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Episode 97: 200 Years of Sweet Treats and Survival in Family Business With guest Janice Jucker

Janice Jucker* of Three Brothers Bakery takes us on a fascinating journey, from the bakery's humble beginnings in Poland 200 years ago to its current status as a beloved Houston institution. She shares the inspiring story of her aunt Jenny, who saved her three brothers from the Nazis during World War II, and how these brothers later founded the bakery in Houston in 1949. We discuss the importance of understanding insurance policies and having proper coverage, as well as the need for cash reserves during a disaster. Janice shares her thoughts on the dynamics of family business succession plans, the search for retail space, and her top priorities for the next year. She highlights the importance of continuous learning and developing a strong business culture. Share this episode with those you know who might love any of these topics!

If you’re a family business or a family business consultant and want to be on the show, share your story and help other family businesses, send us an email to producer@thefamilybizshow.com or visit us at The Family Biz Show | Family Business Podcast With Michael Palumbos (familywealthandlegacy.com) to fill out our web form!

CRN-6204746-010824

 *not affiliated with Lincoln Financial Advisors Corp.

 Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.

Episode 97 Transcript


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Michael Palumbos ChFC, CBEC: But welcome everybody to the family. Biz show. I am your host, Michael Columbus, with family wealth and legacy in Rochester, New York. 
 

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Michael Palumbos ChFC, CBEC: Welcome today. We've got a really great show with you for you, with Janice Jocker from 3 Brothers Bakery. You're in Houston, Texas. Did I get that right in Houston, Texas. 
 

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Michael Palumbos ChFC, CBEC: And I will tell you, do not go to their website. Because you will want to order stuff right away. Go to the website and and and fill your thanksgiving. I mean, not for nothing but the I don't think I've ever seen the turkey 
 

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Janice Jucker - Three Brothers Bakery: you know it's is that a cake? Is that a apple? 
 

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Michael Palumbos ChFC, CBEC: What is it? Something? Apple? The 3 pies, then 3 cakes. That one delicious looking delicious, the big one. Right? Yeah. 
 

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Michael Palumbos ChFC, CBEC: that's awesome. So welcome, Janice, I'm really excited to talk. And I've gone through your website and looking at the the history and such a rich history that the company has 
 

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Michael Palumbos ChFC, CBEC: really excited for the wisdom and things that you share with us today. 
 

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So 
 

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Janice Jucker - Three Brothers Bakery: okay. 
 
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Michael Palumbos ChFC, CBEC: we have a history of, and just, we'd like to share. What was your journey 
 
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Michael Palumbos ChFC, CBEC: into the family business? Some people, you know, their journey is, you know, immediately every day, that's all I've ever done, and for other people it was, you know, different than that. So share your journey about how you became part of the family business, and at some point I want to give the history of the family business. 
 
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Janice Jucker - Three Brothers Bakery: So my journey. 
 
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Janice Jucker - Three Brothers Bakery: I my 
 
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Janice Jucker - Three Brothers Bakery: well, I married a guy with a lot of dough just the wrong kind, right? 
 
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Janice Jucker - Three Brothers Bakery: So I actually. So I moved to Houston 26 years ago, when I got married 
 
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Janice Jucker - Three Brothers Bakery: and my last job where I work for someone else. I went to work for lucent technologies and Avaya and I did. I sold multi-million dollar communication systems bye. 
 
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Janice Jucker - Three Brothers Bakery: and I have a bachelors in social work and a master's in consumer affairs. 
 
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Janice Jucker - Three Brothers Bakery: And so 
 
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Janice Jucker - Three Brothers Bakery: my last group of customers was the oil patch. 
 
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Janice Jucker - Three Brothers Bakery: and 
 
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Janice Jucker - Three Brothers Bakery: that included Exxon, Mobil, Conico, Philip Chevron shell. You know the whole gamut here. But everyone knew once you got Exxon Mobile. That was it. That was your last year, because we had no contract with them. 
 
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Janice Jucker - Three Brothers Bakery: And so you couldn't sell anything. So katrina happened in 2,005 
 
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Janice Jucker - Three Brothers Bakery: and everybody. We were an evacuation place for the people from New Orleans. I don't know, if you remember that it was like the last, the astronom's last hurrah! 
 
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Janice Jucker - Three Brothers Bakery: And I wanted to do something to help them. 
 
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Janice Jucker - Three Brothers Bakery: So we were down there 
 
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Janice Jucker - Three Brothers Bakery: before any of the people got there before there was a cut in the astronom. 
 
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Janice Jucker - Three Brothers Bakery: and I ended up becoming the de facto CIO of that operation. 
 
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Janice Jucker - Three Brothers Bakery: and we 
 
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Janice Jucker - Three Brothers Bakery: put together all the communication for people to find their families. So that was phones, Internet. You know. 
 
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Janice Jucker - Three Brothers Bakery: they they set up computers to help people. If someone found their family they rang a cowbell. It was really it was a great feeling, and to see some of the reunions was amazing. 
 
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Janice Jucker - Three Brothers Bakery: and so I didn't make my quota, cause I my my customer base was the oil patch, and they've been hit by Katrina. 
 
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Janice Jucker - Three Brothers Bakery: and it was the end of my sales year, and they weren't buying. So I got the boot. So 
 
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Janice Jucker - Three Brothers Bakery: so then our account and said, I think it's okay. I think now you can go work in the family business, and I thought, Oh, that'll give me freedom of time, and maybe you know, a little freedom of money can do all my volunteer work that I like to do. And, boy, did I learn a valuable lesson? That is not the way owning your business works right. Everyone who owns a business, knows it's not glamorous, and it's a lot of hard work. 
 
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Janice Jucker - Three Brothers Bakery: And so then 
 
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Janice Jucker - Three Brothers Bakery: well. so that's how I end up in the business. I'll leave it at that. No, I love it so. Yours is, you know, very non-traditional. Your background was 
 
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Michael Palumbos ChFC, CBEC: way diverse compared to what you're doing today, but I'm positive that that experience and that level of experience you were able to share with the company and add value. You know, the moment you walked in the door because other people that worked there didn't have that background. 
 
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Janice Jucker - Three Brothers Bakery: So it was so funny. So the 
 
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Janice Jucker - Three Brothers Bakery: can. I just tell you the family history real quick, and then I'm gonna alright edit all this way, let me just tell you so. The 3 brothers 
 
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Janice Jucker - Three Brothers Bakery: they were from Poland, and one of the brothers didn't like to even talk to people, so he did the midnight shift. 
 
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Janice Jucker - Three Brothers Bakery: and then 2 of the brothers were on during the day, and 
 
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Janice Jucker - Three Brothers Bakery: one person told me that they would go at their dad, or somebody would take them every Sunday to 3 Brothers Bakery to watch the show. What was the show. The show was my father in law and his brother yelling at each other in Polish, and then they would turn around and yell at the customers in English, and that was the show. 
 
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Janice Jucker - Three Brothers Bakery: So I think one of the first things I brought was the concept of customer service. That was, that was not a part of 3 brothers. Bakery. 
 
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Janice Jucker - Three Brothers Bakery: not so much, I would say. There was a lot of yelling going on at 3 Brothers Bakery when I got there. 
 
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Michael Palumbos ChFC, CBEC: That's funny. That's very funny. So like dive dive deeper into that. When was when was 3 brothers founded? How long ago are we talking about? And what did they? You know what would? What did they start with? And what's different from where they started to where you are today. 
 
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Janice Jucker - Three Brothers Bakery: So let's just go back about 200 years. 
 
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Janice Jucker - Three Brothers Bakery: and that's when the family began baking in China, Poland, and it was. I envision it as a statue, as a village. I don't know if it was they baked in a building that Napoleon once slept in, so it had to have been a pretty old building 
 
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Janice Jucker - Three Brothers Bakery: and I think they lived, maybe above the bakery or something I'm not really sure, and they baked continuously until my father in law, who had been the fourth generation. 
 
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Janice Jucker - Three Brothers Bakery: he worked in the bakery. There was a baker's strike when he was 10, 
 
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Janice Jucker - Three Brothers Bakery: and he and his twin brother did go to work in the bakery. 
 
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Janice Jucker - Three Brothers Bakery: and I think, in some ways that might have saved their lives. Because the bakery they baked continuously until the Nazis came and took the bakery, and then the family 
 
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Janice Jucker - Three Brothers Bakery: but the flower sacks were 100, I'm saying 100 pounds, but something similar in kilos 
 
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Janice Jucker - Three Brothers Bakery: it well, you had to be a strong 
 
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Janice Jucker - Three Brothers Bakery: man to lift that. And so I think that's why the baking business was so populated by men for so long. 
 
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So anyway, they, not the Nazis, come. 
 
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Janice Jucker - Three Brothers Bakery: they take the family. and there are things that went on before the family gets taken, and we could do a whole session just on this story. But their older sister saved the 3 brothers. 
 
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Janice Jucker - Three Brothers Bakery: and I'm giving a talk to professional women's group tomorrow, and they have a table talk 
 
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Janice Jucker - Three Brothers Bakery: that. And I got to pick the topic, and I said, are, the topic is, are you an upstander or a bystander? How brave are you? 
 
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Janice Jucker - Three Brothers Bakery: And this I came up with this before October seventh before the 
 
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Janice Jucker - Three Brothers Bakery: Israel Hamas war broke out. 
 
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Janice Jucker - Three Brothers Bakery: and she was so brave. 
 
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Janice Jucker - Three Brothers Bakery: Her name is Aunt Jenny, and she. 
 
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Janice Jucker - Three Brothers Bakery: like they moved everyone into rooms, and not necessarily with your family. So she's living in a room with maybe 10 other people and the Ss. Or Nazis, or the police of the area combing you on the door, and she says we have to open the door. Nobody wants to open the door, and she says we have to, because so and so didn't open it yesterday, and she was killed. 
 
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Janice Jucker - Three Brothers Bakery: So she went and opened the door, and they took her. 
 
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Janice Jucker - Three Brothers Bakery: She ends up in jail, you know, for a few days, and then they let her out 
 
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Janice Jucker - Three Brothers Bakery: but 
 
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Janice Jucker - Three Brothers Bakery: fast forward to when they're in the camps. 
 
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Janice Jucker - Three Brothers Bakery: She married the head Jew in the camp, so every camp had like, think if you, I'm showing my age. But there was a show called Hogan's Heroes. 
 
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Janice Jucker - Three Brothers Bakery: and as a lead a lead military person interfacing with the Germans, and Hogan's here as well. They had to lead you the interface with the Germans in all the camps she married the head 
 
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Janice Jucker - Three Brothers Bakery: to in that camp 
 
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Janice Jucker - Three Brothers Bakery: that gave her a plum job of working in the office, and the Nazis kept meticulous records. And how she did this I have no idea. She found her 3 brothers at different camps. 
 
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Janice Jucker - Three Brothers Bakery: and had them transported to the camp she was in, and so 2 of them were on desk store, and that. So she and my father in law. 
 
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Janice Jucker - Three Brothers Bakery: I wouldn't say nurse them back to health, I would say, nurse them back to survival. 
 
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Janice Jucker - Three Brothers Bakery: and if she hadn't done that for sure. Probably 2 of them would have died. 
 
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Janice Jucker - Three Brothers Bakery: This woman 
 
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Janice Jucker - Three Brothers Bakery: was so brave. 
 
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Janice Jucker - Three Brothers Bakery: and she is one of my idols. 
 
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Janice Jucker - Three Brothers Bakery: That's amazing. And so they make their way. She comes to use them first, and then the 3 brothers follow, and No, they didn't speak English. They knew how to bake, so what do they do? They open a bakery? 3 brothers Bakery. They're like, really top in the marketing department. And but it's it's actually a good name, because there were 3 brothers, and it's a bakery. And so when you 
 
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Janice Jucker - Three Brothers Bakery: you know what it is right, I hate people that make a business. You're a business coach make a business, and they call it I don't know. I'm trying to look around for 
 
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Janice Jucker - Three Brothers Bakery: you know it's Dog 
 
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Janice Jucker - Three Brothers Bakery: Dog Smith, and what they're doing is ironwork or something. You know what I mean. It's just you don't know what it is. 
 
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Janice Jucker - Three Brothers Bakery: So 
 
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Janice Jucker - Three Brothers Bakery: Anyway, they come here in 1949. They start. 3 Brothers bakery will be 75 may eighth. 
 
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Janice Jucker - Three Brothers Bakery: and May eighth is a memorable date, because that was the date of liberation. and my father in law. He was at in charge of waking up everyone in the camp he was at by that point they had been split. This is the they got split up the last year. So 
 
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Janice Jucker - Three Brothers Bakery: he's in this camp of a thousand people, and he's in charge of waking everyone up, and this is without an alarm clock 
 
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and 
 
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Janice Jucker - Three Brothers Bakery: to the to the day he died. He really had a hard time sleeping because of that. and he woke up one morning. He overslept, and they lined everybody up for roll call, and it was a cold, wet day, and they said, You're gonna roll around 
 
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Janice Jucker - Three Brothers Bakery: up and down the line until I tell you to stop, and if you stop before I tell you to stop, we're gonna shoot someone. 
 
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Janice Jucker - Three Brothers Bakery: So he did it for an hour. But anyway, so one morning he wakes up 
 
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Janice Jucker - Three Brothers Bakery: and he sees 
 
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Janice Jucker - Three Brothers Bakery: the Germans are gone. The fence is not electrified. So he went and found some wire cutters, and he cut the 
 
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Janice Jucker - Three Brothers Bakery: the gate open, and he kissed the ground, and he was the first one in his camp to take that first breath of freedom. And it's and that was on the eighth. 
 
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Janice Jucker - Three Brothers Bakery: And so that's an important date for us. And then so now, my husband, he's 
 
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Janice Jucker - Three Brothers Bakery: in the bakery. He's fifth generation. and then we don't have a 6 generation. He has. II have 2 bonuses, so one is a veterinarian. 
 
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Janice Jucker - Three Brothers Bakery: and one is a school to teacher, him and his wife. 
 
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Janice Jucker - Three Brothers Bakery: and so for us, the best thing we can do for them would be to build the business, sell it hopefully, not spend all the money and leave something to that right, at least not be a burden to them. So that's what our plan is to, and I don't remember if I've answered your question or not. A big history of the business when they started the business, you know. 
 
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Janice Jucker - Three Brothers Bakery: 75 years ago, 74 years ago. What were they baking? What were the what were the special? Do you did, you know? Do have you brought Bagels to Houston? There you go. There were no bagels in Houston until 3 brothers and Bialies until 3 brothers showed up. And then, yeah, they did a lot of the Eastern European things. So they did. Bop goes through those the rye bread holla, which is an egg, bread, and 
 
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Janice Jucker - Three Brothers Bakery: all of those kinds of things. And then they also added, in the the extra suite things that we Americans like because they didn't make 
 
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Janice Jucker - Three Brothers Bakery: suites like that. And 
 
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Janice Jucker - Three Brothers Bakery: Poland right? And 
 
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Janice Jucker - Three Brothers Bakery: and it's interesting because my family's comes from. We say we're Russia. It was really Ukraine where my family was from. and our regular is different than their the Polish regular. I didn't know what it was when I saw it, and never seen anything like that before, and when they told me that I was like, Oh, no, that's not regular regular. Looks like more like a croissant, you know, and it's got nuts and stuff. So they're different. I thought that was interesting. That's very cool 
 
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Michael Palumbos ChFC, CBEC: today, when you look at you know the business today. What are some of the things that you know? The 3 brothers might look and say, you're doing what and and that's you know 
 
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Janice Jucker - Three Brothers Bakery: everything. 
 
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Janice Jucker - Three Brothers Bakery: I've even said one day, I'm gonna sit down. I have. We have some old Pn. Ls, I don't have them back to 1,949, but I have them, I think, around 1,960. I think I have one or 2, and I want to compare 
 
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Janice Jucker - Three Brothers Bakery: the chart of accounts 
 
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Janice Jucker - Three Brothers Bakery: to see how many more things we have to pay for that they didn't pay for. 
 
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Janice Jucker - Three Brothers Bakery: And they put through college 
 
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Janice Jucker - Three Brothers Bakery: 7 kids and one did like half of it. So 7 and a half kids went to college. 
 
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Janice Jucker - Three Brothers Bakery: I mean, there's no way we could do that today. And family businesses as you bring more people in, as you know, you have to grow. 
 
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Janice Jucker - Three Brothers Bakery: And here they were. 3 brothers. 
 
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Janice Jucker - Three Brothers Bakery: and they had these kids, and they took care they were able to take care of them. I mean my sister in law did a semester at sea, and all that, and the margins now are so tiny 
 
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Janice Jucker - Three Brothers Bakery: you just can't do that. 
 
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Michael Palumbos ChFC, CBEC: Everything is different. And I think you know the 
 
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Michael Palumbos ChFC, CBEC: the costs are 
 
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Michael Palumbos ChFC, CBEC: just out of this world, especially when you talk about college and some of the other things. And we have to pay for cell phones and computers and Internet. And there's just more 
 
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Michael Palumbos ChFC, CBEC: things that we have to take care of like when like compared to when life was simpler. 
 
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Janice Jucker - Three Brothers Bakery: Right? That's right. 
 
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Janice Jucker - Three Brothers Bakery:  talk about. So who's in the business today? Family wise? If my husband and I are in the business today, we. And so in 2,009. 
 
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Janice Jucker - Three Brothers Bakery: So we've been hit by 4 floods of fire, hurricane, pandemic, and freeze. 
 
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Janice Jucker - Three Brothers Bakery: We're very good at disaster, recovery, and we call ourselves the King and Queen of disasters, and we never want to be detrowned, because that means someone's worse off than we are right. 
 
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Janice Jucker - Three Brothers Bakery: anyway. So after one of the disasters, which was Hurricane Ike, we were closed for 9 months. The tornado came down our main street, and probably that we think it was a tornado, because many roofs were torn off 
 
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Janice Jucker - Three Brothers Bakery: and 
 
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Janice Jucker - Three Brothers Bakery: Anyway, we're at a dinner, and we're standing at the valet, and this guy says to me, he's a business coach, which we didn't even know what that was. And you know, can I come talk to you? My husband said, Sure, you can come talk to us, but we're not buying anything from you. 
 
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Janice Jucker - Three Brothers Bakery: but if you want to waste your time, knock yourself out. Well, we did. We bought, and that was the best money we ever spent. We learned 2 incredibly valuable lessons. 
 
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Janice Jucker - Three Brothers Bakery: Work on, not in your business. and we are terrible managers, my husband and I. 
 
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Janice Jucker - Three Brothers Bakery: So we took the money that we were paying the coach, and put it. We hired someone to run the business. and he said he would pay for anyone he brought on, and he's made good on that. And because of that we grew so. Now we've got instead of one store in the production facility. In the one place we have 3 more remote stores. So we have a total of 4 stores. 
 
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Janice Jucker - Three Brothers Bakery: and they really developed our pecan pie business so we could ship. 
 
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Janice Jucker - Three Brothers Bakery: So that's an interesting story. In 2,010 country living named our pecan pie. The best mail order pecan pie America has to offer. Here's one right here and you know. I thought we could maybe do something with this, and we put together a marketing campaign. We sent it to Media, and when it happened, this is a whole, another long story. I won't tell you unless you wanna do another session. But when it happened we may maybe 200 pies total all year. 
 
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Janice Jucker - Three Brothers Bakery: Okay, of all types. And when we won that one, I said, well, let's see what we can do with this, because you can ship up a compai really easily, and it holds, and it stays even for a couple of weeks. If, like, the person's out of town. 
 
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Janice Jucker - Three Brothers Bakery: that it'll still be good when they get back if they're not gone for 6 months, or whatever. And So now we fill up Fedex trucks 
 
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Janice Jucker - Three Brothers Bakery: with these pies. 
 
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Janice Jucker - Three Brothers Bakery: and if we hadn't had the business coach we wouldn't have hired 
 
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Janice Jucker - Three Brothers Bakery: our GM. His last name is Baker ironically. 
 
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Janice Jucker - Three Brothers Bakery: and none of this would have happened, and it was the best thing. And so now, like we've moved all of our pay and everything below the line. So if we were to sell the business, that's just automatic profit. We've now hired a marketing person 
 
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Janice Jucker - Three Brothers Bakery: and a content creator. So that was the only kind of day to day. Job I still have. It's not even day to day is Pr. I work with them. I'm the one that works with media. And anyone, you know, if we sold the business they would have somebody do that and and then I do strategy, money insurance. 
 
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Janice Jucker - Three Brothers Bakery: Those types of things. And then my husband 
 
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Janice Jucker - Three Brothers Bakery: he he was tied to the mixing bench. 
 
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Janice Jucker - Three Brothers Bakery: I mean, we couldn't go anywhere. 
 
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Janice Jucker - Three Brothers Bakery: and he ends up in the hospital one night one time, and we were out of cake mix. So we were scratch, and you don't want anyone to know your recipe. 
 
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Janice Jucker - Three Brothers Bakery: So he would mix the dry ingredients all in one bucket, and then the bakers would add the eggs and what all the wet stuff. Well, now, he's in the hospital. What are you gonna do? 
 
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Janice Jucker - Three Brothers Bakery: He wouldn't even tell. You know the people we had hired who are running the business, who wouldn't tell him. 
 
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Janice Jucker - Three Brothers Bakery: And it's like you're gonna have to tell him. You know, you're gonna have to give out the family secrets. This is, and the business coach. His name is Doug. He's like Bobby. No one's gonna make a bakery from your chocolate chip recipe. Okay, it's just not gonna happen. Let them have the recipes. 
 
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Janice Jucker - Three Brothers Bakery: Let them have that autonomy, and it will free you from this mixing bench, and that was the truth. 
 
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Janice Jucker - Three Brothers Bakery: And so we keep 
 
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Janice Jucker - Three Brothers Bakery: the people that run the business. They do the dry mix. 
 
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Janice Jucker - Three Brothers Bakery: Still, we've looked at getting the mix made for us, but we just haven't yet, and our gingerbread we make gingerbread every day of the year, and it's really good. And so that's another secret recipe that we have that only a few people know. Now. 
 
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Michael Palumbos ChFC, CBEC: nice 
 
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Michael Palumbos ChFC, CBEC: when you started. Let's talk about that for a second, when since when you before the before the business coach, what was life like 
 
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Michael Palumbos ChFC, CBEC: for you, and then revenues and that kind of stuff? If you I mean, generally speaking, and then you know what were the differences, and how long did you work with the the coach before it really started to kick in for you. 
 
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Janice Jucker - Three Brothers Bakery: So 
 
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Janice Jucker - Three Brothers Bakery: We were just one location. They had had 2 other locations, and then when I came on board, we had someone that helped us that was smart and was a Cfo. Of a big company, and we were his little hobby, and 
 
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Janice Jucker - Three Brothers Bakery: he's like you're losing money on these stores. so we close them. 
 
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Janice Jucker - Three Brothers Bakery: So we were down to one when the hurricane hit, which was a blessing. 
 
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Janice Jucker - Three Brothers Bakery: And 
 
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Janice Jucker - Three Brothers Bakery: II have to tell your listeners, too. The biggest lesson of that hurricane 
 
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Janice Jucker - Three Brothers Bakery: is. Read your policies, your insurance policies. Now 
 
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Janice Jucker - Three Brothers Bakery: get whatever insurance you can afford at the lowest deductible. 
 
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Janice Jucker - Three Brothers Bakery: and make sure you read that book cause they give you a book, and it's you know, this thick double, you know, front and back pages, and it's better than sleeping pills. 
 
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Janice Jucker - Three Brothers Bakery: Just read the book. You'll never need sleeping bills again. But when we had Ike I pulled that book out afterwards. Well, luckily we had an agent that really took care of us. We had walked in and said 
 
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Janice Jucker - Three Brothers Bakery: so and so had a fire. They were closed 12 months. They rebuilt. They pay their people. That's what I want. That's what that was all I said. And I got this book. Oh, my God! 
 
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Janice Jucker - Three Brothers Bakery: So Ike was like a 1.2 million dollar claim. 
 
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Janice Jucker - Three Brothers Bakery: Yeah. And we were closed. 
 
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Janice Jucker - Three Brothers Bakery: And so we only paid 
 
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Janice Jucker - Three Brothers Bakery: of our money. 
 
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Janice Jucker - Three Brothers Bakery: Someone's calling me 1 s. 
 
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Janice Jucker - Three Brothers Bakery: I don't know where you went now, and we only paid of our money. 
 
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Janice Jucker - Three Brothers Bakery: I did have to get an Spa disaster loan, but we paid that back 
 
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Janice Jucker - Three Brothers Bakery: it was like a half a million. We paid it back in about 5 years, because this tied to insurance and stuff and I can do a whole session. I do talks on disasters and insurance 
 
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Janice Jucker - Three Brothers Bakery: so. But I really want your 
 
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Janice Jucker - Three Brothers Bakery: clients, listeners, whatever. Read your policy, and that goes for your home policy as well, and then also make sure you have flood insurance. I don't care where you live. Get flood insurance if you're in a place where it doesn't really flood, it's so cheap. 
 
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right? 
 
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Janice Jucker - Three Brothers Bakery: Ours got up to $38,000 for this one location, our flood insurance. 
 
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Janice Jucker - Three Brothers Bakery: And then they came out with new maps, and we thought for sure it was gonna get even higher, and for some reason it went down to $9,000. I don't even understand that I'm not complaining. 
 
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Michael Palumbos ChFC, CBEC: No, no, no! I wanted to comment on what you just said, because I do think what you said is super important is, if you don't understand in plain English, what's in that book? You know you should be working with a broker. That can help you with that, and I happen to be on the board of directors of a small 
 
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Michael Palumbos ChFC, CBEC: Co-OP Property Casualty Company, you know insurance company, and we, you know, II can tell you that through the years of doing this, it's been over 10 years for me. 
 
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Michael Palumbos ChFC, CBEC: What you know, what used to be the norm is not the norm anymore, and whether things are happening differently than they used to happen. And you know, and disasters are happening at different levels than than they used to happen. For us being in the northeast. You know we have 
 
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Michael Palumbos ChFC, CBEC: snowstorms, and you know, hail storms, and you know we've we've had some tornadoes and wind storms that just are not the same. We've also seen an uptick in just fires, and I think part of that is because, you know, we built these houses. We built these businesses, and it was different codes. 
 
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Michael Palumbos ChFC, CBEC: you know, back in the day. And we might have some areas that are not up to code the way they should be and so II do think it's really important that you have those your limits looked at. Have, you know, think about perils that you might not have thought about. I really wanna say, thank you for bringing that up. 
 
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Janice Jucker - Three Brothers Bakery:  yeah, I just add, get a little deductible that you can afford, because when you have a disaster, you have a cash crunch, and I'm talking, I assume, on personal, too. But I'm talking about business, and the most important thing that you can do 
 
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Janice Jucker - Three Brothers Bakery: to make sure you recover. 
 
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Janice Jucker - Three Brothers Bakery: And you're also the financial security is, pay your employees. 
 
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Janice Jucker - Three Brothers Bakery: and so you have to have cash to pay your employees. You have to have cash in the bank. You cannot put that on a credit card. You'd be surprised how many people did not know that. And so when we have disasters, we put everything we can on credit card, and then we only use the cash to pay our people and the like. Maybe you go to an individual to buy a sheet or whatever they want cash. So 
 
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Janice Jucker - Three Brothers Bakery: That's how we do it. And there's a 
 
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Janice Jucker - Three Brothers Bakery: if you ever want to do a thing on how to recover from a disaster? I can do that with you for your listeners, cause there's we have a 4 part process and it works. And we put it in play with the pandemic as well. And it works. So 
 
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Michael Palumbos ChFC, CBEC: I appreciate that. And Chris, you know, I'm gonna tell my producer to take notes of that. And I think that might be a really wonderful episode 
 
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Michael Palumbos ChFC, CBEC: on the personal side. I want to hit that real quick. You know. Again, I think it's working with the right broker that looks at your big picture, the net worth of the family, the net worth of your home, your autos, the the business, and and and is very comprehensive in that look. 
 
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Michael Palumbos ChFC, CBEC: You know I know when you're you know, 18 years old and 17 years. You're 22 years old. You're looking for the cheapest, whatever it is, and the highest deductible cause. It's just like we're just trying to drive it down. But as a business owner you're right. It's time to start thinking about those deductibles differently, and to think about the coverage on your auto in your home differently, cheapest is not always best, and then always ensure that you've got an umbrella policy. 
 
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Michael Palumbos ChFC, CBEC: And I think a lot of people don't realize how inexpensive an umbrella policy can be, because that first, you know, 1 million dollars of coverage is, you know, $700 a year to $1,300 a year, depending on where you live. But the additional, you know, second and third and fourth and fifth 1 million dollars of coverage is much less expensive. And so my rule of thumb that I that I try to teach people is just take your net worth 
 
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Michael Palumbos ChFC, CBEC: and your umbrella policy policy should be one and a half times your net worth. That'll cover you for everything, and you know a and then some, and if your net worth is you might get to a point where, you know, in this day and age we're finding that when people are asking for 10 million dollars of coverage. They're not always able to get it. So you you're gonna be looking to say, get as much as you can. 
 
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Janice Jucker - Three Brothers Bakery: This is really interesting. My agent. 
 
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Janice Jucker - Three Brothers Bakery: First of all, I just like to say sometimes they call me for advice on how to get paid, because I'm really good at getting paid from the insurers. 
 
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Janice Jucker - Three Brothers Bakery: She was telling me that some of her clients could not get full coverage. Yeah. 
 
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Janice Jucker - Three Brothers Bakery: and they have to go and maybe get it from a couple of places, but each she has one that has, like an apartment or storage, something big, and they cannot get enough coverage. And then, if you have a loan you're out of. The. You know you have covenants that you're supposed to 
 
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Janice Jucker - Three Brothers Bakery: abide by, and you're out of 
 
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Janice Jucker - Three Brothers Bakery: sync with that, I guess is, the best way to put it 
 
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Michael Palumbos ChFC, CBEC: 100%. Yeah. And so it's 
 
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Michael Palumbos ChFC, CBEC: to your point. It's you really look at those things. Those are things that, you know, people don't look at. They put them into the back burner because they're working in the business so much, and that is one of those work on the business moments to say, Where do we stand? You know what is our business disaster 
 
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Michael Palumbos ChFC, CBEC: policy? What does this look like? Business continuity process? 
 
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Janice Jucker - Three Brothers Bakery: So? And, as I mentioned, read your policy 
 
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Janice Jucker - Three Brothers Bakery: and hopefully, you don't get hit by disasters. Okay, we kind of go on the assumption we will. And I've gotten just by knowing my policy. An extra $200,000. 2, you know, 2 different disasters 100,000 each. One of them was Hurricane Harvey, which was a flood. 
 
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Janice Jucker - Three Brothers Bakery: But 
 
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Janice Jucker - Three Brothers Bakery: I'm probably one of 
 
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Janice Jucker - Three Brothers Bakery: probably only 1% who got some business interruption for that nfip. National Flood insurance program does not pay for business interruption, and 
 
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Janice Jucker - Three Brothers Bakery: but we had power outage. 
 
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Janice Jucker - Three Brothers Bakery: If you have anybody who has a food business, make sure you have spoilage. Coverage at the lowest level is fine, because once you have spoilage you have a covered cause of loss, and then everything will kick in. And for the flood. They said, well, we don't. Yeah, that was a flood. And I said, Well, we had 
 
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Janice Jucker - Three Brothers Bakery: The power went out because of overhead wireline failure. And they said, Well, if the substation flooded. Then you can't have it. And the substation didn't flood. I found out, so I got it. 
 
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Janice Jucker - Three Brothers Bakery: but and he was telling me I couldn't have it. And so I have my book out. 
 
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Janice Jucker - Three Brothers Bakery: And I'm like, Okay, Mister Adjuster. Just can you tell me what page that's on it? Says I don't get this cause. I'm not seeing it here. 
 
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Janice Jucker - Three Brothers Bakery: and I've done that twice now, and I've ended up with 200,000 notes. So read the policies home and business. Alright. 
 
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Michael Palumbos ChFC, CBEC: I'm gonna Flip. I'm gonna change gears for us just a little bit. 
 
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Michael Palumbos ChFC, CBEC: The transition from the 3 brothers to today. What did that? What? How did that transpire? What? What worked really? Well, what didn't work so well? 
 
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Janice Jucker - Three Brothers Bakery: So the 3 brothers incorporated in 1,960. They did do one good thing. 
 
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Janice Jucker - Three Brothers Bakery: I mean, there are a lot of good things, but not in the transition department. And so 
 
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Janice Jucker - Three Brothers Bakery: they did a buy sell agreement. 
 
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Michael Palumbos ChFC, CBEC: Okay? 
 
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Janice Jucker - Three Brothers Bakery: So that meant that the owners of the business have first option to buy anyone out. 
 
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Janice Jucker - Three Brothers Bakery: So that was good that they did that we could write a book on how to do it 
 
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Janice Jucker - Three Brothers Bakery: right and how to do it wrong, because we've had both experiences sadly, part of the family. We don't even talk to anymore because it did not go well. 
 
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Janice Jucker - Three Brothers Bakery: And 
 
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Janice Jucker - Three Brothers Bakery: I'm I did this program called Goldman Sachs 10,000 small businesses and 
 
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Janice Jucker - Three Brothers Bakery: you know, they teach small businesses like ours. 
 
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Janice Jucker - Three Brothers Bakery: and this is not how they describe it, how to be real businesses. 
 
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Janice Jucker - Three Brothers Bakery: And it's like a recipe. They have different modules, and they have a reci, you know, recipe for success, basically. And so I went to an event they had, and a woman who teaches and negotiations in the program. She spoke to a big auditorium full of us. 
 
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Janice Jucker - Three Brothers Bakery: and she said, her name's Maury. 
 
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Janice Jucker - Three Brothers Bakery: Oh, God! I'm in a room in her last name, Tapa, who are? Why not? She does in negotiations like for the Nfl. I mean, she really knows her stuff, and I think she teaches at Northwestern also. And afterwards I said to her. 
 
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Janice Jucker - Three Brothers Bakery: Yeah, we're trying to finish buying out the family. And this was an aunt, and she had the last little bit, and I said I would like to hire you to help me. 
 
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Janice Jucker - Three Brothers Bakery: and not to do the negotiations. But just help me, she said. I'll help you. 
 
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Janice Jucker - Three Brothers Bakery: but you can't hire me. I would never charge anyone that has gone through this program. I thought that was so nice, but one of the things she said was in every negotiation. 
 
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Janice Jucker - Three Brothers Bakery: There is something that has nothing to do with money, and you have to figure out what it is. 
 
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Janice Jucker - Three Brothers Bakery: And so I came home with that in my mind and yeah on the plane. I was thinking about it, and 
 
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Janice Jucker - Three Brothers Bakery: I finally figured out, it's baked goods. 
 
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Janice Jucker - Three Brothers Bakery: And Anistelle wanted to make sure she would get her baked goods, and her children would, and her grandchildren would have wedding cakes from us, and so we were working with one of the daughters and her husband's while we were doing this buyout thing, and 
 
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Janice Jucker - Three Brothers Bakery: and 
 
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it 
 
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Janice Jucker - Three Brothers Bakery: we put a sentence in there about the bakers. 
 
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Janice Jucker - Three Brothers Bakery: No, that wasn't enough. Okay. So we put 2 sentences in not enough. 3, not enough. 
 
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Janice Jucker - Three Brothers Bakery: We have a whole addendum on bay goods. that's what it is. And so then. one of her other daughters. Her husband was going to buy a company, and he was having a hard time 
 
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Janice Jucker - Three Brothers Bakery: getting it close, I think, and so he was flying out to California. 
 
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Janice Jucker - Three Brothers Bakery: and it was a hundred year old company. And I said, You know you need to figure out what that thing that has nothing to do with money is, and I had a feeling it was the legacy, and I was right. I and he came back. He said he wanted to make sure that the 
 
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Janice Jucker - Three Brothers Bakery: the history and that rich history of 100 years didn't get thrown under the bus. 
 
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Michael Palumbos ChFC, CBEC: and thank you for sharing that. And you said it very eloquently and spot on. There's always something that has nothing to do with money 
 
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Michael Palumbos ChFC, CBEC: in every one of these succession transition plans. Always II share that because I do a whole 
 
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Michael Palumbos ChFC, CBEC: seminar on, you know, transition plans. And at the end of the day 
 
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Michael Palumbos ChFC, CBEC: what I'm teaching people is all of the wonderful technical pieces. You can have the best buy, sell, agreement. You can have everything written out and dotted your eyes and crossed your teas, and from a tax perspective, and from a legal perspective, everything's in there, except that you forgot that you're dealing with people 
 
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Michael Palumbos ChFC, CBEC: and people are irrational. 
 
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Michael Palumbos ChFC, CBEC: And that's a really better way. Yeah. So I talk about is people being irrational, and that you've gotta take their emotions into, you know, into check, as you're going through this. But what you said is, there's always something that's not about money, and I think that's a better way of even saying. 
 
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Michael Palumbos ChFC, CBEC: you know, that's just saying that 
 
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Michael Palumbos ChFC, CBEC: that people have something vested that's in their mind that's driving them. 
 
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Janice Jucker - Three Brothers Bakery: The other thing, the most important thing is keeping the relationship. And so sometimes. 
 
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Janice Jucker - Three Brothers Bakery: like we had tried to buy. Her name was Estelle Anna Steel. We tried to buy Anna still out many years before. 
 
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Janice Jucker - Three Brothers Bakery: and it just didn't happen, and it kind of created some tension a little bit, and finally I called one of the daughters over and she had 3 girls, and we talked through it, and 
 
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Janice Jucker - Three Brothers Bakery: when we were doing this final buy out thing. So we own the land, the main 
 
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Janice Jucker - Three Brothers Bakery: production and store sit on. And we were 50 50 partners on the land. So that was something that wasn't in any like, buy, sell, agreement. That was just a separate deal. So we had an appraiser. 
 
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Janice Jucker - Three Brothers Bakery: We thought the appraiser did it too high. But my husband, we were talking, and I was like, let's just pay it because I 
 
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Janice Jucker - Three Brothers Bakery: that relationship with those 3 girls is so important. 
 
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Janice Jucker - Three Brothers Bakery: I do not want to lose that immediately. We don't want to lose that relationship. 
 
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Janice Jucker - Three Brothers Bakery: So you know. 
 
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Janice Jucker - Three Brothers Bakery: we've talked to them, and the bakery is their bakery, even though their mother doesn't own it. They come in. They come in the back. They get the stuff. We've done weddings now, and it it's just 
 
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Janice Jucker - Three Brothers Bakery:  we've had to put a few parameters on Baker's just because they were 14 people. Now we're over 40, 
 
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Janice Jucker - Three Brothers Bakery: so we had to put a few parameters around it, and maybe some of the biggest eventers are Bobby. When Bobby sketch it's more for the the 3 girls. They're fine, you know. They don't really take advantage over advantage, or whatever. But we put some parameters around it now. So if you want to give to your charity, then that's your deal. That's not our deal. If you're a hostess for a wedding shower, that's your deal, not our deal. 
 
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Michael Palumbos ChFC, CBEC: That's fair, that's fair right. It's we'll we'll support the immediate family and the and your things. But we're not supporting the rest of the world. That sounds exactly what happened. Got it? 
 
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Michael Palumbos ChFC, CBEC: One of my favorite stories is. I had a transition on a 65 year old company going from generation 2 to generation, 3, 
 
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Michael Palumbos ChFC, CBEC: and it was a deal that was struck 10 years 5 years before I got involved. Maybe. Yeah, about 5 years before I got involved. So it was already etched in stone in a lot of people's minds. But it was very, very nebulous. There was only 2 or 3 things that they had agreed upon, and they forgot to think about all of the other stuff. Okay. 
 
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Michael Palumbos ChFC, CBEC: Like, you know, cars and healthcare and they had, you know, who owns this, you know. They had a 
 
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Michael Palumbos ChFC, CBEC: in this circumstance. They had a a pile of goods that they couldn't sell any place else, but it was worth something, and you know, so it was like one generation thought, well, that should be with us, and the other, you know. So in in long story short, they were. G. Was gifting for the most part to 
 
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Michael Palumbos ChFC, CBEC: that was the original plan as we're going through, but it was created before you know anybody else was involved. It was 10 years ago. New players are coming in in the value of the business skyrocketed overnight. And we, you know, there was a lot of things going on, and for 
 
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Michael Palumbos ChFC, CBEC: the exiting generation they were feeling like 
 
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Michael Palumbos ChFC, CBEC: the word, and they were feeling like there was a lot of entitlement happening 
 
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Michael Palumbos ChFC, CBEC: for the for the incoming generation. They were feeling like. There was a lot of promises made. And you're not sticking to these promises. And they weren't. They weren't. They just weren't communicating. And it was me meeting with the third generation, and explaining to them 
 
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Michael Palumbos ChFC, CBEC: the pros and cons of all these conversations, looking at them and saying, If you were them, what might work for you. 
 
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Michael Palumbos ChFC, CBEC: They crafted an email and sent a letter off to you know the exiting generation. And that email was the the, you know, the pinnacle of change. It. It really, it allowed the those emotions, those non, you know, the the non financial pieces. It just allowed everybody to. 
 
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Janice Jucker - Three Brothers Bakery: Let's take down. Let's take everything down. They love us and respect us and appreciate everything that we've done for them. They don't feel entitled and allow them to say, Okay, they're willing to negotiate and talk about some things, and opened up those doors, and sometimes somebody just has to step forward and say, Hey, what if it takes some bravery to do that. You know the the ones that are trying to 
 
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Janice Jucker - Three Brothers Bakery: get the business, probably more so like 
 
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Janice Jucker - Three Brothers Bakery: you don't wanna step on anyone's toes. You wanna respect them. 
 
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Janice Jucker - Three Brothers Bakery: and 
 
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that 
 
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Janice Jucker - Three Brothers Bakery: you can, you know, be a month, and you just don't say anything. I mean, you just have to get enough nerve to do that entering the danger. It's okay to enter the danger and not know what the outcomes gonna be. 
 
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Michael Palumbos ChFC, CBEC: You just gotta you know, it's no different than any other circumstance we do. We have no idea what somebody else is thinking or feeling. And so you're entering that danger because you 
 
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Michael Palumbos ChFC, CBEC: that's behind the closed curtain, you know, and you gotta open that curtain up to find out what's there, and you have to understand. It may not be your time to buy the business. Or, yeah, the that generation just may not be ready to sell, which is what we experience with anista. You know. We went. 
 
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Janice Jucker - Three Brothers Bakery: you know, 5 years or so before, and then it was 5 years later before we finally did it. 
 
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Michael Palumbos ChFC, CBEC: So so now you look at the business, and you and your husband own the business, and you've already talked about. The the next transition is probably going to be to grow the business, and 
 
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Michael Palumbos ChFC, CBEC: you know, eventually sell it is that? Did we talked about that? 
 
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Michael Palumbos ChFC, CBEC:  what are some of the things that you're doing to prepare for that process today? 
 
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Janice Jucker - Three Brothers Bakery: Well, we started preparing for that process when we hired the business coach, and we learned that we are terrible managers. So that was the beginning of the process, and we knew we had to work ourselves out of our jobs. 
 
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Janice Jucker - Three Brothers Bakery: and we really have done that. I mean, we are. 
 
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Janice Jucker - Three Brothers Bakery: I would say, pretty superfluous to the daily operation of the business, and my husband. 
 
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Janice Jucker - Three Brothers Bakery: I'm sorry he's not hearing for your viewers. He's fishing. Okay. He's a gorgeous day here, and we are gonna be working full time till Christmas, so he's fishing. 
 
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Janice Jucker - Three Brothers Bakery: and 
 
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Janice Jucker - Three Brothers Bakery: but he can go fish because we've done that, and technically we don't have to help, you know, all the way through Christmas, but I like to do it. It's my time to really. Everybody goes in the back and packs pause. It's a great time to really visit with everyone. I love it 
 
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Janice Jucker - Three Brothers Bakery: so. that's number one. You've got to make yourself superfluous. 
 
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Michael Palumbos ChFC, CBEC: Sorry about that. You have to make yourself superfluous to the business. Yeah, we. We have a 
 
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Michael Palumbos ChFC, CBEC: a product, an assessment called the Owner Dependence Index. 
 
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Michael Palumbos ChFC, CBEC: Then you have to get yourself down to where at least 25. You know where the business, you know. 75 of the business runs without you. 
 
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Michael Palumbos ChFC, CBEC: At 50. It's not enough. You're too dependent on you. That means if somebody is to purchase your business. Then they have to come in and and fill those gaps of that 25 of that 50. 
 
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Michael Palumbos ChFC, CBEC: And that's not what most people. Most people are buying in business so that they have a job. They're buying a business as an investment. 
 
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Janice Jucker - Three Brothers Bakery: Well, some people buy it for a job, of course, of course, I'm just saying, you know, in generally speaking, it makes you let let's put it this way. It makes you more attractive to more people. 
 
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Janice Jucker - Three Brothers Bakery: If you don't have to do that, and I would say, our business. Probably we're 95 not us. Yeah, I'm the Pr. And my husband is the face of the bakery usually based fishing today. So you know, he's in front of the camera. II have a couple of topics where I'll be in front of the camera like, I'm a breast cancer survivor. So in October, sometimes you'll see me in front of the camera. 
 
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Janice Jucker - Three Brothers Bakery: But, those are things that anyone buying the business, and they could hire my husband to still be the face of the business if they want. But 
 
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Janice Jucker - Three Brothers Bakery: I find I think that was the number. One thing we've done to get ready for a sale. Now, the next thing is the growth, and 
 
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Janice Jucker - Three Brothers Bakery: you is so hard to find a place. We've been looking for a fifth place. 
 
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Janice Jucker - Three Brothers Bakery: and you do these, Lois. And then all of a sudden. 
 
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Janice Jucker - Three Brothers Bakery: they're like, no, no! 
 
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Janice Jucker - Three Brothers Bakery: So sometimes II turn in my business plan to I we did this business plan, competition we were in, and we came in second place. 
 
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Janice Jucker - Three Brothers Bakery: that was the best thing I ever did, and it was free. I'm really into free resources, and it was free. And I use that business plan sometimes to convince landlords to lease to us, and one broker told me she said that was like the best thing she'd ever seen. 
 
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Janice Jucker - Three Brothers Bakery: So 
 
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Janice Jucker - Three Brothers Bakery: Anyway, we've been trying to find another place. It's not easy. Retail space right now is still a low percentage of vacancy and like office space. 
 
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Janice Jucker - Three Brothers Bakery: But unfortunately, with the economy being what it is, we think. January, February, we're gonna start seeing a lot of second gen spaces pop up 
 
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Michael Palumbos ChFC, CBEC: nice 
 
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Michael Palumbos ChFC, CBEC: if you're looking at the next. II obviously, I think growth is probably one of your priorities. But if you were looking at the next 12 months, what would you say? Are your top 3 priorities? Be, you know growth being one of them. 
 
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Michael Palumbos ChFC, CBEC: but also your priorities. 
 
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Janice Jucker - Three Brothers Bakery: That's a hard question. I don't know. Growth, growth and getting 
 
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Janice Jucker - Three Brothers Bakery: laws and policies pass that benefit small business. I'm kind of into that. I don't know. I don't know the answer answer to that question in advance, so I don't have an answer. 
 
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Michael Palumbos ChFC, CBEC: In terms of 
 
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Michael Palumbos ChFC, CBEC: pains and frustrations that you're dealing with right now. 
 
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Michael Palumbos ChFC, CBEC: What are some of the pains and frustrations as a business owner that you and your husband. They're looking at, you know, right this moment. 
 
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Janice Jucker - Three Brothers Bakery: Well. 
 
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Janice Jucker - Three Brothers Bakery: my cup is always half full. my husband says, half empty. So if you ask this question to each of us you get different answers. For me. 
 
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Janice Jucker - Three Brothers Bakery: Nothing is a problem, because I look at where we come from. 
 
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Janice Jucker - Three Brothers Bakery: and we stand on the strong shoulders of survivors. What they went through was horrific. What I'm going through is inconvenient. 
 
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Michael Palumbos ChFC, CBEC: Hmm! 
 
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Janice Jucker - Three Brothers Bakery: And so I never say that we have 
 
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Janice Jucker - Three Brothers Bakery: really bad. II mean, I just can't 
 
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Janice Jucker - Three Brothers Bakery: make that comparison. 
 
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Janice Jucker - Three Brothers Bakery: I mean, at at 1 point eggs were up 300%. That's a problem that added an extra 100,000 of expense to our P. No. 
 
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Janice Jucker - Three Brothers Bakery: a hundred 1,000 extra for the same eggs you were buying the year before. That's very frustrating 
 
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Janice Jucker - Three Brothers Bakery: like this is my biggest frustration right now. 
 
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Janice Jucker - Three Brothers Bakery: Okay, I'm wearing this shirt. It's a man's shirt, right? I and I hate it. And so, my GM, we work for him. 
 
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Janice Jucker - Three Brothers Bakery: and he will not buy women's shirts, he will, only buys men's shirts. And so I decided last night I might have to make an executive decision, because there's 5 women that are customer facing, and when there's only 2 men that are so, I think we should buy all women's shirts and make the men's shirts. 
 
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Janice Jucker - Three Brothers Bakery: That is my biggest aggravation right now. 
 
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Michael Palumbos ChFC, CBEC: That's great. I love that. You've got to keep life in perspective. II think there's a lot to be said for that. You talked about the Goldman Sachs. What is the 10,000 small businesses? Right? You talked about hiring a business coach? 
 
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Michael Palumbos ChFC, CBEC: Through that I got I and I'm just extrapolating. I bet that you've probably read some books that were, you know. 
 
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Michael Palumbos ChFC, CBEC: through one of those programs that were, you know, recommended. What are some of the what are some of your top favorite business entrepreneurial? Oh, so funny! You outside! I just happen to have one 
 
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Janice Jucker - Three Brothers Bakery: entrepreneurial finance by Stephen Rogers. 
 
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Janice Jucker - Three Brothers Bakery: We have not heard of that book. Oh, I love this book. So, as I mentioned, I have a degree in social work, a master's in consumer affairs. I made a d in geometry in high school math is not my strong point. 
 
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Janice Jucker - Three Brothers Bakery: luckily I don't balance the checkbooks at the bakery. I do it at home, and sometimes it's like when I do the credit card and it doesn't quite work out. I just write miscellaneous. So I just I didn't understand 
 
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Janice Jucker - Three Brothers Bakery: when I did the the Goldman Sachs program that was in 2,012, and so they gave us a quiz. 
 
336 
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Janice Jucker - Three Brothers Bakery: and it was like on financials. And if you didn't pass the quiz, you had to go to extra 
 
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Janice Jucker - Three Brothers Bakery: curricular clinic to try to learn about this. Well, only 
 
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Janice Jucker - Three Brothers Bakery: out of 19 people. That's how many were in my cohort. One person passed. He had a degree in finance. 
 
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Janice Jucker - Three Brothers Bakery: Only one person. So I know that I'm not. 
 
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Janice Jucker - Three Brothers Bakery: I wasn't alone. Right? And I went. I did another program. Inner city capital connections, which is where I heard Steven Rogers and 
 
341 
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Janice Jucker - Three Brothers Bakery: I learned that if you don't understand business financials. 
 
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Janice Jucker - Three Brothers Bakery: you will not be successful. 
 
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Janice Jucker - Three Brothers Bakery: And some of these people I noticed the most successful people. 
 
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Janice Jucker - Three Brothers Bakery: and when I say successful is they make a business. They never turn a profit, and they sell it for multiples of millions of dollars. How do you do that? I wanna do that. And and and you know, we're making a profit. Okay, I can't do that. And but that I learned in that program, those are the most successful people. So you better learn 
 
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Janice Jucker - Three Brothers Bakery: finance 
 
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Janice Jucker - Three Brothers Bakery: as much as you can, and there's still a lot. I don't understand T. Bills and bonds, and I just don't get that. Okay. But I understand small business financials, and 
 
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Janice Jucker - Three Brothers Bakery: like one time we went to the bank we were getting a loan for a new location. And 
 
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Janice Jucker - Three Brothers Bakery: I thought it when we know the bank well, and I thought it was just meeting with the Sba person, and she said, I said, Do I need a business plan. No, just you know you can bring your spreadsheet. Not. I don't know what possessed me to do it. I made 4 copies of my big business plan. 
 
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Janice Jucker - Three Brothers Bakery: and I walk in with Tom or Jim, cause I want him there because he's smarter than me. And he can answer some of these financial questions, and there were like 4 people there in a conference room. 
 
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Janice Jucker - Three Brothers Bakery: and I had to make a pitch 
 
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Janice Jucker - Three Brothers Bakery: which I learned how to do in these programs. And then every question they asked, I think, except for one. 
 
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Janice Jucker - Three Brothers Bakery: I answered. 
 
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Janice Jucker - Three Brothers Bakery: that's great, and I felt really good about that. But there's still more to learn. And so now. 
 
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Janice Jucker - Three Brothers Bakery: like, we used to go to bakery conventions and stuff, and we have people now that do that. But for me, those aren't the kinds of things that I want to go to. I'm on the Host committee this week of something called Houston deal makers. It's a seminar conference. They go around to different cities. I don't know how they found my name, but I 
 
355 
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Janice Jucker - Three Brothers Bakery: got free entry. So I took it because I want to learn about these things, and that's what I'm trying to do now. 
 
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Michael Palumbos ChFC, CBEC: I love it for us. When I'm talking to business owners. I break it down to 3 pieces. One is developing that a player leadership team, which is Tom, was your that person for you guys that really took it to the next level? I think I applaud you for for finding that, knowing that 
 
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Michael Palumbos ChFC, CBEC: even though I have to wear men's shirts. Okay, even though you're wearing men's shirt. We we talk a lot about developing a culture of accountability by using score cards and scoreboards and and people, you know, really understanding the impact of the finances, the impact of sales, the impact of marketing. And where do all those things go? What are the Kpis? 
 
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Michael Palumbos ChFC, CBEC: And you know, II believe, that every business should have a scoreboard that at least the leadership team can can see and be accountable for and and help with. 
 
359 
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Michael Palumbos ChFC, CBEC: And then, you guys, you know, doing what you're doing with making sure that the culture inside of your business. you know you. You keep a a good, strong culture, and you're looking at strategy and and looking at those pieces to say, What do we do next? And where do we go? 
 
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Janice Jucker - Three Brothers Bakery: Okay, let's talk about culture for a minute. So when I did, the Goldman Sachs program. 
 
361 
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Janice Jucker - Three Brothers Bakery: They had us. Yeah, it's about the people that was the name of the module. And they asked about your corporate culture. Well, first of all, I don't consider as a corporation. But okay. 
 
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Janice Jucker - Three Brothers Bakery: And I said, I don't think we have a corporate culture. And then I realized, Oh, we do. It's just toxic. I got it now. So that actually became out of the Pre. I learned a lot in the program. But that was something that we have worked on. It's constant. You have to work on that. And I really wanted that to change. 
 
363 
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Janice Jucker - Three Brothers Bakery: And and so now. 
 
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Janice Jucker - Three Brothers Bakery: when we had the pandemic a lot of my friends with small businesses. Their employees wanted to be laid off because you could get what was it? $600 a week, or something like that which was more than maybe they were making. 
 
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Janice Jucker - Three Brothers Bakery: Not one person 
 
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Janice Jucker - Three Brothers Bakery: asked to be laid off at 3 Brothers Bakery, not one. 
 
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Janice Jucker - Three Brothers Bakery: And I said. we have finally achieved something that not one of them 
 
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Janice Jucker - Three Brothers Bakery: asked. And it's still a work in progress, and it always will be. I've had to fight with Tom. We now offer 
 
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Janice Jucker - Three Brothers Bakery: some maternity leave, which we didn't do. My husband and I give everyone who's pregnant 
 
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Janice Jucker - Three Brothers Bakery: or getting ready to have a baby. Some are men a car seat. 
 
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Janice Jucker - Three Brothers Bakery: That's what we do for them, and don't drink the water at 3 Brothers Bakery, because you're gonna get pregnant. 
 
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It's like never ending. I can't. I think I've done 5 car seats this year. 
 
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Janice Jucker - Three Brothers Bakery: and in a year, and we have 75 employees. I mean, that's a pretty big percentage. That is a big percentage. 3 brothers. 
 
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Michael Palumbos ChFC, CBEC: but I love, I mean building the culture and letting them know that you care about their family 
 
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Janice Jucker - Three Brothers Bakery: by by a car seat. I think that's brilliant. I think that's brilliant. My husband. He came up with that, and before that we didn't even do anything. I mean, I just think about. It's just horrible the way we were. I don't know. II can't make up for the past. I can only 
 
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Michael Palumbos ChFC, CBEC: but you yeah, we so let me give you some kudos, Janice. You went through and hired a business coach, and that you started to change, and you started to some do to do some things and started to realize that we wanted to learn. And then you go through the the Goldman Sachs 10,000 small businesses program and you grow some more from that, and you continue to go to different events and network and and put these things out there so that you're constantly learning. Here's what's really neat about what you. What you did 
 
377 
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Michael Palumbos ChFC, CBEC: is you can't go back and unlearn 
 
378 
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Michael Palumbos ChFC, CBEC: any of the things 
 
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Michael Palumbos ChFC, CBEC: that you did. I mean you. You could sit there saying where we're not. We're just not gonna do it. But once you've once you've poured that, you know, maybe space for for you in that cup. 
 
380 
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Michael Palumbos ChFC, CBEC: I it's unche, you know, it's there forever. And so now you just take and multiply that it's like compound interest. It's like, I learned this. Okay, I'm gonna just start doing that. Now, I'm gonna not stop doing what I was doing. But I'm gonna add to that, and then add to that and look at what that has done for you. It was not something where the business coach came in and said, Step okay, your fairy godfather, fairy godmother's here, and you know now everything's all better. It was a lot of work. 
 
381 
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Michael Palumbos ChFC, CBEC: Yeah, it was a lot of work from 2,007 to 2,023, and I just want to give you the kudos you and your husband for 
 
382 
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Michael Palumbos ChFC, CBEC: hearing the advice and and understanding that you know at most of the time. 
 
383 
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Michael Palumbos ChFC, CBEC: most of the time. It's the people at the top, the Ceos, the owners of the business that are the biggest problems. When we're 
 
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Janice Jucker - Three Brothers Bakery: we were. We were horrible, and 
 
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Janice Jucker - Three Brothers Bakery: I am so grateful for that experience that I just have to tell you the business coach. His name is Doug, and 
 
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Janice Jucker - Three Brothers Bakery: we really needed a vacation. and he we had just reopened, not maybe 6 months before from Hurricane Ike. And he's like y'all need to go on vacation. He babysat our business. We went on a cruise, and he babysat our business. 
 
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Janice Jucker - Three Brothers Bakery: He wouldn't do it now, cause he's much bigger. We were his biggest client at the time, but that was really 
 
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Janice Jucker - Three Brothers Bakery: that was so great for us. It was really nice, and we he didn't charges extra for babysitting the business either, so I really loved that. 
 
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Janice Jucker - Three Brothers Bakery: I don't know. 
 
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Janice Jucker - Three Brothers Bakery: You have a great team of people. and we want to keep those people. And so 
 
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Janice Jucker - Three Brothers Bakery: Sorry my dog's bar. I'm at home, everyone, not the dog's not in the bakery. I would love to have the dogs at the bakery, but we can't do that. And 
 
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Janice Jucker - Three Brothers Bakery: he? Really? He made a huge difference in our life. And we now we have health benefits, maternity. Car seats. 
 
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Michael Palumbos ChFC, CBEC: You're you're building. You're developing a culture. That is a place where people want to be there. 
 
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Michael Palumbos ChFC, CBEC: You know, happy to come to work happy to go home right? 
 
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Janice Jucker - Three Brothers Bakery: I hope it stays. I mean I have. We have not in the front, in the counter space we have turnover, I mean, that's just the nature of the beast. You have kids in high school college. 
 
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Janice Jucker - Three Brothers Bakery: They grow up. They become rocket scientists, nuclear physicists. I mean, we. I want to start the 3 Brothers Bakery Alumni Association because we have some pretty amazing. We've got lawyers and all these things, you know. So they're gonna change the production folks pretty consistent 
 
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Michael Palumbos ChFC, CBEC: you're sitting on a panel in front of a room full of family business owners. 
 
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Michael Palumbos ChFC, CBEC: What would you say? Are your one or 2 pieces of advice that they ought to make sure that they follow up on. 
 
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Janice Jucker - Three Brothers Bakery: I'm glad you're asking that question. Cause I'm on a panel. Wednesday. That's probably gonna be a question 
 
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Janice Jucker - Three Brothers Bakery: number one. 
 
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Janice Jucker - Three Brothers Bakery: The relationships are the most important thing. Your family is the most important thing. 
 
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Janice Jucker - Three Brothers Bakery: and things may not work out quite the way you want, and you might have to give more of a compromise than you want. 
 
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Janice Jucker - Three Brothers Bakery: but never lose sight of what's really important in life. 
 
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Janice Jucker - Three Brothers Bakery: and that's family. 
 
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Janice Jucker - Three Brothers Bakery: And let's see something else. I already told you. Read your insurance policies. Okay, work to get yourself out of the business work. So don't have a job. 
 
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Janice Jucker - Three Brothers Bakery: Own a business, don't have a job and get your pay and all of that below the line. So if you ever do sell, then anything below the line is pure profit to a buyer. 
 
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Janice Jucker - Three Brothers Bakery: and plus you get some freedom finally, by doing that. 
 
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Janice Jucker - Three Brothers Bakery: Oh, and then. 
 
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Janice Jucker - Three Brothers Bakery: if you're looking for a holiday gift for any of your clients, our award waiting pecan pies make lovely gifts 
 
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Janice Jucker - Three Brothers Bakery: and 
 
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Janice Jucker - Three Brothers Bakery: Here we go love it. And so it's 3 brothers, Bakerycom, the number 3, not the word you can do both, and then do shop to ship or go to our corporate gifts because you get a discount, if you do over certain amount, so we would love to help you every year. 
 
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Janice Jucker - Three Brothers Bakery: and I don't know what else to say. I really like. I really enjoy visiting with you, though this has been fabulous. Thank you so much, Janice, for sharing your company. 3 brothers bakery story with us really appreciate it. Oh, thank you. 
 
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Michael Palumbos ChFC, CBEC: Thank you. Everybody for listening. This has been the family biz show. I'm Michael Columbus, with family wealth and legacy in Rochester, New York, and we have been speaking with Janice Jocker from 3 Brothers Bakery. What a fabulous show! Really appreciate your time and make sure that you tune in for the next episode of the family. Biz show. Thank you. Everybody have a great day.