is handicapped parking,
I have customers every day that say they never knew we
were here. I think people are going by looking for a place
to park and don’t even see the shop. We’ve been trying to
get the word out through Facebook, Pinterest, ads in local
tourism magazines, etc, but word of mouth has been a
huge boost!
6.
What do you wish you knew then that you know now?
I think the biggest thing I wish I had known then was that
10 Retail Angles
10. What is the best part about owning your own
business?
The best thing about owning my own business is having
flexibility, autonomy, and the ability to start with a vision
and create a reality.
The best advice I could give is that if you have both the
passion and the opportunity, go for it. There are plenty of
people who have great ideas and could do awesome things,
but don’t have the resources. If you CAN do it, do it. If it
doesn’t work out in the end, at least you gave it a shot. No
regrets. v
the
Breakfast
Club
^
UPCOMING SPEAKERS
MAY 22: Retailer of the Year Event!
Come and “Raise Your Glass”
to Hampton Roads’ top
retailers. To be held at the
Wells Theatre in Norfolk on
the night of Thursday, May
22, 2014.
JUNE 26: Rita D. McClenny, President
and Chief Executive Officer, Virginia
Tourism Corporation
Topic: Forecast on tourism for the region
Rita D. McClenny serves as president
and CEO of the Virginia Tourism
Corporation, a state agency charged
with marketing the Commonwealth
as a premier travel destination and
film location. In this capacity, she
oversees the agency’s $24.5 million
annual budget and 117 employees.
Ms McClenny was born and raised in Southampton
County, VA and presently resides in the City of Richmond.
She received a Bachelor of Science degree in Economics
from Fisk University.
JULY 24: Erika Wendel, Partnership
Manager, SnapRetail
Topic: How to do a month’s worth of marketing in two
hours or less
Erika Wendel is the Partnership
Manager at SnapRetail and has
dedicated years to online marketing
and business development for retail,
the arts, and national consumer
brands. She has consulted over 200
independent store owners on email,
social media, and event marketing.
Date:
4th Thursday each month*
Time:
7:30 AM - 9:30 AM
Address: Alternates between Southside and
Peninsula:
JUNE: Holiday Inn Virginia Beach-Norfolk
Hotel & Conference Center, 5655
Greenwich Rd, Va Beach, VA 23462
JULY: Courtyard Marriott, 530 St Johns
Rd, Newport News, VA 23602
AUGUST: Holiday Inn Virginia BeachNorfolk Hotel & Conference Center, 5655
Greenwich Rd, Va Beach, VA 23462
Cost: $15 for members but Retail Alliance
Business Solutions (for-profit division
of Retail Alliance) is sponsoring the
breakfast for all members so it’s free for
June!
$35 for non-members
RSVP:
retailalliance.com/events
Sponsorship and exhibition space is available.
Enquiries contact Kristin Lindsey at (757) 455-9324
or [email protected].
Breakfast Sponsor
JUST CONFIRMED!
AUGUST 28: Aubrey L. Layne, Jr.,
Secretary of Transportation, Virginia
On November 22, 2013, GovernorElect Terry McAuliffe appointed
Aubrey
Layne
as
Secretary
of
Transportation
for
the
Commonwealth of Virginia. He was
sworn into office on January 12,
2014. Secretary Layne oversees seven
agencies with over 10,000 employees
and combined budgets of more than
$5 billion. Prior to his appointment, he represented
the Hampton Roads area on the Commonwealth
Transportation Board from 2009 until January 2014.
Retail Angles 11
HELD AT COURTYARD MARRIOTT, NEWPORT NEWS. SPEAKER: JAMES CLARY, HRPDC
THE RETAIL BREAKFAST CLUB - PHOTOS
FROM FEBRUARY AND MARCH 2014
12
12 Retail
RetailAngles
Angles
Retail Angles 9
HELD AT HOLIDAY INN VIRGINIA BEACH-NORFOLK. SPEAKER: DANIELLE AARONSON, LUCK INDUSTRIES
Retail Angles 13
6:30 PM-10:00 PM
The Wells Theatre
110 E. Tazewell St, Norfolk, VA 23510
Price: $45 per ticket. Nominees receive
a free ticket
Theme: Raise Your Glass
RETAILER OF THE YEAR AWARDS
The countdown is on for the seventh annual Retailer of
the Year awards. The judging is complete and we are
ready to recognize and honor the deserving winners in
the Hampton Roads region.
As we reflect on the past winners and also this year’s
nominees, it is clear that these retailers exemplify the
best of all of the retail community. We all strive to
learn from them about everything, including superior
customer service, community involvement, longevity,
marketing, visual merchandising and much, much more.
Each retailer that completes their full nomination
paperwork is judged by a panel of impartial retailers
and small business owners.
These judges are all business people themselves and
know what it takes to be successful as well as understand
the effort and sacrifices that you must make to start,
build and succeed in the retail industry.
On May 22nd, the months of planning and judging will
come to a head and culminate with the Retailer of the
Year ceremony.
This night is truly the ultimate networking event for
anyone in the retail industry. We plan on dressing up,
but letting our hair down as we recognize the individuals
and finalists and all of their amazing achievements.
As Retail Alliance is a non-profit, each year we rely on the
generous support of the retail and business community
to help support the holding of this event.
We have a wonderful group of sponsors and prize
package donors who contribute in a variety of ways to
make this event possible. This year we are so thrilled
to have the following sponsors on board: MacArthur
Center, Norfolk Department of Economic Development,
Wilcox & Savage, Willis Furniture Company, Philip
Michael Fashion for Men, Suburban Asset Management,
Way Back Yonder, Cavanaugh Nelson PLC, The Royal
Chocolate, Jake’s Place, Garden Gazebo, Bank @tlantec,
14 Retail Angles
Decorum, Shop Talk, Sky4TV, WWIP89.1FM, Southern
Bank, Quirks of Art, and The Tide 102.1FM.
We are still looking for sponsors to help cover the costs
of the event. If you are interested please contact Kristin
Lindsey at [email protected] or call 757-4559324. Sponsorship levels begin at only $100. We truly
appreciate your support.
Come and join us for a night of fun as we “Raise Our
Glass” to the retail community. This event is black tie
optional and we encourage you to dress to the nines for
a fun-filled night of celebration.
We have a variety of entertainment planned for the
evening – we will begin the night with Glen Boswick’s
Sounds of Swing Orchestra. During the awards ceremony
we will enjoy the comedic performances of The Pushers,
a local improv comedy group, who have planned a night
of laughs about what it is to live in Hampton Roads and
be in retail.
In addition we have Vanessa Coria of WVEC, who will be
hosting for the third year in a row. She has brought such
great energy to the event and is a wonderful host.
Part of the evening’s festivities will also include the
Iron Chef live auction to support the Foodbank of
Southeastern Virginia.
All of our finalists will receive one complimentary ticket
to attend the event during which the winner’s will be
announced. We invite the retailer to bring friends, family
and staff to share in the honor of being nominated (and
possibly winning!) the prestigious Retailer of the Year
award. Tickets for the event are $45 and will cover the
heavy hors d’oeuvres, entertainment, and music of the
event. Drinks will be available both from champagne
fountains or a cash bar. To RSVP for ROTY please visit:
retailalliance.com/events
We can’t wait to see you there!
Dan Ryan To Receive 2014 Lifetime
Achievement Award
Dan Ryan has been a fixture in Virginia Beach’s Hilltop area since he
opened his original location on May 13, 1976 after spending years
in men’s retail (and a few years outside the industry).
He has since become one of the area’s finest and respected men’s
retailers. While Mr. Ryan is modest about his success and what
makes him such a notable retailer, his influence has not been lost
on those around him.
He served as King Neptune in Virginia Beach in 2003, and has been
recognized many times over for his contributions to the community.
When asked what he attributes to his success he simply said, “Well,
we work awfully hard at it.” We agree and we can’t think of a better
reason to recognize Dan Ryan as the 2014 Lifetime Achievement
Award Winner. v
RETIREMENT TAKES TIME
continued from page 9
“I was able to take six months away from the stores last
year,” he said. “But you really have to know what you want
to do in retirement before you begin planning and also
how you are going to afford it. I was fortunate that I’ve
been able to stay involved on a part-time basis but still be
able to do things that I want to do such as travel.”
now? How much money do I
want to put into this and will
I make my money back?
If selling is the most viable option for a retailer, it can be
a tough task. The more attractive you make your business
the better.
Buyers usually need a loan
and if your financials look
attractive and there has
been a steady cash flow, the
financial institution will more
likely have a positive perception of your business.
But when you get ready to sell, ask yourself questions such
as: Do I really need to replace my computer or printer? Do
I really need to spend money on store improvements right
Any money you save or
don’t invest will go directly
to your bottom line.
The process of retirement and selling your business can be
one of the most stressful times in your life, so it’s important
to start planning in advance so you have control over the
situation.
Baby Boomers need to be prepared with the proper
documentation, financial planning and professional help
in order to make their exit and transition smooth. v
Retail Angles 15
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