Episode 324: 07-09-15
On this week’s show we discuss summer’s hot family office topics, advances in pediatric cancer treatment, and social media / PR maven John Mahoney talks to us about social media for business
Thomas Handler is an advanced planning attorney focused on the analysis and structuring of sophisticated estate plans and family offices, and handling taxation and business planning issues for business owners, executives, professional athletes, celebrities and family offices.
Handler has extensive experience in the analysis, design and implementation of domestic and international business planning, financial and estate planning, asset protection, family office compliance and advanced tax planning strategies.
Handler is a managing partner in Handler Thayer, LLP, where he chairs the firm’s Advanced Planning & Family Office Practice Group.
We discuss this summer’s hot family office topics.
Our special UHealth guest is Joseph Panoff, M.D., of UHealth System and Sylvester Comprehensive Cancer Center. His mission is to cure pediatric cancer using state of the art radiotherapeutic technology. This technology may include Rapid Arc intensity modulated radiotherapy with daily image guidance, cyberknife, or adaptive treatment planning. He is currently working on completing a comprehensive pediatric radiation oncology database that encompasses all the patients treated within the last 20 years at UM/JMH. This is a joint project with Miami Children’s hospital. This will produce new research pathways for pediatric oncology and have the potential to guide future prospective clinical trials.
We discuss advances in pediatric cancer treatment.
John Mahoney (@socialmedia305) is THE social media maven and he joins the show on a regular basis to help us ALL get social.
We discuss social media for business and the benefits of using #socialmedia to build your #brand. Jim uses it all the time.
Episode 324: 07-09-15 (To download, right-click and select “Save Link As”.
Announcer: 880AM The Biz. South Florida’s only all business station welcomes you to Fried on Business. He grew up in South Florida. Has been in business here since the early 1990s and has closed over one billion dollars in deals. He’s seen it all. He always has an opinion and he’s always ready to share it. Informed, entertaining and connected, he has his finger on the throbbing pulse of South Florida’s business community. He’s Jim Fried. Exclusively on 880AM The Biz. To talk to Jim and his guests call 305-541-2350. That’s 305-541-2350. Now here’s your host Jim Fried.
Jim Fried: Alright South Florida and the world. Welcome to Fried on Business. We’ve got a super show for you. We’re going to talk about the hot trends in family office and family planning, wealth planning. We’re going to talk about new trends and pediatric cancer care and then we’re going to get social at the end of the show with Johnny Social Media 305, our consultant. We’re going to have a great show. As I said we’ve got Tom Handler. Advanced planning attorney. Top attorney in the country on this stuff. We’ve got our friends from UHealth, so stick with us.
We’ve got an excellent show for you today. Stock market basically state flat. There’s still no arm steal and there’s still no presidential nominee for either party. It this there? I don’t think so. That haven’t done that yet. Have they? No they haven’t. So stick with us we’re going to talk family office planning. We’re going to talk cancer pediatric cancer and then we’re going to get social. So we’ve got a great show. Stick with us. Dee, take it away.[Commercial Break]
Jim Fried: Alright. They’re on fire. I’m a fireball and we’re going to do the UHealth read because, you know, as we get older we’re all at risk for developing cataracts and with the new laser cataract procedure co-developed as at Bascom Palmer Eye Institute and a new high def lenses that you can get from them You could be seeing near, far, and everywhere in between in no time. Call-I love this part. Call 305-243-2020. Very campy. 305-243-2020 to schedule your consultation. Trust your eyes to the best. Bascom Palmer’s been ranked number one hospital in the country 11 years in a row by U.S. News and World Report. Visit BascomPalmer.org or call. Here it comes again. 305-243-2020 to schedule your consultation today.[Commercial Break]
Jim Fried: Alright. Well, look when you’re looking to buy or lease a car you want to give every advantage that you can. That’s why you want to check out Warren Henry Land Rover, Range Rover, Infiniti, and Jaguar. There all exceptional cars. They all come with the Warren Henry Advantage. That means complimentary dent repair, key replacement first service and a personal assistant that you can call for anything anytime for four years. Always the best price. Always the best service. Always Warren Henry.[Commercial Break]
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Announcer: 880AM The Biz. You’re listening to Fried on Business. To talk to Jim and his guest call 305-541-2350. That’s 305-541-2350. Now back to your host Jim Fried.
Jim Fried: Alright. We are back and we’re back with one of my favorite guest. We are back with Tom Handler. Tom is my favorite advanced planning lawyer for family office protection. He’s on the show regularly. We talking about trends and family offices and I actually met him at the Wilson Family Office Conference where one of my top family office guys introduced Tom as the top family lawyer. Top family office lawyer in the U.S. and fact Tom was recently named the 2015 International Wealth Planner of the Year and the 2015 Wealth Planning Gaming Changing Lawyer of the Year and he received a 2015 Micheal J. Brink award for leadership and service in the North American Wealth Industry. So high five to you on all of your rewards Tom. You got a really big signature block there.
Thomas Handler: Thanks a lot Jim. It’s great to speak with you. Good evening.
Jim Fried: Hey, thanks so much and you know I thought that today that we could talk about something that I’ve been hearing a lot about it. It’s called the Family Holding Company. What’s that like a family conglomerate or how does that work?
Thomas Handler: You know these things have been around for a long time and the initial version was a family limited partnership and I think they’ve been around for about 75 years. If not longer and the idea is to have a entity into which the family can contribute its holdings. Meaning stock and bond portfolios, land, farms, businesses, whatever it is.
The mix of their assets tends to be and so it allows you to hold these things in one big basket and they’re very compelling for many years and used mostly by accountants because we had very high tax brackets and no kitty tax, so you would have perhaps, the mom and dad generation and at a 70% or 50% bracket. While the children might be in a 15% or 20% bracket for example. So by giving them some of the interest in these varies businesses or investments or gifting it or transferring it to them, the income would flow the children and on behalf of the family they be paying at a 15 or 20% bracket and arbitraging the tax rates between mom and dad.
So overall the family would pay some less tax as long as mom or dad were willing to give up the ownership of the portion of the business of a farm or whatever they had. It was a very effective strategy until the kiddie tax was put in place which basically forces the children to pay the same bracket as the parents, but once the children are either at the age of maturity or out of college, then they pay their own brackets. The arbitrage still continues often for 20-30 years and maybe the children never get the parents brackets.
Largely the income tax play, but it was also a method where family members could own the business or the asset that might have liability and they would be limited partners. So by definition it would protect them from liability of those underlining assets whether someone drowns in the lake or got hurt, got a piece of farm machinery, or the roof collapse down the shoe store, the individual would lose that business, but they wouldn’t be able to go at them personally and force them into bankruptcy. So it had some measure of asset protection as well and what happen eventually is that people began to realize that these vehicles also have the ability to provide discounts in the estate. Meaning that because of those limited partners had very limited rights, they can’t hold the interests. They usually they can’t sell the interest, they can’t pledge it or use it as a down payment for a mortgage. They’re very limited on what they could do and so when you don’t get all the rights associated with the asset, you don’t get the whole assets. The discount then might be 10, 15, 20. Maybe as high as 40% and off of the inherit value of the assets because it effects both generations kept the right to control it and hold it and pledge it and so on and so forth.
The discounts made a kit if sense and so it allows someone to use these vehicles to obtain a discount in the estate.
Jim Fried: Well, Tom let me ask you to take-Let me ask you a question here. So I do a lot of real estate, it sounds to me like this is the structure that would apply to a lot of my, people that I do business with. Even in fact, some of us in our own firm who hold a lot of property.
Thomas Handler: Absolutely and in fact when real estates syndications were really in their hay day in the early to mid 80s, almost all those structures were limited partnerships type structures and real estate was probably the dominate interest hold in those structures for very long period of time, so you’re right. It’s really an ideal of vehicle for real estate. It’s still very commonly used in hedge funds and private equity funds today.
These holding companies have evolved and now we have more choices, so we have besides the family limited partnership, we have a family limited liability company. Now in every state in the United States and in many foreign countries as well and the territories. We also have a series of limited liability company, which is a limited liability company with extra rights because you can identify various series and these series emulate sale legislation common in many foreign countries so that Series A assets if they blow up or have a problem or a liability, the creditor cannot go after Series B or Series C, or Series D assets. Each sale is protected from the other sales within the enterprise. So you have two levels of asset protection. One from sale to sale and then secondly, an outside person coming at the enterprise is limited. If they can’t get the limited partner that weren’t involved in the activity, so a significant amount of asset protection, so we now three types of these family holding companies and currently probably FLLC’s are the most common version, if you were to do one today, but is directly family limited partnerships were around much longer period of time and so there’s a tremendous enough of them out there. All three can really serve this purpose.
Jim Fried: So let me, let me kind of see if I can get this straight then. There’s a family office, which is a placed that they do business. It’s not their families primary businesses. It’s where they run their finances and their holdings. Then they got a family holding company and then within that different trusts, is that sort of how it’s working out?
Thomas Handler: Yeah. In fact, the three part structure you mentioned is the global best in class structure for long term wealth preservation management. Period and so the virtual family office could be the general partner or the managing member. It’s the quarterback. It controls the enterprise. It’s the govern. It has governance. It’s where everything is run from. The legal, the accounting, the risk management, the insurance, the investments, are all sort of run out of that control enterprise event though it has a few or now assets. It then controls the holds the holding company, which with a bucket where all these assets are held and then the holding company interest in turn, in my opinion should all own my trust because then you pick up the additional spend thrift benefits, which is some asset protection in the trust. It also gives you stand by trustees that act as your behalf if you can’t and it provides the privacy and confidentiality of trust and it avoids probates and ultimately cuts legal and accounting fees and court costs upon death and makes it more difficult to contest the estate. It has an inertia factor and shield the state contest because the family already has the assets, so the judge can’t freeze them. They will transfer before the plaintiff can get there, so that’s combined three part structure is where you would want to have if you could. It’s very, very compelling.
Jim Fried: Well, we’ve got the basics down. Can you stick with us to do another segment Tom?
Thomas Handler: Sure.
Jim Fried: Okay. Because I want to talk about. Its sounds like there’s all kinds of benefits to this and we haven’t even gone over yet. I liked to understand what the IRS really things about this and I like to get your opinion on where this is today and where it’s going. So we’re going to be right back after this short break. More Tom Handler. Tom is the you know we’re going to talk about holding companies. We’re going to do all kinds of god stuff. Will be right back after this. Dee, take it away.[Commercial Break]
Jim Fried: All right. Giving you a little synchronicity and that’s an honor of Tom Handler because, Tom always wants to make sure his clients are completely synchronicity with him and you know who else is in complete synchronicity with you. That’s Warren Henry. Because if you’re looking to buy or lease a car, you want to get every advantage that you can. That’s why you have to check out Warren Henry Land Rover, Range Rover, Infiniti and Jaguar, they’re all exceptional cars and they all come with the Warren Henry Advantage. That means complimentary dent repair, key replacement, first service, and a personal assistant that you can call for anything, anytime for four years. Always best price, always the best service, always Warren Henry.[Commercial Break]
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Jim Fried: Alright. We are back and we are with my favorite family planning, family office planning lawyer. Tom Handler, Tom is the name partner in Handler Thayer. Chicago’s top firm. My gosh! It’s probably if not the nations, the world’s. He’s an advanced planning lawyer. I met him at the Wilson Family Office Conference a couple of years ago. He was introduced to me by the head of one of the family offices I do business with. It’s the top family office lawyer in the U. S. I brought him to a conference. Last year he was the speaker at the conference and when I got off the stage and he started talking, I watched all high network investors. Start taking notes. So Tom, welcome back to the show. You’ve won all these awards and they’re on all your signature there. 2015 International Wealth Planner of the Year, 20115 Wealth Planning Game Changing Lawyer of the Year, 2015 Micheal J. Brink award for leadership and service in the North American Wealth Industry. He should be proud to be affiliated with you. What’s happening Tom?
Thomas Handler: Well, I think I should be honored to be affiliated with him, but anyway these family holding companies are really quite compelling and I remember early in my career I started accounting and I remembered a lot of accountants and lawyers and are of these things are gimmicks and they will never last. Well, those gimmicks have been around since 50 years already and its survived a lot since. The IRS has continued to go after it when they can, but the reality is just it’s a very commonly used business vehicle that’s almost everywhere and so those who have negatively describe these vehicles were largely mistaken and not that you can’t make mistakes. I’ve seen them as tax shams and you can’t tax that transfer. You can’t [inaudible 00:19:53.80] and they could be done poorly and you will lose and anyone intending to sham shouldn’t try it right? That’s never going to work.
Jim Fried: That’s why it’s a sham. You don’t do a sham.
Thomas Handler: These are done properly and artfully. They’re very effective. They provide that the state discounting as a protection, assets that are non-marital property, so is servers as a premarital planning function as well. They’re very financially efficient because you don’t have to fractionalize asset portfolios, businesses, and real estate and there’s also some income tax benefits to be picked up. Taken all together they’re really quite compelling.
Jim Fried: It sounds really cool and one of the things that I wanted to point out is how you guys come up with these strategies because I know the last time your were on our show we talked about your-it was how you came up with what I think you referred to is the stealth prenup and you said you look for five years about all the broken prenups and you try to find all the arguments and make sure you could defend them. So I got to believe you used that same kind of attention to detail when you’re doing these types of family holding companies.
Thomas Handler: Well, we certainly attempt to do so. We’ve never had one blown up and we’ve done hundreds and hundreds of these types of structures. I do know some structures that have been blown up and they have been some very no worthy cases, so there’s very good president out there that will tell the lawyer’s structuring these what not to do and you can almost identify best practices and worst practices and engage your drafting and how you operate this enterprises accordingly, but not withstanding what tax payers are doing, the IRS are all about raising money and so they haven’t really been all that effective over these many years.
I think they have been very good at getting the scams and the bad players, but they haven’t been all ineffective and challenging these vehicles, so they like to do something else and so there was recent comment that was taken a little bit out of context, but it lit up the Internet and was all over the place and I had notices from law firms and accounting firms and wealth management groups. It was all over the place and it was basically taking a skies falling approach that the IRS is going to attack these discounts that are used in estate planning and that you should go ahead and make your transfers immediately because the discounts may be disappearing and that’s not really the way that we see it. I think that’s if an overreaction. Well, what actually happened was a treasury official named Cathy Hughes I believe was misquoted and taken out of contexts of it, but she did say that the IRS is working on what are called Section 2704 regulations. Those are designed to adversely impact or limit the discount in certain contexts. Which means there still be around and other contexts and eliminated potentially and others if the IRS is successful.
I think though given the legislative history pined that section and the fact that so many of these holding companies own family farms and ranches and small businesses. You have a very effective lobby that’s already fairly hostile. The treasury needed the administration in general and so, to get these people who have been hit very hard by the meltdown and effect are the engine that generates growth and jobs in the country. Doing something that’s not in their best interest is going to be a tough, very tough road on the whole to use the farm analogy and then ultimately when they’re trying to remove or eliminate discounts for things like lack of control and lack of marketability, I think that’s going to be very tough. Those are very meaningful factors that warrant the discounts.
If someone sells you a stock, you’re going to pay a lot more for to if you get a 51% vote and you control the company than if you have 35% vote. You don’t control anything. The current evaluation theory is very well founded. There’s lots of law and history behind it, so I think the IRS has a tough way to go here.
Jim Fried: So Tom, it seems to me then that you still think that this is a compelling structure and maybe there’s a couple of other ideas that you can throw out there for some of the people that are listening. If they want meet you or they want to network with you. I know you’re going to be speaking at a couple of conferences. You’re going to the Opal thing up in New Port, Rhode Island right?
Thomas Handler: Correct, correct.
Jim Fried: Go ahead.
Thomas Handler: I say my conclusion or sense of this is that these vehicles are so compelling that if there were no estate discount whatsoever, we still be recommending them. It’s worth it just for the control of the asset protection and the premarital planning benefits and financial efficiency, so there’s so effective at this point that people without any discounts, they still would be very compelling vehicles. But I think the discounts is not going to be materially effected. I think the IRS will have a difficult time. That being said, they are writing regulations. We know that’s coming. I suspect they’re in 2016, but it’s certainly could be late in 2015. We don’t know what their schedule is.
They have other issues their dealing with first and I think any tax payer that wants to eliminate risk, is well advise to consider making their transfers or gifts sooner, utilizing the discounts, so that they beat the legislation if any and they don’t have to fight the argument at all. A conservative person would say, “Go ahead and move forward.” These news letters that came out of whole host of firm basically, said, “Jump in immediately today because this could happen any minute.” I don’t really think that’s the case.
I don’t think it has quite that sense of urgency, but they make a point and the point is you can some eliminate some of the risks by acting sooner rather than later and you can rest assure that this subject matter is going to pop up in many of the upcoming conferences, so I will be hopeful in Newport in a couple of weeks. I’ll be at the Family Wealth Alliance in New York next week. I’ll have the number lined up later in the year as well and this will be non going source of discussion for the rest of the year. Certainly among the attorneys and accountants and wealth planners.
Jim Fried: Okay. We’ve only got about a minute left Tom. So I go one question I got to ask you. I’ve been waiting for a half an hour to ask you. Has nothing to do with wealth advisory.
Thomas Handler: Alright.
Jim Fried: Are the Black Hawks are going to repeat next year?
Thomas Handler: You know what as a life long loyal Black Hawks fan and season ticket holder, I can assure you that they will.
Jim Fried: I had that feeling and I know where-You know finally they’re going to be in Miami. Meet me down here at the Bank Atlantic Center and will go catch the game. Tom Handler the preeminent family office attorney. If you want to protect your and I’m going to say it this way, you assets, you better talk to Tom. Tom, about how big does a family’s net worth or trust have to before it really makes a difference and doing this kinds of stuff? We’ve got one minute left. I’m getting the one minute sign from Dee. You got one minute.
Thomas Handler: Well, I think most practitioner would say that you wouldn’t ever consider a structure like this until you were two or three million and it’s a lower level as people who are responsible for their own malpractice and the cant’ protect themselves so. It’s a chosen profession, doctors, lawyers, engineers, architects, dentists, and that group, but I would say really 10 million in net worth. It’s probably where it starts to make more sense. At 25 million it’s absolutely compelling and so it’s really a cost benefit based on what these families objectives or priorities are. What are they trying to accomplish, but because they’re so, so compelling in so many areas. Not only are they cost effective, they also serve other benefits might allow to sleep at night. It’s really a very personal decision, but I would say a 10, I would start looking very seriously at it if someone has at least consider these kinds of structures.
Jim Fried: Well, Tom everybody I know that’s got a net worth or trust over 10 million dollars wants to meet with you when you’re coming down here. So let me know when you’re coming. Will set up a great group of people to meet with you. Tom Handler, the family asset protection man. I want to thank you as always for being a regular guest on this show Tom.
Thomas Handler: Thanks so much Jim. Have a good night.
Jim Fried: You too. Will be right back after this. We’re going to talk pediatric cancer care with our experts from Sylvester Comprehensive Cancer Care Center. Back after this.
Alright. Well, if you listen to Tom Handler you’ll make sure your family and your heirs have a bright sunshiny day and if you want to have a great ride with your car. You want to go to Warren Henry because when you looking to buy or lease a car, you want to get every advantage that you can. That’s why you have to check out Warren Henry Land Rover, Range Rover, Infiniti and Jaguar, they’re all exceptional cars and they all come with the Warren Henry Advantage. That means complimentary dent repair, key replacement, first service, and a personal assistant that you can call for anything, anytime for four years. Always best price, always the best service, always Warren Henry.[Commercial Break]
Jim Fried: You don’t have to be a world-class athlete to be treated like one. Renown orthopedic surgeon Dr. Lee Kaplan and his team at UHealth Sports and Medicine are the official sports medicine providers of the Miami Hurricanes and the Miami Marlins and they could be your care team too. Combing unsurpassed expertise with care that puts you first. UHealth Sports Medicine is the regions only university based sports medicine provider. That means you have access to the very latest treatments often before they’re available anywhere else in South Florida. It’s all geared towards getting you back in the game quickly and safely. To schedule your appointment visit UHealthsportsmedicine.com today.[Commercial Break]
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Announcer: 880AM The Biz.You’re listening to Fried on Business. To talk to Jim and his guest call 305-541-2350. That’s 305-541-2350. Now back to your host Jim Fried.
Jim Fried: You know I should give the traffic report. Traffic stinks. The guy just cut you off and he’s nuts, so just calm down. Relax. It’s hot. It’s muggy. It’s not even raining to cool things down, so let’s just all kind take a deep breath and do what we can and traffic.
UHealth, that’s the University of Miami Health System that brings us the brightest minds and best care right here in South Florida and everybody knows UHealth is real big. It includes more than 300 specialty doctors. Dozens locations from Miami to Palm Beach Gardens and of course we know UHealth is in Plantation. What sets UHealth apart is the comprehensive approach they bring to health care. You might have several different doctors for a couple of different health issues, but they ever talk to each other or cross reference your symptoms and medications to make sure your care is second to none. Well, at UHealth they do. You know you can learn more about UHealth through the UHealth discovery series. It’s online at UHealthdiscovery.com. It focuses on the different departments, doctors, and patients, that make UHealth great and the breakthrough discoveries. They’re changing health-care everyday.
In fact, if you stick with us, we’re going to talk about breakthroughs and pediatric cancer care right here. Right now. Right after this read. So discover how breakthrough medicine from UHealth can work for you call 305-243-4000 and I’ll go slow for the Jets fans. 305-243-4000 or visit UHealthDiscovery.com to learn more today.
Alright, alright, alright. I feel good. I feel nice. I am definitely sugar and spice and honey I’ll be home soon and I’ll give you that big birthday kiss you’ve been waiting for. We’ve got our UHealth expert on. Dr. Joseph Panoff. He’s with UHeatlh and with the Sylvester Comprehensive Cancer Center. His mission curing pediatric cancer using state of the art radio therapeutic technology. Welcome to the show Dr. Panoff.
Dr. Joseph Panoff: Thank you for having me on.
Jim Fried: It’s my absolute pleasure. You know as an adult sometimes I forget that kids get cancer and then you go over there and your heart breaks in half. How many pediatric radiation oncology centers are there in Miami, Dade?
Dr. Joseph Panoff: There’s only one.
Jim Fried: Wow! I think I kind of probably knew that and I think I know where it is too. At Sylvester Comprehensive Care Center?
Dr. Joseph Panoff: That is correct.
Jim Fried: Well, hey thank you so much for making your practice here in the center of Miami, Dade county and an accessible to everybody else, so tell me now, how big is this? What’s the scope? Do these kids get the same kind of tumors that grown ups do? Do you have any like statistics? What’s going on with kids cancer here in South Florida?
Dr. Joseph Panoff: So, basically pediatric malignancy are rare malignancies. There’s about 20,000 in the United States a year. The majority of them are leukemia, lymphoma, and central nervous system solid tumors and in Miami the populations around-Miami, Dade 2.5 million people, so each year we get around 60 to 100 kids between-There’s three centers in Miami, Dade that actually have pediatric oncology which at this hospital. Sylvester Cancer Center and then Miami Children and basically, that it doesn’t treat children below the age of 12, above the age of 13 with radiation. Miami Children doesn’t have their own machine, so we end up treating all the kids who require radiation in Miami.
Jim Fried: Now, Doctor let me ask you a quick question because I’m friends, I’m in real estate. I do a lot of business with the guys at the Courtelis Company and there’s a special place over at the oncology center over Sylvester that’s called Alex’s Place. That’s where you work, right?
Dr. Joseph Panoff: Yes. I have a clinic there, so I work in-basically everything right in the same building in Sylvester, so we have an adult radiation oncology center and then we treat out kids on the same machines that adults treated, but the clinic is Alex’s Place. Which is correct. Right there.
Jim Fried: Now, there’s got to be some like special child safety stuff that you got to include in that and of course if they’re getting treated for cancer, there’s psychological stuff going on there too. It seems to me like it’s a very integrated approach. Just like they have for the adults.
Dr. Joseph Panoff: Absolutely. I would say it’s even more integrative.
Jim Fried: Wow!
Dr. Joseph Panoff: Than adults. We have, so every cases that’s discussed at a multidisciplinary tumor board because each case is presented in a unique way. They’re very complex. You have child life specialty at Alex’s Place, so a lot of children require anesthesia and we child to prevent them from getting anesthesia if we can, especially children that are stay between the age of 4 and 7 and that is requires a lot of resources being disputed, so we can prevent it by using a child life specialist who prefer to do that. We have nutritionist, we have social work, we have Alex’s Place. It’s a beautiful facility. I don’t know if you ever been there, but it’s state of the art. All sorts of interactive games and technology for kids to play with and it’s very…There’s a lot of resources requiring treating children. I would say much more than adults generally speaking.
Jim Fried: Now, you’re also doing research in your work with Miami Children’s right?
Dr. Joseph Panoff: Right. We have a comprehensive database from all the patients that we’ve treated. Not only from Miami Children’s, but from doctors as well over the past 25 years and so we published papers based on our experience across Miami and it’s being treated at Sylvester Cancer Center as well as Jackson. Additionally I’m involved in research at the national level for specific tumor type called neuroblastoma.
Jim Fried: What’s that?
Dr. Joseph Panoff: That’s the most common extra cranial solid tumor in children.
Jim Fried: You mean outside their skull, but on their head?
Dr. Joseph Panoff: No. Outside their skull.
Jim Fried: Okay.
Dr. Joseph Panoff: It can be anywhere in their body.
Jim Fried: Okay. Just not brain cancer?
Dr. Joseph Panoff: Exactly.
Jim Fried: Okay. So what our studies telling you?
Dr. Joseph Panoff: Well, the most recent data that we published that was specifically from the University of Miami was this rare tumor that’s called retina blastoma, which is a tumor of the eye and because we have the resources at the Bascom Palmer Eye Institute, we are able to gather a large cohort of patients that were treated over 20 years with a very advanced stage of retina blastoma. It was the largest cohort that has been published with this advanced stage and we found that our results was very good with radiation. When they couldn’t have any other treatment and we’re trying to prevent a nucleation or removing the eyeball. Their local control and eye preservation, right? So not having to remove the eyeball was very good as well as their survival.
Jim Fried: Now, is there any new stuff on the horizons with childhood cancer, the pediatric oncology? We hear about the adults having a customized gnomic addressing the cancer cells. How about the kids?
Dr. Joseph Panoff: Absolutely. Those customized which really arose in children at the national level through an organization called The Children Oncology Group and pediatric because they’re so rare are which treat based on national protocols through the COG and to give you an example, the neuroblastoma, the new phase through protocol is going to be coming out 2015, which will be used all across the country. Including the Sylvester Cancer Center in the University of Miami. We’ll have … It will be very enormous so to speak, and they’re only to identify certain molecular markers that we can treat with tailored molecular, tailored molecular molecule called protonated and…
Jim Fried: We only have a couple of minutes left. So first of all I want to congratulate you on being named The Cancer Center of Excellence Award winner because there’s only a couple of those. I think that’s the only one in South Florida right?
Dr. Joseph Panoff: Yeah.
Jim Fried: And now we’ve only got a couple of minutes left, so I need you to do two things for me. If you could tell me really good success story outcome and tell people how they can get to you and I’ve only got a minute and a half left. I’m sorry to do it that way, but really let’s tell about how you’re making miracles over there.
Dr. Joseph Panoff: Sure. Well, let me just how to get there.
Jim Fried: Sure.
Dr. Joseph Panoff: Basically we’re full process would be through the UHealth System and you can contact or you can directly contact my office. My number is 305-243-4341 and I’m very accessible and anyone that needs a console with me or sometimes I don’t need to treat people and I just speak with them and help and get care. So I’m happy to do that with anyone.
Jim Fried: Hold on. Hold on because I want to say the phone number again. We’re not going to have time to go through the positive outcome, but that’s secondary to people needing to get you. I’m kind of stalling so they can go get their phone number write down thing or get their fingers on their cell phone. Give it to me again if somebody has a kid or knows a kid that needs pediatric cancer care. The best place in South Florida to take them is at the end of this phone number. Doc it’s yours.
Dr. Joseph Panoff: 305-243-4341.
Jim Fried: Well, listen I really want to thank you so much for coming on the show today telling us about the progress we’re making in pediatric care, Dr Panoff. Thank you so much and I want to say…
Dr. Joseph Panoff: Thank you for having me.
Jim Fried: It’s my pleasure. Thank you for being such a great asset to our community. It’s good to know you’re right down the street if anybodies kid gets sick.
Dr. Joseph Panoff: Okay. Thank you . I appreciate it.
Jim Fried: It’s my pleasure. Will be back after this. He’s holding on the other line. Johnny Mahoney. Social Media 305, PR dude extraordinaire. He’s the guy that taught me social media. I tried some new things this week on social media, Facebook and Twitter tips. Coming ups next with John Mahoney. Back after this.
Yeah. Just so you all know it’s Ringo’s 75th. That’s why we’re playing. My man Ringo Starr for you today.
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Jim Fried: Well alright. Now it’s time for me to talk about Lauren’s Kids and the reason that I do that every week is because it’s something that’s important to me, my wife, and our community. 95% a child sexual abuse could be prevented simply by education, so go to LaurensKids.org and educate yourself. Your kids are doing stuff over the summer. They’re going to camp, they’re doing activities, they’re meeting all kinds of new people, so make sure you go to LaurensKids.org to find out what the signs are to protect our kids. LaurensKids.org. It can happen to anybody. Make sure it doesn’t happen to your child.[Commercial Break]
Female Announcer: This is the Wall Street Business Network.
Announcer: South Florida’s only business radio station. 880AM The Biz. You’re listening to Fried on Business. To talk to Jim and his guests call 305-541-2350. That’s 305-541-2350. Now back to your host Jim Fried.
Jim Fried: All right. We are back. Hey, Johnny are you out there?
John Mahoney: Yes sir. How are you tonight?
Jim Fried: I am doing great Johnny and I took your advise. I spent a couple of nickels on some Facebook ads. I’m trying to do Twitter, but I’m kind of waiting for you to give me more hands on instruction on that and gosh, Johnny, you’re right. Stuff works.
John Mahoney: It really does. It really does and that’s the way Facebook works these days you know. If you have a personal page, you could talk to your friends all day, but if you have a business page, it’s for a lack of a better word, it’s a page you play situation.
Jim Fried: You know, but that’s okay. I don’t really mind that. It’s not really not that much. I spend a lot on the radio show. I’ve got your consulting. I’ve got the guys that do the website. I want to give a high five for doing the website to Robert Pitts. I’ve got Sandy riding shotgun on the content management email. Thank you. I’m on this radio sometimes I just lose it.
John Mahoney: I know I’ve been there.
Jim Fried: I know. I know. You know so and then I found something really new on one of my Twitter tweets the other day. They started giving me statistics. What’s up with that?
John Mahoney: Exactly. It’s analytics.twitter.com and if you’re using your mobile phone, then you just have to go back to any tweet that you already sent and it will show you not necessarily who did, but how many people have seen the tweet, how many people have clicked the link, and what the actual analytics are via your mobile phone through the Twitter app.
Jim Fried: It’s unbelievable you know…
John Mahoney: It’s great right?
Jim Fried: Let me tell you why. Not that I can control myself when I’m going to anyway and if you said, “No.” I’ll still tell you. It’s just amazing because everybody goes to me,”Jim, so who listens to your show. I used to have to go.” Well, lot’s of people. I wave my hand around the room and say, “This is who listens.” Now I can show people. Sorry. I just hit the window there. As I wave my hand across the room, so now I can say, “Hey! You know what it’s about 50/50. Men and women.” It’s pretty skewed to the high income and I used to think a lot of people were over 35 or 40, I got a bunch of people in the 18 to 25. At least on Twitter and I’ll bet you something else, the folks on Twitter have a different profile than the Facebook folks.
John Mahoney: I’m 100%. In my opinion there are a lot more apps. It’s a lot more fun. Listen. Facebook great. It’s always been number one platform, but again your mom’s on there, your grandma’s on there, so sometimes a lot of people can’t be honest as they want on Facebook, but on Twitter they just let it ride.
Jim Fried: No.
John Mahoney: …Are stuck in traffic and this job, so whatever they might do-Excuse my language, but…
Jim Fried: It’s okay.
John Mahoney: They’re just it’s a lot more free flowing. Where Facebook is more of a paragraph and more a lack of a better word, it’s more content and even some people that were in the content business, they’re kind of leery of what they put on Facebook because let’s say you get political on Facebook. Before you know it 38 people apply to it. Like all of a sudden you have an argument going on between republicans and democrats on your Facebook page.
Jim Fried: Well, Johnny let’s not get blue and red here. Let’s not get blue and red. Okay, okay. Everybody has their right and personally I’m purple and it’s not because I’m holding my breath or maybe I am. I’m holding my breath for government that makes sense, but we’re not talking politics. So Johnny now I’m sitting here and I’m tweeting and I’m getting ads and I’m starting to realize that I’ve got 1,700 followers and if I spend probably about $10 bucks, I’m going to get the two thous. You know it finally hit me. I’m been doing it just, I’ve been doing it on my own. It finally hit me if I buy to their business model, they’re going to help me make money.
John Mahoney: Yes.
Jim Fried: Wow!
John Mahoney: Absolutely.
Jim Fried: That’s just a great talk show answer Johnny. Can you give it to me in less than one word?
John Mahoney: Yeah.
Jim Fried: Alright. So John, you’re doing the PR out there, you’re doing all kinds of PR, all kinds of marketing, what’s a platform that works best for you? We’ve only got about two and a half three minutes. Dee’s wiggling his fingers at me.
John Mahoney: You know it’s really not just one. It’s the top three, Facebook, Twitter, and Instagram and that’s as per client, so if I’m dealing with someone that is dealing in fashion, the end of the day they’re looking for Instagram. If I’m dealing with someone that has content, they’re looking for Twitter and really a lot of the mom and pop businesses or even the larger corporations out there, they want Facebook. It’s where their audiences. It’s where they are.
Jim Fried: It’s where middle of America is. The early doctors are on Twitter. People are a little snarky around Twitter. Facebook just like eating apple pie everyday.
John Mahoney: Facebook one thing and for all the listeners to understand. Facebook learns off what’s called an algorithm and that algorithm really works of what your engaged with and I deal with a lot of business pages. I’ve dealt with so many in the past five years. It’s unbelievable. Well, one thing I notice, if you were not a major brand and if you’re not paying Facebook, you’re not getting the views and the analytics that you see from Instagram and Twitter unless again, you pay to play.
Jim Fried: Yeah. But sometimes you got to be there and just the way I make my website look great with Robert, just the way and I’m getting comments from the changes Sandy’s made, so we’re going to talk about that actually next week. I’ll tell the show later, but so John wrapping it up. How do people reach you if they need a vent marketing or PR?
John Mahoney: Very simply. You can find me at Social Media 305 anywhere from Facebook to Twitter. Twitter always are my number one home or just call me directly. My personal number is 305-710-2273.
Jim Fried: Johnny, I’m going to have to go, but for the ladies out there. Could you repeat your phone number one more time.
John Mahoney: 305-710-2273.
Jim Fried: High five Johnny. You’re always working it just right. Thanks for the Twitter tips, the Facebook tips, the Instagram tips, and for just being good old Johnny Social Media 305.
John Mahoney: Always a pleasure my friend.
Jim Fried: High five. Hash-tag high five to you John Mahoney.
John Mahoney: Exactly. High five and ten four.
Jim Fried: Alright. You’re out of here. I want to thank our guest. Thanks to Tom Handler and Handler Thayer. I want to thank our guests from UHealth. We talked about childhood pediatrics and my god! Johnny has to be on more because he’s just the greatest interview. I want to thank our sponsors. KIND Snacks, South Florida Business and Wealth Magazine and the CCIM’s, Terek Maddox, UHealth, Warren Henry Automotive, the NFL Alumni, The Miami Dolphins, the Miami Marlins, Social Media 305. You just heard him. Lauren’s Kids, the Aztec Group, the University of Florida’s Bergstrom Center for Real Estate Studies, UHealth, but number one I want to thank you, the listeners because we’re family.
If it wasn’t for you, I wouldn’t have a show and I know you’re out there, so please go to our Facebook page and like our show and tell your friends. Join our community. Give us feedback, comments. Tells us who you want to hear from. You can tweet at me @JimFried. The show is @FriedonBusiness. You heard Johnny talking about Facebook. You didn’t hear him mention LinkedIn where I publish all kinds of great blogs. We’re also on YouTube and the website. Hits keep going up.
If you missed today’s show it’s going to up on our web page probably by Saturday morning and I’ll be Tweeting it out every Sunday at ten o’clock. This is Jim Fried for Fried on Business. Look for us next week on 880AM on Thursdays at six. Will have Carlos Rosso, the head of condo development for Related Group and Sandy Havit, the person that makes my social media marketing swing and will be on because I just love doing this. Remember this is no a rehearsal, this is your life. The person that wants to do something finds a way. The other finds an excuse. Now go out there and make it happen. Dee! Take it. Bob, thank you so much. Thank you fans. Thank you, thank you.