Headlines

Making Your Harvest More Bountiful - Capturing Business Opportunities in Today's Economy

The "Right" Price - What You Need to Know About Selling your Business

SUCCESS IS ALL ABOUT HOW YOU HANDLE "PLAN B"

News

A Dollar Spent is a Dollar Earned

We have all heard the phrase "you must spend money in order to make it". Often this phrase becomes common language that is said without a keen sense of what it is implying. Is it possible that there could be meaning behind it?

As a business owner, the decisions you make on a daily basis revolve around the cash position of your entity. The past few years our current economic condition has made all of us re-evaluate how and when we spend our cash. Through this evaluation we are forced to consider the operating cycle in place and how the various components attribute to the realization of cash within our organizations.

Click here to continue reading

Six Steps To Protect Against Claims By Employees

In today's business world, all employers are susceptible to claims brought by their employees and former employees. Lifetime employment and job loyalty no longer exist, and family-owned businesses are not immune from lawsuits by their employees. There is never a guarantee that a company will not be hit with these types of lawsuits. Implementing the following steps, however, will certainly reduce the risk of one.

1. Employee Handbook

All employers, regardless of size, should have an Employee Handbook that is given to all employees upon their start date. The Employee Handbook should contain an at-will employment disclaimer, which is a statement that their employment is for an unspecified duration and can be terminated with or without cause and with or without advance notice. The personnel file of every employee should contain the signed handbook acknowledgement form, which should also contain the at-will disclaimer. The Employee Handbook should also generally describe the policies of the company. For small businesses, lengthy handbooks are not required.

Click here to continue reading this article

Get exceptional work from your creative team (it's easy)

A friend who's a math genius but struggles with putting sentences together once asked me how I write. I was tempted to say that it involves a mysterious, tantalizing process known only to those who possess special knowledge. Mere mortals are not worthy.

The secret sauce is creativity. It's the engine that drives many of us who bypassed math and science while we were pursuing our liberal arts educations. It's also the main ingredient behind show-stopping copy and eye-popping design.

But creativity only gets us so far. We also need your input and direction to keep our tanks full and to ensure that you are just as revved up as we are about your logos, websites, blogs, newsletters and other creative projects. Here are a few simple tips to keep us humming efficiently:

To continue reading this article,click here.

Power-Fact Card Review

Anger is Expensive.
It's obvious to most of us that we make poor decisions when we are upset. But, be wary.
The cost of anger and being upset may be far greater than the consequences of a single poor decision. More poor decisions may follow-even though we are not upset.

Dan Ariely, author of Predictably Irrational (HarperCollins 2008), found that poor decisions become a part of the blueprint for future decisions-part of what the brain considers "the way to act." Apparently, we tap into the memory of the previous annoyance. We make another poor decision even though we are not angry or upset. Incredible.

To continue reading this article please click here

Key Considerations for Your Family's Financial Future
Provided by Allen Schiefelbein, a financial representative with Pearre & Associates, Ltd., a MassMutual Agency; courtesy of Massachusetts Mutual Life Insurance Company (MassMutual)

What is the sign of a good decision?^SM
It's educating yourself and your children regarding finances to prepare for future financial needs.

In today's economy, families are facing increasing pressure to provide for their every day needs. It is important for parents to teach children in a way that gives them a chance for a better future than many parents feel they have today. Parents may want to talk about finances so their children feel confident with financial decisions later in life. To continue reading,please click here.

Beware of Fraudulent Electronic Funds Transfers

There has been an increase in electronic funds transfer (EFT) fraud being committed on small to medium-size businesses in the last year. If your company processes wire transfers through its bank accounts, it is important to be aware of the risks of fraud from both outside and inside the company.
To continue reading please click here.

SBA 504: Buy or Refinance your Fixed Assets Effectively

Most people have certainly heard of the Small Business Administration (SBA), and some probably even know that the mission of the organization as an independent agency of the Federal government is to; aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. However, most people aren't aware of one particular program the SBA offers which could provide a great benefit to them. This program is commonly referred to as the "SBA 504" program, and assists small business with the financing of major fixed asset acquisition such as real estate and/or machinery & equipment. To continue reading please click here.

Social Media Savvy Intro: Not using social media? You're not alone

You've heard all about social media.You know that tools like LinkedIn, Facebook and blogs are the latest frontier for marketing. You're well aware that social media lets you have meaningful two-way conversations with your customers and glean valuable data like no other marketing strategies can. To continue reading this article, please click here.This entry is a four-part series - read everything on The Simons Group Blog.

TAX ALERT

On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, making significant changes to Federal tax laws. The Act received wide publicity because it extended current income tax rates for all taxpayers through 2012. The Act also made significant changes to estate, gift, and generation-skipping transfer (GST) tax laws. These changes provide you with new estate planning and business succession planning opportunities, which may only be available for a limited amount of time. To continue reading please click here.

Ebenezer Scrooge and George Bailey
Tales of two businessmen at Christmas

Ally Deibert
Kiara
(630)858-3800
adeibert@kiara.com

Holiday funk is nothing new. It's illustrated quite well in A Christmas Carol through business owner Ebenezer Scrooge and in It's a Wonderful Life by family man and business owner George Bailey. Both men, in their own way, acquired deep cases of holiday funk.

Ebenezer
Ebenezer was known to be beyond frugal. He was a miser. But, I don't feel his monetary policies were the main point of the Christmas story. He found his way to funk and stinginess was only one of the side effects. His funk dramatically affected him and the people around him. To continue reading this article please click here.

Jonathan W. Michael
(312) 840-7049
jmichael@burkelaw.com

It's A Great Time For GRATs!

On six separate occasions in 2010, Congress introduced legislation designed to curtail a very favorable estate planning technique called a "Grantor Retained Annuity Trust" or "GRAT." Fortunately for taxpayers who wish to transfer assets to their children and grandchildren during their lifetimes, Congress was unable to eliminate this technique and GRATs continue to be very attractive wealth transfer tools, particularly in this current low interest rate environment. To continue reading this article, please click here.

Ten Tips to Help Business Owners in Challenging Times

Provided by Allen Schiefelbein, a financial representative with Pearre & Associates, Ltd., a MassMutual Agency; courtesy of Massachusetts Mutual Life Insurance Company (MassMutual) You know how to assess and address your clients' needs; however, it's easy to neglect your own.

What is the sign of a good decision?^SM

It's choosing a knowledgeable financial professional to help you assess and address your needs.
In challenging times, when business decisions have considerable personal and economic impact, it helps to have knowledgeable advice from a network of professionals who can help owners overcome challenges and lay the groundwork for future success. Consider the following ten tips to help small and family business owners in challenging times. To continue reading this article please click here.

Michael Moran
(847)418-3226
mmoran@americanchartered.com

Liquidity, Cash Flow and Capital

The Recession has claimed the lives of many companies previously thought to be stable and strong. Unfortunately, the downturn was so severe, that many businesses lost 20%, 40% or some even as much as 60% of revenues, and unless you have a mostly variable cost structure it's difficult to overcome. To continue reading this article please click here.

Deanna Salo CPA
(630) 953-4900 x210
dsalo@craykaiser.com

Roger Reitz CPA, CVA
(630) 953-4900 x213
rreitz@craykaiser.com

How Can You Reduce the Risk of Fraud in Your Business?

According to a 2008 report by the Association of Certified Fraud Examiners, 38% of reported fraud cases were perpetrated by employees living beyond their means. Additionally, 34% of reported fraud cases were perpetrated by employees who were experiencing known financial difficulties at the time they committed their frauds.
To continue reading this article please click here.

A family business is often the product of one or more lifetimes of work. Watching your family grow with the business, making decisions with loved ones, and working for and with people you care about makes it all worthwhile. As you consider your future and the future of your business, consider the following as you look to secure your legacy.

1-    It Wasn't Raining When Noah Built His Ark - Start Planning Early

It is often the case that business owners believe they cannot begin the process of business succession planning until some future event occurs. A well-crafted business succession plan should offer sufficient flexibility to address future "changes" in the business and/or family structure. While it is never too early to start, waiting too long almost always spells disaster.

To continue reading this article please click here

Money, Fun, and What Are We Living For.
Ally Deibert
Kiara
(630)858-3800
adeibert@kiara.com

At Kiara, we believe that Jim Collins' book Good to Great, if analyzed and implemented, will do exactly what the title of the book states - propel a company from good to great. We've had the privilege of being a part of good to great business adventures. Seeing is believing. In Collins' book, greatness is measured by companies that averaged cumulative stock returns of 6.9 times the general market in the fifteen years following the decision to become great. Lots of money. Yet, amazingly, Good to Great is very often read but very rarely done.
To continue reading this article please click here

Working Capital Management Strategies

Working capital strategies has in the past been a responsibility designated to those managers in the accounting and finance departments. However, today's economy is changing those roles and many managers who traditionally were not part of this process are being called upon to take proactive steps in reducing the risk associated with working capital.

To continue reading this article please click here

	WHOLE LIFE INSURANCE - An Overlooked Foundation of Business Succession Planning? Provided by Allen Schiefelbein, a financial representative with Pearre & Associates, Ltd., a MassMutual agency; courtesy of Massachusetts
Mutual Life Insurance Company (MassMutual)

MassMutual Financial Group - Pearre and Associated, Ltd
www.massmutual.com
Allen Schiefelbein
(312) 347 - 1660

When its owner for more than four decades passed away suddenly, Troy Belting and Supply Co.in Watervliet, NY, could have collapsed, as do many family businesses that lose their leaders. Instead, the company continued to operate and grow, thanks in part to a succession plan funded by life insurance.

To continue reading this article please click here

With 2009 now past, we look forward to a new business year of opportunities and challenges. One definite problem that cannot be overlooked is tax planning for your business and your family. In a year that has already begun with some bad news, the good news is that smart tax planning can help you reduce losses, save profits, and even generate cash-flow. To continue reading this article please click here

FBC Members Nuance Solutions and Shapes Supply
Firms facing adversity often emerge stronger, more disciplined

Click here for full article

FBC Member McIlwee Millwork
"All in the Family" on PBS' Nightly Business Report

Click here for video

The 5 C's of Credit - What They Mean to Your Small Business Loan



Richard D. Morton
(847) 540-4501
rmorton@americanchartered.com

Michael Moran
312-492-1104
mmoran@americanchartered.com

It's one of the most common questions among small business owners seeking financing: "What will the bank be looking for from me and my business?" While each lending situation is unique, many banks utilize some variation of evaluating the five C's of credit when making credit decisions: character, capacity, capital, conditions and collateral. We'll take a look at each of these ingredients and how they may impact your funding request. Review each category and see how you stack up. To continue reading this article please click here

Keeping Creditors' Hands Out Of Your "Not So Deep" Pockets

Jonathan W. Michael, Esq.
Direct: 312-840-7049
Email: jmichael@burkelaw.com

Jeffrey D. Warren, Esq.
Direct: 312-840-7020
Email: jwarren@burkelaw.com

While the adage "the best defense is a good offense" is frequently regarded as a cliché rather than sensible advice, employing the adage can provide value to us in our everyday business and personal activities. Despite all of the uncertainty in today's environment, one thing is certain: creditors, including some whom you never recognized as potential creditors, will seek redress for their grievances and injuries, real or imagined, against those individuals who they perceive as having "deep pockets."

To continue reading this article please click here.

New Year. Less Stress. More Success.
“Business and the Mind Game”
Ally Deibert
(630) 858-3800
adeibert@kiara.com

Antibiotics can’t touch it. A microscope can’t spot it. It has spread, and almost everybody’s feeling the effect. Most people seem to agree these are unpredictable times. Employees complain about being overloaded. Too many of us are just plain tired and sick of ambiguity, uncertainty, and STRESS.

So what now?

STOP, take a deep breath, and read the summaries of two of Kiara’s favorite books. You will experience some instant stress relief.

To continue reading this article please click here.

RECORD RETENTION
KEEP IT OR TOSS IT?

Deanna Salo CPA
(630) 953-4900 x210 
dsalo@craykaiser.com

Roger Reitz CPA, CVA
(630) 953-4900 x213
rreitz@craykaiser.com

As we welcome the New Year, why not add record retention to your New Year’s resolutions list.

Make 2010 the year you organize your business and/or personal files. Important information can be left on documents you may discard, such as name, birth date, address and social security numbers.

To continue reading this article please click here.

• Hired - by Mom and Dad, Crain's Chicago Business

• Profiles in Later Life, The Wall Street Journal

• Year-End Tax Planning - Things You Can Do Now To Save Later
  
  CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS TO BUSINESS
  
  Deanna Salo CPA
  (630) 953-4900 x210
  dsalo@craykaiser.com
  
  Roger Reitz CPA, CVA
  (630) 953-4900 x213
  rreitz@craykaiser.com
  

  For most of us, the end of the year marks the season for holidays, vacations, and parties. But have you ever considered taking some time at year-end to plan for your taxes? At Cray, Kaiser, our professionals utilize this time to plan and implement strategies for our clients that will lower taxes, increase cash flow, and help save for the future. With today's difficult economic climate, planning for current and future taxes is more crucial than ever. Here are a few items that may help you save tax dollars in your business or family - there may still be time to act on them now.

  FOR YOUR BUSINESS

  Take advantage of extra depreciation in 2009
  Businesses can recoup via depreciation deductions a large portion of the costs of property and equipment. Under current law, many of these provisions are going to sunset after 2009 so it may be a good time to upgrade your plant or invest in your information technology infrastructure.

  To continue reading this article please click here

• American Chartered Is Always Focused on their Clients


Richard D. Morton
(847) 540-4501
rmorton@americanchartered.com

Michael Moran
312-492-1104
mmoran@americanchartered.com

American Chartered's clients range from makers of motor controllers for the medical industry to producers of energy systems for portable devices to providers of child care for low-income, working mothers. In each case the salient denominator is an enduring personal and business relationship that is, if anything, stronger in a difficult time than in a robust economy. Their clients face hard problems with determination and clear-sightedness, and American Chartered Bank can be expected and be relied upon to do the same. American Chartered is truly the sum of its clients, and their clients not only reflect upon the Bank but are the Bank. It is clear they recognize that their success depends on an unwavering commitment to the success of their clients, and in these difficult times, that cannot be said about many banks.

Despite the credit and real estate crisis that befell us all in 2008, American Chartered continued to be profitable and "well-capitalized," the highest level of capital as defined by bank regulators. Moreover, they continued lending to both their existing and new clients; commercial and industrial loans increased by 17 percent in 2008 and total assets grew by 17 percent.

To continue reading this article please click here

• Audited, Reviewed, or Compiled Financial Statements - Which Do You Need?

  

  Deanna Salo CPA
  (630) 953-4900 x210
  dsalo@craykaiser.com
  
  Roger Reitz CPA, CVA
  (630) 953-4900 x213
  rreitz@craykaiser.com

  Many times, we are approached by our clients to help define the differences in what 'makes up' an audit, a review or a compilation. The discussion typically starts out with two main questions - what is required by the bank, the shareholders or the Board of Directors and how much is it going to cost.

  Audit

  The objective of an audit is to express an opinion about whether the financial statements are fairly presented in conformity with generally accepted accounting principles (GAAP). The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. To continue reading this article please click here

• Making Your Harvest More Bountiful -
  Capturing Business Opportunities in Today's Economy

  

  By: Jonathan W. Michael
  (312) 840-7049
  jmichael@burkelaw.com
  
  Jeffrey D. Warren
  (312) 840-7020
  jwarren@burkelaw.com

  While many businesses have been adversely impacted by the turmoil in the economy, it is not enough to reduce overhead and await sunny days. Organizations should actively engage in reviewing their internal practices and procedures to avoid unexpected expenses, which may damage the organization's financial position, and take advantage of the new opportunities arising out of the "down" market.

  Unfortunately, a by-product of a poor economy is an increase in the number of lawsuits. Desperate or unscrupulous customers or suppliers often look to the "deep pockets" of a successful organization as a means of correcting its own poor decisions or replacing lost revenues.

  Keep the Pests Out of Your Garden - Review Your External Contracts

  Let's face it, litigation is expensive, unpredictable and disruptive to all businesses. Although there is a time and place to initiate or defend a lawsuit, litigation should be avoided.

  The first step to protecting yourself from external claims is to review your organization's internal practices and procedures. An organization's failure to implement its own practices and procedures can turn a strong (or winning) case into a mediocre, or worse, a weak (or losing) case.

  To continue reading this article please click here

• The "Right" Price -
  What You Need to Know About Selling your Business

  

  KDL Business Group Eric Warner
  (847) 991-4310
  ewarner56@sbcglobal.net

  Has anyone ever asked you if your business is for sale? If so, you probably answered by saying "sure, for the right price". But, have you ever been offered the right price? If you still own your business then I know the answer to this question is "no". What is the "right price", and did you know that all businesses are for sale and for the same price? In case you haven't figured it out, I'm talking about the "right price" - the magical dollar amount that every business owner is willing to sell for. Unfortunately, this may not always be the price that a buyer is willing to pay.

  Even though every business will sell for the right price, it is important that it's a number that works for both parties involved. If the price for your business is a number that you produced on your own, and you are waiting for someone to come along and offer that magic number to you, well, don't worry because it's not going to happen.

  But wait, you are serious about selling your business sometime in the future. Owning your business has given you the experience and knowledge that only a business owner has. You know that achieving a goal requires focus and effort; otherwise that goal will not be reached. You also know that the chances of something good happening by accident are pretty slim. So, if you want to sell your business sometime, then there is no deadline for you. This is not really a goal, you are not focused, and it won't happen.

  To continue reading this article please click here

• Contribution from FBC Sponsor Allen Schiefelbein at MassMutual

  

  MassMutual Financial Group - Pearre and Associated, Ltd
  www.massmutual.com
  Allen Schiefelbein
  (312) 347 - 1660

  Personal Message:I came across the attached piece of prose and thought I would share it with the families of UIC FBC. I sometimes hear people say, "I don't believe in live insurance." I most often respond, "It is not a religion". Following is one person's description of a life insurance policy.

  I'm Just a Piece of Paper: But Even More.

  I am an idea.
  I am a promise.
  I help men see visions, dream dreams, and achieve economic immortality.
  I am education for the children.
  I am savings.
  I am also property that increases in value from year to year.
  I lend money when you need it most-with no questions asked.
  I pay off mortgages so that the family can remain together in its own home.
  I assure fathers the daring to live and the moral right to die.
  I create, manage, and distribute property.
  I am the great emancipator from want.
  I guarantee the continuity of business.I protect the jobs of employees.I conserve the employer's investment.
  I am tangible evidence that a man is a good husband and father.
  I am a declaration of financial independence, a charter of economic freedom.
  Click here to read the entire poem

• SUCCESS IS ALL ABOUT HOW YOU HANDLE "PLAN B"

  

  Written by: Mary Deibert
  (630) 534-4600
  marydeibert@kiara.com
  www.kiara.com

  No, this is not an article about all the "doom and gloom" bombarding us every time we turn on our televisions, radios, or check our P&L. And, no, it's not about being a Polly Anna and suggesting that it isn't a tough time in today's economy -- especially for family-owned businesses.

  Success is all about how you handle "Plan B." When things are slow in a down economy, it is a great time to make some smart moves. Most companies do the opposite by putting their heads in the sand and hoping everything will blow over.

  Work on what you can control.

  A few things to focus on:

  1. Your morale and the morale of your staff is your greatest asset.

  Good morale doesn't cost much, but poor morale can deteriorate your bottom- line and your company's ability to rebound quickly. Don't feel obligated to carry the weight of your current situation alone. Reach out for camaraderie and encouragement when you need it. Get support from friends, family, or perhaps, most importantly, your forum brothers and sisters. If you or members of your staff are struggling emotionally, consider obtaining an executive or personal coach. This isn't the time that you can't afford one. If your morale is suffering, you can't afford not to have one. Keep your thoughts and behavior moving in a positive direction. Learn how to focus on what is happening now versus what you think may happen tomorrow or a few months from now. Thinking negatively about the future is emotionally paralyzing and generally not helpful. Consider.what can I do now?

  2. Conduct employee performance reviews soon or at the beginning of the New Year.

  This is important even if you can't afford staff raises or bonuses. Letting people know where they stand and encouraging them on their contributions to the company builds staff morale. High performing employees (the people who are keeping you afloat) need communication and encouragement now more than ever. This is your opportunity to be a leader and praise them for their good work. Click here to read the entire article

• Separating Long-Term Care Insurance Myths from Realities

  Submitted by Allen Schiefelbein with Pearre and Associates and MassMutual

  Parents and their adult children can never begin too early to think about their families' potential needs for care in their "golden" years, as the number of people who will be impacted by debilitating diseases such as Alzheimer's is expected to increase to up to 16 million by 2050, according to the Alzheimer's Association, and correspondingly the need for long-term care will increase, as well.

  Since I have become Certified in Long Term Care (CLTC), I've seen first-hand the impact the need for long-term care can have on families and caregivers. That's why I've decided to focus my career on educating people about their long-term care needs and protecting their future, beginning with dispelling these common myths about long-term care:

  Most people can afford to pay for their own care. Many people think they can liquidate taxable or tax-deferred assets, including retirement plans or annuities, to pay for long-term care costs, but nursing home care averages $206 a day, for a private room, according to a September 2006 MetLife Mature Market Institute study. Click here to read the entire article.

• Don't Pin All Your Hopes on One Family Successor

  Reprinted with permission from Family Business Magazine. When family business leaders contemplate succession, thoughts usually turn to the next generation of family members. After all, isn't this prerogative one of the principal reasons for owning a family business in the first place? The problem with this line of reasoning is that succession is often viewed as an event, not as a process needing to be nurtured. Too many times, it's allowed to happen by accident or as a passing of a birthright. But it shouldn't be a given that future leadership will stay in the family. Click here to read the entire article.