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NE XUS A monthly newsletter from the Saint Paul Area Chamber of Commerce

November 2011

IN THIS ISSUE >>

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Feature Story: Deadline Looming to Capitalize on 2010 Tax Relief Act Opportunities for Wealth Transfer

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calendar OF EVENTS

Don’t miss these important dates

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NEWs + Awards

People in the News

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NEW MEMBERS

 ho’s new at W the Chamber


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PRESIDENT’S PERSPECTIVE

President’s Perspective

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by Matt Kramer

In November your Chamber celebrates small business success by awarding five companies with Deubener Awards. In doing so, we recognize small businesses that best exemplify growth, innovation, and community engagement in the East Metro. This is a great time to remember that while we can rattle off the names of our largest corporate citizens across the community, it is our small members who are the bread and butter of our success, and that of the entire region. Did you know that small businesses: • Represent 99.7 percent of all employer firms.

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• Employ just over half of all private sector employees.

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521 BT • Have generated 64 percent of net new jobsHUMANIST over the past 15 years. SECONDARY

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• Hire 40 percent of high tech workers (such as scientists, engineers, and computer programmers). PC/WEB FONTS

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• Produce 13 times more patents per employee than Light Helvetica large patenting firms; these patents are twice as likely as large firm patents to be among the one percent most cited.


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PRESIDENT’S PERSPECTIVE

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These statistics, from the US Small Business Administration, remind us that our small business members are making a difference in the local economy each and every day. Their success is our benefit, and our role is to trumpet as loudly as possible just how critical the small business sector is to Minnesota and indeed our nation. In a time of recession and hyper-competitive global competition, we cannot allow barriers to be erected that make doing business harder for any of our members. Your chamber will continue advocating for members, and more importantly, celebrating their success regardless of size. Look for the results on this year’s Deubener Award recipients and finalists or better yet, join us in congratulating these companies!

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FEATURE STORY

Deadline Looming to Capitalize on 2010 Tax Relief Act Opportunities for Wealth Transfer

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Just more than a year remains for investors to make taxadvantaged gifts to future generations under the generous provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, “Tax Relief Act of 2010.” Most notably for Minnesotans, this act introduced dramatic increases in the lifetime gift and generation-skipping transfer (GST) tax exemptions. Set to expire at the end of 2012, these provisions are considered to be among the greatest incentives to transfer wealth to future generations in the past several decades. Yet, many Twin Cities residents remain uninformed of the opportunities. The following is an overview of the provisions of this act, and the opportunities you may want to consider. Your private wealth advisor will be able to help you determine how to maximize them for your individual financial situation.

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Tax Exemptions Up to $5M, Rates Down

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In a nutshell, the Tax Relief Act of 2010 raised exemptions for both the estate and lifetime gift tax, while lowering the estate tax SPACC FONTS rate – creating opportunities for wealthy individuals to transfer significant assets to heirs tax-free. PRIMARY

HUMANIST 521 BT As a result of the Act, the lifetime gift tax exemption jumped from $1 million to an astounding $5 million — or $10 million SECONDARY ITC Caslon 224 Book/Ita for a married couple. Additionally, this tax exemption is now "portable,” meaning that the unused portion can be transferred PC/WEB FONTS to a decedent’s surviving spouse. Helvetica Neue Thin Helvetica Light

Also, a result of the Act, the estate tax rate is currently just 35 percent, with the first $5 million exempt – far lower than the previous rate of 55 percent on amounts more than $1 million that many anticipated. The exemption for GST taxes also increased from what many experts believed would be a $1 million amount to $5 million, with a top rate of 35 percent.


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FEATURE STORY

Gifting and Other Asset Transfer Options A straightforward way to capitalize on the $5 million exemption is by making an outright gift of cash or assets to a generation skipping trust. This can be particularly effective when transferring assets expected to greatly appreciate in value, as this type of gift removes the asset from your taxable estate, and also removes all future appreciation from future estate taxes. If you would like to make a gift of assets but need cash flow to meet ongoing spending needs, you could consider a sale to an Irrevocable Grantor Trust. This technique starts with funding an irrevocable trust with seed capital. The trust then uses that capital to buy assets from you on an installment basis. The assets sold back can be up to nine times the value of the gift. Because of the current $5 million exemption, the trust can now purchase up to $45 million in assets ($90 million per couple) – far greater than the previous $9 million limit when the exemption rate was $1 million – without triggering gift taxes. What this means for you is exponentially more assets transferred to future generations tax-free. Plus, you receive cash flow from the installment sale and a nominal interest rate determined by the IRS. A Dynasty Trust is a type of generation-skipping trust that can literally last forever, and can be an effective tool for making lifetime gifts. With a Dynasty Trust, you can pass assets not only to your 5

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children, but also to future generations. Although Minnesota has a rule limiting how long the assets can pass free from gift and estate taxes (current living person plus 21 years or 90 years from creation, whichever is longer) other states like Delaware and South pms Dakota 410 pms 7508 allow assets to pass down to family members forever without being uncoated subject to gift or estate taxes.

Your lifetime gift exemption can also be used to create an SPACC FONTS Irrevocable Life Insurance Trust, which uses funds to purchase a life insurance policy that benefits your heirs – without exposure to PRIMARY gift, estate, or income taxes. Historically, a common issue HUMANIST with life 521 BT insurance trusts was the inability to purchase a large enough policy to benefit future generations without triggering a gift tax.SECONDARY However, ITC Caslon 224 Book/Ita the exemption increase from $1 million to $5 million means – depending on their age – parents may now be able to purchase PC/WEB FONTS $50 million to $75 million worth of life insurance while remaining Helvetica Neue Thin under the exemption level. Better yet, if a Dynasty Trust isHelvetica used to Light purchase life insurance, the entire insurance benefit can be passed to future generations without ever triggering gift or estate taxes. Note that you can make provisions to the trust that allow your children or future generations to receive income from the trust. So, if you like the thought of passing assets free of tax, but also want to provide family members with income, consider including provisions that enable access to the trust during your lifetimes.


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FEATURE STORY

State Taxes Still In Play Keep in mind that although the federal wealth transfer exemptions have been generously raised through the end of 2012, you may still face significant state taxes. While Minnesota does not have a gift tax, it does impose an estate tax. Your estate will pay estate taxes on all assets over $1 million at a rate of 6 to 24 percent. Thus, Minnesotans should include provisions in their wills or trusts to plan for the state’s estate tax. Ultimately, the 2010 Tax Relief Act provided significant wealth transfer opportunities that have not been available for several decades. But time is running out, and because everyone’s financial situation is unique, it is important to speak with your private wealth advisor now to analyze the impact of the Tax Relief Act of 2010 on your assets and wealth transfer plan. Once the provisions expire, it could be many decades before we experience such taxfriendly opportunities again. You should also review any changes to your plan that may have tax, accounting or legal implications with your professional advisors.

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Denver Gilliand is a Private Wealth Advisor with the Private Banking and Investment Group, a division of Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer, Member SIPC, and a wholly owned subsidiary of Bank of America Corporation. Neither Merrill Lynch nor its private wealth advisors provide tax, accounting or legal advice. The information in this article is not intended as tax advice and cannot be relied upon for the purpose of avoiding any tax penalties.

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PC/WEB FONTS Helvetica Neue Thin Helvetica Light Denver can be reached at his office in Minneapolis at 612-349-7924

or denver_gilliand@ml.com.


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CALENDAR OF EVENTS

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Sponsors

Third Annual Chamber Honors Gala SOLD OUT

Thursday, November 3 5:30-8:30 p.m.

Landmark Center 75 West Fifth Street, Saint Paul, 55102

At the Third Annual Chamber Honors Gala, we will honor five local businesses with Duebener Awards for outstanding achievement and distinguish two individuals whose leadership and volunteerism merit praise from our community.

DEUBENER AWARD SPONSOR:

This red-carpet, black-tie optional event will include valet service, hand-passed hors d’oeuvres, entertainment, good conversation and a champagne toast honoring our award recipients.

CORPORATE SPONSOR: DESIGN SPONSOR:

Two individuals will also be honored for their dedication to the Chamber and its members as Volunteer of the Year and Emerging Volunteer of the Year. About the Deubener Awards In honor of Walter & Lydia Deubener, the Saint Paul Area Chamber annually presents Duebener Awards to five organizations that exemplify growth, excellence, risk, diversity and innovation. The Deubeners were the proprietors of a grocery store in downtown Saint Paul and invented the first shopping bag with handles, which increased the store’s business overnight. The couple eventually sold their store and established manufacturing facilities in Saint Paul, with sales in 1919 totaling one million bags.

PRINTING SPONSOR:

CATERER:

CHAMPAGNE TOAST:

AFTER PARTY:

CONTRIBUTING SPONSORS: ARC Photography, AV for You, Comcast, Goff Public, Mall of America, Midway Party Rental, Moore Costello & Hart P.L.L.P., University of St. Thomas, Wells Fargo 7

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Chamber U: Top Challenges of Sales Leaders and How to Address Them

Wednesday, November 9 8-9 a.m.

Chamber of Commerce Center 401 North Robert Street, Suite 150 Saint Paul, 55101

Did you know that 46% of organizations have an informal sales process that is learned by "tribal wisdom"?

YPro in the Community: Bridging gaps, building networks

Thursday, November 10 5-7 p.m.

Bridging, Inc. 1633 Terrace Drive Roseville, 55113

Join fellow young professionals as we help local nonprofit Bridging, Inc. bridge the gap between the "haves" and the "have nots." We'll work together at Bridging's Roseville warehouse to support its work in providing those transitioning from poverty and homelessness with furniture and other necessities. The evening will include a tour of the Roseville warehouse before we are led through engaging service projects.

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Join us for an engaging presentation by Pivotal Advisors and learn how to effectively address the top challenges within your sales system. Pivotal Advisors will advise on how best to determine which people, processes, leadership style and technology are right for your organization and how to create a sales team that is supported by structure, process and strong leadership. Your sales leaders have more impact on sales performance than any other component of your organization - attend this presentation and walk away with tangible action items to implement immediately!

We invite you to turn your complimentary registration for this event into a taxdeductible donation! Bridging is in constant need of mattresses, box springs and dressers. Items also welcomed:

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We have just 25 spots available for this exclusive experience and hope you are able to join us - register today to secure your spot! This event will fill quickly!

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- Household furniture - Dinnerware, Cookware, Bakeware, Drinkware & Utensils - Linens, Bedding, Towels, Pillows, Lamps & Small Appliances

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Monday, November 14 11:30 a.m.1 p.m.

Como Park Zoo & Conservatory 1225 Estabrook Drive Saint Paul, 55103

It is widely known that the Twin Cities is currently home to 19 Fortune 500 firms and that the prevalence of these headquarters is an important part of the business and broader community. But how does this compare to the rest of the country and how has it changed over time? Did you know that we've always been over-represented by Fortune 500 companies, but that the names and industrial sectors represented by those companies have changed dramatically over the years? Join us for an engaging presentation from Myles Shaver, University of Minnesota Professor at the Carlson School of Management. About our speaker Myles Shaver is Professor of Strategic Management and Organization at the Carlson School of Management, University of Minnesota. Myles’ research interests revolve around corporate strategy choices and their impact on performance. In particular, his research focuses on the management and economics of international expansion as well as corporate expansion through diversification and mergers and acquisitions.

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Membership Meeting featuring Myles Shaver, University of Minnesota Professor

$10 Members $20 Non-Members

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Description

R.F. Moeller Jeweler 2065 Ford Parkway, Saint Paul, 55116

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Wednesday, November 30 5-7 p.m.

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Social Reception at R.F. Moeller Jeweler

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Join us on November 30 for a Social Reception at R.F. Moeller Jeweler in Highland Park! Bonnie Holub, Chair of the 2011 Board of Directors, invites you out for a fun evening of networking! Meet fellow Chamber members and visit with old friends while enjoying fabulous food and drinks!

Sponsors


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NEWS + AWARDS

CBS Award Your Chamber and Moore, Costello & Hart partnered in 2005 to create a tradition called Celebrate Business Success.

This award honors those who provide leading examples of how members of the business community contribute to a shared vision of economic success throughout the Saint Paul/East Metro area.

At the Chamber’s October

Membership Meeting, Mary

White, Communication Executive,

Employment Endeavors, LLC, accepted a Celebrate Business

Success Award. Established in 2005, this women owned and operated company facilitates successful

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integration into the workforce for and Hard-of-Hearing customers.

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Deaf, DeafBlind, Blind, Low Vision

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(left to right: Monica Kelley, Moore, Costello & Hart, P.L.L.P., Mary White, Employment Endeavors, LLC)


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NEWS + AWARDS

Ribbon Cuttings

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New Horizons Computer Learning Centers 2915 Commers Drive, Suite 500, Eagan 55121 Sprint by Choice 1064 Grand Avenue, Saint Paul 55105

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PC/WEB FONTS Helvetica Neue Thin Helvetica Light Wal-Mart 1644 Robert Street South, West Saint Paul 55118

Wal-Mart 10240 Hudson Road, Woodbury 55129

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Minnetronix, Inc. 1635 Energy Park Drive, Saint Paul 55108

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People, Awards and Company Notes White Bear Lake-based HLB Tautges Redpath, Ltd. Promoted CPA Sarah Gengenbach to principal. Baker Tilly Virchow Krause, LLP, Minneapolis, promoted Chris Little, Jennifer Stafford, Rebekah Martin, Amanda Goar and Ben Hanson to managers; Robert Cron to managing director, wealth management; Todd Simonette and Ryan Englestad to senior managers; and Nicholas Marshall to tax manager. Humana Market Point, Minnetonka, promoted Dan Oftedahl to president of its Great Plains Commercial and Specialty Region.

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Saint Paul-based Securian Financial Group Inc. promoted Jason Schuller to senior president of the new wealth management services unit at Securian Trust Co. The company also acquired Balboa Life Insurance Co. and Balboa Life Insurance Co. of New York from a Bank of America subsidiary. Minneapolis-based Padilla Speer Beardsley won a regional Emmy for Best Commercial Campaign under the National Academy of Television Arts and Sciences’ Upper Midwest chapter. Maplewood-based 3M Co. acquired GPI Group, a home-improvement product manufacturer in Oyonnax, France. The company’s Petrifilm Aqua

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Minneapolis-based Xcel Energy Inc. promoted Kent Larson toSECONDARY senior ITCScott Caslon 224 Book/Ita vice president of operations. Wilensky to senior vice president and PC/WEB FONTS general counsel and Teresa Madden Helvetica Neue Thin to senior vice president and chief Helvetica Light financial officer. Xcel also named Michael Connelly as its senior vice president of strategy and planning. St. Catherine University, Saint Paul, promoted Nicole Hines to director of corporate and foundation relations.


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People, Awards and Company Notes Minnesota Public Radio/American Public Media, Saint Paul, promoted Nick Kereakos to vice president of technology and operations.

Distinguished Nurse of the Year. Two other Gillette nurses, Gail Busch and Jennifer Esser, also received recognition.

Minnetonka-based Opportunity Partners promoted Brian Pederson to vice president, operations/business services and Gregg Murray to senior vice president, sales and marketing.

Ecolab Inc., headquartered in Saint Paul, will sponsor New York-based Nation’s Restaurant News magazine’s sixth annual Food Safety Symposium.

ProAct Inc., Eagan, elected Jon Wilbrecht, principal of Wilbrecht Consulting, to its board of directors. The March of Dimes Minnesota Chapter named Sarah Gutknecht, a pediatric nurse practitioner at Gillette Children’s Specialty Healthcare in Saint Paul, as this year’s

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Saint Paul-based Regions Hospital’s palliative care program received accreditation and certification as a health care organization from The Joint Commission.

Imation Corp., Oakdale, acquired Sunnyvale, California-based IronKey’s security hardware business and received exclusive license to use the IronKey brand and its secure storage management systems. Xcel Energy Center in Saint Paul now offers AT&T Wi-Fi for visitors. Mahoney Ulbrich Christiansen Russ PA announced that Bonnie Russ, Partner, was named Non-Profit Director of the Year.

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MEMBER CHECKLI

new Members

Welcome New Members! Ambrion, Inc. Employment Services Ms. Sara Kendrick 1660 South Highway 100, Suite 329 Minneapolis, MN 55416 www.ambrion.com AT&T Telephones Wireless Communication Mr. Bob Bass 4300 Market Pointe Drive, Suite 350 Bloomington, MN 55435 www.att.com Center for Ethical Business Cultures Nonprofit Organizations Mr. Bob Shoemake 1000 LaSalle Avenue, TMH 331 Minneapolis, MN 55403 www.cebcglobal.org Centro Marketing Digital Mr. Nick Lenhardt 3900 Harriet Avenue South, Unit #2 Minneapolis, MN 55409 www.centro.net 16

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Crowne Plaza Saint Paul Riverfront Hotels & Motels Mr. Art Zehnder 11 East Kellogg Boulevard Saint Paul, MN 55101 www.cpstpaul.com Diana Sefkow Consultants Business Ms. Diana Sefkow www.dianasefkow.com EDS Builders, Inc. Construction Management Mr. Doc Smith 404A Saint Croix Trail North Lakeland, MN 55043 www.edsbuilders.com Factory Direct Marketing LLC Retail Mr. Henry Waddell PO Box 276 Rosemount, MN 55068 www.identitylockusa.com

• Attend Chamber 101 Fan & dIn, become a Facebook • J oin our group on Linke follow us on Twitter member recognition at the • Take advantage of new eting for the first SPACC PRIMARY COLOR SCH monthly Membership Me hip! ers mb me ur yo of s nth six mo upon at an event  se your new member co •U coupon or take advantage • Offer a SPACC Savings of one Community Calendar pms 410 pms 7508 • Post your events on the ials uncoated on your marketing mater • Use the Chamber logo Hilton Garden Inn St. Paul City Center Hotels & Motels Mr. John Jordan 411 Minnesota Street Saint Paul, MN 55101 www.stpaulcitycenter.stayhgi.com Involta Computer Consultants Ms. Lisa Bodine www.involta.com Justin D. Sundberg, CPA LLC Accountants CPAs & LPAs Mr. Justin Sundberg 54 Cretin Avenue South, Suite 102 Saint Paul, MN 55105 www.sundbergtc.com Minnesota Timberwolves & Lynx Sports Entertainment Mr. Jim Buffo 600 First Avenue North Minneapolis, MN 55403 www.timberwolves.com

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Pladson Environmental Contractors Ms. Aimee Farrell 2715 4th Street South East #20 Minneapolis, MN 55414 www.pladsonenvironmental.com

Sovran, Inc. Consultant Technology Mr. Patrick Gibson 2915 Commers Drive, Suite 100 Eagan, MN 55121 www.sovran.com

New Horizons Computer Learning Centers Computer Skills Training Ms. Cammy Monnens 2915 Commers Drive, Suite 100 Eagan, MN 55121 www.newhorizons.com

Prevent Child Abuse Minnesota Nonprofit Organizations Ms. Karina Forrest Perkins 709 University Avenue West Suite 234 Saint Paul, MN 55104 www.pcamn.org

St. Paul Urban Tennis Nonprofit Organizations Mr. Marc Miller 1043 Grand Avenue #252 Saint Paul, MN 55105 www.sput.us

Padilla Speer Beardsley Public Relations Mr. Curtis Smith 1101 West River Parkway Minneapolis, MN 55415 www.psbpr.com

Quinn & Co Consultants Government Affairs Ms. Quinn Cheney 1846 Montreal Avenue Saint Paul, MN 55116

Windows on the River Event Center Ms. Susan Strgar 11 East Kellogg Boulevard Saint Paul, MN 55101 www.cpstpaul.com

Pivotal Advisors Consultants Business Sales Mr. Mark Philion 15815 Franklin Trail SE, Suite 400 Prior Lake, MN 55372 www.pivotaladvisors.com

Restaurant 11 Restaurants 11 West Kellogg Boulevard Saint Paul, MN 55101 www.cpstpaul.com/dining.html

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National American University Schools Colleges & Universities Mr. Gene Muilenburg 1550 West Highway 36 Roseville, MN 55113 www.national.edu

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Place your Ad

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Purchase Ad Space Place your product or service in front of motivated business professionals by advertising in the Chamber’s monthly e-newsletter, Nexus. Our readers share your commitment to the economic vitality of the Saint Paul/East Metro area. When you do business with other Chamber members, you help to maintain our area as a great place to live, work and do business.

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Who you’re reaching: • Over 13,000 business readers each month • Decision makers – 52% are business owners • Small to mid-size businesses - 81% of companies having <100 employees • Internet users - 91% of Chamber members prefer to receive information online

For rate information and to purchase ad space, contact: Kelsey Siqveland 651.265.2791 kelsey@saintpaulchamber.com

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Nexus is a monthly publication for the members of the Saint Paul Area Chamber of Commerce. The objective of Nexus is to inform and educate members of news and events in the Chamber and the Saint Paul/East Metro area. For more information about the Saint Paul Area Chamber of Commerce or to comment on Nexus, please call 651.223.5000 or visit our website at saintpaulchamber.com. We value your input, feedback and questions.

NE XUS

Produced/Edited by: Kelsey Siqveland

Designed by: Concept Group Inc.

2011 Executive Committee

2011 Board of Directors

Bonnie Holub Chair of the Board ArcLight Technology Consulting

Guy Gilmore Saint Paul Pioneer Press

Mark Bagley U.S. Bank

Bill Lentsch Delta Airlines, Inc.

Stuart Simek Meridian Management, Inc.

Sherry Hastings Frauenshuh Companies

Kari Canfield Midway Chamber of Commerce

Steve Snelling Sand Companies

Bill Kaphing Xcel Energy Inc.

Angela Craig Saint Jude Medical, Inc.

Tammy Mencel Minneapolis/Saint Paul Business Journal

TKDA

Zach Crain Moore, Costello & Hart, P.L.L.P.

Susan Kratz Immediate Past Chair Moore, Costello & Hart, P.L.L.P.

SPACC GRAPHIC STANDARDS GUIDE Vince Montgomery Matt Kramer Secretary/Treasurer Saint Paul Area Chamber MAINofAPPLICATION Commerce

Dan Scott Leonard, Street & 2C logo: PMS 410 & PMS 7508 Deinard David Rom Finance & Audit Kris Taylor Platinum Bank Ecolab Scott Burns GovDelivery

Robin Torgerson 3M

Sara Criger Chair-Elect St. Joseph’s Hospital, HealthEast Care System

Susan Wenz KSTC – Channel 45

Bill Foussard

Chris Georgacas Goff Public

BW logo:

Morris Goodwin Amherst H. Wilder Foundation Doug Hennes University of St. Thomas Bill Kavanaugh Securian Financial Group, Inc.

Al Paulson Marketplace Productions, LLC Susan Rani Rani Engineering Joe Richburg Keystone Computer Solutions Tony Schwartz CORMARQ

Craig Leipold Minnesota Wild

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© Copyright 2011 Saint Paul Area Chamber of Commerce. All rights reserved. Chamber of Commerce Center, 401 North Robert Street Suite 150, Saint Paul, Minnesota 55101 Phone: 651.223.5000 Fax: 651.223.5119

Mark Stutrud Summit Brewing Company Craig Taylor University of Minnesota Beverly Turner Travelers Mike Zipko Goff Public


Nexus November 2011