There are 21 days left in 2022. Three weeks that are going to go by in a blur of holidaze and fa-la-la-la-la.
While we’re juggling everything—visits with family and friends, celebrating the birthday of Jesus, and all the extra stuff that happens this time of year—some of us have writing commitments too, which add another layer of fun (ahem!) to the last few weeks of the year.
Is anyone also pondering personal or professional resolutions for 2023?
Stop.
I know a lot of the “everything” isn’t optional, especially if you’re on a writing deadline during the holidays. What I’m suggesting you stop doing is the whole resolution thing. New Year’s resolutions sound good in January. Making the “I will” and “I won’t” list seems so positive—until you lose the list in February and can’t remember half of the things you wrote down.
But what’s the alternative to starting the new year off right with a list of goals?
Consider choosing One Word for 2023. This will be my 18th year choosing One Word to focus on for 365 days—and never once have I lost track of what word I chose as the days, weeks, and months progressed. You can misplace a list of resolutions, but one word? Almost impossible to misplace. Even more important, God uses the process to change me in significant ways that influence all areas of my life.
Some of my One Words have been:
- Gratitude
- Hope
- Kindness
- Trust
- Confidence
- Inheritance
Last year, my One Word was “pray” – the verb, not the noun “prayer,” because praying is active. This quote by Mother Teresa inspired me: “God speaks in the silence of the heart. Listening is the beginning of prayer.”
There have been two occasions when I’ve repeated One Words. I repeated the One Word “forgiveness” and the One Word “listen” because as I mulled over my One Word for the coming year, God didn’t move me past the One Word I had. Interestingly, I’m repeating “pray” for 2023 for the same reason.
Interested in trying One Word in the new year? Here are four tips:
- Pray about your One Word. God usually provides me with a scripture verse that anchors me to my One Word.
- Be attentive for a visual. I’ve used a photo or some sort of graphic to remind me of my One Word. I’ve also worn a necklace or bracelet engraved with my One Word.
- Dive into your One Word. Consider reading books related to your One Word. This year I read 100 Prayers Every Christian Should Know. I also posted quotes about prayer on my Instagram feed once a week. The year I focused on the One Word gratitude, I incorporated a gratitude journal.
- Read My One Word by authors Mike Ashcraft and Rachel Olsen. This is a helpful resource to learn how to choose One Word. I also recommend checking out their website. It’s motivating to see One Words other people have chosen.
I’d love to know about your experience if you already choose to focus on One Word each year or why you prefer to do resolutions.
TWEETABLE
Beth K. Vogt believes God’s best often waits behind the doors marked “Never.” Having authored nine contemporary romance novels and novellas, The Best We’ve Been, the final book in Beth’s Thatcher Sisters Series with Tyndale House Publishers, releasers May 2020. Other books in the women’s fiction series include Things I Never Told You, which won the 2019 AWSA Award for Contemporary Novel of the Year, and Moments We Forget. Beth is a 2016 Christy Award winner, a 2016 ACFW Carol Award winner, and a 2015 RITA® finalist. An established magazine writer and former editor of the leadership magazine for MOPS International, Beth blogs for Learn How to Write a Novel and The Write Conversation and also enjoys speaking to writers group and mentoring other writers. Visit Beth at bethvogt.com.
Consider the advertisement and slogan examples all around you.
Oftentimes, if marketers could merely change one word, the message they convey becomes much more inclusive.
- Arm & Hammer: “If you want to know which detergent to trust, ask your mother. And her mother. And her mother.”
- Applegate natural and organic meats: “Mom’s dream team for lunch”
- Aveeno Baby: “Trusted sun protection for baby and mom…maybe that’s why so many moms choose Aveeno…”
- Babybel: “Attention moms! I’m obviously a great addition to your kid’s lunchbox…”
- Baby Depot at Burlington: “At Burlington, we carry the most Mom-trusted brands…”
- Banquet frozen foods: “Perfect for busy moms with even busier families.”
- Beech-Nut: “Moms don’t add anything artificial into their babies’ food. So neither do we.”
- Betty Crocker: “Your little one will feel like a Superhero – and you will look like Wondermom! – when you reveal a Superhero Cake for his birthday dessert.”
- Capri Sun: “At Capri Sun, we’ve been listening to and learning from our moms since the very beginning.”
- Chuck E. Cheese: “Join us for Chuck E. Cheese’s new Mommy & Me class.”
- Chuck E. Cheese: “Thank you, mom.” (TV commercial)
- Coppertone: “…it’s easy for moms to love it too.”
- Dannon: “As a mom, you want your kids to grow up healthy and strong.”
- Desitin: “Trusted by more pediatricians and moms than any other brand…”
- Dr. Smith’s: “The brand moms and pediatricians trust to gently help treat irritated baby bottoms, fast.”
- Earth’s Best Diapers: “For Moms who care and the little ones they love…”
- Fisher-Price: “Thanks Mom, for choosing us your most loved & trusted brand.”
- Garanimals: “Moms know the right outfit makes everybody comfortable…Moms love them because they’re practical.”
- Gerber: “…we’ve collected product reviews from Moms like you…”
- Gerber Life Insurance Company: “See what Moms are saying about the Grow-Up Plan.”
- Huggies: “Got questions? We’ve got answers! Huggies Mommy Answers has essential baby info…”
- Hyland’s Baby: “…and have been trusted by moms for over 80 years.”
- IntelliGender: “…a fun pre-birth experience for expectant moms everywhere!”
- Jif: “In 1958, original Jif Creamy Peanut Butter was introduced, and quickly became a favorite. Moms recognized Jif peanut butter’s superior fresh-roasted peanut taste…”
- Johnson’s: “Moms around the world trust Johnson’s to safely care for their babies. We are committed to working with moms…”
- Juicy Juice: “Hey moms, check out these great Juicy Juice crafts and recipes!”
- Kellogg’s Frosted Mini-Wheats: “Mom, more please!”
- Kid Cuisine: “We believe that kids should get to be kids, and moms should get to serve food…”
- Kix: “Generations later, kids still love it and moms still approve.”Luvs: “The official diaper of experienced moms.”
- Lysol: “Congratulations, you’re a mom!…Being a new mom is an exciting…”
- MyGerber: “Moms and babies, let’s get growing.”
- Nestle Pure Life: “Meet our moms: nestlepurelifepromise.com”
- Noodle & Boo: “Our mama profile…only the best will do for her baby.”
- Nutrients for Life: “Thank mom for the cookies & N.P.K for the ingredients.”
- Oscar Mayer: “These are real moms getting their kids ready for kindergarten.”
- P&G: “Thank You Mom for supporting all of our interests.”
- Pampers: Website menu tab includes “Mommy Corner,” with no dads’ counterpart.
- Parents magazine: “Must-haves and must-dos for mom and family.”
- Similac: “More Moms choose the Similac Brand.”
- Texas Toast: “Thick, crunchy toast. Brushed with buttery, garlic goodness. Bravo, Mom. Take a bow.”
- Tum-E Yummies: “Moms see goodness. Kids see fun!”
- Tummy Calm: “Mommy, my tummy hurts…”
- Walmart: “Baby basics for every mom…Top-rated by moms like you.”
- Walmart: “Mom’s menu rescue”
- Zone Perfect: “Mom, look what I can do!…A mom can dream, right?”
The replacement of words mom or mother with the word parent is a simple solution that projects the message that fathers and mothers deserve equality within the realm of the family.
This means that both women and men have the potential to be nurturing, compassionate, and emotionally available to their children. This also means that both men and women have the capacity to be providers, protectors, educators, and disciplinarians to their children.
The beauty of this truth is that both men and women can fulfill each of these roles and more—even if it means they take differing paths to arrive at that goal.
Feb 21, 2023
Written by Dalton Hopper, CFE, CVA
There are few situations in which one word can make all the difference. In this example, we’re examining the difference between fair market value and fair value when valuing a business. As business owners form a business, one of the last items on their mind is their operating agreement, or bylaws. It’s often a legal formality that is left up to their attorney and there’s little thought into what goes into it. However, when drafting these documents, it’s important to understand the difference because one word can make all the difference.
When valuing a business, there are multiple standards of value. These include fair value and fair market value, among others. While these two may seem the same, or may be used interchangeably, there’s a drastic difference when it comes to the value of your business. Fair market value, when valuing a business, is defined by the IRS in Revenue Ruling 59-60. While this guidance from the IRS is certainly decades old, it is still the widely accepted standard. Revenue Ruling 59-60 defines fair market value as,
“the price at which the property would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of relevant facts. Court decisions frequently state in addition that the hypothetical buyer and seller are assumed to be able, as well as willing, to trade and to be well informed about the property and concerning the market for such property.”
When we talk about fair market value, we are often considering a valuation for IRS context, such as gift or estate planning. Fair market value allows for an important, and often disputed, item to be considered in the valuation: discounts.
Discounts in a business valuation[1] can be significant, especially in gift and estate planning. The two most common discounts include a discount for lack of control and a discount for lack of marketability. These discounts can reduce the value of a business interest by anywhere from 10% to 50%, or even more given the circumstances. For example, if a business is determined to be worth $1,000,000, then a pro-rata 10% interest in that business would be worth $100,000. However, when considering applicable discounts under a fair market value standard, this 10% interest could be worth between $50,000 to $90,000. That is a huge difference.
Remember when we mentioned the difference a word can make? The difference in fair market value and fair value is usually the applicable discounts. While fair market value is the applicable standard for tax purposes, fair value is often the standard of value for business disputes, dissenting or oppressed shareholder disputes, marital dissolution and property separation, and financial reporting purposes. Fair value does not usually consider discounts for lack of control or lack of marketability. In situations like the example above, one word could mean the difference in $50,000, if not more.
It’s important to understand the language in an operating agreement, company bylaws, or a buy-sell agreement, especially if you may be the buyer or the seller someday. Knowing the difference between fair market value and fair value can be the difference that allows you, your family, and your business to accurately plan for the future. There is no right or wrong when it comes to planning and choosing between a standard of value, it’s simply knowing the difference that one word can make.
[1] A business valuation is the structured process of determining the value of a business, business interest, or asset that is closely held (not publicly traded) and where no market quotes are available.
- Tags:
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- , BMSS
- , Business
- , buying
- , company
- , Dalton
- , fair market
- , Hopper
- , IRS
- , planning
- , selling
- , valuation
- , value
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🦀money money money 🦀
Batman (1989) is one of the best movies in my opinion, can’t say the same about suicide squad (2016) though…
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Today our mindfulness activity is going to focus on one word.
Choose one of the words below and write it on an index card, piece of note paper, post-it, or even the back of an envelope. Then place the paper with with word on it somewhere you will see it (refrigerator, bathroom mirror, computer monitor). You can also use a word of your own that isn’t included in our list.
Inspire, Calm, Heartfelt, Focused, Grateful, Dream, Simplify, Imagine, Wonder, Blossom, Brilliant, Capable, Abundance, Courageous, Deserving, Dynamic, Vital, Triumphant, Overflowing, Peace, Joy, Grateful, Grounded, Possibility, Worthy
If you have a busy day planned carry the word with you and pull it out of your pocket, purse, or wallet to remind yourself that this one word makes all the difference in how you see today.
Happy Mindful Monday!