Category Archives: Startup

WIMS Consulting Client/Portfolio Company Spotlight: Direct Power Pros Solar

Direct Power Pros Solar was recently formed by professionals from within and outside the solar industry. The team has extensive experience with both the positive and the negative aspects of the energy, so they set out to create a much better organization from the ground up. While the company is based in Charlotte, NC, the team is spread across the US and can serve most of the US already.

Not only did they create the best work environment and conditions for their sales and install professionals (which in turn creates the best product for their customers), but they’re also creating an entire community as well. For example, the referral partner program that is launching is going to help generate substantial income and revenue for those involved.

While it may still seem a bit futuristic or cost prohibitive, according to the US Department of Energy, “Solar energy can help to reduce the cost of electricity, contribute to a resilient electrical grid, create jobs and spur economic growth, generate back-up power for nighttime and outages when paired with storage, and operate at similar efficiency on both small and large scales.”

There are so many incentives available right now to encourage more widespread adoption of solar energy that it makes this decision much more compelling. These incentives also reduce the downside risk and increase the upside. If you’re interested in taking a deep dive into the basics of solar energy, you can check out this guide also from the DOE, Homeowner’s Guide to Going Solar.

The team at Direct Power Pros realized a great opportunity to create an environment in which installment and sales professionals are supported and held to the highest ethical standard. They strive to put the best solar systems together for their clients and ensure the process is smooth from start to finish.

They believe in a core set of principles:

That solar is the wave of the future and with a strong sales and install team, can assist in educating the public and providing a platform to create savings for their customers and enhance the adoption of renewable energy.
That trust and integrity are the only things they truly have and control in this world. They know that once their word is broken, it cannot be undone.
There are many options for going solar, some good and some bad. It is their job to help their customers navigate them and do what is best for them. At times, this may come at the expense of making a sale.
They pride themselves on educating people first and not pressuring them into a sale.
They use only the best installers and the best materials. They do not cut corners in the installation process and will ensure your project is completed in a timely and professional manner. They will be by your side throughout until your system is turned on and generating power.

If you’re interested in learning more about the benefits of solar power, reviewing potential financial incentives within your area, becoming a referral partner, or setting up a consultation, visit https://www.directpowerpros.com/.

WIMS Client Spotlight: Tabbris

Tabbris focuses on innovation and technology, and they want your company to grow with them. Because of the nature of what they do and the expertise they have, Tabbris offers space to early-stage companies with the potential to scale and innovate within their market. Often, this ends up being technology and software companies, but it’s not limited to them exclusively; however, if you’re a realtor, attorney, or consultant, you might want to look elsewhere. Why? Because they’re built to offer resources, events, and networking to tech-based startups. In order to incubate them, Tabbris wants to give them the space they need to grow.

They want you to outgrow them. They’re the studio apartment you move into before you buy that shiny, new house. They are the starter kit. They’re whatever you want to call them, except permanent. Why? Because at Tabbris, that’s their goal – they want to put you and your projects on a path to success. If they do their job right, you’ll be out of the coworking space before you know it.

Charlotte startups are some of the most innovative companies out there, and Tabbris is dedicated to fostering their genius. Before you can go full speed, you’ve got to prepare for all the twists and turns. Tabbris is here for all of that, and they’re going to give you the space you need to get your gears going. They believe that all you need to fill the gaps between ideas and success is some really good cement; let them be that cement.

Tabbris offers monthly memberships for their hot desks, standard offices, and executive offices. The coworking space also features a recording studio. For businesses still skeptical of the benefits of collaboration in a coworking space, Tabbris offers daily passes that offer the same perks as purchasing a monthly hot desk. Day passes are a great way to get familiar with the Tabbris coworking space before committing to a monthly membership. Go check out Tabbris and see what they can do to launch your startup to the next level!

WIMS Client Spotlight: Let It Ride

Let It Ride is a new DFS (Daily Fantasy Sports) app and website launching soon that was created behind the efforts of former Panthers receiver and North Carolina native Brenton Bersin. It is soon to hit the app store.

Let It Ride is an easy to use sports gaming platform for everyone. The platform focuses on the most exciting sports games: including player prop parlays, along with other picking pool competitions. With a competitive spirit, gamers can compete against the house or other users.

Their main game is Let It Ride, where users (you) pick from multiple player prop over/unders in an effort to get 3 correct, 5 correct, or 7 correct. If you choose any incorrectly, you lose your wager. If you get them all correct, you win. If you correctly pick 3, you have the option to cash out and end your ride, or let it ride in an effort to get 2 more correct to get to a parlay of 5. You then have the option again to cash out and end your ride at 5, or try and get to 7 correct. The longer the ride, the higher the payout.

Other games include:

DA$H is LIR’s spin on a lottery type game. DA$H is a pool type game where the the 1st user to get 20 picks in a row correct without getting one wrong, wins the jackpot.
OUTLA$T is our spin on a survivor pool. Located within the LIR app. Users will join pools of all different sizes and parameters. Competing head-to-head against other users. Each pool offers different styles and reward.
PUR$E is LIR’s golf focused game. Choose by pool size or entry fee amount. In all pools, the user picks 10 golfers to make their lineup. Unlike other DFS apps, there is no salary cap, so the user can choose whoever they want. If they want the 10 best golfers in the tournament by World Ranking, they can pick them. This makes this game easy for all people to play.

Visit their website https://www.letitride.app/ to subscribe to to the wait list to receive early offers and follow the journey from the ground up. They are also launching a funding round shortly to continue growing and scaling, more details to come, send an email here if you’re interested in learning more about it, or you can visit this link as well.

They are also seeking early adopters to act as affiliates who will receive commission and other income opportunities. If you are interested in applying, click here.

Never Let a Good Crisis Go to Waste

Time and time again, we have witnessed corporate empires come crashing down. On a high from peak performance, many of these companies were resistant to change their historically successful practices with their “if it’s not broke, don’t fix it” or “we’ve always done it this way” mindsets. The things that got them to the top eventually led to their downfall. Instead of proactively preparing for an inevitably changing environment, firms often find themselves behind the innovation curve because they have relied on their organizational inertia from past wins. 2020 was a year full of thrivers and survivors, but it looked a little different than other times of financial uncertainty.

Instead of a shifting of industries on the power curve like during the global financial crisis when electronics, utilities, and financial services fell off their historical peaks, we are instead seeing a further widening of the performance gap between industries. According to an article published in July by McKinsey & Company, the six most profitable industries have seen $275 billion a year added to their expected economic profit pool; the six least profitable industries have lost an estimated $373 billion. Companies that did well before the pandemic are proving to be resilient.

The thrivers have taken an adaptive and innovative approach to business and include the following industries: pharmaceuticals, software, technology hardware, and media. After releasing last quarter’s earnings, Microsoft CEO Satya Nadella said, “We’ve seen two years’ worth of digital transformation in two months.” The survivors, many on the verge of bankruptcy, are not doing well. This is a trend that existed, but only proved to accelerate with the onset of COVID-19.

The fastest companies to adapt to the new norm have been and will continue to be the quickest winners taking advantage of opportunity during this crisis. Manufacturers of personal hygiene-related products are increasing production. An exponential increase in demand for pharmaceuticals has these companies reinventing their production processes as well. The potential of the telehealth industry is being realized as nearly half of all physicians are treating patients virtually, up from 18% in 2018. Automation through robotics has created an interesting angle for companies through the mere fact that robots cannot get sick like human employees. E-commerce companies have spent money on adapting infrastructure and capacity as they receive more of the traditional brick-and-mortar retail market. Tech-heavy firms have further adapted their ecosystems.

Even companies in traditionally slow-adapting industries have made changes. Restaurants have increased their delivery and take-out volumes, putting together special packages that entice customers to pick up. Multi-family, specifically apartment complexes, have gotten creative with their marketing to get leases signed. Universities have been pressured to express the importance of their value to not only current, but prospective students, as the online education market was already expected to triple in growth from 2015 to 2025. With interest rates reaching record lows, an increase in buyers and homeowners looking to refinance are shaping an attractive future for the real estate market. Implementation of new technology into these industries is paramount to the future of these firms.

These industries, high in reliance on the demand of consumers, also need to realize the importance of relationships with those who make them money, the customers. They can get the most out of their marketing by implementing CRM systems, such as Zoho or Salesforce, to methodically target and follow up with prospects. Businesses need to reallocate resources to parts of their business that have the most growth potential in the future.

To the companies that have waited for some clarity from the fallout of this pandemic, you need to realize that doing nothing is doing something (although we would not recommend that). Companies that move early in a crisis and get ahead of competition often maintain this lead for years. Lao Tzu is credited with saying, “The wise man is the one who knows what he does not know.” There is always room for improvement and no proven right answer as times are constantly changing. Without staying ahead of trends or at least educating yourself about them, your practices will soon be outdated.

It is clear given the current state of the world that changes need to be made to your business; do not waste any more time. Transformational leaders do not let a good crisis go to waste. What are you willing to do to take advantage of the pandemic’s opportunities?

If you need assistance, we have a variety of bundles to help you start a company, scale a company, or simply perfect your marketing and CRM implementation. Check out our 10K to 10X Video bundle, 10K to 10X 2020 bundle, 90 day MVP package, or reach out to WIMS Consulting to see how we can add value to your business.

5 Ways Family Offices Can Optimize for the Present & Future

Over the past 50 years, the amount of family offices has grown to an estimated 3,500-5,000 as ultra-high-net-worth (UHNW) investors have increasingly used this approach to leverage and manage their wealth. Whether it be through Single-Family Offices (SFO’s), Multi-Family Offices (MFO’s), or a combination of both through syndication, wealthy families have seen the advantages of customized structures that meet specific needs and go much more in-depth than just financial investments.

With family offices varying in size, scope, purpose, and operation, it’s impossible to define the specific actions family offices should take, but it is possible to highlight key themes and challenges that most family offices face and offer advice on how to deal with common situations that arise. The increased level of sophistication for these investors has created a need for constant communication and transparency to ensure everyone involved in deals is on the same page and held accountable to achieve the desired results.

Vision – Clearly Communicate Goals to Foster Alignment

Family offices need to communicate their goals and alignment to all players involved, from their internal teams to management at their portfolio companies and everyone in between. With varying scopes of family offices, the common goals tend to surround income, total assets, and legacy. There is a varying degree to which these topics are discussed and articulated among family offices. Mapping out priorities that articulate the desired purpose and direction for the family’s wealth will encourage proper decision making and the right strategy. The proper structure of the family office can then ensure that governance framework, operating processes, teams, and advisors are set up in a way to support the family office’s purpose and values to achieve specific goals. Further, it will help identify the right KPIs/metrics to track and measure against as well.

Operations – Set up the Proper Delegation of Duties

Once everyone knows and embraces their role, family offices can then fill in the gaps where they need help, making the whole process much simpler and clearer. These gaps can be filled through streamlining operations via outsourcing. Outsourcing to specialized agencies not only provides expertise and more eyes on what matters, but it also allows family office executives to focus on the areas they’re passionate about.

Deal Flow – The More Opportunities That Come Your Way the Better (if it is manageable)

The best deals typically come through referrals, but there are also plenty of solid opportunities that come in via cold calls, emails, pitch events, or online databases stacked with potential investments. No matter the source, access to these deals is paramount to succeeding in the private investing world. A few sources we have found useful are AngelList, PitchBook, LinkedIn, CrunchBase, etc.

In more of a nontraditional move, family offices can also find deals and collaborate through equity crowdfunding. A capital raise can start as Reg CF and later convert a round to Reg A. Start-ups are increasingly seeing the value in crowdfunding to raise initial capital as it helps to validate their business model and market fit. With less regulation than private equity, investors can also benefit from getting involved and take more ownership of great ideas at an early stage.

Syndicate Investments to Reduce Risk, Increase Upside, and Achieve Economies of Scale

Most family offices already co-invest through syndication with other family offices. Yet this only increases the need for transparency from all firms involved: the family offices, their teams, portfolio companies, and any outsourced agencies that are involved in establishing a smoother operation. Syndicating deals allows you to reduce the downside by committing less capital, it increases the amount of relationships/resources that the target company can leverage, and it also enables each family office/fund to be able to split expenses when appropriate.

Finding and deploying the right consulting firm is a key example of this, due to the essential need for trust and objective parties when dealing with a large amount of wealth from a small number of sources. If family offices do choose to outsource certain operational functions (like marketing, sales, finance, etc.), a firm that provides constant communication and quick action to resolve issues is necessary. With the right external agency, family offices can concentrate on the roles that align with their purpose and passion with respect to running a successful operation. Not to mention, they save even more capital by not having to hire full-time positions to do what these outsourced specialists have been doing well for years.

Succession Planning – Always Keep an Eye on the Future

Succession is one event that family offices must have even though it can be uncomfortable. Having a contingency plan in place allows for smooth transitions and operational stability across the board when the time comes. This could mean planning for the transition from one generation of principal(s) to the next, or from one family office executive to the next. CEO’s tend to be in their position for an average of approximately 5 years. For family offices, managing directors and executives tend to hold these offices for 10 years as they have established a rapport with the investor families. This means that much more of the operations are in the hands of the family office executives than in traditional businesses.

When succession occurs with these individuals, it can be tough for the family office to stay on course if objectives and procedures have not been communicated. Understanding the role of the family, the family office, the portfolio companies, and any external firms in the event of succession is key in mitigating risks and obstacles that can cause disruption. With less regulation and oversight regarding practices of family offices, a lot more is done on an informal basis, leading to the possibility of overlooking key operations. With a clear and defined plan, it provides an easier transition when any type of succession inevitably occurs.

Conclusion

As you look to scale your operations, investments, and grow, there are clearly a variety of routes to take. The key is determining the route that best fits your family office’s vision, the portfolio companies you want to invest in, and then ensuring that all parties involved, whether in-house or external, all understand and are committed to executing it.

Written By: Mike Simmons and Evan Shirreffs.

THE PRIMARY MISSION OF WIMS CONSULTING IS TO HELP YOUR FUND AND ITS PORTFOLIO COMPANIES GENERATE A HIGHER ROI NOT ONLY INTERNALLY, BUT ON BEHALF OF YOUR INVESTORS AS WELL. WE CAN ASSIST WITH SCALING YOUR INVESTMENTS TO HELP INCREASE VALUATIONS IN ADVANCE OF ADDITIONAL FUNDING ROUNDS, LIQUIDITY EVENTS, EXITS, OR IPOs. WE CAN PROVIDE A LOT OF DIFFERENT SERVICES, CREATE AND IMPLEMENT A ROBUST STRATEGY, AND EXECUTE EACH TACTIC, BUT EVERYTHING THAT WE DO TRULY BOILS DOWN TO THAT ONE SINGLE OBJECTIVE OF ADDING MORE VALUE TO YOUR FIRM.