Video Transcript: Business sCOOP – Investment services and your business

The Business sCOOP – Investment services and your business 

Donnie Robicheau: Hi, I’m Donnie Robicheau with The Cooperative Bank of Cape Cod. Joining me today is my friend Bob Martin, investment executive from Cape Cod Financial Services. And this is the Business sCOOP. Bob, I’ve had a number of interactions with business clients. While I’m meeting with them some of the questions that come up are “how do I determine the value of my business?” What is one way we can at The Coop help clients determine just how valuable their business is?

Bob Martin: Well, we have access to a partner that has a program that does that. They use a couple of different companies to do that. There are some areas that you have to be within – doing half a million dollars’ worth of business and can’t be a tax-free company, things like that. But we have the tools. We bring someone in, they do a business evaluation, and at the end determine what their business is worth.

Robicheau: That’s great. Again, I have many clients who ask that and it’s just one other way in which we can help our clients. A lot of my small business clients don’t think they’re large enough to have an employee retirement plan in place. Can you tell me what retirement plan programs are available for small businesses here on Cape Cod?

Martin: Well, Donnie, there’s quite a few different programs that are available. Size does have a lot to do with it – number of employees, costs, things like that. You can go with a single K, if it’s a single person. To do that, a lot of it matters of how much they want to spend, how many employees, the depth of the program they want to do. So, yes there are a number of different programs that we can sit down and work with someone and find out what the most appropriate program is for them.

Robicheau: Great information, Bob. How about some of our companies that, let’s say, are zero to five employees. Do we have plans that will help them?

Martin: Yes, we have simple plans and step plans that you can use. Again all of them have a matter of how many employees and things like that, but we can sit down and customize a plan for those for those types of companies very easily.

Robicheau: One of the ways in which we can truly differentiate ourselves here on Cape Cod is to look for ways to help employers or owners of businesses retain their employees. Can you tell me how retirement plan programs can help our small business community, small business owners retain employees?

Martin: Well, you said the word retirement, and that is really the key to it. There are many options for that retirement. We offer programs to help them retain their clients. We often find that when employees are out there looking they have Company A and Company B. Company A has a retirement plan, all things being equal, they’re going to go with that company and thus retaining their employees. We also have other partners out there that help them, you know, run their business, do the other benefits for them because benefits always attract clients. If one company has it and one company doesn’t, they’re going to be attracted to the company that has the benefits.

Robicheau: Yeah, makes sense, Bob. And I know for a lot of my business clients there are challenges not only finding new employees but retaining them. So, I know retirement plans can help you know those challenges for our business owners.

Martin: We have a lot of different resources. We’ve mentioned business valuation, we mentioned retirement plans, ways to attract employees and keep them. We also have the ability to do some corporate cash management. And there’s some other tools we have out there based upon the client’s needs that we can bring. Some different resources to help them. We just need to ask the questions and find out what exactly they do need, what’s important to them a lot of them involve taxes and things like that.

Robicheau: I know personally how much you do for consumers here on Cape Cod. It’s great to know that you’re such a great resource for our business community as well. Meeting with an investment executive can often be an intimidating thing for our business clients. Can you tell me a little bit about your process and what our clients can expect sitting down with you?

Martin: Most important we have the first meeting, and it really is just getting to know the client, to see what their business is all about, to get to know them, to understand their values, looking at where they’ve been, where they are now, and what their goals are in the future. Those are the most important things to try to get a feel you know their risk parameters, their timeframe, things like that. So, the first meeting is really a get-to-get-to-know-you situation, and that’s what we end up doing. We have a conversation for a while and talk about those different things. Most important because everybody is customized, everybody has a different way of doing things, and that’s what we look to do in that first meeting. We are here to be a resource for our business clients, so if you just have a simple question on some lingo that you don’t understand, give us a call. We’re more than happy to help you. We’re here to be a resource for you. There’s a lot of information out there that people do and do not understand, but let us know. We’re here as a resource to help you and your questions and help you drive your business forward. So, that’s what we’re here to do more than happy to help you in any way we can.

Robicheau: Thank you, Bob, for joining us today, and thank you for watching the Business sCOOP brought to you by The Cooperative Bank of Cape Cod.