Russ: Good morning, this is the BusinessMakers Show, heard here and online at thebusinessmakers.com, and this is that show about the private sector innovators that go out there and make it happen.

John: We're talking about people here, live human beings who start with nothing, take a lot of the risks, a lot of the slings and arrows and that's who this show's about.

Russ: That's absolutely right. Alright, and here's what we have on the show today. First up for the Aflac BusinessMakers Flashback, we are going to roll back to Episode 163 when we had Bruce Blausen on the show, the founder and CEO of Blausen Medical. Bruce was an artist turned medical illustrator turned entrepreneur. And then for our featured guest segment, I am going to sit down with Bob Fabbio, CEO of WhiteGlove Housecall Health, a very innovative healthcare model. But first... That's right, it's time for the Business Makers very special School of Business.

John: It is special in that it's unique, because this is business information you can use and use to improve your lot in life and improve your business.

Russ: Absolutely, alright, and we kick off The School of Business each Saturday morning with the quote of the day.

John: The quote of the day.

Russ: And this morning's quote comes from Nathanial Brandon.

John: Who?

Russ: Yes, back in the '50s had a very close relationship with none other than Ayn.

John: That's right, the Atlas Shrugged author of The Fountainhead.

Russ: You bet.

John: We the Living.

Russ: You bet. In fact, it was such a close relationship that it was a romantic affair with the consent of both of their spouses.

John: Ah, oh no, they were both married at the weren't they.

Russ: I know, but their spouses gave it an okay.

John: Okay, well.

Russ: But that has nothing to do with the quote. (Laughter) Here's the quote.

John: Alright.

Russ: "We do not hear the term "compassionate" applied to business executives or entrepreneurs, certainly not when they are engaged in their normal work; yet in terms of results and the measureable form of jobs created, lives enriched, communities built, living standards raised, and poverty healed; a handful of capitalists has done infinitely more for mankind than all the self-serving politicians, academics, and social workers who march under the banner of compassion.

John: Yeah I couldn't agree with that more.

Russ: No kidding, and the socialist always sort of try to take the ground of the compassionate party, "We're the ones that care, you guys don't care." Well, his quote says very well that that just isn't true.

John: Well it's easy to care about people when you don't have any money.

Russ: (Laughter) That's right.

John: And then you give 'em other people's money until you run out.

Russ: That's right, okay.

John: There you go.

Russ: Alright, and that brings us to this week in business history. What happened in this March week in business history?

John: By the way I might wanna mention, we go through a lot of old things here on This Week in Business History. If you want the full course for advanced students, you just go to the website every week and you'll get the full course load.

Russ: Right, which you've also referred to as The Full Monty.

John: The Full Monty, right, yes.

Russ: Alright.

John: Well this week in business history in 1817, the New York Stock Exchange is founded.

Russ: Wow!

John: Now it can be traced in actually back to 1792 when the Buttonwood Agreement was signed by 24 stockbrokers outside of 68 Wall Street.

Russ: (Laughter) Yeah.

John: On March 8, 1817, the organization drafted a constitution and renamed itself the New York Stock and Exchange Board.

Russ: Wow.

John: And but they'll always be remembered because of the Buttonwood tree.

Russ: And that's the way you have to pronounce it, right?

John: Button!

Russ: Buttonwood.

John: Button - But! You have to enunciate.

Russ: Right, okay.

Russ and John: Buttonwood tree!

John: Okay, there you go.

Russ: Okay, alright.

John: Good.

Russ: This is important.

John: Alright, this week in business history in 1849, Abraham Lincoln applies for a patent. Now he's the only U.S. President to do so. Now he was not President at the time -

Russ: Right.

John: - but no other person whose ever been President either before or after has ever applied for a patent.

Russ: Really, wow. Very interesting.

John: And it all started when he was delivering a boatload of merchandise down the Mississippi and slid onto a dam and was set free only under heroic efforts. I guess they had to get out there and push.

Russ: So he was stuck.

John: He was stuck. I mean he had winches, you know, no emergency service people.

Russ: Wenches?

John: Winches, not wenches. Winches.

Russ: Okay. (Laughter)

John: Plenty of winches around but no wenches, okay. Now he eventually filed for a patent, which was a device for buoying vessels over shoals.

Russ: Okay.

John: In other words, the device would be filled with air and float -

Russ: Float it higher, ah.

John: - float the boat up higher and get over the obstacle.

Russ: Is that where that saying came, "Does that float your boat?"

John: Does that float your boat?

Russ: (Laughter)

John: This week in business history 1908, Cincinnati Mayor Mark Breith stood before city council and announced that women are not physically fit to operate automobiles.

Russ: That wouldn't work these days.

John: That would not work this day. He would be the former mayor. (Laughter)

Russ: That's right, okay.

John: This week in business history in 1931 is the birth date of Rupert Murdoch, media mogul out of Australia.

Russ: Whoa.

John: Publisher of the New York Post now, he bought the Wall Street Journal a while back.

Russ: But he doesn't own your paper.

John: No he does not.

Russ: Okay.

John: This week in business history in 1993, here we go because we talk about this every year at this time, the game of Monopoly. But we have discovered additional information here because they think that the history of Monopoly can be traced back to 1904 when a Quaker woman named Elizabeth Maggie Phillips - but later, a guy names Charles Darrow developed a game called Monopoly.

Russ: Right.

John: According to Hasbro, since Charles Darrow patented the game in 1935, 750 million people have played the game. Now how do they know that? Maybe there's a little webcam in the game, so make sure when you're opening your Monopoly board to play Monopoly, make sure Monopoly is the only thing you do because there's some big shot there at the Hasbro game company watching everything you do.

Russ: But Charles Darrow apparently kind of took a game and it was very similar to Monopoly, changed it and named it Monopoly and then gets the credit for it, right?

John: Yeah right. The same week in business history in 1933, FDR conducts his first Fireside Chat.

Russ: Fireside Chats, okay.

John: Yeah, he'd sit down there by the radio and people would listen him because they would wanna feel assured that the government was in good hands and the Depression was gonna end, and of course it didn't end till after World War II you know.

Russ: Right.

John: World War II's what got us out of the Depression.

Russ: Right, but did he get good grades for these Fireside Chats?

John: The fact that we're still talking about it I think indicates that there was at least a modicum of success.

Russ: Right, okay, alright.

John: This week in business history in 1952, Ronald Reagan marries former actress. Actually she was an actress at the time - Nancy Davis.

[Music: "Going to the Chapel"]

John: This week in business history in 1959, Groucho, Chico, and Harpo Marx - all the Marx brothers record their final TV appearance together.

Russ: Wow, 1959

John: Yeah 1959.

Russ: So they've been gone a while now; on TV.

John: Well yeah, they're all dead.

Russ: Yeah right, that too.

John: Although Groucho does -

Russ: Material.

John: - yeah, surface occasionally.

Russ: Yes, okay.

John: This week in business history in 1971, radio Hanoi broadcasts Jimmy Hendricks Star Spangled Banner.

[Music: "Star Spangled Banner"]

John: This week in business history in 1971, Rolling Stone Mick Jagger marries Bianca Pérez Morena de Macías.

[Music: "Wild Horses"]

John: This week in business history in 1981, Walter Cronkite finally signs off as anchorman of CBS Evening News.

Russ: (Laughter) You say that as though that you enjoyed that he finally did.

John: Well, I thought he did the country a disservice with his Vietnam reporting you know.

Russ: Okay, alright.

John: This week in business history in 1983, IBM releases PC DOS version 2.0 and then two years later IBM PC DOS version 3.1 is updated and released.

Russ: Oh yeah. And these were all Microsoft versions, produced by Microsoft but with IBMs name on 'em.

John: Yeah, right.

Russ: Right, yeah.

John: Okay, this week in business history in 1985, Mikhail Gorbachev replaces Constantine Chernenko as Soviet Leader. I think Chernenko died.

Russ: Well that's usually the way they were replaced there in the Soviet Union, right?

John: Yeah, I think he died. It reminds of that story about Ronald Reagan, how come he hasn't met with any of the Soviet premiers lately he says, "I want to but they just keep dying on me."

Russ: (Laughter) Well, and Gorbachev kind of represented a pretty significant change there.

John: Oh well, it was called Glasnost. And he had a charismatic way about him which really softened the hearts of a lot of Americans and Reagan wasn't fooled by it. You know, once a Communist, always a Communist, so Reagan really held firm.

Russ: But Gorbachev also opened it up and was the first leader that would let them travel abroad, which is why Mila Rusakova Green, one of our first immigrant success stories -

John: I remember interviewing her.

Russ: That's right.

John: She came up with that word micro-concrete.

Russ: (Laughter) Right, exactly.

John: Right, because they would put microphones in the concrete when they -

Russ: Right, right, and so she left - was able to leave because of Gorbachev, so there you go.

John: Okay, here's an interesting this week in business history because it involves popular music and we usually talk about the artists and, "Gee, wasn't he cool or wasn't that a good song or dumb song." But in this case, this is a Supreme Court ruling, and this week in business history 1994, the Supreme Court of the United States ruled that Campbell versus Acuff-Rose Music Incorporated that parodies of an original work are generally covered by the Doctrine of Fair Use. So what happened was, the members of a rap music group called 2 Live Crew, they compose a song Pretty Woman, but is was parody of the Roy Orbison ballad Pretty Woman.

Russ: Oh yeah, oh yeah, oh yeah.

John: So that went to court. A lower court said it was fair use. It was overturned at the Appellate Court saying no it's not fair use.

Russ: The siding for Roy Orbison's fame.

John: Right, but then the Supreme Court eventually said yes it is fair use.

Russ: With the rap side, wow.

John: So you can parody rock music.

Russ: Well let's check it out. First here's Pretty Woman by Roy Orbison.

[Music: "Pretty Woman" by Roy Orbison]

Russ: And now here's the 2 Live Crew Parody.

John: Mm-hmm.

[Music: "Pretty Woman" parody by 2 Live Crew]

Russ: Okay, interesting stuff there, right?

John: Yeah, interesting. Okay, this week in business history in the 2000, the NASDAQ Composite Stock Market Index peaks at 5,132.52 which is also the beginning of the end of the dot.com boom.

Russ: Man, no kidding. That was the peak. It's the highest the NASDAQ has ever been and it really came tumbling down.

John: This week in business history in 2007, the British House of Commons votes to make the upper chamber the House of Lords 100 percent elected.

Russ: Whoa! So they took tenure away from the House of Lords, boy.

John: I know, I know. Now they have to be - you know they had to be accountable just like every other politician who pretends to be accountable.

Russ: That's right. (Laughter) How alarming, alright.

John: Alright okay.

Russ: And that wraps up this morning's history lesson.

John: That's all I've got. You know, there may be more out there but I didn't catch it.

Russ: Well I think you got the good stuff there. Great lesson.

John: Alright, and again the full course is online.

Russ: You bet, you bet.

John: Okay, alright.

Russ: Alright, and now it's time for the jargon challenge round.

John: The Jargon Challenge Round.

Russ: Which is also known as our vocabulary lesson.

John: That's right. Every good school of anything had a vocabulary lesson.

Russ: We use to refer to it as navigating business jargon but I think that was just the wrong name.

John: You know, in some things you gotta freshen up the program, so what's this now called?

Russ: The jargon challenge round.

John: The jargon challenge round, oh boy.

Russ: Where I get to go out and find one of these new acronyms, one of the new techno-speaks, one of the new jargon words, and I choose it.

John: But not only do you find it, but sometimes you just make it up on the way to the studio.

Russ: That is perfectly within the rules and regulations.

John: That's okay, hey, how'd these words come about anyway? Somebody made 'em up.

Russ: That's right.

John: Somebody had to make 'em up.

Russ: That's right, and whatever word it is that I select, I then say the word and then John is challenged to come up with accurate meaning.

John: That's right, and sometimes I do well. I've been on a pretty good streak here lately.

Russ: You've been doing well lately, you been doing well, yeah, alright.

John: Yeah, okay.

Russ: This morning's word is Ponzimonium.

John: Ponzimonium. We all know what Ponzi is, he was an Italian immigrate, entrepreneur that -

Russ: It's a moneymaking scheme.

John: - that hornswoggled -

Russ: (Laughter) It's a scam.

John: - a bunch of people who was intellectually - eventually is become that referred to as a scam where the early investors get their money back by the later investors that come in on the scheme.

Russ: That's right. Kind of like Social Security.

John: Social Security is a good example for it.

Russ: Yeah right, here we go, okay.

John: So Ponzimonium.

Russ: Right.

John: Okay, pandemonium means you know, a huge fyorar of monium part, a huge fyorar of activity. So Ponzimonium would be a lot of entrepreneurs are caught up in a huge fraud scheme.

Russ: Multiple - okay, I think ladies and gentlemen we have a winner, so hold your calls.

John: There we go. Because that's been going on and it usually occurs when the economy starts going down.

Russ: Yeah, they start surfacing.

John: 'Cause all these guys get exposed and you think, "My goodness, what's been going on all these years?"

Russ: Right

John: Now you know. That's one of the advantages of an economic downturn because all the fraud gets exposed.

Russ: Straightens out. It got Bernie and then it got Mr. Stanford, and then I think there's an implication there might be quite a few more that come out of the woodworks.

John: Oh there've been a few, they're lesser known, but there isn't a month or two that goes by that you don't pick it up in the Wall Street Journal or New York Times or one of the national magazines that someone is caught red-handed.

Russ: That's right, and one reason that those Ponzi schemes often attract a lot of investors is that they sort of play off of the anxiety that you're missing out. You're out there flopping around earning three to five percent, and your buddy down the street says, "What are you doing that for? I mean we're making 13, 14 percent over here."

John: I know.

Russ: And then you go, "Oh my goodness, I'd better get in on that."

John: I'd better get in on this you know, that's right.

Russ: And then you get in on it. (Laughter)

John: That's what happens when you covet your neighbor's investment portfolio.

Russ: (Laughter) There you go. Just don't covet your neighbor's investment scheme.

John: That's right.

Russ: That's a good piece of advice heard right here on The School of Business.

John: Hey, we're full of it.

Russ: That's right.

John: (Laughter) Okay.

Russ: Alright, and before we wrap up this morning's School of Business, it's time for that very popular PFK Texas Entrepreneur's Playbook. So let's welcome Mr. Greg Price.

John: You know, hey Greg, how ya doin'? You know, I love this guy.

Russ: And I like the way he kicks it off on the piano.

Greg: This is Greg Price with PKF Texas' Entrepreneur's Playbook.

What is your company's document retention policy? If the answer is "keeping everything forever," you may be opening yourself up for headaches down the road.

How long should you keep your financial reports and supporting documents? From a tax compliance standpoint, the federal statute of limitations will begin on the due date of the return or when you file your company's federal return whichever is latest. The federal statute of limitations runs for three years. State statutes vary by state. Most companies consider a date between five and seven years for holding records. Check with your tax advisor re your status.

There are documents that should be kept indefinitely. These records include annual federal and state tax returns, articles of incorporation, certain year-end payroll filings, etc.

Take an audit of the critical documents that exist within your company and have a plan for tracking, accumulating, storing and destroying those documents. Use a similar process for electronic documents and communications.

Any document retention plan you develop should be reviewed by legal counsel for completeness. Remember, a document retention program is only as good as you maintain it. Therefore, the key is to have a well documented policy, train your employees on the policy and follow it to the letter.

To read and comment on the PKF Texas' Entrepreneur's Playbook, visit my blog, fromgregshead.com. And be sure to check out the new mobile ready website at PKF Texas.com - PKF Texas, The Fit That's Right!

Russ: Alright and that wraps up this mornings School of Business, stay tuned in for the Aflac BusinessMakers Flashback with Bruce Blausen, the founder and CEO of Blausen Medical, the company that is bringing medical illustration to the market. Followed by our featured guest segment with Bob Fabbio, CEO of WhiteGlove Housecall Health. You're listening to the BusinessMakers Show heard here and online at thebusinessmakers.com.