local perspective THE ADViSOR cHRiSTOPHER McNiNcH — EDiTED by LORi bAER — “business is business,” said Christopher mcninch, senior financial advisor and certified financial planner with ameriprise Financial. “Family-run or not, turning a profit remains the main goal of any business.” the common concern of family-run businesses arises when personal and emotional perspectives get in the way of prudent business decisions necessary in times of financial crisis. McNinch’s opinion on where trouble begins: Fear comes from the media, the Internet, family and friends’ comments about the economic downturn. these assessments often amount to false information. business owners shrink and pull away out of fear instead of marketing and doing the things responsible for initially growing the business. A precaution McNinch recommends taking: secure appropriate cash reserves, even though cash isn’t paying well right now. Don’t rely on a cycle of debt to bail out your business. McNinch’s thought on short vs. long term funding: to right the ship in the short term, the business owner might need to back away from his own retirement funding to correct the business’s liabilities for the long-term survival. McNinch’s general advice on prioritizing funds: employees come first. Without employees the business can’t exist. McNinch’s word on marketing: stay abreast of your competitive market; be aware of the rise and fall of your competitors. these businesses could be positioned to take over your business. vice versa, their failing business could mean new business opportunities for you. Click here to go to the brochure September 2009 | Connections | 21