GBJ Staff

Surviving the Financial Drought

Since lines of credit are not as readily available in this economy, we’re going to explore how you can use your bank’s technology and treasury management products to survive this financial drought we’re mired in and improve your cash flow.

1. Remote Deposit refers to the ability to deposit a check into a bank account from a remote location without having to physically deliver the check to the bank. It involves a scanning device, a computer and an Internet connection.

One of the biggest benefits of remote deposit is the extension of the business day cutoff to about 5 p.m.  If you’ve ever come in to the bank at 2:15 p.m. only to find them on the next business day, you know what I’m talking about.  Getting the current day’s collections in the bank that day can increase your cash balance.   In addition, calculate the amount of time and expense of driving to the bank daily. It can be significant.

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GBJ Staff

Honeywell to buy EMS Technologies

EMS Technologies, a leading provider of wireless connectivity solutions for aviation, aerospace and global resource management, recently announced a definitive agreement under which Honeywell, a diversified technology and manufacturing leader, will acquire EMS in an all-cash transaction valued at approximately $491 million, net of cash acquired.

Under the terms of the agreement, which has been unanimously approved by both companies’ Boards of Directors, a wholly-owned subsidiary of Honeywell will commence a tender offer within ten business days to purchase all of EMS’s outstanding shares. The Board of Directors of EMS will recommend that EMS shareholders tender their shares in the tender offer. The transaction, which is subject to successful completion of the tender offer, regulatory approval and customary closing terms and conditions, is expected to be completed in the third quarter of 2011.

“This announcement is the culmination of the robust strategic review process we have been engaged in since April,” said Jack Mowell, Chairman of EMS’s Board of Directors. “With the assistance of experienced outside advisors, we determined that this transaction is the best way to maximize value for our shareholders.”

Neil Mackay, president and CEO of EMS, said, “We believe that becoming a part of Honeywell will provide EMS businesses with the scale, resources and market presence that should benefit our customers and expand career opportunities for our employees.”

EMS also announced that in light of today’s announcement the EMS Board has postponed its Annual Meeting of Shareholders scheduled for June 30, 2011.

BofA Merrill Lynch is serving as financial advisor, and King & Spalding LLP and Kirkland & Ellis LLP are serving as legal counsel to EMS and its Board of Directors.

About EMS Technologies

As one of the world’s leading providers of wireless connectivity solutions, EMS Technologies, Inc. keeps people and systems connected – on land, at sea, in the air or in space. EMS offers industry-leading technology to support Aero Connectivity and Global Resource Management markets though a broad range of cutting-edge satellite and terrestrial network products; helping businesses, assets and people stay connected and promoting universal mobility, visibility and intelligence.

For more information: http://www.ems-t.com

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Gwinnett Magazine Staff

Finding a Small Business Loan

by Bob Koncerak

A well-known mattress manufacturer has long heralded that an educated consumer is their best customer. This motto rings true on several levels: knowing what you want is not the same as knowing how to get it – especially when it comes to borrowing money for your business.

Entrepreneurs by nature are sales-oriented. Their expertise lies in pursuing business and then doggedly pursuing opportunities to a close. After all, the number one rule of business is to get the money, right? Well, when it comes to business financing, getting to number one lies in knowing how organize, present and project your business to prospective lenders.

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Gwinnett Magazine Staff

Do You Have the Resources You Need to Grow Your Business?

Your business and other small businesses in Georgia will soon have greater access to critical resources needed to help you start-up or grow – and create jobs.

The University of Georgia Small Business Development Center (SBDC) just received a $1.3 million grant to help small businesses across the state. The grant will support job creation and retention within the small business community by providing in-depth business counseling and advice to entrepreneurs and small business owners just like you.

Grant funding was provided under a key provision of the Small Business Jobs Act of 2010, which provided a total $50 million in grants to the SBA’s Small Business Development Centers throughout the U.S.

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Gwinnett Magazine Staff

A Good Story Can Get You a Great Small Biz Loan

Whether you’re a one-location mom and pop shop, or a serial entrepreneur, the secret to securing credit in 2011 is your company’s overarching story.  Banks are evaluating the whole picture – ranging from your balance sheet to your vendor base, customer supply chain, cash flow, collateral and yes, company management.

Lending for small businesses is up at many financial institutions. GBJ spoke to several local bankers who are ready to roll out the dough for the right opportunities – but performance history is what you’re going to need before they sign on the dotted line for your small business loan.

Most lenders’ first step is evaluating the management of the company and their history of running their business over the years – not just the last 24 months. Cash flow is the primary source of loan re-payment, so all banks and credit unions take a good look at performance.

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Gwinnett Magazine Staff

The Straight Up on OfficeArrow.com

An online community for office management

Every day, office managers are asked to be experts in everything – scheduling trips, planning meetings, fixing problems – with little help.

OfficeArrow.com, a new community for office professionals based in Atlanta, was founded by two self-named “serial entrepreneurs” who have lived through the administrative side of businesses by spending years growing and managing small companies.

“We really looked at how office managers make all of the diverse decisions they are faced with on a daily basis,” says OfficeArrow.com co-founder and CEO Robert Ball. “Oftentimes they don’t have the internal departments, such as Accounting, HR or IT, to tap for information and therefore have to become experts in many areas with little time and few resources.”

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Gwinnett Magazine Staff

Budget for a Prosperous New Year

Second of a two-part series

As 2010 draws to a close, it’s time to take a moment and reflect on business accomplishments of the year. OK, enough of that. Now let’s figure how to never have a year like this again.

2011 will open with an economy that’s weak but leveling out, customers that are cautious and finicky, and a new year’s business strategy that had better be lean, mean and ready for a do-over. The recession has made us all better business people, and as we work toward improving the bottom line, be sure to budget for success in the year ahead.

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GBJ Staff

6 tips to surviving tax season

6 tips to surviving tax seasonHappy New Year – your business made it to 2011! Now it’s time to get organized for tax season.  While most small businesses hire outside help to get the job done, it’s a good idea to be aware of some key strategies that will help you achieve the best possible outcome on your tax returns.  Here are some valuable tips for the small business owner:

  1. Expense deduction for equipment purchases
    IRS section 179 provides for businesses to write off as much as the full cost of purchased equipment.  For tax year 2010, the maximum first-year write-off is $250,000.  This deduction is often one of the most valuable to a small business owner.  Equipment can have been placed in service at any time during the tax year. Even if you purchased an asset on December 31, you can receive the full $250,000 benefit up to the amount of your company’s taxable income.

 
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GBJ Staff

Out with the old, in with the new

Good business management includes developing and implementing a business strategy that takes advantage of pertinent tax breaks – most of us agree there’s never a need to pay more taxes than required.

Certain basic tax strategies are perennially important and others require close attention to the latest tax code changes. For 2011, there are several tax-saving provisions that small business owners should factor into planning, and take appropriate action with during the year if such provisions fit into the firm’s business plan.

Back to basics
Good recordkeeping is at the backbone of any tax strategy. Are you collecting data, entering it in an accounting system and keeping documentation so your 2011 taxes can be completed with the least amount of time and expense, allowing you to take advantage of all deductions, credits and exclusions? Good tax planning occurs throughout the year based on sound, up-to-date data on the income, expenses and investments required to carry out the business plan. Congress could pass a new rule for deductions or accelerated depreciation, and the only way you will know whether it affects your company and to what extent, is if you have good accounting records. If you don’t have records you would describe as “good,” then that should be your first priority in any tax strategy.

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GBJ Staff

Walton EMC customer refunds reach $40 million

MONROE – When most Walton Electric Membership Corporation (EMC) customer-owners opened their power bills at the end of the year, they found something they weren’t expecting: a refund.

The cooperative’s board again voted to refund $3 million in capital credits in December, bringing the total for the last 23 years to $40 million. Customer-owners who had accounts in 1985, 1986 or 2009 are receiving a total of 105,050 refunds.

Walton EMC is a cooperative, meaning its customers are the owners of the company. The company returns leftover revenues when it’s financially sound.

After paying off debt and establishing a reserve for unexpected events, such as a catastrophic ice storm, the board studies financial reports and determines whether enough money remains to issue a refund. The refund is distributed by a credit on electric bills. By using this method, Walton EMC saves tens of thousands of dollars in check printing and postage.

 
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