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NAWBO Chicago E-Bulletin
Monthly Email Newsletter
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NAWBO Smart Brief
Twice-weekly e-news briefing created for women business owners.
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NAWBO Chicago Chapter Office Information
230 East Ohio, 4th Floor, Chicago, IL 60611
phone: 312.224.2605
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Useful Information/Links NAWBO Chicago Area
Chapter Office
230 E. Ohio St. Suite 400
Chicago, IL 60611
Tel: (312) 224-2605
info@nawbochicago.org
Do you know a woman business owner who is missing the benefits of NAWBO membership?
Send her this link and encourage her to
Join Now!
Welcome
New Members!
Karen Cooper-Washington
Karen's Tax Service
Karen Encher Skala
Karen Skala Wealth Management
Linda Goldman
Altogether Organized
Scott Hershinow
Launch Consulting, Inc.
Lauren Ludden
Leslie McFarlin
UIXexperience, LLC
Blair Miller
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Prospective
Member
Breakfast
Husch Blackwell Sanders Welsh & Katz
120 South Riverside Plaza, Suite 2200
Chicago, IL 60606
Friday,
March 5, 2010
8:00am-10:00am
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Black History Month
Panel
Barack Ferrazzano Kirschbaum & Nagelberg LLP 200 W Madison Suite 3900, Chicago IL 60606
Thursday,
February 11, 2010
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Achievement Luncheon
Hilton Chicago
720 S. Michigan
Chicago, IL 60605
Monday,
May 3, 2010
11:00am-3:00pm
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February 11, 2010: Be Inspired at the Black History Month Panel
Get the best deal around for Black History Month...the BHM Panel is less than one week away and for only $25 you can hear an outstanding panel of black women share their success stories. Top that off with great appetizers, dessert and beverages. Click Here to Register Now!
Panelists include Lynn Sutton of Kairos, Fashion Designer Barbara Bates and Rachael Trummel of Barack Ferrazzano Kirshbaum & Nagelberg LLP. Tickets are $25 for members and $50 for non- members. Please plan to join us!
Thursday, February 11, 2010
5:30 - 7:30pm
Barack Ferrazzano Kirschbaum & Nagelberg LLP
200 W Madison Suite 3900
Chicago IL 60606
Details/Registration
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Committee Members Wanted
The Diversity Committee is looking for new members! If you are interested in joining the Diversity Committee, we meet the last Wednesday of every month from 4:00-5:30pm at Bryan Cave LLP, 161 N. Clark, Suite 4700, Chicago. Contact Diversity Committee Chair Erica Reynolds at erica@mokamarketing.com.
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President's Message
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President's Message
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By Angelika Coghlan, Catwalk Consulting
Watch the President's Message on YouTube.
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NAWBO Benefits
Did you know -- that NAWBO offers many ways to network!
Did you know that a NAWBO member can start her own networking group within NAWBO? We call them Special Interest Groups or Leads Groups depending on the focus. Send out a message through the NAWBO listserv to connect with other NAWBO members on a particular topic or to network in a particular geographical area. For example, did you know there's a new book club taking place in the Northwest Suburbs? Or did you know about the new leads group taking place in the loop? Feel free to start your own!
Also, did you know that as a member, you can access and send emails through NAWBO's listserv? All you have to do is address your email to nawbo-chicago@googlegroups.com. Members are automatically added to the listserv group when they become members. If you wish to be removed, just contact the Chapter office at 312-224-2605. You can also go to www.googlegroups.com to set up options to receive the emails.
Finally, did you know that as a member of NAWBO Chicago you are eligible to join a committee? This is a great way to work side by side (and/or by phone) with other NAWBO members, network, build relationships and help the organization with its goals for the year, not to mention having a good time in the process. If you would like to take your membership to the next level, join a committee! All committees welcome new members, so be sure to look at the committee list page on the website , which also provides the contact names of those who are heading up the committees.
The following committees have put in a special request for new members:
• Membership Development
• Membership Retention
• Events
• Marketing
• PR
• Affiliates
•Connecting Points
Time commitments vary per committee, so contact me if you have any questions finding the right committee for you. Regardless of what committee, it's a great way to enrich your NAWBO membership.
Submitted by Michele Katz, Director of Member Benefits, Husch Blackwell Sanders Welsh & Katz (chapter corporate partner).michele.katz@huschblackwell.com
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Achievement Luncheon Speaker Announced
See Special Early Bird Registration offer below!
We're pleased to announce that Diane Swonk, Chief Economist with Mesirow Financial and one of the most quoted economists in the financial press, will be the keynote speaker for our annual spring fundraising luncheon event. Diane Swonk is one of the top ten economists in the nation - and the only woman on that list. She is seen regularly on national and international television and her commentary can be read in top financial news publications throughout the world. With more than 20 years experience in financial services, Diane has proved to be an invaluable resource for policymakers and business leaders from Washington to Tokyo.
Annual Achievement Luncheon Gala
Monday, May 3, 2010
Hilton Chicago
Normandie Room, Second Floor
720 S. Michigan
Chicago, IL 60605
11:00am-3:00pm
Register now to reserve your place. The early bird prices shown below are available only until March 15, 2010! So buy your tickets today!
Member registration- $75.00
Non-member registration- $100.00
Table of 10- $700.00
Details/Registration
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Heartland International Kenya Project
Heartland International will be hosting 10 young entrepreneurs from Western Kenya from March 13 - May 7, 2010. All ten of these young men (4) and women (6) own small businesses in Kenya and will spend 4 weeks in business training courses as well as 4 weeks in business internships while in Chicago.
The participants were chosen from a pool of over 200 applicants and the selection process was based on merit, qualifications and motivation. Their educational backgrounds vary, but they all have solid English skills.
We are looking for business owners who are willing to provide working internships for the participants and become mentors for these young entrepreneurs. The business owners should be willing to give the participants actual duties in their businesses as well as teach them about daily operations of the business. In the second half of the program, the American business partners will go to Kenya for 2 weeks to help with training of 10 more young entrepreneurs and to provide one-on-one consulting for their Kenyan business partner. It is anticipated that the American exchange trip to Kenya will be in late June or early July. Most of the costs of this trip will be covered by the U.S. Department of State grant for this program.
We understand that this is a big commitment from a business owner. However, we hope that new friendships and business relationships will help the young Kenyan entrepreneurs continue to sharpen their entrepreneurial skills and develop and their businesses long after they return to Kenya through these ongoing networks.
One of the goals of this program is to increase understanding of American culture and values. Home stays are the ideal way to impart a cultural experience that showcases American hospitality and openness. If you would like to take part in this unique opportunity and host a young entrepreneur in your home (or if you have friends or other family who could host) from March 20 - May 7, please let us know. You might even consider hosting one or two participants for a weekend if you live in a location that is too far for a daily commute to the Loop.
If you are interested in being a business placement or a home stay host for the program, contact Molly O'Donnell at molly@heartlandinternational.org or 312.750.9888.
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Nominating Committee and Leadership Team Opportunities
A new calendar year means it's time for this year's Nominating Committee to form in order to evaluate those who step forward for leadership positions within our NAWBO Chicago Area Chapter. Thank you to Past Presidents Diana Conley and Gillian Schultz, as well as member Francine Manilow, who are part of the Nominating Committee so far.
The way the process works is that between January 1 and March 1, NAWBO members nominate themselves to become part of the NAWBO Chicago Area Leadership Team as Board Directors or Committee Chairs. The Nominating Committee interviews the nominees, by phone or in person, and the Committee submits recommendations and a slate of Directors and Chairs by May. Then, the new Directors and Chairs take office as of July 1, which marks the start of the new NAWBO year.
As a Nominating Committee member, you have the important job of helping select our Leadership Team. And, as a member of our Leadership Team, you are crucial in helping set the vision and implement the mission of our great organization. As you know, our mission is to propel our members to economic, social, and political spheres of influence.
Please contact the NAWBO Office or President Elect Valerie Beck if you are interested in joining the Nominating Committee, or interested in exploring a Board Director role or Committee Chair position.
To download the nomination form Click Here.
Thank you!
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The Next Generation Outreach Committee is participating in a Job Shadow Day on February 9th.
We will be hosting young entrepreneurs with women business owners on their home turf for 4 hours. This is in conjunction with Chicago Public Schools and the Illinois Institute for Entrepreneurship Education headed by Ida Manning.
We want to expand our reach with education and stewardship for our younger generation.
We have many experiences to share and seeing is believing! NAWBO is a terrific resource for dynamic women and we want to spread the word through action and education! We will share photos of our job shadow days in the coming issue.
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Handing It Off Right: Effective Succession Planning to Protect Your Assets-Mesirow Financial
On Tuesday, January 12, 2010, NAWBO's Members Only Meeting was hosted by Mesirow Financial in its new building at 353 North Clark Street in downtown Chicago. In addition to enjoying a continental breakfast sponsored by Sam's Club, NAWBO members were treated to a personal welcome from Mesirow Financial's Chief Executive Officer Jim Tyree, and informative presentations by Chief Economist Diane Swonk, Senior Managing Director Dana Mikstay of Insurance Services' Life and Disability practice, Managing Director
Adriana Duenas of Insurance Services' Employee Benefits practice and Investment Manager Lisa Dieter of Investment Management's Investment Advisory.
Dana Mikstay, CLU, senior managing director of Mesirow Financial's Life and Disability practice, provided some particularly appropriate advice about business succession planning for the small business owner. One of the most important aspects of business succession planning is preparing for potential financial pitfalls in the event of disability, death or retirement. Mikstay makes the following recommendations to business owners:
1. Make sure the proper agreements are in place that will allow a smooth transition of your business in the event of death, disability, and retirement.
2. If there is more than one owner of your business, having a buy/sell agreement in place is critical. The buy/sell agreement will:
§ guarantee that the shares of a deceased or disabled partner/owner are sold back to the company or surviving partners
§ provide your heirs with needed liquidity
§ establish the valuation formula up front that will be used for the buy-back of stock in the event of death or disability
3. Without a buy/sell agreement:
§ you could end up with your partner's spouse as your business partner
§ the spouse/heirs of the deceased partner could sell their inherited ownership shares of the company to whomever they wish, and you could end up being in business with complete strangers
§ The spouse/heirs may even offer to sell their inherited ownership shares to you, as the surviving business partner - at whatever price they want, which could be disastrous.
An in-force buy/sell agreement eliminates the unknown, laying out exactly how business affairs should be handled in the event of death or disability - making for a smooth transition for the family of the deceased/disabled owner and the surviving partners left to run the business.
4. Disability is often overlooked in buy/sell agreements. Make certain your buy/sell agreement addresses what happens to the business in the event of a disability - not just death. For business owners who are age 55 or under, the chances of becoming disabled can be far greater than the chances of death. Consider how long an owner can remain disabled before he/she must sell stock back to the company and/or to the surviving owners.
5. Life insurance and buy/sell disability policies are often used to provide the company and/or surviving owners with immediate cash/liquidity to buy back the stock of the deceased partner's heirs; it prevents the business interruption that can occur while owners are trying to set up financing, if this need is not pre-funded with these low cost insurance products.
Mikstay advises that these agreements and policies are necessary even when your business partner is your spouse, other relative or good friend. Although these close relationships may make it difficult to broach the subject, remember that this is simply smart business and good for all involved.
For more information about buy/sell agreements, life insurance and disability policies, contact Dana Mikstay directly at: 312.595.6157 or dmikstay@mesirowfinancial.com.
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Residential Energy Credits
The energy credit is back and better than ever for 2009 and 2010. For most homeowners, the credit is calculated to be 30% of the cost of energy efficient improvements to your main residence, up to a maximum $1,500 credit.
The credit is for the purchase of "Qualified Energy Efficiency Improvements" such as:
1. Insulation material
2. Exterior windows
3. Exterior doors (including some storm doors)
For the above, the cost of installation is not eligible for the credit.
The credit also can be claimed on "Residential Energy Property Costs" such as:
1. Energy-efficient Building Property which include:
a. an electric heat pump water heater
b. a central air conditioner
c. natural gas, propane or an oil water heater
2. Qualified natural gas, propane or oil furnace or a hot water boiler
3. Advanced main air circulating fan used in natural, propane or oil furnaces
With increased benefits come increased burdens. The American Recovery and Revitalization Act of 2009 required tighter energy savings for those improvements under section 25(e) of the Internal Revenue Code.
You cannot just rely on the term "Energystar" for your credit. Not all "Energystar" products qualify. The requirements are technical and each model or product may be rated differently.
Therefore, you must get the "Manufacturer's Certification" on the product you purchased. It need not be attached to your return but unless you are an engineer and can read the specifications required in the International Energy Conservation Code (IECC) it is the method approved by the IRS to support your credit.
There are additional "Residential Energy Efficient Property Credits" for the cost of purchasing:
1. Qualified solar electric property
2. Qualified solar water heating pump
3. Qualified small wind energy property
4. Qualified geothermal heat pump property and
5. Qualified fuel cell property
These are somewhat less mainstream but can decrease your tax through credits. A Manufacturer's Certification is, again, highly recommended.
If you have purchased, or are thinking of purchasing, any of the above, a little research ahead of time will have the government paying for part of your improvements.
For more information contact Anthony C. Massaro, Partner at (847) 956-1040 or acm@portebrown.com.
About Porte Brown
Porte Brown is a mid-sized full service accounting, technology solutions and wealth management firm offering tax planning and preparation, accounting and auditing, employee benefits administration, business valuations, estate planning, accounting software, computer network support, and complete technology solutions. Since 1946, Porte Brown has earned the trust of its clients by paying close attention to their clients' financial affairs. The key to their success lies in continual client communication and a level of personalized service rarely provided by other firms. Porte Brown serves clients in Chicago, Cook County, DuPage County, and other areas throughout Illinois.
Visit us online at www.portebrown.com for more information.
Securities offered through 1st Global Capital Corp. Member FINRA, SIPC
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