Page 20 • February 28, 2019 • Edmond Life & Leisure
Arledge Associates Q&A
What to do when adding
a partner or a shareholder
By LaDonna Sinning
Arledge & Associ-
ates
My small business
has grown enough
that it’s time to add
another owner to
help manage the
business as well as
to retain key person-
nel. What should I Sinning
consider in doing
that?
First of all, congratulations! You
have done a great job of building a
business and are taking the right ap-
proach to retaining a key person.
Nothing says I’ll stay engaged like
owning a piece of the business. You
are also right to ask questions and be
thoughtful about increasing the num-
ber of owners. It is a big decision
that is not easily reversed should it
not work out. The overall key is find-
ing the right person.
Think of it like a marriage that will
last the rest of your working career.
Ask yourself if you would want to be
in the foxhole with them. Are you
certain they will always make deci-
sions in the best interest of the busi-
ness even if that conflicts with their
own best interests? Can you trust
them? Are their ethics and integrity
above question? These questions
may sound over-the-top, but they will
have a major impact on your liveli-
hood, your legacy, and ultimately,
your life. If those things are in place,
then ask yourself if it is a fit in other
ways. Are your work ethics similar? Is
this person’s business acumen and
technical skills at an acceptable level
for an owner?
You mentioned that this isn’t a de-
cision that is easily reversed. Could
New VP of operations named
Patricia “Trish” Ingram has
been named vice president of
operations for Daily Living
Centers, Inc., the 45-year-old
adult day healthcare organi-
zation that operates four pro-
gram facilities in the
metro-Oklahoma City area.
In her new position, Mrs. In-
gram will have responsibility Ingram
for overseeing operations in
Edmond, south Oklahoma City,
northeast Oklahoma City and
Bethany.
Ingram joined Daily Living Centers, facilities serve 750 participants each
Inc. in 2017 after having served as
the executive director of Full Circle
Adult Day Center in Norman, Okla-
homa. She also has served stints as
the University of Oklahoma Health
Sciences Center as assistant registrar, socialize with others, enjoy nutritious
international student advisor, and vet- meals, play games, exercise and have
erans coordinator; and as the vet-
you expand on that?
Once they become an owner, in
many ways they will be your peer,
even if they are not a literal peer in
ownership percentage. Your employ-
ees will see them as being your peer
and it will be difficult to override de-
cisions made by this new owner if
they have already been shared with
employees. The public will also see
the new owner as your peer. Both
make unwinding your relationship dif-
ficult. Of course, you can force them
out and buy back their interest, but
how will that be perceived by em-
ployees and customers? It’s best to
be very sure about bringing in a new
owner and avoid needing to unwind
a bad situation.
Thanks! I’ll slow down this process
and give it more thought. Anything
else I should consider?
You may want to make sure the
new owner’s spouse or significant
other, if there is one, is on board
with them becoming an owner. Their
support is often key to ensuring the
new owner can devote the time and
attention that running a business re-
quires.
LaDonna Sinning is a Certified Pub-
lic Accountant, Certified Fraud Exam-
iner and partner at Arledge and
Associates, PC, an Edmond-based ac-
counting firm. Arledge & Associates,
PC is a recognized leader in the ac-
State gaming industry worth
counting industry offering practical
solutions in the areas of tax planning,
auditing, consulting, accounting advi-
almost $10 billion annually
sory services and client accounting. The Oklahoma casino gaming in- $4.3 billion in wages in the state.
The firm added Josh Mullins as a dustry supports more than 75,000 “For nearly three decades, sover-
partner this year. The firm is passion- jobs statewide and has an annual eign tribal nations and gaming com-
ate about selecting strong partners to economic impact of $9.8 billion, the panies have been engines of growth
continue the firm’s growth. American Gaming Association (AGA) and opportunity in the state of Okla-
announced last week at a Get to homa, creating partnerships with
Know Gaming event hosted in Okla- local organizations, supporting small
homa City following a previous re-
ception the day before in Tulsa.
businesses and providing good jobs
for workers of all backgrounds,” said
eran’s coordinator at the Uni- AGA’s Get to Know Gaming tour Bill Miller, President and chief execu-
versity of Oklahoma. aims to engage local leaders about tive officer of the American Gaming
Ingram received both a gaming’s role as a community part- Association. “Today, we’re pleased to
Master of Arts, Gerontology, ner in 40 states across the country. spotlight how the relationships be-
and a Bachelor of Science in Last week’s roundtable panel at the tween Oklahoma’s tribal nations,
Organizational Leadership Petroleum Club Event Center in- elected officials, small business own-
from the University of Central cluded members of Congress, Rep. ers and community leaders serve as
Oklahoma. Tom Cole and Rep. Kendra Horn; a model of success for states around
About Daily Living Centers Chickasaw Nation Secretary of Com- the nation.”
Founded in 1974, Daily Liv- merce Bill Lance; Choctaw Nation About AGA: The American Gam-
ing Centers, Inc. is the oldest Senior Executive Officer Janie Dil- ing Association is the premier na-
and largest adult day healthcare serv- lard; Cherokee Nation Dep. Attorney tional trade group representing the
ices program in the state of Okla- General Chrissi Nimmo; and AGA $261 billion U.S. casino industry,
homa. The four metro-Oklahoma City President and CEO Bill Miller. Lt. which supports 1.8 million jobs na-
Gov. Matt Pinnell moderated the dis- tionwide. AGA members include
week. Each facility provides frail eld- cussion.  commercial and tribal casino opera-
erly and disabled persons with door- The event also marked the release tors, gaming suppliers and other enti-
to-door transportation and a safe of AGA’s latest report, Casinos & ties affiliated with the gaming
place to go on weekdays, for up to Communities Oklahoma, an in-depth industry. It is the mission of the AGA
10 hours each visit, where they can look at how the gaming industry sup- to achieve sound policies and regula-
ports local communities. According tions consistent with casino gaming’s
to the research, Oklahoma’s gaming modern appeal and vast economic
their health monitored. industry supports 75,885 jobs and contributions.