Customer Discovery: It’s Essential for Entrepreneurs

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As a business advisor for the Onondaga Small Business Development Center (SBDC), I frequently encounter entrepreneurs with great ideas for new businesses. Most often, they are convinced that they have a business model that will be successful in the marketplace. Whether it is high-tech or low, product, service, or a combination of both, they are […]

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I frequently pose various questions to these startup leaders, including: What value are you providing? How do you know it will be successful? Have you identified any customers? Is anyone else providing this service or selling this product? Surprisingly, very often the entrepreneurs respond with a blank stare. The reason for “the stare” is that they have not created a value proposition or done any customer discovery.

Steven G. Blank originally described customer discovery as part of the Customer Development Model (CDM) in his book, “The Four Steps to the Epiphany: Successful Strategies for Products that Win.” Blank is a lecturer in entrepreneurship at the University of California at Berkeley and Stanford University. He based the book on his observations while working for a number of startups in the Silicon Valley area. However, many of the principals and hypotheses apply equally well to non-high-tech firms as well as the high fliers in Silicon Valley.

Blank defines the CDM as a “set of objectives and milestones that are meaningful for a startup”. He describes the first step in that process as “customer discovery.” It is designed to identify a startup’s first customers. In this step, the main objective is to test your hypothesis about who you think your customers are, what is the problem that they have, and the solution you are offering to that challenge. Then testing that hypothesis is the next step. This testing is accomplished the hard way, at least in many entrepreneurs’ view — mainly through interviews with potential customers, analysts, and the media.

This is obviously an oversimplification of Blank’s process and an abbreviated description of his overview of the CDM, but what I hope to highlight is this often-overlooked step in creating a new business. Too often, an entrepreneur comes to us for assistance with a concept that “is certain to sell” because it is such a great idea. Generally, that description is coming from the mouth of the creator of the idea. In reality there is no way to know if something will sell if one has not described the value proposition to a potential customer and asked if he/she will buy it.

So, what then is the “value proposition?” Simply stated it is a description of the obviously apparent benefits from a product or service that deliver value to a customer. By testing this value proposition with potential customers, a startup is able to refine this statement to become a core part of the developing business model. The company will most effectively be profitable if it delivers substantial value to its customers. This is where the previously discussed “customer discovery” comes in. Testing this proposition with your target customers accomplishes two things — one, you will know if the identified target customer is in fact your target audience for the product or service, and two: if that target audience is sufficiently motivated by the value proposition to avail themselves of the offering. Then you will know if you have to re-evaluate your target audience or your value proposition. That, of course, may in fact necessitate another round of customer discovery to test the revised market segment and value proposition of your offering.

Therefore, it is important to consider this: If you are convinced that you have a unique product or service offering and are ready to charge off to create a company and start selling it, you have missed an important step (well, probably many). Until you have decided what it is that is valuable to your potential customers and tested your concept for market acceptance, you will not know with any certainty if you have the potential for a successful venture.

Paul Brooks is a certified business advisor with the Onondaga SBDC. Contact him at p.c.brooks@sunyocc.edu

Foreign Derived Intangible Income: A New Deduction for Domestic Corporations

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The Tax Cuts and Jobs Act of 2017 added many new acronyms to tax advisers’ vocabularies. A few of the new acronyms in the international arena are GILTI, FDII, BEAT, DEI, and QBAI. Some of these acronyms have positive connotations; others, not so much. Foreign derived intangible income (FDII) is one acronym with a positive

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Foreign derived intangible income (FDII) is one acronym with a positive connotation and one that should be on the radar of CFOs and tax advisers of C corporations, as calculating FDII can result in a smaller federal-tax liability for a corporation. But before we get into FDII and its related acronyms, we first should mention BEAT and GILTI.

BEAT stands for base erosion anti-abuse tax. The BEAT provisions in the new tax law impose a minimum tax on a corporation’s taxable income as modified to eliminate deductions for certain cross-border payments to related parties. The rules are complex and apply only to companies with at least $500 million of gross receipts. The gross receipts of certain related parties are included when determining whether the threshold is met. Nevertheless, BEAT applies mainly to large multinational corporations.

GILTI means global intangible low-taxed income. This is income (with certain exceptions) of a controlled foreign corporation (CFC) in excess of a standard rate of return on the tangible assets of the CFC. The GILTI rules require a U.S. person (individual, domestic corporation, partnership, trust, or estate) owning at least 10 percent of the value or voting rights of the CFC to include the global intangible low-taxed income of the CFC in its taxable income, regardless of whether any amount was received from the CFC.

In the carrot-and-stick analogy, FDII is the carrot and GILTI is the stick. GILTI aims to discourage shifting profits to overseas subsidiaries, whereas FDII seeks to encourage U.S. corporations to generate profits from overseas customers. The FDII rules allow a deduction against taxable income equal to 37.5 percent of the corporation’s foreign derived intangible income, effectively reducing the federal corporate tax rate on that income from 21 percent to 13.125 percent. So how is a corporation’s FDII calculated?

The corporation must first determine its deduction eligible income (DEI). This is the excess (if any) of gross income over deductions allocable to such gross income, but it does not include income from foreign branches, GILTI, subpart F income, and certain other specific types of income. The next step is the determination of qualified business asset investment (QBAI), which is the average of the corporation’s aggregate adjusted bases of its tangible assets used in the production of the DEI.

Now come even more acronyms: the corporation’s deemed tangible income return (DTIR) is 10 percent of the corporation’s QBAI. The deemed intangible income (DII), is the excess of the deduction eligible income (DEI) over the DTIR. Note that the DII calculation attempts to quantify the income being generated from the company’s intangibles. FDII is the portion of the DII that is allocable to foreign revenues.

Here is a hypothetical example to demonstrate how this works.

High Performance Inc. has $4 million of revenues from the sale of running shoes, of which $1.5 million of sales are to foreign customers. The corporation incurs expenses of $2.75 million, all of which are deductible for determining the corporation’s deduction eligible income. Of the $2.75 million of expenses, $1.125 million are related to foreign sales. The average aggregate bases of the machinery and equipment used in the production of the running shoes (QBAI) is $2.1 million. Its FDII can be calculated as follows:

• DEI = $4,000,000 – $2,750,000 = $1,250,000

• Foreign-derived DEI = $1,500,000 – $1,125,000 = $375,000

• DTIR = 10 percent * QBAI = 10 percent * $2,100,000 = $210,000

• DII = DEI – DTIR = $1,250,000 – $210,000 = $1,040,000

• FDII = DII * (Foreign-derived DEI/DEI) = $1,040,000 * ($375,000/$1,250,000) = $312,000

Conclusion: High Performance Inc. would get a tax deduction against its taxable income of $117,000 (37.5 percent * $312,000). Since the federal corporate tax rate is now 21 percent, the federal tax savings for the corporation would be $24,570.

This is a general overview of the FDII calculation. All along the way, there are more specific definitions and computational rules. Note that the same code section (IRC §250) that allows the deduction for FDII also provides a deduction of 50 percent of the domestic C corporation’s GILTI income that was required to be included in current income, but the combined deductions for FDII and GILTI cannot exceed the corporation’s current taxable income. For taxable years beginning after Dec. 31, 2025, the deductions for FDII and GILTI are reduced to 21.875 percent (from 37.5 percent) and 37.5 percent (from 50 percent), respectively.

It’s important to emphasize that the FDII and GILTI deductions under code section 250 apply only to domestic C corporations. However, for those C corporations with taxable income, despite the complexity of the calculations needed to determine the company’s FDII, the calculations are likely worth the effort.

Linda Bruckner is a partner at Sciarabba Walker & Co., LLP and a member of the firm’s International Tax Group. Contact her at: lbruckner@swcllp.com

Syracuse nonprofit to lead work program targeting the homeless

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SYRACUSE — Onondaga County has awarded the nonprofit In My Father’s Kitchen a $200,000 contract for the Hire Ground initiative, a workforce-development program that targets area homeless people. A joint City of Syracuse and Onondaga County selection committee chose the local nonprofit after it submitted a proposal. The pilot program begins no later than May

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SYRACUSE — Onondaga County has awarded the nonprofit In My Father’s Kitchen a $200,000 contract for the Hire Ground initiative, a workforce-development program that targets area homeless people.

A joint City of Syracuse and Onondaga County selection committee chose the local nonprofit after it submitted a proposal. The pilot program begins no later than May 1.

“It’s an alternative to panhandling,” says John Tumino, who co-founded the nonprofit with his wife, Leigh-Ann Tumino, in 2011.

John Tumino joined Onondaga County Executive J. Ryan McMahon II and Syracuse Mayor Ben Walsh for the Feb. 4 announcement of the program provider. It was held at the Ziebart location at 980 Hiawatha Boulevard West in Syracuse. Ziebart’s franchisee, Richard Lester, is a member of the board of trustees for In My Father’s Kitchen.

“We’re going to give them an alternative and an option by doing a day-labor [program] and helping them maybe think about not panhandling and actually working for five hours and getting some money at the end of the day,” says Tumino, noting that participants will earn a stipend of $50 for their work.

He also called the program “an extension to what we’re already doing” at In My Father’s Kitchen.

The Hire Ground program has a $200,000 budget, but Tumino had to provide an additional $20,000 in 10 percent matching funds, which donors covered, he says.

About the program

In the Hire Ground program, In My Father’s Kitchen will take a van out in the community on Mondays, Wednesdays, and Fridays and give the homeless a chance to get in and go to a job site that either the county, the city, or perhaps the private sector will provide. The van driver and a caseworker will accompany the participants to their job sites.

The people that the program will target “aren’t even employable yet,” says Tumino. “The majority of our friends are addicted to some kind of substance or have severe mental-health issues going on and some have them happening simultaneously,” he adds.

In the initiative, In My Father’s Kitchen plans to collaborate with community agencies.

As he was preparing his proposal for the program, Tumino says he learned that several agencies have workforce-development programs that can help people in need.

“If anybody graduates out of our program, we’re going to refer them …to these organizations that can help them build their skills … How do you do a résumé, how do you sit down for an interview and maybe go through a five-week course of getting ready to work in a restaurant,” says Tumino.

Vera House turns to Corriders for White Ribbon Campaign

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SYRACUSE — Calvin Corriders, regional president of the Syracuse market for Oswego–based Pathfinder Bank, will serve as the keynote speaker for the March 1 breakfast event that will formally launch this year’s White Ribbon Campaign. The Vera House Foundation on Feb. 6 announced its selection of Corriders as the honorary chair of its 25th annual

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The Vera House Foundation on Feb. 6 announced its selection of Corriders as the honorary chair of its 25th annual awareness campaign. The nonprofit made the announcement at the Pathfinder Bank branch at 109 W. Fayette St. in Syracuse.

Continuing through the entire month of March, the White Ribbon Campaign seeks to raise awareness about domestic and sexual violence and raise funding for Vera House’s programs and services, according to a Vera House news release.

“As someone who knows the adverse effects of sexual and domestic violence and how it can have an effect on a person, a family, a community, I’m honored and flattered to be the honorary chair here today and my hope that we will continue to work together to ensure that his community is eventually free of sexual and domestic violence,” Corriders said in speaking to the gathering.

Corriders noted that he will expand on his thoughts in his role as the keynote speaker at the breakfast event to officially start this year’s White Ribbon Campaign. The event is set for 7:30 a.m. on March 1 at the Marriott Syracuse Downtown, the former Hotel Syracuse.

James Branche, Vera House board member and the White Ribbon Campaign co-chair, said it is the “world’s largest movement” of men and boys to end violence against women and girls.

“It’s a movement that promotes gender equality, healthy relationships, and a new vision of masculinity. Wearing a white ribbon is a person’s statement to never support, commit, or remain silent about abuse … We have maintained the important element of male leadership while expanding participation to include everyone in the community interested in helping us achieve our vision of creating a world free of violence and abuse,” Branche said in remarks at the announcement.

The sponsors for the annual White Ribbon Campaign include New York City–based JP Morgan Chase & Co. (NYSE: JPM); Cleveland, Ohio–based KeyBank (NYSE: KEY); Kinney Drugs Foundation; Buffalo–based M&T Bank (NYSE: MTB); Barclay Damon LLP; Bousquet Holstein PLLC; New York City–based Bristol-Myers Squibb Co. (NYSE: BMY); DeWitt–based Community Bank, N.A. (NYSE: CBU); Empower Federal Credit Union; Excellus BlueCross BlueShield; Hancock Estabrook, LLP; King + King Architects; Nascentia Health; Onondaga Community College; Pathfinder Bank; Syracuse University; and Wegmans.

Hunt Engineers, Architects elevates Bond to president

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HORSEHEADS — A Southern Tier engineering and architecture firm that operates an office in DeWitt has announced a change in its top leadership group. Horseheads–based Hunt Engineers, Architects, Land Surveyors & Landscape Architect, DPC (Hunt) on Feb. 12 said it has named Chris Bond its new president. He had been serving as Hunt’s VP. Bond,

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HORSEHEADS — A Southern Tier engineering and architecture firm that operates an office in DeWitt has announced a change in its top leadership group.

Horseheads–based Hunt Engineers, Architects, Land Surveyors & Landscape Architect, DPC (Hunt) on Feb. 12 said it has named Chris Bond its new president.

He had been serving as Hunt’s VP. Bond, who becomes the third president in the firm’s history, succeeds Dan Bower, who will remain as CEO and chief strategic officer. Bond started his duties as president on Feb. 1, Sean Phelan, business service manager at Hunt, said in an email response to a CNYBJ inquiry.

Robert Hunt founded the company following the “devastating” floods in Corning in 1972, the firm said. Besides Horseheads and DeWitt, the firm also operates offices in Rochester and in Towanda, Pennsylvania.

The engineering and architecture firm, which has 150 employees, has worked on “numerous” projects in the Syracuse area, including most recently in Chittenango, Lyncourt, and Homer.

Bond will manage Hunt’s day-to-day operations while Bower will focus on corporate initiatives, strategic planning, and business development, as well as the transition.

“As early as the drafting of our 2003 Hunt transition plan, Chris’s ultimate promotion to president was an integral ingredient. Even then, we knew his knowledge, experience, and vision were exactly what we wanted in the next Hunt leader,” Bower said in a company news release.

In the release, Bond called 2018 one of the Hunt firm’s “strongest” years, so he says he “couldn’t have been luckier” with the timing of this appointment.

“Staying ahead of the curve when it comes to business practices and technology has always been a Hunt trademark, and at the same time my immediate priorities are going to be those cultural initiatives like personnel development and bolstering our project management capacity,” said Bond

Bond joined Hunt’s transportation division after graduating from Clarkson University in 1988. He worked as a structural engineer, focusing “predominantly” on bridges in upstate New York and by 1995, was working on a variety of building structures.

In 1993, Bond earned his professional engineering license, and, subsequently, rose within Hunt to become director of structural engineering in 2001, principal in 2004, corporate secretary in 2006, and VP in 2015, per the release.

The firm says Bond’s professional highlights include the concrete design at the water-filtration facility in the Village of Watkins Glen. He’s also worked on projects that include Cornell’s Beebe Dam foot bridge, Schuyler County’s shared-service building, and the Corning Nasser Civic Center Ice Rink renovations.

New York grain corn production climbed 31 percent in 2018, USDA reports

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New York farms produced an estimated 102.6 million bushels of corn for grain in 2018, up more than 31 percent from 78.1 million bushels produced in 2017, the USDA National Agricultural Statistics Service reported on Feb. 8. New York farms harvested an estimated 645,000 acres of corn for grain last year, up 33 percent from

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Kane Financial formally opens in New Hartford

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NEW HARTFORD — Kane Financial formally opened its office at 8469 Seneca Turnpike in New Hartford with a Feb. 8 grand opening and ribbon-cutting event with the Greater Utica Chamber of Commerce. Founded in 2017, Kane Financial is a fee-only, registered investment advisor (RIA) practice focused on working with business owners, retirees, and young professionals,

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CNY Tweets – February 18, 2019

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Some recent tweets that came across the @cnybj Twitter feed, offering various small business, HR, career, and personal tips. Onondaga SBDC @onondagabizwizTerry Powers opened her business not only to help pet owners while they were away from their dogs during the day, but also because she wanted to surround herself with these loving animals. Read

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Some recent tweets that came across the @cnybj Twitter feed, offering various small business, HR, career, and personal tips.

Onondaga SBDC @onondagabizwiz
Terry Powers opened her business not only to help pet owners while they were away from their dogs during the day, but also because she wanted to surround herself with these loving animals. Read More on our Blog: http://www.onondagasbdc.org/blog/success-story-stay-play-doggie-day-care …

SBA @SBAgov
Be prepared this #tax season by checking out SBA’s #smallbiz tax guide — http://ow.ly/UDnW30nuScf

Small Business Trend @smallbiztrends2
Top 20 Types of Self Employment for Entrepreneurs: https://smallbiztrends.com/2019/02/types-of-self-employment.html

NFIB @NFIB
18% of #SmallBiz owners plan to create new jobs for their businesses and 23% plan to increase total employment, according to our latest #jobs report. Read the full report here: http://www.nfib.com/jobs

Funding Circle @FundingCircleUS
Learn how to figure out how your #smallbiz is doing in comparison to the average in your industry: http://fundcir.us/DSt550kmYQJ

RiteGrowth @ritegrowth
5 Time Saving Tips to Overclock Your #B2B #Marketing Efficiency — http://rite.ly/w0ff — @lanerellis #smallbiz #socialstrategy

US Labor Department @USDOL
Learn how #apprenticeship programs can help build a skilled workforce in the advanced manufacturing industry: https://www.dol.gov/apprenticeship/industry/advanced-manufacturing.htm …

#AI @AI__TECH
The Emerging Impact Of #AI On #HR http://j.mp/2tkGAuF #HRTech

Mitch Mitchell @Mitch_M
Don’t Quit On A Job; Quit The Job https://www.ttmitchellconsulting.com/Mitchblog/dont-quit-on-a-job-quit-the-job/ … #leadership #employees

Dave Ulrich @dave_ulrich
“My conclusion: Management is the most noble of professions if it’s practiced well. No other occupation offers as many ways to help others learn and grow, take responsibility and be recognized for achievement, and contribute to the success of a team.” — Clayton Christensen

Mark C. Crowley @MarkCCrowley
Star performers need more of your attention, not less. Never let their competency seduce you into neglecting them & their needs.

Hannah Morgan @careersherpa
For Your Career Growth — Write better thank you messages after a job interview, see how to use LinkedIn to research people inside a company, learn how KonMari your career and more https://buff.ly/2I1spVL feat. @3PlusInt @DorothyDalton @AlisonDoyle @ChaimShapiro @katy1mary1

Strategic Watch @Strategic_Watch
5 Important Business Travel Tips You Should Stop Ignoring http://dlvr.it/QyK6Mf

AHA Great Rivers @GRAatHeart
Go ahead: take a moment right now to breathe deeply. It helps lower stress! Learn how stress affects the body and our #tips to dealing with it: https://healthyforgood.heart.org/be-well/articles/lower-stress-how-does-stress-affect-the-body …

M&T Bank names two to Directors Advisory Council for CNY region

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SYRACUSE — M&T Bank announced it has appointed Meg Tidd, chief marketing officer at VIP Structures, and Andy Breuer, president of Hueber-Breuer Construction, to its Directors Advisory Council for the Central New York region. The 10-member council meets regularly throughout the year to provide M&T management with “valuable insight on a wide range of business,

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The 10-member council meets regularly throughout the year to provide M&T management with “valuable insight on a wide range of business, client and community matters,” the bank said in a news release.

Tidd and Breuer are “rising leaders of family-owned companies that are deeply committed to Syracuse, where both firms are based,” M&T Bank contends.

“In Central New York, the responsibilities of our most influential business leaders extend far beyond increasing revenues or attracting customers for their companies. They also become stewards of our community’s growth and advocates for our region’s needs,” Allen Naples, M&T Bank regional president for Central New York, said. “Meg and Andy understand these civic responsibilities. As next-generation leaders of family-owned businesses, they will bring new perspectives to M&T’s advisory council, providing increased emphasis on the importance of engaging young business leaders in the ongoing efforts to revitalize the region.”

Tidd became chief marketing officer at VIP in 2013 after joining the firm two years earlier. In 2015, she led VIP through a rebranding and corporate-strategy initiative that has contributed to increased market share for the company, per the release. As a member of VIP’s senior leadership team, she has pushed for continual improvement at the company, enhanced the firm’s sales and marketing processes, and fostered a collaborative workplace culture. Tidd is a 2014 graduate of the Leadership Greater Syracuse (LGS) program and a 2016 BJNN 40 Under Forty honoree. She also serves as a member of the Gifford Foundation board of trustees and an Early Childhood Alliance Business Council member.

Breuer represents the sixth generation of Central New York’s oldest, continuously operating construction company, the M&T release stated. Since 2002, he has led many projects for Hueber-Breuer Construction as a project manager and project executive, including the Onondaga Nation Tsha’ Thoñ’nhes Lacrosse Pavilion, Destiny Embassy Suites Hotel, and the New York State Fairgrounds’ Exposition Center. A graduate of the LGS program, Breuer is chair of the Central New York Community Foundation, a member of the Landmark Theater board of trustees, and a member of the SUNY ESF Foundation board of directors.

In addition to Tidd and Breuer, M&T Bank’s Directors Advisory Council for the Central New York region has the following members: Carl Byrne, Byrne Dairy; Mara Charlamb, United Radio; James (Jim) Fox, O’Brien & Gere; Karyn Korteling, Pastabilities; Robert (Luke) Lewis, Lewis Custom Homes; Robert H. Linn; formerly with Ernst & Young; Joseph Mancuso, Hancock & Estabrook; and Melissa Zell, The Pioneer Companies.

M&T Bank’s Central New York regional headquarters is located on South Salina Street and is responsible for managing operations in 45 offices, with nearly 500 employees across eight counties, including: Cayuga, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, and Seneca County.

Chemung Financial profit soars in fourth quarter and 2018

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ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) recently reported net income of $5.7 million, or $1.18 a share, in the fourth quarter, compared to a net loss of $2.2 million, or 45 cents, in the year-ago period. The Elmira-based banking company’s net income for the full year of 2018 jumped nearly threefold to $19.6 million, or $4.06

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The Elmira-based banking company’s net income for the full year of 2018 jumped nearly threefold to $19.6 million, or $4.06 per share, from $7.4 million, or $1.55 a share, in 2017. The results were led by growth in loans, net interest income, and fee income, coupled with a significant decrease in income-tax expense related to the Tax Cuts and Jobs Act of 2017.

“We are very pleased to report record earnings for 2018, which included a strong fourth quarter. Our results for the year are a direct reflection of our focused approach to managing interest rate sensitivity, liquidity, and efficiency while positioning the balance sheet for 2019,” Anders M. Tomson, Chemung Financial CEO, said in the banking company’s earnings report issued on Jan. 23.

Tomson expressed optimism about Chemung Financial’s prospects this year, which he indicated were buoyed by economic-development efforts in upstate New York.

“We are looking forward to the benefits of a stronger balance sheet and capital ratios that will provide us with the opportunity to support continued growth. We enter 2019 sharing the optimism of our clients, and business and municipal leaders of the communities we serve, and are encouraged by the economic development opportunities provided by the upstate New York revitalization initiatives that are in process in many of our markets.”

Chemung Financial is a $1.8 billion financial-services holding company that operates 34 branches through its main subsidiary, Chemung Canal Trust Company, a full-service community bank with trust powers. Established in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state. Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering mutual funds, annuities, brokerage services, tax-preparation services, and insurance, as well as Chemung Risk Management, Inc., an insurance company based in Nevada.

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