Page 3 - Upper Peninsula Business Today -- September 2019
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SEPTEMBER 2019 UPPER PENINSULA BUSINESS TODAY PAGE 3
 UP Health System - Marquette Donates to YMCA
Financial Tips For Starting A Business With Your Significant Other
MARQUETTE - With a $10,000 donation from UP Health System, the YMCA of Marquette was able to reach its 2019 Annual Campaign goal of $115,000. Victor Harrington, Regional Director of Marketing and Business Development at UPHS presented a check at the YMCA to staff members on Tuesday.
“We’re very excited to partner with UP Health Sys- tem,” said YMCA CEO, Jenna Zdunek. “Our missions are very similar with the goal of helping our commu- nity. We feel very blessed and thankful.
“For the rest of the year, we’re going to be able to help so many families with financial assistance, cancer sur- vivors and people with Parkinson’s. We’ll be able to support them and help them get healthy.”
In 2018, the YMCA provided financial assistance to 2,868 individuals, with services including daycare, membership scholarships for families and free swim les- sons, while offering various health programs.
“Whenever we look at opportunities to contribute to the community, we look at the mission of the organi- zation,” Harrington said. “When you look at the YMCA’s mission, keeping the community healthier, supporting children, it’s very similar to what we try to accomplish as an organization. Our mission is to make
communities healthier, and it’s a great partnership with the Y because they’re doing just that.”
In addition to helping fund those services, UPHS’ contribution also supports the Pedaling for Parkinson’s and LIVESTRONG programs, allowing people to join those for free.
The goal of Pedaling for Parkinson’s is to improve the quality of life for people with Parkinson’s and their caregivers, as well as educate the general public about the benefits of maintaining an active lifestyle after a Parkinson’s diagnosis and support the research dedicat- ed to the prevention of the disease.
The YMCA partnered with the LIVESTRONG Foundation in 2008 with the mission of helping cancer survivors begin the journey toward recovery. The pro- gram offers adults affected by cancer a safe, supportive environment to participate in physical and social activ- ities focused on strengthening the whole person.
In addition to its daily services, the YMCA also holds special events like the Healthy Kids Day and Hal- loween at the Y, where over 1,200 celebrated their youth by learning about health and wellness while play- ing games and being active.
Scott W. Knaffla
Many people dream of starting a business. And, for some, a spouse or significant other is the ideal business partner. The prospect of building an enterprise with the person they share other parts of their lives with may be appealing on a number of levels from shared passion, convenience and common goals. However, it’s impor- tant to approach the joint venture with the same care a person would apply to any other business dealings.
If you are thinking about starting a business with your significant other or have already started the process, here are 5 tips to help you maintain your financial pri- orities on the road to success:
• Agree to individual and shared responsibilities. Small business owners wear many hats to achieve their goals. Come to an understanding about how you will divide and conquer the many demands of business ownership. Establish a process for decision making. It’s also important to discuss how much time and money you are each willing to contribute to get your business up and running.
• Don’t overextend yourselves. You’ve likely heard of entrepreneurs who have built wildly successful compa- nies by maxing out their credit cards. This is rarely the best way to advance your business. Avoid high-interest-
rate debt and be careful how much money you put on the line. Discuss and document how much each of you invests and how debt will be repaid.
• Purchase business insurance. The goal of insurance is to protect you and your partner from financial loss if something goes wrong. The types of insurance you buy will depend on the nature of your business. You may be required to hold specific insurance for the work you produce. For example, if you borrow money to pur- chase inventory, your lender may require insurance against theft or loss of that inventory.
•Have a contingency plan. Consider all possibilities and plan accordingly. For example, if one of you wants or needs to return to the workforce, how will the busi- ness go forward? What if your romantic relationship changes? It would be unfortunate to be forced to dis- solve a company if one of you wants to leave it. Consult a legal professional to create a binding agreement regarding exit plans. You will appreciate the peace of mind knowing there is a way out that is fair to both of you, just in case.
•Continue to save for your retirement. When you’re self-employed, you are the boss of your financial future, including your retirement accounts – all the more rea- son to make monthly or annual contributions to tax- advantaged retirement savings accounts. Enlist the help of a financial advisor to keep your personal finances on track. Your business also deserves financial and tax plan- ning advice on a regular basis.
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Scott W. Knaffla, CFP®, ChFC®, APMA®, BFATM is a Private Wealth Advisor with Flourish Financial Partners, a Private Wealth Advisory Practice of Ameriprise Financial Services, Inc. In Marquette, MI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 11 years. To contact him, please visit: www.flour- ishmarquette.com or call (906) 226-7526. Office loca- tion: 1501 Division St. Marquette, MI 49855
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Starting from left, Jenna Zdunek, YMCA CEO; Travis Alexander, Director of Personal Train- ing and Fitness; Victor Harrington, the Regional Director of Marketing at UPHS and Jessy Brodeur, Childcare Assistant Teacher. On Wednesday, Harrington presented the YMCA staff with a check for $10,000 to support the YMCA’s various health programs.
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