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Marcus Lemonis, a serial entrepreneur and host of the show “The Profit” on CNBC, is a true survivor in the corporate world. The native-born Lebanese business man endured the chaos of a civil war in Beirut and eventually moved to Miami. Lemonis was exposed to the automotive industry throughout his upbringing - his grandfather owning two of the largest Chevrolet dealerships in the United States and Lee Iacocca serving as the family friend and later mentor to Lemonis. On page 12, we conducted an interview with “Profit” host Marcus Lemonis, who offers struggling small businesses capital investment and his expertise in exchange for an ownership stake in the company. In the latter part of the magazine, we interviewed countless wealth advisors during these tough economic times. We recognize that some of the changes in 2013 and 2014 require relevance for financial planners. Therefore, the financial industry continues to push for more realistic standards and reforms.
Marcus Lemonis, a serial entrepreneur and host of the show “The Profit” on CNBC, is a true survivor in the corporate world. The native-born Lebanese business man endured the chaos of a civil war in Beirut and eventually moved to Miami. Lemonis was exposed to the automotive industry throughout his upbringing - his grandfather owning two of the largest Chevrolet dealerships in the United States and Lee Iacocca serving as the family friend and later mentor to Lemonis. On page 12, we conducted an interview with “Profit” host Marcus Lemonis, who offers struggling small businesses capital investment and his expertise in exchange for an ownership stake in the company. In the latter part of the magazine, we interviewed countless wealth advisors during these tough economic times. We recognize that some of the changes in 2013 and 2014 require relevance for financial planners. Therefore, the financial industry continues to push for more realistic standards and reforms.
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MOTIVATED CLIENTS ALWAYS WELCOME<br />
Entrepreneurs and small business<br />
owners often simply cannot afford<br />
to keep full-time specialists in financial<br />
matters on their payroll. Yet, the<br />
success of firms often depends on making<br />
informed decisions in these areas.<br />
For small companies in the Southern<br />
Tier of New York along the state’s border<br />
with Pennsylvania, an Endicott, New<br />
York-based firm meets that need.<br />
“This business has been the culmination of life experiences<br />
for me,” explains Cindy Rounds, owner and president of<br />
Wealth by Design Financial. “I had family members who<br />
were entrepreneurs. And on the other side, I had family<br />
members who worked for corporations. So I saw the differences<br />
between – and challenges of – being self-employed<br />
versus working for a big company very early in my life.”<br />
When her father died at age 43, she witnessed the distress<br />
her mother experienced. Rounds says it was the “big<br />
reason” that pulled her into the financial services business<br />
and she continues to be especially supportive of women’s<br />
unique financial issues.<br />
In addition to providing services for small businesses,<br />
Rounds also helps individuals and families, and understands<br />
the complicated, often unexpected transitions they<br />
face. After working in human resources, handling defined<br />
benefit pension and retirement plans for the health industry,<br />
and then with an insurance firm specializing in retirement<br />
plans, Rounds gained first-hand knowledge of how<br />
confused most people are regarding their benefits and planning<br />
for their golden years.<br />
A couple of years later, she formed her own firm to address<br />
this big problem as well. “I saw that very few people<br />
– no matter their financial status – were aware of what they<br />
had for retirement packages until the day they walked in<br />
my door and said, ‘I want to retire, what am I going to get<br />
every month?’” Rounds recalls.<br />
“I felt there was much<br />
more consumer education<br />
to be done and so I pursued my<br />
licenses.”<br />
Rounds’ focus today is to prepare<br />
savings plans that clients can<br />
stick to, by taking their current expenses<br />
and expenditures into account, and then seeking<br />
some simple ways to help them cut costs and fatten their<br />
retirement accounts. She likes to give clients a three-month<br />
trial period to evaluate the plan’s effectiveness.<br />
“If they feel that they can’t do it, then we need to change<br />
it, so that it produces an outcome that is not only favorable<br />
toward their savings, but also something they can live<br />
with,” Rounds said. “I look for people who are motivated<br />
and committed to the process. If the person in front of me is<br />
ready to take on the challenge – ready to do the work and<br />
get some education, I am happy to take them on.”<br />
Securities offered through LPL Financial, Member FINRA/SIPC<br />
423 East Main Street, Suite 3<br />
Endicott, New York 13760<br />
Office Phone: (607) 239-6033<br />
www.wealthbydesignfinancial.com<br />
THE SUIT MAGAZINE - JULY 2014
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