Kingdom Retailers Launches New Outdoor Recreation Platform
A New Solution for Outdoor Recreation
Our clients are constantly innovating to develop new solutions. We love to see new products developed, new markets entered, and new brands launched. Today we’re excited to celebrate the launch of Kingdom Rec, the newest addition to Kingdom Retailers’ family of brands.
There’s never been a better time to get outside and enjoy some fresh air. And Kingdom Rec has everything you need to take your outdoor adventures to the next level. From camping and hiking to fishing and archery – with over 180 brands like Bushnell, Leupold, Wenzel, Kuuma, and Ravin – Kingdom Rec has the products you need for any outdoor adventure.
A Commitment to Customer Service
Kingdom Retailers prides themselves on outstanding customer service and a high level of integrity across their family of brands. All customer service is handled by local, in-house staff, meaning the person you talk to knows the products, brands, and purchasing process on a level not found at today’s big box stores.
The company is offering exclusive discounts and benefits to efactory client companies
A New Partnership with Brex
We’re excited to add a new platform to our efactory member perks program – Brex!
Brex is reimagining financial systems so every growing company can realize their full potential. Put simply, they’re building the financial OS for the next generation of business. Brex puts credit cards, bank accounts, payments, expenses, and accounting all in one place to keep founders in control of their growth.
Thousands of businesses use Brex to manage their finances. The company serves newly-founded startups, established tech companies, life sciences companies, and ecommerce brands alike, helping founders and their teams stay focused on what they care about most.
Replace your bank with Brex Cash — a free, easy-to-use cash management account. Initiate free unlimited ACH and wire transfers, all without setting foot into a bank. Brex Cash also comes with the Brex 1 Card — a credit card with a 1-day payment cycle to spend funds, build business credit, and earn rewards (up to 8x back).
Additionally, Brex provides a 30-day credit card that comes without a personal guarantee, higher credit limits, and valuable rewards (up to 7x back).
Through the partnership, efactory client companies are eligible to receive 55K points, $5K in AWS credits, and priority onboarding.
Andy Peebles with efactory partner Carnahan, Evans, Cantwell & Brown shares his insights into succession planning for your business.
Succession Planning for Your Business
Imagine this scenario: You’ve worked your
entire life to turn what was once seen as a risky and unlikely business venture
into a successful and profitable company that you are immensely proud of. Your
company’s name is known far and wide for providing an excellent service or a
well-crafted product, you’ve grown from one employee to 100 loyal workers, and
your bottom line continues to increase year over year. You have finally reached
the point in your career that you feel comfortable retiring to enjoy the fruits
of your labor.
However, you realize you have absolutely no
idea who should take over your company to lead it successfully into the future.
What happens to your dream-turned-reality when you are no longer around to lead
This situation is quite common for business
owners, and it can be a daunting thing to consider. This is where a proper
business succession plan comes into play.
Succession planning involves a series of
logistical and financial decisions about who will take over your business at
certain key events in your life, such as retirement, death or disability. This
usually involves a written buy-sell agreement, which provides step-by-step
instructions as to No. 1, when a transfer of your business is required; No. 2,
who should take over management and ownership at those key events; and No. 3,
the ultimate terms of the purchase (e.g. price and payment).
Most succession plans provide for a transfer of the business at death and retirement. However, the best plans also take disability and involuntary transfers (e.g. divorce or bankruptcy) into consideration.
Care should be taken to properly define the
term disability. For example, exactly how long must you be disabled before
ownership is transferred? What if you are lucid enough to make personal care
decisions, but unable to understand every single financial aspect of your
business? How disabled do you really need to be before your trusted successor
steps in? These, and other questions, must not be overlooked.
Selecting a Successor
Clearly, one of the most vital parts of a proper succession plan is determining what trusted individual(s) will take over your business in the future. As a business owner, you have the option to sell your ownership interest to your fellow co-owners, family members, key employees, an outside third party or even to the company itself
The ideal successor will be business-savvy,
familiar with your particular business, experienced in the industry and
respected by your staff, all of which can ease the transition. It may be
helpful to keep an updated list of your potential successors, including their
respective strengths and your order of consideration.
Outlining the value of your business and how your successor must pay for your ownership interest are essential provisions to include in a succession plan. It is advisable to utilize your certified public accountant or employ a professional business broker or valuation expert to assist in formulating an accurate value for your business.
Once a value is set, you will need to
determine if your successor must pay for the entire cost in full at closing or
whether they may pay for the interest over a certain time period. Often, the
purchase price will be secured through a life insurance policy on the owner’s life
or through a loan.
The most prudent business owner will plan for
all of these decisions in advance, providing all interested parties and
potential successors a timeline of when a succession should take place. Keep in
mind that an exit from your business may not always be foreseeable, especially
when it comes to incapacity or death. Therefore, the sooner a business owner
gets a strong succession plan in place, the better. Such a plan will
undoubtedly relieve stress for the owner, the successor, and the employees, and
ensure that the successful business they worked so hard to develop thrives for
years to come.
efactory Partners with MainStreet to Help Startups Save Millions
The company is offering discounts to efactory client companies
A New Partnership with MainStreet
We’re excited to add a new platform to our efactory member perks program – MainStreet!
MainStreet is a government incentives search engine that automatically claims tax credits, and advances interest-free cash, on behalf of startups. And now it’s easier than ever for efactory clients to access the tax credits designed for them.
The US government annually earmarks $100B in tax credits, deductions, and refunds for startups and small businesses. Only 4% of this money is claimed. MainStreet empowers all founders to collect their share of economic benefits in less than 45 minutes.
The MainStreet Platform:
Contains over 50 federal and state credits.
Reduces discovery and claim time by 95%.
Lowers end-user costs by up to 50%.
Advances founders/operators interest-free cash in under a week.
Through the program, efactory client companies are eligible for a 25% discount.
MainStreet is on track to save startups $100M+ by year’s end and is advancing $10,000s in monthly non-dilutive, interest-free capital against eligible tax credits.
Compatio Transforms Ecommerce Landscape with Smart Recommendation System
Have you ever bought one thing, but had difficulty figuring out which things go with it? Most of the things we use each day are actually a combination of products, accessories, and components that come together to create a solution. For many of us, finding these perfect combinations for our bicycling, fishing, or other equipment is daunting.
Compatio is focused on making complex products in any industry easier to buy online. Take fly fishing, for example. A fly fishing outfit is complex and there are thousands of products a customer could buy that may or may not work well together. If they were in a physical store, a customer may be able to find a salesperson with extensive knowledge and the ability to point them in the right direction.
Stores pride themselves on the experience they provide on the shop floor, but that same 1:1 customer service experience is incredibly difficult to bring to life online. Thousands more customers can visit an online store, it’s open every minute of the day, and competitors are always just a click away. Online stores selling complex products will have to think very differently to handle the coming ecommerce wave.
Compatio’s XRS, or Expert Recommendation System, solves this dilemma for merchants and customers alike. For customers there’s no more guessing about which item is right for their needs, and they’re less likely to need to make a return. Product returns cost retailers from 7-15% of their revenue each year. If that can be reduced by even a fraction, it directly improves their bottom line.
Helping Retailers Improve the Ecommerce Experience
The coronavirus pandemic has presented
retailers with a myriad of challenges. Many brick and mortar shops pivoted to
online sales, but discovered the expertise held by shop owners and sales floor
associates doesn’t translate neatly to an online experience. Chatbots and
customer service phone lines fail to scale and don’t serve customers efficiently.
In order to get the right product into
customers’ hands, retailers need a smart recommendation system that helps
shoppers find exactly what they’re looking for. Compatio’s smart recommendation
system does just that.
Today XRS is live and in use in the fly fishing industry, but the potential applications for Compatio’s technology are far reaching. The outdoor recreation industry alone presents a massive opportunity for an improved online experience and increased sales.
“Compatio is responding to what looks to us to be an impending perfect storm. First, ecommerce has exploded this year – retailers have done extremely well, especially those that focus on gear that helps people get out and away from the crowds. But that’s a double-edged sword because there is always a shakeout. That’s coming, even though it doesn’t look like it right now. At the same time, product expertise has not made the leap to digital. That friendly, knowledgeable person behind the counter does not exist on the typical ecommerce site”, said Tim Baynes, Compatio founder and CEO.
“Customers will demand more from their online experience, and those retailers who can nail that experience will ultimately prevail. And finally, ecommerce platforms currently aren’t designed to sell multi-product solutions: they sell individual products. So it’s really hard to find just the right gear, put it together into a personalized solution, and buy it. Compatio was built from the ground up to solve that problem.”
Compatio is a software platform that makes it easy for customers to find products that go together. Whether it’s finding the perfect crank set for your bicycle or a high-end lens for your specialty camera, Compatio turns compatibility from a research project into a click.
Compatio is an efactory accelerator portfolio company and private office client at the efactory. Headquartered in Springfield, Missouri, founder Tim Baynes leads a team distributed across Missouri, California, Ireland, and India.
Meet a New Member: Leadership Springfield Joins the efactory
Welcoming New Members
There’s nothing better than watching people pursue their passions. Part of what we think makes the efactory so special is the mix of companies and individuals working under the same roof on things they believe in. And when there’s a new organization added to the mix? That’s even better!
Learn more about our newest member, Leadership Springfield, and their important work to propel our community forward.
About Leadership Springfield
Leadership Springfield is a community leadership organization that seeks to inspire, develop, and connect leaders to serve the Springfield community. The organization facilitates community leadership programs for area professionals of all ages as well as local students, unlocking potential and equipping participants to meet needs in our community.
Through a strengths-based approach, Leadership Springfield programs build professional leadership development skills and increase community engagement. Leadership Springfield programs include the Signature Class, Academy Class, and Access Class.
As a member of the national Association of Leadership Programs, Leadership Springfield uses a community leadership framework model that provides program participants with tools to frame ideas, mobilize resources, and build social capital. With an alumni network of more than 2,000 graduates, Leadership Springfield has produced more than three decades of alumni members who are making lasting impacts across the Springfield community.
Connecting Our Community
Here at the efactory we’re all about
connecting people for the greater good, so we’re thrilled to have Leadership
Springfield as the newest member of our coworking space. Their mission supportseverything we believe in
– that Springfield is a special place full of people positioned to make a
If you’re looking for space to work on
something you believe in, drop us a line. We offerprivate offices
for startups and flexiblecoworking memberships that include plenty of great perks.
carGO Partners with Missouri State University to Launch “MSU On the Go”
The new app provides students, faculty, and staff access to on-campus restaurants, options for ordering ahead, getting delivery, and more.
MSU On the Go
Missouri State University has been hard at work preparing for a successful fall semester, and part of that important work includes forming new partnerships to provide new services and increased options to students, faculty, and staff.
One of these exciting new partnerships involves efactory
client carGO. The on-demand ride and delivery service has
announced a new program, MSU On the Go.
MSU on the GO is the only mobile app that gives Missouri
State University students, faculty, and staff access to on-campus restaurants
and options for ordering ahead, getting delivery and spending Dining Dollars on
Student delivery runners will be stationed inside the Plaster Student Union and will bring on-campus restaurant orders directly to users anywhere on Missouri State University grounds.
These new options will allow students, faculty, and staff more flexibility than ever before in choosing when, where, and how to access dining options on campus. Missouri State University’s campus restaurants include Panda Express, Freddy’s, Subway and Einstein’s Bagels.
App users can also order from more than 80 off-campus restaurants and can request ride share services through the app. Ride share services and orders from off-campus restaurants cannot be paid for with MSU Dining Dollars.
To celebrate the beginning of a new semester, app users will receive free delivery from on- and off-campus restaurants with every order placed using MSU On the Go through September 7, 2020.
carGO is a
Missouri-based transportation network company committed to providing
comprehensive on-demand delivery and ride services to underserved, mid-tier
cities throughout the U.S. carGO launched in Cape Girardeau, Missouri, in 2017,
expanded in 2018 to serve Poplar Bluff, Missouri, and expanded again in 2019 to
serve Springfield, Missouri.
Unlike similar services, carGO is homegrown, customer-driven, and operates a local network operations center and office in every market the company serves. carGO is an efactory member company.
How We Know Our Community is Primed to Embrace Innovation, Boldness, and an Exciting Future
Thinking About Our Future
They say with every crisis comes opportunity.
As our city, state and country wrestle with the coronavirus pandemic, economic slowdown and issues of systemic inequality, it is clear that a lot of things are broken. But they don’t have to stay that way. The “new normal” can look any way we want it to.
Thinking about the future has always excited us. Our community has a rich history of entrepreneurship, innovation and economic vitality. We truly believe the very best days are ahead of us. And we know Springfield has more opportunity now than ever before.
Make no mistake – we have a lot of work ahead. But it’s important that the size and scope of these problems (and opportunities) doesn’t prevent us from starting.
The goal is not to be perfect tomorrow. The goal is to be better every day.
Resisting the Temptation of ‘Good Enough’
When it comes to building the next version of Springfield, we think it’s important to resist the temptation to leave things ‘good enough’ or ‘the way they’ve always been.’
With two large metros dominating most conversations about Missouri, our community has always had to work a little harder. And there’s something to be said for being a little bit scrappy. We’ve had to “get creative” to get things done. We’ve had to work together from day one. We’ve learned to do more with less and collaborate for the greater good.
This scrappy, collaborative spirit will be what helps us transform now into the very best versions of ourselves.
Springfield, Missouri’s Chance to be the City of Choice for Entrepreneurs, Innovators and Trailblazers
Everyone has seen the headlines about remote work, urban exodus and the opportunities presented to workers in a post-Coronavirus world. Newly remote workers from across the country will have the opportunity to live and work from anywhere. Experts have already suggested many of them “may end up in Springfield, Missouri.”
We truly believe Springfield, Missouri is positioned to become the city of choice for entrepreneurs, innovators, trailblazers and generally cool and interesting people. Why couldn’t it be here? We’ve got all the right ingredients and plenty of exciting things on the horizon.
Momentum is Real, and Springfield Has It
Intentional relationships and quick pivots mean we can move quickly to make things happen. The Jordan Valley Innovation Center and CoxHealth’s commitment to partnership and innovation meant critical PPE for healthcare workers moved from prototype to production in less than 48 hours.
Public-private partnerships mean Springfield gets the best of both worlds in many cases. Springfield City Utilities and SpringNet, our municipal utility provider, are partnering with CenturyLink, an industry-leading private company, to bring high-speed gigabit internet to all of Springfield’s residents. The partnership is catching the attention of national groups, including the Brookings Institute who says the model could be the missing piece in America’s struggle for widespread high-speed internet access.
Our region’s natural resources are beautiful and accessible. Our network of parks and trails continues to grow, and big plans are in the works to transform a portion of Grant Avenue into a pedestrian parkway that will connect downtown Springfield to the award-winning Wonders of Wildlife.
Not long ago, IDEA Commons and a downtown innovation district was only a dream. Today it’s a reality and stands as an example of what is possible through successful public-private partnerships. The district continues to grow, with expansion of the efactory and MSU’s cooperative engineering program nearly complete. Expansion is also underway on the Jordan Valley Innovation Center, a hub for high-tech research and development. Daylighting Jordan Creek isn’t just an idea – it’s slated to become a reality. ForwardSGF and our community’s new strategic plan will create a blueprint focused on people, place and prosperity.
Community is Who We Are
There’s a line that seems apt for the situation we find ourselves, our communities, and our organizations in right now. It said: “Opportunities are rarely offered; they are seized.”
We’re committed to seizing every opportunity. And we’re committed to helping the rest of our community do the same. As the world continues to change we will be here to help businesses respond. Give us a call if we can help your company innovate or imagine “what if.” After all, Springfield is where dreams really do come true.
Community is who we are. Forward is where we’re going.
Governor Parson Announces $1M Coworking and Incubator Grant Program
The program will assist centers in response to COVID-19.
Supporting Missouri’s Innovation Centers
Governor Mike Parson has announced a new grant program focused on helping Missouri’s incubators and coworking facilities respond to the coronavirus pandemic. The program has made $1 million available for eligible Missouri-based non-profit corporations and university-sponsored coworking and incubator facilities.
“Supporting Missouri’s entrepreneurs and startup companies is key to our economy,” Governor Mike Parson said. “These individuals are not only developing innovative products but also businesses that will create new jobs and opportunities for the people of our state.”
Equipping Innovation Centers to Respond to COVID-19
“Research shows that startups and small businesses create nearly 80% of Missouri’s new jobs annually. It’s crucial that our state’s innovation centers can continue the important work of supporting these entrepreneurs and job creators. This grant program will help centers respond to the demands put in place by COVID-19 while still carrying out the important work of helping businesses start and grow right here in Missouri,” efactory Director Rachel Anderson said. “I would like to thank Governor Parson, Director Dixon and the Missouri Technology Corporation for this opportunity.”
Eligible organizations may be reimbursed with grant funds for expenses related to updating facilities. Examples of updates include: changes made to encourage physical distancing, adopting enhanced sanitation protocols, or acquiring personal protective equipment. Applicants are encouraged to engage Missouri-based vendors when possible.
“Missouri’s entrepreneurs play a critical role in the state’s economy,” Department of Economic Development Director Rob Dixon said. “By supporting these coworking facilities, we are connecting entrepreneurs with resources that will help their companies and products be successful.”
MTC will accept applications for the program through August 17, 2020.
“This virus isn’t going away, and we have to protect both the lives and the livelihoods of Missouri workers, families and children,” Department of Economic Development Director Rob Dixon said. “Thanks to today’s action by the Governor we are not only reinvesting in our economy, but building up the success and safety of our state over the long term.”
Small Business Grant Eligibility
Organizations eligible for this grant must have 50 or fewer employees, including the owner(s). Grant amounts are initially limited to $50,000, and organizations applying must incur or have incurred costs due to COVID-19 between March 1, 2020 and November 15, 2020. Applications will consider industry, timely use of funds, and availability of funds.
DED will begin accepting applications for this grant on July 15, 2020. Applications will close on August 31, 2020.
The department is focused on assisting the hardest hit industries including retail trade, accommodation, food service, and health care, in addition to family-owned farms. However, the grants are not limited to these industries.
Find more information about eligibility and how to apply online.
This program also factors in $7.5 million for family-owned farms and family farm corporations. Those producing agricultural crops, livestock or livestock products, poultry or poultry products, dairy products, or horticulture products are eligible for this grant.
“We know that every segment of agriculture has felt the tremendous impact of COVID-19 and will for many years,” Director of Agriculture Chris Chinn said. “We have continuously worked with Governor Parson and my colleagues across state government — including DED and the General Assembly — to provide support for the unmet needs of Missouri’s family-owned farms and ranches.”
Get Help With Your Small Business Grant Application
Our team is here to support small business owners responding to the impacts of COVID-19. Business consultants with the Missouri Small Business Development Center at Missouri State University are available to offer no-cost, confidential services and assistance with these grant applications.
Hearo Technologies & The Arc of the Ozarks Launch Pilot Program
Hearo Technologies & The Arc of the Ozarks have launched a pilot program designed to use Hearo’s remote technology to increase the independence of individuals who receive intellectual and/or developmental disability services.
Using Technology to Increase Independence
Two organizations with ties to the efactory are coming together to find new and innovative ways of delivering care to Missourians.
Hearo Technologies and The Arc of the Ozarks have announced a new pilot program that leverages cutting-edge technology to provide support to individuals with intellectual or developmental disabilities. The program focuses on a remote support monitoring system that enables The Arc of the Ozarks to provide patient care while decreasing the physical presence of direct support staff in the home, therefore increasing patient independence.
Hearo’s technology is being piloted to provide patients with medication reminders and remote communication with staff, as well as safety sensors on doors and windows.
“Technology will have an incredible impact on our mission over the next several years. I firmly believe The Arc of the Ozarks will find innovative ways to further realize its mission by leveraging technology to enhance independence in the lives of the individuals we are so fortunate to serve,” said Tim Dygon, Executive Vice President at The Arc of the Ozarks.
While the program is not intended to replace the need for direct support staffing, the use of technology allows for increased efficiencies. Staff members may support multiple homes simultaneously while cost savings can be retained and reallocated to other areas or programs.
Missouri as a Model
Missouri was designated as a “Technology First State” by the Missouri Department of Mental Health in February of 2019. This designation encourages service providers and funders to evaluate technology first as an option when supporting individuals who need intellectual or developmental disability services (I/DD) instead of the traditional direct support staffing model.
These technologies are not a fit for all Missourians with assistance needs, but offer an exciting and effective means of increasing independence for individuals who qualify.
Pilot programs like this will allow The Arc of the Ozarks to increase independence for individuals, address workforce challenges, increase efficiency, and more.
About Hearo Technologies
Hearo Technologies is an efactory client company based in Springfield, Missouri. Founded in 2018, Hearo is an assistive technology company that helps individuals achieve a greater level of independence in any setting with powerful remote supports for organizations supporting those with intellectual and developmental disabilities.
The Arc of the Ozarks serves individuals with a variety of disabilities. Services include residential, education, dual diagnosis, medically fragile, day habilitation, therapeutic recreation, advocacy, autism services, employment and psychological counseling. The Arc of the Ozarks is a proud member of the efactory’s corporate partner program.
Buckhorn Inc. Joins efactory Corporate Partner Program
We’re excited to announce Buckhorn Inc. as the newest member of the efactory’s corporate partner program.
About Buckhorn Inc.
Buckhorn, a Myers Industries, Inc. company (NYSE: MYE), is one of North America’s leading providers of high-quality, cost-effective reusable packaging and material handling systems. The manufacturer helps customers in the manufacturing, distribution and food industries improve supply chain performance and reduce material handling costs with their innovative hand-held containers, pallets and transport products.
Focused on customer-driven innovation, Buckhorn provides superior custom capabilities that fit customer’s precise applications. Their comprehensive market knowledge, attention to quality and dedication to customer-driven innovation adds value at every step of the process.
Buckhorn Inc. in Springfield, Missouri
Headquartered in Ohio, Buckhorn has had a presence in Springfield since 1994. The manufacturer employs more than 200 individuals locally and the Springfield site is considered the hub of where the company manufactures the majority of their products.
Buckhorn is defined by a commitment to teamwork, customer satisfaction, and a culture of innovation. For more information about Buckhorn products contact email@example.com or 513-965-3211
Our corporate partner program is designed for organizations committed to entrepreneurship, innovation and economic development in southwest Missouri. Partners receive valuable annual benefits along with their support of the efactory.
Contact us today to learn more about what it means to be an efactory partner.