FEBRUARY 2019 | VOLUME 1- ISSUE 12
Most Valuable Player in a Vast Media & Entertainment Empire
Meltzer
talks about fumbling the ball — and finding his stride.
Theme Section: All about Amazon. Grow your wins along with the e-commerce conglomerate Teenage Chef Eitan Bernath talks about how he garnered over a million followers New Column! Biz Brains: Which Billionaire Am I? Adaptive fitness equipment in the Tank Interest Rate Hysteria: What are the Feds up to now?
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US: $7.99 | CAN: $8.99 | EU: £6.99
Non-profit expert Cynthia Darrison on grants • The long and short of long and short copy
Fidelity Payment Services celebrates its move to a magnificent 20,000 square foot facility with a live BizTank show, produced by Joel Klein CPBC. Both companies share a mission of empowering entrepreneurs and are proud to help bring businesses to the next level. Select corporate partners and company agents will be joining us at the live BizTank show for an evening of entertaining business education, where entrepreneurs will pitch their business idea to panel of industry-leading investors.
FEBRUARY 13, 2019 To pitch your idea for the live BizTank show email us at: info@btankmoguls.com
CONTENT
6
Editorial
8
Inbox
10
Opinion
12
Guest Contributor
14
Biz Brains
16
News Roundup
18
Tech Time
20
Marketing Musings
24
Hot Off LinkedIn
26
Through the Magnifying Glass of a Banker
28
Budding Entrepreneur
80
Frank Talk: A Roundtable Discussion on Employee Issues
86
Biz Tools
88
Vision from the C-Suite
100
Bookmarked
103
Real Estate Pulse
128
Contributor Directory
166
Wow Moments
168
Giftorama
DAVE MELTZER: MOST VALUABLE PLAYER IN A VAST MEDIA & ENTERTAINMENT EMPIRE
Dave Meltzer
Barbara Finkelstein
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Sports marketing maven and one of Forbes "Top 10 Keynote Speakers" Dave Meltzer talks about fumMost bling theValuable ball — andPlayer finding his stride. in a Vast Media &
Entertainment Empire THEME SECTION: ALL ABOUT AMAZON
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Amazon is expected to Amazon is expected to drive 80% drive 80% of e-commerce ofgrowth e-commerce this year. This growth this year. collection of Amazon tips This collection of Amazon tips and andtricks tricks will help you be a be Sports marketing maven Davea Meltzer talksof to B-Tank will help you part that part ofabout thatfumbling win. the ball — and finding his stride
win.
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A SUREFIRE RECIPE FOR SUCCESS
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Where other 16-year-olds can be found chilling in the few minutes between classes Eitan Bernath uses his “spare” time in school to run his business. It is very likely the drive to utilize every moment, as well as the pride and joy in what he does that has helped Eitan garner over a million followers – and make it onto Instagram's home page.
BIZTANK
INTEREST RATE HYSTERIA
132
Ultimate Workout and Recovery
140
On Campus
142
Meet the Mogul
139
Recap
145
EXPERTS SPEAK
On December 19, the chair of the Federal Reserve, Jerome Powell, spooked the markets with his announcement that the Fed will be raising interest rates. What is the Federal Reserve? What interest rates did Powell hike? Why did he do it? How will this affect the economy? Read an in-depth look at the Federal Reserve System and what is in store for American economics.
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TRUSTED LEADER IN PROTECTING INTELLECTUAL PROPERTY RIGHTS SINCE 1953 Turn to Amster Rothstein & Ebenstein for legal expertise in:
Patents Trademarks Copyrights Litigation Amazon & eCommerce
Licensing
Our 35 attorneys, most of whom hold degrees in science and engineering, look forward to servicing your legal needs. MARK BERKOWITZ, ESQ. 212-336-8063 mberkowitz@arelaw.com TUVIA ROTBERG, ESQ. 212-336-8175 trotberg@arelaw.com
Amster Rothstein & Ebenstein LLP • 90 Park Avenue • New York, NY 10016 • www.arelaw.com
| FEBRUARY2019 6 | | B-TANK 32 B-TANK• FEBRUARY 2019
Dave Meltzer
Barbara Finkelstein
Most Valuable Player in a Vast Media & Entertainment Empire
Sports marketing maven Dave Meltzer talks to B-Tank about fumbling the ball — and finding his stride B-TANK SHVAT | 5779 ADAR• B-TANK 5779 | | 337
40 | B-TANK | FEBRUARY 2019
Amazon is expected to drive 80% of e-commerce growth this year. This collection of Amazon tips and tricks will help you be a part of that win.
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PERSONAL FINANCES
Interest Rate
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Hyst
steria
Jacob Halberstam
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BOOKMARKED The Business Book You Want to Read Naftali Tessler
Profit First
By: Mike Michalowicz
“
Profit First works because it doesnʼt try to fix you. You work hard, you have good ideas, you already give 110% to your business. Profit First is a system designed to work with who you already are. You donʼt need to be fixed; the system does.” —Mike Michalowicz
About Me Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine promises your business — no matter its nature or status — permanent profitability, starting from your very next deposit. The book shows you the difference between making money (income) and taking home money (profit), as well as how to do this through natural, actionable steps.
About the Author By his 35th birthday, Michalowicz had founded and sold two multimillion-dollar companies. Confident that he had the formula to success, he became an angel investor…and proceeded to lose his entire fortune. Driven to find better ways to grow healthy, strong companies, he started all over again. He realized that growing a business is the easy part; managing the growth is the hard part. Mike is a popular keynote speaker on innovative entrepreneurial topics and is also the author of The Toilet Paper Entrepreneur, The Pumpkin Plan, Surge, and Clockwork. 100 | B-TANK | FEBRUARY 2019
The Read Whom:
About:
J
J
Small business owners J Entrepreneurs J CEO J COO J CFO
When:
Early start-up phase J Struggling with cash flow J Striving to make more profit
The financial picture of your business J Business philosophy and structure
Audio:
Available
J
Publishing Date: 2014
Quick View Building and growing a business Financial peace in business J Establishing a healthy cash-flow rhythm J J
In Review You decided to go into business because you didnʼt want to be a slave to others. Most likely, you also believed you could make more money than anyone could pay you. Yet youʼre a slave to your own business; your boss even comes along with you on vacation. You think that if you can just work harder, longer, or better — if you can just hold out — something good will happen one day. In fact, many businesses survive month by month, deposit to deposit. That, in essence, equals failure. The number one reason businesses like this fail is lack of profitability — and lack of owner profitability. The system for profitability weʼve been using since the beginning of time (income – expenses = profit) doesnʼt always work. The solution? Itʼs simple: Take your profit first. How does this help? Itʼs all about natural human behavior. Think about how, on an airplane, the flight attendant urges you to put your own oxygen mask on first. In business, you have to do the same: You have to take care of yourself before you can fully show up to serve your business. Parkinsonʼs law is when work expands to fill the time available for its completion. This is why when weʼre given two weeks to do a project, it takes two weeks, and when weʼre given eight weeks to do the same project, it takes eight weeks. The same law applies to handling money in your business: with less money available, youʼre forcing frugality, creativity, innovation, and growth. Accordingly, the new formula is income – profit = expenses. You will only ratchet up as many expenses as you can afford. Then business will go from kinda-breaking-even to having an actual, hard, bottom-line profit.
A small, profitable business can be worth much more than a large business surviving on its top line.”
Hereʼs a glimpse at what the book offers: Natural Human Behavior
It is our natural human behavior to look at our current bank account and make decisions based on what we see there — even though we know (and are warned by our accountant) that we have to check the balance sheet and cash-flow statements. The Profit First principle doesnʼt try to change habits (which is nearly impossible to do); rather, it works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions.
Donʼt Use One Big Serving Tray to Eat Off; Set Up Lots of Small Plates
Sales and income are the big serving trays, but you canʼt eat from them. First distribute income to smaller plates, i.e., savings and checking accounts designated exclusively for monies such as owner profit, taxes, owner pay, operating expenses, etc. — and only then eat from B-TANK | ADAR 5779 | 101
BOOKMARKED
need training, train. When you would need some grace, give some grace. Wheninyou wouldtoexpect a the accounts youʼve decided advance withdraw reprimand, give one. from. The key here is to serve the healthy food and If you treat your employees with dignity, they’ll vegetables first. This means pre-allocating a percentrepay you with loyalty and motivation. So respect age of your for profit business them and go income out of your way toand please them.expenses and using only the operating expense account to is pay Unity, like so many other things in this book, bills. This ensures you have your expenses covered, seldom found in companies but is always found in get your salary onPeople time, keep your operating expenses great companies. don’t naturally unify; they must be led do take so. Unity be created in check, andtoeven homecan additional profitonly at the when the team not only knows the company cares end of each quarter. for them but when the team members care for each other. Take Action Here’s how you can amplify the success of your Once you open relevant accounts, start by implebusiness through recognition and inspiration: menting the Profit First system slowly — even if you holding employees accountable, coaching, leading, cheerleading, motivating, inspiring, and creating a
Expert Talk Expert
great work environment. All of the above will pay off with interest. put as little as 1% to the accounts. The point is to start the habit. If you were able to run your business Building a Business Bigger Yourself on $1,000, youʼll be able to run it on $990. Gradually, At some point as your business grows, you have to youʼlldelegating increase the amount to of others. money youʼre putting start decisions Delegation is into those accounts. Even if the profit by the end of of one of the most misunderstood and abused areas the quarter is minimal, youʼll be able to slowly build leadership. And when it’s done wrong, it actuallyit up to themore percentage youand wisha to out mess of your—busicreates work — lottake more for everyone involved. ness. When profit comes first, itʼs the focus — and itʼs Thisforgotten. book will show you how to properly delegate, never which allow you partner to focus on this growing your Find anwill accountability to do with; itʼs so business instead of concentrating on everyday simple — anyone can do it with you. If needed, there tasks. The key to that is to make sure you’re are Profit First advisors who can help you with setting surrounded by people who share your perspective up the process. on how the business should be run and that you trust to make decisions that are good for the business.
My TakeMy Take
People who talk business meabout can feel the First: passion “Like believe a business isn’t good “Not Dave, only isI Mike onethat of the most Hereʼs why I tell every business owner with I know Profit I have formula for leadership and helping natural others develop. unless it also does good — for its employees, innovative small-business authors Itʼs a super simple that acknowledges human I attribute a large part of that to this system book. partners, andhisthe A of our time, Profitcommunity First systemit serves.behaviors and helps business owners run passion their financial Dave taught me that the bad news is… “I am the business cannot have true success without also — simple to apply and impactful in efficiently and profitably. problem” and the good news is… “I am also having a soul. In this book, Dave shows us how to its results — can be the difference Still not sure if Profits First is for you? Ask yourself: the solution.” I can decide to grow. Grow my have both: great leaders who are also great people; between constantly walking the 1. Am I making a profit every month? abilities, my character, my education, and my great companies that are also great families. I plan financial tightrope or being predict2. Am I paying myself a consistent salary? capacity. on applying these lessons to my own small ably profitable. And a predictably 3. Do I have money to payImy taxes at thethis endbook of theso quarter/ The reason recommend highly is business — I only wish he’d written about them profitable business is not only less year? years ago. Entrepreneurs are needed in America because the author utilizes his real-life experience to stressful more gratifying, it allowsa big difference 4. Are my monthly expenses than mywork revenue? now moreand than ever — but there’s make people andmore businesses like a well-oiled you to focus on what really matters… 5. Am I living the life I dreamed of when I decided to start my between starting a company and leading one. And machine. there’s an even bigger difference between aown business? This book helped me be more productive in the serving your customers!” company that’s valuable and one that has values. workplace, build morale,then and with time —Bob Burg, named by the American If you answered no to any ofemployee these questions, Profitmy First But Dave has figured out the recipe to being management. I’m an employee, not an employer. Management Association as one of the is for you. both things at once, Leaders, and his lessons But,author as a leader within a large organization, found 30 Most Influential and byare invaluable. I like how the starts with why, goes onto how to fixI the In fact, my only complaint is that if he’d published this book to be very helpful. Richtopia as one of the Top 200 Most lack of cash flow, and then goes into detail about what to do, this a few years ago, he would’ve saved me a lot Influential Authors in the World. giving practical advice that can be implemented right away. of sleepless nights trying to figure this stuff out on Naftali Tessler is on the leadership team at Hamaspik of Kings my own.” County, an organization that provides community health and —Glenn Beck, New York Times Best-Seller author human services. He has a strong passion for leadership, is successful in creating an environment of team collaboration, and is very influential in motivating people to grow and become better Naftali Tessler is on the leadership team at Hamaspik of Kings County, an organization that provides community health and human services. He Naftali is also a very community activist advocating has a strong passion for leadership, is successful in creating an environment of leaders. team collaboration, and is influential in motivating peoplefor to the community and its people. grow and become better leaders. Naftali is also a community activist who advocates for the community and its people.
56 OCTOBER 2018 102 | |B-TANK B-TANK| |SEPTEMBER FEBRUARY -2019
Real Estate
PULSE News Tidbits
104
Real Estate Start-ups
106
Real Stakes in Real Estate
110
Case in Point
114
Construction Corner
120
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Contributor Directory Accounting
Construction
Eisenkraft CPA & Consulting Gary Eisenkraft
Hard Hat Presentations George Hedley
212-689-2655 eisenkraftcpa.com
949-633-2240 GH@HardhatPresentations.com www.HardhatPresentations.com
Accounting
Consulting
Wise CPA Group Samuel Wise Chicago, Illinois Samuel.wise@wisecpagroup.com
Amazon Marketing services Best Seller Listers Mac Schlesinger 1 intrernational blvd mahwah nj 07495 845-662-4827 info@bestsellerlisters.com bestsellerlisters.com
Amazon Sellers Services Amazon Sellers Group TG/ ASGTG Ed Rosenberg 2329 Nostrand Ave, Brooklyn, NY 11210 844-427-4844 sellersgrouptg@gmail.com asgtg.com
Business Consulting, Planning, Financials, and Graphic Designing
Bardos Business Breakthrough, LLC Isaac (Yitz) Bardos Boca Raton, FL and Worldwide 702-703-4097 Isaac@IsaacBardos.com IsaacBardos.com
Hamaspik of Kings County, Inc Naftali Tessler
Legal (Intellectual Property)
71 E. Eckerson Rd, Spring Valley, NY 10977 845-445-7300 efraim@mavensoftwaresolutions.com mavensoftwaresolutions.com
Amster Rothstein & Ebenstein LLP Mark Berkowitz
Digital Marketing
90 Park Avenue, New York, NY 10016 212-336-8063 mberkowitz@arelaw.com www.arelaw.com
Blue thread marketing Mordecai Holtz
Legal (Intellectual Property)
Yehuda 7, Elazar Israel 914-775-5541 Mordecai@bluethreadmarketing.com Bluethreadmarketing.com
E-commerce consulting
Cape Town, South Africa (2)783-282-4243 hendrik@bluecapeventures.com
Commercial Photography (Amazon and all other media)
Leadership
Maven Software Solutions Efraim Wachsman
7001 N Route 309, Suite 169 #240 , Coopersburg, PA 18036 810-252-6435 michael@envisicore.com www.envisicore.com
19 Oregon Ave Jackson NJ 08527 732-606-2882 Info@k2photo.net
14 N. Madison Avenue, #201 845-738-1661 ext. 200 lfreiman@itconinc.com www.itconinc.com
Custom Software & Websites
Blue Cape Ventures Hendrik Laubscher
K2 Photography Chaim Friedman
ItCon Leah Freiman
4102 14th Avenue 718-483-3752 NTessler@Hamaspikkings.org www.Hamaspikkings.org
Envisicore, LLC Michael Collischan
Commercial Photography (Amazon and all other media)
IT Consulting, Networking, Security, Management
Ecommerce Insurance Ashlin Hadden Insurance Ashlin Hadden 317-771-9185 ashlin@ashlinhaddeninsurance.com www.ecom.insure
Entrepeneur Aron Kaufman ari kaufman <arikaufman4@gmail.com>
Amster Rothstein & Ebenstein LLP Tuvia Rotberg 90 Park Avenue, New York, NY 10016 212-336-8175 trotberg@arelaw.com www.arelaw.com
Mental Health Mordechai Weinberger LCSW PLLC Mordechai Weinberger 718 633-1755 Winnerformula@gmail.com
Photography (Training) Vivid Studios NY Raizy Ciment 845-608-9744 info@vividstudiosny.com www.vividstudiosny.com
Product Prepping and Co-packing EZ - REPACKS LLC Fred Engel 725 Airport Rd Lakewood NJ 08701 732-666-9191 ezrepacks@gmail.com www.ezrepacks.com
Real Estate Investments and Education Citadel Holdings Dovid Preil Jerusalem, Israel 201-357-7656 dovid@citadelholdings.co.il www.citadelholdings.co.il
Marketing
Tax Accounting Advisory
Bottom Line Marketing Group Yitzchok Saftlas
Joshua Kohen CPA PC Joshua Kohen
2076 Flatbush Avenue, Marine Park, NY 11234 718-412-3505 ys@bottomlinemg.com BottomLineMG.com
23 Robert Pitt DR Suite 102-F, Monsey, NY 10952 845-517-4250 joshua@kohencpa.com www.kohencpa.com
Marketing C+A GLOBAL Abraham Bree 1236 E. 35 Street Brooklyn, NY 11210 347-439-0270 abrahambree@gmail.com www.abrahambree.com
Tax Accounting Advisory VPTax Inc. Judah Fish 929-249-4065 jfish@vptax.com www.vptax.com
Ron Benvenisti Photography Ron Benvenisti 1005 Princewood Avenue, Lakewood NJ 08701 917-709-1228 ron@ronbenvenisti.com ronbenvenisti.com
HAVE AN IDEA OR BUSINESS THAT NEEDS CAPITAL INFUSION OR STRATEGIC PARTNER? Contact US: INFO@BTANKMOGULS.COM
B-TANK | ADAR 5779 | 129
MEET THE INVESTOR
“One of my best learning experiences,” Alan says, “was working with a senior consultant at BCG [Boston Consulting Group, one of the largest consulting firms in the United States]. He taught me superb analytical skills. Thanks to my experience and knowledge, I am able to ask the right questions and get to the essence of a business quickly, arriving at the right conclusions.” These skills propelled Alan to the top of his field, and he became known in the business world as someone who truly understands the nuts and bolts of the financial aspect of any business. Alan currently sits on the board of two technology organizations — the New Jersey Technology Council and Florida Venture Forum. Though Alan was involved with analytics and large corporations for most of his career, he is still intrigued by small start-ups. Alan considers it an honor to sit on BizTankʼs board of moguls and advise young entrepreneurs. “I like to help a start-up bridge the gap from being ʼentrepreneurially managed,ʼ to being professionally managed,” Alan explains. “Most entrepreneurs think product, product, product. They focus on building their product, raising capital, and finding customers to buy their product. But in reality, there is so much more involved in building a successful company. You use the same financial fundamentals in running a multi-million-dollar corporation, as you do when running a small business,” Alan explains. “The only difference is the number of zeros.” Seeing the maturation process of a seed stage company, and watching it go to the next level is something Alan takes special pleasure in. “Iʼve been with this ecosystem of venture capital and start-ups for a long time. Itʼs all about blocking and tackling. You need to develop a product, market it, hire qualified people to join your team, and of course, you need to finance it. Whether itʼs IBM or a small start-up, every business uses the same principles.” Alan lives in North Edison, NJ, with his wife, a pharmacist, his son, a plastic surgeon, and his daughter, who works in the education technology space. He supports the University of Pennsylvania, where both his children went to graduate school, and is active on the board of trustees of Rutgers Prep, an independent school. He was also their chairman of the finance committee for six years. 144 | B-TANK | FEBRUARY 2019
Since Alan takes advising companies seriously, he spends much time guiding company management teams to achieve their goals. When advising a new company, Alan, like a seasoned investor, looks more at the management team than the actual product. “Oftentimes,” he says, “a start-up will pivot a few times until they find their sweet spot in the market and are able to prosper.” If the team is not qualified to make those pivots successfully, the business will fail. “At the end of the day,” Alan quips, “a good investor invests in the jockey and not the horse.” He looks primarily at two characteristics when considering investing in a company: the CEOʼs educational background and prior experience. Even if the CEO had failures in the past, a good investor will see the value in that experience. A smart entrepreneur will learn from his failures, and many times, his experience can lead him to his next success. Alan will also look at the temperament of the team. Do they take criticism well? Can they be managed by others? Can they accept guidance from someone else? Do they understand who their target customer is? Do they understand how to target those customers? All these factors can play into a smart investment decision. “There are many times when a start-upʼs goals are shortsighted,” Alan says. Sometimes, a company will expect to generate $60 million in sales in the next five years. The problem is, they know that there is only a $70 million market. They expect to earn close to 90% market share in five years. It doesnʼt work like that.” Alan believes that the best business model is to sell into a large market. This way, even if you have a relatively small market share, you can still grow a sizable business. Sometimes, the founder of a start-up wonʼt understand why an investor says “no.” There are an infinite number of reasons. But in order for an investor to take a serious interest in a company, he has to see that the financial metrics are in place for a successful exit. A final piece of advice for the budding entrepreneur? “Find a mentor. Find someone smart who had a successful career. Go to him for advice.” One thing is certain — if you get Alanʼs advice on your business plan, itʼs worth millions.
EXPERTS SPEAK Business Emotions
Mordechai Weinberger, LCSW
Business Growth Isaac Bardos
Business Sourcing Cynthia R. Darrison
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150
Business Pitches
152
Business E-commerce
154
Business Games
156
Michael Collischan
Chaim Freidman
Bob Sager
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OJ BA P R E S E N TS T H E 2N D A N N UA L
CONSTRUCTION & MANAGEMENT
CITYWIDE
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EXPO
WEDNESDAY
05.29.19 MEADOWLANDS EXPOSITION CENTER SECAUCUS, NJ TIME: 9:00AM - 6:00PM An exposition and convention for construction, management and real estate professionals throughout Brooklyn, New York City and its neighboring boroughs. A prosperous opportunity to network, trade and gain valuable insights from leading experts in one day – under one roof!
A project by:
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