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Dracut based CPA firm is looking for an entry level Staff Accountant

A Dracut based CPA firm is looking for an Entry Level Staff Accountant. Please send your resume to [email protected] 

Make sure the next Generation Knows Your Story

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Find Out What's New at the MVSBC

Keeping you updated and informed. 

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Greetings!

Would a small loan to purchase a new piece of equipment or working capital help your business grow? Did you know that the Merrimack Valley Microloan Fund stands ready to assist local businesses by providing a microloan up to $5,000 with a fixed low interest rate to meet your lending needs and help build up your credit at the same time?

Don’t delay! Find out more
http://www.merrimackvalleysmallbusiness.com/services/microloan-fund/

Right Start Graduates Get Together
Pictured from left to right, Terry Williams, Shelagh Casey of Refind, Kim Scalia of Relovable Dog, Olga Saratova of Olga Saratova Photography, Kristin Wallace, Evangeline Bates of Evangeline Interiors, and Paul Hutchinson.
Thanks to important feedback from our Right Start Graduates and other clients, we’ve been busy making changes to our entrepreneurial trainings and can’t wait to launch two new series this fall!
Our Entrepreneurial Boot Campfor Pre-Concept & Start-Up Businesseswill lead entrepreneurs through defining their personal vision & goals and to determining whether their business concept is a feasible business opportunity. At the end of this very hands-on course, participants will have examined their business ideas from every angle and written a business plan, which will help them decide if the business idea is a “go” or a “no go” before making plans to launch the venture. This training will also include support around the technical steps involved in start-up.
Our Financial Tune Up Boot Camp for Start-Up & Existing Businesses will lead entrepreneurs through the basics of financial literacy and will include the important features of a well run business. Entrepreneurs will learn about financial basics, bookkeeping, inventory management & control, taxes, financing, marketing.
Best,

Stacie Hargis
Director

****************************************
SMALL BUSINESS WORKSHOPS CALENDAR  
 
CLICK HERE to be taken to our events calendar.

 
Please RSVP for all workshops and trainings. Fees may apply and will be due at time of class. A fee waiver may be requested, please inquire when signing up.The Center reserves the right to cancel or reschedule a workshop or class due to insufficient enrollment or weather.
FDIC’s Money Smart Series
Joinus as we give the Money Smart financial education

Greetings!
2013 marks our
15th year of providing support to Merrimack Valley entrepreneurs so they can…

We empower entrepreneurs to make the right choices and increase chances for success. As we go into our anniversary year, we have lots of great news to share!  Please stay tuned for more information about our 15th year celebration in September.


MVSBC graduates in May

We recently piloted a Peer-Group Mentoring program to bring a group of microenterprise owners together to discuss issues they face day-to-day. Because of their smaller-size businesses, many owners find themselves working in a silo. When it comes to facing challenges, this group provides a space for thinking creatively with others. If you think you would be interested in this program, please contact Stacie Hargis at 978-322-8401 or [email protected].   

We are launching a Bookkeeping Business! This newly created social enterprise will offer QuickBooks set-up and training for small business clients, and provide ongoing bookkeeping services. We seek to provide a full suite of bookkeeping services to allow business owners to free up their time. If you think your business would like to know more, please contact Charles Nagbe at 978-606-8171 or [email protected]. This is all thanks to a generous capacity building grant provided by the Greater Lowell Community Foundation. 

The MVSBC Microloan Fund serves an important role in the Merrimack Valley community. We know that access to capital is important! 72% of people cannot finance a business themselves. In FY 2013, we helped close over $42K in capital to businesses! For more information our Microloan Program, please contact Kristin Wallace at 978-322-8403 or [email protected].

Summer is in full swing and we are looking ahead, preparing for a fall full of great trainings and workshops.

  • Every Wednesday night, we offer our Financial Tune Up Boot Camp, Developing Your Business Plan or Loan Prep Course to help entrepreneurs learn the basics of financial management or to apply for financing.
  • Every 1st and 3rd Tuesday, come in for our FREE Are You READY…to Start a Business? workshop.  If you want to start a business, this is your first step. This class will guide you through a self-assessment of your business idea and introduce you to the business development services we offer.
  • Starting September 9th, the Entrepreneurial Boot Camp will help you determine whether your business idea is a feasible business opportunity. At the end of this hands-on training, you will have examined your idea from every angle, to decide if it’s a “go” or a “no go”.
  • We also offer affordable online, internet-marketing courses that you can take from the comfort of your own home at your own speed.  This is available through a special partnership with eMarketing4us.com.
  • If you are interested in any of these programs and have any questions, please contact Terry Williams at 978-322-8402 or [email protected].

Best,

Stacie Hargis
Director
Community Teamwork, Inc.’s
Merrimack Valley Small Business Center


CLIENT SUCCESSES

Tomo360, Greater Lowell
Susu Wong is owner of Tomo360, started in November 2012, and an immigrant from Hong Kong. Tomo360 provides small to medium-sized businesses with customized marketing strategies, social media and email marketing campaigns to creatively connect with their customers. Susu signed up for Financial Tune Up Boot Camp in order to better understand how to manage cash flow, sales projections and expenses. Susu has taken advantage of one-on-one counseling and participated in our peer-group mentoring pilot program. Since receiving our services, Susu has seen an increase in her revenue and has even been able to hire an employee.

Learn more about Tomo360

Lowell Naturalization and Citizenship Services, Lowell
After running her business for nearly a year, Marcia Strauss, owner of Lowell Naturalization and Citizenship Services, wanted to learn more skills to manage her business. An immigrant herself from Brazil, Marcia has a great understanding of the needs of her clients. As part of the Financial Tune Up Boot Camp, Marcia learned about the three main financial statements, which she now uses regularly as tools to manage her business and customer credit arrangements. She is also using this new knowledge to help her figure out when she can move her business to a storefront location in the near future. Marcia is currently enrolled in the Merrimack Valley Sandbox’s Accelerator Program and looks forward to merging the knowledge learned from both programs and will continue to participate in our peer-group mentoring program.

Learn more about Lowell Naturalization and Citizenship Services


MEMBER BUSINESS STARTS
Congratulations to the following business starts in the last quarter:


Electronic Horizons held a ribbon cutting in July. 


IN THE NEWS


SMALL BUSINESS WORKSHOPS CALENDAR
Be sure to check out our events calendar to see all the awesome events coming up! 
CLICK HERE 
 

Upcoming Events for Breathe NH

breathe

Matthew Schwartz - LPL Independent Investor

LPL Independent Investor

July 2013

 

Using Life Insurance to Ensure Business Continuity

 

The loss of critical personnel can be life threatening to small businesses; however, it's a risk that life insurance can often mitigate. In fact, life insurance policies are frequently used in plans aimed at making it possible for a business to survive a change of ownership or the loss of a partner, the chief executive or an employee whose creative talent, technical knowledge or salesmanship drives the business.

 

Most commonly, life insurance is employed as the funding mechanism in buy-sell plans—legal agreements that provide for an orderly transfer of ownership interests—and to compensate for the loss of a key person.

 

Buy-Sell Agreements

A buy-sell agreement allows the remaining owner or owners to acquire the interest of a departing owner due to death or another specified event, such as disability or retirement. The agreement typically restricts an owner’s ability to transfer his or her interest and sets out the terms under which another owner or the business entity may acquire the departing owner’s interest.

 

A buy-sell agreement can anticipate situations that could imperil the business or be harmful to owners and employees. For example, it can be used to prevent unwanted outsiders or heirs from obtaining an ownership interest; it can prevent the continued involvement of retired or inactive shareholders or partners; and it can ensure the legal continuation of the entity if an owner becomes bankrupt or loses a required professional license.

 

Among its benefits, a buy-sell agreement creates a marketplace for the shares of a closely held business, helping ensure that departing owners will receive adequate compensation.

 

Life insurance is typically used to fund the agreement and may also provide cash to pay other costs. How life insurance is employed depends on the structure of the buy-sell agreement. In the case of a partnership, for example, the agreement may call for each partner to buy and maintain policies on each of the other partners in an amount sufficient to cover the beneficiary’s partnership interest. In other types of buy-sell plans, the business entity purchases the insurance policy on each owner and the business is the beneficiary.

 

Insuring a Key Person

Key person life insurance compensates the business against losses that result from the insured’s death. In that event, the company—which has purchased the policy and paid the premiums—immediately receives the policy’s tax-free death benefit and applies the proceeds toward the resulting business costs. Examples of costs include those incurred in recruiting and training a replacement, purchasing the decedent’s ownership interest and replacing lost revenue.

 

To provide greater flexibility, the company may arrange an exchange agreement, allowing it to transfer coverage to a successor if the key person leaves the firm prior to retirement. While the insured is employed, the life insurance may provide the firm with additional benefits, such as a potentially higher credit rating and the ability to tap the policy’s cash value for emergency funds.

 

Practical Matters

  • Establishing a value (or valuation method) for the business is a necessary step in determining how much funding will be needed for a buy-sell agreement. Likewise, the amount of life insurance to purchase for a key person should be based on a reasonable estimate of the costs the firm would incur as a result of his or her departure.
  • A professional appraisal is usually advisable in preparing a buy-sell agreement. Professional advice is also recommended in key person situations where issues such as a potential reduction in the firm’s credit rating or loss of confidence among customers, employees or vendors may be involved.
  • Your insurance agent can provide information about life insurance terms and costs. Keep in mind that insurance premiums are not deductible business expenses and that life insurance cash values and death proceeds may result in corporate alternative minimum taxes.
  • Owners contemplating a buy-sell agreement should consult legal and tax advisors to discuss how the proposed agreement may affect their personal financial situation and estate planning.1

 

1 Life insurance policies contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your financial professional can provide you with costs and complete details. This information is intended to provide general education on the importance of buy/sell agreements. Please note that the LPL Financial Advisor providing this newsletter does not provide business valuations services.

 

 

This article was prepared by S&P Capital IQ Financial Communications and is not intended to provide specific investment advice or recommendations for any individual. Please consult me if you have any questions.

 

Because of the possibility of human or mechanical error by S&P Capital IQ Financial Communications or its sources, neither S&P Capital IQ Financial Communications nor its sources guarantees the accuracy, adequacy, completeness, or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall S&P Capital IQ Financial Communications be liable for any indirect, special, or consequential damages in connection with subscribers’ or others’ use of the content.

 

 

Tracking #1-178473

 

 

Matthew M. Schwartz

Financial Consultant

 

Schwartz Financial Services, Inc.

3 Baldwin Green Common #209

Woburn, MA 01801

 

[email protected]

 

Tel: (781) 932-3289

Fax: (781) 998-3099

 

Website:  SchwartzFinancialServices.net

 

Professional LinkedIn Profile: linkedin.com/in/SchwartzMatt

 

Professional Facebook Profile:  facebook.com/SchwartzFinancial

 

 

Personal Facebook Profile:  facebook.com/SchwartzMatthewM