The Other Half

Business execs view money differently at work and at home

Business execs can usually account for every penny. Give them a computer, an Excel spreadsheet and a few minutes each day, and they can stay on time and on budget.

Plus, businesses often work in larger numbers than most of us have in our personal checking account. A large purchase is usually served with a side of “future returns” and washed down with a drink of “it’s the cost of doing business.”

But how do these business executives treat finances when they go home?

Utah Valley Magazine caught up with professionals from two different industries to see their attitudes toward money at work and at home.

DAVID & CAROL COPPINS
Owners, Flour Girls and Dough Boys Artisan Bakery & Café in American Fork
David and Carol Coppins moved “back” to Utah four years ago after spending 13 years in Boston. The couple settled in Alpine and, despite loving the area and being close to family, they missed the small corner bakery they’d shopped at for years.

So, Carol decided to start the corner bakery. While David works from home with the company he co-founded in Boston (“There are benefits to being a founder,” David says), Carol opened Flour Girls and Dough Boys in American Fork. Now, the family is counting dollars at work and at home — but the approach is different.

At work

“There is a huge mental shift when it comes to how I approach spending in the business,” Carol says. “Right now, it’s tough to feel secure. When you start hiring people, you feel a huge obligation to them and their families.”

Carol reviews income projections week to week, and she adjusts spending accordingly. Each dime is carefully reviewed and the budget is adjusted as needed.

At home

In general, it’s “what’s best for the kids.” In fact, the Coppins built a fully functioning stage and recording studio in the basement because two of their sons are in bands.

“It won’t make a lot of sense on a spreadsheet or if we sell the house, but it works well for our family and the way we use our home,” David says.

CARINE CLARK
Vice president of marketing, Symantec in Lindon

It doesn’t take long to be impressed with Carine Clark. She has a gorgeous view of Timpanogos from her corner office. But her jet-setting ways (she averages a trip every other week) leave her little time to enjoy the view. She has a loving family (husband, two children) and an executive position with a company that does about $6 billion in annual revenue. She also sits on the board of directors of UCCU. Her professional positions affect how she feels about money in her personal life.

At work

Carine manages an annual marketing budget of about $500 million and has 1,000 employees reporting to her. She markets hundreds of products and understands that she needs to spend money to make money.

However, she still looks to vendors who offer her the most for her money.

“If you do great work at a fair — or more than fair — price, you’ll get my business,” she says.

Carine takes pride in getting more out of her marketing dollar than most and knows where her people are all the time.

“In our meetings, I’m closest to the pin every quarter,” she says. “In my world, if you’re too far under budget, it’s a problem. If I’m too far over budget, that’s also a problem.”

At home

While Carine tracks money closely at work and home, she has a different end goal for each place.

“At work, my money better grow my business,” she says. “At home, my money should improve my life.”
Carine admits she has money. What she doesn’t have much of is time. So, she spends money on things that give her more time with her family. For example, she bought a Lexus SUV hybrid because it saves her time driving to the airport in the carpool lane.

She has lived frugally (she stayed in her first house for 14 years before buying her home in Orem) because of the nature of her job.

“I work in technology, so I live as if I’m going to be fired tomorrow,” she says. “I carry no debt.”

However, her careful approach makes her less likely to lose her job.

“I live that way so I can do my job like I’m not afraid to lose it,” Carine says.

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