Twenty four Richmond small businesses made the 2011 Inc. 500/5000 List of Fastest-Growing Private Companies in America, and SBI would like to introduce you to them! Congratulations to everyone making the list!

TBL Networks
Mosquito Squad
Estes Forwarding Worldwide
Morton Consulting
Savvy Rest
Power Holdings
Astyra
Silverchair Holdings
Stockner’s Nursery
Dominion Payroll Services
UDig
Robinson Radio
CityParking
SNL Financial
Kickball.com
CapTech Ventures
Networking Technologies and Support
Apex Systems
Meadows Urquhart Acree & Cook
Cables Plus
McGuireWoods
Rainbow Station
Whitlock
Taradel
WorldStrides

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In case you could not attend the 2011 SBI Inc Honoree luncheon :

Thirty one local small businesses made the 2011 Inc. 500/5000 List of Fastest-Growing Private Companies in America, and SBI of Hampton Roads would like to introduce you to them! Congratulations to everyone making the list!

Cetan Corp
Insignia Technology Services
Consumer Recovery Associates
Spectrum
Andromeda Systems
DOMA Technologies
Anchor Innovation
U. S. Building Systems
ADS Tactical
Edgewater Construction Services
BOSH Global Services
UrsaNav
ITA International
Web Teks
Customer Magnetism
Marathon Consulting
Classic Air’s
ArcaMax Publishing
Accelerated Financial Solutions
Faneuil
Impressions In Print
Flexible Benefit Administrators
Jo-Kell
Image Business Interiors
C&K Systems
reQuire Release Tracking
The Pinnacle Group
Knowledge Information Solutions
Liberty Tax Service
Money Clip Magazine
Nexus Direct

SBI of Hampton Roads is hosting a luncheon for the local honorees who made the Inc. 500/5000 List, and we’d like you to join us.

Hampton Roads Inc. 500/5000 Honoree Lunch
Wednesday, November 9th, 2011
Time : 11:30-1:00 pm
Cost : $40.00
Additional information to follow.

We appreciate our sponsors!

Richmond Inc. 500/5000 Honoree Lunch
Tuesday, December 6th, 2011
Time : 11:30-1:00 pm
Cost : $40.00
Additional information to follow.

We are happy to announce the 2011 SBI Minerva Award Honorees as follows. For profiles on each honoree, click on each name.

The following 21 women will be recognized at the SBI Minerva Awards luncheon on April 6, 2011. For more information on this special luncheon, click here.

The honorees selected for the 2011 SBI Minerva Awards are:

Jeri Prophet Baldwin, IntellecTechs

Sara Baldwin, New Ravenna Mosaics

Carolyn Boyer, DMG Federal

Sylvia Estes, Pipeline & Industrial Group

Suzanne Garcia & Audrey Brown, Natural Elements Spa & Salon

Jessica Gilden, Jessico, Inc.

Catherine Giordano, KIS, Inc.

Mia Guinan, Gourmet Gang

Cindy Hawks, Keller Williams Realty

Suzy Kelly, Jo-Kell, Inc.

Dasha Little, Apogee Solutions, Inc.

Judy Lowman, The Source

Hazel Mariano, Rainbow Station

Chantel Ray, Chantel Ray

Carrie Setliff, Image Business Interiors

Doña Storey, Quality Technical Services, Inc. & GovTips

Caroline Taylor, Taylor Made Diagnostics

Jody Wagner, Jody’s Popcorn

Dory Wilgus, US Flag & Signal

Jennifer Whitham, Vanwin Coatings

2011 SBI Minerva Lifetime Achievement Award Winner

Rowena Fullinwider, Rowena’s

Buy your tickets to the luncheon today!

> Back to SBI Minerva Awards main page. <

• The Real Breakdown — By Paul DiNardo, CPA
  • A summary of the IRS data of individual income taxes
• Now Is the Time to Start Preparing for Incurred Cost Proposals — By Will Rountree, CPA
  
  • As soon as the accounting books are closed, government contractors should plan for annual incurred cost proposal submissions.
• Economic Downturn Gives Owners Time to Work on Value Drivers — By Paul DiNardo, CPA
  
  • Now is the time to figure out what values your company can bring to the market
• Paying Your Fair Share
  
  • Just how are your income taxes divided in the grand scheme of things?

Design by Amanda Elliott.

The Great Income Tax Breakdown

Take a look at your pay stub and you see quite a few numbers.

The breakdown shows how much you’ve earned since your last pay check, then how much you are actually taking home.

Design by Amanda Elliott.

As depressing as the latter number may be, taxes (as reluctant as we are to admit it) are a vital part of how our country operates. Taxes may keep roads paved and the military well funded, but where else do federal tax dollars get spent? Just how are your income taxes divided in the grand scheme of things?

• Back to Strategy: Accounting for Small Businesses Page

By T.J. Prieur

Photo by Paul Chin, Jr.

It’s been said that most good ideas are born from necessity. The origins of Tycon Medical are no different.

President Charlie Trapani had been in medical equipment sales since 1992. Before too long, he developed a good clientele base.

“They would ask me where to get certain products,” Trapani says. “I would recommend them to someone and, inevitably, that person would screw it up and my referral source would say ‘Why did you refer me to them?’”

This started spinning Trapani’s wheels. With a background in management training where he managed 40-50 people, he felt confident that management wasn’t as difficult as he thought it would be.

“I thought, ‘Why do it for someone else? I can start my own business,” Trapani says. In 1994, Tycon Medical, an independently owned and operated home medical equipment company, was founded. Tycon, named after Trapani’s two sons, Tyler and Connor, specializes in rehabilitation, orthotics, wound care therapy, respiratory equipment and specialty medical products.

“We don’t just carry the products, though. I do more consulting,” Trapani explains. “I help people age in their home.”

He says that most people think they have a good idea of what aging in their home entails but he points out many subtleties that people may not be aware of. Some of these include a walk-in shower, but not considering 6-inch steps or measuring doors for wheelchair access elsewhere in the home.
“I’m constantly problem solving. I always ask ‘What difficulties are you having?’” he says.

He then listens to issues of difficulties getting out of seats, becoming short-winded when climbing stairs and having issues sleeping. Only after knowing what the real issues are does he then begin figuring out what products may be needed.

“It’s a truly rewarding field to be in,” he says.

Trapani explains that Tycon Medical is a niche provider, and he is contacted by many referrals from past customers. By offering a unique form of service, he differentiates himself from other local vendors in the area.

Today, Tycon is staffed with approximately 30 people, complete with licensed professionals including therapists and assisted technology professionals.

With national competition of The Scooter Store and other motorized wheelchair companies with attractive sales pitches, Trapani counters with the quality of products he provides. He explains that when people order wheelchairs from him, they may not be the cheapest, but they will be the best. He makes each order as if he’s ordering for his own family members, and his customers appreciate and recommend him for this.

“We’ve grown substantially in what I call my cult following of technicians and people that know Charlie will get it done,” Trapani says.

For the future, Trapani looks to continue growing his business, as well as reaching more into the direct customer market and expanding Internet-based referrals and sales.

He attributes his success as a small business owner to a network of qualified individuals whom he consistently references for support.

“Two years ago I announced in a meeting that I had to fire somebody,” he
says. “Everyone looked around, and then I said ‘The good news is, I’ve fired myself, and rehired myself as the sales manager.”

At that point, he introduced Chris Smythe as the vice president of business, allowing Trapani to focus more on marketing his business more.

“The best part is that at some point, you will become successful when you trust your own  instincts,” he says. “If I can do that, I know it will work.”

Photo by Paul Chin, Jr.

While working with his father at Hudson Building Supply Company in Virginia Beach, Jonathan Hudson found himself naturally enjoying the residential side of business.

“It’s about having more of a relationship, working with the homeowner,”  he says. “In commercial work, you are working with a contractor, which is  still relationship-based, but with the residential side, you are working with  someone who is really excited about the project.”  So as he began growing the residential side of Hudson Building Supply, he focused on windows, doors and hardware. In 2002, Jonathan and his father were approached by a company who sold doors as well as kitchen cabinets.

“They asked us if we wanted to get into cabinets,” Jonathan says. “I told them absolutely not.”

He lightheartedly explains that the world of cabinets was uncharted territory for the business, and that neither he or nor his father knew much about the product. However, before he knew it, he says, he was on a company jet visiting with the company representatives and being walked through the different lines they carry.

“They were very involved with us, walking us through everything,” Jonathan says. So Jonathan and his father decided to slowly start integrating cabinets into their inventory. Jonathan only let a small group of builders and architects know they were selling cabinets, and the first 10 kitchens his company did, he was on the site right alongside the builders.

“I needed to learn about these things — how they went in, how they worked,” Jonathan says.
In 2007, Jonathan went to his father and said he was ready to take these projects to a new level. His father explained to him that he wasn’t as interested in this venture as Jonathan, and if he wanted to continue, it would be solely on Jonathan’s efforts.

While realizing that the Hudson name carries a strong reputation for quality, but not necessarily wanting to convey the image of building materials of drywall, hammers and nails, he realized that  be needed to create a company separate of Hudson Building Supply.

Carefully selecting the right words for the name of the business, Jonathan and his wife Nicole created Hudson Luxury Building Boutique, a new store showcasing high-end home products such as cabinetry, hardware, mouldings and more. Jonathan and Nicole cater to a new market of buyers, where the customer knows exactly what they want, and money is not an option.

“You have to go about it a differently,” Jonathan explains. “Clientele is the woman (most of the time) and they aren’t wanting to visualize a building supply place. The heart of the home is the kitchen.”

Jonathan and his team have five main areas of focus: windows, doors, hardware, moldings and cabinets. What sets his business apart is taking the same level of professionalism of cabinets and designs and applying that to the other four areas he focuses on, which, he explains, has never been done.

“As we apply that across the board,” Nicole says. “The real big hope here is when people come in, we go over the top. We serve fresh-pressed coffee and focus on the welcoming experience. We know this is a major decision for you, and we’re here to help you through the process.”

Although the words “luxury” and “boutique” help distinguish the business, Nicole and Jonathan have found that sometimes the words might convey conflicting ideals. High-end items may not necessarily carry a price tag that reflects this trait, especially at Hudson Luxury Building Boutique.

“It’s the word ‘luxury,’ which we love because it sets us apart,” Nicole explains, “but we had a couple come in and shop us against a big-box store for hardware, and we had no idea. We beat their price by $500 with a better product. I think we have some people afraid to come talk to us because we are high-end.”

The Hudsons explain that their products are priced very competitive with mid-range prices, and they have been known to beat online and other local stores’ prices. Moving forward, Jonathan has one clear goal for the business: to transform the way people feel about shopping for building supplies.

“I feel like they are a commodity — something you have to have,” Jonathan explains. “Everyone gets excited about new watches, clothes, iPads and cars. When you walk through a door everyday, you grab the handle and interact with it. That door can bring you a little bit of joy every day because you picked it out and really enjoy it.”

By T.J. Prieur

Photo by Paul Chin, Jr.

Lisa Sinclair has seen many changes in the radio broadcasting industry over the past 40 years. In the mid-70s, Sinclair was putting the finishing touches on an advertising degree from Michigan State. Upon graduation, she decided to move to Ann Arbor, Mich., to search for work in an advertising agency.

“Luckily, I didn’t get hired at any,” she explains. “They weren’t hiring anyone who didn’t have experience.”

She then focused her attention on a radio station around the corner. From there, she was interviewed and hired by Bob Sinclair and began working as a copywriter for six months, then went into sales, which is what she wanted to do.

As she continued to refine her skills, opportunities later emerged in the Hampton Roads area, which relocated the two here in the late ‘70s.

Today, Lisa Sinclair is the co-owner of five local radio stations, including: WNIS, WTIR, BOB FM , US-106, and 96X. After selling advertising for Sinclair Communications for about 20 years, she took the role of general manager of the company in 2000.

“Radio has changed over the years. We used to sell just advertising and now, we sell commercials websites and events,” she says. “Also, small businesses are very important to us. One of the things we do with our AM stations is an ‘ask the experts’ series.”

In these programs, small business owners can come on the air and speak about their businesses and offer advice to people with problems. Sinclair explains that this not only helps the owner get exposure, but listeners then view the owner as an expert.

“Radio is so effective because it is the spoken word, and the audience is a direct target on who you want to reach,” she says. Because people hear commercials as information, Sinclair compares radio advertising to Internet advertising, where YouTube commercials may not reflect the needs or wants of viewers and aren’t targeting the right people.

She also comments on the anxieties surrounding advertising dollars spent in different media, but feels confident in the future of radio advertising.

“Radio has as many listeners as ever, if not more. My worries are with iPods, but I think as people get older, they aren’t going to download music as much as they did in their early 20s,” Sinclair explains. “They will continue to listen to the radio. That’s how you find out what’s going on in your community.”

In addition to owning the five stations in Hampton Roads, Sinclair Communications also owns six in Austin, Texas, and four stations in Santa Rosa, Calif.

Some of the attributes Sinclair gives to the success of the company include how well management treats employees.

“We’re flexible and very family oriented,” she says. “If you can get your job done and you would rather come in earlier to leave earlier, then do it. We’re a close-knit group and there’s cohesiveness among employees. Beyond coworkers, we’re friends.”

She also commented that over the years, eight to 10 newborn babies have spent the first year of their lives at work with their parents. This enhances the family atmosphere, she says.

Future plans for the company include continuing to grow and enrich the community around it.

“Radio’s not going away. When TV was invented, they said ‘Radio is dead.’ Well, guess what? It didn’t die. It’s still a strong and viable medium and it will continue to be. It tells you what connection to community,” Sinclair says. “We’re on top of things here. We know what’s going on.”

Photo by Paul Chin, Jr.

From paper clips to battleships, Vanwin Coatings can paint and coat items of any size.

Walk into the office of Vanwin Coatings in Chesapeake and you will see photos of the many items that have been coated by the company, ranging from the gates of the White House, a mock-up Apollo spacecraft for NASA, handrails for family resorts in Williamsburg and many Navy and Coast Guard Ships.

While Whitham may not meet very many women in her industry, she still believes in the value that great leaders can bring to the workplace, regardless of sex.

“You have to rely on the vision of the company, and put great people around you,” Whitham explains. “I invest in those people, because they can only advance as much as you allow them to. I really want to grow my employees.”

As president of the Southeastern Virginia chapter of the National Association of Women Business Owners, or NAWBO, Whitham has had the opportunity to share her story with other women groups, including the Girl Scouts.

“I’ve been asked back five or six times,” Whitham says. While presenting her business as one that most would consider non-traditional for a woman, the young girls are often captivated by her story of a once 14-year CPA turned business owner, and how it was worth the risk. She also mentions to the Girl Scouts that owning a business can mean working outside of what may be expected.

“You can also wear steel-toed boots and work hard every day,” Whitham says.

Despite the difficult economy, Vanwin Coatings has experience a substantial increase in business in 2010 over 2009. The company has grown from 25 to 40 employees in 2010, which Whitham attributes to their quality of work and its value in the coatings industry.

• Who were the other 2011 SBI Minerva Award Honorees? Click here to find out!

Dory Wilgus entered the workforce at 16 years old as a sewing machine operator in a shoe company. She then became a machine operator for US Flag & Signal 32 years ago, and later purchased the company in 1998 with a business partner. As president of the business, her employees know that she has been where they are now, and she’s truly built the business from the ground up.

One lesson learned by Wilgus is realizing that one person doesn’t know everything. “You won’t know it all, but surround yourself with those who do,” Wilgus explains.

Of those people, she mentions her business partner who handles the finances, the creativity and talent of her employees and fellow members of NAWBO.

Since buying the company, sales have increased dramatically and the number of employees has doubled. In 2005, Wilgus moved the company from a 9,000 square-foot facility in Virginia Beach to a 22,000 square-foot facility in Portsmouth.

Wilgus and her team continue to service all branches of the military and have a strong local presence through contracts with local universities. They have also provided flags for Busch Gardens for the past 26 years.

The business shows no sign of slowing, either. After recently hiring a web designer, Wilgus hopes to increase online presence and expand marketing reach.

“You have to be able to adapt and invest in technology, and you have to stay updated,” Wilgus explains. “You also have to help promote your employees and they promote you.”

While Wilgus states that there aren’t many challenges associated with being a woman business owner today, she remembers a time when it was slightly more difficult.

“The first time signing my name as a business owner, they wanted my husbands’s name,” Wilgus reflects. “Also, when you go to conferences, there are many men. I’m treated differently until they realize I’m not the director of marketing or there on behalf of anyone else.”

If there’s one piece of advice Wilgus is quick to pass along, it is a simple one: “Don’t forget where you came from. Appreciate the people that helped you get here.”

• Who were the other 2011 SBI Minerva Award Honorees? Click here to find out!

Photo by Paul Chin, Jr.

We’ve all heard the adage: “If at first you don’t succeed, try again.”

If you are Jody Wagner, you try 53 times until you get the perfect recipe for ideal caramel corn. Today, one of her best-selling popcorn flavors is Recipe 53.

The journey to Recipe 53 began when she and her husband went to their son’s graduation from Northwestern University. Both Northwestern alums, the two recalled a caramel corn shop located around campus and stopped in for a visit. Jody Wagner then asked the question, “What’s wrong with Virginia Beach? We need something like this here!”

“My husband looked at me and said, ‘If you feel that strongly about it, then why don’t you do something about it?’” Wagner remembers. “So, I did!”

Wagner now has a storefront location at Virginia Beach Oceanfront, as well as an 8,000 square-foot facility where popcorn is prepared to ship all over the country. Her popcorn is also on sale at a growing number of retailers, such as Farm Fresh and Ukrops.

One of her favorite pastimes in owning the business is becoming a part of beach memories, and seeing repeat customers bring popcorn tins purchased in the store back for refills.
When asked about the challenges that women business owners may face, Wagner explains, “When a woman owns a business, it’s considered a hobby – especially in the food industry.” She challenges this stereotype by consistently coming up with new ideas and adding to her inventory. She shows no signs of slowing down, either.

In the upcoming three years, Wagner hopes to continue filling out her line of college popcorn, and tap into the wedding and corporate clients market. To handle this output, she plans to hire a director of operations and have enough work to require three shifts, increasing her ability to provide more jobs.

Regardless of how much the business grows, Wagner reflects on a time when corn syrup used for the caramel corn was purchased in one-gallon jars.

“Now it is purchased in 55-gallon drums!” she exclaims.

• Who were the other 2011 SBI Minerva Award Honorees? Click here to find out!

Photo by Paul Chin, Jr.

Before making it to her office each morning, Caroline Taylor, says good morning to each person in her clinic.

“There is a balance when you own your own business,” Taylor says. “You can’t do it without the love and support of people who make your business work everyday.”

Before she decided to open her own full-service occupational healthcare facility in 1995, she was a nurse herself. This leaves no stone unturned in servicing the more than 1,200 local businesses in the Hampton Roads area.

Providing top-of-the-line occupational services, Taylor’s team of 16 provides everything a small business needs to be OSHA compliant as well as consulting, wellness, clinical and training programs to give employers superior healthcare for their employees. The mix of clients breaks down to about 80 percent commercial, and 20 percent state and federal.

“I have the best employees in all of Hampton Roads,” Taylor says, reflecting on some who have been with her for more than 14 years.

In terms of company growth, Taylor and her team have developed a medical software system that her company and their clients use to manage their government healthcare requirements. In the past year, revenue growth has been 30 percent.

“We keep our finger on the pulse of growth,” Taylor says. “I look at the support my employees need to keep customer service at the highest level. We monitor surveys twice a day and celebrate victories.”

Outside of work, Taylor involves herself extensively the community around her, recently accepting the position of president of the South Norfolk Civic League. She is also involved in women’s groups such as Women In Defense of Greater Hampton Roads
and the Executive Women International, expressing that these groups help support and recognize capabilities and talents in other women.

“When you get to a level of professionalism, you’re looking to support other women-owned businesses and give back, so you can be that person they can turn to,” Taylor says.

• Who were the other 2011 SBI Minerva Award Honorees? Click here to find out!