New York Company Selected As Examiner For Nugent Appraisal Services

New York Inventory Group, a personal property inventory company, now offers USPAP certified appraisals.

NYIG-LogoNugent Appraisal Services is in an aggressive expansion mode – adding four additional service areas in the last year. New York Inventory Group, a Licensee of Nationwide Inventory Professionals, serving the New York City area, is the most recent examiner selected by Nugent. “As our onsite examiner, the experience and expertise of New York Inventory Group enables us to capture the quality, detailed item information we require to identify items and accurately appraise,” offers firm President Ray Nugent.

Nugent Appraisal Services produces USPAP compliant, certified appraisal reports that meet the highest industry standard, as required by Insurers, Government Agencies, and the Courts. Their reports are used for Estate Settlement, Equitable Distribution, Insurance Scheduling, Damage Claim Resolution, Charitable Donation, Divorce, and Buy/Sell Decisions.

Nugent Appraisal certifies the value of thousands of items monthly from around the country, from digital images, descriptions, and documentation secured by their own appraisers, examiners, and inventory professionals like New York Inventory Group. Ray Nugent adds, “we are excited about bringing our appraisal service to New York City and the surrounding areas. The professionals at New York Inventory Group are a critical part of making this happen.”

About New York Inventory Group

New York Inventory Group, a Licensee of Nationwide Inventory Professionals, provides personal property inventory services for home owners, renters, and small-to-medium businesses throughout the New York City area. These services are requested by clients who want to be prepared for a disaster by being able to recover more equitably after a loss. Additionally, an asset inventory is beneficial for estate settlement, separation of assets/divorce, prenuptial agreements, and financial and estate planning. Business owners also benefit from this document by using it to track assets, plan budgets, eliminate unnecessary purchases, and when approaching a buy, sell, merger or acquisition agreement.

About Nugent Appraisal Services

Nugent Appraisal Services is a Florida-based 3rd generation family-operated personal property appraisal service that has been in business since 1976. Nugent Appraisal certifies the values of Fine Art, Jewelry, Collectibles, Memorabilia, and Residential Contents. The service was started by Ray Nugent Jr., in Naples, FL in 1976. His son, Ray Nugent III, joined the firm in 2001 and moved into the role of managing the daily operations seven years later. The firm now utilizes the talents of three generations of the family, when granddaughter and Appraiser/Gemologist Olivia Nugent joined the firm in 2012. Daughter Carolyn Nugent Olliff and daughter-in-law Gwen Chapman Nugent complete the 5-member family leadership appraisal team.

In addition to conducting onsite appraisal examinations in homes, offices, and secure facilities, the firm serves as the exclusive independent appraisal service of a growing number of U.S. Department of Justice service offices and asset securement services for estates, trusts, and family offices.

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Indiana Home Inventory Professional Chosen As Examiner for Nugent Appraisal

Nationwide Inventory Professionals Licensee, Hartman Inventory, now offers USPAP certified appraisals in central Indiana

HI-smPRESS RELEASE – Hartman Inventory, a Licensee of Nationwide Inventory Professionals is the most recent exclusive examiner selected by Nugent Appraisal Services. “As our onsite examiner, the experience and expertise of Hartman Inventory enables us to capture the quality, detailed item information we require to identify items and accurately appraise,” offers firm President Ray Nugent.

Nugent Appraisal Services produce USPAP compliant, certified appraisal reports that meet the highest industry standard, as required by Insurers, Government Agencies, and the Courts. Their reports are used for Estate Settlement, Equitable Distribution, Insurance Scheduling, Damage Claim Resolution, Charitable Donation, Divorce, and Buy/Sell Decisions.

Nugent Appraisal certifies the value of thousands of items monthly from around the country, from digital images, descriptions, and documentation secured by their own appraisers, examiners, and inventory professionals like Hartman Inventory. Ray Nugent adds, “we are excited about the opportunity to bring our service to the Indianapolis area, and the professionals at Hartman Inventory are a critical part of making that happen.”

About Hartman Inventory

Hartman Inventory is a Licensee of Nationwide Inventory Professionals and a nationally certified personal property inventory service for home owners, renters, and small-to-medium businesses. Owners Mike and Cindy Hartman created their business in 2004 after working in the corporate environment for over 30 years. Their passion for this industry was fueled through first-hand knowledge of two burglaries. They realized the value of knowing what you own prior to a loss.

In addition to disaster preparedness/recovery, an asset inventory is beneficial for estate settlement, separation of assets/divorce, prenuptial agreements, and financial and estate planning. Business owners also refer to this document to track assets, planning budgets, eliminating unnecessary purchases, and when approaching a buy, sell, merger or acquisition.

About Nugent Appraisal Services

Nugent Appraisal Services is a Florida-based 3rd generation family-operated personal property appraisal service that has been in business since 1976. Nugent Appraisal certifies the values of Fine Art, Jewelry, Collectibles, Memorabilia, and Residential Contents. The service was started by Ray Nugent Jr., in Naples, FL in 1976. His son, Ray Nugent III, joined the firm in 2001 and moved into the role of managing the daily operations seven years later. The firm now utilizes the talents of three generations of the family, when granddaughter and Appraiser/Gemologist Olivia Nugent joined the firm in 2012. Daughter Carolyn Nugent Olliff and daughter-in-law Gwen Chapman Nugent complete the 5-member family leadership appraisal team.

The firm has added other talented appraisal professionals in order to deliver the highest appraisal standards in the six service offices throughout Florida. In addition to conducting onsite appraisal examinations in homes, offices, and secure facilities, the firm certifies the value of thousands of items every month from around the world from images, descriptions, and documents of origination. The firm serves as the exclusive independent appraisal service of a growing number of U.S. Department of Justice service offices and asset securement services for estates, trusts, and family offices.

The Value of Failure

FailureHave you tried something new, found it didn’t work, and feel horrible that you failed? You are not alone. However, it’s important that you change how you feel about it. Don’t look at it as becoming an expert at failure. Change your thought about the outcome.

Trying something and not succeeding is much more beneficial than doing nothing. If your fear of failure keeps you from doing new things within your business, you will certainly fail. Not trying will only result in not succeeding.

One of my favorite quotes that I feel really illustrates my point is by Michael Jordan. He said, “I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”

When starting a business as well as building a business, failure is part of the experience of business ownership. There are many things I tried that didn’t work out. For instance, I invested in a marketing campaign that cost thousands of dollars and netted zero dollars. Failure? No! I learned not to use that method of advertising ever again. Another success was when I adjusted our inventory service process and found the “old way” was the best way. Failure? No! I learned that what I had was simpler, easier, and better for the client and for me. These failures now benefit our home inventory Licensees, as I share our mistakes and failures through mentoring. Without having learned these lessons myself, each of these independent business owners would probably make the same mistakes that I did. What a great opportunity for me to help others avoid these mistakes!

There are many examples of what one would consider failures. Instead, each time you find something that didn’t work, consider it a success in learning. New efforts also result in successes. You don’t know which it will be until you try it, and either way you’ve achieved success.

There is value in learning what doesn’t work as well as what does work. Constantly finding new ways will keep moving your business to greater success.

 

 

Cleveland Ohio Native Opens Home Inventory Business

Wagner’s Inventory Services LLC offers asset inventory services to Northeast Ohio residents and business owners.

gina picture 5Gina Wagner had been thinking about starting her own business for several years, but faced one big hurdle – figuring out what she wanted to do. It hadn’t been easy, and was something she had been considering for years. After hearing about the home inventory industry, her life experiences encouraged her to start her to enter the asset inventory service industry in Northeast Ohio.

Once she learned of this niche, Gina spent more than two years talking to people who experienced a disaster. She also verified the need for this service through discussions with insurance agents. Using these conversations for her own education, she learned of the long, daunting process that is normally required to file an insurance claim. While still giving a home inventory service some thought, she almost had a house fire from a surge protector that caught fire. This was her defining moment for the type of business she wanted to own.

The flexibility of the inventory industry fits well into her busy lifestyle, enabling her to continue her full-time employment with an accounting firm, and also remain as a co-publisher of a 10,000 subscription newspaper in Brooklyn, Ohio. She realized that she would benefit greatly if she had help during the start-up as well as the growth stages of her new business. Wagner’s search led her to Nationwide Inventory Professionals.

Gina stated, “Why reinvent the wheel when someone else is already out there doing it, and doing it much better than trying to learn it on your own. They are a wealth of information and I can learn so much from them. They will help me provide a better service to the client, which is the ultimate goal for Wagner’s Inventory Services.”

In addition to disaster preparedness, there are many other life events that require an inventory of one’s belongings, such as estate settlement, financial planning, division of assets/divorce, pre-nuptial agreements, and business asset tracking. Gina realized the value of home owners and business owners to have documents of what they own.

A native of Cleveland, Ohio, Gina also lived in Florida and Wisconsin. Returning to Ohio, she now resides on the border between Cleveland and Brooklyn. Wagner has an Associate Degree as a Computer Programmer / Systems Analyst. To serve her creative side, she also has certifications in Floral Design and Graphic Design. Gina is currently working towards her certification as a Certified Inventory Professional (CIS) through the National Inventory Certification Association.

Certified, bonded, and insured, Wagner’s Inventory Services serves business owners, home owners, and renters in Northeast Ohio. For more information, contact Gina Wagner at email hidden; JavaScript is required.

5 Things To Consider When Starting A Business

5 QuestionsYes, there are plenty more than 5 things to consider when choosing to start a business. However, I feel these are the 5 most important issues to start with when deciding what you want to do when pursuing entrepreneurship. These will help eliminate many ideas. And the process of elimination will help you get there more quickly than not having these qualifying questions.

There is a common thread among those who think about starting a business, and that thread is freedom. This freedom is described in many different ways – to be your own boss, to have flexibility, to make your own decisions, to no longer have to work for someone else…the list goes on. But, the bottom line is the freedom to be you!

Many people have asked me why I chose the home inventory industry. With all of the options I could have pursued, what was it that made me choose this? It came down to 5 areas of consideration. By answering the following questions, I was able to narrow my focus and really concentrate on a business that would serve my purpose.

1. Product or service? Do you want to provide a service or sell a product? This is a huge question, and probably the first one to be answered.  This will quickly help you hone in what you want to do. If you want to sell a product, then you immediately can focus on what type of product and all service industry options can be removed from your thoughts. Likewise, if you prefer offering a service, any idea that includes selling a product can be removed from your list of options.

2. How much help will you need/do you want? You might want to start with a clean slate, empty page, from scratch. Or, you might prefer to not re-invent the wheel and find a business that includes receiving help. There are many options available for you in the form of a franchise, start-up kit, business package, or other variety of business models. Taking advantage of someone else’s expertise and knowledge will enable you to be ready to do business quicker, and often will provide you with a mentor to guide you.

3. Brick-and-mortar or home-based? Can you work at home, being able to ignore the many interruptions, and often the many temptations to do everything except what you need to do? I am aware of one home-based business owner who was always dealing with home responsibilities that she eventually had to rent office space to force herself to focus on the business. Know yourself, how you function, your ability to focus, as well as many other issues that come into this decision. Both have their pros and cons – only you can decide what’s best for you.

4. Solo-preneur or business partner? My wife and I chose to start a business together, so business partner was our choice. When you’re making this decision, be sure to give this plenty of consideration. If you are a control freak, you might not do well with a partner. If you don’t want to share in the responsibilities or the success, you might want to go it alone. If you prefer having someone to share the ups and downs, as well as the work and the investment, then a partnership is probably your best choice. Whatever you choose, know yourself well enough to make the right choice.

5. What will you get out of it? Besides money, that is. The reason to begin a business is, of course, to make money. But there has to be more than that. Do you want to help others? Solve a problem? Make life easier for your clients? Is it something you would do for fee if you could? What is the “feel good” part that will make you want to do this day in and day out?

When we chose the home inventory industry, we wanted to have a home-based service business. Since we had been burglarized, and friends who had losses due to fires and tornadoes, this type of service met our desire to help others. We also chose to start on our own, and the first few months proved to us we would have preferred investing in someone else’s experience and knowledge. This is what encouraged us years later – once we learned the industry and gained a great deal of knowledge – to develop a Business Package and Licensing Agreement to assist others wanting to begin their own home inventory service.

There are many more decisions you’ll need to make when you start a business. However, I found these to be the most important because they will guide you and keep a focus when you face all the other choices you’ll need to make. Once these 5 key questions are answered, you’ll have a basic plan to help you stay focused as you move forward.

Meeting Customers’ Needs

varietyThe basic avenue to success is being able to sell a product or a service. To do that, it is essential that you meet the prospect’s needs. Once they find that you are achieving that end goal, they will move from the “prospect” category to the “client” category.

So, how do you meet the needs when there is such a vast number of people, and a huge variety of types of people walking this earth?

One way to serve a larger, rather than smaller, segment of the population is to find a product or service that can meet the needs of many ages, professions, income levels, and lifestyles, with a wide range of needs.

A home inventory serves a wide range of people

As a home inventory service professional, I am often asked what type of people our clients are. There is no one category. Our client base spans young 20-somethings to those in their 80s. Our customers are professionals (doctors, accountants, insurance agents, teachers, attorneys), those who are considered laborers (factory workers, mechanics, house cleaners) and retirees.

When looking at their financial status, our clients also range from living in an 800 square foot apartment to a 17,000 square foot house. Some live paycheck to paycheck and others are extremely wealthy.

 

The business inventory clients are just as diverse. A sampling of our client base includes accounting offices, law firms, marketing companies, auto body shop, medical practice offices, sign shops, hot air balloon companies, auto repair shops, remodelers, and a variety of home-based businesses.

Another range, or category, of clients include business owners, home owners, renters, executors, attorneys, financial planners – these are the people who purchase or refer their clients to purchase the inventory service.

The needs for a home or business contents inventory are more diverse than the types of clients

The plethora of reasons one hires an inventory service helps keep our days interesting. Our service has been hired to fulfill the following contents inventory needs:

  • Disaster preparedness
  • Appraisals
  • Estate planning
  • Estate settlement
  • Financial planning
  • Knowing the value of assets owned by a business to ensure proper insurance coverage
  • Tracking business assets
  • Preventing unnecessary business purchases
  • Knowing what is in storage

As a home inventory professional, and also a mentor for those wanting to start a home inventory business, you can see why I feel this is a great service. I am able to serve many needs for many people, while providing myself ownership in a business that offers flexibility and variety .

 

How To Determine Which Home Inventory Professional To Hire

HuhThe home inventory industry is changing. I am pleased to see that it is slowly becoming a true industry rather than just a group of scattered, non-connected home-base businesses across the country. Using the term “group” is even a stretch, as each business owner did their own thing, independently from the others.

When we were developing our own home inventory service (often called asset or personal property inventory) in 2004, we met with insurance agents, estate attorneys, financial planners, and insurance adjusters. Our purpose for these meetings was to learn their needs so we could serve our clients, while also meeting the requirements of each of these professionals because they are often truly the “end user.” For example, an estate attorney will need the inventory report to submit to the state, even though the executor is the client. Over the years we tweaked and improved our processes. Each adjustment is with the client’s needs in mind – from the time we spend on site collecting the information, to the follow-up after the initial service.

Knowledge and experience

After a few years of providing our inventory service, we realized that many people were planning to start a home inventory business and wanted assistance. We created the Nationwide Inventory Professionals Business Package and Licensing Agreement to help and support those who wanted to remain independent, but didn’t want to reinvent the wheel. As a Licensee, these new business owners can be ready to do business within 30 days because we’re creating their website, newsletter, logo, etc., and mentoring them along the way. This assistance shortens their learning curve. They immediately gain the experience and knowledge we leaned over more than a decade in business.

Hiring a Licensee of Nationwide Inventory Professionals is like hiring someone who devoted years of trial and error learning the industry – even if they just recently started their business. Another benefit from working with a Licensee is that as we constantly seek ways to improve the processes and procedures, we share our findings with them. Therefore, they can concentrate on serving their clients while we work on the business.

Education and industry certification

Realizing the need for national continuity and some structure in this industry, I became involved with the National Inventory Certification Association (NICA).  Driving this organization is extremely important, because there is value in being certified and receiving continuing education. NICA brings cohesiveness to the industry through the established Code of Ethics that all members agree to honor. The continuing education courses provide industry knowledge. In addition to the industry information, there are courses geared to help the small business owner, such as Project Management, Customer Service, Social Media for Business, and Time Management.

Once an inventory professional becomes a Certified Inventory Specialist, they are required to maintain their designation by achieving a number of CEUs on an annual basis. This ensures that they continue their education and commitment to the industry. Seeing the NICA logo on their website shows who are members of NICA, and the initials CIS behind their name identifies those who are certified.

Hiring an inventory professional

There are a lot of considerations when hiring an inventory professional. I believe that sharing this “behind the scenes” information of the inventory industry will help you know how to assess the companies in your area. To recap, some things to consider, so you no longer have to scratch your head, wondering who to call:

  • Are they bonded and insured – have they taken the proper steps to be professional and responsible?
  • Do they have testimonials – have others been satisfied with their work?
  • Are they certified – have they devoted time and made a financial investment in their expertise?
  • How much knowledge/experience do they have – if recently in businesses, do they have a mentor or support system?

If you’re looking for an inventory professional, two websites with lists of companies are the Nationwide Inventory Professionals Directory and the NICA Directory. Both directories offer links to the individual websites.

Advice From Small Business Owners

SuccessTurnkeyThe second annual Bank of the West Small Business Growth Survey was recently completed. In a previous post, titled, “Yes, It Is Worth It,” I shared results that an overwhelming majority (86%) feel that all the time, money, stress, and sleepless nights, were worth the sacrifices. Ownership of your own business is rewarding, a source of pride, and provides unlimited opportunities to live your life as you choose.

Though freedom and many other benefits come with entrepreneurship, there is also a high number of businesses that fail. So, the big question is, how can a new business owner improve their chances of success? Of course, a key element is for the entrepreneur to have high business acumen. However, there is much more to success than just knowing what to do.

A passion for work ranked high

Results from the survey show that leadership was essential for entrepreneurial success. The survey showed that 70% of current business owners feel that to be successful, it is important to have a passion for the work, and 64% saw the need for self-confidence 64%. Additionally, 49% feel you need to have a clear vision for the business’ future and 38% weighed in on the importance of having tangible assets (an innovative product or service).

“Tenacity, charisma and determination are what push businesses into high gear. Those who don’t just lean in—but go all-in—are better positioned to overcome the odds and chart their own professional course.” the survey reported.

5 pieces of advice from current small business owners

The top five pieces of advice that current small business owners would give to those just starting out are:

  1. Make time for your family (62%)
  2. Don’t be afraid to ask for help (58%)
  3. Separate your business finances from your personal finances (57%)
  4. Stay objective; don’t take things personally (55%)
  5. Be a lifelong learner (54%)

Number 1 is a given – without taking time for your family, what’s the purpose of owning a business? I have found that the freedom you have with hour flexibility is the most beneficial of all. The 2nd item, “Don’t be afraid to ask for help,” is where our mentoring support that we give the Licensees of Nationwide Inventory Professionals. People don’t know what they don’t know, and we are able to bring these topics up early in the start-up process. This eliminates surprises and helps the new business owners know what to expect and how to handle them before they become an issue. We also have a policy of being available 24/7 so when they need help, they know we are just a phone call away. Learning from someone who has the knowledge, experience, and expertise is essential to an easier and smoother start-up and growth of your new business.

Taking the advice from the results of this survey will help you pursue your dream to start a business, and you’ll be more apt to achieve success by learning from those who have experienced the ups and downs of business ownership. By taking the suggestions of others who willingly share what they’ve learned will guide you down the path to success.

Yes, It Is Well Worth It

Ask anyone who started a business, and you’ll most likely hear stories about financial challenges, being overwhelmed with all the tasks required of them, and the total time suck they experienced. This might be part of the reason that the Small Business Administration reports that only 50% of new businesses survive to the 5-year mark.

However, based on the results of the second annual Bank of the West Small Business Growth Survey, small business owners choose to continue their quest of entrepreneurship. The survey results found that the biggest challenges of owning your own business are:

  • living with the uncertainty that comes with owning a business (52%)
  • always being on the job (43%)
  • avoiding burnout (40%)
  • making and saving enough to retire (41%)
  • ensuring their families are financially comfortable (35%)
  • managing cash flow (31%)

With all of these uncertainties they face, why do entrepreneurs bother? Why not just go find a nice corporate 9-5 job and have a steady income? I believe that I am a typical small business owner. When I started my home and business inventory service, I was seeking the freedom that comes with business ownership, having control over my time and my income. Looking back, I wasn’t prepared for the bumps in the road. However, this desire to own my own company gave me the perseverance to keep going until I got it right.

The benefits outweigh the negatives

The responses in the survey showed that small business owners enjoy the benefits that “doing their own thing” provides:

  • owning their own business puts them in charge of their own destiny (94%)
  • love the freedom that comes with owning a small business (91%)
  • allows them to contribute to the local economy (84%)
  • running their company makes them feel empowered (83%)
  • helps them make a positive impact on the community (80%)
  • opportunities to connect with their families (70%)
  • providing a legacy for their families (67%)

The financial and time commitment

The survey reported that 82% of small business owners put everything they have into their business. An overwhelming majority, 86%, say that all they’ve sacrificed for their business has been worth it.  I totally agree with this majority, and another business I’ve developed helps the new entrepreneur. I’ve been through it myself, so through Nationwide Inventory Professionals,  I now help others eliminate most of the trial and error and guide them through many of the uncertainties. Not needing to develop their own marketing materials, inventory processes, and business procedures also helps lessen the time they would normally need to invest in the start-up phase.

Executive vice president of small- and medium-size enterprise banking at Bank of the West, Michelle Di Gangi, stated, “Small business ownership isn’t always a financial decision – an even bigger draw is the flexibility and independence to chart your own path and create a business that can be passed on to the next generation. These are benefits that many other career paths simply do not offer.”

Ya Gotta Have the Passion

PassionBefore I started my business, before I even had decided what my business would be, I was told over and over by other entrepreneurs that I needed to have a passion for whatever I do. They said without it, the chance for failure would be much higher than normal.

Most everyone said that this passion would keep me going when I felt too tired to keep going. My passion would help me fight the fear and uncertainty. The passion is one single thing that would help me battle the feeling of being overwhelmed with all the tasks that come with business ownership.

I have to admit they were right. The passion I have for my home inventory business has been the one strong force that kept me moving forward.

So when someone who was interested in becoming a Licensee of Nationwide Inventory Professionals asked me about the passion, it was my turn to have “the talk.” His first statement was, “I don’t think I can develop a passion for counting things or taking pictures.” Fair enough.

He was surprised when I agreed with him. I said, “I don’t have a passion to do those things, either.”

I shared this story to help explain. I don’t wake up every morning, jump up and down with delight because I get to go create a list of someone’s belongings and take photos of them. Certainly not an exciting or high passion task. But completing these activities is what fills my passion to help others. Without that information, our clients will not be able to remember all they owned after their contents are gone due to fire, theft, for a natural disaster. They won’t be able to provide serial numbers to the police to prove ownership. If it’s an estate inventory, I relieve a lot of stress for the executor so he or she can focus on their other responsibilities. Each time I complete an inventory, I know I have helped my client, either emotionally or financially – and often – both.

I could have chosen another industry that would have provided the same. But since I experienced a loss, I know how devastating it is to try to recover. I knew there was a real need for a home and business inventory professional and decided that pursuing a home inventory business was the right business for me.

Getting a hug, seeing tears of relief or gratitude in their eyes, receiving a thank you note in the mail – all of these and many other expressions of gratitude confirm that being a home inventory professional fulfills many needs. A home inventory is the vehicle to drive my passion to help others!

Discover your hidden entrepreneur.


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Home Inventory – A Guide for Homeowners and Renters

Home Inventory – A
Guide for Homeowners and Renters


The many reasons for a home inventory, plus a do-it-yourself guide and templates.

 

A Business Guide to Asset Inventory

A Business Guide to Asset Inventory
Protecting your company assets.

Copyright 2016 Nationwide Inventory Professionals, LLC © 2013. All Rights Reserved.
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