 |
| |
THURSDAY, JAN. 12, 2017 | IN THIS ISSUE
|
|
|
 Corridor experts offer advice for business transitions
 |
|
|
Maurie Cashman of Aspen Grove Investments in his Cedar Rapids office.
|
As a growing number of baby boomers prepare to pass the baton of business ownership, they face a complex and sometimes lengthy process for which many are unprepared.
"The most frequent comment I get is, 'I had no idea how difficult this would be,'" said Maurie Cashman of Aspen Grove Investments in Cedar Rapids, which specializes in business valuation and business transfers.
Mr. Cashman has been involved in hundreds of business transfers, both as a private consultant and as an executive of the huge ag cooperative Land 'O Lakes. He said each sale is unique, "like a fingerprint," and they are never easy.
The outcome is often critical to the financial future of the owner, Mr. Cashman said, and yet most owners wait until they are almost ready to retire before they start making plans. It's an opinion shared by Jeff Hennessey, who specializes in selling businesses at The Jennessey Group.
"You can't start early enough planning for it," Mr. Hennessey said, noting that the average time required to sell a business in the United States is about one year. In some cases, the time frame can be much longer, he noted, as in the case of businesses that are losing money and need to be restored to profitability before they are a good candidate for sale.
|
|
|
|
CR Downtown Farmers Market now taking vendor apps
Applications are now being accepted for the 12th season of the Cedar Rapids Downtown Farmers' Market, produced by the Cedar Rapids Metro Economic Alliance and presented by Cedar Rapids Bank & Trust.
This year's market will be held June 3 and 17, July 1 and 15, Aug. 5 and 19, and Sept. 2 and 16.
All applicants must read the Vendor Handbook prior to submitting their application, available
here. Artisan vendors must provide photos or samples of their work in order for their application to be considered. Baked goods vendors not previously approved for a Downtown Farmers' Market must provide 3-5 samples in order for their application to be considered. Applications for full-season stalls are due by Feb. 13.
The Cedar Rapids Downtown Farmers' Market has become one of the largest open-air markets in the Midwest since its inception The event now features nearly 200 Iowa vendors and averages 14,000 patrons per market. To apply and view full details, visit the farmers market
website
.
|
|
|
|
SBA approves $6.1 million in loans to Corridor businesses
The U.S. Small Business Administration in December backed 46 private loans worth a combined $26 million for Iowa businesses, according to the administration's latest loan numbers.
The SBA 7(a) and 504 programs capitalized 27 new and 19 existing businesses in the state, including 18 in the Corridor. Noteworthy local loan recipients include:
- HRDMM Hospitality Services Inc. of Cedar Rapids, a new hoteling business, which received $4.3 million
- The Cashman Agency of Iowa City, a new janitorial business, which received $625,000
- Fuzzed Up 2 LLC of Coralville, a new restaurant business, which received $301,000
- All Seasons Auto Body Corp. of Monticello, an existing auto repair shop, which received $156,000
Corridor business receiving SBA-backed funding reported creating 121 jobs and retaining 85 more.
The number of loans made statewide bounced back after a weak fall. The SBA backed 31 loans in November and 38 loans in October worth a combined $19.1 million.
|
|
|
|
Coralville company awarded $225,000 research grant
Coralville-based Innovas Technologies has been awarded a $225,000 National Science Foundation (NSF) Small Business Innovation Research (SBIR) grant for the research and development of an innovative micro-sensor system.
Innovas Technologies is working to develop mobile, submersible micro-sensors that will address fouling and failure in shell and tube heat exchangers. The new technology aims to increase efficiency and maximize heat exchanger operating life by detecting failures, capturing unusual vibration signatures, and providing speed and temperature readings inside an operating heat exchanger.
According to the company, the grant will lead to products designed to eliminate more than $40 billion in unnecessary waste in the power generation, oil and gas, industrial manufacturing and commercial cooling sectors.
"Shell and tube heat exchangers represent one of the unseen foundations of our economy," Innovas President Chuck Dirks stated in a press release. "We aim to eliminate tens of billions in unnecessary costs and greatly improve environmental health by developing transformational micro-sensor technology to continuously monitor the inside of an operating heat exchanger."
Innovas received the full amount of small business funding available from the NSF in Phase I; it is now also eligible to apply for a Phase II grant, worth up to $750,000.
The NSF is an independent federal agency with a budget of about $7 billion that supports fundamental research and education across all fields of science and engineering.
|
|
|
|
|
|
|
A historical look at the NFIB Small Business Optimism Index.
|
The mood of small business owners has taken a historic bounce for the better, according to the National Federation of Independent Business.
The Des Moines Business Record reports the organization's monthly optimism index took a 38-point jump in December, and "that is certainly a historical bounce in the optimism index," Tim Goodrich, NFIB Regional Director of State Public Policy, said in a release on Jan. 10.
"As Governor Branstad makes his remarks to the Legislature today, our members will no doubt be listening for policy proposals that have the potential to not only strengthen the small business community but make Iowa's economy even more robust at the state level."
Small business owners are hoping that a change in presidential administrations will lead to a reduction in federal regulations. A Republican-controlled Iowa Legislature is feeding some of that good feeling.
"During the upcoming legislative session, we are certainly anticipating discussions will involve an improvement to existing tax policy as well as a reduction in state spending. Proposals today involving shrinking the size and scope of government while improving Iowa's fiscal condition would no doubt be well received by Iowa's small employers," Mr. Goodrich said.
|
|
|
|
Consulting: Focus on your brand for a better bottom line
In this week's consulting spotlight, CBJ columnist and MindFire Communication President Lynn Manternach offers tips for improving your brand:
Is this the year you really get serious about building your company's brand?
Brand development is easier than it's ever been before with an amazing array of technological tools and communications channels at your disposal. The financial investment necessary to get your messages in front of consumers has declined significantly.
Ironically, brand development is also harder than it's ever been before because of the array of technological tools, communications channels and low cost of entry.
It's easy to get overwhelmed and move onto something that's simpler to accomplish. But a strong brand boosts your bottom line and makes many other business objectives easier to achieve, so it's worth the effort. A strong brand can help you attract new business with less effort, land key accounts/clients/customers, avoid competing on price and launch new products or move into new markets more easily.
Regardless of the state of your current brand, this needs to be the year you really get serious about building it. So where do you begin? Whether you've consciously developed it or not, your company already has a brand.
|
|
|
From around the web:
- Small Business Trends offers up 20 tools for boosting your business security without breaking the bank.
- The city of Burlington is seeing a small business boom, reports KWQC.
- Here's 5 retirement tips for small business owners, courtesy of MarketWatch.
|
|
Get with the program
Forward the FREE, weekly CBJ on Small Business newsletter to your friends and colleagues, and share the feeling of being informed! Use our fast, one-minute subscription to the CBJ's newsletters
here, or check out our other subscription options
here.
|
|
|
Corridor Stocks
| NAME |
SYM |
PRICE |
CHG |
%CHG |
| AEGON |
AEG |
5.475 |
-0.105 |
-1.88% |
| Alliant Energy |
LNT |
37.65 |
-0.1 |
-0.26% |
| Deere & Company |
DE |
105.17 |
-0.54 |
-0.51% |
| Dow Jones |
^DJI |
19,891.00 |
-63.28 |
-0.32% |
| General Mills |
GIS |
61.26 |
0.28 |
0.46% |
| GoDaddy Inc. |
GDDY |
34.41 |
-0.86 |
-2.44% |
| Great Western Bank |
GWB |
42.79 |
-0.92 |
-2.10% |
| Heartland Express |
HTLD |
20.19 |
0.08 |
0.40% |
| KemPharm |
KMPH |
3.35 |
0 |
0.00% |
| Marsh & McLennan |
MMC |
67.59 |
0.15 |
0.22% |
| MidWestOne |
MOFG |
36.06 |
-0.79 |
-2.14% |
| Pearson |
PSO |
9.935 |
-0.02 |
-0.25% |
| Pepsico |
PEP |
101.83 |
0.02 |
0.02% |
| Principal Financial |
PFG |
58.86 |
-0.12 |
-0.20% |
| QCR Holdings |
QCRH |
41.9 |
-0.4 |
-0.95% |
| Rockwell Collins |
COL |
90.4 |
-0.14 |
-0.15% |
| S&P 500 |
^GSPC |
2,270.44 |
-4.88 |
-0.21% |
| Tanger Factory |
SKT |
35.59 |
0.01 |
0.03% |
| Procter & Gamble |
PG |
83.82 |
0.07 |
0.08% |
| United Fire Group |
UFCS |
47.45 |
-0.99 |
-2.04% |
| U.S. Bank |
USB |
51.42 |
-0.37 |
-0.71% |
| Wells Fargo |
WFC |
54.54 |
-0.26 |
-0.47% |
| West Bank |
WTBA |
24.35 |
-0.4 |
-1.62% |
| Whirlpool |
WHR |
183.88 |
0.83 |
0.45% |
|
|
|
Short-Term Event Planner
Jan. 16
Martin Luther King, Jr. Service Above Self Award Luncheon,
by the Cedar Rapids Rotary Club, noon-1:30 p.m., DoubleTree by Hilton Hotel, 350 First Ave. NE, Cedar Rapids. This event will honor eight area high school students who have contributed to their communities and schools. Free, includes lunch. To RSVP, email [email protected].
Coralville Roundtable - Monica's, by the Iowa City Area Chamber of Commerce, noon-1 p.m., Monica's, 303 Second St., Coralville. All are invited to network, keep up to date with chamber and community events and frequent a member restaurant or business. Free. Interested in attending but not a member? Call (319) 337-9637.
|
|
|
Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28
MidAmerican Energy has announced that it will build a wind farm in Boone and neighboring Greene County and another in Mahaska County.
The company said in a news release today that the two will be the first built as part of its Wind XI project. The Beaver Creek project in Boone and Greene counties will have 85 turbines that will generate 170 megawatts. The Prairie wind project in Mahaska County will have 84 turbines that will provide 168 megawatts of power. Construction is expected to begin in April and be finished by the end of the year.
T
hese news items are provided by CBS2/FOX 28
|
|
CBS2 Chief Meteorologist Terry Swails'
Weather First Forecast
| Clouds will build back in late tonight ahead of the next disturbance that'll move through Friday. It'll be a rather cold night with some areas below zero to the north where there is still some snow on the ground to single digits elsewhere. Wind chills likely will be -5 to -15. |
|
|
|
|
| |
|
|
|
|
