Business & Economy
Oh So Sweet – New Business PDF Print E-mail
News Releases - Business & Economy
Written by T. Brecht   
Monday, 21 April 2014 08:51

Last summer, Tiphanie Cannon took her tremendous baking talents to the Freight House Farmers Market for the first time. As they gobbled up her delectable cupcakes, cookies and other treats, about every fourth or fifth customer begged her to open a storefront where they could get her goodies more often, all year-long.

This May, they will get their wish.

Cannon's new bakery - Oh So Sweet - will occupy the last open commercial space in the recently renovated United Cigar Building. It was the increasing momentum of energy and re-development in downtown Davenport that helped Cannon pick the space on Main Street.

"Downtown is super cool," she said. "I'm not a strip mall kind of girl. We're going for an urban chic, big city vibe."

This will be accomplished with splashy displays in the large windows lining the front of the building, as well as a variety of plush seating areas just inside the entrance. A gas fireplace, a super long counter and some other unusual touches will help make Oh So Sweet's environment unique, Cannon said.

More jobs will be coming downtown as well, with Cannon planning on hiring 9 employees to man the store. She's covering all her business bases by offering walk-in baked goods, a line of special wedding cakes, and the ability to host events like bridal and baby showers and other parties.

"We're going to be a multi-purpose bakery," she said.

Cannon also praised the business climate in Davenport, noting that the project was assisted by a $20,000, interest-free small business loan. She also recently won $1,000 in the Quad Cities Fast Pitch entrepreneur contest for taking first prize in the Restaurant/Entertainment category.

"Everyone has been so supportive and helpful," she said. "I'm really excited to get open."

 
Classic Cars and Money Management PDF Print E-mail
News Releases - Business & Economy
Written by Ginny Grimsley   
Monday, 21 April 2014 08:09

3 Lessons on Retirement Planning from 2 Classic Old Cars
Financial Advisor Shares Tips for Pre-Retirees

Classic car aficionado David Rosell, CEO of Rosell Wealth Management and author of “Failure is NOT an Option,” (www.DavidRosell.com), says pre-retirees can learn a lot from their beloved old cars about financial planning for a secure retirement.

This story alone holds valuable lessons:

“I love adventure travel and, years ago, I went to New Zealand, where I bought a charming old Morris Minor from a German traveler who was heading home,” Rosell says.

“I paid $200 for the car, thinking if it got me to the Bay of Islands 150 miles to the north and back again, it would have been worth the money.”

As it turned out “Kiwi” carried Rosell all over the North Island. He took a chance and made a second investment of $200 to have the car ferried to the South Island to roam the mountains and rainforests.

The car not only hung in, he sold it for $600 to another newly arrived traveler when it came time to leave.

Years later, fondly remembering the Morrie, he found a convertible version for sale in the United States. “Peaches” had been lovingly maintained, so the asking price was much higher, but she was a far more reliable bet than old Kiwi. Rosell bought it and continues to carefully maintain it. At 57 years old, it’s humming along smoothly.

So, what can a pre-retiree learn about financial planning from Rosell’s Morris Minors? Plenty, he says.

•  There’s a time for taking risks, and a time for avoiding them. Rosell was a young man on that trip to New Zealand, and he planned to stay a few weeks. He could afford the risk of driving around in a charming old clunker because, if it broke down, he had time and other resources available.

“When you’re young and building your wealth, you can and should take more risks. Small- , mid- and large-cap stock funds, and international stock funds are the most volatile – riskier – so they generally have the greatest potential for growth,” Rosell says.

Once you retire, your focus should be on a lack of risk and volatility, although you still want some growth to overcome the damaging effects of inflation.

•  If you look after your money the way you would a beloved old car, you can live the life you imagine.
Many people contribute to company plans such as 401(k)s or pump their money into other savings and investment plans and then ignore them. That’s like investing in a car like Peaches and never checking the oil, Rosell says.

“Whether you’re managing the funds yourself or you hire a financial advisor, you need to be monitoring your progress toward your goals and making adjustments during your accumulation years,” he says.

“As you get closer to retirement, you need to begin planning for how much you’ll be able to withdraw each year without stressing your portfolio; how that affects the date  when you can retire; and when you should start collecting Social Security benefits.”

•  Gather all your important paperwork – and an index to it – and keep it where your family can find it.
When Rosell bought Peaches, its owner had a stack of paperwork documenting everything he’d done to maintain and restore the car. That has helped Rosell be proactive and focused in his maintenance efforts.

“If something should happen to you, you can make it much easier on your family by compiling the information they need,” he says.

Make sure all important financial information and other important documents are organized and stored in a fireproof box, and provide a list with information such as:

Location of wills and other important papers; bank accounts; investments; retirement assets such as 401(k)s; insurance policies; business interests; real estate; personal property; debts and money owed

Rosell says Peaches taught him many life lessons as well, including this one: “Like Peaches, one does not need to be flamboyant or showy to get positive attention!”


About David Rosell

David Rosell, author of “Failure is NOT an Option,” (www.DavidRosell.com), is a sought-after speaker who has addressed international audiences including the Million Dollar Round Table. He is a recipient of the Retirement Distribution Certificate from the University of Pennsylvania’s Wharton School of Business, and has been featured on NPR and FOX Business News.  His company, Rosell Wealth Management, was a select finalist in 2008 for the management of the $500,000,000 Oregon 529 College Fund. He is the past chairman of the Bend, Ore., Chamber of Commerce, the City Club of Central Oregon and his Toastmasters chapter. With a current tally of more than 65 countries on four different continents, Rosell has a love of extreme travel and adventure.

 
Wahl Clipper reinvests in Illinois, plans new corporate headquarters in Sterling PDF Print E-mail
News Releases - Business & Economy
Written by Dave Roeder   
Monday, 21 April 2014 07:48

STERLING, Ill. – Wahl Clipper Corp., one of the largest employers in Northwest Illinois, said today it will build a new corporate headquarters in Sterling with the help of a tax credit approved by the Illinois Department of Commerce and Economic Opportunity (DCEO).

The company will invest nearly $8.5 million to build a 40,000-square-foot building on its Sterling campus. With nearly 900 employees already in Sterling, Wahl Clipper has pledged to create at least five jobs and retain its current 114 headquarters staff positions as it responds to growing worldwide demand.

Wahl Clipper, a manufacturer of personal care and grooming devices, will start construction this spring. The building is expected to be complete by year end. “This new facility provides us with a number of great advantages,” said CEO Greg Wahl. “First, it frees up a great deal of space in our current facilities to allow us to continue to grow and prosper. It will also provide a state of the art corporate facility as a showplace to our worldwide customer base.”

With the expansion, Wahl Clipper has qualified for a tax credit under DCEO’s Economic Development for a Growing Economy (EDGE) program, which lets companies reduce their Illinois income tax liability if they locate or expand operations in the state.

“The EDGE tax credits from the State of Illinois were an important factor in our decision to reinvest in Sterling, Illinois. It also underscores our belief in the region as a good place to live and do business,” Wahl said. “Wahl Clipper is a quality company and part of the economic bedrock in Sterling and Whiteside County,” said Adam Pollet, DCEO director. “This project not only creates new jobs but shows that helping existing businesses is a high priority of Governor Pat Quinn’s administration.”

The incentive package is worth an estimated $1.6 million over 10 years and includes the EDGE credit, an investment tax credit and a sales tax exemption available because Wahl Clipper is building in an Enterprise Zone.

“I am excited that Wahl, a name brand in homes across the world, is not only staying in Illinois, but expanding its facilities in Sterling and bringing more good jobs to the area,” said state Sen. Mike Jacobs (D-Moline). “I hope Wahl can be an example to other business, and show how our state and our workforce can be an asset to a worldwide company.”

Now in its 95th year, Wahl Clipper employs approximately 2,000 people worldwide. Its products are available in 165 countries.

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SOUTHPARK MALL WELCOMES SPRING WITH April 24 GROUNDBREAKING PDF Print E-mail
News Releases - Business & Economy
Written by Aleshia Chiesa   
Monday, 21 April 2014 07:21

-Redevelopment Will Transform SouthPark Shopping Experience -

MOLINE, Illinois, April 17, 2014 – With bulldozers and excavators setting the stage for the renovations planned at SouthPark Mall the week of April 21, a groundbreaking scheduled for 4 p.m. on Thursday, April 24, will launch the redevelopment and updating of the popular property.

"For over 40 years, SouthPark Mall has served as the shopping center offering great choices, value and top stores including Dillard's, JCPenney, Younkers and Von Maur," said Aleshia Chiesa, Marketing Manager, SouthPark Mall. "Today, the center is transforming to fit local needs and further enhance the offerings and shopper experience for this community. The end result will be a reinvented shopping experience."

To ready the property for Phase I of the redevelopment, construction teams will remove the former Sears department store as well as the food court. Redevelopment to the mall's exterior will include new entrances, landscaping and directional monument signage to add convenience for shoppers and visibility for retailers. Updates to the interior include upgrading restrooms, enhancing the ambient lighting, beautifying the floors with carpeted areas, painting, and enlarging the common area with amenities such as soft seating and new wifi capabilities. New wayfinding signs are also part of the planned changes.

SouthPark shoppers are invited to be part of the April 24 groundbreaking. “This event focuses on a huge milestone in the redevelopment process,” said Chiesa. “The end result will ultimately provide our community with a more dynamic line up of retailers in an updated setting.”

Phase I will continue until November, with a formal grand opening for the new center just in time for the holiday season. While the center is under redevelopment, interior and exterior shops including Gordman's, Office Max and all four anchors, JCPenney, Dillard's, Younkers, and Von Maur, will be open. All current interior retailers will be open as well. Phase II incorporates an on/off ramp with access to John Deere Expressway and is scheduled to start in 2015.

For up to date information on the redevelopment of SouthPark Mall, visit www.shopsouthparkmall-il.com/redevelopmentor like us on Facebook and follow us on Twitter.

Macerich an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust or REIT, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 56 million square feet of real estate consisting primarily of interests in 52 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in California, Arizona, Chicago and the Greater New York Metro area. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

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Governor Quinn to Address Small Business Advocacy Council Annual Meeting PDF Print E-mail
News Releases - Business & Economy
Written by Katie Hickey   
Friday, 18 April 2014 09:28

Will Discuss His Proposals to Drive Small Business Development and Expansion

CHICAGO – Governor Pat Quinn today will address the annual meeting of the Small Business Advocacy Council and discuss his strong support for small business in Illinois. Governor Quinn’s initiatives have helped small businesses start and expand in Illinois, and proposals he unveiled in his recent State of the State and Budget Addresses will continue to improve the state’s small business environment. Today’s event is part of Governor Quinn’s agenda to create jobs and drive Illinois’ economy forward by supporting small business in Illinois.

“Three out of four employers in Illinois are small businesses, and helping these companies start and grow is one of my top priorities,” Governor Quinn said. “The number of people employed by Illinois small businesses has grown by more than 92,000 jobs the past three years to more than 4.1 million individuals. That’s good news, but we have more work to do. That is why I am proposing a tax cut for businesses that train workers, and to cut the LLC fee by 90 percent to be the lowest in the nation.”

Under Governor Quinn, small businesses across Illinois have helped drive our economic recovery. Illinois’ tourism industry is breaking records – more than 100 million visitors for the first time ever and $33.5 billion in spending in local economies across the state. Illinois’ film industry has also set new records, generating over $350 million in economic activity. In 2012, a new digital company was launched in Chicago every 24 hours.

Illinois was recently ranked third in the US for new corporate locations and expansions by Site Selection magazine. Since recovery from the recession began in January 2010, Illinois has added 257,000 private sector jobs. Unemployment was at 11.4 percent at the height of the Great Recession and today it is at its lowest point in almost five years.

To support Illinois small businesses, in 2011 Governor Quinn launched Advantage Illinois, which has provided more than $50 million in investment directly to small businesses, leveraging more than $420 million in private investments. The program has helped almost 200 small businesses create or retain more than 3,800 jobs.

As part of his fiscal year 2015 budget proposal, Governor Quinn proposed a Workforce Training Tax Cut that would make it easier for businesses to create new jobs and ensure workers will have the skills to drive a 21st century economy. It includes a tax cut to businesses for job training and would apply to new jobs that are created. This allows individuals to be trained for jobs that the business needs to fill, a situation that benefits employer and employee.

The Governor has also proposed reducing the fee to establish a Limited Liability Corporation (LLC) by more than 90 percent, from $500 to $39 – the lowest in the nation. Formation as an LLC encourages entrepreneurs to invest their time and money into viable business enterprises. Reducing the filing fee to $39 will make it easier for small business to start and grow in Illinois.

The Small Business Advocacy Council (SBAC) was established in 2010 and represents nearly 900 businesses in the Chicagoland area. The SBAC is a non-partisan, member driven organization that promotes the success of small business.

For more information on why Illinois is the right place for business, visit www.illinois.gov/dceo.

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