Savant Named One of the Top Financial Advisors in Wisconsin

Firm recognized for third consecutive year

MADISON, Wis. (Dec. 17, 2020) – Savant Wealth Management (formerly Savant Capital Management), a nationally recognized, fee-only wealth management firm located in Madison and Park Falls, has been named one of the 10 Best Financial Advisors & Wealth Management Firms in Wisconsin by AdvisoryHQ. This is the third straight year Savant has received the recognition.

AdvisoryHQ, one of the fastest-growing review and ranking media for the financial advisory, investment, mortgage, banking, wealth management, and accounting industries, developed the rankings based on a wide range of filters, including fiduciary duty, independence, transparency, level of customized service, history of innovation, fee structure, quality of services provided, team excellence, and wealth of experience. The rankings are 100% independently researched and written – firms do not pay to be ranked nor are they made aware of the ranking until after the reviews have been completed and publicly published.

Savant earned a 5-star rating as a top financial advisor in Wisconsin because of its assessment-based approach, which utilizes its proprietary Ideal Futures Financial Health Assessment, a process that gives people a snapshot of their financial health; its client-focused mission and fee-only structure that assures all advice is given completely free of any conflicts of interest; and its focused clientele of serving the needs of high-net-worth individuals. To see the full review, click here.

For more information about Savant Wealth Management, visit savantwealth.com.

About Savant Wealth Management

Savant Wealth Management, formerly known as Savant Capital Management, is a leading independent, fee-only firm serving clients for 30 years with more than $9.3 billion in assets under management. Savant Wealth Management offers investment management, financial planning, retirement plan, and family office services to financially established individuals and institutions. Savant also offers corporate accounting, tax preparation, payroll and consulting through its affiliate, Savant Tax & Consulting.

Savant is headquartered in Rockford, IL, with locations in Bloomington, Chicago, Downers Grove, Freeport, Hoffman Estates, Lincolnshire, Naperville, Peoria, St. Charles, Sterling, and Wilmette, IL; Phoenix, AZ; Santa Fe, NM; Madison and Park Falls, WI; and McLean, VA. Please see Important Disclosures at savantwealth.com.

Neither rankings and/or recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Savant is engaged, or continues to be engaged, to provide investment advisory services.

Foundation for Madison’s Public Schools: Opening for Marketing & Events Coordinator

Incorporated in 2001, the Foundation for Madison’s Public Schools is a 501(c)(3) nonprofit agency that focuses exclusively on delivering support to the Madison Metropolitan School District’s 50 public schools; more than 5,000 staff; and 27,000 plus students. During its existence, the Foundation has delivered more than $23.5 million in resources to Madison’s public schools.

The Foundation now seeks a Marketing & Events Coordinator, who will be responsible for providing tactical support to promote the Foundation’s many programs and services. The Marketing & Events Coordinator will also be the primary contact for our annual Circle of Friends event and our 20th anniversary yearlong celebration. This position reports to the Executive Director, who will determine priorities and assignments.

See the full job posting here.

M3 Insurance: Matt Cranney Named Executive Vice President of Small Business Division, Rebecca Menefee Named Vice President of Small Business Division

Matt Cranney has been promoted to executive vice president of M3’s small business division and a member of the executive operating committee at M3 Insurance, effective December 1, 2020. In this new role, Cranney is responsible for the overall direction, strategy, long-term planning and performance of M3’s small business, private client group, individual health & Medicare areas.

Cranney joined M3 in 2005 and in that time has served in a variety of client services leadership roles, most recently vice president of insurance operations & brokerage services since July, 2016. For more than 15 years, he has demonstrated his passion, commitment and knowledge of property & casualty, employee benefits and small business. His strategic insight and knowledge of our operations will be significant in his overall leadership of the small business area.

Becky Menefee has been promoted to vice president of M3’s small business division, effective December 1, 2020. In this role she provides sales leadership and employee development support, executing on various strategies to grow and retain M3’s small business, private client group, individual health & Medicare client base.

Menefee joined M3 as an employee benefits sales manager in 2016, and was promoted to director in October, 2018. She has worked extensively in the employee benefits small market segment, inclusive of both individual health and Medicare. Menefee’s leadership in sales and her focus on organic growth will be instrumental in the success of M3’s small business division.

M3’s evolving leadership structure represents continued agency growth and a commitment to building a strong infrastructure from which to serve M3’s clients while remaining independent and privately owned.

About M3

M3 is a top 50 insurance broker and risk management firm in America. We’re leaders in the products we represent and the industries we serve. M3’s people are an extension of your team, providing world-class resources to help you manage risk, purchase insurance, and provide employee benefits. And our focus on community builds better places to live and work.

Friends of Governor Dodge Receive $50,000 Matching Gift

The season of giving just got a little brighter for the Friends of Governor Dodge State Park with an anonymous $50,000 donation from an area park lover. This amazing gift comes in the form of matching funds to the Friends equestrian campground project. For 5-plus years the Friends have been working to plan and fundraise for the equestrian campground called for in the park’s 1984 Master Plan. With this generous gift, and over $20,000 in match eligible donations already received, the Friends are very close to having the funds needed to break ground this spring. The 2021 construction plan is to complete the campground road and 12 of an eventual 20 campsites, most with electric service and all with beautiful views of the park’s bluffs and forests.

The project enhances outdoor recreation opportunities at Governor Dodge State Park and is expected to draw more campers who will stay longer and explore more of the park and the surrounding Driftless region. Recognizing the importance of outdoor recreational spending for local economies, the Friends especially hope that area businesses will support the park and this project by making a donation NOW, when all gifts will be doubled by the match.

Givers at the $1,000 level and above will be permanently recognized at the new facility.  Through the 100 Extraordinary Friends campaign, individuals donating $1,000 will receive a personalized brick in their own name or in honor of a friend, family member or special animal companion. 100 EF gifts can be made on a one-time basis, or in 10 monthly installments.  Best of all, gifts in any amount are match-eligible through December 31. Details about the project and giving options are at www.GovDodgeEquestrians.com.

DeMarb Brophy: Your Business Has Options – Really

The revenue of small businesses – and especially restaurants, hotels, gyms and entertainment venues – is at all-time lows. This is not news.  The same small businesses have fixed costs and expenses, even if they are not operating, like rent, licensing, and equipment loans.  This is also not news.  What may be newsworthy, though, is what a bankruptcy lawyer can do for these businesses, especially now.

Common Bankruptcy Misconceptions

Let’s correct some common misconceptions about bankruptcy before we get started.  Bankruptcy does not mean that your business will stop operating, and it does not mean that your equipment will be auctioned off farm-style.  The kind of bankruptcies that keep businesses operating are not just for United Airlines and Guitar Center.  They can work for small businesses.  Bankruptcy will not drive away all of your customers or your vendors.  This is a common concern but largely unfounded.  Your bank will not necessarily hate the idea of you filing bankruptcy.  Almost always, they end up working with us and not against us.

So, How Can a Bankruptcy Help Small Businesses and their Owners Alleviate their Financial Troubles?

Bankruptcy can allow you to reorganize your business to make it stronger.  If you are ready to step away from operating your business, bankruptcy can give you a way to sell your business while it continues to operate.

In a reorganization, you can actually reduce the amount of your mortgage or equipment loans, permanently.  Your business would propose and get court approval of a plan of reorganization.  That plan could provide for the “cram down” of your secured creditors’ debt. 

For example, if your equipment loans have a balance of $200,000, but the equipment is only worth $125,000, then the plan could reduce the amount of the equipment loan to $125,000.  The plan could modify the interest rate, too, but it can actually decrease the amount of the secured debt.  How do we get to the value of the equipment?  It would need to be appraised. When is the value of equipment for restaurants, hotels, bars, gyms and the like likely to be at its lowest?  Now.  So, by filing for bankruptcy now, you may be able to reduce the amount of your monthly payments most drastically and permanently.

Why Would Your Lender Not Hate the Idea?

If you just default and turnover the keys to your lender, they are going to be stuck selling their collateral.  Lenders are in the business of making loans, not selling empty restaurants or gym equipment.  Like in 2008 when lenders found themselves in the real estate business because of the foreclosures, lenders are going to be overwhelmed with restaurant equipment, for example, in the coming months.  The market for that restaurant equipment will be flooded and, therefore, the value for that equipment will decrease.  The costs of selling the equipment are high.  Even if you reduce the amount of their secured debt in a bankruptcy, the value of the equipment is the highest in use and in place – in your business.  Lenders prefer to keep your equipment with you, and take your payments over time.

Filing the bankruptcy automatically imposes a stay on collection.  It gives you the breathing room to put this plan together.  It gives you relief from past due rent, past due collections.  It allows you to deal with only your obligations going forward and gives you space to avoid with past due amounts. 

Why Do You Need a Bankruptcy Lawyer to Help with the Process?

These are just a few of the ways that filing a bankruptcy can help you.  The analysis is more complicated than this, of course, and you need a lawyer experienced in the process.  You also need some cash to stay afloat during the process.  This cash can come from a variety of sources, including some stimulus money.  You should not assume that a reorganization will not work for you.  Many business bankruptcy attorneys will not charge you for the initial call if decide not to hire them, and they will discuss fees at that initial call.  You should talk with a bankruptcy lawyer who files Chapter 11 cases before you give in to your landlord or turn the keys over.  You have options.

Alternatives to Reorganizing

As an alternative to reorganizing, a bankruptcy can allow you to sell your business while it is operating.  This option looks different than the reorganization because the goal is to actually sell the business as an operating business. 

For example, last summer my firm filed a Chapter 11 case the day before the business’s eviction hearing. The owners knew they wanted to head toward a sale, and that’s what we did. Filing the Chapter 11 allowed the company to do three things. First, it stopped the eviction process and gave the company some breathing room. Second, it allowed the company to continue operating and paying its employees.  Because the company was not paying its past due debts, it had the breathing room to stay current going forward.  Third, it signaled to the market of buyers for the business that there would, in fact, be a sale in a structured process.

After a couple of months, a buyer who would start the sale process came forward. This buyer put in an offer to purchase, which we then got approved by the court. From there, other parties interested in operating the company decided to join the process, and then the auction of the operating business was scheduled from there. The auction worked exactly as intended. Two parties participated and, at the end of the day, the sale price increased by 70% over the initial offer.  More importantly, the company will pay its creditors five or six times more than it would have if the eviction had continued and the Chapter 11 had never been filed.   In the process, the owners of the company reduced the amount they owe on their personal guarantees.

Going forward, the owners of the company are staying on with the buyer as employees. The buyer will keep operating in the same space. They will keep using local vendors. The business will stay in Madison. 

Now is a good time to move forward with a bankruptcy that will lead us to a sale.  In six months, we expect that there will be more businesses for sale inside of bankruptcies than there will be buyers for those businesses.  If you are ready to be done having the sole responsibility for operating your business, now is the time to consider this sale option.

Protect Yourself

Whatever you do, do not bury your head in the sand right now.  Reach out to a bankruptcy lawyer, not just your regular business lawyer.  The reorganization and sale options might not work for every business, but they will work for many.  It would be a mistake to spend your last dollar, cash in your retirement, or turn over your keys to your landlord or lender without fully exploring all of your options.