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Mohawk Valley Community College, University at Buffalo ink affiliation agreement
UTICA — Mohawk Valley Community College (MVCC) and University at Buffalo’s (UB) School of Pharmacy and Pharmaceutical Sciences have signed an affiliation agreement to create a 2 + 4 undergraduate/professional school education program. Under the plan, students would complete MVCC’s “Liberal Arts and Sciences: Mathematics and Science: Biology” degree program and then apply to and […]
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UTICA — Mohawk Valley Community College (MVCC) and University at Buffalo’s (UB) School of Pharmacy and Pharmaceutical Sciences have signed an affiliation agreement to create a 2 + 4 undergraduate/professional school education program.
Under the plan, students would complete MVCC’s “Liberal Arts and Sciences: Mathematics and Science: Biology” degree program and then apply to and attend UB’s four-year doctor of pharmacy program, MVCC said in a news release.
This six-year program allows students to complete all of UB’s prerequisites at MVCC, though admission into UB’s program “is not guaranteed.”
Students must identify their intent to pursue this program within the first 30 credits hours taken at MVCC, maintain a 3.5 grade point average (GPA) overall in their math and science courses, submit transcripts after each year completed, and meet any additional minimum requirements that the UB Doctor of Pharmacy admissions committee establishes, per the release.

Some firms turn to bus service to make work more accessible
MARATHON — As more employers report difficulties in finding qualified employees — in CenterState CEO’s economic forecast for 2018, members said it was getting harder to find skilled workers — some are turning to public transit for help. Square Deal Machining Inc. (SDMI), on Route 11 in Marathon, has been growing, adding equipment and employees.
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MARATHON — As more employers report difficulties in finding qualified employees — in CenterState CEO’s economic forecast for 2018, members said it was getting harder to find skilled workers — some are turning to public transit for help.
Square Deal Machining Inc. (SDMI), on Route 11 in Marathon, has been growing, adding equipment and employees. Looking for help with the latter, it reached out to Cortland Transit.
Cortland Transit agreed to alter its bus route 5, which operates twice a day each morning and again in the afternoon. It will now run past the four corners in Marathon up to SDMI’s facility on Route 11.
The extra distance is only a mile or so, says Stephen Donnelly, a spokesperson for SDMI. But it makes it more convenient for workers. Buses will stop at one or both of SDMI’s buildings, he notes.

“Living in a rural area, many employees rely on Cortland Transit to get to work each day,” Joe Morgan, CEO of Square Deal, said in a release. “The Cortland Transit system has helped us recruit talented workers from all over the county, and we believe this partnership will allow more hardworking individuals to find quality professional opportunities at SDMI.”
Altering a bus route isn’t as simple as putting up a new bus stop sign, officials say. In fact, it can be quite complicated.
Richard Lee, CEO of Centro, which serves four counties in Central New York, explains that routes are timed so riders can make transfers from one route to another. To do that, bus schedules have to be coordinated to avoid leaving riders to wait for their next connection.
In addition, Centro buses travel out and back, Lee says, always returning to a transit hub. Extending a route for one stop means expanding the trip for all subsequent stops.
Getting people to work is a large part of what Centro does. Lee says 77 percent of Centro’s ridership — some 11 million people a year — consists of workers going to or from their jobs. He says in his tenure, the organization’s has been “focused on what we can do to help individuals get to and from work.”
So, for instance, last year a bus route in Baldwinsville was altered to reach the Tops Market for shoppers as well as for people who use the bus to commute to work at Tops.
Centro also added Township Five shopping center in Camillus to an existing route when several employees of the Costco Wholesale store located there made a request.
Steven Koegel, Centro’s VP of communications and business planning, says his organization welcomes inquiries from businesses. He adds that as businesses consider new facilities or simply moving to a new location, they would do well to check with Centro, or whatever service provides mass transit in their community, to see if the site is on a route or could be added.
While altering a route can be complicated, adding one can be costly, Lee says. Along with the cost of a driver and fuel to travel the route, he points out that there are increased costs for mechanics and, of course, the cost of a new bus. Today’s buses cost about $535,000 each, he says.
The economics involved are complicated as well. Currently, riders’ fares cover just 23 percent of the cost of Centro’s operations. Advertising revenue covers about 7 percent and the remaining 70 percent is covered by federal, state and local subsidies. “We don’t have any control over that,” Lee says.
One alternative is for an employer or group of employers to subsidize a route, something Centro is discussing right now with some businesses.
Looking to the future, Lee says Centro is already planning for rising demand if and when work begins on Interstate 81 in downtown Syracuse. The work is expected to impact travel for years, depending on which plan is implemented.
“That’s going to be a whole ‘nother thing,” he quips.

Fastrac Markets opens new store in Pulaski
PULASKI — Fastrac Markets, an upstate New York chain of gas station/convenience stores, has opened a new store in the village of Pulaski. Fastrac last fall acquired the property at 3821 Rome Road, which was formerly home to a Nice N Easy store, Jim Allen, Fastrac’s VP of marketing, tells CNYBJ in an email. The
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PULASKI — Fastrac Markets, an upstate New York chain of gas station/convenience stores, has opened a new store in the village of Pulaski.
Fastrac last fall acquired the property at 3821 Rome Road, which was formerly home to a Nice N Easy store, Jim Allen, Fastrac’s VP of marketing, tells CNYBJ in an email. The firm demolished the structure and built a new 4,500-square-foot convenience store offering eight fueling stations, and indoor and outdoor seating. It opened on June 29.
“Rather than remodel, we thought it was smarter just to take a bulldozer to the building and build a brand new store,” says Allen.
He declined to provide the total cost for opening the new Fastrac store, including construction and property acquisition costs. The property is assessed at $295,000 and has a full market value of $339,000, according to Oswego County online property records.
Construction took about six months and included the winter months. Allen wouldn’t name the companies that handled the demolition and construction work.
“[We] felt that Pulaski was a nice small- town area that met our criteria for expansion and that Fastrac would be a great addition in serving that community,” Allen says when asked why Fastrac chose to open a store in Pulaski.
Located off Interstate 81, the new store employs 13 full-time and two part-time workers.
The convenience store offers a dining menu including pizza, smoothies, and sandwiches, among other items. The gas station includes four diesel pumps and ethanol-free 90 octane fuels for local boating and snowmobiling enthusiasts.
Fastrac, headquartered in the town of DeWitt, is a 20-year-old chain with 53 locations across upstate New York — including the Adirondacks, Mohawk Valley, North Country, Central New York, and Western New York. The company employs more than 450 people total.
Lockheed Martin wins $25M add-on to undersea warfare combat system contract
Lockheed Martin’s (NYSE: LMT) Rotary and Mission Systems unit has recently awarded a nearly $25.4 million modification to a previously awarded contract from the U.S. Navy. It will exercise an option and provide incremental funding in support of the continued development, integration, and production of the Navy’s AN/SQQ-89A(V)15 Surface Ship Undersea Warfare (USW) System, the U.S.
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Lockheed Martin’s (NYSE: LMT) Rotary and Mission Systems unit has recently awarded a nearly $25.4 million modification to a previously awarded contract from the U.S. Navy.
It will exercise an option and provide incremental funding in support of the continued development, integration, and production of the Navy’s AN/SQQ-89A(V)15 Surface Ship Undersea Warfare (USW) System, the U.S. Department of Defense announced.
The department said 24 percent of the work would be performed at Lockheed Martin’s Syracuse–area plant and 5 percent done in Oswego, with completion expected by May 2019. The rest of the work would take place at facilities in Lemont Furnace, Pennsylvania (37 percent); Manassas, Virginia (17 percent); Clearwater, Florida (9 percent); Hauppauge, New York (5 percent); and Tewksbury, Massachusetts (3 percent), according to a Defense Department news release issued July 13.
The AN/SQQ-89A(V)15 is the Surface Ship Undersea Warfare combat system with the capabilities to search, detect, classify, localize, and track undersea contacts, and to engage and evade submarines, mine-like small objects, and torpedo threats. The contract is for development, integration, and production of future advanced capability build and technical insertion baselines of the AN/SQQ-89A(V)15 USW systems, the release stated. The contract combines purchases for the Navy (98 percent); and the government of Japan (2 percent) under the Foreign Military Sales program.
New York manufacturing index declines in July
Reading still shows “robust growth in the industry” The Empire State Manufacturing survey general business-conditions index dipped more than 2 points to 22.6 in July from 25 in June, which was an eight-month high. The latest reading still indicates that manufacturing business activity “continued to grow at a fairly brisk pace in New York” in
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Reading still shows “robust growth in the industry”
The Empire State Manufacturing survey general business-conditions index dipped more than 2 points to 22.6 in July from 25 in June, which was an eight-month high.
The latest reading still indicates that manufacturing business activity “continued to grow at a fairly brisk pace in New York” in July. That’s because a positive index number indicates expansion or growth in manufacturing activity, while a negative index reading shows a decline in the sector.
The July number is “still a high level, suggesting a continuation of robust growth,” the Federal Reserve Bank of New York said in its Empire State Survey report issued July 16.
The survey found 40 percent of New York manufacturing respondents reported that conditions had improved in June, while 17 percent said conditions had worsened.
Survey details
The new-orders index dipped 3 points to 18.2, while the shipments index fell 9 points to 14.6, “suggesting only a modest deceleration” in orders and shipments, the New York Fed said.
Unfilled orders leveled off, and inventories edged down. Delivery times continued to lengthen, “though by a narrower margin than in recent months.”
The index for number of employees slipped 2 points to 17.2. It had climbed to its highest level of the year in June, so the decrease pointed to “ongoing moderate growth” in employment, according to the New York Fed.
The average-workweek index fell 6 points to 5.6, suggesting “more modest” increases in hours worked than in recent months, the survey report said.
Price increases remained “widespread.” The prices-paid index retreated 10 points from last month’s measure, just below May’s multiyear high, but remained elevated at 42.7. The prices-received index was little changed at 22.2, signaling “ongoing moderate” rises in selling prices.
Optimism about the six-month outlook slipped in July. The index for future business conditions fell 8 points to 31.1, “essentially reversing” last month’s gain. Manufacturers continue to expect “fairly swift” increases in employment in the months ahead, and the indexes for future prices “remained elevated.”
The index for planned capital expenditures fell 10 points to 17.1, and the technology-spending index declined 8 points to 9.4 — both are at their lowest levels in roughly a year.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York state. On average, about 100 executives return responses.
Upstate, statewide consumer sentiment rises in Q2
Consumer sentiment in upstate New York was measured at 90.7 in the second quarter of 2018, up 6.8 points from the last reading of 83.9 in the first quarter of 2018. That’s according to the latest quarterly survey of upstate and statewide consumer sentiment that the Siena Research Institute (SRI) released July 11. Upstate’s overall sentiment
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Consumer sentiment in upstate New York was measured at 90.7 in the second quarter of 2018, up 6.8 points from the last reading of 83.9 in the first quarter of 2018.
That’s according to the latest quarterly survey of upstate and statewide consumer sentiment that the Siena Research Institute (SRI) released July 11.
Upstate’s overall sentiment of 90.7 was 1.5 points above the statewide consumer-sentiment level of 89.2, which rose 2.1 points from the first quarter.
The statewide figure was 9 points lower than the second-quarter figure of 98.2 for the entire nation, which was down 3.2 points from the first-quarter reading, as measured by the University of Michigan’s consumer-sentiment index.
Consumer sentiment across New York state is well above the optimism/pessimism breakeven point for the 15th consecutive quarter, Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in the survey report.
“Upstate the overall index jumped nearly 7 points driven by greater confidence in the future of business and economic conditions. Despite, or perhaps because of a volatile stock market, fears of tariffs and a wholesale trade war, consumer sentiment rose dramatically among Republicans — up 14 points — while Democrats, although up a point, trail Republicans by 18 points,” said Lonnstrom.
In the second quarter of 2018, buying plans were up 0.7 percentage points since the first-quarter measurement to 14.3 percent for cars and trucks; up 2.1 to 40.3 percent for consumer electronics; up 0.3 percent to 27.7 percent for furniture; and up 0.3 percent to 7.4 percent for homes.
Buying plans fell 0.8 percent to 21.6 percent for major home improvements, according to the SRI data.
“Buying plans for major consumer items — cars, homes, furniture and electronics were all up this quarter and remain high signaling continued consumer driven activity throughout the economy,” Lonnstrom said.
Gas and food prices
In SRI’s quarterly analysis of gas and food prices, 48 percent of upstate New York respondents said the price of gas was having a serious impact on their monthly budgets, up from 34 percent in the first quarter and 36 percent in the fourth quarter of last year.
In addition, 40 percent of statewide respondents said the price of gas was having a serious impact on their monthly spending plans, up from 29 percent in the first quarter and 34 percent in the fourth quarter.
“New Yorkers notice and feel the price at the pump immediately. Concern over gasoline prices hit 40 percent for the first time since June of 2015 when prices last flirted with three dollars a gallon,” Lonnstrom said.
When asked about food prices, 51 percent of upstate respondents indicated the price of groceries was having a serious impact on their finances, down from 55 percent in the first quarter and from 53 percent in the fourth quarter.
At the same time, 55 percent of statewide respondents said the price of food was having a serious impact on their monthly finances, equal to the responding percentage in the first quarter and down from 58 percent in the fourth quarter.
SRI conducted its survey of consumer sentiment between June 12 and June 27 by telephone calls conducted in English to 807 New York residents. It has an overall margin of error of plus or minus 4.3 percentage points, according to SRI.

Menter, Rudin & Trivelpiece to combine with Barclay Damon
SYRACUSE — Barclay Damon LLP on July 17 announced that the lawyers and staff of Menter, Rudin & Trivelpiece, P.C. are joining the firm, effective Aug. 1. The Menter firm’s 31 employees, including 14 attorneys, will become part of Barclay Damon, the firm tells CNYBJ. Nine of its 14 lawyers are joining Barclay Damon as
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SYRACUSE — Barclay Damon LLP on July 17 announced that the lawyers and staff of Menter, Rudin & Trivelpiece, P.C. are joining the firm, effective Aug. 1.
The Menter firm’s 31 employees, including 14 attorneys, will become part of Barclay Damon, the firm tells CNYBJ. Nine of its 14 lawyers are joining Barclay Damon as partners. The law firms didn’t disclose any financial terms of the combination agreement.
The Syracuse–based Menter firm is “widely known” for its work in commercial-bankruptcy cases, Barclay Damon says.
The combination will increase Barclay Damon’s employee count to 471, the firm says. With an employee count that includes nearly 300 lawyers, Barclay Damon describes itself as a “leading regional firm.”
In the “coming months,” the attorneys and staff of Menter will move to Barclay Damon Tower in downtown Syracuse, and the firm will shift “a number” of administrative groups and functions to Menter’s former office space in Franklin Square, according to Barclay Damon.
Menter, Rudin & Trivelpiece, a 65-year-old firm, currently operates its Syracuse office at 308 Maltbie St. It also has a small North Country office at 120 Washington St. in Watertown. That location will also operate under the Barclay Damon name, the firm tells CNYBJ.
Why they’re combining
Barclay Damon says it believes Menter’s experience in bankruptcy law “in particular” and the firm’s “proven ability to marshal the talents of other professionals in support of complex commercial-bankruptcy scenarios” will have “significant, long-term value for the firm’s growing” client base and areas of industry focus.
Those areas include the “ever-changing” energy and health-care industries, along with the retail and shopping-center developer space. Also known for providing “sophisticated” transactional and litigation advice, the Menter firm’s attorneys bring “decades of experience” in business litigation, commercial lending, real property tax, construction, and employment law, Barclay Damon contends.
Jeffrey Dove, president and CEO of the Menter firm, will help lead Barclay Damon’s “substantially expanded” restructuring, bankruptcy & creditors’-rights practice area as a new co-chair of that practice area.
The combination of Menter, Rudin & Trivelpiece with Barclay Damon is “exciting news, adding depth and experience to the services offered to clients of both firms,” John Langan, managing partner at Barclay Damon, said in a statement. “With Menter’s proven track record and dominant position in the area of bankruptcy, insolvency, and distressed asset counseling, we see this expansion as adding real value to the legal services we offer,” he said.
Barclay Damon was formed in 2015 with the combination of Syracuse–based Hiscock & Barclay and the Buffalo–based Damon Morey. Barclay Damon currently has 12 offices throughout New York state and in Boston, Newark, Toronto, and Washington D.C.

M&T Bank rolls out new services for small businesses
M&T Bank (NYSE: MTB), which banks number one in deposit market share in the 16-county Central New York area, on June 19 announced a series of new and upcoming services for its small-business customers. They include a new online business-loan application, new business credit cards, and a new business cash-management platform. Online-lending platform M&T Bank
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M&T Bank (NYSE: MTB), which banks number one in deposit market share in the 16-county Central New York area, on June 19 announced a series of new and upcoming services for its small-business customers. They include a new online business-loan application, new business credit cards, and a new business cash-management platform.
Online-lending platform
M&T Bank plans to start offering online business loans “in early September,” Julia Berchou, assistant VP for corporate communications, tells CNYBJ.
The new service will enable current business clients to apply for loans and lines of credit up to $100,000 through a “simple” online application. In most cases, the bank will notify customers of approval decisions the same business day, and M&T promises to fund the loans within three business days.
“With this new online-lending technology, we have simplified the process of applying for smaller credit requests, enabling more businesses to access the credit they need online, with swift decision making,” Eric Feldstein, senior VP and head of business banking at M&T Bank, said in a release.
The new lending platform will offer an all-digital format, but customers will still be able to work with a branch manager or relationship manager to guide them through the process for obtaining a business loan.
Business credit cards
Buffalo–based M&T Bank has also launched a new credit-card program for businesses that provides customers with “flexible” access to funds and the opportunity to earn points from purchases, as well as “enhanced conveniences.”
The company previously provided credit cards to businesses through a third-party, M&T said.
The new suite of cards includes the M&T business rewards credit card and M&T business credit card, which are both available with a 0 percent annual percentage rate on purchases and balance transfers for 12 months. The M&T business rewards credit card offers 1.5 percent cash back on all purchases with no annual fee, according to the release. Neither card assesses foreign-transaction fees, M&T added.
The cards will now be available at M&T Bank’s more than 750 branches, as well as through a relationship manager, and can be integrated with the M&T’s online-banking platform, known as “online banking for business.” They also include “design your card” features; online and mobile-account access; fraud protection; and the ability to pay using Apple Pay, Google Pay, and Samsung Pay.
M&T BizPay
M&T Bank also announced the rollout of M&T BizPay, a new automated clearing house (ACH), and wire-transfer service integrated with M&T online banking for business.
The new service creates a “more convenient and simpler” channel for business clients to quickly pay vendors and perform payroll services, “in many cases the same business day,” the bank contends.
“Today’s business owners are busier than ever, and any opportunity to make the process around money transfer or cash-flow management more convenient is incredibly important,” said Feldstein.
M&T Bank has 67 branch offices and a nearly 19.4 percent share of all market deposits in the 16-county Central New York region, according to the latest FDIC statistics, as of June 30, 2017. ν
New NFIB state director hears similar concerns as in last job
Former Unshackle Upstate leader tackles related issues ROCHESTER — Two weeks into his new job, NFIB New York State Director Greg Biryla says he is hearing many of the same concerns that he heard when he was executive director of Unshackle Upstate. “It’s tax-burden issues, regulatory issues,” he says in a July 13 phone interview
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Former Unshackle Upstate leader tackles related issues
ROCHESTER — Two weeks into his new job, NFIB New York State Director Greg Biryla says he is hearing many of the same concerns that he heard when he was executive director of Unshackle Upstate.
“It’s tax-burden issues, regulatory issues,” he says in a July 13 phone interview with CNYBJ. “New York State is becoming — day by day — a regulatory nightmare.”
Biryla points to state Department of Labor rules that affect thousands of small businesses but never have to be approved by the state Legislature. “It’s happening by Department of Labor fiat,” he contends.
Biryla started his post on June 26 and is working to find a deputy state director. The two of them will be NFIB’s representatives in Albany. Membership, communications, and other matters are handled by staff who may work in New York state, or in nearby states.
While Biryla’s boss is in Washington, D.C., he also meets with an advisory committee of New York business people. “It’s very geographically and industrially diverse,” he says.
On the day of the interview, he met with an advisory committee member in Rochester.
The Flower City has been Biryla’s home, but he is planning to move to the Albany area, where his work will find him frequently at the Statehouse. He also expects to travel extensively, meeting members from Long Island to northern New York and the state’s western reaches.
The average NFIB member has five to seven employees, he explains, and generates annual revenue of less than $600,000. Membership is proportional around the state Biryla says, with members more common in areas where the population is densest. In all, New York has more than 10,000 NFIB members.
Biryla says he doesn’t expect to meet every one of those members right away, but does plan to continue to travel, hearing what concerns members.
NFIB will also pay attention and score government officials on their votes and actions, he says. “NFIB has an endorsement process,” he says. “We will select five to 15 pieces of legislation in both houses and we will score their votes.”
Biryla says he is not yet sure if the NFIB would make an endorsement in this year’s race for governor.
Diversifying Outside of Your Small Business
Small-business owners are especially vulnerable to a dangerous investment practice: under-diversification. For many, their business represents the lion’s share of their net worth. With fortunes riding largely on the success or failure of a single business in a single industry, business owners are exposed to heightened levels of investment risk. Recognizing that risk and understanding
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Small-business owners are especially vulnerable to a dangerous investment practice: under-diversification.
For many, their business represents the lion’s share of their net worth. With fortunes riding largely on the success or failure of a single business in a single industry, business owners are exposed to heightened levels of investment risk. Recognizing that risk and understanding a business’s place in an overall portfolio is the first step toward building a more stable investment outlook.
Taking money out of the business is one way to fund other investment objectives; however, determining the best means of accessing cash requires serious consideration of a number of factors, beginning with the type of business entity it is. For example, a sole proprietorship, partnership, limited liability company (LLC), or corporation all may carry different tax implications.
Business owners also need to assess their short-term and long-term priorities for the extracted assets. If, for instance, your goal is to create a steady income stream, your approach will be very different than if your goal is to fund your retirement.
Liquidity options
Here are some simple, tax-efficient methods to help business owners turn part of their stake in a business into a liquid asset.
• Compensation — Putting yourself on the payroll provides you with a steady stream of income without incurring double taxation — corporate and personal — provided the IRS finds your salary reasonable in relation to the services you render.
• Loan repayment — If you have loaned money to the business, set up a schedule for repayment. To avoid tax problems, the debt must be properly documented and contain terms that affirm that the sum is truly debt, not equity.
• Borrow — You may withdraw cash from the business in the form of a loan. Again, be sure that the transaction is properly documented and includes a repayment schedule. In addition, the loan must bear interest at a rate not less than the current applicable federal rate. Otherwise, the interest income may be treated as a dividend or as compensation.
Worker benefits
Life insurance, disability insurance, certain medical benefits, dependent care, etc., can be viewed as cash equivalents that are deductible to the business and not taxable to you. Consider setting up a salary reduction or cafeteria plan that would allow you and your employees to take a portion of compensation as nontaxable benefits rather than as taxable income. Similarly, consider establishing a qualified retirement plan. Retirement plans can be effective vehicles for building morale and for helping owners diversify their assets in a tax-advantaged manner.
When considering a retirement plan for small-business owners, important factors to consider are:
• Size of the business including number of employees
• Contributions for the owner and contributions for employees with regard to amount, flexibility, and source of the contributions
• Costs to set up and operate the plan
• Administration requirements of the plan regarding compliance, reporting, tax filings, etc.
• Available investment-allocation options within the plan
Approaching an employee-benefit plan as a liquidity option can be risky. Business owners who feel pressured to create liquidity without proper planning can sometimes set up a benefit plan that creates additional financial liability. Common pitfalls can include:
• Not engaging a qualified retirement advisor in the process
• Selecting a plan that does not address all of the needs of the business owner
• Picking a plan that is costly and/or administratively burdensome
• Selecting a plan that does not engage/assist in retaining/educating employees
Failing to take these considerations into account in the planning phase can create a logistical headache that overshadows the benefits it offers.
Having access to a team of professional, knowledgeable, and experienced financial advisors is crucial for assisting in the administration and management of the selected plan; this team will provide ongoing advice and guidance in an ever-changing landscape.
Outright liquidation
If you decide to sell the business outright, you will face much planning and decision-making. Do you want to sell the business to an interested third party or keep it in the family? What are the financial and tax consequences of transacting the deal in cash versus stock? What type of transaction are you hoping to negotiate? An installment sale? A private annuity sale? A transfer of assets via a family limited partnership (FLP)?
Regardless of the approach, your best — and first — strategy should be to partner with the appropriate planning professionals who can evaluate the business from a cash flow and net-worth standpoint on a regular basis. This guidance may be the most critical determinant of when is the best time to take cash out of the business.
Michael Zoanetti, CFP, is a VP and senior wealth advisor at Tompkins Financial Advisors. Contact him at mzoanetti@tompkinsfinancial.com or (315) 263-8023.
Author’s note: A portion of this material was prepared by Wealth Management Systems, Inc. This information is for educational purposes only and is not intended to be a substitute for individualized tax or legal advice.
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