News

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.

Family Business Council

Headlines

News