Wednesday, June 19, 2019
8:00 - 10:00 a.m.
The Westin Mount Laurel, Mt. Laurel
FEATURING
The Honorable Elizabeth Maher Muoio
New Jersey State Treasurer
Please join us to hear from New Jersey State Treasurer Elizabeth Maher Muoio, who plans to discuss the FY2020 State Budget as proposed by Governor Phil Murphy mere days before the budget deadline of June 30.
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Meet the Policymakers featuring NJDEP Commissioner Catherine McCabe
Tuesday, June 25, 2019
4:30 - 6:00 p.m.
The Westin Mount Laurel
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Make New Jersey Competitive:
Regional Economic Perspective
Tuesday, July 16, 2019
8:00 - 11:00 a.m.
Adelphia Restaurant, Deptford
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Business After Business at Level One Cocktail Bar & Lounge
Thursday, July 18, 2019
6:00 - 8:00 p.m.
Level One Lounge, Borgata, Atlantic City
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CCSNJ & American Red Cross
Blood Drive
Wednesday, July 31, 2019
2:00 - 7:00 p.m.
Voorhees Town Center Mall
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The Four Steps to Plan for Your Small Business' Future
By Jerome M. Mauro
Managing Director and Administrative Vice President,
Wilmington Trust
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According to The Family Firm Institute, roughly 30% of family businesses survive the shift from founder to second generation. Even more significantly, an average 13% of businesses will survive into the third generation and a mere 3% will survive beyond the fourth. If you're a small business owner, these statistics might seem frightening, threatening to undo the work and value you've put into the company that was meant to be your legacy.
Luckily, it's possible to increase the odds of your business transferring from one generation to the next with solid succession planning. Not sure where to begin? My colleagues at M&T Bank and I have come up with a checklist to help you get started:
- Review existing plans: Like many business owners, you might have begun thinking about succession planning--formally or informally. If this is the case, take stock of what you already know and identify gaps that need to be filled. From there, consider creating short- and long-term plans to address the needs of current investors, customers, and lenders and guide your business towards the legacy you envision.
- Engage experts: As you begin to formulate plans it's important to build a team of experts who can help you devise strategies to meet your business' long-term goals. Often these teams consist of a business planning specialist who has a background in succession planning, an attorney experienced in estate planning, a licensed CPA, a valuation specialist, business insurance broker, family governance specialist (assuming you want to transfer all or part of your business to family members), an investment banker to identify and approach potential investors, and a banker to provide liquidity when needed, such as purchasing a departing owner's interest. While different business owners draw on different experts when succession planning, these are the typical professionals to have on deck.
- Identify goals: The good news is you're probably already doing this. Most business owners spend a great deal of time identifying areas of growth for their company, whether that involves entering new markets or attracting and retaining new talent. Similarly, your succession plan should reflect and support the overall goals you have for your company--addressing both your personal concerns (example: funding retirement) and the concerns of key partners and other constituents. Working with the right team of experts will help you accomplish this.
- Evaluate your options: A good succession plan outlines how, when, and to whom you will transfer your business. As such, you'll need to identify the person(s) you would like to see take the reins at your departure. Do you plan to keep the business in the family? Does it make more sense to sell the business to existing partners, co-owners, or shareholders? Or do you have the option to sell to management or your employees? Whatever you decide, each scenario comes with its own concerns. You'll want to speak to an experienced professional when finalizing this decision.
Planning for the future of your small business is (ironically) no small feat. But it's never too early to start succession planning. In fact, the longer you wait, the more risk you're likely taking on. Ready to take the first steps? You can learn more about M&T Bank and Wilmington Trust's professional guidance offerings at www.mtb.com/business/business-banking/business-succession-planning.
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CCSNJ Testifies at Assembly Hearing Focused on Tax Incentives
 On June 13, CCSNJ Senior Vice President, Christina M. Renna, was an invited guest at the Assembly Commerce and Economic Development Committee, which considered A-5343 (Pinto Marin) that would extend the Grow New Jersey and Economic Redevelopment & Growth (ERG) programs for a six-month period. They are currently set to expire on June 30. The Committee also heard testimony, for discussion only, on A-4730 (Pintor Marin) which would revamp the current tax incentive programs to more of a tiered distribution on incentives focused on more targeted areas and industries. Read more>>
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Health Issues Committee
On June 4, nearly 50 members attended a Health Issues Committee meeting featuring Sam Sutton, Healthcare Reporter for POLITICO New Jersey. Sutton discussed all of the "hot healthcare topics" being debated by the NJ Legislature.
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Environment Committee
On June 5, Environment Committee members heard from the New Jersey Pinelands Commission's Executive Director Nancy Wittenberg who discussed her role and new developments from the Commission.
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Make New Jersey Competitive: Artificial Intelligence
On June 7, CCSNJ members heard from a panel of experts on the impacts artificial intelligence has on consumer products, what AI applications are now in use and what affect they will have on the future.
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Rutgers Business Outlook
A panel of experts gave an update on the regional economy and economic conditions in health care, the economy, manufacturing and public safety at the June 11th Rutgers Business Outlook presented by CCSNJ and Flaster Greenberg PC.
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Good Morning South Jersey Series: Opportunity Zones
On June 14, a Good Morning South Jersey Series event, sponsored by Wells Fargo, examined the opportunity zones program which was enacted as part of the 2017 federal Tax Cuts and Jobs Act, including New Jersey's program details, opportunity zone locations, and how private investors can support investment in distressed communities.
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NETWORK CONNECTION LUNCH
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NETWORK CONNECTION
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NETWORK CONNECTION
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June 27
11:45 a.m. - 1:30 p.m.
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July 25
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Wondering why you haven't heard from us? You know our staff at the Chamber loves to keep in touch, but unfortunately our emails to you and/or responses to your emails are being blocked or filtered as spam. Please ask your IT department to whitelist the Chamber's email addresses (below). If your company uses G Suite for email, please whitelist the Chamber's IP address 50.243.83.185
Thank you in advance for your help!
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ADVERTISEMENT
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Bridget Wiese
Vice President
Store Manager
Republic Bank
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Networking is about being genuine and authentic; building trustful strategic alliances to help others. Ask open-ended questions to generate discussions and learn more about the individuals you are meeting. Hold volunteer positions in organizations. This is a great way to stay visible, give back to the community and connect with philanthropic individuals. Many friendships form as a result of networking because you form a bond with like-minded individuals that want to grow their business.
If people like you they will listen to you, but if they trust you they will do business with you. ~ Zig Ziglar
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Lawmakers Vote to Expand Tax Incentive Programs; Murphy Signals He'll Veto
Assembly approves legislation to keep controversial tax breaks in place through January, despite governor's call for significant reform.
Lawmakers are defiantly moving ahead with their plan to temporarily extend the state's main economic-development tax-incentive programs without making any changes, despite Gov. Phil Murphy's call for significant reform.
Two separate Assembly committees approved legislation yesterday that would keep the controversial programs in place through the end of January, as lawmakers rush to take action before current state law prohibits new incentive applications from being accepted after June 30.
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3rd Annual Scholarship & Awards Program Hosted by Women of the Dream
Join the celebration of Women of the Dream's 2019 Scholarship Recipients on June 29 at the KROC Center in Camden! To date, WOD has provided scholarships to eight young women totaling $22,500. Please support their efforts to assist bright but financially challenged young women who are seeking to improve their life circumstances through higher education.
Food Bank of South Jersey Adds CFO
The
Food Bank of South Jersey has named
Kathleen Horton as the new chief financial officer. Horton is
an experienced leader with nonprofits and for-profit companies, will serve as CFO for the Pennsauken-based organization, overseeing financial planning, reporting and more. Click here to read the full article.
Atlantic City law firm Cooper Levenson Expands into N.Y.
Cooper Levenson, an Atlantic City-based law firm, announced on June 11 it has expanded into New York.
The firm, which was founded in 1957 in Atlantic City with two attorneys, has expanded to 65 attorneys with offices in New Jersey, Delaware, Florida, Nevada and now New York.
Click here to read the full article.
"We are excited to partner with Deborah in the provision of emergency services on their campus," said Capital Health CEO and President Al Maghazehe. "We understand that patients from neighboring Burlington and Ocean counties have relied on the (satellite emergency department) and we intend to continue and build upon the services offered at Deborah."
Click here to read the full article.
Nominations are being accepted in 10 categories for an annual recognition program to celebrate individuals, businesses and governments for excellence in recycling, and inspiring others to the same commitment, New Jersey Department of Environmental Protection Commissioner Catherine R. McCabe announced on May 22.
The DEP, in conjunction with the Association of New Jersey Recyclers, annually recognizes excellence in recycling in order to highlight program successes achieved by agencies, businesses, individuals and others who help keep New Jersey communities clean and healthy.
Nominations are due Friday, July 26 and awardees will be notified in September. Award winners will be honored at the Association of New Jersey Recyclers Symposium and Awards Luncheon on Oct. 10, 2019 in Neptune, Monmouth County.
Rowan University's 2nd Annual Mid-Atlantic Political Intern Summit
Join Rowan University on Thursday, August 1 for their Annual Mid-Atlantic Political Intern Summit hosted at their Glassboro campus. This event is free to all summer 2019 political interns in NJ, DE, and PA. Click here for more information and to register.
Two Weeks Left to Apply for the 2019 NOL Program
Qualified, unprofitable technology or biotechnology companies based in New Jersey can sell a percentage of net operating losses (NOL) and research and development (R&D) tax credits for cash through a program offered by the New Jersey Economic Development Authority.
Applications to the NOL Program are now available at
www.njeda.com/NOL
. The deadline to apply is Sunday, June 30, 2019 11:59 PM.
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Holt Logistics Corporation provides freight logistics services, technology and solutions for the supply chain and supports vessel stevedoring, marine terminal operations, warehousing and inland transportation companies.
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CONTACT US
220 Laurel Road, Suite 203, Voorhees, NJ 08043 | P: 856.424.7776 | F: 856.424.8180 |
www.chambersnj.com
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