Today’s episode of Business LO is all about getting businesses to maximize opportunities, finish the year strong, and prepare for an even more successful new year. Join us as we hear expert insights and power moves from Eric Seifert, Partner + Director of Outsourced Accounting at Aldrich Advisors.
Learn about an opportunity to offer Employee Health Insurance through the Bend Chamber of Commerce Health Benefits program for LO Chamber members. Plus get caught up with local events and programs with What You Need to Know in LO!
Aldrich Advisors - aldrichadvisors.com
Bend administers for all Chambers in the State of Oregon
Benefit Design Group – Dennis Warneke – dwarneke@risk-strategies.com www.bdgllc.net
Bend Chamber of Commerce Health Benefits program for LO Chamber members - Chamber Health Insurance - Bend Chamber of Commerce
Providence Health Plan - Bend Chamber of Commerce | Providence Health Plan
60th Annual Tree Lighting – Friday, November 29 – sponsorships available - 60th Annual Tree Lighting Festival | City of Lake Oswego
Business Leadership Development - Business Leadership Development Series - Lake Oswego Chamber Of Commerce
Meals on Wheels – lakeoswegomealsonwheels.org
Community Awards – Wednesday, February 26, 2025
2024 information: Community Awards - Lake Oswego Chamber Of Commerce
Aldrich is a West Coast-based financial services firm, headquartered in Lake Oswego, that works closely with businesses, business owners, and individuals to manage financial, wealth, tax, and business transition strategies.
Since founding in Salem, Oregon in 1973, Aldrich’s mission has been to help clients achieve their goals. With decades of experience in accounting, business advisory, and wealth management, Aldrich offers deep industry knowledge to guide clients through today’s financial complexities.
Including a Top 100 Accounting Firm and Top 25 Wealth Management Firm, Aldrich works closely with business owners and individuals to develop financial, wealth, tax, and business transaction strategies tailored to their needs.
Eric's bio:
He specializes in navigating complex tax and accounting issues across multiple industries, including real estate and private equity, professional services, and entertainment. Eric started with Aldrich in 2013 and joined the Aldrich partnership in January 2024.
A strong believer in the power of business, Eric is passionate about helping entrepreneurs grow their businesses. This passion inspires his service as Treasurer and board member of the Lake Oswego Chamber of Commerce and participation in the University of Oregon’s Partnering Firms Discussions.
Eric received his master’s degree in accounting and bachelor’s degree in business administration with a concentration in Entrepreneurship from the University of Oregon’s Lundquist College of Business. In 2013, Eric was recognized as a Top 3 Scorer in Oregon on the unified CPA Exam and the University of Oregon’s MAcc Most Outstanding Student Award. He is also a 2024 recipient of Portland Business Journal’s 40 Under 40 award.
Outside of the office, Eric enjoys spending time with his family and cheering on his alma mater, the Oregon Ducks, as a season ticket holder.
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LIZ HARTMAN:: This is Business LO, a podcast by the Lake Oswego Chamber of Commerce, which connects, educates, advocates, and champions our business community. We have nearly 500 members from international corporations to home based businesses, and we serve them all. Each episode of Business LO gives insider information to the local business community and the neighbors who support them.
And now let's talk business LO.
MICHELLE ODELL:: All right. We are back to get you ready for Q4. Today's episode of business LO is all about getting businesses to maximize opportunities, finish the year strong and prepare for the future. for an even more successful new year. I'm Michelle O'Dell and chamber CEO, Liz Hartman.
And I will be talking to Eric Seifert. He is the partner and director of outsourced accounting at Aldrich CPAs and advisors, where he helps businesses navigate financial complexity. [00:01:00] boost efficiency, and make strategic decisions. And his segment today is basically he's going to give us five bullet points so we are ready for year end.
Liz is also going to be giving us details regarding employee health insurance through the chamber. And of course, we have what you need to know in LO, all the great events and important news to keep you well informed. So let's get started right now with Eric. First, Eric, tell us a little bit about yourself
ERIC SEIFERT:: and what you do.
Thank you for the kind intro. As you mentioned, I'm a partner at Aldrich and the director of our outsourced accounting services group. I'm also a board member of the LO chamber and then the sitting treasurer. So that's a nice opportunity to get involved there as well. Our group at Aldrich really is focused on kind of the smaller business clientele.
You know, we serve businesses in the one to 15 million revenue space primarily. And our role is to serve as their accounting department. So accounting clerk all the way up through CFO. We come in in a holistic capacity as the accounting department and and do that for those small business clients and [00:02:00] help them get the information they need to make decisions and do things timely and just kind of advance their strategy and objectives.
So it's a, it's a really awesome opportunity to. Just get involved and, and help those businesses grow.
MICHELLE ODELL:: Excellent. Okay. So what advice do you, what are your bullet points that you have for us today?
ERIC SEIFERT:: So I have to say, when I first heard about this and it was, you know, maybe three to five bullet points and anyone on my team knows that it's all about fives with me.
So it was going to be five bullet points. I do it for every meeting, every so this was, this is right on par. So I just appreciate the so good. So I have five and, and I think we'll go through them just kind of one by one. But for me, you know, I kind of took the lens of what do we do, Okay. For our group inside of Aldrich when it comes to planning for the upcoming year.
And what do we advise our clients to do also in that space? And so the first one for me, when it starts the year in planning process and going into the next year, it's helpful to reflect, I think you have to reflect before you look forward and we usually start that reflection process both internally in our group and with our clients by sitting down with the team and doing what's called a SWOT analysis.
And a [00:03:00] SWOT analysis for those that aren't familiar stands for strengths, weaknesses, opportunities, and threats. And really the strengths and the weaknesses are things you can control. They're internal to you and your organization. And you go through that process and, and kind of assess what those are. And then the opportunities and the threats, those are more external.
They're market driven. They're things you can't necessarily control, but they do have impact on your business. And if you can go through and kind of. both where you're coming from and where you're going in terms of those four quadrants and do it with a team. So it's interactive and engaging and really good insight from team members that are hands on the ground in the day to day operations.
It sets a really good foundation for as you move forward to the coming year. So number two, once we've done our SWOT analysis, once we've kind of looked at where we are, then it's all about where we're going and that kind of starts with revamping your strategic plan. When I think about businesses, I think about.
Back to five is a five stage life cycle. It could be in the startup phase, the growth phase, the stabilization phase, the expansion phase, or the exit phase. So it kind of the [00:04:00] five stages of, of a business life cycle. When you do your strategic planning process, it's all about identifying where you are in those phases.
And if in the next window, you're trying to move from one phase. To the next. And so we always start there with our thoughts and our discussion. And then once we get that going, we start a strategic plan with a five year window. And that's really theme driven. You can't get into the details or the tactical on a five year lens.
Things change much too rapidly, but you can set the direction of where you want to go. Right. And so we start there with a five year strategic plan, and then we turn that into a one year tactical plan or business plan in terms of the actual objectives that we want to accomplish in the next 12 months.
And then we take that further into quarterly rocks, where for each quarter of the coming year, we break those tactical plans down into many objectives that we can do on a quarterly basis. So for us, that's, that's step two is, you know, you looked at where you were coming from and where you're going, and then you really need to put the strategic plan in place.
And I guess the other thoughts I have on that with strategic [00:05:00] planning are, I think it's important to get buy in from your team as you do that. They need to be involved in the process and then you need to repeat it. Our team probably, probably hates me for it. But every meeting we kick off with a random team member having to read through their highlights of the business plan.
And we do this at our weekly standup all 52 weeks of the year. And so everyone's just keeping it front of mind, making sure they kind of know where we're going. So I highly encourage that once the plan's in place, don't just put it in a drawer, make sure you're reassessing it and talking about it and keeping it fresh and For the mind, that makes sense.
Yeah. Okay. We'll keep moving. So the third bullet point is forecast the coming year. So now that you kind of have reflected on where you've been and you've built a plan for where you want to go, you kind of have to put pencil to paper and actually forecast that out. And so we usually start there with a revenue forecast and then the corresponding resource needs for that forecast.
But when we do it, we do three scenarios. We do a conservative, a realistic and an aggressive scenario and kind of understand what it would take to hit the revenue targets [00:06:00] in each scenario, as well as what resources and investment we would have to make. To make those a reality. And then once we have those in place, we really go in and kind of decide where we want to build our budget from out off of those forecasts.
And usually, I mean, for our team, it's somewhere between a realistic and aggressive is where I like to set it so that we have kind of a goal to go after. But we set up a budget. From there with revenue, with expenses, with those resource needs, and then make sure that throughout the year we're taking that budget.
We're not just tracking it versus actual, but we're also updating it for changing circumstances and situations to make sure that we're flexible as we go. So that's kind of the third bullet for me is just making sure you have a really good roadmap for the year ahead. You
Speaker 2: have to know where you're going to get there.
ERIC SEIFERT:: Exactly. Keep on going to the fourth bullet point. And this is where for me it gets fun because it's, it's focused on people. And to me, business is all about relationships and it's all about people. And I kind of look at this in two ways. You focus on your team first, because if you take care of your team, they're going to take care of your clients [00:07:00] and your customers.
And then you focus on your clients and customers. Cause if you do that right, They're going to take care of your team and you want that to be synergy that goes both directions. So for me, when it comes to taking care of your people, it starts with evaluation and we go through a really intentional and advise our clients to go through a really intentional performance review process where you highlight the strengths and you help design plans so that those team members can build on those strengths and maximize those strengths and get even better at them, but also identify areas that, and I know this isn't what people like to call it these days, but weaknesses, they are weaknesses and.
Identify those areas, not in a bad way, but in a growth mindset that says you don't have to be an expert in those things that aren't your strength, but we need to make sure we know how to manage them and have you get better as you grow. And so we go through that process really intentionally with our team and then set goals with them for the coming year to maximize those strengths to focus on the things they enjoy, but then also to help them mitigate those weaknesses and improve upon them so that they're continuing to develop.
And we always do that in a mindset [00:08:00] and advised to do that in the growth mindset where. It's really not about what happened. It's about where you're going, you learn and you keep moving forward. So for me, that's, that's where that starts. And then that follows with identifying training opportunities that tie into that.
And then maybe most importantly, having some fun, do some team building, have some fun. It's not just the holiday party or a get together. It's, it's really, you know, building that camaraderie and on our team, I'm usually the butt of those jokes. Like that's how it's designed. And last year our team, yeah, no, absolutely.
Last year, our we did a holiday party and our team got together. And I walked into one. I did not know what elf on the shelf was. I do now know what elf on the shelf is. But I walked into this and it was Eric, the elf on a shelf. And everyone had to come up with a creative picture background, made fun of me effectively, but had me hidden in there as, as the elf.
So let's just say that was that was fun. I got to pick a winner and guess who did what? So that was a cool exercise. But I'm always willing to be the I don't know the punchline in that. The punching bag, the butt of the joke, so to speak, is as long as it brings camaraderie [00:09:00] and gives the team something to laugh about.
So highly encourage that. And then on the client side, spend time with your clients or your customers, get feedback from them, help learn from them on what you're doing well and what you need to get better at. And just be transparent with them on that. Like we want to know how we can serve you better and then take time Make sure you implement those things to try and make your product better or your service better, but also just get to know them as people, get to know their families, get to know what's going on in their life, what makes them tick because that's relationship as well.
And then show appreciation to them, not just like appreciating your people, but appreciating your clients too. And whether that's gifts or an event or a dinner or just a handwritten note, just making sure they're, they're aware of what they mean to you in the organization as, as clients and customers, but also as people.
Speaker 2: What are some of the things that you all like to do there at Aldridge?
ERIC SEIFERT:: Oh, it really depends. It depends on the client. We try to tailor the client a little bit to their excitement. So I have one client that you know, we're going to a, a Timbers match later on this month. It's kind of a year end, just like get together.
He's a big sports guy. Others, you know, we'll go [00:10:00] golfing or go out to dinner or really sometimes it's just. It is the gift basket, but the advice I have on the gift basket or the swag is like, don't don't slap your company stuff all over it. People don't want a water bottle that has your company name all over.
It's okay if the packaging has that, but give them something they're going to utilize and, and, and take into their, into their world. So that's, we kind of do it in a few different ways like that.
Speaker 4: Keep your logo to yourself, I guess, for lack of a better way of putting that. And now your fifth bullet point.
ERIC SEIFERT:: The fifth one's less exciting, but honestly, it's just recalibrate a little bit, you know, Think through your, your contracts and your agreements and your registrations, your internal processes and procedures, the way you're using technology. It's not time to do overhauls. It's not time to make massive changes.
That's what your strategic plan and your tactical plan is about. This is a time to assess what you're already doing. And really walk through that and just make the small cleanups that need to happen throughout the year. Make those tweaks, those changes that are going to provide a lot of value really quickly [00:11:00] and make it easier for you as you go into the coming year, but without having to overhaul and change everything overall for me, when I think about like the year end process and planning and trying to move forward, it really just comes down to taking the time to celebrate The year that you had, whether it was good or bad, there's positives in it.
You made progress, celebrate those wins, be really honest with yourself about where you are and where you want to go. And then just be really intentional about the plan that you build to get there. And I think that is the piece that is so often overlooked is we're so busy as, as business owners and business managers, and just in our operations that it's hard to take the step back and do that.
But if you can take the step back and be intentional about it, it's more than worth its weight as you move forward.
Speaker 2: And any mistakes that might have happened, you can learn
ERIC SEIFERT:: from them. Absolutely. My saying on that is, so what now what, right? It doesn't matter what happened as long as you learn from it and move forward.
And so it's what are you going to do with that thing as you progress?
Speaker 2: So Aldridge is a West Coast based financial services firm headquartered right here [00:12:00] in Lake Oswego that works closely with businesses, business owners and individuals to manage financial, financial, Wealth, tax, and business transition strategies.
Since its founding in Salem, Oregon in 1973, Aldrich's mission has been to help clients achieve their goals. With decades of experience in accounting, business advisory, and wealth management, Aldrich offers deep industry knowledge to guide clients through today's financial complexities. So Eric, with that in mind.
Why should people choose you when there's so many different options out there?
ERIC SEIFERT:: I've been here my entire career. I joined out of grad school. And so I think it starts with the people. We have super high quality advisors, but we also have advisors with an entrepreneurial spirit who want to be part of your team and not just a once a year touch point, but really engaged with you on a recurring basis.
I think the other cool thing about our firm in particular, and we're the CPA side of our business. I think you mentioned it. We have CPA Wealth, other financial services were the largest CPA firm headquartered in Oregon, which [00:13:00] is a kind of cool little caveat. But for me, what sets Aldris apart a little bit is in addition to what I've already mentioned is the way we work through an ecosystem or outsourced accounting group is an opportunity to come in an earlier stage of business, right?
That one to 15 million in revenue, and then you can kind of move. Through with us throughout your entire life cycle, you can move into our tax group. And as you get older and more mature as a business, we can do financial statement services for you. We can do a valuation for you. We can help you consider an acquisition or an exit.
And then when it's time to exit, you can move into our wealth group. And as part of that, we can manage your Keep our relationship with you and manage the assets that came out of that sale. And so we're just really well positioned to meet you wherever you are in your business life cycle. And that was an example of going soup to nuts all the way through, but we can meet you at any place in the life cycle and stay with you through the remainder of your business.
And to me, that's something that's really special about Aldridge.
Speaker 2: Eric, how can people find you?
ERIC SEIFERT:: You can reach out to me on LinkedIn. I'm always happy to correspond there. You can find me on our website as well with [00:14:00] Aldrichadvisors. com. And we're right off of Meadows road here in Lake Oswego. So always feel free to stop in 5665 Meadows and happy to say hello.
Speaker 2: Eric Seifert. He's the partner and director of outsourced accounting at Aldrich CPAs and advisors. Again, he helps your business navigate financial complexity, boost efficiency and make strategic decisions. And we appreciate you. Have a great day. Thanks for having me on business
ERIC SEIFERT:: LO today. so much for having me.
And make sure you join the LO chamber.
Speaker 2: Yes. Join the chamber. Thanks again,
Speaker: Eric.
ERIC SEIFERT:: Thank you.
LIZ HARTMAN: (2): Eric's fabulous and, and our finances have never been better at the chamber he takes. I bet. He does beautiful, beautiful spreadsheets and reports and everything else. We're in good hands at the Chamber. We are in good hands.
Speaker 2: Speaking of good hands, let's talk about employee health insurance through the Chamber.
Speaker: Well, I think as you probably know, our city is a small business city. We have a lot of people who don't have a lot of employees. And so health insurance for your [00:15:00] employees is frequently pretty tough to get for a small place.
And a few years ago, the Oregon State Chamber said Let's put a group of chambers together and have a health plan for chamber members only. So if you have two to 75 employees, there is a health plan for you. And just shortly after the Oregon state chamber brought it forward, they decided to work with the Bend chamber of commerce to administer the program.
What's really great is that one of our chamber members helps administer this health plan, and it's Dennis Warnecke, Benefit Design Group. You can contact us, we'll get you in touch with Dennis, and you can take a look and see whether or not the chamber health plan would be good for your set of employees.
It is through the Providence Health Plan and you cannot get any better around here because Providence is everywhere. So it is a great competitive insurance plan for employees. And if you are not a member of our chamber, you can become a member of our chamber and take the benefit of the Employee Health Plan.
Speaker 2: Perfect. And [00:16:00] of course, I'll All of the links will be on the show notes for this episode. Yes, they will. We have to talk about what you need to know in LO. What is happening for the month of October,
Speaker: Liz? It's Meals on Wheels month. And a lot of people don't think that there is need in Lake Oswego, but Meals on Wheels serves a lot of meals through the adult community center.
This is the time of year when they raise money. Many of our restaurants are doing special promotions at their places. Donate online, Lake Oswego. We go mealsonwheels. org.
Speaker 2: Now the business leadership development, what are some details
Speaker: about that? We are very fortunate. Heather Graves Ramsey has served as the chamber president for the last year, but she also brought us a very special program for business leadership development.
And this program will enter its second class in January of 2025. So now is the time to start planning whether you might want to spend a day a month. in a business leadership development program. [00:17:00] She introduced this program in New Hampshire and in Washington, D. C. and in Maine, and it's now in Lake Oswego.
The Business Leadership Development Series is designed to deepen the impact and influence our members have within their organizations. You're going to get 36 hours of content driven, interactive programming and one on one coaching session. So it's a pretty impressive program. And then you wanted to talk about the community awards.
If you know of someone who should be honored as the community leader of the year or the business of the year, just email us at the chamber so that we can start a nomination going for these people who contribute a lot to our community. And as Eric had said, this is a community of relationships and relationships are what makes the city a very special place.
Finally, tell us a little bit about the tree
Speaker 2: lighting. I know it's, it seems far away, but it's not. Yes. It's right around the corner.
Speaker: Mark your calendar for the day after Thanksgiving. It's Friday, November [00:18:00] 29th. It's kind of like a European market. Be open from 3 to 6 30. The actual tree lighting will be at 5 30.
We have cartoon characters there. There's food and drink and all kinds of things. So it is a very, very fun community event. Our next episode is actually going to be a bonus episode. We're going to have Buckley Law talking about the Corporate Transparency Act, and this is for every business in Lake Oswego and Oregon across the United States.
But please tune in for our special Buckley Law and the Corporate Transparency Act.
Speaker 2: Until next time, thank you so much for listening, and don't forget, every day is a Chamber of Commerce day. In Lake Oswego,
Speaker: the Lake Oswego Chamber of Commerce. Thanks you for listening to Business Lo. We would love to have you as a member so you can help Lake Oswego continue to be one of the best places to live, work, and play.
If you wanna share an idea for a future episode or become a member, visit [00:19:00] us@lakeoswegochamber.com and please like and follow us on Apple, Spotify, or wherever you get your podcasts. And for help with your business podcast, go to podcast productions.com.