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Friday, August 2, 2013 Quesnel Cariboo Observer

NEWS

Spreading the Small Town Love Amy Quarry partners with NDIT to promote shop local in northern towns

Six communities throughout central and northern British Columbia have partnered with Northern Development Initiative Trust to deliver buy-local campaigns to strengthen local businesses, local competitiveness and keep more dollars in the local economy. The six communities included in the pilot program are the District of Logan Lake, the District of Fort St. James, the District of 100 Mile House, the District of Vanderhoof, the Village of Valemount and the Village of Burns Lake. Each of the six communities has a population of less than 5,000 residents. “While buy-local campaigns can be selffunded by merchants in communities and cities with populations of more than 5,000, it is very hard for a high quality initiative to be sustainable with the low numbers of independent business owners in most small towns,” Renata King, director of business development, Northern Development Initiative Trust said. “This buy-local program is designed to strengthen businesses in small communities.” The pilot program is

a partnership between Northern Development and entrepreneur Amy Quarry, who created and launched the original “Small Town Love” buy-local initiative in the City of Quesnel. With more than 50 local Quesnel-based businesses working collaboratively under the “Small Town Love” marketing brand, Quarry’s original program was extremely well received and highly successful (onein-five Quesnel residents now own a copy of the first “Small Town Love” guide, which sold out in less than four months). The program is anchored by a strongly branded website with the highest quality photography, which features many independently owned local businesses. “We are so excited to be partnering with Northern Development to bring the vision of Small Town Love to more towns in the northern B.C.,” Amy Quarry, founder of Small Town Love said. “Our hope is that Small Town Love can serve as a powerful reminder that B.C.’s small towns are worth visiting, living in — and investing in. Supporting local independent businesses means putting your money where your heart is.” The Northern

Development-led pilot program supports the development of buy-local website portals that will promote local businesses in each of the six communities included in the initial partnership. Northern Development’s board of directors, which is made up of elected representatives and provincial appointees from throughout central and northern B.C., approved a $75,000 budget for the pilot program. While many economic development initiatives concentrate effort on business recruitment and new development, the buylocal program is a locally driven retention program that focuses on enhancing the strength of existing businesses. The partnership will operate as a pilot while looking toward the possibility of future projects. “There is solid evidence that successful buy-local campaigns in smaller communities help the economy thrive,” Evan Saugstad, chair of Northern Development Initiative Trust said. “The Trust exists to serve communities throughout central and northern B.C., and we believe this pilot

Fire ban in effect

As of Thursday at noon all campfires are banned in the southern portion of the Cariboo Fire Centre. This step is being taken to help prevent human-caused wildfires and protect the public. The fire danger rating is currently high throughout the Cariboo Fire Centre, with scattered pockets of extreme. Open burning is prohibited throughout the Cariboo Fire Centre. This prohibition applies to open fires of any size, industrial or backyard burning, fireworks, tiki

torches, sky lanterns and burning barrels. Anyone found in violation of an open fire ban, including campfires, may be issued a ticket of up to $345. Anyone who causes a wildfire through arson or recklessness may be fined up to $1 million, spend up to three years in prison and be held accountable for associated firefighting costs. This prohibition will remain in place until Sept. 30, or until the public is informed otherwise.

program celebrates and supports the growth of fantastic home-grown businesses throughout the region.” Northern Development Initiative Trust is an independent, regional economic development corporation focused on stimulating economic growth and job creation in central and northern British Columbia. To date, $114 million in funding has been committed to 1,212 projects in communities throughout central and northern British Columbia including: • 5,856 jobs have been created; 2,074 partnerships with 707 organizations have attracted more than $1.1 billion in new investment to the region; • 73 per cent of investments are in small communities with populations less than 5,000; • Community grant writers have been approved for $76.9 million in funding since 2010. For information on Northern Development and the community economic development projects being led in communities throughout northern B.C., visit: http:// www.northerndevelopment. bc.ca/

NATALIE DWYER

June 18, 1939 - July 28, 2013

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Retirement, Succession Plans: “Must Haves” for Business Owners

If you own a business, you may well follow a “do it now” philosophy — which is, of course, necessary to keep things running smoothly. Still, you also need to think about tomorrow — which means you’ll want to take action on your own retirement and business succession plans. Fortunately, you’ve got some attractive options in these areas. For example, you could choose a retirement plan that offers at least two key advantages: potential tax-deferred earnings and a wide array of investment options. Plus, some retirement plans allow you to make tax-deductible contributions. In selecting a retirement plan, you’ll need to consider several factors, including the size of your business and the number of employees. If you are looking to create a retirement plan for yourself, (and your spouse, if employed by the business), you may wish to consider an Individual Pension Plan (IPP). If you would like to set up a plan for your employees as well, you might want to investigate a group RRSP or Defined Profit Sharing Plan (DPSP). Your financial advisor, working with plan design professionals and your tax advisor, can help you analyze the options and choose the plan that fits with your combined personal and business goals. Now, let’s turn to business succession plans. Ultimately, your choice of a succession plan strategy will depend on many factors, such as the value of your business, your need for the proceeds from the sale of the business for your retirement, your successor, and how well your business can continue without you. If your goal is to keep the business within the family, you’ll need to consider how much control you wish to retain (and for how long), whether you wish to gift or sell, how you balance your estate among your heirs, and who can reasonably succeed you in running the business. Many succession planning techniques are available, including an outright sale to a third party, a sale to your employees or management (at once or over time), or the transfer of your business within your family through sales or gifts during your life, at your death or any combination thereof. Many succession plans include a buy-sell agreement. Upon your death, such an agreement could allow a business partner or a key employee to buy the business from your surviving spouse or whoever inherits your business interests. To provide the funds needed for the partner or employee (or even one of your children) to purchase the business, an insurance policy could be purchased. Your estate plan — including your will and any living trust — should address what happens with the business, in case you still own part or all of it at your death. The best-laid succession plans may go awry if the unexpected occurs. All these business succession options can be complex, so before choosing any of them, you will need to consult with your legal and financial advisors. Whether it’s selecting a retirement plan or a succession strategy, you’ll want to take your time and make the choices that are appropriate for your individual situation. You work extremely hard to run your business — so do whatever it takes to help maximize your benefits from it. Insurance and annuities are offered by Edward Jones Insurance Agency . Edward Jones, its employees and Edward Jones advisors cannot provide tax or legal advice. Please consult your lawyer or qualified tax advisor regarding your situation. Member – Canadian Investor Protection

Quesnel Cariboo Observer, August 02, 2013  

August 02, 2013 edition of the Quesnel Cariboo Observer

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