Skip-A-Day XVIII was our biggest success ever. Mark your
calendars for Skip-A-Day XIX on Monday, May 19, 2003!
Secretaries don't create "heirs" they just "white
E. Dennis Zahrbock, CFP
of 1979 Business & Estate Advisers, Inc. experienced its
first relocation. We moved from Golden Valley (where Menards
now stands) to Wayzata. We shared office space with an attorney
friend named Joe Mannikko located in the First National Bank
Building (Anchor Bank now).
One of the
first orders of business was to hire a secretary. We were a
14-month old company and our initial assistant was employed
but a week, followed by our second for a year. We decided we
would run an ad in the local paper and see what we get! Several
available people applied but we finally decided to hire Cherie
Hillerns from Maple Plain, Minnesota.
So why did
we select Cherie? First of all her resume indicated she had
spent the vast majority of her working career in a small family
held business that had recently closed. She had proven loyalty
by staying to the end. Second, she had a great smile. And, third,
she had a "can do'' attitude in the interview.
first week on the job she stayed late nearly every day. Officing
with an attorney, I was pulled aside and advised that my new
employee may be setting me up for an "overtime'' claim
and I better do something about it!
week I visited with Cherie about my attorney friends concerns.
She was a bit taken back as she stated "my style is to
work until the work is done!'' I decided to trust what she said
and we began a twenty-three year relationship.
of typewriters was just ending and the age of computers was
just beginning. Cherie hung on to the old but by 1981 we both
succumbed to our first Apple II computer. From the Apple to
a DEC and finally to an IBM and the many IBM clones ever since.
The computer world was a challenge for both of us but we both
made it work by using a combination of the "old" and
with us every step of the way. She was involved in our move
from our nice corner suite on the third floor when Dennis Buhl's
firm needed our space. She was involved again in the fall of
1981 when we downsized after I accepted a fulltime position
with Alexander & Alexander. In 1983 when I resigned from
A & A, she was there to help us move to the new Wayzata
Bank & Trust Building. In 1986 she helped with the move
to the new Copeland & Buhl Building and finally in 1991
she helped us relocate to our own Business & Estate Building.
I guess this proves she wasa "mover" and a "shaker."
When I was
full time with A & A, Cherie ran the entire business for
those two years. When questions arose she'd check with me and
get the issues resolved. She was able to maintain our clients
for this two year period without missing a beat!
became half owner of Business & Estate in 1983 and Cherie
became the cornerstone of our staff. She was the company "memory''
(and Mom) and could always come up with a misplaced piece of
information. When we ran the ad in the Mpls Star Tribune with
the headlines: wholesale Life Insurance. ..there really isn't
such a thing, but at these rates you'd think there was!",
Cherie handled all the calls and set the appointments. I'd estimate
that she helped Steve and I sell over one hundred million of
Life Insurance in this process.
In the late
80's we were joined by a third owner, Robert Bjork and our staff
rose to eighteen. Cherie was our go-to, over-worked key person.
By the 90's technology, a long career and a husband's retirement
found it time for Cherie to make a graceful exit from Business
& Estate. She and husband Leo did our flowers in 92, 93
& 94 and our new property never looked better.
Leo spent the last half of the 90's enjoying their rural home
in Maple Plain, working in their yard and, of course, their
children and grandchildren. In the summer of 99, quite unexpectedly,
Leo passed away.
for the past twenty-three years I've given each of my staff
"cash'' as bonuses and I've always disguised the gifts.
For example, one year I had them all stuffed in Turkeys and
then frozen. Another time they were placed in the inside of
left over 2 x 4 ends and then I nailed a block of 2x4's into
the size of a present. In 1999, each of the staff had their
cash attached to the bottoms of sleighs that I had made. Since
Cherie had been so dear and special to our company, I always
brought her one of the gifts. Each December I'd make the trip
to her home and deliver the "what's he donna do next''
gift. She would not open them until Christmas and always appreciate
my way of hiding the dough!
I brought Cherie the sleigh with her name on it and the cash
attached to the bottom. She told me she had something for me
and she left the room. A few minutes later she returned with
an old Remington 20 Gauge Pump Shotgun. She said, army kids
aren't interested in hunting and I think this is something you
should haven't Wow, she had given me her father's gun! I've
since had the gun completely redone and use it every fall for
at least one hunt in honor of dear Cherie.
this past Spring I received a call at home one Friday saying
Cherie had been placed in a nursing home and they did not feel
she would live a long life. On that Saturday, Sue and I visited
Cherie and it was such a warm and caring event. I commented
to Sue that "they" were wrong and she'd likely be
around for quite awhile. Unfortunately, they were right and
Cherie died that
Tuesday. Sue and I attended the funeral and said our goodbyes.
A week or
two later Cherie's son stopped by the office and presented our
office with the sleigh with Cherie's name on it. This sleigh
now sits in our Conference Room as a memorial to our dear, dear
Secretary who has now been "whited out'' and past on her
life to her "heirs.'' We are so honored to be the heir
to her gun and her sleigh....we shall remember her always.
By E. Dennis Zahrbock, CFP
to our featured article and our loss of Cherie one of our dear
friends had the misfortune of losing their daughter Cara. Cara
had joined her father's financial services business and had
become very successful by the young age of 27. She had opened
an office in Florida and her, her husband, her father and her
mother were "business as normal'' one Friday morning in
April when suddenly they went into Cara's office and she lay
on the floor. She had suffered a valve problem in her heart
had died instantly. What a loss to have a friend go through.
Roger and Sigrid have been dear friends for over twenty years.
Our hearts and prayers go with them wherever they go.
of Work XVIII was a huge success. We had the biggest turn out
ever and had the best dinner of the year. For those of you that
have read our newsletter and have not attended you should make
a point of so doing! If, for some reason you are not invited,
that is an oversight on our part. Please call the office and
say you would like to come. It is held on the some day each
and every year. That's the Monday before Memorial Day which
will be May 19, 2003 Plan now for Skip-A-Day XIX...it'll be
a great day.
We are pleased
to have Jill Johnson join our staff as a Pension Assistant.
Jill, husband Tom, and children Laura and Martin reside in Minnetonka.
Regrettably, Jill is a Badger and Packer fan. Fortunately, she
brings some really good skills to our office and we are excited
about her future with our firm!
Everywhere, but not a drop to drink. That's the way it has been
at our Lake home in Cumberland this past year. In the past two
years our lake level has come up nearly 4-feet. We're a landlocked
lake, so no inlets and no outlets. lf anyone can find the "plug''
please pull it and drain things down a few feet!
Lori and Rachael enjoyed the "girls hunting trip'' during
the Labor Day weekend in Breckenridge Colorado. I guess fair
is fair! !!!
BULLETIN BOARD OF
Sarah and Dennis traveled to Nashville to attend the Seventy-Fifth
Meeting of the Million Dollar Round Table. It was great to meet
and visit with old friends. Dennis' good friend Richard Sullenger
is the incoming International President of this organization
of 20,000 plus financial advisors. Dennis was honored to deliver
a speech to 7,000 attendees.
Dennis and Sue attended a convention for GenAmerica which was
a Cruise to Alaska. Unfortunately, it was foggy nearly every
day so no spectacular sites were seen. It was really great to
spend a week with long time friends of the industry and to meet
new associates. Later in July, Dennis and Sue flew to Sandpoint,
Idaho with friends, Mark & Cookie Schadow to visit friends,
Cliff & Louise Otten. They had never heard of Sandpoint
and had no real idea of where it was...but they had a weekend
of enjoyment that will long be remembered.
Dennis and Sue were scheduled to attend a MetLife event in St.
Petersburg, Russia but a last minute decision was to enjoy the
beauty of our own lake home in Northern Wisconsin. We'd been
to St. Petersburg in the past and getting there and back would
have been a drain!
a trip to Toledo to speak to the members of The Savage Agency.
The Savage Agency is arguably one of the top Insurance and Financial
Services agencies in the nation. In honor of Dennis' speech
they presented a check for $500 to Interfaith Outreach, one
of Dennis' favorite charities.
made a trip to Madison where he was the keynote speaker to the
Sons of Norway International Convention. He was also the keynote
speaker at their Stavangar, Norway meeting two years ago.
Back to school - Alex in Grade 3, Laura In Grade 2, Miranda
in Grade 1, Martin in Kindergarten, Chloe, Lindsey and Addlson
Sue hosted a "get together'' for all of the "stranded
in Canada'' people from the 9/11/01 tragedy. This group of 16
people were all returning home from MetLife's convention in
France on that fatal morning.
Dennis will travel to MDRT headquarters in Chlcago for committee
responsibilities with the MDRT Foundation.
speaking on Balancing Work and Llfe at a Women In Networking
Sue leave for Chlna on October 13th for a two week trip with
friends Cliff & Louis Otten, George & Linda Steiner
and Gary & Martha Briggs.
& Estate Advlsers will be sponsonng Jules in the City of
Hope Walk for Breast Cancer! In honor of her aunt' s five year
in remission anniversary, Jules raised over $800!
Dennis and Sue head to New York for a long weekend with Jim
& Anne Eidsvold for a little "loft remodeling"
at the Gary Eidsvold residence Sarah & Darvin will go for
their annual R & R in Deadwood, South Dakota
Dennis and Sue hope to fit in a week at their Palm Springs abode.
Advisory Board Members
BOURGEOIS, President -
PRECISION AIR PRODUCTS
Q. How did you first become acquainted with Business &
Estate Advisers? They helped transition one, self-managed
profit sharing plan to Include 401(k) benefits plans In three
additional related companies.
your association, what has Business & Estate Advisers done
for you? Coordinated plans for four companies with related
ownership, while meeting Individual company goals.
in your opinion, makes Business & Estate Advisers different
from other financial services firms? Their ability to deal
with the unique personalities of small businesses
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please write us at 282 E. Wayzata Blvd, Wayzata, MN, 55391
Revised by Business & Estate Advisers, Inc. as an insert to
& Estate Adviser's
By: Sarah K.
Kaelberer, CFP, ChFC
I am asked "Where should I put my money?" This question
appears to come a little more often with recent markets. My
answer is always the same...It depends! So, on what does it
depend? Two key factors: 1) When do you need the money? 2) What
is your risk tolerance? Let's address each of these separately.
This is the length of time during which you can leave the money
invested. This is usually set based on when you need the money.
lf you are saving for a car you want to buy next summer, your
time horizon would be less than a year. If you are saving for
a down payment on a house, when do you plan to buy? If you are
saving for retirement, your time would be from now until your
desired retirement age. So the key here is not necessarily how
old you are, but rather when you plan to use the money. Goals
change, so it is important to evaluate this from time to time.
I often refer to this as your "Maalox factor." How
much volatility, or up and down swings in your account can you
handle before you reach for the Maalox? This is often determined
by questions such as what would you do if your account went
down below the amount you invested?'' "How would you feel
about sharp swings in account value? A number of investors in
the late 90's loved risk. In the late 90's, risk equaled reward.
Today some of those same investors are reevaluating their tolerance
as risk in the past 2 years has meant significant losses. Risk
tolerance too will change over time. It is important to evaluate
this as well. So, now that we understand these two pieces, what
else is there? Well, a second answer to "Where should I
put my money is "What kind of cake do you want?"
You see, investing is much like baking me here - this is really
relevant!) If you want cake and you want it now, when you go
to the store consider buying a Twinkie. In some cases it may
suffice as cake. Twinkies have been around for over 50 years,
they have never changed the recipe and they have a shelf like
of about 50 years! So, if you know you need cake now, you know
exactly what you will get if you buy a Twinkie.
If you want
a little better cake, you will need to buy a cake mix. (For
my analogy, let's pretend the grocery stores do
not have built in bakeries!) After you pick the box with the
prettiest picture on it, you buy it and go home. When you get
home, if you open the box and eat out of it - you would have
been better off buying a Twinkie! To get the cake pictured on
the box, you need to add eggs, oil and water and bake at 350
degrees for 35 minutes. If you only have 15 minutes you cannot
crank the oven to 450 degrees and expect to get a good cake.
Likewise, if you keep opening the oven every five minutes and
shifting the cake to see how it is baking, you will ruin it!
(If you don't believe this, you must not have gotten any holiday
cookies my 3 and 5 years olds and I did last year!) To get a
good cake, you need to have the right ingredients and you need
to let it bake. Then you will have cake that is better than
is just like this. You need to get the right mix of ingredients.
The ingredients for investing are cash, stocks, bonds, mutual
funds, real estate, etc. Based on the kind of return (cake)
you want and the time (bake time) you have, you and your advisor
can select the appropriate investments (ingredients).
the baking is in progress, if you feel a need to peek, leave
the oven door closed, turn on the light and look
through the window! Unless the kind of cake you want has changes.
avoid the temptation to shift the cake! Let it bake!
you need the money is not an important factor in investment
decisions. T F
horizon is based on your age. T F
is not considered an ingredient of investing. T F
you are not getting the investment return you want, move
your money frequently. T F
you finished reading this, you are hungry. T F
CORRECT ANSWERS WILL RECEIVE A PRIZE! PLEASE MAIL OR FAX
RESPONSES TO P.0. Box 679, WAYZATA, MN 55391 OR FAX (952)