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LBCCC names Dan Bates interim president

February 22, 2012 By

Dan Bates Dan Bates (Business Marketing Alliance and past Lower Bucks County Chamber of Commerce Chairman of the Board) has accepted the role of LBCCC interim president replacing Clark Shuster whose last day at the Chamber was January 27th. 

The role of interim president is a temporary position created to lead Chamber operations while the Board conducts a thorough executive search. Dan brings tremendous leadership skills and an extensive track record of success in both the “for profit” and “not for profit” worlds to this important Chamber role.

As founder and President of the Business Marketing Alliance, Dan has developed marketing and business strategies, and facilitated strategic planning for business and non-profit organizations. Dan has been a long-time member of this Chamber and has demonstrated his commitment through chairing several committees and special events.

He has been awarded the Chamber’s Theodore L. Mitchell award for outstanding commitment and dedicated service to the Chamber of Commerce as well as awards for his work on the Youth Leadership Program as Co-Chair of the Business Educational Partnership Committee. Dan has also served this Chamber as Chairman of the Board of Directors during the 2003-2004 term.

PHOTO CAP: Dan Bates

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2012 housing outlook

February 21, 2012 By

submitted by Lynne Kelleher, Prudential Fox & Roach, Realtors – Newtown Office

Like the rest of the economy, the housing market limped along in 2011, and 2012 looks like it may be another lackluster year. Early in the year, some economic forecasters were predicting we could turn the corner in 2012. But when the economic recovery stalled and the housing market continued it’s sluggish pace, estimates were pushed back.

Regardless of the gloom and doom you hear about the housing market, we are not experiencing the kinds of decline experienced by many parts of the nation – which are the only ones you hear about on the news. Take, for example, the Case-Shiller Home Price Index that was widely reported and indicated that housing prices were back to year 2000 levels.

What wasn’t reported locally is that the Philadelphia area is not included in the Case Shiller composite index that’s released to the press. Prices here are up 71% since 2000 and down 7.15% since the 2007 peak.

Although recent news about a small drop in the unemployment rate and an increase in the consumer confidence index are positive signs, the road to recovery will be a rocky one. There’s still an underlying sense of uncertainty, high unemployment, high inventory levels and tight credit conditions.

While no one wants to go back to the free-for-all that occurred in the mortgage industry, unnecessarily tight credit restrictions are keeping many qualified home buyers and investors from purchasing homes, which could help absorb excess inventory. The short-sale process also needs to be streamlined – it’s so time consuming and inefficient that many would-be buyers simply give up and walk away from the transaction.

The silver lining in this cloud is that it’s the best time in our nation’s history to be a home buyer – even if you have to sell your current one first.  Yes, you’ll take a hit, but more than make up for it on your new home.

Filed Under: Business Notebook, Northampton Herald Columnists Tagged With: , , ,

Set up a succession plan for your closely held business

February 21, 2012 By

submitted by Martin H. Abo, CPA/ABV/CVA/CFF, Abo and Company, LLC

If you are the owner of a closely held business, how wise it is to prepare a long-term succession plan to ensure an easy transition to the next generation of owners. A plan can even prevent the company’s destruction if one owner retires, becomes disabled, is terminated or dies. If ownership changes or the owners split because of a disagreement without having a succession plan in place, the viability of the business can be seriously damaged.

Here are some steps to follow in setting up a succession plan for your business:

  • Obtain and periodically update a business valuation. This sets the company’s worth so that the owners know their stock’s value in a transfer. The value estimate can vary over time and should be updated regularly to account for changes in company size and profitability.
  • Buy life insurance to cover the owners. Base the amount of coverage on key owners on the value of their stock, providing for proceeds to fund share purchases. Creating a partnership among the owners to receive the life insurance benefits if any of them dies can help owners avoid taxes on the proceeds. In addition, deceased shareholders’ estates will be paid in cash, thus eliminating their need to rely on the continued prosperity of the corporation. Another advantage of using life insurance is that the enterprise’s investment in the cash value of an ordinary life policy is a business asset. Also talk to the insurance professional about “disability buy-out” insurance.
  • Set up buy-sell agreements. Owners of the company need to agree to buy back shares of any owner who dies or leaves, which will enable them to prevent outsiders from buying the company’s stock.
  • Involve the next generation. Bring family members, employees or other future owners into the succession process early by selling them shares and preparing them for management.

Taking these steps will go a long way toward ensuring that a closely held business passes smoothly from generation to generation, and that the business remains stable and viable for years to come.

Filed Under: Business Notebook, Morrisville Times Columnists Tagged With: ,

Make sure you have disability insurance

February 21, 2012 By

submitted by Michael Garry, CFP®, JD/MBA, Yardley Wealth Management, LLC

Disability insurance is probably the most overlooked of all of the necessary insurances. People generally either have it at work or they don’t have it. Few buy it on their own because it costs a lot of money and most people don’t become disabled.

I got a letter from one of our doctors earlier this month that put its importance in focus for me. He has health issues and it has forced him to sell his practice. He is my age, lives in the area, and has a family. The letter explained the situation and asked us to go to the doctor who bought his practice.

Even if he had disability insurance, their lives just got a whole lot harder. If he didn’t have it, they could be facing a really rough road. What would you do if you could no longer earn a living? Would you be okay? Would your family?

Generally you are limited to purchasing 60% to 66 2/3% of your gross income. That is so that you don’t make more money by being disabled than you would by working. As you can imagine, that might give some people the wrong incentive.

Group policies are generally cheaper than individual policies, so if you can get one at work, that’s probably your best option. If that isn’t an option, maybe you can try to get it through an affinity group of some sort.

As an example, I have a policy through a plan that covers a group of financial planners to which I belong. If you or anyone else is dependent on your income, and you don’t have enough assets to retire, please check into your disability insurance coverage.

Filed Under: Business Notebook, Yardley Voice Columnists Tagged With: , , ,

Melissa Tenzer to be honored by Princeton Y

February 21, 2012 By

Melissa Tenzer Melissa Tenzer, of Washington Crossing, will one of 10 women honored at the YWCA of Princeton’s 29th annual Tribute to Women Awards Dinner, taking place on Thursday, March 1st at the Hyatt Regency in Princeton.  

Melissa is President of a CareersUSA franchise in Princeton. She has expertise in the human resource field mentoring, educating, and redirecting job seekers in New Jersey. She believes in giving back to her community and is actively involved in Mercer County, serving as the vice-chairman of the board for Princeton Regional Chamber of Commerce and as the Human Resources Chairman for Eden Autism Services. Her true passion is her business, helping the hopeful unemployed of Mercer County succeed professionally. 

The March 1st is open to the public and all are encouraged to attend. Tickets may be purchased online at www.ywcaprinceton.org/tributetowomen or by calling the YWCA Princeton at 609-497-2100 ext. 333. The cost is $125 for individuals and $1250 for a table of 10.

Corporate sponsorship opportunities are still available. Full and half-page program book ads are also available for purchase by family, friends, and businesses.

PHOTO CAP: Melissa Tenzer

Filed Under: Business Notebook, New Hope News Tagged With: , , , ,

Be in the know before you go

February 20, 2012 By

Submitted by Joseph J. Olenski, Social Security District Manager, Fairless Hills

We’re in the dead of winter. In many areas of the country, that means that we could be in for some rough weather. When severe weather strikes, parents of young children are well aware that they need to check for school closings as they prepare for the day. But sometimes inclement weather can be severe enough to close down government buildings and offices as well – including Social Security.

If the weather outside is frightful, you should check our Web site before making a trip to a Social Security office. The place to go to find out about emergency office closings is www.socialsecurity.gov/emergency. Social Security’s office closings and emergency page provides information on specific offices that are closed due to weather and emergencies, as well as reminders about upcoming Federal holidays during which government offices are closed. The Web site also offers a link to a comprehensive list of Federal holidays throughout the year.

To the right side of the page, you’ll find helpful resources from other government agencies, such as the Federal Emergency Management Agency (FEMA) and the National Weather Service. They can help you to prepare for weather emergencies before they happen.   

We also provide information about alternatives to visiting an office, helpful even when offices are open. For example, many of our most popular services are available online at www.socialsecurity.gov. Find out what types of benefits you may be eligible for by using our benefits eligibility screening tool and then apply online.

If you are already getting benefits, you can use our Web site to sign up for direct deposit so that your payments won’t be interrupted during weather emergencies. You can learn about these and other services available on our secure Web site by visiting our Online Services page at www.socialsecurity.gov/onlineservices.

If you’d like to be alerted to office closings, that’s easy to do. Just visit www.socialsecurity.gov/emergency and subscribe to the page by selecting the “Get email updates” link next to the red envelope. Then you’ll get an email alert any time there is a change, such as an office closing.

Is the weather outside frightful? Never fear, Social Security service is always so delightful at www.socialsecurity.gov.

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Consumer Troubleshooter

February 20, 2012 By

submitted by Bucks County Consumer Protection Agency

Q. My wife and I disagree with how to handle our tax refund. We, like most folks, would like to get our tax refund as soon as possible. We have several bills that the refund would pay and take some pressure off of us.

She wants to use a nationally-known tax preparer and, as she puts it, get an “instant refund.” I reminded her that the instant refund is a loan for our own money.  It does not make any sense to pay for my own money only to receive it a couple weeks early. She thinks the charge is fair but I told her to read the fine print.  Anyway, I think people should be wary of this practice, especially during tax season.  S.P., Warrington.

A. Many tax preparers, whether independent or part of a national firm, offer many services for a fee. Instant refunds or rebates are really a straightforward loan and because they are a loan the consumer is entitled to full disclosure about any fees and the interest rate that will be charged.

What many consumers do not understand is that if there are additional fees wrapped into the loan the Annual Percentage Rate increases dramatically. These loans are usually referred to as a Refund Anticipation Loans (RAL).

While we understand that it is very attractive especially in these tough financial times to want to get your money immediately, it is really not a financially prudent thing to do. The loan is based on your refund. If there is a problem with the refund there will be a problem with your loan.

The rates for these loans vary from 36% to predatory levels.  According to the Internal Revenue Service, taxpayers who file electronically or by mail are given the option to have their refund directly deposited into their bank account. It is quicker than waiting for the processing and mailing of a physical check and there is no fee or interest charged. It is, after all, your money.

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COMMUNITY GUIDEBOOK PROFILE: Central Bucks Chamber of Commerce

February 20, 2012 By

Founded in 1946, the Central Bucks Chamber of Commerce builds alliances among its members by uniting business, industry, professionals, artists and non-profit organizations. The Chamber serves as a catalyst that creates a rich business climate and improves the quality of life in the community. The organization offers up a host of seminars, workshops, networking forums and free entrepreneurial assistance to help professionals to more fully develop and grow their businesses.  Many offerings are free and exclusive for Chamber members.

The Chamber is devoted to furthering the arts, humanities and welfare of the Central Bucks region through programs such as Bucks Fever, a celebration of Bucks County’s artistic, historical and cultural heritage. Its goals are to augment the economic vitality of the region, actively engage the community in Bucks County’s rich artistic and cultural legacy, and increase tourism.

Bucks Fever events include art exhibits, artist studio and wine tours, musical performances, film festivals, live dance performances and architectural tours. All Bucks Fever events are scheduled between March and December. In addition to Bucks Fever, the Chamber also promotes education and awareness in community service, entrepreneurial assistance, youth networking and parenting through their many sub-committees.

The Chamber boasts over 2,600 business members and even produces its own award-winning publication, W4, which is published eight times per year. The Chamber’s motto is “Our business is to help your business grow!”

For further information about the Central Bucks Chamber of Commerce, contact them at Suite 23, 252 W. Swamp Road, Doylestown, PA 18901 or visit their website at www.centralbuckschamber.com.

You can also email the Chamber at info@centralbuckschamber.com or call 215-348-3913.

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February Membership Meeting of the NBA

February 14, 2012 By

The Newtown Business Association (NBA) will hold its February Membership Breakfast on Tuesday, February 28, 2012 at 7:30 AM at Chandler Hall, 99 Barclay Street, Newtown.  This meeting will be the kickoff for information about Welcome Day, the NBA’s annual spring “street fair with a flair.”  NBA members are welcome to bring a friend, and to come and learn about this year’s Welcome Day plans and hear about opportunities to promote their business.  The newly designed NBA website will also be introduced, with information on how to build member profiles on the site.

Guests are welcome to attend to find out about NBA and meet the organization’s members.  Go to the NBA website at www.newtownba.org to register for the meeting and for membership information; the cost of breakfast is $15, paid at the door.

The mission of the NBA is to promote Newtown as a great place to live, work, shop and do business, thereby enhancing the economic vitality of the community for member businesses through networking, education, community involvement and cooperative advertising opportunities. 

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COMMUNITY GUIDEBOOK PROFILE: Lambertville Area Chamber of Commerce

February 7, 2012 By

The Lambertville Area Chamber of Commerce is a non-profit business organization that has been dedicated for 40 years to a healthy economy in the City of Lambertville and the surrounding area. Their Office Manager is available Mondays through Fridays, 9:00am to 2:00pm, to answer your questions and is a valuable resource for both visitors and residents.

In addition to offering information about Lambertville and its environs on the Chamber Web site, Lambertville.org, they’re on Facebook and Twitter too. The Chamber can also mail you a tourism brochure that includes information on local restaurants, lodgings, shops and things to do. If you’re interested in the architectural history of Lambertville, don’t forget to ask for their self-guided Walking Tour brochure.

Each year they produce a directory of member businesses called “Your Guide to Lambertville” that is distributed to 4,000 local households and is a great handy reference. The Chamber of Commerce recognizes its connection to the citizens of Lambertville with activities and events throughout the year.

  • The Chamber produces Lambertville’s annual Shad Festival, a three-time recipient of the Governor’s Conference on Tourism award for Best Event. The festival, which started in 1980, highlights the region’s artists, crafters, restaurants, and entertainers. It also provides an important a venue for local nonprofit organizations to conduct their fundraising. The Shad Festival Scholarship Poster Auction awards, with the help of local artists, art scholarships to area high school seniors pursuing a collegiate career in the arts. Since its inception, the Shad Festival Scholarship has awarded $390,000 to scholarship recipients.
  • A Taste of Lambertville is a gala event that kicks off the holiday season every November with food from 16 local restaurateurs, live music, free wine bar and a silent auction of items from our great galleries, shops and boutiques.
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