Finance Monthly - April 2022

APRIL 2022

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As the world continues to be shaken daily by news about rising geopolitical instability, the largest European conflict since 1945, inflation, recession (including possible stagflation), broken supply chains, in addition to two years of living with the COVID-19 pandemic and so much more, we present you Finance Monthly’s most recent collection of articles covering some of those themes, as well as the most talked-about topics in the financial world. Here are some of our favourite stories from FinanceMonthly’s April 2022 edition: All of this and so much more - I hope you enjoy the content in our April 2022 issue! For more financial news and commentary, please visit our website to stay upto-date on industry news as it happens, join the conversation on our Twitter (@Finance_Monthly), like our Facebook page and follow us on LinkedIn and Instagram (@FinanceMonthly). Best wishes, Katina Hristova Editor editor@finance-monthly.com Copyright 2022 Published by Universal Media Ltd The views expressed in the articles within Finance Monthly are the contributors’ own, nothing within the announcements or articles should be construed as a profit forecast. All rights reserved. Material contained within this publication is not to be reproduced in whole or part without the prior permission of Finance Monthly. Circulation details can be found at www.finance-monthly.com Universal Media Ltd PO Box 17858, Tamworth, B77 9QG United Kingdom 0044 (0) 1543 255 537 Follow us on Instagram Financemonthly Find us on Facebook Finance Monthly Stay Connected www.linkedin.com/finance-monthly Tweet us @Finance_Monthly Monthly Finance Finance Monthly. Ed i t or ’ s No t e 3 Hello and welcome to the April 2022 issue of Finance Monthly Magazine! 20. DeFi and Blockchain Trends to Watch in 2022 Will The US Ever Accept Bitcoin as Legal Tender? The Race to the Metaverse - A Marathon or a Sprint? 16. 12. War in Ukraine What are the Economic Consequences? 54.

4 Finance Monthly. Con t en t s CONTENTS 12. What are the Economic Consequences? THE MONTHLY ROUND-UP News You Can’t Afford to Miss 8. BUSINESS & ECONOMY The Economic Consequences of the War in Ukraine The Race to the Metaverse A Marathon or a Sprint DeFi and Blockchain Trends to Watch in 2022 How Can Business Foster Diversity? Is Now a Good Time to Sell Your Business? 16. 20. 12. 24. 28. WAR IN UKRAINE

5 Finance Monthly. Con t en t s 34. How to Create Your Success Plan 40. Interview with Dr Steven Kaufman from Zeus Equity Group 44. TRANSACTION REPORTS Canacol Energy Repurchases Bonds Due in 2025 Frischezentrum Frankfurt am Main- Großmarkt’s Acquisition of Großmarkt-Areal The Giellepi Biofarma Deal 58. 59. CAREER & PERSONAL DEVELOPMENT How to Create Your Success Plan 34. FINANCIAL INNOVATION & FINTECH Will The US Ever Accept Bitcoin as Legal Tender? 54. BANKING & FINANCIAL SERVICES Interview with Dr Steven Kaufman from Zeus Equity Group Can the Financial Sector Manage Hybrid Working Security Fairness Opinions & Solvency Opinions Explained 40. 44. 48. Can the Financial Sector Manage Hybrid Working Security 60.

Finance Monthly. Con t en t s 6 Contact us today to find out more. Visit www.infotrack.co.uk/REVEAL or call 0207 186 8090 Analysing company information and identifying links with individuals is time consuming. REVEAL interprets data from trusted sources including Companies House Direct and Companies House Beta and turns it into an interactive workspace making it faster and simpler to analyse. At the touch of a button, REVEAL makes analysis beautifully simple, reducing the process by hours. REVEAL: corporate structures simplified, beautifully. Company Shareholder Director

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8 Finance Monthly. THE MONTHLY ROUND-UP News You Can’ t Af ford to Mi ss The Mon t h l y Round -Up SoftBank Group Corp is set to ask Goldman Sachs Group Inc to serve as the lead underwriter on the initial public offering (IPO) of Arm Ltd that could see the UK chip company valued at as much as $60 billion. Preparations for the IPO SoftBank to Ask Goldman Sachs to Lead US IPO of Arm follow on from the collapse of Nvidia Corp’s deal to buy Arm from SoftBank for $40 billion after widespread objections from US and European antitrust regulators. SoftBank has announced it will likely list Arm on Nasdaq by March of next year. Over the past few weeks, SoftBank has interviewed investment banks for Arm’s IPO, asking them to commit to providing a credit line as part of their commitments to the deal. Last month, SoftBank founder Masayoshi Son promised investors that the company “will aim for the biggest IPO ever in semiconductor history,” when discussing Arm’s listing. While it is likely that SoftBank will list Arm in the United States, the venue of the flotation is reportedly yet to be finalised.

9 Finance Monthly. The Mon t h l y Round -Up According to the New York State comptroller, the average bonus on Wall Street jumped 20% last year to the highest level since 2006. In 2021, the average payout for New York securities workers was $257,500 as deal-making and trading activity by big banks hit record levels amid surging global stock markets. New York State Comptroller Thomas DiNapoli called the higher than expected figures “welcome news.” In 2021, Wall Street contributed approximately 18% of all the taxes collected in New York. This is expected to help New York City trump its projections for income tax revenue. “We have an April 1 budget deadline for the state, and this is welcome news,” DiNapoli said. “It gives them a little bit more breathing room.” Several factors are expected to impact Wall Street bonuses this year, including record-high inflation, ongoing post-pandemic recovery, and the economic fallout from Russia’s attack on Ukraine. Presently, New York City and the state are estimating that incentive compensation packages for securities industry workers in 2022 will drop by an average of 16%. Wall Street Bonuses Hit Highest Level Since 2006 According to CNBC, the UK Government will soon reveal plans to regulate the cryptocurrency market, with particular focus given to stablecoins — digital assets that obtain their value from existing currencies such as the US dollar. Chancellor of the Exchequer Rishi Sunak is expected to make an announcement in a matter of weeks about a new regulatory regime for cryptocurrencies. While details of the plans are still in the works, sources who spoke to CNBC say the plans are likely to be favourable to the industry and will provide the sector with increased legal clarity. Treasury officials have reportedly shown a readiness to comprehend the complex nature of the crypto market and stablecoins, with the department having held discussions with several firms and trade groups. The move by the Treasury is largely being viewed as a response to US President Joe Biden’s new executive order calling for coordination from various federal agencies on regulatory cryptocurrencies. Experts have described the White House’s move as “long overdue” and “extremely positive.” UK to Reveal Crypto Regulation Plans in Coming Weeks

Business Economy. 12. The Economic Consequences of the War in Ukraine The Race to the Metaverse A Marathon or a Sprint DeFi and Blockchain Trends to Watch in 2022 How Can Business Foster Diversity? Is Now a Good Time to Sell Your Business? 16. 20. 24. 28.

The Economic Consequences of UKRAINE WAR the in Bill Blain explores how the economic consequences of the war in Ukraine are likely to play out. Bus i ne s s & Economy 12 Finance Monthly.

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s I write, all kinds of noise about possible “outcomes” are playing out across the airways. A Turkish brokered ceasefire or maybe an “exitramp” for Putin, including a “NoNato Membership for Ukraine” promise and Crimea in return for an advance back to the previous borders. The brutal reality is Ukraine is being progressively flattened. Their troops are taking heavy casualties. Raw recruits will be thrown into the meatgrinder to frustrate the Russian advance, but how much time they gain is debatable. It is desperately sad and tragic, but what choice do they have? The reality is predicting outcomes in Ukraine remains guesswork. Yet, for all the uncertainty, the death, wanton destruction, and the rising refugee crisis, the first thing we’ve learnt following the Russian invasion is markets are apparently impervious to negativity and risk. That won’t last forever. Reality has a nasty habit of catching up and biting hard. Take a close look at the numbers underlying stronger stocks – volumes are weak and unconvincing. The recent bond slide and flattening curve speak of a nasty and unpredictable recession to come. The uncertainty hitting markets is greater than I’ve ever seen. Whether it’s the end of the QE market picnic, Central banks hiking rates, the rising risk of monetary and fiscal policy mistakes, the pandemic, the approaching cost-of-living shock about to crush consumers, inflation, recession, or possible stagflation, broken and rebroken supply chains, rising geopolitical instability, and the largest most bloody European conflict since 1945 with a not intangible possibility of nuclear war. But, where’s the panic? The markets seem to be thriving. Themarket is not a rational beast. Prices represent what market participants believe rather than the economic actuality. Mr Market is simply an enormous voting machine weighing the hopes, beliefs and opinions of every single market participant. The market does not measure actual reality or facts. At the moment – it is discounting any pain likely to come. The fact prices remain “euphoric” tells us participants hope for positive outcomes – despite the multiple tensions facing us – and are therefore taking buy-the-diprisks rather than battening down for a possible storm. Events trigger consequences, and how these will play out is frankly a guessing game. Ripples from Ukraine threaten to swamp the whole globalised marketplace. It’s what’s happening below the surface, out of sight, that matters. It may take many months for the consequences of the war in Ukraine to really impose themselves on market sentiment. Russia’s move on Ukraine shocked the West. It will impose massive costs. Longterm sanctions will cripple Russia – perhaps fatally because of its hopeless demographics, creating yet more instability. The two immediate threats in plain sight are food and energy security. We are in for a long period of price instability in both. Vladimir Putin Bus i ne s s & Economy 14 Finance Monthly.

Ukraine accounts for a significant portionofagriculturalproduction. It is literally the ‘Breadbasket of Europe’ and regional emerging markets in terms of wheat, soya, and sunflower oil. Food prices will rise. Equally importantly, potential food shortages in Africa could trigger a new refugee crisis into Europe, which may be aligned today on Ukraine but could struggle with a new destabilising wave of migrants. Europe will wean itself off Russian oil and gas, but that will not be an overnight transition whichmeans long-term price instability. It’s already clear the Gulf States are happy to play off Russia versus the West. They have been waiting since the oil shock of 1973 for an opportunity to play neutral and keep prices high. They are also very aware Europe can’t rely on the USA for its energy security. In the next presidential election, it’s looking increasingly likely a pro-Trump populist Republican party will trend isolationist and at the very least pivot away from Europe. Europe has limited time to effectively rearm, secure its energy and organise its own defences. It can be done and the signals are encouraging increased European cooperation and an invigorated EU. The risk is how will Europe fare if a global recession comes on the back of broken Chinese rooted supply chains, an inflation spike, or a new refugee crisis? There is clearly more at stake than just markets. The next few months could see threat levels decline. On the balance of probabilities, is that likely? Not really. Trying to imagine Putin apologising just isn’t realistic. At the core, the tensions boil down to how effectively the Liberal-democratic West can counter the threats of resurgent autocratic nationalism from China, Russia and the risks others play the opportunity to their best advantage. Crisis for one player is an opportunity for another. Hence the shift back into defence and energy stocks. If the big one is coming, let’s not deny it, but prepare for it. The force that balanced the tension twixt the autocratic East and the Liberal Democratic West since the last cold war was always commerce and the opportunity for poorer nations to raise themselves on the back of trade. It happened for China. The big threat from Ukraine is that it represents the end of globalisation. It seems to be happening as supply chains remain under pressure. The big unknown is China. It clearly wants to internalise and continue to grow its economy, secure its borders, and expand its economic hegemony. It can do so in partnership with the West. Or it can choose conflict – which is what the Generals fear. That China will take the opportunity to engage in a land-grab on Taiwan and risk economic estrangement. But, based on what they’ve seen in Ukraine and the effect of Russian sanctions, we can hope they favour trade. Russia, frankly, isn’t even a player in the Game of Geopolitics anymore. They’ve broken themselves on Ukraine. The sanctions will leave its energy industry in tatters as expertise and spare parts dry up. It may remain a major supplier of global instability through cheap weapons, immoral mercenaries, and unpredictability, yet Putin’s throw of the dice in Ukraine increasingly looks like a losing gamble. How he plays his last few cards to sustain his kleptocracy is the known unknown. The immediate threat is Russian unpredictability. The long-term hope is China sees a better future as part of a post-Ukraine globalised economy, which is all back to guessing. What happens next? Russia, frankly, isn’t even a player in the Game of Geopolitics anymore. They’ve broken themselves on Ukraine. Finance Monthly. Bus i ne s s & Economy 15

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The Race to the METAVERSE AMarathon or a Sprint? “What exactly is the metaverse?” It’s a question that we have heard a thousand times over the past 18 months. In fact, it’s been a period full of new concepts: Web 3.0, NFTs, DAOs. Chances are that you don’t go a day without seeing one of them floating across your social feeds. But to be clear, the metaverse and its associated concept - unlike some trends that come and go - are far more than a fad. Rebecca Bezzina, SVP MD, R/GA London 17 Finance Monthly. Bus i ne s s & Economy

here are many definitions around exactly what the metaverse is but in essence, it’s a collection of immersive virtual worlds that users can explore via avatars or headsets. It is howwe will explore the new technologies which are driving the next evolution of the internet, Web 3.0. While I grew up scrolling a 2D internet, the next generation is strolling through immersive 3D experiences. With these new experiences comes new expectations and behaviours. When one-fifth of young people expect to see more brand name clothing for their avatars and new spending patterns emerge with $15.7 billion spent on NFTs in 2021, it is time for brands to start paying attention. Some of the largest global brands have already made their move, directing time and money to define their place and point of view. Web 3.0 strategy is gaining in importance for businesses who want to build sustainable strategies for the short, mid and long term. The question is - where to start? Web 3.0 adds a new layer to your omnichannel strategy For a long time brands have been thinking about how they blend the real world and digital world. The ‘virtual’ world is simply a new layer to think about. We believe the winners will be ‘blended reality brands’ who let consumers experience products and services in each ‘reality’ and move effortlessly between them. Making customer ecosystems fluid isn’t new, but it does become more complex with Web 3.0. The reason being, that many of the existing channels have the potential to become deeper experiences, which in turn have to be created and managed. Prep for Web 3.0 isn’t a part-time job, it’s a department and ultimately, an entire dedicated business function. While the metaverse is still a highly experimental space, the early adopters’ advantage was very clear to us at R/GA, which is why we’ve invested in launching a bespoke Direct to Avatar (D2A) capability. We foresaw that as the future of retail evolves, and traditional D2C strategies are disrupted by the metaverse, that brands are going to be increasingly looking to explore Bus i ne s s & Economy 18 Finance Monthly.

the creative and business potential of the many emerging virtual spaces. And many more digital channels will be impacted and disrupted; product strategies should consider virtual product lines; dotcom can be augmented with immersive AR/VR experiences; CRM strategies can extend to NFTs as membership tokens. The opportunities for driving deeper engagement are growing, allowing for new value creation. Slow and steady wins the race But little can be gained by jumping into the metaverse without a roadmap. There may feel a sense of urgency watching the likes of Nike and Adidas jump right in but it doesn’t mean you must immediately follow suit. The clients we speak to are all at different stages - some are at ground-zero learning and strategising, while others are building and testing the next thing on their roadmap. The springboard to success lies in investing additional time to develop a greater understanding and the impact. Of course, for those that are eager, plans can also be established at speed through education sessions, opportunities mapping, organisational prep and measured pilots. What’s exciting is that we are still early in this evolutionary cycle despite progress happening at pace. In fact, there are over 180 virtual worlds and I am sure as I write there are more being brought to life. Community comes first Despite being at the start of its evolution, themetaverse is going to be powered by numerous communities and subcultures. The key for businesses is to think community-first and focus on providing value for them. Ask yourself the question; Why should they care? How can you add meaning to their virtual experience - and how can realworld experiences complement? By partnering with the communities your products and experiences are intended for to influence your strategies, it presents an opportunity to drive deeper loyalty across the entire brand ecosystem. So, the race is on to build the metaverse and brands are sprinting to seize the moment of opportunity. But in the whirlwind of jargon, rebrands and promises, it’s important to remember that the metaverse is a marathon. By taking their time and understanding what makes sense for their products and consumers, businesses will see that they aren’t left behind. Instead, they are the ones able to pioneer lasting, meaningful experiences that make sense and add value. “Little can be gained by jumping into the metaverse without a roadmap.” Finance Monthly. Bus i ne s s & Economy 19

DeFi Blockchain and Trends to Watch in 2022 DeFi and blockchain technology had another bumper year in 2021, and 2022 is shaping up to deliver more of the same. It’s worth noting that while both receive outsized attention in the media, blockchain technology and in particular, DeFi, are still relatively nascent. If you’re not yet caught up, DeFi, or decentralised finance, refers to financial products like collateralized loans and derivatives that are offered via decentralised blockchain technology rather than the traditional, centralised systems of banks and exchanges. Here are the DeFi and blockchain trends to watch to ensure you stay abreast of what’s happening in this fast-moving space. Richard Rauser Head of Innovation at TokenTraxx Bus i ne s s & Economy 20 Finance Monthly.

Decentralised Autonomous Organisations have a long and colourful history in the world of blockchain, the first emerging in 2016 following in the wake of Ethereum’s 2015 launch. A DAO is much like a corporate governance structure, albeit managed in decentralised fashion using blockchain technology and largely without the oversight of government regulation (for now). DAOs function by allowing holders of its tokens to vote on how funds within the DAO are directed. 2021 saw some big moves in the DAO space. Wyoming became the first state to formally recognise DAOs, granting them the same legal status as limited liability companies. ConstitutionDAO raised over $43 million to purchase an original copy of the American constitution at Sothebys. The DAO was outbid by billionaire hedge fund manager, Ken Griffin, but this episode clearly demonstrated the ability of DAOs to rapidly raise and deploy capital for a given purpose. We can expect DAOs to soar to new highs in 2022, with many DeFi protocols now using DAOs to govern their future. Meanwhile, a host of new NFT DAOs are emerging to support collective investment in NFT art. Those looking to direct the future of DeFi or invest in a protocol’s future might consider investing in DAO tokens like Maker, UNI, AAVE or BitDAO. More interested in NFT art? Look into FingerprintsDAO, SquiggleDAO, and FlamingoDAO. Ownership of these DAO tokens will give the holder voting rights in the DAO. DAOs An NFT, or non-fungible token, is a unique blockchain record managing ownership of a particular digital product like a piece of art and is sometimes also linked to a physical representation. 2021 saw an incredible boom in visual arts NFTs and this has been a serious boon for digital artists. The refrain of digital artists not being able to get a break in the pre-NFT, infinitely copyable world of digital art has been rapidly changed by NFT tech that makes these digital goods uniquely ownable and tradeable. While NFTs for visual arts have been around in their current form since 2017 (with many early, archaic renditions that predate even this) music is emerging as another hot NFT phenomenon to watch. Artists like 3lau, Nas and Mike Shinoda have all launched music NFT projects in recent months to high acclaim. Expect more established musicians to follow in their wake as the major record labels seek to wade into the NFT space. Existing major NFT marketplaces are not currently well placed for this new world of music-on-blockchain as their browsing experience and product offering is optimised for visual arts, not music. As such, we are beginning to see a new breed of NFT platforms emerge to service this space, like Catalog, Zora and Sound.xyz. Another such platform is TokenTraxx, which is introducing a marketplace and mint platform for music NFTs this year. TokenTraxx’s deep relationships with the major record labels and its team of music industry personalities mean that it is well-placed to capitalise on this trend. Music NFTs Finance Monthly. Bus i ne s s & Economy 21

A layer 1 blockchain is an independent, standalone blockchain in the vein of Bitcoin, Etherem or Solana. All of these face the blockchain trilemma, that a blockchain can only effectively deliver 2 of 3 qualities: security, decentralisation and scalability. Most early blockchains, such as Bitcoin and Ethereum, value security and decentralisation over scalability. More recent blockchains like Solana sacrifice decentralisation for scalability. The new, faster L1 blockchains that sacrifice decentralisation for speed will have their work cut out for them to compete against L1 heavyweights Bitcoin and Ethereum, however, because a new breed of so-called layer 2 blockchains have emerged to vastly increase their scalability and speed. A layer 2 blockchain acts in conjunction with a layer 1 chain by allowing transactions to take place much more cheaply and quickly on the layer 2, with an update to the underlying L1 happening at some time in future. The L1 becomes a sort of slow, expensive but incredibly reliable settlement layer, with the L2 providing the speed and low expense required of a blockchain fit for consumers. With Ethereum fees regularly hitting new highs and L2 solutions beginning to hit their stride, the stage has been set for Arbitrum, Optimism and other L2 solutions to take off in 2022. Rumours abound that these L2 solutions will be offering their own tokens to help support their development and let investors gain exposure to them. Layer 2 Blockchains Bus i ne s s & Economy 22 Finance Monthly.

It certainly causes concern when adverts for shady altcoins appear on public transport in major cities across the world. Many activities that have been illegal in public equity markets for decades, such as wash trades, pump-and-dumps schemes, and unqualified advertisement of high-risk investments, have yet to be regulated in the realm of DeFi and blockchain. Regulators the world over are looking to get a handle on this and 2022 may be the year when we see firm guidance come from the USA’s SEC, Britain’s FCA and other regulators on how financial regulation applies to blockchain. Garry Gensler, chair of the SEC, has stated that while he has no plans to criminalise crypto, regulation is coming and that crypto markets “need more investor protection.” Enforcement will doubtlessly become more robust and increasingly invasive scrutiny of blockchain participants can be expected. Blockfi’s $100m settlement with US regulators, the SEC’s first enforcement action against a crypto lender, will not be the last such action we see this year. Stablecoins, privacy coins and DeFi products are the strongest candidates to find themselves within regulators’ crosshairs. Stablecoins are attracting attention because of the risk of them not being properly backed by liquid assets, or the risk of an algorithmic peg breaking. Privacy coins that mask the addresses of senders and recipients in financial transactions are a natural haven for criminals, making them a top regulatory target. With DeFi, the regulatory concern is that most investors are not sophisticated or tech-savvy enough to understand if promised returns are possible, and many DeFi protocols are not as decentralised as one might imagine, making them open to abuse by a bad actor. Increased Regulation Conclusion While no one can tell for certain what 2022 will bring, it’s likely that DeFi and blockchain will continue to evolve at a breathtaking pace. The market remains young but rapidly growing, and as many millions of new users are on-boarded to DeFi and blockchain by new product offerings from major tech companies like Coinbase and Meta in 2022, this is a space that can be expected to continue to boom. Finance Monthly. Bus i ne s s & Economy 23

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How Can Businesses FOSTER DIVERSITY? The business case for diversity and inclusion has never been stronger. According to a survey by McKinsey, companies with the best ethnic and cultural diversity outperformed those with the poorest by 36% in terms of profitability. However, while 59% of business leaders reported having a “zerotolerance” policy towards racism, only 18% of employees claim their leaders have openly acknowledged existing inequities – according to new research by Henley Business School. Withmore than 3 out of 4 job seekers and employees (76%) reporting that a diverse workforce is an important factor when evaluating companies and job offers, it is clear that companies need to champion diversity and inclusion because it is morally right and also because it is important for business success. Deborah Gray outlines some key tips to help a business design a recruitment strategy that attracts a broader range of talented individuals while expressing the firm’s commitment to its values. Deborah Gray – Director at Totum Partners Finance Monthly. Bus i ne s s & Economy 25

Make your adverts inclusive The latest research from LinkedIn suggests that while both genders browse jobs online in a similar way, they apply for them differently. More importantly, the study found that male-orientated job descriptions, can actively dissuade women from applying to jobs, and this is particularly prevalent within the tech sector. As a result, employers should avoid the temptation of recycling an old advert from previous years and deploy gender-neutral language in their communication. Therefore, it’s essential that the language used in job adverts is inclusive, avoiding nuanced biases and avoiding blanket terms such as ‘team player’ or ‘charismatic’ in favour of accurate descriptions of competency. Equally, firms need to avoid using jargon that might be deemed unnecessary – phrases such as KPIs, SLAs and P&L. While potential recruits with experience may well understand these acronyms, talented young people, particularly those coming straight from university, may be less aware of these terms and corporate jargon. Firms should only include skills that are immediately vital, while clearly expressing their commitment to improving diversity. It is also important to constantly review applicant demographics to continually monitor when adverts might be discouraging applicants. Don’t let biases go unchecked in the interview process Unconscious bias goes some way to explain why many cross sections of society are underrepresented in senior management teams and boardrooms. For example, a study from researchers at Nuffield College’s Centre for Social Investigation in 2019, which altered nothing but applicant names that were based on their ethnic background, found that while 24% of white British applicants received a call back from UK employers, just 15% of ethnic minority applicants did. Moreover, compared to White British applicants, people of minority heritage had to make a considerably higher number of job applications before getting a positive response, including those from Pakistan (70%); Nigeria and South Asia (80%); Middle East and North Africa (90%). It is important to also be wary of unconscious gender bias when screening candidates. Unfortunately, gender bias in hiring persists today, with a recent UN report finding that almost 90% of men and women hold some sort of bias against women and a look at the FTSE 100 showing that there are more CEOs/chairmen called John than there are women. Just 10% of executive-level roles in the tech industry were held by women in 2020 – highlighting that there is still a clear need for change. Interestingly, a 2016 Harvard Study found that employers who interviewed candidates in a group setting were far more likely to eliminate any gender biases inherent in an individualised hiring process. More diverse representation will help workers feel better accepted and therefore more confident in entering different sectors. Hiring more women into senior leadership roles will positively influence younger female workers, helping them to aspire to similar roles in the future. Asking candidates about their interests and working styles during interviews may offer useful insight, but this can also foster biases. Therefore, rather than job suitability, interviews often end up testing similarity between candidates and current employees – this can be problematic in workplaces that lack diversity. In addition, companies should have multiple decision-makers involved in the hiring process. This way, varying notes and scores can be compared and reviewed, which will often reveal a candidate’s suitability more effectively. Target a variety of sources for diverse candidates Instead of relying on the same tried and tested talent pools, employers should seek out new sources focussing on a variety of different institutions, universities, cities or regions. As an example, there are many groups online, such as the women in business network or the black business network, which Bus i ne s s & Economy 26 Finance Monthly.

could provide opportunities for businesses to hire a more diverse group of new recruits. Find an external recruiter that shares your values and commitment It is often the case that businesses look to specialist recruitment firms to find suitable candidates. Specialist firms often have a deep understanding of how to encourage and foster diversity and inclusion through the hiring process. These firms can often point out problemareaswithin the hiring approach for businesses where diverse candidates might be disadvantaged or where there is potential for bias. Totum Partners adheres to recruitment practices that find, foster and forward candidates from a diverse pool of talented individuals from a variety of backgrounds and demographics. Not only are companies with a diverse range of recruits seeing 2.3 times higher cashflows than those with less diverse teams, but they are also 70% more likely to capture new markets than their counterparts. However, much more importantly, increasing diversity and inclusion is just the right thing for businesses to do. Providing all candidates with a fair chance, free from bias or discrimination is at the top of Totum’s agenda – those who do not adapt to encourage D&I will find themselves short of the top talent that drives business success. Compared to White British applicants, people of minority heritage had to make a considerably higher number of job applications before getting a positive response, including those from: 70% Pakistan 80% Nigeria & South Asia 90% Middle East & North Africa Finance Monthly. Bus i ne s s & Economy 27

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Michael Cifor is an Associate for Tangram Partners, LLC - a consulting firm based in Saratoga County, New York. He has been with Tangram for a year and a half after having been an operations manager for a bottled water and coffee distribution company for over five years. He has an undergraduate degree in Political Science from the University of Chicago, an MBA with a concentration in Finance from the University at Albany and is an Accredited Member of the American Society of Appraisers with a designation in business valuations. He also has an active Class A CDL and talks to us about M&A and whether or not selling a business in the current environment is a good idea. Sell Your Business? Is Now a Good Time to Michael Cifor Associate at Tangram Partners Finance Monthly. Bus i ne s s & Economy 29

Considering the current environment, is now a good time to sell a business? In the industries that we typically work in (waste, recycling, trucking, logistics, food service, contracting), the M&A activity is off the charts right now. Given rising inflation, labour shortages and the escalating situation in Ukraine, if you are even on the fence about whether or not you want to sell your business, I would advise you to take a serious look at your exit options. On top of all that, the Federal Reserve is planning multiple rate increases this year. Given that, as well as the economic and geopolitical issues facing the United States and the world, there is no telling what the capital markets could look like a year from now. A deal that requires any sort of financing may be difficult to achieve 12 months from now. In short, I do believe it is a good time to sell your business, especially if you are a closely held business. There are quite a few industries right now that are being aggressively consolidated and valuations are very high. This is absolutely a great time to sell, but if you are serious about doing so, I would start the process right now. The last two years have shown us how rapidly things can change, and I would not be surprised if 2023 looks a lot different than 2022. What are your top tips on planning an exit? The number one tip I could give anyone who is trying to sell their business would be to stay organised and have all your information accurate and up to date. I am helping a closely-held family business sell right now. On top of being great people, they have also run their business exceptionally well. In a matter of a week, they were able to provide me with audited financials, tax returns, asset lists, customers by revenue, large contracts, etc. I could tell right away that their information was accurate and that I could trust it. When I am negotiating with buyers, it is a huge advantage to know that what I am selling is accurate and that I will not get a surprise right before closing that results in the owner taking a haircut. The next tip I would give to anyone considering selling their business is to explore getting a quality of earnings (QoE) done. Every deal I have been involved with, whether it is getting a commercial loan for a client or helping someone sell their business, has involved one of the parties getting a QoE done. A QoE is a “mini audit” that is not as long or costly as a full audit, but it gives instant credibility to the financials that a company provides. My next tip would be to check your expectations going into any deal. Your business is not worth what you think it is, it is worth what the highest bidder is willing to pay. We have met numerous owners who have unrealistic expectations about what their business is worth and it can ultimately cost you value. At my old job, I was leading the acquisition of one of our local competitors. We offered him $3.5MM for his business, he wanted $5MM. We ultimately walked away from the deal. Over the course of two years, he lost a few big contracts, had a couple of trucks breakdown, and a key employee left. Just two years after our initial offer, we bought him for $1.2m. You should absolutely get what your business is worth and fight for it, but also remember that it is not you the business owner who ultimately decides how much your business will sell for -it is whoever is willing to pay the most. Finally, continue to run the business as if the deal will not go through and you are going to run your company for the rest of your life. Until all the documents have been signed and the money is in your bank account, a million different things could happen that could derail the deal. I have seen many business owners think they are going to close on selling their company then begin to neglect the day-to-day operations of the “There are quite a few industries right now that are being aggressively consolidated and valuations are very high.” Bus i ne s s & Economy 30 Finance Monthly.

business. In the instances where the deal falls through, I have seen those business owners in some unpleasant situations. No matter your exit strategy, it is pertinent to continue to maintain the standards of your company. What M&A trends do you expect to see in the coming months? Unless the situation in Eastern Europe escalates even more than it already has, I expect the M&A activity to continue to be busy, at least in the short term. It is possible that it will be a down year for the stock market with rate hikes coming and fixed income securities currently have historically low returns. For financial buyers, especially PE firms, buying companies is the most logical step to earn points on your money. I would expect financial buyers, especially PE firms, to continue to be aggressive in the coming months. “Unless the situation in Eastern Europe escalates even more than it already has, I expect the M&A activity to continue to be busy, at least in the short term.” About Michael Cifor Tangram Partners offers four “core” services. It provides business valuation (BV) services, M&A advisory, debt and equity raising and corporate restructuring. In his role at Tangram Partners, Michael is the primary lead on all of their BV projects as well as support management with other services. During his time at Tangram, he has performed numerous valuations for cases that included divorce proceedings, succession planning, wills and estates and shareholder disputes. On top of his BV work, he has put together three separate syndicated commercial credit facilities totalling over $100m, executed two mergers and one acquisition and is currently in the process of helping a close-held, family business sell. Tangram is currently engaged with several commercial banks to work out projects where they help businesses that have defaulted on their loans to get back in compliance. While located in upstate New York, the company works nationally with current clients in California, Georgia, Florida, Massachusetts and Michigan. Finance Monthly. Bus i ne s s & Economy 31

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Career Personal Development. 34. How to Create Your Success Plan

How to Create Your Success Plan Lynda Hoffman Ca r ee r & Pe r sona l Deve l opmen t 34 Finance Monthly.

Lynda Hoffman is a Professional Certified Coach (PCC) with the International Coaching Federation (ICF). Through her business, Lynda Hoffman Life Coaching, she coaches passionate and self-directed business professionals - with or without ADHD - who want to create meaningful personal and organisational change. Lynda partners with clients to increase their personal agency and strategic decisionmaking. Her extensive experience in the field of executive functioning and mindfulness training supports clients in understanding how their brain functioning informs their behaviour - and how to change what needs changing. She encourages her clients to do the deeper work to create transformational change – the kind that lasts. How do you help your clients with creating their ‘success plan’? Every client is unique. They are the ones in charge of identifying what will define their success and how they’ll know they’ve reached it. And it’s not static. Creating a clear plan begins in our first coaching session and every session thereafter. The topics they bring are organic, and they change week to week. My role is to hold their larger goals in mind so that we’re in clear agreement at every step about how we define ultimate success. The Success Plan IS the coaching. And always, the progress is astounding. My clients are often surprised by how far they’ve come. They improve in places they never thought possible. This is the beauty in coaching: the client’s evolution, flow and creativity. Each client has an innate wisdom, a radar for where they need to go. And if it doesn’t seem to line up consistently with their original goal, that radar always brings them to something deeper. They may very well find that the original objective they came in with may change between the first day and the last day of coaching. It is precisely this deeper awareness that leads to transformational change. Finance Monthly. Ca r ee r & Pe r sona l Deve l opmen t 35

I ensure my client is on track to success by reflecting patterns they may not be seeing. I use their language. I highlight what they’re not talking about. I inquire gently about the inconsistencies in their story, and I help them identify what it is they’re believing about themselves that keeps them from being the leader they truly want to be. I stay out of the way. I hold up the mirror so that they see where they’re powerful - and where they play small. Every time this happens, the client becomes stronger, more self-confident and self-directed. A great success plan begins with the relationship between my clients and me. We need to be transparent, comfortable and enthusiastic about all that is going to take place. A great coach-client relationship is the magnet for drawing forward great outcomes. What’s your take on New Year’s resolutions? New Year’s Resolutions are a good start. But by themselves, they’re not enough to create sustainable change. New Year’s Resolutions tend to fail because there’s a poor understanding of the goal in the first place. There is always a ‘wantbehind-the-want’ that we need to identify in order to successfully create change. Losing weight is never just about losing weight. The underlying desire may be about emotional fulfilment or selflove. Until you get to that deeper want, the goal will flounder on the rocks of distraction. It’s hard to stay focused on your New Year’s Resolution when something else (more interesting) comes along at the moment. When you are absolutely clear about what is driving your ‘want’, you are much better able to create change. I do value reflection. Ideally, it’s something you do daily. “Am I on track?” “Does this align with what I most want in my business?” “What would be a huge win for me this year?” “What’s my intention for today?” So while New Year’s is one opportunity to reflect, it should by no means be the ONLY time we think about what we want. I encourage all of us to take time to consider whether our actions align with what we truly, deeply desire. And if not, reflect some more on what needs to change – before the year is out! What are your top tips on leading a happy and fulfilled life – both at the office and in your personal life? Actually, almost no one comes to me to ask for a happy life. They ask for what’s meaningful to them: improved follow-through, selfconfidence, skills for navigating conflict in the workplace. It’s as if they’ve already intuited what positive psychology has proven leads to fulfilment: engagement, self-compassion, meaning, agency. My clients know what they want. They may not know the exact concrete view of what they want, but they know that the yearning they experience is guiding them toward something more meaningful. They tell me that if they’re not living what matters, they’re not living. My tips for leading a happier life would be to ask yourself these questions: “Who do you want to be?” “What needs to be resolved for you to be that person every day? “What choices do you make when you feel afraid?” “What are you NOT asking for?” “When you are absolutely clear about what is driving your ‘want’, you are much better able to create change.” Ca r ee r & Pe r sona l Deve l opmen t 36 Finance Monthly.

“What leadership qualities would bring about the results you most want?” All of these questions are about personal agency. Agency is about putting your authentic self into action – actually doing what you know to do. It’s about taking what matters and creating something wildly innovative – for you, your family or your business. Why should more business professionals consider working with a coach? Success in business is about much more than making the numbers work. It’s an expression of who you are. How you show up. Leadership is about being clear and confident. Walking the walk. Modelling for your team. Making sure you’re thoughtful about your actions so they align with your goals. Prioritising what actually matters in both the short and long term – fluidly. And acting on all of it at the best time. Powerful business professionals go further with less. Rather than reacting to the latest crisis, they act from their centre. Being effective in all these areas – simultaneously – requires business professionals to be supremely self-aware and open to personal growth. Engaging a coach is an act of self-care - and it’s ambitious. You get to work in a safe space to explore blind spots you don’t yet see. You learn how to translate great ideas into great results. You choose to increase your enjoyment of your work by learning how to stay out of the weeds and into inspiration. You get traction in areas where you’ve been struggling, so you grow and learn. You recover your agency so you feel calm, centred, and clear. You learn to enjoy your work and your life because they complement one another. Thoughtful, self-aware leaders look after their own inner systems. They create the best outcomes. Isn’t that the bottom line? “Success in business is about much more than making the numbers work. It’s an expression of who you are. How you show up.” Finance Monthly. Ca r ee r & Pe r sona l Deve l opmen t 37

Deal Maker Awards2022 FM OUT NOW Click here or visit www.finance-monthly.com to view the winners edition Recognising and celebrating the most impressive transactions in M&A, capital raising, corporate bonds, infrastructure, project finance, equities and restructuring. The Deal Maker Awards also celebrate excellence in M&A expertise in corporate, private equity, investment banking and legal fields. Monthly Finance

Banking Financial Services 48. 44. 40. Interview with Dr Steven Kaufman from Zeus Equity Group Can the Financial Sector Manage Hybrid Working Security Fairness Opinions & Solvency Opinions Explained

40 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s Dr Steven Kaufman Zeus Equity Group

41 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s We speak with Dr Steven Kaufman - an accomplished investor, entrepreneur, and philanthropist. He is the current Chair of TIGER 21 Houston and Managing Principal at Zeus Equity Group. Dr Steven Kaufman Interview with Tell us about Zeus Equity Group’s mission and commitment to clients? Zeus Equity Group has a mission to provide investments in real estate equity and debt that offer capital preservation while generating above-market returns over multiple economic cycles. We strive to positively enhance communities and the families and businesses that are directly impacted by our work. from Zeus Equity Group Why should more people consider investing with Zeus Equity Group? Zeus Equity Group provides not only safe investments but offers a great return on investment. The number one goal is to make sure clients are safe with their money in our hands. The Zeus Equity Group renovation process creates aesthetic improvement, aesthetic improvement increases the tax base, and increased tax base improves the local school system. All these improvements result in pride of ownership and a better place to live, work, and play. What makes your approach unique? Our approach has visible results with 94% of investors continually investing with us after their first investment. I invest WITH you, not FOR you. In many cases, I personally guarantee the debt on the investment which further assures the success of the investment.

Reporting to investors is timely, transparent, and simple. We have a proven track record of earning above-market returns. Acquiring and renovating distressed properties improves our community in many ways. How has the pandemic affected your operations? We invest in four different asset classes which include multifamily, boutique office, retail and health care assets. The performance of each of these asset classes have been impacted by the effects of COVID-19. We measure our performance against the pro forma and base our projection on how “Our approach has visible results with 94% of investors continually investing with us after their first investment.” The Grand Forum - Before The Grand Forum - After Bank i ng & F i nanc i a l Se r v i ce s 42 Finance Monthly.

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