Financial Opportunities Uncovered: A Keeler & Nadler Family Wealth Podcast

How To Spot A Good Business And Sell It Well

• Andy Keeler

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Ever wonder whether your dream business is a smart investment or a costly hobby in disguise? We dig into the real math and human realities of starting, buying, operating and selling small businesses with Emmet Apolinario, a certified exit planning advisor and president of the Ohio Business Brokers Association. 

Andy and Emmet walk through two common entry points—spotting an underserved market or turning a passion into a company—and test each against capital needs, staffing complexity, and margins. You’ll hear how a disc golf retailer sold at the right moment, why a travel agency delivered lifestyle and strong cash flow, and how a bakery boosted margins by shifting to online ordering. We explain why Seller’s Discretionary Earnings (SDE) is often the truest yardstick for small, owner-operated firms. 

Emmet breaks down the eight value drivers that buyers reward including: recurring revenue, consistent financial performance, growth potential, capacity utilization, the Switzerland structure (vendor and client diversification), monopoly control and brand strength.

If you’re debating a salon, restaurant, home healthcare, or any people-heavy model, we also lay out how bench strength, scheduling systems, and incentives can turn turnover into a manageable variable instead of a daily crisis. Enjoy the conversation, subscribe, and share with a friend who’s entrepreneurial!

The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations.

It is only intended to provide education about finance, tax, retirement and related planning topics. To determine which investments or strategies may be appropriate for you, consult your financial, tax or legal advisor prior to implementing. Any past performance discussed during this program is no guarantee of future results.

Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.

Keeler & Nadler Family Wealth is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Keeler & Nadler Family Wealth and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Keeler & Nadler Family Wealth unless a client service agreement is in place.


SPEAKER_02:

Have you ever dreamt of starting a business? Maybe you recognize an untapped opportunity. Or maybe you simply want to monetize your passion. Today on Financial Opportunities Uncovered, we will explore the opportunities and pitfalls of starting your own business. To explore the many nuances of business ownership is Emmett Apollinario, a certified exit planning advisor, certified value builder, and president of the Ohio Business Brokers Association. Emmett, welcome. Thank you, Andy.

SPEAKER_01:

Really excited about being part of this uh podcast today. Thank you.

SPEAKER_02:

So, Emmett, over the last 22 years, you've helped over 350 business owners sell their businesses. How'd you get into the business?

SPEAKER_01:

Uh, it's an interesting twist of faith, actually. In the 90s, I uh purchased a controlling interest of a company called Caspian Software, local Columbus Technology Services Company. Okay. And we grew that from a million to five million in about two years. In revenue? In revenue. Okay. That's annual gross sales and grew from eight employees to 57 employees and 25 subcontractors. So it was a great ride. We were riding the technology surge in Columbus in the late 90s and early 2000s. And of course, dot com came and the dot com boom came when it came, um, started um having the notion of maybe I should sell this business. Okay. Go out on top, hopefully. Yeah. So so that was where uh it led me to a business broker. Um, unfortunately, I didn't do my due diligence. It was not a good experience. Um, so I participated in a class action lawsuit eventually with that business broker. I actually have a copy that just brought it for you. A copy of my class action lawsuit checked, a copy of their invoice, and uh, this was about business valuation and a copy of the so through that whole class action period, I dissected the industry, learned the industry, and found out what makes a good broker and what makes a bad business broker. So And you decided you wanted to be one. I wanted to be one because I didn't want I'm the I'm the poster child for doing all the wrong things in selling a business. So today part of my passion is making sure the 350 plus business owners that I've sold, they don't have regrets in my selling their businesses.

SPEAKER_02:

My goal today is actually to help folks avoid starting a business that might be a failing business or a business that they realize later they really don't want to be in. Right. So uh later on, I'd love to share some examples of the businesses you sold, especially how you arrived at the value and what an owner can do to maximize the value of their business. But first, I want to start by addressing those that are considering starting a business. As I said at the outset, I kind of look at startups in one of two ways. First is an opportunity to cash in on an untapped, overlooked, or underserved market. For an example, the gym I go to is very expensive, it's overcrowded, but it's got a lot of amenities. Other members are growing frustrated and have commented that this is the only game in town. So I thought I saw an opportunity until I looked at the 10K for this gym, which is publicly traded. The 10K is an annual report for publicly traded companies. Annual revenue was$2.3 billion. That's with a B. So it's a big operation, national footprint, but profit was around$150 million. And I really didn't have to get my calculator out to realize that's not a lot of profit based on what I expected to be a lot of headache. That's a profit margin of about 6.5%. And if you think about the capital investment that they had to put forth to start this gym, to build the gyms, equip the gyms, the staffing cost associated headaches with staffing, the annual overhead to heat and cool and maintain the pool. Then I remembered the city that I live in has to subsidize 50% of the operations of their rec center so that gym ideal could yield a profit not worth the headache or a loss of 50%. No thanks. The second type of startup I see is what I call passion play. Maybe you absolutely love to cook, so you want to open a restaurant, or you love planning parties, so you want to open an event planning business. The business is more about following your dreams and passion than necessarily hitting it big financially. One way I look at this is that if you turn your hobby into a business, the hope is that you can pursue your hobby for free. You're being paid to do something you love. That said, you might find that turning your hobby into a business has taken all the fun out of it. So, Emmett, can you share some examples of some of the businesses that you've dealt with? Were any of them folks that that were pursuing a hobby or just a passion play versus folks that started a business that they just saw an untapped opportunity?

SPEAKER_01:

Well, you know, one thing that we hear all the time is if you really love what you do in a job or a profession or a business, you never have to work a day in your life, right? So I do run into those people. I'm in the front seat of over 22 years of seeing some very interesting and very inspiring business owners that got started. I'd like to start to talk about the the disc golf mart right by Riverside Drive. I didn't know if you've seen that. It's a store that's in the disc golf business.

SPEAKER_02:

Okay.

SPEAKER_01:

They some people call them frisbees. Uh-huh. And this gentleman, he was 76 when he we were selling his business close when the closing last year, and he was a a professional disc golf player. Okay. Now those disc golf, if you haven't kept up in and I didn't actually didn't know anything about the sport until he called me and said, Hey, I need to sell this confidentially. One, how do I find a buyer? Two, how do I sell this confidentially? But he was a Hall of Famer, and that industry today, they have players, they're paying them a million dollars per game now. Wow. Yeah, for so it's similar to golf, but it's discs, and they have a uh uh uh the a course uh just like golf. But so this gentleman started this business and it quelled his hobby, it quelled his interest. I mean, he knows the business inside out, he knows all the different courses in the area that he lives in, and we sold it and he hung in there.

SPEAKER_02:

How was he making money? Like what was he selling?

SPEAKER_01:

Oh, so he's selling disc golf. So he you know, those frisbees, he had the store, he actually had two stores one in the east side and one on the northwest side.

SPEAKER_02:

So he was selling I'll just call it the equipment to play the game.

SPEAKER_01:

Yeah, to play the game. Okay. And because of that position that he's in, he's the only game in town. Yeah, people people would say, well, could people buy it at Dick's Sports? Well, you you will buy it. Yeah, you could, but he specializes in it. So you want to so the diehard disc golf players, or even the entry-level ones. Sure. And there are two sports that really proliferated and grew during COVID. Do you know what those that those two sports is pickleball? Pickleball and disc golf.

SPEAKER_02:

Our producer is waving his hand, an avid pickleball player.

SPEAKER_01:

Those two smells like vinegar. They grew. And of course, by the time I sold them, the demand was there, his sales were up, and he was over the years, he was not making that's a passion play for him. Yeah, but he did, you know, it it was a job in the in a business for him. And probably sold it at a good time. It sold at a good time.

SPEAKER_02:

Not only from the age standpoint. Right. Um I know a lot of 76-year-olds with a ton of energy, but it doesn't last forever. But given the fact that it it has been on the rise, you kind of want to sell it.

SPEAKER_01:

Right. He sold it at a good time, he was the really good guy that was passionate about the sports.

SPEAKER_02:

Now, how about one where somebody maybe they didn't know anything about the business? Um like you, you didn't know you weren't a business broker, but you had a horrible experience. And you're you you might have been thinking, I want to be a good business broker that does it right.

SPEAKER_01:

Right.

SPEAKER_02:

So you saw an opportunity, but are there others?

SPEAKER_01:

Yeah. Uh well, you and I have known someone in the rotary that used to be in the event planning business. He loved to travel, and unfortunately, you know, he ended up having some health issues. But um, Chris enjoyed the travel, he enjoyed entertaining people. And in fact, I was part of the transaction where he purchased a travel agency. So he did it. Yeah, yeah, with that uh um so I was behind that. But uh I I also know his financials, it made good money to the point that he had a house in Napa, enjoyed all the travel, uh, but that was a passion and it was a highly profitable business.

SPEAKER_02:

So you said it it it it made money, and so that's you know, I want to get into that the profit and and that side of it. So given that I'm a numbers guy, I tend to want to look at profit as an indicator of a business's value. You could own a business that has$10 million in annual sales or revenue, but only$100,000 in profit. Or you could own a business with a million in revenue with$300,000 in profit. Obviously, there are a lot of factors at play. The example you just gave, an event planning business, there's really no capital investment. Right. And so, you know, it's it's almost like a consulting business, and you're buying stuff with other people's money. So that's pretty cool too. Right. Um, a one-man banned salesperson that sells million-dollar machines that he doesn't have an inventory to end users has little to no capital investment or staffing costs and the headaches that come with it. Right. While a restaurant is capital intensive and has high staffing costs. This is one reason why restaurants saw their profits increase dramatically following COVID when carryout business took off. They didn't need as many servers or dishwashers. So businesses can see very different profit pictures.

SPEAKER_01:

That's true. I represented the sale of a bakery in the short north, and they were affected by COVID, but it forced them to pivot and actually begin their online ordering system. And real estate leasing in the short north is highly expensive from the wood companies. And so they developed and implemented this software, which was a canned software. So now they were more efficient in the ordering. They're not dependent on walking traffic, which is a big gamble for restaurants and bakeries. You never know how much it's going to be purchased for that day, the bridge and all that.

SPEAKER_02:

And it's perishable. Some of it's a good thing. If it's a restaurant serving chicken, beef, vegetables, you want to make sure you nail how much you're gonna need before it perishes. Yeah.

SPEAKER_01:

But that uh I enjoyed selling that business because I was able to talk about the technology that they implemented and how the margins increased because they had less labor. They didn't have to over hire on the slow periods, but everything is now logistics in online business versus a restaurant walking independent business.

SPEAKER_02:

Just out of curiosity, what is the profit margin on a bakery? I wouldn't think it's very high.

SPEAKER_01:

No, it's not. You're probably looking at eight to twelve percent of that it's uh so I mean it's it's not it's not large. So you gotta sell a lot of cakes and a lot of cookies and stuff.

SPEAKER_02:

Yeah. One of the things I was thinking about as we were walking into the room, is there's reputation and there's value to the reputation. A bakery that has a good reputation or a donut shop that has a good reputation, they may sell out by 10 a.m.

unknown:

Right.

SPEAKER_02:

A normal business that has nothing to sell from 10 to 5 would probably go out of business. But uh a business that has very good reputation, word gets around, you better get there by 10. Right. They're selling more in a shorter period so they don't have the labor costs throughout the day. Yeah. And they're able to charge more for those cakes or donuts because they have such a great reputation and everybody wants one. That's true. So I mean, there's just so many variables, and we could go, like I said at the beginning, we could go down a million rabbit holes.

SPEAKER_01:

Like the breakfast places, like the uh the the was the first watch. Uh uh yesterday we were at another broken egg. Have you heard of that? Yes. Uh yeah. So we were there. But they're shut down by 2.30. Yep. But you know, all the labor comes in the morning, and and it's actually there's actually a good demand for those type of restaurants, actually.

SPEAKER_02:

Breakfast and brunch is my favorite meal. In fact, I'm actually making breakfast for the office tomorrow morning. And I'll I'll say what I'm gonna make now on the podcast because they won't hear this for like 15 days. Yeah. I'm making French toast Twinkies. Oh my goodness. It's a Twinkie that you dip in the basically batter. The batter has a little alcohol in it, and then you fry it up on a griddle, golden and brown and crispy on the outside, lights out. Where'd you get that recipe? Well, so I made it. I'd actually been to a restaurant here in the city of Dublin. Yeah. They made a French toast Twinkie or Twinkie French toast. Yeah. But it looked like French toast. It didn't look like a Twinkie. Really? And but they changed their menu every quarter. Oh wow. And they don't make it anymore. And I've been dying for this French toast Twinkie or whatever. So I'm like, I'm gonna figure this out. So I went online and I found a there were a bunch of recipes. Um that's about the only time I have Twinkies in the house.

SPEAKER_01:

That could be a good business, Andy.

SPEAKER_02:

What's that? That could be a good business. It could. And you know, I'm done by 10 a.m., right? Or 11, whatever. So let's start talking business valuation. Now, in my experience, if you look at a single sector, there may be some basic valuation rules of thumb. It seems to me that a multiple of profit, which some will call EBITDA, others will call earnings, it's fairly standard across business sectors. So an advertising business with profit of a million dollars might be worth, say,$2 million,$2.5 million. That's 2.5 times their annual profit. But are there situations where a multiple of revenue could be used? So revenues and the profit that results, while consistent within a sector or industry, might be very different across other industries. But if you are comparing businesses within the same industry, could revenue multiples also be relevant? For example, is it fair to say that if you compare dentists, you could use a multiple of revenue since it seems like the overhead costs are going to be fairly consistent across different practices based on the scale of the practice? So however many dentists you have in the office, however many hygienists you have, your front office person, you know, the size of that practice, that it would seem like um they have the same basic uh profit margin. And so you could use a revenue multiple as a measure. Is that fair? Yeah.

SPEAKER_01:

Um for the type of businesses we sell, we use the terminology, I don't know if you've ever seller discretionary earnings. Uh-huh. Because in most cases, these small businesses, they're owner operators. Yeah. So, like a dentist, the question is the is the does the dentist have what I call production hours? Does he actually see patients? Uh-huh. Or does he have reduced production hours? He's only working 15, 20 hours. That will dictate the the likelihood of the value. That that would start changing that landscape of what it could sell for. So we use seller discretionary earnings. So that would be a combination of IBITA, but it's also what they take away from the business. Because these businesses, they're not publicly held, they're not set to any standards. They either they pay themselves less or they pay themselves more. Right. Uh so it's dependent because they have full control of their uh tax mitigation strategies in some of those cases. Yep. So going back to your question, are there any industry there are industry multiples. We attempt to apply them, but then in the way they operate the business, it could be it could be a dentist's office that's not they have such old equipment.

SPEAKER_02:

Yeah. So there's nuances. You know, you you you apply these metrics, which I would say are uh quantitative, but then you have to overlay qualitative factors. Right. Is the if it's a dentist, uh, what is his reputation? And is he planning to stay in the practice or not? Has he hired other dentists that have been there for two or three years, things like that. So there's all these other variables, right?

SPEAKER_01:

Yeah, yeah, that's true. Yeah, that that all comes into play. So we actually, when we work with business owners, we take a look at the eight different value drivers of a business. Eight different value drivers. What are those? So the eight different values. Recurring revenue is a pretty big one. The financial performance of the business, of course, is big. What's the what is that? The financial performance is what have they done within the last three years? Is it consistent? Uh-huh, regardless of the business owner, uh, you know, is is is the demand there? Okay. So the financial performance, the growth potential of the business? Is it could it do more? Because I run into auto shops that have four bays and they're only doing a million and a half, they could do more. But they're not using all the bays. They're not using all the bays, or they're not. So they have capacity. They have the capacity. Uh the Switzerland fac structure, we looked at how dependent are they on a specific vendor, like uh like my software company. I was dependent on international workers. I could not find workers here in the U.S., so I have to go overseas for that talent.

SPEAKER_02:

You're saying sort of diversification of suppliers, but you also want diversification of uh clients. Right. Yeah. Um, if it's say an an accounting firm, um, you wouldn't want 10% of your revenue coming from one client.

SPEAKER_01:

Right. Yeah.

SPEAKER_02:

You want to spread the love.

SPEAKER_01:

Right. Okay. And recurring revenue is a pretty big one, but you know, the monopoly control, you know, certain businesses have a lot more brand in a certain market. So we have to take a look at that. So and like in my case, I look for consumer choice award winner businesses because they have reached a certain benchmark, they have a certain reputation in the market. So over the years, that's where I capitalized in my industry. When I first got started in the business, I said, I'm gonna represent consumer choice award.

SPEAKER_02:

Wow. Okay.

SPEAKER_01:

So that little secret sauce and how was how I was successful early on.

SPEAKER_02:

So it would seem like a lot of business owners own their buildings. Right. I would imagine it could go either way, but in your experience, what per I'm just curious, what percentage of the owners of the business are selling the business but retaining the building and then leasing the building back to the buyer?

SPEAKER_01:

Most businesses that we sell, they actually do not sell the real estate. But there are some that actually own the real estate. And we go into you have to bear in mind, most of our clients, the business owners we represent, they've never sold a business before.

SPEAKER_02:

Right.

SPEAKER_01:

So they're not even they don't even know what they're walking into. They don't know what What the real estate component could mean in the sale. There's also tax mitigation consideration from that. You know, is it you know, with selling uh real estate that obviously increases the value of the business um it increases more net for them, but then there's also tax consideration for that. So in most cases, uh the businesses that own the real estate as well, uh I I I let them be in the driver's seat and consult with their have them consult with their accountant or their advisors, financial advisors. What would be the best optimal outcome of the state?

SPEAKER_02:

But it sounds like most of the time they decide to retain the real estate.

SPEAKER_01:

It's actually um we sold a business in another town. It's a car shop, actually, auto shop. And I actually suggested for the business owner to retain the real estate, and it's in a good part of town they they did, so he was able to actually get rental income in addition to selling. Beautiful thing. Yeah.

SPEAKER_02:

What percentage of the businesses that you sell are treated uh uh they're taxed at capital gains rates at sale versus income?

SPEAKER_01:

They're mostly asset sale. So very few uh that I will represent that will be a stock sale. Okay. So that means they are tax in some cases the highest. So we income taxes income. Exactly. Yeah. So we have we do have to suggest them to look at tax mitigation. So there there this is why pre-planning is important.

SPEAKER_02:

And why is that? So let's say it's the auto repair shop. Um you got the the building, that's a separate deal, but the business itself, um, you know, there's recurring clients, some, but not a lot of recurring, I would think. Um how do how how do you determine whether it's selling an asset versus selling stock?

SPEAKER_01:

So in most cases it's the stock will be driven. Is there any licensing or any permits that needs to transfer to then the owner? Um so in most cases the asset sale is also a liability aspect for the size of businesses that we represent, most legal professionals will advise the buyers to buy under an asset sale because they can depreciate most of the um the equipment that they're buying that gotcha depreciate that. So there's a tax advantage for the buyer and it also minimizes their their any potential litigation. So, like as an auto shop, if it was purchased as a stock sale, let's say they worked in a car that had faulty brakes eventually ran into an accident, they're going to be suing that car shop. In a stock sale, that buyer will be affected by that litigation. In an asset sale, they could say, we just bought the assets of the business.

SPEAKER_02:

Gotcha. We talked a little bit about restaurants. Uh it's pretty common for people to enjoy they'll enjoy cooking brunch food. We talked about it. Um so you start a business. There are just so many challenges to the restaurant business, it would seem. And and obviously you have more experience than I do, but we talked about the ordering the right amount of food. Um so that's one area that you could potentially lose some lose some revenue or or profit. For me, it's the the biggest issue I have with some businesses is the um human resources aspect of it. So I had a a put uh a client years and years ago that was a CFO in a company. He was an owner in that company, had a high income, uh, but he was also the owner of that uh a partner in that business. Um, he was pitched a uh haircutting franchise. And this is a national chain, one on every block. Um and it was, I believe, a hundred thousand or a hundred and fifty thousand dollar investment to buy this franchise. And I said, Do you know anything about cutting hair? No. I'll have people that know how to do that. Um, do you enjoy managing people? Well, not particularly. Well, he didn't take my advice. He ended up buying the franchise, and within like six months, he ended up selling it to somebody that owned like eight of them that knew how to run that type of business. And and for me, it was like, is Donna's car gonna start tomorrow so she can show up and cut our clients' hair? Is Ron gonna be hungover? And you know what I mean? I don't want to babysit people. And that is a that's a labor-intensive business, not necessarily a huge capital investment, but you're managing people. And restaurants, I would say, are very similar to that. Um as I said earlier, take takeout business is maybe a little bit more profitable from that standpoint because you don't have as many people involved. But are there ways that uh if um somebody that's interested in buying a business, let's say it's uh haircutting franchise, they could actually invest in that business, but not necessarily be the operator?

SPEAKER_01:

Aaron Powell Well, uh the national, you talked about the national chain, and I've looked at that when I was uh when I had Casmin Software, I did look at the Great Clips. They're a great business model. I mean, but you do have the human resource aspect, the people management aspect. Some people, just like a variety of business owners, could manage people well, and some business owners just could not. But I've sold enough salons in Central Ohio that I I there's this there's a terminology that's used in the salon. I actually asked that with a business owner when they're looking to sell. How much drama isn't in your show? The drama is the drama. This because you mentioned about the car not starting or someone not showing. Um I mean it's it's all about people when it comes to that type of business.

SPEAKER_02:

Interesting. I didn't mention their name, but yeah, it was a great clips franchise. And if I bought a great clips franchise, I frankly wouldn't even know where to go to get the people to work there. Yeah. As opposed to the person he sold it to, he has a um bench, he has bench strength of 50 stylists that are within, let's say, a 10 square mile radius of these six different great clips. Yeah. So if Donna's car doesn't start, he calls Carla. If Bob is hung over, he calls Dan, you know. So um that's the the benefit of scale.

SPEAKER_01:

Yeah.

SPEAKER_02:

And um, you know, again, that particular client didn't take my advice and um wiped out uh hundred, hundred fifty thousand dollars of his wealth.

SPEAKER_01:

If I can add another school intensive business, a home health care, I represent a good number of home health care. But the question is how many people like to go into other people's houses and wife people's butts, if you will. So there's always a turnover. And I had uh one home health care franchise, very successful, I mean, very successful. But what she had, you talked about the bench strength, what she had is on online availability for the resources. So she would get at one meeting that we had, actually meeting with a buyer, she was selling the business, there was an assignment in Marion, Ohio. And she just looked online, emailed everyone that was available. She offered a$50 gas card and within less than 15 minutes was able to have an assignment for a home healthcare. But she also had every Thursday, regardless if she's needing aid or not, she has a coffee and donut, get to know the agency service. So people will invite their friends, they'll take their names down and phone numbers and find out their availability. But it's building contingencies for that type of business.

SPEAKER_02:

It's really an example of somebody that's figured it out. Right. Exactly. Yeah. Um, so you're giving the example of home health care. There's a a company that provides um more or less vests that help people with heart issues. Yeah. Um, and it's the same thing. They have a pool of nurses, and they it's it's more or less a gig service. Yeah. So they put this gig out. You need to go to this person's house in Reynoldsburg uh at 5 p.m. Who wants it? First person that signs up gets the gig. Right. Um, I I I've heard they have the same thing for substitute teachers, and in the school districts have even gotten together, they use I think the same service. So a substitute teacher that started maybe in Westerville, there might be a gig for that teacher in Hilliard. And you know, they go online and see what's available. It's pretty cool.

SPEAKER_01:

Something interesting. I'm a notary. Okay. And I don't know if you've heard of Snapdocs. I will get my text saying there's a notary event available in Westerville. Can you go? Can you be there at one o'clock? Okay. It's anywhere from between$50 to and you can actually bid on what you want to get paid for that. But that's from it. Isn't that interesting?

SPEAKER_02:

It's a beautiful thing. So, Emmett, thanks for sharing your vast experience with our listeners. It's truly fascinating. And as always, we thank our listeners. I'm Andy Keeler, and this is Financial Opportunities Uncovered, brought to you by Keeler and Nadler Family Wealth. If you have questions on anything you heard in this episode or have an idea for a future episode, connect with us on LinkedIn or email me at andy.keeler at knwealth.com.

SPEAKER_00:

The opinions expressed in this program are for general information purposes only and are not intended to provide specific advice or recommendations. It is only intended to provide education about finance, tax, retirement, and related planning topics. To determine which investment strategies are appropriate for you, consult your finance, tax, or legal advisor prior to implementing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always, please remember investing involves risk and possible loss of principal. Please seek advice from a licensed professional. Keeler and Nadler Family Wealth is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Keeler and Nadler Family Wealth and its representatives are property licensed or exempt from licensure. No advice may be rendered by Keeler and Nadler Family Wealth unless a client service agreement is in place.