Insights

Florida’s Small Businesses: The Heartbeat of a Thriving Economy

From family-owned contractors and boutique design studios to advanced manufacturing shops and tech consultancies, small businesses are the steady heartbeat of Florida’s economy. They create jobs, spark innovation, and keep local communities vibrant. In Florida today, there are 3.5 million small businesses, representing 99.8% of all businesses in the state and employing 3.8 million Floridians, or 39.6% of the workforce.

Why Small Business Matters in Florida

Small businesses are job creators. Between March 2023 and March 2024, Florida saw a net increase of 180,748 jobs, and small businesses contributed 77.4% of that gain, adding 139,887 net new jobs. That growth is not abstract. It shows up as new paychecks, new leases on Main Street, and new opportunities for families across the state.

They are also globally minded. In 2023, 94.4% of Florida’s exporting firms were small, and those firms accounted for 56.3% of the value of exports among identified exporters. In other words, small businesses are not only building Florida’s local economy, they are also carrying Florida’s story to customers around the world. 

A Diverse Engine of Entrepreneurship

Florida’s small-business community reflects the state’s rich diversity. Women own 46.4% of businesses, veterans own 5.0%, and Hispanic entrepreneurs own 36.9%. This diversity fuels fresh ideas, resilient supply chains, and broader access to opportunity.

Where Small Businesses Show Up in Everyday Life

If you look around, you’ll see small businesses woven into every corner of Florida’s economy:

• Professional, scientific, and technical services lead Florida’s small-business count, with more than 441,000 firms. Think engineering consultancies, legal and accounting practices, architecture and design studios, marketing agencies, and IT security firms. These firms support larger industries and help Florida companies compete nationwide.
• Construction, health care and social assistance, retail trade, and real estate each include tens of thousands of small employers. Together they support everything from new homebuilding and medical clinics to neighborhood shops and property management.
• In manufacturing, small firms still employ more than 50% of the sector’s workforce, producing components, packaging, food products, and specialty goods that flow into domestic and international supply chains.

This diversity of industry matters. It means small businesses touch daily life: the pediatrician who treats your child, the civil engineer who designed your neighborhood’s roadway, the café that anchors your town center, and the parts supplier that helps Florida’s exporters deliver on time.

How Small Businesses Impact Local Communities

Healthy small-business ecosystems tend to circulate dollars close to home. Owners hire locally, sponsor youth teams, commission local contractors, and fill vacant storefronts that keep streets active and safe. Their presence stabilizes local tax bases and supports critical services.

Small businesses also create ladders of opportunity. Many start with a single owner and one hire, then grow into multi-site employers that bring career paths to emerging professionals, working parents, and veterans transitioning to civilian life.

The Capital It Takes To Grow

Growth requires capital. Reporting banks issued $7.2 billion in new loans to Florida businesses with revenues of $1 million or less in 2023, and $19.4 billion in small-dollar loans of $1 million or less across businesses of all sizes. Access to right-sized financing is often the difference between postponing a project and opening a new line, buying equipment, hiring a team, or saying yes to a larger contract. 

The Resilience Behind the Headlines

Florida’s small-business employment grew 36.6% from 1998 to 2022, outpacing national small-business employment growth over that period. That long view captures what owners know well: resilience comes from thoughtful planning, steady cash-flow management, and partners who understand both the numbers and the story behind them. 

What Florida’s Business Owners Are Asking Right Now

As we head into year-end and the busy holiday season, many owners are focused on:

• Working capital and liquidity: Shoring up cash to manage inventory cycles, seasonality, and growth.
• Equipment and space: Financing machinery, vehicles, technology, or additional square footage to meet demand.
• Risk and continuity: Reviewing insurance, fraud controls, and succession plans to protect the enterprise and the family behind it.
• Banking and treasury efficiency: Streamlining receivables and payables to speed collections, control disbursements, and reduce fraud exposure.

How Cypress Works With Florida’s Small Businesses

At Cypress Bank & Trust, relationships come first. You work one-on-one with a banker who knows your name, understands your goals, and appreciates the path that brought you here. That personal connection helps us see the fuller picture, from long-term vision to day-to-day realities, and to tailor banking and trust solutions that support both.

Whether you are an established manufacturer adding a second line, a professional services firm expanding your team, or a family business preparing the next generation, our role is to listen carefully, bring thoughtful options to the table, and walk beside you as your needs evolve.

Looking Ahead For Small Businesses

Florida’s small-business story is one of energy and momentum. With millions of entrepreneurs employing nearly two out of five private-sector workers, exporting around the world, and investing back into their hometowns, the impact is clear. The right guidance and the right financing can help that story continue, from this season’s goals to the legacy you will leave.

Let’s talk about what comes next for your business. Connect with a Cypress banker to explore solutions for working capital, growth investments, and long-term planning that fit your vision.

 

Source: https://advocacy.sba.gov/wp-content/uploads/2025/06/Florida_2025-State-Profile.pdf

Smart Tax Planning: Why October is the Perfect Time to Prepare

Smart Tax Planning: Why October is the Perfect Time to Prepare
Nearly one third of taxpayers, about 43 million people, wait until the final three weeks before the
deadline to file their taxes. Filing under pressure often leads to mistakes, missed opportunities,
and unnecessary stress. At Cypress Bank & Trust, we encourage our clients to take a different
path. By preparing early, you can enter tax season with clarity, confidence, and a plan that
reflects your greater financial vision.
Why October Matters
October is an ideal time to evaluate your year-end tax strategies. With a few months left in the
year, you still have the flexibility to make impactful decisions. Waiting until March or April limits
your options and can result in lost deductions or overlooked contributions. By starting now, you
gain the ability to act thoughtfully rather than react hastily.
This preparation is not only about numbers; it is about aligning your financial decisions with the
life you are building. Whether you want to strengthen your retirement savings, give back through
charitable contributions, or make strategic moves for your business, the final quarter of the year
offers opportunities to bring your goals into focus.
Maximizing Deductions
One of the most effective reasons to plan early is to maximize your deductions. By October, you
have a clear picture of your income for the year, which helps you identify areas where
deductions can be increased. Charitable contributions, mortgage interest, and health care
expenses are common examples where timing matters.
Planning ahead also gives you the chance to track and document expenses accurately. When
tax filing is rushed, receipts and records often go missing. Creating space now ensures that
every eligible deduction is recognized, reducing your taxable income and protecting more of
what you have earned.
Retirement Contributions
Retirement savings are one of the most powerful tools in year-end planning. Contributions to
accounts such as IRAs or 401(k)s can lower taxable income while strengthening your long-term
security. For individuals with access to employer-sponsored plans, making sure you have
contributed the maximum allowed by law can make a meaningful difference.
For business owners, opportunities exist beyond individual accounts. Simplified Employee
Pension (SEP) IRAs and other retirement structures offer additional ways to invest in both your
future and your employees. Addressing these contributions in October provides time to align
with cash flow, rather than scrambling to find funds at the filing deadline.
Charitable Giving Strategies
Charitable giving does more than support causes close to your heart; it also provides valuable
tax benefits. Year-end is often a season of generosity, but thoughtful planning in advance allows
you to give strategically. Donor-advised funds, appreciated securities, and qualified charitable
distributions from retirement accounts are all options that can maximize both impact and tax
efficiency. By considering these strategies now, you ensure that your giving is aligned with
both your values and your financial plan.
Business Tax Planning
For business owners, October is a critical checkpoint. Decisions about equipment purchases,
property investments, or expansion can have significant tax implications. The IRS allows certain
deductions for new equipment and capital expenditures, but the timing must be right. By
reviewing your financials before year-end, you can make well-informed choices that position
your business for growth while optimizing tax benefits.
In addition, reviewing payroll and bonus structures before December ensures compliance and
creates opportunities to manage taxable income for both the business and its employees.
Avoiding Common Mistakes
The statistic that nearly one third of taxpayers file in the final three weeks of tax season
highlights a common challenge: procrastination. Filing late not only increases stress but often
results in errors, missed deductions, or penalties for late payments. Businesses and individuals
alike can lose valuable opportunities by waiting too long.
By starting early, you give yourself time to gather documentation, ask questions, and consider
strategies that support your broader financial goals. At Cypress, we often see the difference
preparation makes—not only in dollars saved but in peace of mind gained.
Estate and Legacy Considerations
Tax planning is not only about this year. It is also about how your choices today shape the
future for your family. October is an excellent time to revisit estate planning documents, trusts,
and beneficiary designations to ensure everything is aligned with your wishes.
For example, reviewing gift tax exclusions, planning for required minimum distributions, or
updating wills and trusts can prevent costly oversights later. Integrating tax planning with estate
planning ensures that your legacy is protected and your loved ones are cared for in the way you
intend.
The Cypress Approach
At Cypress Bank & Trust, we view tax planning as one part of your broader financial journey.
While we do not provide tax advice or prepare tax filings, our role is to walk beside you—
offering clarity, coordination, and tailored strategies that reflect your unique life and goals. By
preparing together in October, we help ensure you and your tax advisor have the information
and support needed to take advantage of opportunities, minimize risks, and enter tax season
with confidence.
Our team understands that financial decisions are never one-size-fits-all. We work closely with
individuals, families, and business owners to create plans that balance immediate needs with
long-term vision. Whether you’re navigating personal finances, managing a business, or building
a legacy for future generations, Cypress is here to support your journey with thoughtful
preparation and trusted partnership.
Peace of Mind Through Preparation
When nearly 43 million taxpayers wait until the last three weeks to file, the difference between
stress and peace often comes down to preparation. By taking steps now, you give yourself the
gift of time, the power of choice, and the confidence of knowing your financial life is in order.
Let October be the month you turn intention into action. Connect with the Cypress team today to
prepare thoughtfully for year-end—gaining insights, clarity, and support as you take steps to
protect your resources, strengthen your future, and reflect the life you envision

The Extraordinary Power of Compounding: A Lesson from Einstein and Everyday Life by Sascha Rizzo

The Extraordinary Power of Compounding: A Lesson from Einstein and Everyday Life by Sascha Rizzo

Albert Einstein is best known for developing the theory of relativity—work that ultimately foreshadowed the creation of the atomic bomb. But Einstein also deeply appreciated another kind of power: the power of compounding.

While many investors—most famously Warren Buffett—are well aware of compounding’s long-term benefits, the critical factor that often gets overlooked is time. Compounding is most powerful when given the chance to work for as long as possible. In this way, procrastination becomes the greatest enemy of wealth creation.

To illustrate, imagine two 21-year-old college graduates beginning their careers. Both earn similar incomes. One starts saving immediately, investing $10,000 a year for just ten years, then stops contributing entirely. The other delays saving for a decade, then invests $15,000 a year until retirement at age 65.

Assuming a consistent 10% annual return, the early saver—despite contributing only $100,000—will accumulate more wealth than the late starter who invests $510,000 over 35 years. Why? Because the early savings had more time to grow. The math is clear, but the lesson is emotional: starting early matters more than saving more.

Of course, we can’t go back in time. But we can choose to start today. Even small sacrifices add up. For instance, eliminating one subscription could save $20 a month and saving that money instead could result in over $70,000 after 34 years at a 10% return.

A slightly bigger effort—saving just $2,000 a year for ten years—could grow to more than $90,000 in 20 years, or over $235,000 in 30 years. That’s the power of consistent, compounding growth.

The takeaway? Whether you’re just starting out or catching up, take Einstein’s wisdom to heart: small, consistent actions today can lead to transformative outcomes tomorrow.

 

Trust and Portfolio Management services offered by Cypress Bank & Trust:

• Not Insured by the FDIC or Any Federal Government Agency
• Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Protecting Your Pets When You Can’t Be There

Understanding Pet Trusts: Protecting Your Pets When You Can’t Be There

For many families, pets are more than companions; they are cherished members of the household. We carefully plan for our children, our businesses, and our legacy, but often overlook what would happen to our pets if we were no longer able to care for them. A pet trust provides peace of mind, ensuring your animals are looked after according to your wishes, no matter what life brings.

What Is a Pet Trust?

A pet trust is an arrangement that allows you to set aside funds and provide clear instructions for your pets’ care in the event of your death or incapacity. Unlike a simple verbal promise to a family member or friend, a pet trust creates an obligation for your chosen caregiver.

In most states, including Florida, pet trusts are even recognized under state law giving you confidence that your wishes will be respected.

Why a Pet Trust Instead of a Will?

Many assume they can simply name a pet in their Will but pets are considered personal property, which means you cannot directly leave assets to them. Therefore, your Will can transfer ownership of your pet to another person, but it doesn’t provide ongoing funds or guidance for their care.

In addition, a Trust can be active during your lifetime if you become incapacitated, unlike a Will, which only applies after death.

Key Roles in a Pet Trust

When creating a pet trust, you’ll appoint three essential roles:

• The Beneficiary: Your pet or pets.
• The Caregiver: The trusted person who provides day-to-day care.
• The Trustee: An individual or institution who manages funds and ensures they’re used as intended.

These roles can be filled by family, friends, or professional trustees, and many people choose backups to ensure long-term protection.

What Expenses Can a Pet Trust Cover?

A pet trust can be as simple or as detailed as you want, covering every aspect of your pet’s needs. Typical expenses include food, treats, and supplies, along with regular veterinary visits and emergency medical care. You can also include grooming services, boarding costs, and pet insurance premiums.

Many families go beyond the basics to cover the comforts their companions are accustomed to such as special toys, bedding, or other personal touches that make their lives joyful. A thoughtful plan may even extend to end-of-life care, ensuring those moments are handled with dignity and compassion.

How Much Should You Fund a Pet Trust?

The right amount will depend on your pet’s type, lifespan, and expected care. Cats and dogs may need 10–20 years of support, while horses and parrots can live much longer and often require higher costs of care.

A common approach is to calculate annual expenses, multiply them by your pet’s expected lifespan, and add a cushion for unexpected needs. Working with an estate planning professional ensures your trust is properly funded while still balancing the needs of your other beneficiaries.

Flexibility and Oversight

Pet Trusts are flexible tools that can be designed to fit your exact wishes. You can specify how leftover funds should be distributed after your pet passes, appoint a “trust protector” to oversee the trustee, or even provide a stipend to the caregiver in recognition of their dedication.

By setting clear oversight, you protect against misuse and provide your pets with the stability and loving care they deserve.

The Legal Landscape of Pet Trusts

All 50 states now recognize pet trusts in some form, though the details vary. In Florida, a pet trust can last for the lifetime of the pet, and courts will enforce its terms as written. If the funding is considered unreasonably high, courts may adjust it to a reasonable level.

This makes it especially important to work with an attorney experienced in state law, so your trust remains valid and enforceable.

Pet Trusts as Part of a Larger Plan

A pet trust should be part of your larger estate plan, alongside wills, living trusts, and powers of attorney. Many families also choose a professional trustee, such as a bank or trust company, for additional peace of mind. With professional oversight, you can feel confident that funds will be managed responsibly and that your pet’s needs remain a priority.

Let’s Chat About Your Pet’s Future

At Cypress Bank & Trust, we understand that planning for your future (and your pets’ future) comes with a mix of love, responsibility, and sometimes tough decisions. You don’t have to navigate it alone. Our team is here to listen to your story, guide you through your options, and help create a plan that brings you confidence and peace of mind. Whether it’s protecting your family, your business, or your beloved companions, we’re ready to walk alongside you every step of the way.

Hurricane Prep List 2025

Preparing for hurricane season goes beyond stocking up on water and batteries. It’s also about protecting your financial well-being. From securing important documents to reviewing your insurance coverage and ensuring access to emergency funds, every step plays a role in keeping you prepared and resilient.

We’ve put together a straightforward disaster preparedness checklist to help you feel confident before a storm is even on the radar. It’s designed to give you peace of mind, knowing you’ve covered not just the basics, but the financial essentials too.

Download your copy and stay prepared for whatever this season brings: Hurricane Checklist