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What Does it Take to Run a Superyacht?

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What Does it Take to Run a Superyacht?

When you see a superyacht, you suddenly realise where the ‘super’ came from; these majestic vessels offer the very pinnacle of luxury and as you would imagine, it takes a dedicated team of people to maintain such a vessel. In this article, we’ll take an in-depth look at the behind the scenes side of running a superyacht.

  • The Crew – A professional superyacht crew are at the upper end of the pay scale, with anything from 10-20 members, each with a specific set of responsibilities. Looking after a large group of people while at sea is no easy task, and a lot of planning and preparation goes into every charter, and the crew must be very service minded. When the vessel is moored, they have a long list of things to do, so they are not only working when at sea – maintaining a superyacht is a full time job.
  • Mooring Fees – A superyacht must be moored whenever the vessel is not at sea, and this is expensive, around $200k per year. Obviously, the charter company would be looking to have the vessel working as much as possible, and if you have a group of friends and you would like to explore the possibilities of a superyacht holiday, check out the amazing vessels available at https://www.simpsonyachtcharter.com/, who have bases in Thailand and Malaysia. Such a company would have several ports where they have an exclusive mooring spot, with all the facilities such a vessel would require.
  • Maintenance – Maintaining a superyacht is an expensive business, and constant work is required when the vessel is in port, as every aspect of the yacht must be in tip-top shape. From kitchen equipment to the hot tub, plus the hardwood floors require regular attention, not to mention fixtures and fittings. Marine vessels have to deal with very corrosive conditions and that demands a high level of maintenance by a skilled team who know what they are doing.
  • The Skipper – A good skipper will keep a tight ship and the crew would work in harmony with each other, all coming together to provide a second to none service for the client. Part of the captain’s role is to connect with the client, which helps them to plan the perfect holiday, and with his input, you can plan your route, which might include the stunning Andaman Sea off the island of Phuket in Thailand, and along the unspoilt coastline of Malaysia.
  • Five Star Cuisine and Service – The chef ensures that your menu is always of the best quality, and with a state-of-the-art galley and a team of people who know how to take care of you, the perfect holiday awaits. The bars are well stocked with the client’s favourites, and with nothing being too much trouble, it really depends on the client as to drinks and the menu.

As you can see, running a superyacht is not only expensive, it is very complex and involves a team of specialists, and if you would like to learn more about superyacht charter, Google will take you to the website of an established charter company.

How to Pack the Perfect Picnic

Maren
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How to Pack the Perfect Picnic

Picnics are great! The benefits of a nice picnic with your loved ones are various. A distraction-free weekend will be a chance to bond and connect with your family. You might learn something new about your closest friends or family. 

Being outdoors and enjoying the fresh air will make the coming week easier for you and leave you more rejuvenated and happy. Maybe the picnic will be in your backyard if you don’t have enough time or a location that is enticing enough! In any case, we suggest going out and enjoying your free time outside! With all that in mind, we wanted to talk about what are the essential items to bring on a picnic. 

Basket or Backpack?

The thing is, what will your transport your food and drinks, and if your picnic location is a bit further from the car, what would be the easiest way to carry it around. A picnic basket may be enough, but if you plan on serving drinks that need to be cool, a cooler may be best in this case. 

The Picnic Blanket

If you’re going somewhere where you don’t have tables around, the blanket is way to go to have a place to sit and to put your food on. Any old blanket will do, but you should be aware that there are even special waterproof picnic blankets that can be used on wet grass or sand. 

A Bottle Opener

If you are bringing wine to your picnic, this item is often overlooked and forgotten. This especially goes for couples who may arrive at their location, and there is no way to open that bottle of champagne that they got! 

Knife and a Cutting Board

If you don’t prepare everything at home, you will need to have a cutting board to make those sandwiches. With this, you can avoid stale bread and soggy sandwich condiments! It’s always the tastiest when you make it right at the spot! 

Coffee Thermos

Coffee is vital! Be it that you love a regular cup of Joe, or that you are addicted to caffeine, a good thermos will do wonders. Check reviews for different coffee thermoses, and be sure to pick the right one for you.

Utensils and Plates

If you want to make your picnic into the real deal, be sure to pack these!

Disposable plates, cups, and utensils are easy to get, and it’s not that good to bring anything out of glass or hard plates. 

Trash Bags

You want to keep the picnic site clean and tidy, so don’t forget these. You may be surprised how much thrash you can leave behind you, so be sure to take care of Mother Nature and don’t leave trash behind you.

Great Food

Your picnic needs good food! You could go for simple PBJ sandwiches, but you may go out a bit. Being in nature does not mean that you can’t eat some gourmet food. You could prepare a pasta salad beforehand, or you could make a nice plate with finger food for your family and friends. Everything from small-sized sandwiches baked goods, and maybe even think of preparing a refreshing Mason jar dessert with fruit and ice cream!

Preparing your food with supplements is important, especially if you are planning a picnic in the mountains. Supplementing your foods with things like CBD oil (check CBD Oil Online if your wondering where you can get quality CBD) can help you relax, or like mentioned above, having coffee along to give you hiking energy are just a couple examples.

With that, we want to conclude our small guide, and we hope that you will enjoy your future picnic! 

Shasta Ventures Leads through Focus on Enterprise Software

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Shasta Ventures Leads through Focus on Enterprise Software

In the present economic landscape, venture capital firms are seemingly everywhere. These companies have helped power an explosion in tech by granting funds to innovative ideas and driven entrepreneurs. Many of these companies, however, have floundered in part due to lack of focus in a particular specialty, opting instead to take a scattershot approach. To highlight the success that can come when a venture capital firm maintains its attention on an area in which it is highly skilled, we looked to the case of Shasta Ventures and that company’s focus on enterprise software.

Company background

Founded in 2004, Shasta Ventures has made its mark as a leading early-stage venture capital firm concentrated on tech. That early-stage focus is one of the key ways in which the company has set itself apart from competitors. Investments at the early-stage level, also called the Series A and early Series B level, can help entrepreneurs at a crucial time in the development of their company. This stage, however, has been largely vacated by many venture capital firms of late, with many other firms opting to focus on either seed investments or a strategy that invests smaller amounts across a number of different sectors.

Since the venture capital field has grown precipitously over the years, expertise in a particular stage can be a leg up for a firm. From this expertise comes a knowledge and familiarity with the difficulties a company might face at a particular point along its journey to market. Unlike those who take a broader approach, the Northern California firm is able to lend support to entrepreneurs that goes far beyond access to monetary funds. That support is built off a depth of experience helping others who have reached similar situations and a familiarity with the methods they employed to succeed.

Enterprise focus

Along with their commitment to early-stage funding, the firm also focuses its attention on enterprise software, an area in which those at the company feel they can make the greatest impact. This type of software is anything that is used for large organizations, typically a business or government. The field provides essential tools to help these organizations succeed by managing core considerations such as internal structure, interfacing with outside parties, and helping to aid communication. In the case of businesses, these tools can often handle tasks such as payment processing, billing systems, sales tracking, and more. Taken as a whole, the enterprise field provides a range of tools critical for the success of modern organizational entities.

Part of the reason the firm has made this area its focus in more recent years is due to the institutional experience of those at its helm. Managing Director Jason Pressman is a good example of this experience as he is widely known for his work in launching Walmart.com in 2000. After successfully building that project, he sold it back to the retailer five years later. He has carried over his focus on enterprise software to his work at the venture capital firm and has helped build the company’s expertise in the area. Pressman’s work regularly involves advocating for and counseling entrepreneurs so that they are better equipped to see their company through to becoming a leader in its particular category.

Portfolio samples

While the firm’s portfolio numbers over 100 companies, taking a look at just a couple can help to illustrate the quality of the ideas it supports. A great example of this is Anaplan, which creates connected planning software to help businesses enhance decision-making in dynamic environments. The company has emerged as a powerhouse helping some of the world’s largest businesses, such as United Airlines and Hewlett Packard, improve their planning ecosystems. As a result of the strength of its product, Anaplan has grown from a concept in a barn in England to an NYSE-traded company with over 1000 employees working out of 13 countries worldwide.

Another example of the high level of excellence the venture capital firm is helping to support is AppSheet, which just made the news following its acquisition by Google. The Seattle startup sets out to aid businesses in their app development process by providing tools to allow anyone on a team to create software without the need for coding experience. The technology has already been used by thousands of companies, including Husqvarna Group and Tigo Guatemala, to help them create tools to better serve their customers. Past use cases have included improving inventory management and field service in industries as varied as construction and scientific research.

Idea evolution

The success of these two companies helps to show the results that can be achieved by the firm commitment to support that Shasta Ventures provides to its entrepreneurs. (Forbes) That commitment to support has been in place since the very beginning of the company, however, it has evolved and become informed by its ongoing work. For instance, the firm now places a high priority on an entrepreneur’s ability to iterate when evaluating their work. This is due, in part, to past experiences which have shown that a high degree of iteration can allow companies to grow in a flexible and agile manner.

In the last five years, this introspective approach to company efforts has been formalized in the firm’s go-to-market strategy, which it now calls GTM Trek. This structured approach not only draws on years of experience to better support entrepreneurs, it also provides additional resources to portfolio companies. With a large number of operating executives working with entrepreneurs along with ongoing workshops, events, and an extensive body of supportive content, the company is again showing how its level of focus is paying off for itself and those with whom it partners.

While today’s economy has been greatly fueled by the contributions of venture capital firms, the field has now reached a size where many of these companies lack an ability to provide concrete results. The above example of Shasta Ventures is instructive to better understand the traits of a firm that can support its entrepreneurs to create companies and value. For those interested in the area of venture capitalism, and the ways in which a high degree of expertise can deliver strong results, the firm provides a great focal point for additional study.

Who Can You Hold Liable in a Truck Accident?

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Who Can You Hold Liable in a Truck Accident?

Any type of car accident can be scary, but truck accidents are particularly dangerous and deadly. This is largely because a car is no match for the size and girth of tractor-trailers. Whereas a standard passenger vehicle weighs somewhere around 3,000 pounds, a semi-truck can easily weigh 35,000 pounds (empty). A standard payload can double this weight.

So if you find yourself alive in the aftermath of a truck accident, you can consider yourself fortunate. But with injuries that may be severe – and psychological trauma to boot – it’s important that you don’t simply accept your fate and move on.

By holding the right party liable, you can receive the compensation you need to heal properly. The only question is, who do you hold liable?

Common Causes of Truck Accidents

A total of 4,136 people died in truck accidents in 2018. Just 16 percent of these deaths were truck occupants. The rest were occupants of cars, motorcyclists, bicyclists, or pedestrians. The number of people who died in truck accidents in 2018 was 31 percent higher than in 2009 (which was the lowest point in recorded history). Hundreds of thousands of additional people are injured each year.

Though no two truck accidents are identical, some of the most common causes include:

  • Driver error (failure to follow road signs, poor handling, etc.)
  • Speeding (driving in excess of the posted speed limit)
  • Distracted driving (texting while driving, eating while driving, etc.)
  • Driver fatigue (falling asleep behind the wheel)
  • Poorly loaded cargo (improper weight distribution)
  • Impaired driving (driving while under the influence of drugs or alcohol)

6 Parties That May be Held Liable

If you’ve been injured in a truck accident, you have every right to file a claim and/or lawsuit against the party responsible. In many cases, the biggest challenge is figuring out exactly who is responsible. Depending on the circumstances of your case, here are some parties that may be held liable:

1. Truck Driver

Driver error is by far the most common cause of truck accidents. Whether it’s making too wide of a turn, changing lanes and failing to check a blind spot, overcorrecting to an error, or driving in excess of the speed limit, the truck driver is often the one liable for the incident.

2. Trucking Company

If a truck driver is employed by a company, it’s possible that the employer may be held liable for his actions. The FMCSA requires trucking companies to do things like run background checks, provide training, and ensure drivers follow strict drug and alcohol rules. If the company isn’t living up to its responsibilities, the organization may be held liable.

3. Truck Manufacturer

“While driver error is usually to blame for truck accidents, defective or faulty parts or equipment can also be the culprit. In some cases, the manufacturer may be to blame,” Marks & Harrison explains.

These cases can be more difficult to prove, but if a truck manufacturer is to blame, they need to be held liable. Doing so will not only provide you with compensation, but it could also prevent hundreds or thousands of similar accidents from occurring in the future.

4. Truck Mechanic

Sometimes it’s not the truck itself that’s the problem, but the mechanic who worked on the truck. If the mechanic did something that made the truck unsafe, he could be held responsible for the accident – especially if it can be shown that his actions were a primary causal factor in the accident.

5. Cargo Loading Company

The company loading the cargo into the truck has a responsibility to load it properly. A failure to do so could lead to improper weight distribution and/or problems when turning. If it can be shown that the cargo loaders did a poor job of loading the truck, liability may shift to them.

6. Local Municipality

Finally, the local municipality could be brought into things. They have a responsibility to maintain safe road conditions and can be held liable if something like a massive pothole or malfunctioning stoplight caused an accident.

Get the Right Legal Assistance

In the aftermath of a devastating truck accident, your energy and focus should be on reaching a full recovery. The best thing you can do is hire a truck accident lawyer who specializes in cases jus like yours. This significantly increases your chances of getting the right settlement from the responsible parties.

How A Facial Changed My Mind About CBD Products

Jason
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How A Facial Changed My Mind About CBD Products

CBD products are all the rage these days, but when most people think about them they usually imagine a CBD-infused edible or CBD-based medication to help patients suffering with seizures. While CBD is an incredibly diverse element of cannabis that can be applied to our lives in a myriad of ways, one of the fastest-growing sections of the CBD marketplace is that which is concerned with beauty and skincare.

I used to be quite skeptical about CBD, especially when it came to its appealability outside of the medical sector. After trying a CBD-based facial, however, I’ve come to completely change my mind. Here’s how a facial led to a change in opinion about CBD products.

CBD is lipophilic

One of the reasons I decided to try a CBD facial in the first place was because CBD products are actually very lipophilic. In other words, CBD can easily distribute itself across the fatty layers of your skin, ensuring that you can derive an immense amount of benefits from certain CBD products if you apply them carefully. Sick and tired of the same old-same old, I opted to give CBD the benefit of the doubt and try it once before dismissing it entirely.

What I found was shocking; not only was the process relatively carefree and manageable, but it was quite enjoyable and produced admirable results. I suppose I shouldn’t have been too surprised – after all, CBD products are taking over the medical marketplace right now because of the immense benefits they offer to patients suffering from anxiety, seizures, and other conditions. I just never thought CBD products would be able to penetrate into the beauty market, especially with the negative stigma that still surrounds cannabis in certain parts of the world.

I can safely say that I was wrong, however, and that CBD products will likely become a primary facet of the beauty market sooner rather than later. Given that medical studies back the healing properties of CBD when it comes to skin treatment, we can expect a slew of corporate advertising campaigns and grassroots movements to spring up in an effort to proliferate the CBD lifestyle as widely as possible.

Before we can expect CBD to take off, however, the myriad of ways that CBD products can be applied to our lives needs to become clearer to more people.

A CBD facial is surprisingly normal

One of the first things you’ll notice when you get a CBD facial is how…utterly normal the entire process is. While CBD’s association with cannabis can lead some people to mistakenly believe that a CBD facial would get them high or produce other unexpected effects, a CBD facial is almost entirely similar to a non-CBD facial, with the only differences being that the products in question are infused with CBD hemp oil. You can thus expect the entire situation to be resolved in around 30 minutes, though you may feel calmer from the CBD entering your system just a few minutes after the initial application of the product.

While some beauty divas have consistently shot down the possibility that CBD products would catch on like wildfire in the beauty marketplace, mainstream buzz surrounding CBD beauty products is now too obvious to ignore. With massive media outlets now covering the existence of CBD beauty care products and with everyday consumers taking to the web to share their stories, we can expect CBD facials, like laser hair removal, to become incredibly common in a staggeringly short amount of time.

Most CBD facials will run you over $100 right now, though this figure could decline as Nuleaf CBD oil reviews products proliferate and competition heats up in the market, thereby allowing lower prices to appear. CBD oil products won’t impact your usual skincare schedule, either, so don’t be afraid that getting a CBD facial will somehow impede your ability to follow your normal routine or use the other products that you love. Of course, you’ll want to wait at least an hour or so after your facial to ensure your skin properly absorbs the product, but don’t make the mistake of thinking that CBD facials last particularly long or prohibit alternative beauty products from being used. A single facial was enough to change my mind about CBD products in the beauty market. As time goes on, I’m incredibly confident that others will come to experience this as well.

Marc Weller and Kevin Plank to Complete Port Covington Project

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Marc Weller and Kevin Plank to Complete Port Covington Project

Marc Weller, the founder and president of Weller Development Co., was only 15 years old when he started his own landscaping business. In exchange for work he did for his father, his father bought him the equipment he needed to attract clients.

Weller recalls the immense satisfaction he felt when he completed his first big mulching job along with the help of a friend in which they planted large beds of geraniums. He remembers being dirty and sweaty, and surveying his achievement at the end of the day. He thought to himself, “How cool to see what we accomplished — and to think, we actually got paid for it!”

That feeling of accomplishment stayed with Weller, and he transferred it to real estate development. For more than 25 years, he built apartment buildings and single-family homes. Instead of completing a project in one day, he now may wait five to 10 years for a project to be completed, and although the result is much greater than planting geraniums, he still has that same great sense of satisfaction.

He has always remained true to his core principle: He believes that if you do great work and create a good product, the money will come. His goal is to make things better than they were when he first saw them.

Baltimore residents are likely familiar with Weller’s current endeavor: the Port Covington development project. Chapter 1 of the 235-acre real estate development will be built on 12 city blocks and include 1.38 million square feet of office space, nearly 340,000 square feet of retail space, and nearly 1 million square feet of residential space, with 285,000 square feet designated for hotel space. It is scheduled to open in the fall of 2021.

Marc Weller and Kevin Plank: Developers of the Port Covington Project

Weller is joined in the Port Covington Project with his long-time friend, Kevin Plank, owner and founder of Under Armour, maker of moisture-wicking T-shirts. Plank started Under Armour in his grandmother’s basement and it has grown to be, according to Forbes Magazine, “the largest digital health and fitness company on Earth.”

So, how did two highly successful businessmen, a T-shirt manufacturer and real estate developer, come to work together on the Port Covington project? Perhaps serendipity was a contributing factor.

When Weller was in high school, one of his good friends was Bill McDermond (Billy Mac), who later became an early Under Armour executive. When Billy Mac went to college, he became good friends with Kevin Plank. Billy Mac introduced his two good friends to each other. Weller and Plank stayed in touch from then on, seeing each other sporadically at social events. During the ensuing years, each man became a successful businessman in his own right.

In 2012, Plank called Weller and invited him to meet at Plank’s office in Baltimore. They talked about how to develop projects that would make the city a better place for residents and employers, and also how to help create jobs.

It was exactly the type of project Weller had always wanted to do. He says, “I was completely sold. I wanted to sign up immediately.”

The two men became partners in Sagamore Development Company with a handshake. In the summer of 2016, they unveiled their plans for Port Covington. The project involves transforming 45 city blocks. Weller noted that planning for a project of this size must be “thoughtful” since it really amounts to a city annex.

The partners put the entire plan together before inviting in investors. When attracting investors, they focused on what is already good about Baltimore, and not “celebrating” what is wrong. The new development company excited potential investors by introducing them to the incredible food scene and world-class hotels. They took them on a water taxi tour and inspired them with the opportunity of creating jobs.   

In September 2017, Goldman Sachs Urban Investment Group invested $233 million in the project as well as a $660 million tax increment financing (TIF) package. The TIF was approved by the Baltimore City Council to fund the project’s infrastructure, including building of roads.

In the summer of 2019, ground was broken for the Port Covington project Chapter 1. The company was incredibly fortunate with how quickly it was able to complete the horizontal construction, such as the roads, water, and sewer. They had five straight months with almost no rain, which allowed them to complete that potion of the project ahead of schedule.

Building is now in the vertical stage with the plans focused on quality buildings that are not too tall and not too big. Weller says, “We are building on a human scale. We can go up later if we need to.”

The streets will be curb-free in order to accommodate festivals and parades. A significant amount of money is going into landscaping, with planting designed to provide shade. The goal is to have a combination of buildings, landscape, and open space that will set the project apart, but still be very Baltimore. Today’s user will feel a sense of genuine comfort that will make them “want to come down there and spend time.”

Maren
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Free VPS panels: how to choose the best for you

For many hosting users, control panels have become the first go-to thing when managing their servers and websites. It’s completely understandable why – they other a plethora of tools and features that simplify various administrative tasks through an intuitive graphical interface without the need for in-depth knowledge of how to run systems. When it comes to a VPS server, especially Unix and Linux, these are essential. There are various control panels that users can choose from, but what are the best open-source ones?

VestaCP

This is a fairly new VPS control panel that offers high speed and runs on Apache and Nginx. It gets significant attention from the VPS community as it has a lightweight design. Because of it, even first-time users find it simple to use and navigate.

It has various tools that make such things as adding domains, SLL, creating databases, and creating backups a fairly easy task. VestaCP also has such beneficial built-in features as:

  • “Let’s Encrypt”,
  • firewall,
  • cron jobs,
  • graphs,
  • statistics,
  • file manager and more.

Although it’s a neat open-source control panel for a VPS server, it has some drawbacks. You can only get an integrated file editor and support for an additional cost. Furthermore, some might find that it doesn’t have a one-click install application an inconvenience.

Webmin/Virtualmin

This is quite a popular panel because of its great and unique configuration opportunities. It is specifically designed for Linux servers in mind as the systems can be managed with a web browser instead of commands, which can be quite time-consuming.

A big advantage of Webmin is that it’s mobile-friendly. Users can do important tasks, like creating mailboxes, restarting services, right from their phone. Much like VestaCP, it also has built-in features like “Let’s Encrypt”, firewall, backup and restoration, and more. It only requires a small amount of RAM to run and is quite suitable for those, running a large VPS server.

When it comes to drawbacks, these are quite minimal. Some people might not like the old interface design, which can take a while to get used to, and the limited support.

ISPConfig

This is a free to download Linux focused control panel, licensed under the BSD license. It works on both physical servers and virtual machines. It has 4 access levels: administrator, reseller, client, and e-mail user. Through this software’s web-based interface, administrators can manage several websites, e-mail addresses, DNS records, MySQL databases.

It’s translated in more than 20 languages, so managing a VPS server in a foreign language becomes easier for non-English speakers. ISPConfig is also compatible with many Linux OS distributions and even has an app for Android for those that want to manage their systems from a phone.

On the other hand, it can be quite difficult to install and configure on a VPS without proper instructions and requires a significant amount of resources to run. A major drawback for some might be that it also doesn’t have official support, which can be quite irritating when major issues occur.

Centmin Mod

This shell-based control panel for the CentOS operating system and was intended for the management of multiple/single dedicated or VPS server from a single root user/administrator. It has a LEMP Stack install that fully automates most of:

  • installation,
  • configuration,
  • base optimization,

According to the recommended practices for setting up CentOS, MySQL, MariaDB, Nginx, PHP, and other software.

It doesn’t have a web GUI panel, though. Users have to manage their systems through the SSH command line that has a menu for frequently performed tasks. It’s a great option for those running several websites and it also requires few resources.

For some, it might be a major inconvenience that Centmin Mod doesn’t have a GUI. It is also only available for CentOS 6 and CentOS 7 distributions and is not suitable for those running their pages on shared hosting.

There are various choices out there in the market. If you’re still unsure which open-source control panel is best suited for your VPS server try these out and see what works best, just consider the purpose of your VPS. If you want an intuitive GUI, VestaCP might be the one for you. For those that don’t want to use a command line, Webmin/Virtualmin is optimal. ISPConfig is great for reselling and Centmin Mod is best for those that don’t want to use up too many resources.

Updated: How James River Capital Successfully Navigates A Company Crisis

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Updated: How James River Capital Successfully Navigates A Company Crisis

Updated: 9/16/20

The COVID-19 Crisis

Regardless of your company’s size, running a business is hard work. If you throw a crisis into the mix, daily tasks become anything but routine, especially during a global crisis like the COVID-19 pandemic. At James River Capital, they understand the challenges of running a business. That is why they have developed a crisis management plan for leaders.

First, the leader must admit there is a crisis. Denying that a problem exists only delays the time needed to find a solution. If the leader of a company is not admitting there is an issue and actively working toward a solution, their employees are unlikely to. Leadership isn’t about making the easy decisions, it’s about making the right ones. 

Second, Whether the problem is due to people, products, or places, it always affects profits. Therefore, a strong leader should find ways to reduce your operating expenses and make sure the business can survive any non-catastrophic hit to the bottom line. Trying to preserve the numbers does nothing but put the company in jeopardy long-term.

Third, manage your emotions because others will be watching how you react to the situation. Your ability to remain calm will give them peace-of-mind and reassurance that you have things under control.

Fourth, communicate with stakeholders and ask your team members for input on how they think the situation can be mitigated. Good leaders value their employees’ input and act on it if their input proves to be the better option. Taking your team members’ advice and input will show you are a pragmatic leader and value their input. Ultimately, their buy-in to the process will assist in their acceptance of the outcomes.

Fifth, be proactive. The time to act is when you first learn of a situation that is affecting your business. Being proactive can limit liability and mitigate negative outcomes. Waiting to see what may happen often lends time for irreparable damage to occur.

Sixth, and perhaps most importantly, be truthful. Hiding the facts about the health and safety of your business from your employees and team members doesn’t benefit anyone. Though they may not be happy with the reality, people will respect you for telling the truth. 

While all situations are different, the crisis management plan developed by James River Capital can help you successfully navigate through any given crisis.

Leading Through a Company Crisis

Running a business is hard on a normal day. But when you throw in a health, financial, safety, or PR crisis in the mix, it can wreak havoc on your business. Whether you’re a small business or an enterprise, a crisis:

  • Limits your earning potential. 
  • Makes your team uncomfortable and confused, leading to chaos. 
  • Removes any potential paths forward to growth, threatening your business’s very existence. 

Crises are obviously never fun to deal with. Cyberattacks, data breaches, theft, public relations nightmares, and natural disasters might threaten your business, but they’re also likely to happen at some point in your leadership tenure. In many ways, crises are a crucible that turns regular managers into effective, seasoned leaders. 

Even with the best crisis prevention methods, emergencies still happen. But how you and your team react to this crisis is key. You can either make the crisis blow over quickly, as a blip on your radar, or let it turn a full-blown nightmare that takes down the company. The choice is yours. 

Fortunately, as a leader, you have the power to shape the future. Take the reins to navigate your company through times of crisis. Better days are ahead, but only if you take charge and address the crisis head-on. 

James River Capital co-founder, Paul Sanders, shares his tips from 25+ years in leadership, offering a blueprint that leaders can follow in times of crisis. 

About James River Capital & Paul Sanders

Along with his business partner, Paul Sanders acquired James River Capital back in 1995. In the 25 years since founding the company, Paul has served as CEO and Chairman of the Richmond, Virginia, company. 

James River Capital

James River Capital offers alternative investment programs that are designed to optimize risk and return. The company operates out of Richmond, Virginia, and focuses on diversified portfolios. 

In his more than 25 years in a leadership position, Paul has navigated his business through a litany of crises. He suggests leaders follow these 6 tips to not only survive during a crisis but become stronger for it. 

6 Strategies to Cope with a Crisis

Acknowledge the Crisis

Paul’s first tip is simple but important: don’t bury your head in the sand. It’s tempting to cross your fingers and hope that a crisis will go away on its own, but that’s just not effective leadership. Like most things in life, you can’t change things until you address the elephant in the room. 

Denial is a powerful drug, but it won’t pull your business out of crisis mode. If you realized you can’t make payroll this week, ignoring the problem will only make it worse. 

Instead of wishful thinking, be courageous. Tackle the problem head-on. Sure, a crisis isn’t fun, and it can often expose your weaknesses as a business or as a leader but it’s necessary. The minute you realize something’s amiss, meet with your leadership team to come up with a game plan. That’s much healthier and more productive than denying the crisis. 

Cut Expenses

Many crises have a financial component. Whether you’re dealing with a security breach, a natural disaster, or a health crisis like the new coronavirus outbreak, you need financial resources to deal with it. 

If you have the luxury of time on your side, meet with your accounting department. Do a full audit, taking a critical lens on every expense. Look for things like:

  • Non-essential travel, including mileage payments. 
  • Expensive client meals. 
  • Unused software subscriptions. 
  • Under-utilized memberships. 
  • Wasted supplies.

Scrap anything that you don’t need. Consider renegotiating other expenses, like card processing fees, manufacturing terms, or your rent, too. 

If you’ve cut these expenses and you’re still in dire straits financially, consider your labor costs. This is the sticky part of business management that no one likes to talk about, but labor is one of the biggest costs to your business (often upwards of 30% of your expenses). 

Before you start slashing employee benefits or pay, think critically about your business structure. Are there any employees or positions that are dead weight? It’s a hard choice to lay someone off, but you need people on your team who are 100% committed to their job. 

First, look for non-productive workers. This includes employees who:

  • Frequently go over budget.
  • Never meet deadlines.
  • Exhibit unprofessional behavior frequently.
  • Loaf around and do the bare minimum.

Again, if you have the luxury of time, you can always try a performance improvement plan (PIP) to turn these employees around. 

Of course, the best way to avoid layoffs entirely is to keep your business streamlined from the start, preventing staffing bloat in the first place. When in doubt, hire contractors first, establish the case for hiring full-time help, and then hire employees. 

Control your Emotions

A crisis is bad enough by itself. But the one thing that makes a crisis worse is panic. As we’ve seen with the coronavirus panic-shoppers, emotions are powerful during times of crisis. That’s why you, as the leader, have to remain composed no matter what. 

No matter how stressed you are, you can’t fly off the handle, blame employees, or redirect your anger towards your team. Remember, they’re looking to you for guidance. If they see you coming unglued over a financial crisis, employees are going to panic, too. And if employees panic, it’s likely they’ll leave your business.

James River Capital

Try to look at the situation objectively. Trust the facts and don’t let your emotions run rampant. Instead of freaking out for no reason, Paul suggests leaders approach crises in a factual, cool-headed way. And even if you’re panicking, you can’t let it show. Put on your best poker face, even when you’re delivering hard news to the team.

Of course, even if you try to be objective, it can be hard to manage your stress. You’re only human, after all. Find constructive ways to deal with your stress. That might mean chatting with a counselor, seeing your doctor, meditating, or taking a walk on your lunch break. 

Write a Crisis Communication Plan

The worst thing you could do in a crisis is spread wrong or badly-worded communication, both internally and externally. You have to deal with crises with finesse, and that means following a crisis communication plan. 

Ideally, you should write this long before there’s a crisis, but it’s low on the priority list for most companies. If you’re facing a crisis, you can call the team together to compose a crisis communication plan for this particular crisis. 

Bring PR/marketing, legal, HR, IT, and other stakeholders in to write your communication plan. This designates a spokesperson, details which team members are responsible for what, provides appropriate scripts, and gives a play-by-play of your crisis solution for the company to follow. The good news is that, once you write a crisis communication plan, you can use it as a template for future crisis plans. 

Be Transparent

Many businesses try to sweep crises under the rug. That’s understandable, given that a crisis can hamper public trust—it can even lead to regulatory action if it’s serious enough. 

But no matter how painful, leaders have to be transparent during a crisis. Don’t cover anything up. Be upfront about what happened, why, and detail concrete steps to solve the issue. For example, if you were hacked and you leaked customers’ personal information, give customers free access to identity theft protection to rebuild trust.

Transparency is hard in business but while honesty can feel difficult, it’s much better than being caught in a lie. 

Be Proactive Instead of Reactive

The best way to navigate a crisis is to avoid it in the first place. There’s no sure-fire way to prevent anything bad from happening to your company, but you can take measures to prevent crises from happening in the first place. 

That means taking measures like:

  • Enhancing and following safety procedures. 
  • Signing confidentiality agreements and contracts with all third parties. 
  • Running background checks on all employees, including leadership. 
  • Retaining an emergency IT team. 
  • Having an in-house lawyer or a lawyer on retainer who specializes in your industry.

It’s best for business leaders to be proactive. This saves you the stress of making reactive decisions in the moment, which are often fraught with anxiety and poor planning. Do good by your company and plan in advance as much as possible. If you’re currently going through a crisis, use this situation as a learning experience, creating a plan for potential crises in the future. 

The Bottom Line

If left unaddressed, crises have the potential to do serious harm to your business. Failing to address a crisis results in unhappy customers, low sales, a bad reputation, and even going out of business. 

Be a strong, proactive leader. Understand that all businesses are prone to crises. Create a crisis plan now to help you make better, faster decisions in the face of the unknown. That will keep your business afloat while everyone else struggles against the tide.

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Superyacht Sales are on the Rise – Here’s Why

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Superyacht Sales are on the Rise – Here’s Why

Wealthy people have always bought big boats and yachts, but now those sales are on the rise. What’s interesting is that superyachts are among those rising boat sales. A superyacht is a yacht that exceeds 100 feet and costs significantly more to purchase, insure, staff, and maintain.

While yachts have always been a symbol of luxury, superyachts are a symbol of excessive luxury. Apparently, that symbol of excessive luxury is in hot demand. Consumers spent $2.9 billion USD on nearly 300 superyachts in 2018. These sales constituted a 21% increase from 2016. In contrast, 249 vessels were purchased in 2017.

Why are more millionaires and billionaires buying enormous luxury boats all of a sudden? The following reasons will shed some light on the situation.

The U.S. economy is currently in great shape

Compared to the economic collapse of 2007/2008, the U.S. economy is in excellent shape. According to the BBC, wages are up, unemployment is down to 3.6%, and 6.7 million jobs have been created. The unemployment rate hasn’t been this low since 1969. Although the U.S. economy has slowed down, it remains strong.

Large purchases – like yachts and superyachts – make more sense when the economy in good shape. While the same amount money is required to purchase and maintain a superyacht, a good economy makes it easier to continue generating revenue to replenish the costs.

In a bad economy, nearly all businesses suffer financially – even businesses owned by billionaires. The best time to buy a superyacht is when the economy is in good shape. However, if you’ve never bought a boat, you probably shouldn’t start with a yacht.

Are you thinking about buying or financing a superyacht as your first boat? Even though the economy is in great shape, you may want to hold off on buying an expensive boat and consider buying a smaller boat first. The Yacht Market suggests buying the smallest boat possible rather than buying the biggest boat you can afford. Smaller boats are easier to maintain, and you are more likely to find support through a boat owner’s association.

Superyachts are fun toys

For those who can afford to sink several million dollars into a boat, a superyacht is a fun toy. Most people know that yachts don’t appreciate in value and they’ll lose money on the resale, but breaking even on the resale isn’t the point. Most people who can afford a yacht already have plenty of income-generating investments; they understand how the game works. For them, a yacht isn’t an investment – it’s a toy.

Big boats make people feel important

For people who have money but not fame, buying a superyacht can make them feel more important. Buying a superyacht can boost a person’s self-esteem and make a great impression on friends and clients alike.

A superyacht is perfect for throwing parties and holding conferences

For business owners, having a superyacht means having the ability to throw a party or hold a conference anytime. Some business owners charter a yacht, while others host events on their own boat.

Chartering a superyacht is a source of income

Provided the maintenance is kept up, owning a yacht for the purpose of chartering is a great source of income. Some superyacht owners generate more than $100,000 per charter. Chartering a superyacht won’t generate the passive income seen from real estate, but it’s a great way to recover a portion of maintenance and crew costs.

Superyachts aren’t all extravagant – some are reasonably priced

Building a new yacht from scratch can take up to four years. While some of the world’s most expensive superyachts built from scratch are worth $100 million to $1.9 billion, not all are priced that high. Second-hand yachts are cheaper, easier, and faster to obtain. Building a new yacht from scratch can take up to four years. Buying second hand eliminates the wait time. Buying second hand also provides more of a selection as well.

Superyachts provide privacy and freedom

Privacy and freedom are perhaps the biggest reasons superyacht sales are on the rise. Those who can afford to buy a superyacht aren’t concerned with owning a boat guaranteed to depreciate – they want the benefits of being free to sail anywhere they wish at any time and have total privacy on the water.

Is a superyacht worth the money?

Whether or not a yacht is worth buying depends on how the owner uses the boat. Some people don’t spend nearly enough time on their yacht to make it worth buying. However, for those who want the freedom and privacy and those who can afford the upkeep, owning a superyacht is a worthwhile way to spend money.

What Should You Do If You’re Arrested?

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What Should You Do If You’re Arrested?

Being arrested can be a terrifying and stressful experience, regardless of whether you actually did anything wrong. You aren’t sure what’s going to happen to you, you don’t know whether you can believe your arresting officer, and you have no idea what you’re supposed to do next.

If you ever find yourself in this position, there are a few important steps that can help you emerge unscathed—or at least minimize the negative impact of the experience.

Remain Calm

It may be difficult, but it’s important to remain calm during this situation. If you’re too anxious or too stressed, you might make an impulsive decision. You might execute a knee-jerk reaction that makes it look like you’re resisting arrest, you may accidentally lie, or you may speak emotionally. Instead, calm your nerves and try to think through every decision you make from here on out. Take deep breaths and take your time when answering questions.

Talk to a Lawyer as Soon as Possible

Your number one priority should be contacting a criminal defense attorney, and contacting them as soon as possible. Criminal defense lawyers are there to help you understand your rights, protect you from the police by observing the arrest proceedings, and provide you with advice on how to proceed. It’s your right to have a lawyer present, and their professional advice can help you make all the right moves.

Aside from improper police procedures, there are many things that don’t come to mind after being arrested, because believe it or not, being arrested can result in shock. Guilt notwithstanding, being arrested is a traumatic and life altering event. Things like being evicted rarely come to mind while you are sitting in the back of a police car. Having a lawyer on your side from the beginning is essential because many times there are laws and services in place that you don’t have any idea exist. For instance the Servicemembers Civil Relief Act requires the plaintiff (in this case the evil landlord trying to kick you out) must meet all the legal requirements in order to verify whether someone is an active military service or a veteran before going to court. This can get you time needed to get your affairs in order, if you do end up being evicted.

Until you have a lawyer by your side, don’t take any major actions. Also, don’t try to do this on your own, even if you think you know what you’re doing.

Be Polite and Cooperative

For the most part, it’s important to be polite and cooperative. If you resist the arrest in any way, or if you appear to be fighting back, you could look guilty and/or bring resisting arrest charges against yourself. Running is also a bad option. Instead, submit to the arrest and cooperate with the police. The nicer and more cooperative you are, the more they’re going to be willing to help you, and the smoother things are going to go.

Don’t Say More Than Necessary

Aside from getting a lawyer, this is the most important tip in this article. Never say more than you absolutely have to. That means avoiding answering questions, giving short, succinct answers, and not volunteering additional information. Remember, you aren’t obligated to answer any questions; silence is perfectly acceptable.

There are two strong points relevant to this:

  • Never admit guilt. The biggest point is to never admit your guilt. Don’t apologize. Don’t say that something is yours. Don’t try to make excuses for what you did. Don’t acknowledge any kind of wrongdoing. If you admit your guilt in any way, the police will be able to use it against you.
  • Don’t lie. Similarly, you don’t want to be caught in a lie—even if you didn’t mean to. Stating that you were at a friend’s house, then saying you were at a park can be perceived as a lie that compromises your story. Avoid the possibility altogether by saying less overall.

If the police are pressuring you, you can always say something like, “I’m not sure,” or “I’d prefer not to answer until my lawyer is here.”

Keep Mental Note of How You Were Arrested

Pay close attention to the circumstances of your arrest. Who was there? How did they treat you? Did they respond with excessive force? Did they read you your rights? Keep mental note of this, and when you get an opportunity, write down the details. In some cases, your case can be thrown out if you weren’t arrested “properly.”

Don’t Believe the Police

It’s entirely legal for the police to lie to you. They may promise you lax sentencing that they can’t really guarantee. They may lie about having evidence that they don’t really have. They may imply they know more than they actually do. They will work hard to get you to confess, because that makes their job easier. Don’t be fooled. Just stay quiet until you have a lawyer.

Don’t Allow Searches

If given the option, don’t allow any additional searches. Officers may ask you if they can search your person, search your vehicle, or search your home. You don’t have to give them permission, and it’s not an admission of guilt to refuse the search. Be insistent, and if your rights are violated, take note.

Getting arrested doesn’t mean you’re going to be convicted. Try not to let it get you riled up. Instead, pay close attention to what’s happening to you, remain polite and cooperative, and most importantly, stay quiet—never say more than you must. At the nearest opportunity, contact a criminal defense lawyer and get their protection and advice.

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