EP# 233: From Passion Project to Financial Lifeline: The Baldwin Financial Services Story

What makes Jacqueline Mercer with Baldwin Financial Services a good neighbor?

Trustworthiness, confidentiality, and professionalism – these are the values that drive Baldwin Financial Services according to founder Jacqueline Mercer. What started as a passion project helping a local business owner has transformed into a thriving financial services company dedicated to supporting small businesses navigate their financial journeys.

Jacqueline brings clarity to the often-misunderstood world of small business finances, defining "small business" as companies with revenue of $25 million or less. Her comprehensive services include bookkeeping, tax preparation, payroll management, and strategic financial consulting for both for-profit and non-profit organizations. The company gained significant momentum during the 2020 pandemic when business owners desperately needed organized financial records to qualify for grants, PPP funding, and other financial assistance.

The conversation tackles one of the biggest misconceptions in small business financial management – that software can replace professional services. As Jacqueline explains, "Software is a supplementary tool to get things done more efficiently," but it cannot replace the expertise and guidance of seasoned professionals who understand compliance requirements and strategic financial planning. Many small business owners aren't aware of what they don't know, particularly regarding tax obligations and proper budgeting, which is where Baldwin Financial Services steps in.

Beyond just number-crunching, Jacqueline's approach to client relationships stands out. She signs all communications with "Thanks for being part of the BFS family," reflecting her philosophy that client success drives her own success. "When you win, we win. When you don't win, we don't win," she shares, underscoring the partnership mentality that has helped her build a business primarily through referrals and word-of-mouth.

Looking to get your small business finances in order? Connect with Baldwin Financial Services through Instagram @baldwin_financial_services and click the link in their bio to visit their website and learn more about how they can help your business thrive.

To learn more about Baldwin Financial Services go to:

https://bfinancialservicesco.com/

Baldwin Financial Services

[phone]

Episode Transcript

Speaker 1 (00:00):
This is the Good Neighbor Podcast, the place
where local businesses andneighbors come together.
Here's your host, Skip Monty.

Speaker 2 (00:11):
Hello everyone and welcome to the Good Neighbor
Podcast.
So we've got a very specialguest today in our studio and I
am super excited to learn allabout them and what they do and
their company.
And I'm sure you will be too,because today I have the
pleasure of introducing yourgood neighbor, ms Jacqueline
Mercer, who is theowner-operator of Baldwin
Financial Services.

(00:31):
Jacqueline, welcome to the show.

Speaker 3 (00:34):
Thank you so much.
Feels awesome to be here.
Skip.

Speaker 2 (00:37):
Well, we're thrilled to have you.
Like I said, I'm really excitedto learn all about you and what
you do at Baldwin FinancialServices.
So if you don't mind, why don'tyou kick us off by telling us
about your company?

Speaker 3 (00:49):
Yes, so Baldwin Financial Services primarily
services small businesses, andlet's kind of start there Small
business is actually a businessthat is defined $25 million or
less.
Okay, so that's a pretty bigrange.
So small businesses and Iprovide bookkeeping services, as

(01:10):
well as tax preparation,payroll services, as well as
some consulting.
I do service for-profits andnon-profits.
Baldwin Financial Services hasbeen around about five years and
it's actually started as apassion project.

(01:32):
I was getting a service from abusiness owner in our local
community and that businessowner started asking me
questions that I'm used to in myday-to-day role.
But hey, do I need a chart ofaccounts for my business?
How much do I pay myself out ofthat business?

(01:52):
And I just took it on as justhelping someone that I knew.
And when the 2020 pandemic hit,all of these business owners
needed financials to supporttheir tax returns whether it was
for grant money or PPP fundingor some other type of funding
and they needed a solidbookkeeper to bring their data

(02:14):
together.
And that is just how BaldwinFinancial Services got its start
and continues to grow throughthat foundation of providing
bookkeeping, financial reportsand, ultimately, the tax prep
and consulting.

Speaker 2 (02:27):
Wow, that's a lot.
In our show, you know, we focuson locally owned small
businesses and apparently that'syou do as well, so that's
wonderful.
So you told us kind of how thisstarted as a passion project.
As far as the financialservices business, can you think
of any myths or misconceptionsthat people have?

Speaker 3 (02:51):
Yes, the most common one is that software replaces
the service.
So obviously, in a smallbusiness, budgets and even
nonprofits but focusing on thesmall businesses budgets are a
big concern of these businessowners, so they really get into
the space of wanting to do it.

(03:13):
You know, do it yourselfsolutions, and sometimes that
makes sense.
But as you grow, as you scaleand as the business owner needs
to think about compliance andthings of that sort, they really
need to if they're able to pullin an outsourced resource or
even hire an internal resource.
But the misconception is thatyou can go out there in the

(03:36):
market, buy a software and itdoes all of these accounting
functions for you withoutunderstanding the compliance
behind it.
And that is really whereBaldwin Financial Services comes
in.
And we use software as asupplementary tool to get it
done more efficiently and tomake sure that the way we're
thinking about it is accurate.

(03:57):
But it does not absolutelyreplace having the service.

Speaker 2 (04:03):
Very good.
I can see that because a lot ofsmall business owners think
they can do everythingthemselves and it's not
necessarily a great idea.

Speaker 3 (04:13):
Yes, exactly, yes, exactly, yeah, and so go ahead.

Speaker 2 (04:18):
I'm sorry.

Speaker 3 (04:19):
No, well, I was saying and I get it Part of once
we bring a client in part of us, once we start knowing your
numbers, that I mean that's ourthing.
We have to know your numbers.
But once we get into thatrhythm, we also provide guidance
.
That is also included in thebookkeeping services.
If we are providing bookkeeping, in terms of how to structure

(04:42):
your budget, what should you belooking for?
For a respectable margin whilepaying yourself, while being in
compliance, while being in thisbudget, and a lot of times what
we see is operating expenses areway too high for what's coming
in.
We also see there's no moneyput aside for cash reserves or
tax compliance.

(05:03):
So they kind of get into thesebusinesses, like you said, just
wanting to do all of theoperations and saying, hey, I
need a delegate, I need a hire,but they're really not looking
at those numbers.
So that is how we service ourgood neighbors.

Speaker 2 (05:18):
There we go.
Well, we know marketing is keyto any business's success.
How do you market yourfinancial services?

Speaker 3 (05:27):
So I market primarily by referrals within my client
network as well as collaboratewith other financial partners.
So, for example, there's a tax.
Someone may have a tax service,but they focus on individual
taxes.
So when someone comes in forbusiness taxes and they need to

(05:49):
refer someone, then I have thatnetwork.
My clients have been some of mybiggest referrals, once they
are satisfied with the services.
And one thing that we see Skipis that people want a trusted
accountant.
So we're in the numbers, weknow if you're successful or not

(06:12):
and we have to be discreet.
So once we so my clients, oncethey, you know, feel comfortable
with me, I find that they arereferring me to their other
business network partners ortheir friends or network.
So I would say that referralsis the biggest one, as well as
collaborations with otherfinancial service companies,

(06:34):
also exploring things like, youknow, rebranding or things that
flyers when there's events intown and being a sponsor that
way.
So that's how I am primarilymarketing, but I will say that
referrals is the biggest onebecause it's they know your work
.

Speaker 2 (06:54):
Word of mouth, best advertising you can possibly get
for sure, yes, yes.
Absolutely so.
Outside of work, jacqueline?
What do you do for fun if thereis time outside of work?

Speaker 3 (07:05):
Well, yeah, that's a good point, I do.
I certainly believe in worklife balance.
That is part of why I am anentrepreneur myself is that I
can control my schedule.
It doesn't mean that it's lessbusy, but I can control more.
Sometimes it's more busy.
So what I like to do outside ofwork is spend time with my

(07:28):
family.
I'm a wife, a mother, a fur mom, a human mom, so I do like to
spend time with all of them, butmy favorite pastime is going to
the beach whenever I can get tothe beach, and then just
watching movies.
I like being at home and in myspace.

(07:50):
So those would be, you know,the biggest things I like doing
outside of work when I'm notlooking at screens and numbers.

Speaker 2 (07:57):
Time with family, always the best answer.
But what?
Do you have a favorite beach?

Speaker 3 (08:04):
I do.
It is in Orange Beach, alabama,so it's actually.
I went there not too long agoto celebrate my wedding
anniversary as well as the endof tax season, so but yeah, it's
one of those beaches, not tootouristy, it's beautiful water,

(08:25):
just peaceful, serene.
So probably about a, I want tosay, a five or six hour drive
from where I'm at.
So that right now is myfavorite beach.

Speaker 2 (08:34):
That's not horrible, that's not a horrible drive.
No it favorite beach, that'snot.
That's not horrible, that's nota horrible drive.

Speaker 3 (08:37):
No, it's not, it's not yeah.

Speaker 2 (08:39):
Cool.
Well, let's switch gears.
Can you describe a hardship ora life challenge that, either
professionally or personally,that you've overcome and how it
made you stronger in the end?

Speaker 3 (08:52):
Yes, I can.
So I would say just venturingon my own for this business.
I've really struggled.
I've been in business fiveyears but it really started,
like I said, as a passionproject and I was working
full-time for an employer forover 20 years.
So the challenge really cameinto do I leave my employer to

(09:21):
pursue this passion in businessand give it all of me, or do I
stay with my employer where Ifeel in and I'm not dependent on
clients?
So actually, what ended uphappening is that the company

(09:44):
went through a downsizing eventand I was part of that
downsizing event and so itworked out for me in terms of
having all the financialservices in place.
But I will say one of thebiggest challenges believe it or
not is really just how the nowthat my day is not structured,
how do I?
How do I structure my day?

(10:05):
My days can range from wakingup as early as 5 am to work on a
project.
It can range from waking up at10 and working till two in the
morning.
So just finding that structureand transitioning from full-time
corporate to entrepreneurial ofall the financial service and

(10:25):
it is a challenge, but it's agood challenge to have.

Speaker 2 (10:29):
I couldn't relate more.
Yeah, this is my, yeah, this ismy, uh, independent business
and uh, yeah, my schedule.
It confounds my wife.
She's like, why don't you havea regular schedule?
I'm like I like not having aregular schedule you know, so I
could relate, for sure, yeah.

Speaker 3 (10:49):
Yeah, and that's what I'm coming to.
I'm coming to the conclusion.
You know what?
Know what?
It's okay that every day is notthe same.
That's, that's part of it.
Be okay with it.
So I'm still in that mindset oftransitioning.

Speaker 2 (11:00):
But um, I'm, I'm okay with it well, and speaking from
experience, it is not easy tostart your own business.
It is not easy at all, but veryrewarding and obviously
something's working right,because you've been in business
five years.
So that's congratulations.

Speaker 3 (11:17):
Thank you.
Thank you, yes, it is veryrewarding.
It is particularly, you know,when we're talking about small
businesses, and one of mycompany's mission, Skip, is to
be a resource to thesebusinesses, like I was to the
corporate giant.
So it's not a lot of times whatI find with these business
owners it's not that they don'twant an accountant or bookkeeper

(11:40):
, or it's not even that they themind paying for one or want to
be completely out of compliance.
It's just they just don't knowand unfortunately, our
governments and governmentagency doesn't allow.
Just because you don't know youhave to have something doesn't
mean that you're not fine for it.

(12:02):
So, yeah, so it is.
It's very rewarding to say hey,you know what you do and see
every day is a big help to me.
Oh, I know how to pay myselfout.
This business is a big help tome.
I have my salary in place, Ihave my payroll taxes in place,
my unemployment, if I ever leavemy job as an entrepreneur in

(12:23):
place, and to be a part of thatprocess is very rewarding.

Speaker 2 (12:28):
Absolutely Couldn't agree more.
Well, Jacqueline, if you couldthink of one thing that you
would like our listeners toremember about Baldwin Financial
Services, what would that be?

Speaker 3 (12:40):
I would say trustworthiness, confidentiality
and professionalism is the keyto Baldwin Financial Services
and how we think of our clients.
We sign off on all of ouremails and communication as

(13:01):
thanks for being a part of theBFS family, and what we mean by
that is we see your business asour business.
When you win, we win.
When you don't win, we don'twin.
So it's a big family to me andI see myself in the financial
position as if it was my owncompany.
So that would be the takeawayyou are, our clients are family.

Speaker 2 (13:26):
Awesome, great thing to remember.
And, for those of us who mighthave some interest, have a small
business and we don't know whatwe don't know.

Speaker 3 (13:45):
How can we learn more about what you offer?
Yes, so the best and easiestway to contact me is through
Instagram and the underscore, orthe tag, rather, is Baldwin
underscore, financial underscoreservices, and from there you
can click the link in the biowhich takes you to the website
where you can contact medirectly.

Speaker 2 (14:03):
Very good, good to know.
Well, jacqueline, I really haveenjoyed talking with you and
appreciate you taking time outof your busy schedule to share
with me and with our listeners,and wish you and your family and
everyone at Baldwin FinancialServices all the best moving
forward.

Speaker 3 (14:23):
Thank you so much, Skip.
This has been such a greatopportunity and I really
appreciate the questions.

Speaker 2 (14:29):
Absolutely Well.
We appreciate you and what youdo.
Helping small businesses iswhat we try to do as well, and
maybe we can have you backsometime in the future.

Speaker 3 (14:38):
I would love it.

Speaker 2 (14:40):
All right.

Speaker 3 (14:41):
Thank you.

Speaker 2 (14:42):
Thanks so much, Jacqueline.
You have a great rest of theday you too.

Speaker 1 (14:45):
Thank you for listening to the Good Neighbor
Podcast.
To nominate your favorite localbusinesses to be featured on
the show, go to gnptry-citiescom.
That's gnptry-citiescom, orcall 423-719-5873.