Good Neighbor Podcast: Tri-Cities
Bringing together local businesses and neighbor of the Tri-Cities region. Good Neighbor Podcast hosted by Skip Mauney helps residents discover and connect with your local business owners in and around The Tri-Cities.
Is your business serving the residents of Tri-Cities? Then, we need to talk! Visit gnpTri-Cities.com to schedule your free interview.
Good Neighbor Podcast: Tri-Cities
EP# 233: From Passion Project to Financial Lifeline: The Baldwin Financial Services Story
What makes Jacqueline Mercer with Baldwin Financial Services a good neighbor?
Trustworthiness, confidentiality, and professionalism – these are the values that drive Baldwin Financial Services according to founder Jacqueline Mercer. What started as a passion project helping a local business owner has transformed into a thriving financial services company dedicated to supporting small businesses navigate their financial journeys.
Jacqueline brings clarity to the often-misunderstood world of small business finances, defining "small business" as companies with revenue of $25 million or less. Her comprehensive services include bookkeeping, tax preparation, payroll management, and strategic financial consulting for both for-profit and non-profit organizations. The company gained significant momentum during the 2020 pandemic when business owners desperately needed organized financial records to qualify for grants, PPP funding, and other financial assistance.
The conversation tackles one of the biggest misconceptions in small business financial management – that software can replace professional services. As Jacqueline explains, "Software is a supplementary tool to get things done more efficiently," but it cannot replace the expertise and guidance of seasoned professionals who understand compliance requirements and strategic financial planning. Many small business owners aren't aware of what they don't know, particularly regarding tax obligations and proper budgeting, which is where Baldwin Financial Services steps in.
Beyond just number-crunching, Jacqueline's approach to client relationships stands out. She signs all communications with "Thanks for being part of the BFS family," reflecting her philosophy that client success drives her own success. "When you win, we win. When you don't win, we don't win," she shares, underscoring the partnership mentality that has helped her build a business primarily through referrals and word-of-mouth.
Looking to get your small business finances in order? Connect with Baldwin Financial Services through Instagram @baldwin_financial_services and click the link in their bio to visit their website and learn more about how they can help your business thrive.
To learn more about Baldwin Financial Services go to:
https://bfinancialservicesco.com/
Baldwin Financial Services
(901) 498-2121
This is the Good Neighbor Podcast, the place where local businesses and neighbors come together. Here's your host, Skip Monty.
Speaker 2:Hello everyone and welcome to the Good Neighbor Podcast. So we've got a very special guest today in our studio and I am super excited to learn all about them and what they do and their company. And I'm sure you will be too, because today I have the pleasure of introducing your good neighbor, ms Jacqueline Mercer, who is the owner-operator of Baldwin Financial Services. Jacqueline, welcome to the show.
Speaker 3:Thank you so much. Feels awesome to be here. Skip.
Speaker 2:Well, we're thrilled to have you. Like I said, I'm really excited to learn all about you and what you do at Baldwin Financial Services. So if you don't mind, why don't you kick us off by telling us about your company?
Speaker 3:Yes, so Baldwin Financial Services primarily services small businesses, and let's kind of start there Small business is actually a business that is defined $25 million or less. Okay, so that's a pretty big range. So small businesses and I provide bookkeeping services, as well as tax preparation, payroll services, as well as some consulting. I do service for-profits and non-profits. Baldwin Financial Services has been around about five years and it's actually started as a passion project.
Speaker 3:I was getting a service from a business owner in our local community and that business owner started asking me questions that I'm used to in my day-to-day role. But hey, do I need a chart of accounts for my business? How much do I pay myself out of that business? And I just took it on as just helping someone that I knew. And when the 2020 pandemic hit, all of these business owners needed financials to support their tax returns whether it was for grant money or PPP funding or some other type of funding and they needed a solid bookkeeper to bring their data together. And that is just how Baldwin Financial Services got its start and continues to grow through that foundation of providing bookkeeping, financial reports and, ultimately, the tax prep and consulting.
Speaker 2:Wow, that's a lot. In our show, you know, we focus on locally owned small businesses and apparently that's you do as well, so that's wonderful. So you told us kind of how this started as a passion project. As far as the financial services business, can you think of any myths or misconceptions that people have?
Speaker 3:Yes, the most common one is that software replaces the service. So obviously, in a small business, budgets and even nonprofits but focusing on the small businesses budgets are a big concern of these business owners, so they really get into the space of wanting to do it. You know, do it yourself solutions, and sometimes that makes sense. But as you grow, as you scale and as the business owner needs to think about compliance and things of that sort, they really need to if they're able to pull in an outsourced resource or even hire an internal resource. But the misconception is that you can go out there in the market, buy a software and it does all of these accounting functions for you without understanding the compliance behind it. And that is really where Baldwin Financial Services comes in. And we use software as a supplementary tool to get it done more efficiently and to make sure that the way we're thinking about it is accurate. But it does not absolutely replace having the service.
Speaker 2:Very good. I can see that because a lot of small business owners think they can do everything themselves and it's not necessarily a great idea.
Speaker 3:Yes, exactly, yes, exactly, yeah, and so go ahead.
Speaker 2:I'm sorry.
Speaker 3:No, well, I was saying and I get it Part of once we bring a client in part of us, once we start knowing your numbers, that I mean that's our thing. We have to know your numbers. But once we get into that rhythm, we also provide guidance. That is also included in the bookkeeping services. If we are providing bookkeeping, in terms of how to structure your budget, what should you be looking for? For a respectable margin while paying yourself, while being in compliance, while being in this budget, and a lot of times what we see is operating expenses are way too high for what's coming in. We also see there's no money put aside for cash reserves or tax compliance. So they kind of get into these businesses, like you said, just wanting to do all of the operations and saying, hey, I need a delegate, I need a hire, but they're really not looking at those numbers. So that is how we service our good neighbors.
Speaker 2:There we go. Well, we know marketing is key to any business's success. How do you market your financial services?
Speaker 3:So I market primarily by referrals within my client network as well as collaborate with other financial partners. So, for example, there's a tax. Someone may have a tax service, but they focus on individual taxes. So when someone comes in for business taxes and they need to refer someone, then I have that network. My clients have been some of my biggest referrals, once they are satisfied with the services. And one thing that we see Skip is that people want a trusted accountant. So we're in the numbers, we know if you're successful or not and we have to be discreet. So once we so my clients, once they, you know, feel comfortable with me, I find that they are referring me to their other business network partners or their friends or network. So I would say that referrals is the biggest one, as well as collaborations with other financial service companies, also exploring things like, you know, rebranding or things that flyers when there's events in town and being a sponsor that way. So that's how I am primarily marketing, but I will say that referrals is the biggest one because it's they know your work.
Speaker 2:Word of mouth, best advertising you can possibly get for sure, yes, yes. Absolutely so. Outside of work, jacqueline? What do you do for fun if there is time outside of work?
Speaker 3:Well, yeah, that's a good point, I do. I certainly believe in work life balance. That is part of why I am an entrepreneur myself is that I can control my schedule. It doesn't mean that it's less busy, but I can control more. Sometimes it's more busy. So what I like to do outside of work is spend time with my family. I'm a wife, a mother, a fur mom, a human mom, so I do like to spend time with all of them, but my favorite pastime is going to the beach whenever I can get to the beach, and then just watching movies. I like being at home and in my space. So those would be, you know, the biggest things I like doing outside of work when I'm not looking at screens and numbers.
Speaker 2:Time with family, always the best answer. But what? Do you have a favorite beach?
Speaker 3:I do. It is in Orange Beach, alabama, so it's actually. I went there not too long ago to celebrate my wedding anniversary as well as the end of tax season, so but yeah, it's one of those beaches, not too touristy, it's beautiful water, just peaceful, serene. So probably about a, I want to say, a five or six hour drive from where I'm at. So that right now is my favorite beach.
Speaker 2:That's not horrible, that's not a horrible drive. No it favorite beach, that's not. That's not horrible, that's not a horrible drive.
Speaker 3:No, it's not, it's not yeah.
Speaker 2:Cool. Well, let's switch gears. Can you describe a hardship or a life challenge that, either professionally or personally, that you've overcome and how it made you stronger in the end?
Speaker 3:Yes, I can. So I would say just venturing on my own for this business. I've really struggled. I've been in business five years but it really started, like I said, as a passion project and I was working full-time for an employer for over 20 years. So the challenge really came into do I leave my employer to pursue this passion in business and give it all of me, or do I stay with my employer where I feel in and I'm not dependent on clients?
Speaker 3:So actually, what ended up happening is that the company went through a downsizing event and I was part of that downsizing event and so it worked out for me in terms of having all the financial services in place. But I will say one of the biggest challenges believe it or not is really just how the now that my day is not structured, how do I? How do I structure my day? My days can range from waking up as early as 5 am to work on a project. It can range from waking up at 10 and working till two in the morning. So just finding that structure and transitioning from full-time corporate to entrepreneurial of all the financial service and it is a challenge, but it's a good challenge to have.
Speaker 2:I couldn't relate more. Yeah, this is my, yeah, this is my, uh, independent business and uh, yeah, my schedule. It confounds my wife. She's like, why don't you have a regular schedule? I'm like I like not having a regular schedule you know, so I could relate, for sure, yeah.
Speaker 3:Yeah, and that's what I'm coming to. I'm coming to the conclusion. You know what? Know what? It's okay that every day is not the same. That's, that's part of it. Be okay with it. So I'm still in that mindset of transitioning.
Speaker 2:But um, I'm, I'm okay with it well, and speaking from experience, it is not easy to start your own business. It is not easy at all, but very rewarding and obviously something's working right, because you've been in business five years. So that's congratulations.
Speaker 3:Thank you. Thank you, yes, it is very rewarding. It is particularly, you know, when we're talking about small businesses, and one of my company's mission, Skip, is to be a resource to these businesses, like I was to the corporate giant. So it's not a lot of times what I find with these business owners it's not that they don't want an accountant or bookkeeper, or it's not even that they the mind paying for one or want to be completely out of compliance. It's just they just don't know and unfortunately, our governments and government agency doesn't allow. Just because you don't know you have to have something doesn't mean that you're not fine for it. So, yeah, so it is. It's very rewarding to say hey, you know what you do and see every day is a big help to me. Oh, I know how to pay myself out. This business is a big help to me. I have my salary in place, I have my payroll taxes in place, my unemployment, if I ever leave my job as an entrepreneur in place, and to be a part of that process is very rewarding.
Speaker 2:Absolutely Couldn't agree more. Well, Jacqueline, if you could think of one thing that you would like our listeners to remember about Baldwin Financial Services, what would that be?
Speaker 3:I would say trustworthiness, confidentiality and professionalism is the key to Baldwin Financial Services and how we think of our clients. We sign off on all of our emails and communication as thanks for being a part of the BFS family, and what we mean by that is we see your business as our business. When you win, we win. When you don't win, we don't win. So it's a big family to me and I see myself in the financial position as if it was my own company. So that would be the takeaway you are, our clients are family.
Speaker 2:Awesome, great thing to remember. And, for those of us who might have some interest, have a small business and we don't know what we don't know.
Speaker 3:How can we learn more about what you offer? Yes, so the best and easiest way to contact me is through Instagram and the underscore, or the tag, rather, is Baldwin underscore, financial underscore services, and from there you can click the link in the bio which takes you to the website where you can contact me directly.
Speaker 2:Very good, good to know. Well, jacqueline, I really have enjoyed talking with you and appreciate you taking time out of your busy schedule to share with me and with our listeners, and wish you and your family and everyone at Baldwin Financial Services all the best moving forward.
Speaker 3:Thank you so much, Skip. This has been such a great opportunity and I really appreciate the questions.
Speaker 2:Absolutely Well. We appreciate you and what you do. Helping small businesses is what we try to do as well, and maybe we can have you back sometime in the future.
Speaker 3:I would love it.
Speaker 2:All right.
Speaker 3:Thank you.
Speaker 2:Thanks so much, Jacqueline. You have a great rest of the day you too.
Speaker 1:Thank you for listening to the Good Neighbor Podcast. To nominate your favorite local businesses to be featured on the show, go to gnptry-citiescom. That's gnptry-citiescom, or call 423-719-5873.