Handing Off Your Baby Isn't Easy - Or Simple, Experts Say

Blood, sweat and tears; late nights and weekends spent working; sacrificed vacations and family time - indeed, a CEO's feelings toward his or her business often mirror those of a parent has for a child.

Unfortunately, when it comes time to take the next step in life, the gravity of letting their baby go can prove overwhelming, say Kathleen Richardson-Mauro and Jane M. Johnson, two business owners who specialize in helping CEOs plan and execute their business ownership transitions.

"Successful business owners tend to pore over every detail in order to improve the venture; but what they often overlook is the fact that, like parents to a child, they will someday have to allow that baby to move on," says Johnson, co-author with Richardson-Mauro of a practical new guide, "Cashing Out of Your Business," and complementary website of self-help resources, Business Transition Academy (www.BusinessTransitionAcademy.com.)

"As business owners, we've both experienced difficult transitions professionally and personally," Richardson-Mauro says. "So many CEOs, rather than dealing with the reality of their business' future without them, carry on as if nothing will change." 

Richardson-Mauro and Johnson, both Certified Merger & Acquisition Advisors and Business Exit Consultants, say there are a number of measures owners can take to ensure the transition is smooth and they have what they need to be happy on the other side of it.

• Change is natural; learn to accept it with regard to your business. If you're like most owners, you have invested some or most of the best years of your life, and most of your financial resources, in your business. By now, your identity and that of the business may now actually be one and the same. Take heart: Now is the time to focus on your other passions, which may be family, traveling, catching up on reading, fitness and so much more. Consider your next act as a rebirth of you.

• Learn to count beans - outside of your business. Now is the time to take stock of the assets you've saved outside of the business and determine how much income you'll need post-transition. Then, calculate how much money you'll need to receive from the ownership transition. Most owners are not independently wealthy without their business; most need to extract money from their companies to fund the rest of their lives. The more a business profits, the more owners tend to spread the wealth to family members, or ratchet up spending in other ways. Be realistic about how you want your money to be spent in the next phase.

• Is your business transitioning "in-house"? Small businesses - those with less than 500 employees - are responsible for nearly half of the GDP and employment in the United States. Many of these are family-run enterprises; naturally, owners often want to keep it in the family, which doesn't always work out. Often, parents want to distribute evenly to their sons and daughters, even though only one was actually active in the business. Attempts to be "fair" can cause businesses to crumble, with an absentee owner trying to call the same shots as someone who's always there. Be honest about what will actually be good for the business and its employees.

About Kathleen Richardson-Mauro

Kathleen Richardson-Mauro, CFP, CBEC, CM&AA, CBI, has owned and operated five small companies and has successfully assisted more than 150 business owners in achieving their transition goals.

About Jane Johnson

Jane Johnson, CPA, CBEC, CM&AA, owned her own business, which she exited successfully in 2007. She has been providing advisory services to business owners on how to plan and execute successful ownership transitions since that time. In 2010, Jane received the Excellence in Exit Planning Achievement Award from Pinnacle Equity Solutions.

The American Cancer Society's Discovery Shop in Cumberland Square invites you to bargain shop for a cause!  Sunday, February 2nd will be our annual super clearance sale EVERYTHING in the store will be half price.

Mark your calendars and stop in to grab all of the bargains that you can find and be back home long before the big game starts.  We are clearing out the floor to make room for all of the new and beautiful donations that we have recently been receiving.  With the new things that we will be putting out on the floor starting Monday, February 3rdthe bargains will continue long after the game is over. 

 

The Discovery Shop is an upscale resale shop selling gently used items donated by the community and staffed by over 100 volunteers.  All clothing is cleaned and ironed before it is sold and dry cleaning is donated by Burke's Dry Cleaners.  Proceeds go to the American Cancer Society for cancer research, education, patient services and advocacy.

Donations are accepted anytime the shop is open and a tax receipt is always available.  Hours are Monday, Tuesday, Wednesday andFriday from 10 am to 5 pm., Thursday from 10 am to 7 pm., and Saturday from 10 am to 4 pm.

(DES MOINES) - Iowa Gov. Terry Branstad, Lt. Gov. Kim Reynolds and Insurance Commissioner Nick Gerhart are pleased to announce keynote speakers and preliminary details for the Global Insurance Symposium scheduled for May 20-22, 2014, in Des Moines, Iowa.

Des Moines will serve as the host for the Global Insurance Symposium that will focus on the changing regulations in the international insurance marketplace. These trends are impacting U.S. companies doing business in international jurisdictions. Participants will hear from international regulators, state insurance commissioners, insurance industry chief executives, and other industry experts.   

"The insurance industry in Iowa is critical to our economy," said Governor Branstad. "We are honored to host the Global Insurance Symposium in our capital city and share a dialogue with global leaders about the critical issues impacting the industry."

Globally recognized keynote speakers are already confirmed to attend this event, including Japan's Vice Commissioner Masamichi Kono; Mr. T.S.Vijayan, Chairman, India Insurance Regulatory and Development Authority; and Sen. Ben Nelson, Chief Executive Officer of the National Association of Insurance Commissioners. Governor Branstad will welcome attendees to the Symposium at a reception at the World Food Prize building on the evening of May 20. Lt. Governor Reynolds and Commissioner Gerhart will make opening remarks the next morning.

"Iowa is known globally for its emerging insurance industry," said Reynolds. "As an industry that employs thousands of Iowans, Governor Branstad and I look forward to welcoming insurance market leaders to Des Moines and showcasing our state's thriving insurance climate."

Gerhart commented, "I am impressed with the quality program that has emerged. As home to over 200 insurance companies, the state of Iowa is uniquely positioned to host this event.  The dialogue we will have in May will transcend borders and highlight the global nature of the insurance industry."

The privately-funded Symposium is the result of collaborative work between the Greater Des Moines Partnership, the Iowa Economic Development Authority, and Iowa Insurance Commissioner Nick Gerhart.  To register for the conference and learn more, visitwww.globalinsurancesymposium.com.

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CEDAR RAPIDS, Iowa, Jan. 24, 2014 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq:UFCS) (the "Company") announced today that its 2013 fourth quarter and year-end earnings results will be released before
the market opens on February 18, 2014. An earnings call will be held at 9:00 a.m. central standard time on that date to allow securities analysts, stockholders and other interested parties the opportunity to hear management discuss the Company's 2013 quarter and year-end results.

TELECONFERENCE: Dial-in information for the call is toll-free 1-877-407-8291 (international 201-689-8345). The event will be archived and available for digital replay through March 4, 2014. The replay access information is toll-free 1-877-660-6853; conference ID no. 13574619.

WEBCAST: A webcast of the teleconference can be accessed at the Company's investor relations page at
http://ir.unitedfiregroup.com/events.cfm. The archived audio webcast will be available until March 4, 2014.

TRANSCRIPT: A transcript of the teleconference will be available on the Company's website soon after the completion of the teleconference. 

ABOUT UNITED FIRE GROUP, INC.: Founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc., through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance and life insurance, and selling annuities.

Through our subsidiaries, we are licensed as a property and casualty insurer in 43 states, plus the District of Columbia, and we are represented by approximately 1,200 independent agencies. The United Fire pooled group is rated "A" (Excellent) by A.M. Best Company.

Our subsidiary, United Life Insurance Company, is licensed in 36 states, represented by more than 900 independent life agencies and rated an "A-" (Excellent) by A.M. Best Company.

For more information about United Fire Group, Inc. visit www.unitedfiregroup.com.

CONTACT: Anita Novak, Director of Investor Relations 319-399-5251 or alnovak@unitedfiregroup.com

IA/IL QUAD-CITIES - According to Rob Woodall, Director of Manufacturing at Alcoa's Davenport Works, the automotive industry will soon be taking an exciting new direction that could yield major benefits for the Quad-Cities area. Woodall will be discussing this topic at a Think Tank session to be held Feb. 6. Think Tank is a new division of Results Marketing in Bettendorf, Iowa.

"The goal of the Think Tank is to provide a forum for the Quad-City area's most compelling thinkers and doers," said Todd Ashby, Managing Partner of Results Marketing. "We are proud to have Rob Woodall as our first presenter and look forward to learning about his highly important topic." Results Marketing is also the creator of the Idea Lab, a progressive discussion group, and is the hosting sponsor of Leadercast in the Quad-Cities area.
The Think Tank session will be held 6 to 8 p.m. on Thurs., Feb. 6 at Rivermont Collegiate, 1821 Sunset Dr., Bettendorf, Iowa. Cost of the session is $20 and includes complimentary hors d'oeuvres.
"The Rivermont campus used to be the estate of Bettendorf's namesake, inventor William Bettendorf," Ashby said. "He was the creative force behind the Bettendorf Metal Wheel Co. and a key figure in the history of transportation in the Midwest, so it is especially fitting that Woodall's revolutionary message will be delivered on the Bettendorf family's former property."
The Benefits of Aluminum

"The use of aluminum by the automotive industry is going to nearly double in the next decade," said Woodall, "and we are now at the threshold of the implementation of that plan. Some car and truck makers will be switching to aluminum because it will decrease the weight of vehicles while improving their fuel efficiency, safety, durability and performance."

Signs of the switchover to aluminum are already emerging in the automotive industry. For example, Ford recently announced it is converting its most popular truck to an aluminum intensive vehicle. Also, Alcoa has just completed a $300 million project here in the Quad Cities to make aluminum sheet for the auto industry.

At Woodall's presentation, he will discuss the many benefits of aluminum, and tell why this development will have positive ramifications in the Quad-Cities. "The switchover to aluminum will not be immediate," he said, "nor will it include all vehicles by all makers. But a major step-up in the process is on the horizon, and Alcoa stands ready to meet the demand. That step-up will bring welcome business growth to the Quad-Cities area."
To find out more or to register, call Marcia Brandt of Results Marketing at 563-322-2065 or email  Marcia@resultsimc.com. You can also follow the Think Tank on Facebook at www.facebook.com/ThinkTankQC.
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By Jason Alderman

Moving is already traumatic and expensive enough; the last thing you want to worry about is getting ripped off by your mover. Yet each year, the Better Business Bureau receives thousands of complaints against moving companies, mostly alleging lost or damaged property, not showing up on time, overcharging - or, in extreme cases, stealing or holding customers' possessions hostage while demanding more money than originally agreed upon.

Before you spend hundreds or thousands of dollars and entrust your valuables with strangers, here are a few tips for ensuring a positive moving experience, as well as scams to avoid:

Screen potential movers. All companies that do interstate moves must be registered with the Federal Motor Carrier Safety Administration (www.protectyourmove.gov). You can use its search engine to screen for complaints, safety information and company contact information by company name or by the state where its primary business office is located.

Moving companies that don't cross state lines aren't governed by federal regulations, but rather, by individual state laws. Go to the State/Local Resources tab at FMCSA's site for links to each state's regulatory resources. Also make sure the company has at least a satisfactory rating from the Better Business Bureau.

Get written estimates. No reputable mover would ever give a firm estimate by phone or Internet, sight-unseen. Always insist on in-home inspections of your household goods and detailed, written estimates from at least three to five moving companies so you can get a sense of true market rates.

Movers need to know how much stuff you have, whether particularly heavy, valuable or awkward pieces need to be moved, if stairs are involved, and many other details that will affect their costs. Beware if an estimate is significantly less: This is a common ruse by unscrupulous companies to bind you to their service, then later hit you up for hidden fees - perhaps even refusing to unload your furnishings until you pay up.

By law, movers must assume liability for the value of property they transport. Ask for proof your mover has insurance and make sure you understand what's covered. Base-line coverage they should provide is called "released-value protection." It's free, but if something is lost or broken, they only have to pay you 60 cents per pound. For an additional fee you can purchase "full-value protection," where the mover must repair, replace or provide cash settlement for damaged items. Also consider third-party moving insurance.

A few additional tips:

  • Ask if the moving company will handle the entire move itself or hire subcontractors. Apply the same due diligence to any subcontractors.
  • Ask whether crewmembers are employees or temporary hires and ask to see verification of background checks, either way.
  • Ask to see the company's "tariff," which outlines the maximum costs and how they're calculated, as well as a list of all items for which you could face additional charges.
  • Be suspicious if the mover asks for a large cash deposit or full payment in advance. Also, don't make the final payment until you're sure everything was delivered undamaged.
  • Be wary if the company's website has no local address or license and insurance information, they refuse to put everything in writing or they use an unmarked truck rather than a company-owned vehicle.

Interstate movers are required by law to give you a copy of the FMCSA's booklet, "Your Rights and Responsibilities When You Move." Even if your move is only local, be sure to read it for valuable tips.

Higher Minimum Wage Would Give Workers Increased Dignity and More Purchasing Power

CHICAGO - In honor of Dr. Martin Luther King Jr., Governor Pat Quinn today continued his drive to increase the minimum wage in Illinois to at least $10. While visiting a church on the South Side of Chicago, the Governor cited an increased minimum wage as a key weapon in the "War on Poverty" along with the Earned Income Tax Credit and decent healthcare for all.

"There is no better way to honor Dr. Martin Luther King Jr. than by raising Illinois' minimum wage," Governor Quinn said. "Dr. King's legacy was one of service, compassion and inclusion. We can continue his mission to eliminate poverty by raising the minimum wage to at least $10 an hour, which will give hundreds of thousands of Illinois workers more dignity while boosting the local economy."

A full-time minimum wage worker in Illinois makes $16,600 a year, well below the Federal Poverty Threshold for a family of three ($19,530). If Illinois' minimum wage had kept pace with inflation, it would be $10.75 today, not $8.25 where it is currently set.

Raising the minimum wage is not only a fair and just policy, but it also makes sound business sense. Fair wages mean more cash in consumers' pockets and economic growth. According to the Federal Reserve, every dollar increase in the minimum wage generates an estimated $2,800 in new consumer spending annually. A minimum-wage worker will not sit around admiring this new income in a bank vault. He or she will spend it quickly and locally, a shot-in-the-arm to Main Street economies.

In addition, six of ten minimum wage workers are women. Some 600,000 Illinois women would benefit from an increased minimum wage, ranging from caregivers to the elderly and those with disabilities to restaurant servers.

In 2011, Governor Quinn doubled the value of Illinois' Earned Income Tax Credit (EITC) to provide targeted tax relief to working families who need it the most.

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Q:        What is Trade Promotion Authority (TPA)?

A:        The Constitution vests authority in Congress to regulate commerce with foreign nations.  And the President must take care that the laws are faithfully executed.  As anyone who pays any attention to Washington knows, it's not easy to get 535 lawmakers to agree even on what day of the week it is.  Imagine trying to find consensus for a multilateral trade pact with, say, a dozen Pacific Rim nations or scores of countries from the EU.  Recognizing the United States needs to speak with one voice of authority while negotiating agreements that open markets for U.S. goods, services and investment, the U.S. Congress has in the past approved a legislative tool called Trade Promotion Authority, or TPA.  It's used by Congress to better manage negotiations with potential trading partners.  It works.  When U.S. trade negotiators sit across the table with their counterparts from the European Union or Asia-Pacific economies, TPA gives our potential trade partners more confidence and the United States more credibility that a trade pact won't be fiddled with once it's presented to Congress for approval.  Global trade agreements have stalled since TPA expired in 2007.  Renewing TPA would help steer the U.S. economy back on the right track.  It'd be good for America's long-term prosperity.

Q:        Are you concerned the TPA gives away too much authority to the President?

A:        That's a reasonable question considering the overreach this administration has pursued throughout the last five years.  From the fatal gun-walking program at the Department of Justice to the political targeting at the IRS, the unlawful recess appointments the President has declared, the massive financial bail-outs and the unilateral changes to the Affordable Care Act decreed by the Department of Health and Human Services, the case can be made the Obama administration gets fuzzy on constitutional boundaries to pursue its agenda.  That's why the bipartisan TPA legislation I support requires strict transparency and reporting requirements, including consultations with Congress and beefed up congressional oversight during trade negotiations.  Three primary mandates in the Trade Priorities Act of 2014 include directing the administration to pursue specific goals outlined by Congress; establishing transparency and access to information to Congress and the public before, during and after negotiations; and, giving Congress the final say to approve trade agreements via an up-or-down vote.  These accountability provisions should apply regardless of which party holds the White House or the congressional majority.  In addition, it's always up to Congress in the end to decide whether or not to pass implementing legislation for any trade agreement negotiated.

Q:        How is the proposed TPA good for America?

A:        Renewing TPA is an important policy tool that would help create more opportunities for more Americans to get ahead.  Policymakers need to focus on ways to expand the economic pie so that there's more wealth to go around for everybody.  And the global economic pie offers incredible opportunities for American businesses, investors, farmers and entrepreneurs to grow their business, hire more workers, increase wages, sell more products and achieve more prosperity.  Today the United States is negotiating agreements with 11 Asia-Pacific nations (notably Japan and Vietnam), 28 members of the European Union, 22 additional countries for a trade in services agreement and the 159 members of the World Trade Organization.  Just consider the Trans-Pacific and EU trade pacts would open markets for nearly 1 billion consumers, reaching nearly two-thirds of global GDP.  Approving TPA would put the United States back in the driver's seat on these trade pacts.  The Asia-Pacific countries accounted for 40 percent of total U.S. goods exports in 2012.  That same year, the EU purchased nearly $460 billion in U.S. goods and services.  As Iowa's senior U.S. Senator, I appreciate the feedback that I receive from Iowans on issues that matter most to them.  Trade promotion authority is an issue that resonates strongly with grass roots groups that are opposed or in favor of renewing this measure.  Phones ring off the hook whenever TPA is under consideration on Capitol Hill.  This input strengthens congressional efforts to ensure trade promotion authority is used as intended with the proper checks and balances in place.  That's why TPA does not give the President unilateral authority to approve any negotiated trade pacts.  And yet it does show our trading partners that America means business.

Q:        What are the specific objectives mandated by Congress?

A:        I don't support giving the current or any President a blank slate to negotiate trade pacts.  The bipartisan TPA legislation spells out specific rules that U.S. trade negotiators must follow to qualify for an up-or-down vote once the trade pact reaches Capitol Hill.  These mandated objectives take into account the growing significance of the Internet and the trading of digital goods and services.  The bill would establish protections for intellectual property; strengthen enforceable rules for agricultural trade disputes; eliminate barriers to cross-border investment; establish protections for cross-border data flows; enhance dispute resolution processes; and, update labor and environmental standards.  TPA would help restore America's commitment to economic freedom and free enterprise.  Without it, our strategic interests in the international economy will wither and leave U.S. consumers, workers, job creators, farmers, ranchers, manufacturers, financial service providers, digital entrepreneurs and investors hanging in the wind.  Other countries will reach agreements and increase job-generating export opportunities while we sit on the sidelines.  From a series of Foreign Ambassador Tours I led throughout Iowa starting in 1986, I learned first-hand that economic diplomacy and old-fashioned hospitality foster immeasurable good will and plant seeds of opportunity.  It's time to renew TPA and cultivate opportunities with our trading partners.  It's time to let more U.S. workers find out that jobs in U.S. export industries pay on average 18 percent more.  It's time to embrace the rising tide of economic opportunity for all.

Friday, January 17, 2014

Allstate agency owners earn prestigious service designation 

(Moline, IL) (Jan. 17, 2014) -- As business leaders and involved citizens in the Quad Cities area, Allstate exclusive agency owners Kraigg Knary of the Kraigg Knary Agency Derek Newton of the Derek Newton Agency have been designated Allstate Premier Agencies for 2013.

The Allstate Premier Agency designation is bestowed upon less than 38 percent of Allstate's nearly 10,000 agency owners across the country. This designation is being presented to Newton for his outstanding performance and commitment to putting customers at the center of his agency's work.

The Premier Agency designation is awarded to Allstate agency owners who have demonstrated excellence in delivering an accessible, knowledgeable and personal customer experience, and in achieving outstanding business results.

The Knary Agency is located at 1180 Ave. of Cities, Suite 7 in East Moline and can be reached at 309-792-8200 or http://agents.allstate.com/kraigg-knary-east-moline-il.html.

The Derek Newton Agency is located at 3311 Avenue of the Cities in Moline and can be reached at 309-797-9355 or http://agents.allstate.com/derek-newton-moline-il.html.

The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com, www.allstate.com/financial and 1-800 Allstate®, and are widely known through the slogan "You're In Good Hands With Allstate®." As part of Allstate's commitment to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided $29 million in 2012 to thousands of nonprofit organizations and important causes across the United States.

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SEE:  Quad City Times, Jan. 16: 'Group: Oil industry takes fight against ethanol to Iowa' : The oil industry apparently is taking its fight against the Renewable Fuel Standard to what might seem an odd place: Iowa.  The Iowa Renewable Fuels Association is complaining that an oil industry trade group, the American Petroleum Institute, has launched automated telephone calls to Iowans, claiming renewable fuels are responsible for pushing up food prices and damaging car engines."

Response from Jeremy Funk, Communications Director, Americans United for Change: "You know Big Oil has more money than they know what to do with when they start conducting paid communications in Iowa trying to convince people who know the economic benefits of renewable fuels better than anyone that they're wrong. And what a surprise: the same oil shills who lie shamelessly about not taking any taxpayer subsidies are now lying about renewable fuels' impact on car engines and food prices.  Would NASCAR have driven over 5 million miles on ethanol if it damaged car engines in any way?  Of course not. And a chorus of leading ag academics have studied renewable fuels' impact on food prices at the grocery store extensively and concluded there simply isn't one.  Big Oil has gotten a little too ambitious this time with their greedy scheme to crush the Renewable Fuel Standard and eliminate their cheaper, cleaner competition.  They may have instead stirred up a hornet's nest of rural Americans who don't want their livelihoods and choices at the pump taken away to go out of their way to tell the EPA: Save the RFS."

FACT: Ethanol Has Almost No Impact on Food Prices

§  RFA: "A recent study commissioned by the International Centre for Trade and Sustainable Development (ICTSD) examined the impacts of ethanol policies, including the RFS and now-defunct blender's tax credit, on world crop prices in the 2005-2010 timeframe. Using a partial equilibrium economic model, the study found corn prices in 2009/10 wouldn't have been any different at all with or without the RFS in place. Corn prices would have been just 3.3% lower, on average, in the entire five-year study period without the RFS and ethanol blender's tax credit, the study found. The effect of the RFS and other ethanol-related policies on other crops is even less...The Center for Agricultural and Rural Development (CARD), Food and Agriculture Policy Research Institute (FAPRI), University of Illinois at Urbana-Champaign, Michigan State University, Oak Ridge National Laboratory and U.N. Food and Agriculture Organization (FAO) are among the many other organizations that have similarly concluded the RFS has had only modest impacts on crop prices and no meaningful impact on retail-level food prices."

FACT:  Ethanol Does NOT Harm Your Gas Tank

§  U.S. Energy Department: The Energy Department conducted its own rigorous, thorough and peer-reviewed study of the impact of E15 fuel on current, conventional vehicle catalyst systems. The Energy Department study included an inspection of critical engine components, such as valves, and did not uncover unusual wear that would be expected to impact performance. Rather than using an aggressive test cycle intended to severely-stress valves, the Energy Department program was run using a cycle more closely resembling normal driving. The Energy Department testing program was run on standard gasoline, E10, E15, and E20. The Energy Department test program was comprised of 86 vehicles operated up to 120,000 miles each using an industry-standard EPA-defined test cycle (called the Standard Road Cycle). The resulting Energy Department data showed no statistically significant loss of vehicle performance (emissions, fuel economy, and maintenance issues) attributable to the use of E15 fuel compared to straight gasoline.

§  NASCAR: NASCAR announced November 12, 2013 that it surpassed more than five million competition miles across its three national series on Sunoco Green E15, a biofuel blended with 15 percent American Ethanol made from American-grown corn. The five million miles have been accumulated across practice, qualifying and racing laps dating to 2011 when the biofuel was introduced to the sport. ... In 2011 NASCAR entered into a groundbreaking partnership with Sunoco and the American Ethanol industry, launching its long-term biofuels program to reduce emissions of the fuel used across its three national series. The transition to the biofuel reduced on-track carbon emissions and teams report an increase in horsepower.

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