Happy Fall Everyone! The cider mills are hopping. College Football is filling up our Saturdays. Major League Baseball playoffs are rolling. The Lions continue to find different ways to amaze. Most importantly, professional networking is in full swing. We have and are continuing to provide valuable educational content and fun-filled networking events.
This is my first letter as President of the Detroit Chapter of the Turnaround Management Association. I am very excited about the work and commitment of our committees and members and the overall direction of the Chapter. The past two and half years have tested our abilities to pivot and progress in uncertainty. We continue to thrive and progress.
We had success in our past events including the Fall Kickoff at Detroit Shipping Company, joint Auto Update Panel with ACG, social event at M1 Concourse, and Restructuring in a Cryptocurrency world virtual panel. Each of these events offered a unique perspective and provided an opportunity to visit new venues.
Upcoming events include:
Cocktails & Conversation at Valentine Vodka on Wednesday, October 26 from 5:30pm - 8:30pm. Please join us for craft cocktails, fun, and amazing networking at one of our local award-winning distilleries. They will be serving 4 specialty craft cocktails made especially for us amongst other beverages including beer, wine, and soft drinks.
Distress in the Senior Living Industry: How the Recent Henry Ford Village Turnaround Highlights Challenges in the Sector at the Kingsley DoubleTree on November 16th from 7:30am - 9:00am. An intriguing discussion on the 2021 TMA Detroit Turnaround of the Year Award winner.
Annual Holiday Party at D’Amato’s in Royal Oak on Wednesday, November 30. Come thirsty and bring your appetite to one of Royal Oak's finer establishments. The adjoining bar, Good Night Gracies, will be open for service after the event.
The TMA Annual Conference will be taking place in Boston, November 1st-3rd. I will be attending to represent our Chapter and to attend the Chapter Presidents Meeting. The Annual Conference is always a well-attended event. Hope to see you there.
If you would like to get more involved and join a committee, please feel free to reach out to me personally at jtrendell@pathward.com with your interest. There are numerous committees to get involved in with plenty of room to add more volunteers. Committees are the best way to gain beneficial relationships in the turnaround community. Membership is required to join a committee.
Our 2023 sponsorship drive has started. If you are interested in becoming a sponsor, please inquire at detroit@turaround.org for details.
I look forward to seeing each and everyone of you at our coming events. More participation makes every event better.
PACA consideration when financing Florida based citrus enterprises
Today, the Companies provide services across the produce supply chain, including grove caretaking, packing, marketing, warehousing, and imports. The Companies markets their products under brand, which is recognized by retailers and foodservice distributors across the East Coast for overall quality, usually commanding a significant premium in the marketplace. The Companies are now positioned to execute on a growth cycle, in large part due to their focus on two key strategies: 1) proprietary and innovative growing techniques in the field, reducing impact of citrus greening disease, and 2) expand acreage of its two flagship proprietary tangerine varieties which have demonstrably proven themselves in recent years as the best tangerines ever grown in Florida.
FinCEN Issues Final Rule on the Corporate Transparency Act Requiring Businesses to Report Beneficial Ownership Information
On September 30, 2022, the U.S. Financial Crimes Enforcement Network (“FinCEN”) published its final rule implementing Section 6403 of the Corporate Transparency Act (“CTA”). The final rule, which will take effect on January 1, 2024, will require “tens of millions” of companies doing business in the U.S. to report certain information about their beneficial owners. The reporting companies created or registered before January 1, 2024, will have until January 1, 2025, to file their initial beneficial ownership reports with FinCEN. Reporting companies created or registered on or after January 1, 2024, will be required to file initial beneficial ownership reports within 30 days of formation.
Most news articles highlight how tough it will be on businesses to make money and for consumers to afford gas and food given the elevated levels of inflation in 2022. This article takes a contrarian view relative to the effects
of inflation combined with the national labor shortage
and the ongoing supply-chain disruptions on many U.S. businesses. Today is the perfect economic environment for significant profit improvement for many businesses, despite all the escalating cost headwinds facing many manufacturing and distribution businesses.
Attendance by all individuals, including TMA Members, Chapter Executives, Administrators, and their respective employees and guests (each of the foregoing, collectively an "Attendee") at any event constitutes their legally binding agreement that:
1. They are attending the chapter sponsored event at their own risk;
2. None of the TMA, TMA Global, the venue, the organizer, any attendees, or any of the preceding's respective employees, officers, or board members (each of the preceding, collectively the "Released Persons") are in any way legally responsible if one or more Attendees contracts COVID-19 or any other communicable disease around the time of the event or as a result of attending the event;
3. Each Attendee waives and releases each Released Person from any all liability if they contract COVID-19 or any other communicable disease around the time of the event or as a result of attending the event.
The TMA Detroit Chapter is beginning its annual sponsorship drive for 2023. Would your company be interested in sponsoring?
TMA Detroit reaches a wide group of individuals in different facets of the distressed/restructuring industry- including TMA members from all over the country. This enables your firm to market broadly, without leaving your desk.
Starting your career and looking for opportunities to put yourself out there can be an intimidating process. Finding the right place to start and who to speak with can be a challenging task. The TMA nextGen group is specifically designed to help you ease into the Detroit area market for young or new professionals involved in transactional services, legal, turnaround management, commercial and asset-based lending, private equity, consulting, and other financial services.
The goal of our group is to introduce new members in the turnaround community to similar professionals in social settings along with quality educational events tailored to young professionals. Also TMA offers a discounted membership for new members ages 40 and under.
Interested in getting involved with nextGen Detroit?
