Going All Out
Linda Parrent doubles as a proud mom and business owner

Linda Parrent, owner of Elegant Essentials, a thriving new gift shop located in The Gallery Shopping Center in West Knoxville, is one East Tennessee mom who is not afraid to go all out. That’s why when she opened Elegant Essentials, which features 1,600 square feet of unique gifts and home décor, Linda knew that growing the business would take a tremendous amount of her time.

But before becoming a hard-working business owner, Linda was a full-time stay-at-home mom.

“I was the first person my children saw when they came home from school,” says Linda, who also volunteered for countless extracurricular activities, including cheerleading, swim team, PTA, and band. “It was a sacrifice to stay at home, but I think we raised dynamite kids.”

The Parrents’ three children, Brandon, 29, Jennifer, 25, and Kristen, 20, are all proud supporters of Linda and her business endeavor, something Linda says she takes great comfort in.

“The best compliment I get is when my kids say they are proud of me,” she says.

Linda’s consistent determination as a business owner has also led to success outside of the business arena as she recently took on the title of Managing Director for eWomen Network of Knoxville.

Linda credits the networking opportunities afforded by the organization with having a big impact on her new small business.

“In just two years, despite the dismal economy, we have managed to experience constant growth,” says Linda, who is also a certified interior decorator. “And networking has been so important in achieving that growth.”

Linda says that membership in the eWomen Network (www.ewomennetwork.com), an organization with 113 chapters nationwide and in Canada, gives women a chance to actively help improve each other’s businesses by engaging in monthly accelerated networking events.

“We haven’t been in Knoxville for very long,” says Linda, who runs the store along with her husband Stephen. “So for the chapter to put its faith in me is truly humbling.”

The Knoxville chapter boasts a little over 200 members and as the group’s new Managing Director, Linda is enthusiastically determined to expand that number to 500.

“We have such strong women in our Knoxville chapter,” she says. “Contacts are so important, especially nowadays. It’s all about helping other business owners.”

This summer, Linda will also appear in the July issue of Women’s Day Magazine in which she will be profiled for following her passion for flowers and small business ownership.

“In another six months, it might be a whole other story,” she says.

In the meantime, Linda and Stephen welcome you to find a Treasure, set a Trend, and make a Tradition at Elegant Essentials.

Home Help: How Keller Williams Can Help you with a “short sale”
www.hollimccray.com

Q: What is a short sale?
A: A short sale is an agreement in which your mortgage holder agrees to accept a payoff on your loan for less than the balance owed.

Q: What are the main differences between the short sale and a foreclosure?
A: In a short sale, the borrower still owns the property and is the seller. In a foreclosure, the mortgage holder is the seller. A foreclosure will have a harsher impact on one’s credit than the short sale. A short sale will not only allow someone to regain their ability to qualify for a mortgage in far less time. Many times the mortgage holder will forgive the difference between what is owed and what the property sells for. Many people don’t realize with a foreclosure that even though the mortgage holder takes ownership of the property, the previous homeowner can still he held responsible (i.e. lawsuit) for the balance owed.

Q: Why would the bank/lender agree to a short sale on a home?
A: In most cases, the mortgage holder will lose less money in a short sale transaction than they will in a foreclosure transaction.

Q: Why do you call a short sale a “win-win?”
A: Everyone involved with the short sale transaction benefits. The homeowner benefits because they are able to sell their house and move on with their life. The mortgage holder wins because they recoup more than they would if the property went into foreclosure. The buyer wins because they get a great deal. The community wins because it is one less property that could bring down the value of surrounding homes.

Q: If someone finds themselves in a distressed situation, are they alone?
A: NO! They are certainly not alone! This is NOT a hopeless situation! We can absolutely walk people through that! I would encourage them to call and talk to us.

Q: What should someone do if they are behind on their payments?
A: DO NOT WAIT! Homeowners should contact their mortgage servicer to resolve the problem as soon as possible.

Q: How does a seller know if they qualify for a short sale?
A: If a person has (A) little to no equity in their home and (B) has a hardship (divorce, job loss, etc.), then they will normally qualify.

Q: Does a seller have to be behind on their mortgage in order to be approved for a short sale?
A: Not necessarily. However, the seller must prove to the mortgage holder why they can no longer afford their home. Mortgage servicers have different criteria so it is important to work with a seasoned short sale agent.

Q: Can someone complete a short sale on investment property or a second home?
A: Absolutely. The rules are about the same. However, one should always contact their accountant and/or attorney to confirm the tax laws regarding short sales and investment properties.

Q: How important is it for a seller in a short sale situation to pick the right real estate agent when working with a short sale?
A: It is very important that one looking to complete a short sale work with an experienced Realtor, primarily one who has their CDPE (Certified Distressed Property Expert) designation.

Q: If someone needs more information, where can they go?
A: Visit my website or contact me directly! www.KnoxvilleForeclosureHelp.com is packed with information about short sales. My email address is verdeaux@kw.com and my phone number is 865-694-5904 ext. 8330.
www.hollimccray.com

Redbird Architecture
Small business model helps improve quality of life for Knoxvillians
www.redbirdarchitecture.com.

Redbird Architecture, one of Knoxville’s newest, locally owned architecture firms, got its start less than six months ago when architect Robyn McAdoo decided to fight back against the struggling economy.

“It sounds contradictory, but the tough economic climate inspired me to open my own business,” she says. Robyn says her goal for Redbird Architecture is to deliver top-notch architectural services to people who otherwise think the service is financially out of reach.

“I believe that I can fit the needs of more people with a small business model,” she says. “Efficient design, creativity, and thorough planning will ultimately save an owner money and result in a better project.”

But for Robyn, it’s all about improving the daily quality of life for people, both business owners and homeowners alike.

“I want to bring architectural services to folks who didn’t think they needed or could afford a real, live architect,” she says.

An experienced architect, Robyn worked for nine successful years with larger firms in Knoxville. And while she describes those experiences as nothing short of fantastic, Robyn says she is definitely happy to be a business owner.

“I decided that 2010 was the year for me to stick my neck out there and hang my own shingle,” she says. “Since the beginning of this year, I’ve kept quite busy with small commercial jobs and home renovations and additions.”

For more information, call (865) 382-8972 or visit www.redbirdarchitecture.com.

When Conflict Becomes a Conflict

Conflict occurs every day; in offices, homes, on vacation, and anywhere else you have people attempting to be in a relationship. Even though it’s common, rarely are people equipped to reach resolution. Often worse is an attempt to avoid conflict altogether, which typically prolongs the problem until it becomes an all out battle.

The most difficult situations tend to be discussed by everyone but the person involved. Often a meeting will be called to offer generic instruction to the group as a whole, when the person in conflict never realizes they are the culprit. Resolution has to be specific and one-on-one with the person or persons involved. Here are some suggestions:

1. Always deal first with emotion. If someone is angry the problem becomes secondary. Validate appropriate emotions before moving forward. “I understand you are upset, help me to understand how this affects you so that we can reach a consensus.” Then, as the leader, listen. Often, once they have “vented,” their anger reduces and the problem becomes easier to resolve. Often others simply want to be heard.

2. Give a commitment and get a commitment. Once you’ve acknowledged a problem and have a plan in place, then you are in a position to ask for something in return. “If I can get this done for you, can I trust that you are a team player and can move beyond this?”

3. Confront issues with a witness. Problems should never be dealt with unless a third party is present. To avoid “he said she said” always ensure someone who can be neutral is present as the discussion takes place and have that person take notes of the meeting and any decisions made.

4. Follow up in writing. Recalling a conversation later can be difficult, but if you have a letter summarizing the meeting and the action taken, that can become a part of the employee’s file and have all parties sign in agreement.

5. Solicit suggestions. Be proactive by not waiting! On many products today there is a toll free number to call with complaints or suggestions. That is because it is much easier to deal with suggestions than problems. Create an environment where others will contribute ideas and help eliminate bigger problems down the road.

6. Schedule regular reviews. Having a regularly scheduled time to review, reflect and plan is important in improving employee retention and loyalty. It’s also a good time to ask questions about how you as the leader can better serve them. It’s as important to know what a team member expects from you as a leader as it is to make known your expectations of that employee.

Conflict is a part of life, but dealing with it successfully is a skill rarely mastered. Take time to listen, ask the right questions, and deal with reality all at the same time. Once you’ve mastered it, conflict will become an opportunity to build great relationships and establish trust while earning the respect of others within your organization.

Beth Townsend is a dynamic freelance speaker and writer and can be reached at 865-851-4725 or at www.bethtownsend.com.

The headlines would read: “A teenage female going by the name of Gold E. Locks is being sought for questioning related to criminal trespass and food contamination. Upon returning home from a trip, the property owners discovered the assailant sleeping in a bed, and then she committed criminal flight to avoid prosecution. Please contact law enforcement with any information on her whereabouts.”

Now, as Ms. Locks can testify under oath, some things will fall into three categories…
Too Hot, Too Cold, and Just Right. And similar to her Modus Operandi, I begin my day by assessing the temperature of the financial markets with the hope of avoiding unpleasant surprises. Fortunately, there are various indicators that can provide some good insight into pending market actions, one of which is the OBOS indicator (Over-Bought – Over-Sold).

OBOS measures the current price of an investment versus its average price over a recent time period. The higher the current price is above the average, the more it’s considered to be ‘over-bought’. Conversely, the lower the current price below the average, the more ‘over-sold’ it is. In either case, there is an increased probability (but no guarantee) that the investment will move back toward the average in the short term. So the OBOS indicator helps identify investments that may be too hot (over-bought) and that may drop in price, and those that are too cold (over-sold) and may provide some upside potential.
So there are lots of temperature gauges for
the market, but the data may require some
interpretation. As a Fundamental Choice
Portfolio Manager with Wells Fargo Advisors,
I created the Flexible Growth Portfolios (FGP) for clients who may be frustrated with the fluctuating temperature of the market. FGP consists of four different portfolios to accommodate different levels of tolerance for market risk: Conservative, Balanced, Moderate and Growth.

Because of their operational structure, the four portfolios may prove less expensive than your
current investment strategy. And each is managed with a very systematic 3-step methodology that is proprietary to FGP:

Adjust the investment allocation*
based upon the market conditions.

Focus on areas of the financial
markets that are ‘in-favor’.

Utilize a ‘Sell Strategy’ to minimize
the chance for large losses.

So if you’re concerned about your investments being too hot or too cold, perhaps you need to ‘Explore Your Options’ with an in-depth explanation about FGP.

The Week is a Market and Econmic commentary published by Wells Fargo Advisors on a weekly basis. If you would like to receive a sample copy for review, or if you would like to discuss your
situation by phone or in person, contact Jerry Goodman at 865-560-2610
(toll free 800-537-9889) or by email at
jerry.goodman@wfadvisors.com.

Both terms became popularized by
the mainstream media, which for a
period of time seemingly repeated
these slogans at 15 second intervals. I
became convinced that network
television talking heads had conspired
amongst themselves to see just which
one of them could insert both terms
more frequently into the pertinent
news stories of the day.

But, it appears that the jury remains
out on “the new normal,” my personal choice for slogan of the
year. A risky choice I admit in an election year which will
likely produce many competing slogans by politicians of both
parties attempting to gain a political advantage over their
opponent. Even Wikipedia hasn’t weighed in on “new
normal” yet.

The mainstream media has loosely defined “the new
normal” as how the current recession has or will impact the
lives of average Americans.

To self-employed entrepreneurs like myself, “the new
normal” will likely represent one of two realities however:

• The reason for a self-employed entrepreneur’s demise, or

• The unlimited opportunities for the future.

I believe the choice of either option is largely our own.

I concede that the current recession has dealt near death
blows to certain areas of our economy including the real
estate and residential construction markets. But I’ve also
witnessed first hand how a number of both realtors and
builders have adapted to changing consumer trends brought
on by the recession, to create new and profitable niche
markets for themselves.

Our emotional reaction to all that has happened in the last
year or two appears to have played a greater role in our
demise or success than the economic fundamentals
themselves.

For some of us, the “new normal” represents the need for
change that many fear more than the recession itself.

Still, for others, the “new normal” represents the
opportunity to identify marketplace changes, which if adapted
to and embraced, will offer the potential to create unique
competitive advantages resulting in unlimited possibilities in
the future.

While the choice appears an easy one, fear remains a
powerful force which in the evolutionary world of small
business will select the winners and the losers. But your small
business need not rely upon natural selection to determine its
future fate.

This “new normal” is creating both risks and rewards for a
bright new future for America’s small business community
which, if ignored, will determine your future for you. EK

It’s difficult to determine
at this early date whether
the term “new normal”
will gain a foothold into
our American vocabulary
such as “gravitas” or “peace
divided” did during the
early Bush era.

Just recently, while visiting
with a client, I learned that
the payment we had just
received for the display
advertising he had previously
placed in one of our recent
publications came not from
income generated from his
business, but rather from
proceeds from his Individual
Retirement Account, or IRA.

This is not the first time
this has happened as another self-employed couple also sold
stock in their retirement account to pay debts incurred in the
operation of their business. Slumping sales made this action a
necessity if they were to continue the pursuit of their dream.

I’ve thought a great deal about this act and other actions
taken by so many self-employed entrepreneurs to remain
viable during this recession.

In the absence of bank financing and with depleted cash
reserves, many self-employeds turn to equity in their homes,
retirement accounts and alternative sources of revenue to
finance the operation of their businesses.

It must be difficult for non-self-employeds to appreciate the
level of commitment many self-employed entrepreneurs have
toward their businesses, that they would risk everything in
the pursuit of their dreams.

I’ve also come to realize that the term entrepreneur is little
more than a generic term today used to describe most
anybody with management responsibilities. I was even told
several years ago by the president of a division of a Fortune
500 company that he and other managers at his firm
“embraced the entrepreneurial spirit.”

When asked what that meant, he offered a seemingly weak
response, at least from my perspective of 26 years as a
self-employed entrepreneur. Perhaps he was dismayed by my
reaction, but I soon came to realize that he had never walked
in the shoes of a self-employed person.

I guess it’s like the story about the preparation of a bacon
and egg breakfast. While it can be said that the chicken is
involved, there is no question that it was the pig who was
totally committed.

While I don’t question the involvement of non-self-
employed management in the daily and future operation of
their respective companies, unlike the self-employeds, they’re
not required to finance operations from their personal fortunes.

Granted, while many management teams have taken
involuntary pay cuts and bonus reductions, I doubt that any
voluntarily contributed their own personal capital to the
companies they manage.

I’m not complaining mind you. We self-employed
entrepreneurs voluntarily chose our direction. But it seems
that a new definition is required to define those that are
committed and those that are merely involved.

Nearly half my life has been lived as a self-employed, so
there’s no question I lack objectivity. I’ve never regretted the
decision I have chosen, nor would I give up the risk/reward of
self-employment for the security of a paycheck.

I just wished there was a word to adequately describe the
self-employed entrepreneurs that I meet daily who risk
everything and that a nation looks upon to create the 60 to
80% of the jobs needed to lift us from the grip of the most
severe recession since the 1930’s.

Perhaps it’s hero? EK

It seems that a
new definition
is required
to define those
that are committed
and those that are
merely involved.

Building the Dream

Local business owner fulfilling
childhood dream in West

Knoxville gift shop

As a local business owner,
Gail Del Vecchio has had
real success as the owner
and operator of Gifty Girl,
which has become a
popular fixture in
Bearden’s Southern Market
shopping center. And
thanks to that success, Gail
is planning to grow and
relocate Gifty Girl in
Lakeside Village, conveniently located in the heart of
West Knoxville.

“I believe that this area of West Knoxville is in need of
this kind of shopping experience, and with Gifty Girl I
will fulfill that need,” she says. “I want to provide
Knoxville with a shopping alternative that pleases the
senses and provides a niche market for personalized and
unique home décor and gifts.”

With approximately 1,200 square feet of retail space,
Gifty Girl will carry a diverse set of gifts, home décor,
and novelty items, covering a wide range of price points.

Gail says customers should expect a warm, inviting
environment that feels as though they have “escaped to a
quaint shop in Paris.”

“The number of choices and quality of gifts will be
breathtaking,” she says.

Gail also hopes to establish a high level of
personalization through personalized design services,
educational decorating workshops, gift registry, realtor
programs, ASID discounts, gift certificates, gift wrap and
preferred customer recognition programs, all perks Gail
says are far from common in today’s hectic, mass market. She
hopes to eventually ad online shopping and direct shipping to
customers.

“My business philosophy is to provide customers with an
opportunity to escape the ‘routine’ of day-to-day life activities
by providing a mini-vacation that is refreshing and
invigorating,” Gail says. “It is my personal goal to create such
an enjoyable and fulfilling experience that my customers want
to come back frequently.”

This business dream is one that Gail has held onto since
childhood, when she ran what she calls a “pretend store,” in
which she went through her house and priced everything she
wanted to “sell.” Gail would even use her mother’s ironing
board as a counter and an old rotary phone as a cash register.

“The personal satisfaction and joy that I receive from
interfacing with customers and helping them find a unique
and personalized gift for a loved one
or special friend is indescribable,”
Gail says.

Gail, who was born and raised in
South Carolina, spent 10 years in
Colorado before settling in Knoxville
with her husband and three children
in 2005. She says she is pleased to be
“back in the South.”

“We have found Knoxville to have
the best people and climate,” says
Gail. “You hear a lot about Southern
hospitality, but the people in
Knoxville demonstrate true
hospitality every day.”

Upon arriving in Knoxville, Gail
started a home-based jewelry business
and then worked at Southern Market,
where she became a merchant with
her own home décor shop, something
she says she could not have done
without the support of her family.

“My husband David is my strong
arm and the best thing that ever
happened to me,” Gail says. “We’ve
been married for over 20 years and
we have three wonderful children,
Cole age 24, Jessica age 19, and
Shelby age 15.” EK

I heard a great suggestion for small business owners while listening to Bloomberg radio recently.

I’m going to act on this recommendation and perhaps you may elect to do so also.

The suggestion was rather simple.

Become a customer of your own business. In other words, take the time to both observe and evaluate your small business just as your existing and would-be customers do.

You might be surprised what you learn.

Make an objective evaluation of your business.

Do you have a physical location where customers visit?
• How is the exterior physical appearance?
• Interior appearance?
• Do you open promptly at the designated time?
• Do you close early?
• How is your phone etiquette?
• How are your associates attired?

We purchased an existing business near Chicago that had a reputation for customer indifference, often closing early.

One would-be customer had visited twice during normal business hours only to find they had closed early.

Fortunately, this would-be customer, upon learning that our business was under new ownership, decided to give us a second opportunity. After several trial orders we received two orders representing three times our average monthly sales.

The customer was Outboard Marine Corporation.

Our business, a franchise with over 2,000 locations nationally, became the third fastest growing franchise location east of the Mississippi.

Whether you have a physical location where customers visit or not there remain other questions worth of asking, including:
• Are you accessible to your clients when necessary?
• Are you or your associates chronically late? Being late tells the person you were to meet that your time is more important than theirs.
• How are you dressed? Don’t expect to be taken seriously by your clients if you’re dressed inappropriately.

Do you know the number one reason for losing a customer?

Is it price? Quality?

Wrong!

The number one reason for losing an existing or would-be customer is INDIFFERENCE.

Today’s downward spiral of customer service levels in the country is appalling.

However, low customer care levels are providing ripe opportunities for business savvy entrepreneurs, who choose to provide consistently higher levels of customer service to make serious inroads into competitors markets who neglect or ignore this critical area of their businesses.

One question begs to be asked.

In the midst of one of the worst recessions in decades, why would any serious business owner ignore what would appear to be so obvious?

Why not become your company’s best customer and take advantage of the sales opportunities your competitors are creating.