James Enriquez started his entrepreneurship journey as a pizza franchise owner and operator in 2008. In 2010, he became a financial adviser with Edward Jones, moving to Ameriprise in 2017 under Arthur Hughes. In 2024, Enriquez and his partner, James Credo, bought the business from Hughes and renamed it Strategic Insights Financial Planning Group.
“Owning and operating a pizza franchise was an awesome experience. I learned so much,” said Enriquez. “I learned about sweat equity and controlling my costs. I learned the importance of having a really good team. I also learned that for me personally, I did not want to be in that industry. That is how I found financial advising.”
Enriquez bought the financial planning business from his predecessor, giving him firsthand experience advising business owners preparing for a merger or acquisition. BusinessDasher.com states that 41% of small businesses in the United States are owned by baby boomers who are expected to retire within the next decade, increasing business acquisitions and mergers. Enriquez helps business owners develop an exit plan to make that transition profitable.
“I think Arthur Hughes, the person that we bought out, is a great example. He brought me into his practice with the plan to develop me and potentially buy his practice. You need to start thinking about your exit plan five to seven years ahead,” Enriquez said.
A business’s salability depends on its new owner’s ability to retain its current customer base. Buyers will have concerns about retaining customers if the company depends on only the owner-operator or if the revenue comes from a handful of customers rather than hundreds. If a business is not profitable or has the potential to remain profitable after the sale, it may not be salable.
“I’ve had a conversation where the person couldn’t sell their business and he knew it,” Enriquez said. “Here was a career business he’d had for 30 years, his life’s work, and he’s getting absolutely nothing out of it.”
Enriquez emphasizes knowing clients’ numbers when helping them create their exit plans. These numbers include the business’s value and its leading and lagging indicators. Knowing how to control these numbers and which numbers impact an acquisition most can help an owner run their business more profitably upon sale.
“I can’t stress how important knowing your numbers is. It’s important if you want to bring in outside investors. If you go to the bank to get loans, they’re going to want your numbers.” Enriquez said, “It signals confidence when you know your numbers. I’m super confident in a person when they can spit out a number about their business that they know their business inside and out.”
As financial advisers, Strategic Insights Financial Planning Group cannot give an expert opinion on all aspects of creating an exit plan. A business valuation expert may be needed to determine a business’s actual value. A CPA may be required to help determine the tax implications of business decisions that affect the sale of the business. A lawyer will be necessary when the time comes to sell.
“We are not business consultants, but we have enough knowledge to ask questions to get them thinking of things. We’ll not necessarily make suggestions but ask questions to be able to identify when we might want to bring in a business consultant,” said Enriquez.
Enriquez is excited about the future of entrepreneurship in the Valley, which he sees firsthand as a part of RGV Angel Network. This group pairs investors with startup companies in the Valley.
“I think in the past, startup companies in the Valley were out of necessity. Now, we are seeing it more as an opportunity. You’re going to see a wave of smarter entrepreneurs come through that have the character traits it takes to work hard,” Enriquez said.
Strategic Insights Financial Planning Group’s podcast, @SIFPGAdvisors, can be found on Spotify and YouTube. It can also be accessed online at SIFPGAdvisors.com.
