2015
Sept/OCt
Chatter the Chamber
The Member News & Information Resource
Providing Leadership and Opportunity for business
2015 GWCC Board Members
Providing Leadership and Opportunity for business
Officers Donna Urian, Chairman Fischer Cunnane & Associates, Ltd.
Marjorie Wentz, Treasurer Trinity Wealth Management, LLC
Robert Partridge, Chairman- Elect Cutanea Life Sciences
Andrew McMenamin, Secretary DNB First
Marc Ernest, Vice Chairman Franklin Mint Federal Credit Union
Chris Tolsdorf, Immediate Past Chairman Tolsdorf Oil Lube Express
Board of Directors
CHAMBER STAFF Mark Yoder President Dave Fairman Director of Membership Bethany Kopp Event & Program Manager Libby Parks Marketing & Communications Manager
Laura Aloisio DARE Dave’s Automotive Repair Service Mary Bigham Town Dish, LLC John J. Cunningham Lamb McErlane PC
Liz Golding Susquehanna Bank
Michelle Patrick West Chester University
Nicole Grebloskie Arthur Hall Insurance
Marisa Powell Pietro’s Prime
Timothy Jefferis Penn Liberty Bank
Donna Saul Donna Saul LLC, Assoc. Business Strategist & Consultant
Quazi Khaled Mars Drinks North America, LLC
David Ehrhart West Chester Area School District
Jeannie McGinn Fulton Bank
Debi Friedmann Blue Dog Printing & Design
Patrick M. McKenna Gawthrop Greenwood, PC
Thomas Gavin The Chester County Hospital
Brian Stephenson Wells Fargo Advisors, LLC Leigh Timberman Infiniti of West Chester
Greater West Chester Chamber of Commerce 119 North High Street West Chester, PA 19380 tel 610.696.4046 fax 610.696.9110 www.greaterwestchester.com
1 Issue Chamber Chatter (2 Months) Advertising Rates Eighth Page/Business Card 3.625” (w) x 2.25” (h) Quarter Page 3.625” (w) x 4.75” (h) Half Page 7.5” (w) x 4.75” (h)
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The Greater West Chester Chamber of Commerce took every precaution to ensure that all information is correct at the time of publishing. The opinions expressed are those of the author(s) only and should not be considered as representative of the Greater West Chester Chamber of Commerce.
Design6˚ | connections count www.design6degrees.com
Space reservation is due by the 1st of the month prior to publication (i.e. March/April edition-reservation due by Feb. 1, and the ad itself is due Feb. 8).
The Chamber Chatter is a bi-monthly publication with a circulation of 1100. It is free to members of the Chamber. Editorial Content and advertising is limited to Chamber members. Editorial coverage does not imply or indicate Chamber endorsement of members business, product or services.
The Chamber Welcomes New Members Benchmark Federal Credit Union
La Baguette Magique
Rapidough Pizza Pies
Rebecca Worthington 1522 McDaniel Drive West Chester, PA 19380 610- 429-1600 ext. 227 worthingtonr@benchmarkfcu.net www.benchmarkfcu.org Banking/Saving/Loans
Ms. Catherine Seisson 202 West Market Street West Chester, PA 19382 610-620-4729 catherine.seisson@gmail.com magicbaguette.com Restaurant/Cafe
Mr. Nick Farrell 30 High Street West Chester, PA 19380 484-266-0681 lindabfarrell@gmail.com rapidoughpizzapies.com Restaurant/Cafe
Biztract, LLC
The Lunchbox Cafe
Right Touch Trophies & Awards
Nicholas Porrini 255 Great Valley Parkway, Suite 140 Malvern, PA 19355 610-299-8465 nporrini@biztract.com biztract.com Business Services
Mr. Matt Gourley 234-236 West Market Street West Chester, PA 19382 484-786-3839 megourley@yahoo.com Restaurant/Cafe
Jackie Tate 1173 Wilmington Pike West Chester, PA 19382 484-643-9155; Fax 610-358-3864 righttouchawards@gmail.com righttouchtrophies.com Awards & Engraving
Doctor’s Best Immediate Medical Care
Main Line Health Outpatient Services at West Chester
Saloon 151
Robin Stuntebeck 929 South High Street West Chester, PA 19382 484-886-4600 robin@dbimc.com Health Services & Products
Mr. Leighton McKeithen 1060 Andrew Drive, Suite 120 West Chester, PA 19380 484-631-0190 mckeithenl@mlhs.org www.mainlinehealth.org Physical Therapy
Frank Herron 151 West Gay Street West Chester, PA 19380 610-701-8489 Saloon151wc@gmail.com www.Saloon151.com Food & Beverages
Doctors Express
The metropolitan west chester
W.H. McIntyre Never Forget Foudation
Jason Barrett 150 East Pennsylvania Avenue Downingtown, PA 19335 610-518-1060 jbarrett@doctorsexpress.com www.doctorsexpress/westchester.com Health Services & Products
Ms. Jennifer O’Brien 300 East Marshall Street West Chester, PA 19380 610-793-3300; Fax jobrien@yourMetropolitan.com yourmetropolitan.com Apartments
First Presbyterian Church
The metropolitan west goshen
Mr. Brian Claeys 130 West Miner Street West Chester, PA 19382 610-696-0554 office@firstpreswc.com www.firstpreswc.com Churches
Ms. Jennifer O’Brien 812 Goshen Road West Chester, PA 19380 610-692-1700 jobrien@yourMetropolitan.com yourmetropolitan.com Apartments
Kona Ice of Southern Chester County
Old Soul Decor
Lisa Brown 707 Ewing Road Cochranville, PA 19330 484-748-0085 lbrown@kona-ice.com www.kona-ice.com Food Services
Ms. Krystal Reinhard 119 West Market Street West Chester, PA 19382 484-983-7311 reinhard.krystal@gmail.com www.oldsouldecor.com Furniture
Mr. Andrew McIntyre 218 Price Street West Chester, PA 19382 484-919-2732 whmcintyrelhc@gmail.com www.WHMcIntyre.org Not-For-Profit Organization
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Thank you to our
Renewing Members in June & July Members for 20 - 29 years
Our members are the foundation of our organization. To honor them we would like to congratulate and thank those who renewed their membership June & July 2015. Thank you for your ongoing support of the Greater West Chester Chamber of Commerce. Dave Fairman Director of Membership
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Daily Local News Sartomer USA, LLC National Penn Bank Student Services, Inc. Richard F. Sassa Insurance Agency, Inc. The Inquirer / Philadelphia Newspapers, Inc. William M. Dunleavy and Company Inc. EP Visual Design Barclay Friends Stirling Property Management, Inc.
10 - 19 years Harley-Davidson of Chester Springs Zukin Realty Inc. Delaware County Community College Maulo & Company, Ltd., CPA’s MM Computer Services Vivace Productions, Inc. Disc Hounds The Hickman DNB First SAGE Vision Technology, Inc. Avante on High Street Keystonestateinsurance.com All 4 One Sportswear Verlo Mattress Factory Store of Gtr. Phila. Main Line Today TD Bank B. Neil Gentry Excavating and Septic SP&O Fred Beans Ford Lincoln Mercury of West Chester The metropolitan east goshen
Faunbrook Bed & Breakfast Jacquette Consulting, Inc. Ryan’s Pub Rose Tree Accounting Brandywine Ballet Company Comcast Spotlight Kashbox Coaching J.E. Gasho & Associates, Inc. Brandywine Water Systems, Inc. Penn’s Table Restaurant Connections Program, Elwyn Chester County Running Store
3 - 9 years Mauger & Co., Inc. H.J. Purnell, Jr., CPA The Pita Pit Kreutz Creek Winery Limoncello Ristorante, LLC Carlino’s Market AVE Downingtown The Water Guy Sharples Works Apartments Briggs Auction, Inc. Miller Flooring Co. Applecross Country Club VanRyn’s Barber Shop Comcast Electrical Technical Services, LLC Tague Design Showroom Treetops at Chester Hollow Tanzilli Orthodontics Tee It Up Golf Mas Mexicali Cantina Tailor Made Media Concord Country Club Paoli Hospital Foundation Malena’s Vintage Boutique Cmedia Lara Ross Agency / State Farm Insurance
The Honorable Dan Truitt Beacon Technologies Bridge of Hope / Lancaster & Chester Co. Catalyst Outdoor Advertising Penn Liberty Bank Jay Gundel & Associates, Inc. Fig West Chester / Moxie House LLC Hotel Warner Morton Family Law Broad Run Golfer’s Club Gecko Group Purple Picnic People
1 - 2 years GFM Advisory Group of Janney Montgomery Scott Eagles Home Association of West Chester E. Kahn Development Corporation Camp K-9 Paradise for Paws The Westside Community Center BONBIDS, fundraising penny auctions Unite for HER Chester County Family Academy / a PA Charter School TrueNet, Inc Sparks Entertainment Dia Doce Advanced Chiropractic Wellness Center Adagio Consulting Group, Inc. Pet Memorial Services The Ram Shop of West Chester University Brite Realty Services, Inc. Brandywine Consulting Group, Inc. Providence Church
GOLF MEMBERSHIP WINNERS The Greater West Chester Chamber of Commerce has teamed up with Applecross Country Club to offer renewing members an opportunity to win a Casual Golf Membership at Talamore and Applecross Country Clubs. All current members are eligible to win during the month they renew their membership. The drawings will continue each month through December 2015.
Mr. Tony Buchanan Adagio Consulting Group, Inc. Ms. J. Carol Hanson Barclay Friends Ms. Monique Giroux BONBIDS, fundraising penny auctions Ms. Karen Panczner Brandywine Ballet Company Mr. Matthew Smith Brandywine Water Systems, Inc. Ms. Francesca J. Crane Bridge of Hope / Lancaster & Chester Co. Mr. Jason Morgera Camp K-9 Paradise for Paws
Congratulations to the following businesses who were picked in a lottery drawing of Chamber businesses that renewed their memberships in June and July 2015:
Ms. Crystal Crawford Catalyst Outdoor Advertising Ms. Kathleen Breslin Delaware County Community College Mr. Tim Healey GFM Advisory Group of Janney Montgomery Scott
Mr. Tony Cuffie The Inquirer / Philadelphia Newspapers, Inc. Mr. George Blewitt Keystonestateinsurance.com Mr. Randy Teal Mauger & Co., Inc. Mr. Lawrence P. Maulo Maulo & Company, Ltd., CPA’s Mr. John P. Poth SAGE Vision Technology, Inc. Mr. John R. Geraldi Richard F. Sassa Insurance Agency, Inc. Mr. Gil Welsford Sparks Entertainment Mr. Chris Cotter Tailor Made Media Dr. John Villella Vivace Productions, Inc. Mr. Ryan Enns The Westside Community Center
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How to avoid a letter from the IRS
By: Kathy Wileczek
The Internal Revenue Service is responsible for collecting taxes and the administration of the Internal Revenue Code. During fiscal year 2014, the IRS collected almost $3.1 trillion in federal revenue and processed almost 240 million returns. Of the 147 million individual income tax returns filed, 84 percent were e-filed. Over 116 million individual income tax return filers received a tax refund, which totaled over $330 billion. The IRS examined less than 1 percent of all tax returns filed. According to the 2014 IRS Data Book- “Fiscal Year 2014 marked the fourth consecutive year IRS appropriations were reduced,” said IRS Commissioner John Koskinen. “These reductions required us to change our approach to taxpayer service and enforcement operations; with fewer resources, we saw decreases in the number of phone calls answered and the number of audits completed. Comparing third party reporting of financial transactions to filed tax returns has become the primary enforcement vehicle for individual returns. It is effective and requires minimal resources. Any discrepancies will trigger a correspondence audit. Meaning that, the IRS will send you a letter telling you how much more you owe based on the income you failed to report. The problems begin when the notice is not correct. The IRS has the ability to churn these notices out as fast as their printers will run. When a notice is incorrect, it requires contact with a person at the IRS. Unfortunately it can take from a month to a year to resolve the issue. In that time a taxpayer wrongly assessed can receive repetitive collection notices, frustrating hold times while trying to contact the IRS or an additional bill from your tax preparer for correction of an error not made by you or your preparer. You are ultimately responsible for the accuracy of your return. While not every notice can be avoided, there are many ways to minimize an unwelcome letter.
• D o not estimate numbers on your tax return for items reported by third parties to the IRS. • R eview tax forms when received and make sure that the names, social security numbers and dollar amounts agree to your records. • Provide your preparer with the original or copies of these documents. • W hen completing a W-9, take the time to make sure that you have entered the correct information. • W hen there is more than one person on the account, make sure that the tax reporting form is issued to the intended party. This is especially important when the joint account holders are not husband and wife. • If amounts are to be split amongst several taxpayers consider filing a 1099 reporting the allocation. • T he exercise of employer stock options have schedule D reporting requirements even though the income and taxes withheld are reported on your W-2.
It is important to respond to any letter received by the IRS. Many times the notice will be correct and you will need to make a payment or you may actually receive a refund. Failure to respond will not make it go way.
Kathy Wileczek, CPA, Principal at Maillie LLP (formerly Maillie Falconiero & Company, LLP), a CPA firm with over 65 years of experience in business, government and non-profit accounting, and business advisory.
kwileczek@mallie.com | 610-696-4353 | www.maillie.com
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8 Financial Planning Steps to Take in Your 30s A good friend of mine once told me that financial planning in your 30s is just like financial planning in your 20s, except that you have money! Here is my list of the 6 Steps every thirty-something should address by the time they reach 40 years old:
1 - Rid Yourself of Debt
By: Daniel R. Zajac
5 - Consolidate Your Life It’s time, during your thirties, to take stock of what you have, what you need, and what overlap or exposures exist. It’s not uncommon to have left an old 401(k) behind, purchased a life insurance policy you may not have needed, or forgotten to update your P/C insurance coverages.
I hate debt. More specifically, I hate bad debt. Debt from credit cards. Even worse, debt from multiple credit cards. Other “bad” debt could include things like school loans and car loans.
A good audit of your financial plan should list everything you have. From this list, you can pick and prune what to keep and what to eliminate. The single biggest benefit of an audit is seeing what you have, in a detailed and laid-out document.
Debt is a drag on cash flow – cash flow that could otherwise be saved and/or invested.
6 - Draw up an Estate Plan
Paying off debt gives you control of your money and helps start you on the path to financial success.
2 - Seriously Consider Retirement, Often for the First Time As your 30s come to an end, a real consideration of retirement has likely crossed your mind. If it hasn’t, it should!
If you have amassed some level of assets or have started a family (often one or both of which occur during your 30s), you should consider drawing up an estate plan. Who is going to care for your kids should something happen to their parents? Where is the money going to go? Have you updated your beneficiaries lately?
Your 30s are a time to calculate how much you are saving annually, how much you have saved already, and how much you need to save in order to help meet your retirement goal.
A simple estate plan is something that every thirty-something should seriously consider.
3 - Get Adequately Insured
Your thirties are about getting real with regard to your finances, often for the first time.
The more you have to lose, the more important having adequate insurance becomes. It’s often sometime during your thirties that you realize you have a lot to lose. What if you lost your ability to work and provide an income for the family? Even worse, what if you died? Do you have the requisite disability insurance and life insurance to allow your family to make ends meet?
4 - Address Other Financial Planning Needs Your thirties may be a time when you begin to have disposable income; income that is above and beyond what you need to meet all of your expenses. It’s not uncommon for thirty-somethings to be offered compensation packages that include some form of employer stock; employee stock purchase programs, restricted stock, stock options (both nonqualified and incentive stock options), and/or phantom stock. It’s not uncommon that sometime, during your thirties, things will become a bit more complicated than the do-it-yourself model that may have worked until now.
What Now
Now is the time to engage in real decision making that addresses your short-, medium- and long-term goals as they pertain to your financial and personal future. None of the information in this document should be considered tax or legal advice. You should consult your tax or legal advisor for information concerning your individual situation. Advisory services offered through Capital Analysts, Inc. or Lincoln Investment, Registered Investment Advisors. Securities offered through Lincoln Investment, Broker Dealer, Member FINRA/SIPC. www.lincolninvestment.com Simone Zajac Wealth Management Group, LLC and the above firms are independent, non-affiliated entities. None of the information in this document should be considered as tax or legal advice. You should consult your tax and legal advisors for information concerning your individual situation. Diversification does not guarantee a profit or protect against a loss.
Daniel R. Zajac, CFP®, AIF®, CLU® is a partner with Simone Zajac Wealth Management Group. You can learn more about Daniel and read his thoughts on financial planning at www.financeandflipflops.com.
daniel@simonezajac.com | 610.363.1344 | www.simonezajac.com
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www.edwardjones.com
Meeting on your schedule, not ours. Face-to-face meetings. One-on-one relationships. How did Edward Jones become one of the biggest financial services companies in the country? By not acting like one.
Jeff Kitchen, AAMS速 .
Financial Advisor
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105 South High Street West Chester, PA 19382 610-430-1320
Eric S Smith, CFP速, AAMS速
Brad Abel
Financial Advisor
Financial Advisor
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704 West Nields Street, Suite G West Chester, PA 19382 610-436-4101
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105 South High Street West Chester, PA 19382 610-430-1320
MKT-8275-A-AD 息 2013 EDWARD JONES. ALL RIGHTS RESERVED.
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By: Peter Johnson
IS YOUR EMPLOYEE WORTH
A PAY INCREASE?
While news articles declare that the economy is “moving in the right direction,” everyone still agrees that wages have stagnated for most workers. Therefore it shouldn’t be hard to believe that some of your employees have been chomping at the bit, waiting for just the right time to ask you for what they consider a long-overdue raise. Of those employees, one might actually summon the courage to boldly approach your metaphoric throne and request a significant pay increase in recognition for everything he/she contributed during the Great Recession’s disappointing round of layoffs, cutbacks, and take backs. But is this employee worth it?
Why E mp l oy ers G ive Raises If you’re like most employers, you usually give annual pay raises: • To stay competitive with the market • To encourage retention • To motivate employees to better performance • To reward employee tenure Note that according to PayScale’s 2015 Compensation Best Practices Report, only 21 percent of employers gave cost of living increases in 2014.
Money M atters But when your employee asks for a raise “off cycle,” how do you decide whether more pay would be money well spent? First, consider the following: Money generally doesn’t motivate. Most employees appreciate more money, but the glow from a pay increase (even a coveted pay increase) tends to fade in two or three weeks tops, and then it’s business as usual.
An employee “stuck” in a job that pays great money may not be appreciative at all. Here’s something you probably don’t think about every day, but paying an employee too much could make him unhappy. When you pay an employee too much (that is, more than his/her skills and contributions warrant), that employee gets priced out of the market and grudgingly dependent on you. Tenure doesn’t equal high productivity or even loyalty. People leave organizations for all kinds of reasons, and they stay for all kinds of reasons, too. If tenure doesn’t lead to better performance, are you sure it’s worth rewarding?
Two Sim pl e Questions Nevertheless, a high performer is undeniably worth more than an average performer. One incredible study found that the top 5 percent of workers produce 26 percent of the total output. That’s why the two most important questions to answer before deciding whether to pay an employee more money are: (1) Can the company afford it? And (2) what are we expecting this employee will do for us in the future? If the employee has consistently done well in the past and you have good reason to expect more of his/her great performance in the future, then yes, they are worth a pay increase.
A F inal Note Every employee has two levels of worth: worth in the market and worth to your organization. These aren’t necessarily the same, depending on your specific organization’s developmental phase. So while it’s an excellent strategy to keep abreast of market rate shifts (and research shows most employers don’t), it’s also excellent strategy to do what you can to retain your best and brightest.
Peter R. Johnson & Company is a West Chester-based compensation consulting firm that provides total compensation plan design and program management, including assistance in writing winning job descriptions and providing plan design, implementation support, and ongoing administrative services for all phases of a client’s total compensation program.
610.436.6114 | www.prjandco.com
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September Events Calendar
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Thursday, September 10
Wednesday, September 16
Coffee Connection
Membership Luncheon
Union Station West Chester
Thursday, September 10
“Transportation Update” with TMACC
Wednesday, September 16
100 Justin Drive, West Chester 7:45am – 9:00am Free for members | $10 for non-members RSVP is appreciated
West Chester Golf & Country Club 111 West Ashbridge Street, West Chester 11:45am – 1:00pm $25 for members | $35 for non-members RSVP is required
Wednesday, September 23
Thursday, September 24
Women’s Executive Round Table
Business Card Exchange
“Resolving Conflict: Undoing Knots that Impede Success”
First Resource Bank
presented by Dr. Andrea Delligatti, Psychologist, Coach & Mentor Sponsored by
Wednesday, September 23 Doc Magrogans Oyster House 117 East Gay Street, West Chester 5:30pm – 8:00pm $55 for members | $65 for non-members RSVP is required
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Thursday, September 24 844 Paoli Pike, West Chester 5:30pm – 7:30pm Free for members | $10 for non-members RSVP is appreciated
October Events Calendar
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Wednesday, October 7
Wednesday, October 21
Business & Volunteer of the Year Luncheon
Coffee Connection
Honorees:
Market Street Print & Iron Hill Bike Race Board Wednesday, October 7
Blue Dog Print & MoreVent Heating
Wednesday, October 21
Concord Country Club 1601 Wilmington Pike, West Chester 11:45am – 1:30pm $45 for members | $55 for non-members RSVP is required
1039/1041 Andrew Drive, West Chester 7:45am – 9:00am Free for members | $10 for non-members RSVP is appreciated
Wednesday, October 28
Thursday, October 29
Women’s Executive Round Table
Business Card Exchange
“The Power of Networking & Making Connections”
Dorset Connects
presented by Holly Graver, SVP – Fulton Bank Sponsored by
Wednesday, October 28 Doc Magrogans Oyster House 117 East Gay Street, West Chester 5:30pm – 8:00pm $55 for members | $65 for non-members RSVP is required
Thursday, October 29 6 Station Way Road, Chadds Ford 5:30pm – 7:30pm Free for members | $10 for non-members RSVP is appreciated
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Me mbe r Spotlight Can you raise hundreds of dollars in a matter of minutes (without any hassle)? It sounds impossible, but the Greater West Chester Chamber witnessed something amazing happen at a recent event: the West Chester Library raised over $300 in about fifteen minutes, all thanks to a little website called Bonbids.
Monique Giroux 5 Nine Gates Road Chadds Ford, PA 19317 610-444-4731 bonbids.com
From corporate settings to non-profits and athletic teams, Bonbids is the answer to your fundraising prayers. The future of this online auction hub looks bright; Monique plans to schedule monthly Bonbids auctions in our area starting next year. If you’re looking for a quick way to raise some money for your organization, reach out to Monique. There’s no reason for fundraising to be mundane…it’s time to have fun!
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Bonbids, founded in 2014 by Monique Giroux, is a revolutionary approach to raising funds for a cause. Monique’s mission is rooted in her belief that “fundraising should be fun and easy.” When it comes to financials, some organizations simply do not have the resources to orchestrate effective fundraising. Monique understands that, “people feel passionate about their Causes. Companies on the other hand have to work hard to generate that kind of emotion. Bonbids was started on a very simple premise: if the Cause is the heart and Business is the motor, how can we bring the two together.” So, how does it work? Bonbids moderates online auctions that are primarily engaged with via smart phones. If you have auction items or consolation prizes, Bonbids can organize an online auction for your organization. Throw your idea about standard auctions out the window; Bonbids is a modern-day (and fun) approach to fundraising. The atmosphere at a Bonbids auctions is nothing short of exciting. Participants bid on a selected item right from their cell phone-and trust us...it gets competitive! Each bid costs only $1, and adds one cent to the consolation prize price. If you’re looking for a fun and easy way to bring a little life to your fundraising efforts, Bonbids is for you. The Bonbids staff with help you organize your auction from start to finish, at the cost of only 10% of the total funds raised. There are no tricks; Bonbids charges no setup fee, and is available throughout the process to answer to your needs. Can’t get prize donations for your auction? Mention to your sponsors that Bonbids is a great way to track customer interest in particular products. By tracking sponsorships within a Bonbids auction, companies are able to come away with details about their interested market. At Bonbids, it’s a win-win situation. Sponsors reap many marketing benefits by associating their brand with a cause someone cares about. Bonbids’ hyperlocal mentality is especially appreciated in the West Chester region. No other auction allows for individuals to socialize, support and yes…have fun!
DARE_ad_chamber_011714.pdf
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Where is the Best Place to Retire? There is a lot to consider before you decide where to live during retirement: your savings and investments, monthly income, family, friends, legacy, work options, weather, interests, health, and a variety of other factors. As you determine your priorities, keep these options in the back of your mind: Tax-friendly states: An important issue for many people is cost of living. There is little to be done about federal taxes, apart from developing a strategy for taking retirement savings withdrawals that helps minimize your tax bill. However, you can choose to live in a state which has retiree-friendly tax laws. According to Kiplingers.com, the 10 most tax-friendly states for retirees exempt Social Security benefits and other retirement income, such as pensions and withdrawals from tax-deferred retirement plans from state taxes. The list includes: Alaska, Arizona, Delaware, Florida, Georgia, Louisiana, Mississippi, Nevada, South Dakota, and Wyoming. Not-so-friendly tax states: Some states don’t give retirees a tax break. Of the worst states for retirees and taxes, Kiplinger’s reported, “Five of them treat Social Security benefits just like Uncle Sam – taxing up to 85 percent. Exemptions for other types of retirement income are limited or nonexistent.” The least tax-friendly states include: California, Connecticut, Minnesota, Montana, Nebraska, New Jersey, New York, Oregon, Rhode Island, and Vermont. Affordable cities in the United States: Earlier this year, Forbes assessed which cities in the United States were the most affordable. They considered housing costs and cost-of-living and found many of the least expensive cities were in the South and Midwest. The top 10 included (in order): Birmingham, AL; Knoxville, TN; Buffalo, NY; Oklahoma City, OK; Cincinnati, OH; Memphis, TN; St. Louis, MO; Dayton, OH; Indianapolis, IN; and Columbus, OH and Detroit, MI tied for the number 10 spot. Not-so-affordable cities in the United States: A combination of expensive housing, high taxes, and pricey healthcare make some cities less attractive for retirees who are trying to stretch scant savings. The list offered by U.S. News included Bridgeport, CT;
Honolulu, HI; Los Angeles, San Diego, Oxnard, San Francisco, and San Jose in California; New York City and Poughkeepsie in New York; and Washington, D.C. Affordable cities overseas: If you pay attention to the news, you may have heard or read some Americans are retiring overseas where the cost of living is more reasonable than it is in some parts of the United States. U.S. News suggested retirees consider Carcassonne, France (where living expenses run about $1,750/ month); Cayo, Belize ($1,100/month); Chiang Rai, Thailand ($750/month); Dumaguete, Philippines ($1,000/month); Granada, Nicaragua ($1,300/month); Ipoh, Malaysia ($897/month); Tralee, Ireland ($1,500/month). Communities of like-minded individuals: If you want to spend your retirement (which could last for many, many years) in a community of people who enjoy the same things you do, there are lots of options. There are communities that cater to those who love art, old cars, boats, motorcycles, and recreational vehicles as well as facilities for people from specific backgrounds, careers, or affiliations. In addition, residents of university-based retirement communities live near a college campus, take classes, and have access to skilled nursing care. Penn State; Dartmouth; Stanford; Washington and Lee; Oberlin; Denison; Cornell; Notre Dame; and many other colleges and universities are affiliated with retirement communities. If you’re still searching for your ‘best place to retire,’ take time to consider your priorities. Once you have decided what is most important to you, you can research locations and housing options, as necessary. After you’ve narrowed your list, take time to visit the communities or cities you’re considering. Be sure to choose carefully before committing your resources. Trinity Wealth Management, LLC is a Registered Investment Adviser. This article is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Trinity Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Trinity Wealth Management, LLC unless a client service agreement is in place.
J. Charles Mann, CFP®, CRPC® has been developing and implementing wealth management strategies for over fifteen years. He is the President of Trinity Wealth Management, LLC, a Registered Investment Adviser located in Berwyn, Pennsylvania.
610.296.2020 | www.trinity-wealth.com
15 | Chamber Chatter NEWS
By: Charles Mann
Volunteer Of The Year Volunteers Keep Bike Race Rolling Along Spectators at the 11th Annual Iron Hill Twilight Race Series on August 8th found that a stellar field of professional and amateur cyclists, activities for the whole family and great weather combined to make for an ideal day. What they didn’t see were the volunteers working behind-the-scenes to ensure the event’s success. Since the inaugural event in 2005, members of the Iron Hill Race Series (IHRS) Board have been working essentially year-round to make the Race Series an outstanding event for participants and spectators alike. Board members do everything ranging from designing marketing materials and enlisting sponsors to obtaining necessary permits and coordinating day-of volunteers. Clearly they are doing something right. Attendance at the race has grown increasingly each year from about 3,000 spectators in 2005 to an estimated 20,000 attendees in 2015. For its ongoing, hands-on commitment to making the Iron Hill Twilight Race Series one of West Chester’s premier events, the Greater West Chester Chamber of Commerce (GWCC) named the IHRS Board the Volunteer of the Year for 2015. The award will be presented at a luncheon on October 7, 2015 at the Concord Country Club.
“Each member of the Iron Hill Race Series Board puts in an incredible amount of time before and during the event to make sure everything goes smoothly,” said GWCC President Mark Yoder. “We couldn’t do it without their time and expertise. On the day of the event most of the team is working 12-plus hours. It’s a lot of work for volunteers and we are honored to recognize
By Dorothy Kennedy
the Benchmark Community Festival, Market Street Block Party and the Kids’ Zone. Members of the Board are: Brian Dickerson, Dickerson’s Vineyards; Frank Dulin; Jay Gundel, Jay Gundel Associates; Jeff Kitchen, Edward Jones Financial Advisors; Mac Neilon, Penn Office Products; Viktor Ohnjec, M2VP; Steve Pinkston, Steve Pinkston and Others; Jane Shields, MacElree Harvey; and Rick Stevenson, West Chester University. As Board spokesperson Mac Neilon explained, planning for the next event starts immediately after the conclusion of the current year’s event. Permit approvals must be completed nine months ahead of time and marketing and sponsorship efforts begin at least 8 months out. As far as the actual event, board members have “day of ” duties starting in the early morning and concluding after midnight. Neilon said members of the Board were proud and honored to be named Volunteer of the Year especially given the many people and events the GWCC had to choose from. “Anytime you’re honored with a volunteer award it is humbling,” he said. “This is a very hands-on Board. A tremendous amount of work goes into the event months ahead of time. We are very proud of the work we do and equally proud to receive this award and honor.”
them with the 2015 Volunteer of the Year award.” The 2015 Iron Hill Twilight Race Series, one of the top pro races on the east coast, was the ninth of ten races in the prestigious USA CRITS Championship Series. In addition to the signature promen’s race, cycling events include the Avante Salon Pro Women’s Criterium; the Rothman Institute Amateur Men’s Criterium, as well as the West Chester Dental Arts Kids’ Race and the Tolsdorf Twilight Trike Challenge. Community events included
Members of the Iron Hill Race Series Board (L:R): Mac Neilon, Steve Pinkston, Frank Dulin, Jane Shields, Rick Stevenson, Jay Gundel, Viktor Ohnjec - Missing: Brian Dickerson, Jeff Kitchen
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Business of the Ye ar
Goes Above and Beyond
By Dorothy Kennedy
On the morning of the 2015 Iron Hill Twilight Race Series, members of the Greater West Chester Chamber of Commerce (GWCC) staff encountered a last-minute challenge: they needed magnetic signs for the event’s pace car. They called Tim Kelly, owner of Market Street Print & Copy, West Chester, who promptly went into the office, created the signs and delivered them to the Chamber in plenty of time for the first race.
For its ongoing willingness to go above and beyond in assisting the GWCC, as well as its outstanding success in the business community, GWCC President Mark Yoder announced Market Street Print & Copy as its 2015 Business of the Year. Presented annually to a Chamber member, the award will be given at a luncheon on October 7, 2015 at Concord Country Club.
“Making those signs for us on the morning of the race is a perfect example of Tim’s willingness to help in whatever way he can,” said Yoder, adding that Kelly also serves on the Marketing Committee, is a sponsor of the annual Golf Outing and a staunch supporter of the ThinkShopBuy…LOCAL program. “The Chamber is grateful for his support and honored to recognize Market Street Print & Copy as its Business of the Year.” When asked how he felt about winning the award, Kelly said he was extremely honored and humbled. “It’s wonderful to be recognized in our community,” he said. “I’m very proud to have a great staff who help keep everyone happy. Their consistent attitude and work ethic has earned us this award. I’m a very lucky man.” This year marks Kelly’s 40th year in the printing industry, a field he got into thanks to his mother who got him a job in the duplicating department at Wyeth Labs, Malvern. In addition to teaching him the printing business, the job earned him enough money to pay for college. When he graduated from Millersville University with a degree in Industrial Arts Education, he wasn’t ready to teach. Instead, he went to work for Donnelly Printing Company in Lancaster where he became a journeyman pressman. “I was one of several hundred applicants the week I applied,” Kelly recalled. “I honestly believe I was hired because I had print shop experience and my college degree, both of which were because of my Mom.” Kelly started his own business in 1995 in his West Goshen garage, going full-time in 2001. By 2005 he was ready to expand. He purchased Market Street Print & Copy that same year. He is the third owner of the company, which he estimates started during the 1960s at 12 W. Market Street. The business moved to its current location at 204 W. Market Street in 2011. The company offers a full range of printing services including clothing, banners and signs, letterhead and brochures. Customers can order and design on-line via the company’s website. Although new technology is critical, explained Kelly, Market Street Print still provides good old-fashioned service: “Staff members answer the phone, most of the time on the first ring.” According to Kelly, there have been profound changes in the printing industry in the past 15 years, in terms of technology and in the way business is conducted. “It used to be fast turn-around time, competitive pricing, and great quality, pick any two,” he explained. “Now all three are expected all the time. The good news is that with new technology we can give our customers all three, consistently.” Kelly and his wife, Marji, have three children, Patrick, Kevin and Mackenzie, and one grandson, Tyler. In addition to golfing, exercising, playing music and vacationing in Aruba, Kelly loves fixing things and doing home improvement projects. “When I retire from printing,” he said, “my business card will read: ‘Tim Kelly - Master Tinkerer’.”
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Open Evenings and Saturdays Daily, weekly, monthly Free Local Pickup and Delivery 610-696-4700
mbromley@fredbeans.com
Auto Rent is part of the Fred Beans Family of Dealerships which is a respected part of our community
GWCC’s EITC Program It’s easy for your business to participate!
EITC contributions enable the Chamber to distribute your company’s donation to a growing list of Chamber member schools in the greater West Chester area and give your company generous tax credits. EITC scholarships directly benefit students in need of financial assistance. Invest in your community!
Please contact the Chamber office for more information.
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By: Paul Dolnick
Off to the Cloud? In board rooms and around conference tables, in corner offices and in planning meetings, the conversation about whether to move to the cloud is one that is happening every day. You may have asked yourself if you should move your business to the cloud. Many are just asking, “What is the cloud?” It sounds appealing, the Cloud. For the sake of having a clear operational discussion about whether it is practical and valueadded for you and your business, let’s discuss the cloud by its former name, hosted servers or hosted infrastructure. I realize that reframing the mental image, from a fluffy white cloud floating weightless to that of a cold sterile data center with rows and rows of server and switch racks strips the abstract, and possibly alluring, softness from the vision. Decisions that you make for your business should be made in the cold-light of day. They have impact on your company and its bottom line and they should be influenced by clarity and determined by whether the features and benefits of a potential new approach are in alignment with your value-proposition.
Shall we begin? Hosted services are not a bad thing. With the increases in the speed of broadband internet, many of us are using applications and industry-specific software that are web-based, hosted. What is at hand is whether everything that you do, all of your programs and all of your data, should be stored outside your premises, on a third-party’s hard drives, and accessed via the internet. The consideration to move entirely to a hosted infrastructure is largely based on your business model, IT budget, down-time sustainability and philosophy. There are legitimate factors to consider; and your trusted technology individual, team or provider should be solicited for their advice.
A hosted solution can be liberating and in some cases, more resilient. It can diminish your IT hardware footprint, reduce your energy demand and lower your expense on IT personnel and vendors. Having your servers hosted can add the promise of increased up-time. This sounds very appealing; for some, there is every appearance that it is a viable alternative. Whomever you turn to for your technological guidance can assist with a modest cost-benefit analysis and a review of the effect on the operation. Alternatively, efficiency and durability need not be sacrificed by maintaining an owned environment. Many business owners are sincerely averse to placing their company’s data outside their control. Additionally, the recurring expense of a hosted solution can far exceed that of an owned infrastructure. Much has evolved in technology; the systems that large data centers use are available to small- and medium-size businesses at reasonable cost. At issue is total cost of ownership and what fits your company’s needs.
Have a clear conversation about what’s involved, costs and in the end... what’s right for your business. Without an understanding of the potential gains and impacts, an informed decision is merely speculation. Asking questions is the best first step.
Paul Dolnick is the Director of Sales and Marketing at Computer Systems Resource, Inc. The West Chester based company is offering clients network installation, administration, multiple platform integration and disaster preparedness with prompt consistent service.
610.430.3308 | csri-qt.com
19 | Chamber Chatter NEWS
What is a Business Advisory Board,
and Why Do You Need One? While you’ve probably heard of an advisory board, there’s a good chance you may not know the specifics of how it works or why your business could benefit from one. Regardless of if you’ve just started your business or if you’ve been at the helm for a while, an advisory board can help you optimize your business and help you find growth where previously none existed. Interested in how an advisory board can help you? Here is a breakdown of the what, when, where, and why of business advisory.
What is a business advisory board? Traditionally, a business advisory board is made up of a group of individuals who convene regularly to assist a business owner in making executive decisions. As business owners typically only have one area of expertise, it’s advantageous for them to surround themselves with experts in different elements of running a business, from sales executives to marketing geniuses and accountants who have had experience managing the finances of businesses. While the advisors exist to guide the business owner, they generally don’t have authority on final decisions. Executives from your staff can be beneficial in your advisory board, but other successful entrepreneurs from varying industries can provide a wider range of perspective.
Why do you need a business advisory board? The answer to this question is more complex, because there are countless different occasions in which an advisory board can be beneficial to a business owner. Not to mention, the reasons you need an advisory board are likely to change throughout the course of your career. While there’s no exact answer to why you need a business advisory board, here are some common obstacles that are better faced with a second set of eyes: 1. You’re running your business smoothly, but you don’t know where it’s going. According to The Alternative Board’s 2013 Small Business Pulse survey, 91% of business owners could see higher revenue using a strategic plan. Without a long term strategy, you’re spending more time in your day to day operations than on moving your business
By: Spencer Deane
forward. “The most recent survey results validate our long-held belief, based on over two decades of working with thousands of small and medium sized business owners, that having a strategic plan to guide their business is critical to achieving success,” says TAB Partner Spencer Deane. “It’s in the business owner’s best interest to have a good plan that is reviewed regularly.” An advisory board can help you create a plan, allowing you to see where your business is headed in the future. 2. You know where your business is going, but you don’t know how to get there. While it’s easy to recognize what you want to achieve, it’s harder to identify the specific steps you need to get there over the next 6 months, 12 months, 3 years, or beyond. A business advisory board is invaluable in helping you develop a long term strategy. With advisors in a variety of fields on your board, each member is able to share their expert pathway, allowing you to take advantage of their experiences. For example, if your goal is to move a certain amount of product in 3 years, your sales and marketing advisors will provide the blueprint for attracting and increasing customers/clients. With that strategy in place, your HR advisor can suggest a growth plan for meeting your new capacity requirements while still increasing profits. 3. You feel like you’re missing opportunities. Do you ever get the feeling that your business could be running more efficiently or there’s more you could be doing for it? Let’s face it, even the absolute best entrepreneurs aren’t experts at everything — in fact, a mark of a good business owner is knowing what skills you need to augment with the talents of others. You might be an expert when it comes to finances, but the idea of content marketing makes you want to take a nap. Or perhaps you can close any deal, but you have a hard time identifying the best candidate for the job. With a team of advisors with expertise in areas you lack, you have just the right person to assess your strategy in every department. By breaking down your company’s processes and identifying any questions you may have, they are able to identify gaps and point out room for improvement or growth. Continued on next page
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What is a Business Advisory Board...
continued
4. Your business isn’t growing, because your network isn’t. A successful business is socially driven. It builds on a growing network of people, from customers to partners and everything in between. Your business network is multiplied with each additional member in your advisory board. They can introduce you to key partners, new customers, and even potential employees. 5. You’ve made costly mistakes. Every business owner makes mistakes. It’s an inevitable fact about entrepreneurship. Fortunately, many of these mistakes are common among entrepreneurs, and by working with more seasoned business owners, you can avoid the ones they’ve already gone through. A board of advisor puts you in a room with a group of professionals, each with their own mistakes to learn from. 6. You feel like you’re operating in a bubble. Even though business owners are in constant contact with a wide variety of people, business ownership can feel like a lonely endeavor. Oftentimes, business owners have a hard time relating their hardships to family and friends. The only other people they encounter on a regular basis are employees, vendors, and customers – with whom they must maintain a confident demeanor at all times. A board of advisors makes it easier to work through challenges by talking them out. You will be surrounded by people who are genuinely interested in your work and have experienced similar struggles first hand. 7. You’re thinking inside the box. What do a marketer, an HR specialist, and a lawyer have in common? The years of experience and industry insight to help you streamline processes and enjoy your personal vision of success. With a group of diverse thinkers, you are able to expand your way of thinking beyond your wheelhouse and discover innovative solutions to everyday business challenges.
8. You have great ideas, but you have trouble sticking with them. Not only does an advisory board hold you accountable to acting on your ideas and achieving your goals, but it helps you decide whether certain goals are worth pursuing or not. Oftentimes, business owners will have unreasonable expectations for their business, because they don’t fully understand the steps that are needed to achieve those goals. An advisory board can analyze what you want and put it into a realistic perspective. According to The Alternative Board’s Founder and Executive Chairman Allen Fishman, advisory boards are indispensable, not only to large corporations, but to small business owners as well. “In 1990, I identified what seemed to me to be the greatest need of small-business owners: the need for peer advice from fellow business owners and coaching from experienced professionals who were armed with a process to achieve greater personal and business success,” says Fishman.
To bring the power of advisory boards to small business owners, Fishman opened his first TAB advisory board in 1990. 25 years later, TAB is a global franchise serving over 10 countries and 15,000 business owners worldwide. By providing small business owners with the power of peer advisory, “TAB is making a difference in the lives of thousands of business owners around the world.” If you’re interested in discovering how TAB Board membership can help you achieve your personal vision of success, contact Spencer Deane.
Spencer Deane is a Partner at TAB – (The Alternative Board – PA & Ohio Valley) TAB helps forward-thinking business owners grow their businesses, increase profitability and improve their lives by leveraging local business advisory boards, private business coaching and proprietary strategic services.
sdeane@tabpaohvalley.com | 610.517.0798 | www.tabpaohvalley.com
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