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Tax Tip of the Week | Growing up to be Entrepreneurs July 31, 2019

Posted by bradstreetblogger in : General, Tax Planning Tips, Tax Tip, Taxes, Uncategorized , trackback

While the majority of us will spend most of our careers working for someone else, having an entrepreneurial spirit or background can open up new possibilities and ways to approach everyday life. The following article was published in the Wall Street Journal on April 28, 2019 by Molly Baker.

                              -Brianna Anello

From the very beginning, Bob Burch has exposed his children to entrepreneurship. When his first daughter, Neely, was born, Bob Burch’s first instinct was to introduce Neely to the office. So, he brought her by to show her off on their way back from the hospital. This poses the famous question on whether entrepreneurs are born or made? Throughout the Burch family this can be seen in both aspects. Entrepreneurships started with Mr. Burch and his brother Chris. They are the founders of a successful retail clothing line, Tony Burch. 

Mr. Burch believes a crucial part of becoming an entrepreneur is nurturing a sense of entrepreneurship. Immersion started at an early age for the Burch children, from encouraging local lemonade sales to teaching them what you need to start a business, to going across the country to show his family potential business ventures. They believe that entrepreneurs should be independent, creative and persistent when wanting to start their own business. These experiences have taught the Burch family lessons that they will hold close to their heart for the rest of their lives. 

Today the three oldest children are travelling the same path as their father, in becoming successful entrepreneurs. Roby, Bob’s son, will never forget his dad’s words of wisdom, “I can’t teach you how to be a lawyer, and I can’t teach you how to be a doctor. I can teach you how to be in business for yourself and how to be good at it.” The Burch children believe their parents, Bob and Susan, never really had certain hopes and dreams for their careers. Bob and Susan wanted their children to think beyond what college they wanted to attend or what they wanted to be when they grew up. They encouraged their children to think big. The process to thinking big included engaging and debating at the dinner table over work ideas. Bob explains that there is no such thing as solo effort. This process is a team effort and will enable the children to release their creativity. At the table, the children also absorbed business lingo and the strategies that they may use one day.

Entrepreneurship is about having the “ready for anything” mindset. One example Bob recalls is the most memorable turnaround story. When he was launching his first fashion show, the first truckload of products arrived and the sweaters had sleeves three inches too short. At this time, he didn’t have the time or money to replace them. Bob and his brother were on their toes. They created a design where Oxford shirt sleeves were rolled over the misfit sweater. It allowed them to showcase their go-to fashion and created opportunity to be successful and avoid potential failure. Because of this fashion show the business earned $100 million in annual sales. 

All of these lessons have influenced the Burch children’s careers. In college, Chloe and Neely pursued online ventures separately. Since they have joined forces, their handbags line is in more than 140 retailers nationwide. Their experiences have even helped their younger brother Roby. Roby is currently trying to launch a premium outdoor lifestyle brand. Bob believes that working as a team has not only created a bond between them, but will lead them to a more fulfilling life.

Credit given to:  Baker, M. (2019, April 29). A Generation of Siblings, Raised to Be Entrepreneurs. 

Thank you for all of your questions, comments and suggestions for future topics. As always, they are much appreciated. We also welcome and appreciate anyone who wishes to write a Tax Tip of the Week for our consideration. We may be reached in our Dayton office at 937-436-3133 or in our Xenia office at 937-372-3504. Or, visit our website.  

This Week’s Author – Brianna Anello

–until next week.

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